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tv   Closing Bell  CNBC  November 4, 2016 3:00pm-5:01pm EDT

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it's a clear sign i have been gorging on halloween candy all week. >> we had twinkies earlier today. >> thanks, guys. thank you. >> my wish came true. thanks for watching. >> "closing bell" starts right now. hello and welcome to "closing bell" i'm kelly evans at the new york stock exchange. >> it's "closing bell." i'm bill griffith. s&p looking to break its longest losing streak since 2008. today we will see whether the market can hold toon these gains. s&p up 3.5 points. dow up 4 points. it goes without saying we are four days until the election.
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we will bring you the latest poll numbers and talk about whether the market could be volatile post election no matter who wins. >> talk about volatile. a wild ride for go pro today. the stock was down before turning positive in the noon hour. now it is on the decline again. we will look at what is driving the moves coming up. >> tesla is getting confidence from a major investor. that would be ron barren on cnbc today saying he thinks he can make 30 to 50 times his money in that stock over the next 15 years. we have someone who isn't quite as convinced as ron and he will make his case coming up. >> we have a warning sign on what some are calling the industrial recession. we will show you under the radar indicator. >> let's start with the jobs and the election. steve liesman has highlights from this morning's big employment report. eamon javers has a story on the
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government's efforts to combat cyber meddling in this election. steve, let's start with you. >> there has been a lot of october surprises but the jobs report wasn't one of them. 161,000 jobs created. not too much or too little to get sucked into the presidential debate. neither side appears to have tweeted. the estimate was for 173,000. august and september revised up. unemployment ticking down to 4.9%. a good number for average hourly wages up 0.4% comparing with 2.8% year over year. labor force participation down a tick. construction coming in strong with 11,000 but not manufacturing. i know you were going to talk about that manufacturing recession. leisure hospitality and government coming in. most economists said the jobs
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report was solid and the best measure that it has little impact. here is where the rate markets are, took the number in stride. the chance of a fed rate hike at 60%. if we had the chart it would show you it is 60%. the fed sees jobs growth as around 100,000. this is enough for the fed to hike in december. dennis lockhart called the report satisfactory. >> and the street overshadowed by what is happening. let's get to poll numbers that are out. >> we have a new abc washington post poll out showing hillary clinton has a three-point lead over donald trump. she had been down earlier in the poll. that about matches the national polling averages. if you look at the map of the electoral votes you can see that hillary clinton is leading or solid in more than enough states to get to 270 electoral votes.
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she and donald trump are both scrambling around the country this weekend trying to make sure that they can wring every possible last vote out. hillary clinton had a top surrogate out, mark cuban, trying to bait his fellow billionaire donald trump by making fun of his occasional difficulty in staying on message. >> we believe in someone who understands the balance of power in the world. we don't believe in someone who -- this guy the other day is giving a speech from a teleprompter and he has to remind himself to stay on topic. >> guess who did not take the bait, donald trump. he has stayed on message the last few days. that may be why he has drawn closer to hillary clinton in the polls. here is him talking about the economy today. >> the terrible jobs report that just came out shows the number of people not in the work force increased by another 425,000
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people last month. that's why you see these phony numbers about 5% unemployed. people are not looking for work anymore because they can't get a job. then they take them off. these numbers are an absolute disaster. >> an absolute disaster. you can see that donald trump's the turpitation of the numbers is somewhat different than steve liesman's. he will hit ten states between now and election date. >> it is friday now and there was some speculation that maybe on a thursday or friday we would get some big announcement that we didn't have time to fact check that would kind of hurl allegations at one side or the other because that has happened in past election cycles. >> and the past two fridays. is there any reason you feel that storm has passed and this is it until tuesday? >> i think any so-called late
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surprise is likely to have extreme difficulty moving the vote. opinions are very locked in. the polling fluc chagzs have something to do with levels of enthusiasm depending on current headlines. i would not expect it to effect the tuesday outcome. you is to see just how big some potential bombshell might be but no particular reason to think of something game changing at this point. >> thank you. now let's get to eamon javers for a look at the government's efforts to thwart cyber meddling in the election as we talk about what could disrupt things on tuesday. >> nbc news reporting that the u.s. government believes hackers from russia or elsewhere may try to undermine the election next week and u.s. government officials are gearing up to prevent that from happening. here are a couple of things on the minds of u.s. officials as they go into the last weekend before the election. a possible cyber attack on the power grid or internet could be
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disruptive. misinformation through twitter, facebook and other social media if hackers are able to put false information up there. that could spread like wildfire as we have seen so many stories go viral. and then the possibility of the 11th hour release of fake documents that could implement a candidate in an explosive scandal. we have seen that in past cycles. could we see a phony one this time around. i talked to the fbi about this. they said the fbi is looking into what the actors are up to, what their activity involves and what is the scope of their actions. that work is ongoing. the fbi saying they are very much on duty through the election. what should markets make of all of this i think is an important question. market participants and global markets should be a little more flexible and nimble going into monday and tuesday and definitely a lot more skeptical about information that suddenly pops up ahead of the election.
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that is something that market participants will want to watch for and discount and make sure the sourcing is really valid. >> eamon javers joining us from washington. the dow down five points with the s&p up one point. monica is with us. steve grasso is at post nine and rick santelli -- did you go to the parade? >> i did not but my friends are still out there. >> still out there parading around chicago. congratulations. steve, you and i were talking earlier, the market is still holding steady. volatility has gone up. it seems the markets just waiting for the election. it has gotten through a fed meeting this week, a jobs number today but it seems to be the election it is waiting for. >> i totally agree.
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obviously, you just stated it. we have the election. we have the opec meeting november 30 and then we have the fomc meeting in december. all eyes on december. today you were definitely not going to see a real reaction in the market. i think today's market intraday is more driven by oil as it has been. there is definitely a correlation between oil and the s&p. right now we have ticked off the highs heading towards lows once again. the 200-day moving average. let's see if the market can hold. i think we are squishy. 2043 is the flat on year. i think we are heading there. ceph . >> what happens if it is the ninth day in the row for the s&p? i think the longest was 12 straight days. this is certainly we are already in unchartered territory. >> we definitely are. when people are sitting there you have to understand when a
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fund manager who has had a tough year has to have some catalyst to get him involved in the market place. with those three events why would he get back in the market or add to his longs before those events have happened? >> monica, you are out of this market. you are in real estate and so-called alternatives which usually means what? timber and other things that are a little less liquid. are you staying out of the stock market all together? >> this is where our expertise is. what that means is the daily shift of the wind really doesn't matter for us. we have long term plays. what is interesting now is even with what happens next week this reality show may get extended for another run with all of this crazy information coming out. i think there is only plenty of reason to believe that there is going to be extended volatility.
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>> rick, what about the jobs number? are we seeing reaction across the complex here? >> the jobs number especially the wages up. that garnered a little attention. if you look at any chart, dollar index on highs. all rates were on their highs. everything reversed. uk really reversed. our numbers were smaller. we are only down about seven or eight in the week and hovering close to 180. everybody in the market place, everybody in the world firmly believes the fed will raise rates in december. the election, i can't tell you what effect it is having for sure but one effect talked about aggressively down here is it is keeping things kind of quiet. steve grasso is right. most think the oil correlation that's part of what is moving
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s&ps. there is a lot of money that may change hands after the election and even that is uncertain. what are the candidates going to be able to do? it is going to be very fascinating not only to see how am markets open monday and tuesday and after we have a winner and hopefully we will have a winner sometime tuesday evening it will be really interesting to see which candidate wins and how the market moves then when we know there will be a twie quantitatively look at the movement and the candidate and try to draw a conclusion. >> we built this chart with some october surprises that have come out in the last few weeks whether it is the clinton e-mails, the fbi opening a look at other e-mails, things that have happened here. in that time the market has come lower but you argue that oil has had the bigger impact here. >> i think that they all have the potential to be huge impacts
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on the market and obviously whenever you start to see the market was not discounting a trump victory. it was totally consensus that hillary clinton was going to win, the house was going to stay republican. the senate was probably going to be lost to the democrats. when you start to add to anything to the calculus that wasn't figured on the market, the market is a betting instrument. you have to see where the chips lie at the end of the day. i do believe that crude coming in precipitously as it has been is the canary in the coal mine that is seen as global growth indicator. if crude comes in so follows the market. >> right now it is down a point and a quarter. thanks, guys. have a great weekend. 45 minutes to go here. dow is lower on the session by about five points. s&p is bumping around. nasdaq is just barely higher. >> vix at 22 1/2 right now.
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highest we have seen in a while. tesla gets a big endorsement for proposed acquisition of solar city. we will talk about that with leading analyst. plus new comments from tesla's elon musk. and go pro off the session lows sparked by disappointing results at holiday quarter guidance. it is down about 9%. we will have comments about how he plans to fix issues tampering sales. you're watching cnbc, first in business worldwide. nothing ops us from doing right by our cusmers. who'th me? i'm in. i'm in. i'm in. i'in.
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shift away from packaged goods and towards fresher items, kelly evans. >> it is one of the few things i prefer in the book to home made mac and cheese. it's just better that way. >> i will bring in my home made mac and cheese. >> shares of tesla and solar city are higher today. shareholder services endorsed the merger earlier but moments ago lewis recommended shareholders oppose the deal. elon musk spoke to squawk alley and here is what he had to say about the deal. >> the economy is just right. we may be a little late. i wouldn't say we are early. in my original plan for tesla i planned for tesla to do solar panels. but at the time we didn't have
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the stationary storage for houses. >> another believer in the deal and the company is billionaire investor ron barren betting big on the electric car maker. he owns a $300 million investment. he sat down this morning from the barren conference in new york city. here is what he said about his stake in tesla. >> in my mind one of the most interesting companies, maybe most interesting that i have ever invested in. for my career it is risky but for my career i made ten times, 20 times, 50 times, 30 times in a lot of companies. i think in this investment from here in the next 15 years we can make 30 to 50 times their money. >> automotive analyst does not fully agree with ron barren but does say tesla is a rare opportunity for growth. >> i do. good afternoon.
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thanks for having me. >> welcome back. what do you think ron barren is looking at that would tell him he will get that kind of return over the next 10 to 15 years. >> congratulations, by the way, it is a great interview. the idea that we are in a society that has an electric transmission problem and power generation problem and the fact that tesla is making cutting into that solution is probably where he finds 30 to 50 times opportunity. i think the problem we see is there are two narratives, one for the auto business. they have been doing well and making progress. now there is the narrative of the solar panel opportunity and the synergies related. we think the timing is suspect but it is such a long tailed story in terms of consumer adoption. we see a hard time arguing for the payback here in the near
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term and many investors sort of need that confidence in order to invest today. >> so we have seen these shareholder companies come out both sides on the deal. would you think this is a good idea? tesla's accondition of solar city? >> elon has proven nay sayers wrong many times. he obviously has a vision and we have come to grips with that vision slowly. i think our question is more about valuation. as we look at other solar companies and the progress that some have made and others have not, the question of valuation to us is the bigger issue, the why now? why use tesla equity if you do believe it is discounted to the opportunity in the long term that argues you are paying more for solar city. to us that is the bigger question. >> i mentioned this many times
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before. it just seems there are so many people who invest in tesla and solar city to some degree because they are just so taken with elon musk as a visionary or however you want to characterize him. do you agree with that? maybe he is early with what he is trying to produce right now? >> wasn't that long ago i was reacting to stories about the hyperloop and space x. there are some brilliant minds behind elon like others within tesla that we have a lot of confidence in. as we have looked at the physical execution of their plant we believe there is a lot of merit in investment related to the auto business. the narrative on solar to us is a much longer tale. we don't see consumers adopting it as quickly as electric vehicles. there are still people buying mercedes and audis.
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it does take a long time for these to play out. that, again, brings us to our concern with solar city. >> just talking about the auto business piece of this there was news about them rolling out more of these charging stations across the country. is it going to be increasingly profitable as it does so and justify the kind of return that ron barren is talking about? >> from a profitability standpoint i absolutely think it can. i think the model s and model x are overengineered and to the extent that they can dial back in terms of millimeters of detail those margin opportunities in the model and quite a bit in the model three. the scale they will create with lithium ion battery construction
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will be the genesis of all of that. i believe in the margin story for sure based on what they have shown us today. >> before we let you go do you think the two companies will be allowed to merge? if they do would you recommend it? >> we are recommending it today. i don't see any reason why at least to date i haven't seen any major shareholders step up and oppose the transaction. so i think the odds are that they will merge. we will have to get smarter as a result on net metering and understanding what states allow it and which states don't. and the consumer adoption curve. that is where we are skeptical. we have launched on tesla with a hold rating. we are comfortable being equal weight on the solar side while getting up the curb and seeing how the synergies play out over time. >> always good to see you. thank you. >> good to see you. >> we are heading to the close
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36 minutes left in the trading session. dow is down seven points. the s&p up one and a third maybe breaking a losing streak that is the longest in five years. >> for the s&p and nasdaq i think eight years. the dow is about a day behind. trying to catch up. coming up an alternate gauge of the economy is sounding alarm bells. plunging truck orders and what that is for the economy. >> how go pro ceo plans to turn the action camera maker's fortunes around. when it comes to healthcare, seconds can mean the difference tween lifend death. for partne in health, time is life. we have 18,000 pple ound theorld.life. our entire staff stay connected ato help those need it.time
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welcome back. there are shares of alphabet higher. amazon echo with a rival. google launching its home device. google's system is activated by saying okay google. google says more partnerships are on the way. home sells for about $130. the echo goes for about $180. the reviews have been mixed. there was a review comparing the two in the "new york times"
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yesterday. you have the alexa. >> i have the echo. i don't use it for a whole lot. really it's a music device for me. the thing that has really helped a lot is they improved the music when they launched that amazon music program for small subscription price. >> google has google play which is quite a library. >> google's advantage i think is their search capabilities. you can ask it a lot of different questions and get a lot more answers than you would from the amazon echo. maybe that will change. >> i wonder how much just the saltation matters. saying alexa versus okay google? >> i think we are over thinking that one. they can change that. it doesn't have to be called alexa. you can change the name. >> to anything. >> they have other names you can
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use, as well. we'll see. the future is upon us here. go pro, what a problem they are having. the company's ceo is trying to cap off a challenging week with a hopeful vision for its future. josh lipton has the story for us right now. >> reporter: that's right. so a weak quarter and more importantly, a weak outlook for that all-important holiday quarter on the call ceo pinned the disappointing forecast on a production problem. >> as a consequence of our compromise production we were unable to fully restock channels cleared of legacy products during the third quarter and furthermore we anticipate difficulty catching up. >> it isn't clear what the manufacturing problem was. bottom line here it means go pro
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will have a tough time meeting demand for christmas. when it comes to that demand there is some disagreement. go pro saying it is strong. analysts say it is just too soon to really tell after all these new cameras just launched last month. investors clearly skeptical of that stock down some 30% in just the past four weeks. looking ahead go pro does remain confident calling for double digit revenue growth. >> i am just seeing this here. news about apple responding to back lash about an adapter needed for the macro pro. >> there was some complaints about the cost of those dogles. perhaps apple responding to that. certainly apple wants as many people as quickly as possible to move to the mac book pros.
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it is interesting because you think about the mac line. it does represent about 10% of the company's total revenue. i know if you are an apple bull you hoping it has been a while since update came skreend ppent up demand and that proves to be a tail wind that investors haven't considered. >> how much do they cut the price? >> i haven't seen the statement. i haven't gotthen statement directly. >> just wondering because a lot of prices are quite high for the new round of lap tops and phones and everything. thanks, josh. time for a cnbc news update with sue herera. >> syria's military releasing footage showing heavy fighting in western aleppo. tanks, aircraft missiles. numerous explosions and plumes
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of smoke on the skyline. the school bus driver involved in a fatal bus accident tuesday should not have been driving the bus. officials say he had his commercial license suspended two months ago because he failed to provide an updated medical examiner certificate. donald trump campaigning in new hampshire telling supporters that they are going to have a, quote, great, great day in four days. he repeated his theme that america needs new leadership and a change from the obama era. thousands lining the streets to celebrate the chicago cubs world series win. the parade started at wrigley field, headed down the magnificent mile and ended with a huge rally in grant park. it had to be big, of course, because it was 108 years in the making. congratulations to them. that's the news update this hour. i will send it back down to you guys. >> you feel bad for cleveland
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indian fans because it has been since 1948. some of them have to agree 108 years is time. >> we knew that it was going to be dramatic no matter who won. you do feel terrible for cleveland. there is always next season. >> they won the basketball championship. they are fine. >> they did. that's right. >> baseball fans don't feel that way. thank you, sue. 26 minutes left in the trading session with the dow down 11 points. coming up, an alternative measure of the economy could be signaling weaker growth next year. those details coming up. and can you plain towhy u recommend synttic over cedar? "super food"? and is that al thing?hy it's a gat school, but is it the right the one for her? is this really any better than the one you got last year? we consolidate suppliers what's t sings the? so should we go with the 467 horsepower? is a 3 gh?
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those among the big laggers this week. >> it's been weighing on the market y. am on the floor here with peter costa to ask why has it weighed a little bit more. >> the election? >> the moves in oil prices. today you would have thought we get towards keep falling and keeps going down, horrible inventory this week. if anything the reaction has been a little more -- >> like i said a few months ago there will be a disconnect. i think you are seeing that more and more. i think people's focus is on something else right now. you would think that they try to remember how important that sector is, but i think people are a little more looking at other things, looking on tuesday for potential fed -- >> is it rational? it sold off and maybe we are going to do it again today. what do you make of that? >> what that does is you can go by that if trump wins the market will sell off.
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people are lightening up positions now. you look at the sell off this has not been an influx of sell orders. this has been a very slow, grinder the way we went up. we went up on very low volume. we are up 15 points. it wasn't really like that gangbuster move on the upside. the down side is not a gangbuster move, either. it is fairly helpful. i don't find this -- i think this is a pretty good thing. >> there is a number of events we have to get through. there is also one tomorrow. happy birthday. >> thank you very much. i will explain something for the street that has been in place 19 of the last 20 years on my birthday the market has been up. obviously with looking at today -- >> do you count the day before? >> i don't recall. i don't have that good a memory. i don't really remember any days how they traded before. i know on my birthday the market
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has gone up. >> i'm sure it will be on twitter somewhere. >> happy birthday. >> 59 you young whippersnapper you. happy birthday. you can tell him what i just said. disney is lower after neilsen stands by this decline in espn subscriber numbers. julia boorstin here to clear things up for us. >> after neilsen retracted its estimates on sunday saying that espn lost a record 620,000 subscribers in october now neilsen is standing by those estimates saying they, quote, determine the magnitude and the change merited a thorough review of our processes saying neilsen has completed an extensive review and verified that november estimates were accurate as originally released. neilsen saying the decline in coverage most cable networks saw was driven by roughly half percentage point decline in number of households that
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subscribe to a tv bundle saying this is not specific to espn. espn responding saying, quote, this most recent snapshot is a historic anomaly for the industry and inconsistent with much more moderated trends observed by other respected third party analysts. it does not measure digital distributeers and we hope to capture this growing market. neilsen says it is researching new technologies and new television providers and will incorporate them in the total estimates in the future though it did not say just when. >> this is a huge deal. when the first report came out about how many subscribers espn lost people thought the number was so big it almost must have been wrong. >> look, espn has well more than 90 million subscribers and that number is down and espn has
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talked about how they are losing cable subscribers. that big number that neilsen originally estimated about a week ago was so much bigger than what anyone expected that it prompted disney to say that's not what we are seeing. we know how many subscribers we have and that is not right. i'm sure we will hear more on thursday. >> their point is well taken. there are other ways people can watch espn or any cable channel. i can watch on my ipad through their app. that's not monitored, right? >> there are all sorts of new digital bundles being distributed, all new ways to access content and that was the point at the end of that statement for neilsen saying we are working on incorporating these new -- measuring the new bundles down the line. the future is going to be getting your content in different ways. espn and disney want to make sure they are selling you access
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to their don't. this goes down to a long standing critique of neilsen for not being a truly accurate way of measuring viewership. >> listening to pti via podcast is a great way to listen. that's another avenue. a little bit of leakage but fundamentally people are listening. >> used to be viewers had to find what they wanted to watch. now the producers have to find the viewers. julia, thank you very much. see you later. 17 minutes left in the trading session here. dow is down 26 points perhaps breaking that trend that peter costa was talking about. some drivers think 18 wheelers seem like they are everywhere on the road right now. that's not the case and could signal an alarm bell for the economy perhaps next year. we will have details coming up next. >> today's jobs report did not include the number of now clown
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or trapeze jobs in the economy. kate rogers coming up.
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with orders for heavy duty commercial trucks dropping by nearly 50% just last month the country's trucking troubles may have far-reaching implications. >> morgan brennan has that story. >> north american orders for class a trucks plunged last month. extending a month's long route that has been weakest since the recession. we have too many trucks on the road after trucking fleets ordered more vehicles for freight demand. that number never materialized. weaker than expected imports. here is why this is so worrisome. this is typically the busy time for order activity as companies gear up for the new year. you have truck load carriers that have been parking hundreds of trucks. second, it is playing out in industrial earnings both
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transmission maker and engine manufacturer reported weaker results this week. it is showing up in waiver data including jobs reports which included 9,000 jobs lost in manufacturing. a big chunk of that was transportation equipment and machinery, areas that would be tied to this activity. with about 70% of goods in the u.s. moved this way, trucking activity is considered a leading indicator of u.s. economic growth so fewer orders speak to persistence of freight recession which raises questions about economic growth heading into 2017 because this is the time of year when all of these companies are putting plans together in anticipation of economic growth next year. >> i wonder -- i know we have had various things over the last couple of years about different engine standards and then bankruptcies and consolidations. how much of a pure read is this on the economy? >> that is a wonderful question. you have regulations that play
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into this. you have the fact that a lot of these bigger trucking fleets were already sort of turning over and taking newer trucks into their fleets in the last couple of years. but really what is so important about this is from october through december is really the sort of peak season in terms of truck orders. elections could be playing in this, as well. in general you have seen truck orders really weak. if that continues to play out in november and december then you really potentially have a problem where this type of activity is concerned. >> morgan, thank you. morgan brennan with readings from the truck sector. 11 minutes to go. s&p is down again. this is the ninth session in a row. we have time to see if we close there. >> listen to this, art cashin just signaled the market on close orders $900 million to sell. >> no wonder we moved lower. that would account for some
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decline there. >> david doris will be here with his market acronym on the week. coming up. the greatest pulation shift in human history is happening before our eyes. sixty to seventy million people at pgim we help inveorsy year. see the implications like t prime teof urban exp, pinpointing portunits capre alpe and emerging mkets. partner wigim the glob iesent management businesses of prudential.
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we have about seven, eight minutes left in the trading session. i'm looking for a monitor so i can see what this chart looks like. we are at session lows so this market on close order to the sell side has taken a bit of a toll. it's not that big of a decline. >> the s&p pointed out yesterday far shallower than 2008. now it looks like it can be 9. >> david doris joining us now as he does on fridays. market just seems to be waiting. i would imagine it is for the election. >> no question about it. i think it is worth remembering this is a phenomenal country. throughout the campaign saying a lot of our faults. but we have population growth. we have energy. we have innovation.
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we give the world ideals, growth and security. i think that will continue. this country has a very deep keel and it will not be destabilized by whatever happens on tuesday. that brings us to this week's acronym which is vote. there is volatility. it doubled since september 1 which kind of ties into the volume diminishing as there is a third v, vacillation. there is 42% sitting on the fence. normal is 30%. people are waiting and seeing. o is oil. november 30 the feast of st. andrew, patron saint of scotland we have the 171st ordinary meeting of opec. it is sliding off because you haven't seen more valentine's sent between saudi arabia and
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russia. both of them want the oil a little bit higher than here. it is off 11% in two weeks. t is treasure ly bond yields. they have gone to 1.8 now. that means that they built in already the anticipation of the fed raising rates on december 13. in between is another very important date for italy, december 4 is the referendum on the constitutional reforms. he said if he doesn't get those he will resign. earnings, we have a pretty good meh earnings report coming in a little better than meh. earnings are supposed to be up with two 30s having reported 1.6% which would break the strain of six quarters in a row of being negative. congratulations chicago cubs. >> i would have made big money
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if you would have done cubs this week. everything you said will be on the test, kids. study hard this weekend. thank you. >> have a great weekend. god bless america. >> indeed. as always. we have the closing count down in just a moment. dick clark, he was once the all american poster boy. when it comes to his latest production company it is now under chinese ownership. what the new deal means coming up. you're watching cnbc, first in business worldwide. ♪
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where does the time go? we are heading to the close with the dow down 27. we have been in a trend for two weeks. the s&p this would now be how many days down? >> nine days down. that is the worst showing since 1980s. >> wti, another weekly decline of almost 10%. that continues to move lower. >> crude oil is down almost 10%. that is one of the three problems, election, the fed and crude oil. >> ten year yield has been moving higher although this week it moderated some. for the week we are down.
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we have highlighted the vix has gone up to 22. at the end of september it was at 11. >> you have problems with drug stocks, oil stocks and you have problems -- there is your trio of problems. >> thank you, bob. down 36 on the dow. there is a lot to get to as we head into the weekend on the second hour of the "closing bell" with kelly evans and company. have a great weekend, kelly. thank you, bill. welcome to "closing bell." i'm kelly evans. another significant set with the dow dropping 40 points about the s&p 500 down three points. we will watch to see how it settles. what is notable is not the size of the declines, it is the streak. the s&p 500 i believe closing down for a ninth straight session. that is the longest losing streak since 1980. the dow dropping 40 points. the nasdaq dropping 12 points, a
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nine-day losing streak. declines about a quarter a percent or less for major averages. 2085 and 5046. we will come back to this in just a moment. $1 million is how much china's wanda group paid for a major hollywood television studio. how it can change the american media landscape is later. and drug stocks have been hammered over the past year. which hedgefund manager has been feeling the pain with significantly lower returns? we will tell you coming up. joining me on the panel, michael santoli, evan new mart and chief economist at kpmg. tim seymour may show up, too. before we get to all of this, we have breaking news out of the federal reserve. steve liesman, what is happening.
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>> fed vice chair making comments directly on this morning's jobs report saying the labor market quote had a pretty good year and said it could be temporary. he suggests maybe it will fall further given dynamics in the labor market. since the recovery is powerful in terms of jobs and the labor market is close to full employment. third quarter gdp he said was encouraging but the report the details were not as good as the headline. fisher is citing the surge in soybeans as part of the gdp and we would like to fisher cites surge in soybeans several times. stan fisher expects moderate growth in the quarters ahead. >> say that one more time. >> fischer cites surge in soybeans. >> appreciate it. >> i think it should be stanley cites surge in soybeans. i think he sort of is under
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scoring what we knew from morning's employment report. labor has been the area if you are looking for strength in the economy. i don't think it changes the story but interestingly he wants to get out there and say it was a pretty good year and not declare victory but say things are moving in the direction that the fed wants tosee. >> evan, what about this nine-day streak that we are on? >> i think it's largely a function of political uncertainty. i think if the jobs report as good as it was, it was good, largely irrelevant has been irrelevant to the markets. i think barring -- i think we are in a binary mode. i think if hillary clinton wins and the republicans keep the house and the senate you have rally time in the stock market. trump comes in i would not put money into the market for quite some time. it's not because of trump's policies per se although i don't
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agree with a lot of it. it is not really policy issue. i view it as a temperament issue. when you have someone as a personality is relatively volatile and temperamental and can change his mind with a tweet i think they do not like that. that is the main thing. >> good trading environment. terrible if you are a long term investor. >> welcome. good to have you with us. there is the jobs report, comments from stanley fisher. nothing really matters other than outcome of tuesday for the time being? >> for the time being. if it had been a terrible number then you would have seen much more uncertainty in the market today. it wouldn't have given the fed the cushion or the room to go ahead and raise rates in december. this kind of says if the outcome of tuesday is a hillary clinton win and either the republicans keep the house and the senate or maybe we get a little more
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balance within the senate then you are looking at a policy prescription that is very centrist and appealing to markets and a rate hike in december that the economy can sustain. >> which is the key part of all of that. this might be a little bit like brexit where going into that vote markets were up, everything was fine and everyone was positioned wrongly. what happens if the opposite is taking place where for nine days we sold off, everybody is concerned, pulling money out of everything and then all of a sudden come tuesday it is a far better picture going forward than what we are currently seeing? >> if we have status quo i think we can at least have some projection for what markets should do. we have said you not going to fool me again and volatility will be elevated especially if we have an unclear result. but the reality is the fed is probably a bigger issue.
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rising interest rates are probably a bigger issue. i think thad today's job number is good and bad. the bears will point out that the trend for jobs added is 150,000 versus 200,000 last year versus 240 the year before. the job market is certainly slowing. it may not be contracting. to those who want to point to the economy and say the best days are behind us look at irs receipts and more current measures of the economy you can get bearish. so back to that. that is what the market must address. i kind of feel like we have a rally in store. no matter who wins but depending on what is stated. >> coming back to your point volatility isn't bad for the long term investors. it can be good. you don't want the market to be slowly guiding higher all the time. >> if you are a ceo of a company and comes to things like
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investment plans, planning, you don't want changes in policy. the u.s. policy has been plus or minus very pro free trade for the last pr really since reagan. it has been a very pro trade globalest perspective. and donald trump has risen on the back of a protectionist policy. that is a fundamental difference between hillary clinton -- >> do you believe when he says he just wants to make better deals? >> you can't go to nafta and say we want to renegotiate because we want a better deal. other countries do not respond great you are the president so we give you a better deal. you can't say to china guess what president trump is the leader so you have to cut a better deal. trade does not work that way. there is a reason why it takes years and years and years to negotiate trade agreements to prevent one person coming in. >> let's pivot for a moment. on squawk alley known investor
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ron barren also weighed in on the election and its impact on the market. >> i don't think it will effect us long term, at least i'm hoping it doesn't. i think we have been through a lot in this country for the past 240 years and we survived and profited and done better and better, exceptional country. i think that anything that goes on through depression and wars and terror attacks, everything you can think of and yet we keep growing. >> he also talked about the fact that he doesn't think this election will be a disaster. >> he is absolutely right. we have been through terrorist attacks and elections and wars and depressions. usually you stay within five percent high in the stock market. i don't think the election is likely to be a defining turning point for the markets. could it be an excuse for a 3% or 5% move one way or the other?
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we didn't have anything happen to policy a year ago and you had pullback. you have to separate them out a little bit. i think the nine-day losing streak is kind of a trivia point at this point. it is kind of unusual. it's just been kind of this drip, drip, drip because people don't want to miss the ensuing bounce. >> that goes back i guess to the fundamentals. so when you are talking to people and they are raising concerns about what happens with trump or can we assume that what do you need for a hillary presidency to work? what are the kinds of scenarios where you see a relatively good outcome for the economy versus not? >> first i will come back to what tim said which is that we are having slower average jobs growth. if we weren't the fed would be behind the curve. if we were growing at 275,000 or
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250,000 jobs per month we would have much higher inflation and much higher wage growth and the economy would be overheating and people would be screaming the fed is behind the curve. >> that depends a little bit on how many people are out of the work force which is the one thing saying there are still these people leaving the labor force on the sidelines. >> it's not even all of these people. so we have i can tell you exactly about the gaps that we have in the labor market. so first of all there are the people unemployed or part time for economic reasons. that makes up about 3.5% of the labor force. it is very similar to the pattern we saw after the double dip recession. we are right about the same level. that went down substantially in the '90s. that is near the level that is consistent with previous periods we have had where we subsequently had growth. in terms of labor force participation rate we had people
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staying in school much longer. the under 25 labor force participation is down about 20 percentage points. we have a big fall because people are staying in school. that is really good for the economy because you have a higher educated labor force. the big gap is there are 2.8 million jobs for men between the ages of 35 and 54 that have not come back. and we think that a lot of those are in manufacturing. they are cognitive jobs. >> and just to touch on that, that is the great irony if you will about trump saying these people are out of work. he has -- there is no way the only way to get those jobs is through agency. and that only happens -- just
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not going to happen. whatever donald trump may say about bringing back tv making to america to make it great again. >> you are seeing people like tom lee start to recommend trades for wage growth. he is saying bet on companies relative to darden or some of these kroger that have a lot bigger head count. is that the kind of thing you think makes sense in this environment? >> growth continues to work and higher growth kaech companies h been rewarded in this earnings season. if you think about fast food the wage gains are probably in that part of the market. i think minimum wage and lower priced and lower skilled workers are extracting a bigger price out of companies. i think it gets back to equity investors you have to be
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investing in companies who the cycle of the seconder is improving because there is secular change or cost discipline. you have to have valuations that make sense. we were all struggling and we remain there. airlines, rails, banks, these are things that worked in earnings season. banks have been defensive. they outperformed the market on the way down here. >> tim, constance, thank you guys for joining us this hour. catch much more of the fast money crew talking about michael moore. he will be on the show talking all things donald trump. you don't want to miss that all starting at 5:00 p.m. eastern. we are just four days away from the election and the race is virtually neck and neck between donald trump and hillary clinton. we will show you how close it is next. and u.s. hiring remained healthy with wage growth on the rise at the fastest pace since 2009. what that means for the race to the white house is also ahead. you're watching cnbc, first in
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business worldwide. whatre you doing? getting your quarter back. fountas don't earn interest, david. you know i work ay. i was being romantic. you know what i find romantic? a robustnnua percengegeield antic. that's what iind romantic. this is literally throwing your money away. thi think it's over the.c. th way? yeaha little fther up. what year is that one? '98 that's the one. you got it! nothing stops us from doing right our custome. ally. do it right. let's get of thater.
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donald trump and hillary clinton hitting the campaign trails hard. john harwood joins us with each
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candidate's standings in the latest polls. >> we are looking at a race that tightened up since a month ago. donald trump is running relatively close behind hrk. look at national polling averages. less than three percentage points. same on "new york times" average of polls. huffington post has a slightly larger polling average. we have new individual state polls which provide at least some hope for donald trump that he can make that uphill fight to get 270 electoral votes. on michigan the new poll from detroit free press shows donald trump down only four points in michigan. he made a late push in the upper midwest to try to take away states that have been part of the blue democratic coalition over the recent elections. he is in the vicinity in michigan. in new hampshire another state barack obama carried it twice. you have had recent polls after
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hillary clinton was leading handily that donald trump is ahead less than two percentage points. that's not the same as what some internals are showing for both democrat and republican campaigns. the candidates themselves were on the trail today. while the campaign hasn't been about policy issues today we had a new jobs number and both candidates reacted to that starting with hillary clinton. >> my friends, we got some good news this morning, our economy created 161,000 jobs last month. that is 73 straight months of job growth. and i believe our economy is poised to thrive. >> the terrible jobs report shows the number of people not
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in the work force the creased by another 425,000 people in the month. that is why you see phony numbers about 5% unemployed. people are not looking for work because they can't get a job. these numbers are an absolute disaster. >> as has been true for a while each side has something to play with. hillary clinton can point to job growth and donald trump can talk about people leaving the work force and the number of people who think the country is on the wrong track. >> this morning's jobs report a little below estimates but is generally being viewed as a sign the economy is doing well and creating jobs. how can that impact the election. joining us now larry kudlow and informal adviser to the trump campaign. there is distance when it comes to the economics of how this is all going to work out.
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you heard what trump says about the jobs report. how do you think it feeds into the outcome? >> i think you look at the economy right now we are adding jobs. we have seen acceleration in wage gains. that is great especially those are nominal numbers. very low inflation. this is basically a gold locks economy. you look at president obama's approval ratings sometimes bump up 53, 54. to me this would be surprising given a goldilocks economy, obama approval rating if people seem to make radical turn towards upending the political order fwlmpt a order. >> what about the point about the work force? >> i think under the trump scenario he would like to take a labor force participation rate back to where it was like in the 1970s. we have a very different economy. we have an aging economy. we have people in school.
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i think you can not just look at labor force participation rate. what was it before the recession and say the real employment rate is 15%, 20%. i think the real unemployment rate is about where it actually is. >> what about you? how is the economy doing? >> these numbers are okay. jobs are slowing. a year ago about 250,000 per month and come down to about 175,000 if you average things out. wages are doing better which is a good thing. on the other hand the problem with the economy in my view has always been the business side which is why i think business tax cuts are so important here and trump has a good tax cut plan there. productivity is flat. that is a bad omen for living standards and wages for the long term. those issues are not good.
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they don't seem to be going away. it is the back bone, 25 to 54 year olds, participation rates have been falling. that is not a good sign. it is not about retirement. i think we have created some disincentives to work as social benefits go up and after tax earnings go down. so i think we can have a lot of improvement in an economy which basically has under performed the post war average. >> larry, coming back to the question of those jobs and how you create jobs for those people isn't it possible that given the forces of globalization, given the way the economies have evolved that it is a structural problem that just tax cuts will not fix? you are not going to create denovae 3 million new manufacturing jobs for unskilled labor. isn't that kind of --
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>> i think globalization is a good thing, not a bad thing. there is some space between mr. trump and me on that particular point. evan, incentives grow the economy. let's just look at this for a second. first of all, we are not competitive on business tax rates for either large and small companies. that's a huge factor. the repatriotuation of cash would be a huge stimulus to the economy. regulation is another big issue. we have had massive increases in regulation whether it is financial or health care or -- that stuff should be cleared away. so there is no reason why we can't get a bigger growth spurt here. it is no reason why we can't do that. >> you do realize thlalize that
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is not the republican nominee. the core of the philosophy is let's reverse 40 years of globalization. that is the philosophy. reverse it, scrap the trade deals. i just don't see how that fits, pro growth policy. >> as i say, there is space between me and mr. trump on trade matters. >> between earth and pluto. i would argue in an election this is an election. sometimes the bark is bigger than the bite. it all doesn't hinge on trade. these deals may be improved somewhat. nafta is not overturned. >> tries to bring apple's jobs back. >> it's really who nominates freedom and trade globalization. >> it is also about marginal tax rates. the individual tax rates we are going in the wrong direction. the business tax rates.
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>> it's -- cares about trade. he has been on message in recent last ten days or so. he has been talking about tax cut program. mrs. clinton has a tax hike program. i think she doesn't have a corporate tax reform. i think trump is serious about the tax cuts. i know you don't. >> hillary and paul ryan will do corporate tax reform. >> there is earth and pluto distance between the two of you guys. thank you for joining us. cnbc will be covering the election from every angle. do not miss it. we have an earnings alert on berkshire hath away. >> this has to be one of my favorite of the season. it's the only time we get to quote in the thousands of dollars. what we have right now is berkshire coming out with earnings per share of $2951. that misses the average analyst
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estimate of $3,058.10. coming in at $59.07 billion. that beats the average estimate of $57 billion. $57.04 billion. also, book value always a key indicator for shares. something that warren buffett likes to look at. value up 5.3%. that value stands at 163,7$163, per share. also, cash and cash equivalent is $85 billion up 18% from the same time a year ago. so earnings miss revenue beat and we are not expecting real trades in the after hours on this because shares have closed at 214,5$214,545 per share for shares and roughly around $142.95 for the b shares. >> what do you think berkshire does with this cash pile?
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it has been building and building and building and you have to wonder if there is a market down turn for whatever reason what companies they are eye balling here? >> warren buffett is always waiting for something to come his way whether a really good deal or prices coming down a lot. i think that is not going to change. $85 billion in cash isn't a huge percentage. i don't feel like they are saying you have to do something with the cash right now. >> only a couple of companies that have that kind of cash besides berkshire. it's a lot of money blmpt kit is. >> it is microsoft and apple. >> we start talking about success. at some point they feel like there is no one. who knows what happens with the markets. it's not out of the question. in the future different leadership. >> the one thing that you can count on is that warren buffett will not be in a rush to do anything. that is the key to his success and the key to most long term
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investors success. he is not worried about some shareholder saying do something. >> by the time the question is really coming down do we break the company up or do something radical with the balance sheet i don't think he will be around to rush or not rush to do anything. >> how does howard handle all of that. there are earnings this afternoon. china's wanda group making a push into american television to the tune of a billion dollars. we will bring you the details and how it could change the american media landscape next and the s&p pharma index down nearly 13% in the past three months. how the drug stocks is make ag big dent in returns later.
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china's push into hollywood continues. julia boorstin joins us with the latest big get a chinese company is making. >> wanda group is buying dick clark productions giving the chinese media giant the first big tv rights to 20 shows including golden globes, country music awards and new year's count down. these rights along with long term broadcasting agreements are considered particularly valuable because they are must-see live tv as more consumers shift to digital streaming.
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this follows wanda hosting a gala announcing $750 million in incentives to lure hollywood studios to shoot at facilities in eastern china. the ceo who bought the studio legendary entertainment said he will launch a multibillion-dollar investment fund having already struck a deal with sony. wanda's entertainment buying spree sparked concerns. in september members of the house of representatives petitions the government accountability office to examine as an issue of national security. and last month the justice department was asked to review wanda's purchases on concerns that the company with leaders could be trying to influence china's portrayal in hollywood films. it's certainly a hot area to watch. >> thank you. >> i love this so much.
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it's crazy on so many levels. we were joking before the break that donald trump was going to claim that any chinese acquisition in america was now a strategic industry. so showing the country music awards is now a strategic interest of the united states because it is owned by the chinese and not the americans. >> just for the whole controversy with beyonce -- >> why was that a controversy? >> she appeared but i think after the fact people edited the highlights she did not appear. >> i will tell you one thing. it is like you go back to japan and the early '90s it's like buying at the absolute top of the market trying to get the money out of china, buying at the top of the market. i don't know what the rights are. >> is there a valid reason why you think there should be pushback? >> i don't this can so. i think the only thing is if it is actual film production
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studios i think you will want to be careful that all they really want to do is have it for the chinese export market and decide things like content. >> we are not talking about cyber driven software. we are not talking about high tech. we are not talking about weapons. we are talking about -- people standing in times square going yea. >> time for a cnbc news update with sue herera. >> here is what is happening. two former aides to new jersey governor chris christie were convicted on all counts of creating an epic traffic jam on the george washington bridge for what prosecutors say was political revenge. sentencing is set for february 21. >> in keeping with the disgrace that was this trial, one of the things that the u.s. attorney's office should be ashamed of is
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where it decided to draw the line on who to charge. >> 13 people have been sickened by a rare fungal infection never before seen in the u.s. the fungus often resists antifungal drug treatments and usually spreads in hospitals and nursing homes. neiman marcus selling out of frozen colard greens. for those of you who missed out on that the luxury retailer is selling a baked bean medley for $80. plus $18 shipping. that's the news update. you are echoing a lot of comments on the web pushing back against neiman marcus for this. it's part of the as we get closer to thanksgiving they do the prepared meals. >> that makes more sense. >> the collard greens are one of the cheapest vegetables out
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there. so to charge $88 -- >> people are buying it. >> they sold out of it. >> i bet you are buying it. you are going to be at a thanksgiving serving those greens. >> thank you, sue. >> use oscar mayer bacon. >> exactly. the latest investments haven't paid off. an in depth look at how pharma stocks have stocked the hedgefund manager's returns this year. stay tuned. orila big order or eyour office and take on what comes next.
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whnmorgantanlalth,f but things that tter. want a great way to help our children thrive? then be sure to vote yes on proposition 55. prop 55 doesn't raise taxes on anyone. instead, it simply maintains the current tax rate on the wealthiest californians to prevent education cuts that would hurt our kids. no wonder prop 55 is endorsed by the california pta, teachers and educators. because all of us want to help our children thrive. it's time to vote yes on proposition 55.
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a significant day on wall street because the dow dropped 42 points and the s&p and nasdaq stretched the losing streak into a ninth straight session for the s&p that 3.5 point drop made it the first time since 1980 we have seen nine consecutive declines. 2085 is the closing level there. 17888 for the dow and 5046 for the nasdaq. drop in bio tech stops has been hurting hedge fund polsen and company this year.
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john polson made his firm $20 billion in 2007 and 2008 is taking a big hit as drug stocks tumble. the top earnings all falling dramatically. valeant down 81%. assets under management down $12 billion from 38 billion in to20. what is his attitude about all of this? >> got to give him some credit. he is not hugging the indexes. he is not worrying too much about the -- >> made his money in the subprime mortgages largely on the back of what you would call a structured trade. it was heavily negotiated. these are kind of i want to call them typical equity manager
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bets. they are big bets. isn't he basically doing something that was different to how he actually made his money? >> yes. it has been my view that he really got away from it with the gold trade. if you remember after the greatest trade ever he started making a huge bet on gold. it went well pretty well at least after a few years it paid off in a big way. that is not the same kind of trade. there is limited down side. they had limited down side and a lot of upside. that is what he was doing for many years as a risk. he got away from it with gold. he bet on banks in a big way and now he is doing pharma. to some extent i give him credit but couldn't have worked out any worse for him. >> michael santoli, good to see you. what you are describing here is a manager who is not necessarily showing that there is a defined process that he is following in a lot of these different areas
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which is something that institutional investors want to see. he has the track record maybe just chasing the track record. do you get the sense that as we are talking about alpha and big investors that are no longer going to stick with it? >> a lot of the cash left in the fund is his own and his employees. so i wrote about 12 billion today. that was as of the end of the last quarter. could be as low as 10 or 11 right n right now. a lot of it is his own money. i don't know about the process. he has a process. it is a little more macro and less hedge than others. he made the huge pharma bet by shorting s&p 500 and broader stock market. some argue that is not the best hedge here. he has gotten hurt on both sides. >> it has been brutal. by the way, he is not the only one hurt on bio tech names. thanks for joining us. up next gop presidential
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nominee donald trump says he is a better candidate for women. the group women for trump would likely agree that democrats are counting on trump's missteps with women to lead to his defeat and defeat of down ballot republicans. we will go live to virginia where the trump factor will play a rolebattle for house control. to win, every miisecondover 200 matter per hour. d thousandof mesway.k k
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key to the control of congress on election day. contessa brewer is in the district where trump's vulgar comments on women may have had an impact. >> democrats are wielding donald trump like a weapon against their republican opponents in house and senate races. perhaps nowhere more than here in virginia's tenth congressional district where tying republican congress woman directly to trump. she denounced trump after the leaked tape and polls show she lost ground after the tape's release. some female republican leaders say trump's apology should be enough. >> as a republican woman i am looking at the big picture. while mr. trump may have said some things that make me uncomfortable or made me pause for deep reflection i have to
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look at myself and say up until i am perfect i cannot expect everyone else to be. >> democrats definitely see an opening here. they are taking advantage. where republicans are working to hold on to a lead political experts say donald trump has become not just a drag but an anchor. >> the cumulative effect of the trump candidacy and impact on woman voters will make it difficult for many of them to get over the hump on election day and win the race. >> reporter: $15 million has been spent on the races here making it one of the most expensive congressional races in the nation. absentee voting ends tomorrow. in northern virginia it is up 50% above 2012 levels. a lot of motivated voters. >> i was amazed somebody was sending around a chart of how many early votes cast in this election. it's maybe upwards of 20 million
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at this point. >> much higher than that. it is over 30 million. one quarter of the expected total votes have been cast. >> contessa, how do you think when it comes to the question about suburban women who seem so critical, critical in terms of the outcome of the house do you get the sense that people kind of locked it in one way or the other or are they fighting this thing to the finish? >> they are fighting it to the finish. the voters say they will be so glad when they can stop seeing the campaign ads because they are relentless. donald trump is out on the trail and talking about having tremendous support among women but the polls show a handful of them anywhere from eight point lead to 14 point lead among hillary clinton for women. it shows that donald trump doesn't quite have the tremendous support he is saying he does among women. gl and among educated women the gap is huge.
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educated women could cost him the election. i don't know. >> that is one thing people are watching tuesday night. if you ever thought about quitting your job and running away to join the circus you may be in luck. cirque de soleil hires for lineup of shows. kate rogers lives the dream next. alpha seems more elusive today. go after ithe same way? is it bn chasing after short term rurns. instetti ughtp with the crowd, the investmentaneratgim take a long termiew, teaming ecialize active investing with risk-management rigor, teto seek out global aopportunities.g we managover a trilln dollars this way, attractingany ofhe world's leading investors. partner with pgim. the globalnvestment management businesses of prential
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♪ so what does it take to be cast in a cirque du soleil production? >> it's projection, precision and presence. presence, very subjective. some have presence, some don't have. precision and projection, is something they learn in school. >> at srk's auditions, eccentric clowns to gymnasts, jugglers and puppet tiers. they have more than 1,300 artists. >> everything is multidisciplinary now. actors are singing, et cetera. it's the same thing hitting us. >>en the job also requires stamina. some have more than 470 shows a year. artists have the opportunity to
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travel the world to become staples in resident shows. >> the adrenaline of cirque du soleil, performing every night in front of 2,000 people, it hits you hard. you have to take time to be healthy, eat well. sleep well. perform this crazy rhythm. >> sirk tells us they are hiring more for their u.s. productions and you can get inserted into the production within weeks or months thanks, guys. >> oh, i was waiting for a back flip. i don't want to ask you to do something unsafe there, but -- might be a jump or a flip or something coming. anyway. we've seen -- >> i am scared of heights. i am scared of heights, this entire thing was way more than i can handle so no back flips today. i'm really sorry. but we do have the fish tails. >> mermen. and you are very brave. thank you for that story.
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kate rogers on where the jobs are. we have a new story on chipotle. >> chipotle shares up a half percent. this on the heels of a reuters report, citing sources saying that activists investor bill ackm ackman, who owns a 10% stake in chipotle have signed a confidentiality agreement with chipotle on turn-around talks. again, this according to sources familiar are this reuters report. ackman says he wants multiple chipotle board seats for experts on food safety and marketing, say those sources. chipotle says it's committed to a dialogue with major investors that are actively working on board refreshment. we are calling both bill ackman and chipotle to get any comments. that's the reason why we're talking about chipotle stock. a very big at least statement in this reuters report coming from big ackman with record to what he wants to do with chipotle. back over to you. >> thank you, dom. chipotle also hired help in terms of a defense team.
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>> yeah. this probably implies you have to talk to your 10% holder, probably, to some degree and maybe try to basically do it in private and have something constructive. not clear what leverage. no magic to bringing people back into the stores. >> one upon a time a few years ago before valiant and herbal e herbalife, this would have been a big deal. the last years have proven as smart as the smart money may be, whether it be big ackman, you know, what he's going to try his luck now with a burrito. >> ackman has done a lot of public presentations, raised the attention of washington repeatedly. do you think that's what chipotle is trying to do, saying whatever you're going to talk about -- >> keep it from being targeted outright in public, perhaps. and i do think, honestly, get into a room and say, hey, look, we're trying to figure this out, too, as the board. so let's do it together. if you have anything constructive to say, let's hear it. >> confidentiality pack.
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the election earnings, we'll tell you what to watch for next week. i think there is something happening tuesday? after the break. thisan creates software, used by this bank, to protect this customer, who lives here and ies to hong koko, toisit this company that mes srt phone used bthisicpresent, this little kid, oops, d this obstetrician, whcreates software. who rks across the street from this man, they all have insurance . t just coverage, craftsmanship. not ju insured. chubb insured. t just coverage, craftsmanship. but i keep it growing by making every dollar count. that's why i have the spark cas. witht, i earn unlimited 2% cashack on
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all of my purchang. witht, i earn unlimited 2% cashack on and that unlimited 2% cash back from sparkeans thousands of dollars each ar going back into my busess... which adds fuel tomymyottom lin. what's in your wallet? there's lot of pces you never want to see "$7.95 [ be ] but you'll be glad to see it re. fidelity -- where arter inveors ll always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help y find smarter eny and exit points and can he protect your pential profits. it keeps us comforble tempur-pyour body.esses... and asleep at nigh shop our biggest sale of the year,
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incsave uto $600, tempur-ped mattresses. w thru nomber 29th. get your temr-pedi welcome back. we've got a news alert on the colonial pipeline explosion.
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dom chu. >> the ntsb, national transportation safety board, is opening up the investigation into that pipeline explosion in alabama, in which one worker died and four others seriously injured. that according to the statement. the ntsb does take the lead on these pipeline explosions. we'll bring more details as we know them here. >> a lot of people focused on how many of these accidents were happening, and what further details might be behind it. the ntsb now investigating. should we briefly look at next week? first your concern -- anything else? >> no, the only thing. as an investor, it's the only thing to me right now. >> honestly, seeing how the market trades monday and even into tuesday. if you remember before the brexit vote, the market was very overconfident, it ran up, convinced it was going to go one way. i imagine it's going to be more definitive. >> a little more -- >> a big election for me. i have never, in my entire life, voted for a democrat. never. until this election. >> where on that ballot, is it top of the ballot?
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>> any -- >> any local race? >> any part of the ballot, i have never in my life voted for a democrat. and this will be my first election. >> i think mrs. clinton might catch new york now. >> that tipped the balance. >> what have you saying? >> evan, thanks for sharing that with us. that does it for "closing bell." "fast money" starts now. >> "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square. your traders on the desk, tim seymour, david seaburg, guy adami. michael moore is hire to talk election 2016, including why he thinks donald trump will win tuesday. and biotech bouncing today but getting crushed in the last month and if history is any indicator, could be setting up for a major breakout. and oil having its worst week since january. a top technician suggests it's time to buy. he is here with his contrarian call. first weta

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