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tv   Closing Bell  CNBC  October 18, 2021 3:00pm-5:00pm EDT

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>> bloomingdale's under that umbrella you had mentioned a statistic in the commercial to do quite well. >> for clothing, certain categories, the website has done very well. >> i grew up going with my mother to department stores and still like them to get everything there in washington, d.c long doing. >> lord & taylor with my grandmother. thank you for watching "power lunch. "closing bell" starts right now. hello and welcome to "closing bell. i'm sara eisen a mid-morning dip. the nasdaq and dow firmly in the green and disney weighing on the dow. >> i'm wilfred frost today a weaker than expected gdp print from chin. with growth of just 4.9% in the third quarter. but in the u.s. home builder sentiment topped estimates
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despite supply chain issues. bitcoin higher again above $60,000 as the first futures etf gets ready to launch consumer discretionary the best performing sector. >> coming up, ben silverman will join us. we'll ask him about the competition in streaming and a report raising red flags about disney plus and joined by the ceo of suntory to talk about the big push for sustainability. >> let's focus first on the big stories to watch today mike santoli is tracking the action josh lipton with highlights and joining us to break down the event and the impact on apple price is a guest mike, did broader markets nice intraday recovery. >> for sure. some pre-market selling in the
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futures. a global influence there you could argue. bond yields flying overseas. greeted the investors with a tough cocktail and small positives. more stocks down than up and the bounce seems to have some meaning to folks basically saying the market did not break don't. stopped declining on bad news. also the top in the two-year note yield this morning around 8:00, 9:00 a.m seemed to give way to perform well it is a nasdaq led market. helping things there and bank and consumer stocks also up. look at the mid cap index. outperformed small caps. maybe on the verge of breaking out of the range it is an area that actually is very rewarding kind of got a best of both
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worlds flavor with it. m&a opportunities. more mature than not overowned might be able to get a little bit of a record high there before the s&p 500 manages to do that copper versus gold this is often a global macro indicator. rewarding the industrial uses or monetary uses. go-year chart. really aggressive moves in copper this point mostly coincidence. november of last year and it seemed like the kind of cyclical trade on and the election in there and the fiscal push. looking at that? this with that aggressive vertical move? perhaps but the global markets are gathering up for this push in stuff which probability has some decent macro implications.
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>> interesting that henry hub is down 6% today. in terms of the intraday performance which we have seen over the last couple of weeks and the course of the last week's performance, the bulls will argue that the questions are -- >> fair to say certainly the fact that last week we didn't challenge the prior week's lows. soy think it's gotten us to this point. was it an aggressive enough buying push? did you have people change the views on, for example, the trajectory of earnings season to go up and away from here or just enough to recover and get out of the mud of that corrective period of hashing out the lows i'm not sure we have liftoff just yet. >> thank you see you soon
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turning now to apple wrapping up a product event. josh lipton has the highlights >> the mac business is a winner for apple and tim cook would like to keep the momentum going and today introduced new macbook pros the m-1 pro and m-1 max chips. the new custom processors. they have been replacing inside the macs with processors that it says delivers more performance a 16-inch version and 14-inch version. order today, available next week apple says users will feel the difference better cameras and mics. >> what a huge day for the mac and our pro users. these are the most powerful
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notebooks we have built and the performance and capabilities to deliver. >> announced new airpods with new design wireless charge for $179 analysts think it's part of the wearable division for 5% of total sales. back to you all. >> we have to get you doing an apple out in that field that tim cook's in some point. >> i'll put in a call and see what i can make it work. >> great backdrop for that thank you so much. for that information let's discuss and bring in an analyst from evercore isi. how significant is this? are there big surprises? >> i think from the product base is kind of what folks expected for the moe part the things that surprised me is the price increases. you saw across the board new airpods at $179.
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that's 13% more than the one out there now. the books are 5% more than the exp expensive before and this is notable. should provide a nice revenue growth over time secondly, what's aggressive is the processors massive advantage compared to what the traditional processor cpu is doing this is the high end today but in two, three, four years i think it could lay the ground work to drive a healthy amount of share gain. >> do those processors apparent from more power help them on the margins? because thankey're internal dri? >> absolutely right.
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in the past buying this processor from intel and had to pay whatever -- you can sort of keep those in house and use it as a lever to be more aggressive on pricing which apple will not do or expand the product profile and i think it helps with the product. but absolutely also helps them have a better margin structure than if they buy them from other vendors in the semiconductor chain. >> the fact that they are able announce the big innovations in hardware with new products in the middle of this giant global chip shortage, how unusual is this in this space >> it is unusual unless you are apple. right? not only is what they've done extremely unush but they run on
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the leading edge next gen technology to make it more impressive to get the -- scale this up and the capacity to launch the devices. >> what's your take on the latest installment from the airpods? big improvement? will they drive significant demand >> the $179 price is 13% higher than the last one. looks like the pro the airpods pro. that's a positive. our take in general with wearables is despite what we see in new york or sf the airpods are less than 10% of the iphone ecosystem and i think more people adopt this you could see the 5% of revenue. this could be 10%, 12% i think it drives growth and lower price point should be a
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positive. >> they're expensive $179 previous one was i think $159. how much pricing power does apple have right now >> listen. i would say if you look with what they're doing with the iphones there's the very high end of the pyramid of the 200 million units that apple sells every year more priced in the last -- than the rest is, right? so i think apple figured out a way to segment the market. and i get it this model is more expense i but they look like the pro model and compared to that they're cheaper. >> just to remind us the price target and recommendation? >> outperform on the name with a $180 price target. >> thank you
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great to see you. >> thank you. >> you knew he would like it and recommend it. >> i read the note and wanted to hear it from him. flipping out zillow tumbling. those details right after the short break. you're watching "closing bell. so, should all our it move to the cloud? the cloud would give us more flexibility, but we lose control. ♪ ♪ ♪ should i stay or should i go? ♪ and we need insights across our data silos, but how? ♪ if i go there will be trouble ♪ ♪ ♪ wait, we can stay and go. hpe greenlake is the platform that brings the cloud to us. ♪ should i stay or should i go now? ♪ ♪ ♪
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>> reporter: zillow is citing supply chain issues and labor shortage for the pause in the business all making it more difficult to renovate the homes they buy. the coo said in a release we have not been exempt from these market and capacity issues and we now have an operational backlog for renovations and closings pausing new contracts will enable us to focus on sellers already under contract with us and our current home inventory they offer cash to buy direct at a slight discount. strategy being to not go through the task of putting the house on the market they rehab the home and sell it hopefully at a profit. stocks of other i buyers not reacting much to the news. red fin said they had issues for years and sometimes limits them but did say they're quote wide
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open for business and open door stressed they're open for business. >> when we talk about supply chain issues here it's refurbishing but not supplies but there's tight supply there, too? >> right and the tight supply in the housing market plays to them to sell at a higher profit because there's so much demand these sellers are doing the deals because they don't want to renovate before they sell and have to do the renovations so when they have supply chain issues they can't get the materials to renovate the homes or the labor and causing the backlog. >> does it sound right to you? some analysts wonder if there's something else more problematic behind the move and bought too much and have the backlog of inventory to unload or something else to set them awe part from the competitors that are dealing
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with the supply chain issues. >> reporter: i did ask them directly is it all supply chain or something else in the demapd? they said it's supply chain issues the market is pricier. some buyers are stepping back. we see demand. they see huge demand coming through the door. >> well zillow is punished for it today thank you. after the break, details on a regulatory wrinkle and later ben silverman on "squid games." check out the top searched tickers on cnbc. 10-year yield holds the top spot and then tesla, apple with the event. oil prices making another move higher today and disney weighing
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a new wrinkle in the anti-aging space sending shares lower. revance therapeutic plunging after the fda declined to approve the frown line competitor they cited deficiencies of the manufacturing facilities the ceo saying in a statement we are very disappointed by the unanticipated response from the fda and are seeking clarity from the agency shares getting hit sharply though a lot of analysts are writing that they think they have a shot of fda approval and staying with it. there's growing concern of the delta plus covid variant meg tirrell with the details tweeting about it this weekend i
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got worried. >> i do, too hearing about a new variant is really horrible news but the jury is out about how dangerous this potential new variant yes yesterday warning on twitter about the rides of this variant that's a sub strain of delta variant and right now he said 8% of cases in the uk and the steady rise coincided with an uptick in cases in the uk and cases have been rising there and essentially he notes that this is prevalent there or at least present there since july and steadily slowly gaining in pre lens and i have been talking about whether this is concerning they say it's not clear. one analysis suggest based on the data it could be potentially 10% more transmissible than
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delta. virologists say it's not clear that it would be gottlieb concluding yesterday that this is not a cause for concern right now and seem to be similar as international efforts standard practice in flu so one to keep an eye on and one that people pay attention to and could be a variant of interest but right now it is a bit early to say how concerning it is. >> hard to see something more transmissible and contagious have any been more dangerous with serious illness or the same in that regard >> that's a really good question i haven't heard about that because delta is so dominant and
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competes against it beats and sort of takes over the thing to be concerned about is something that's more severe but beat by a variant less severe it's less concerning. you are starting to hear that companies talking about do we need to update the vaccines to target the delta variant because of this concern. >> i think it is interesting and as you concluded yourself in a balanced way and the third tweet from dr. gottlieb said it is not a major immediate concern and this is around since july and 8% of cases so it is not like it's catching on like wildfire. it is obviously important to note the way cases are picking up in uk an and analysis over
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the weekend described uk to continental europe embraced large gatherings more at sports events, cinemas than european and might be the discussion point and the uk got people vaccinated quicker and then the debate about lag times for the effect effectiveness wears off. >> yeah. those are all extremely good points and the things that epidemiologists have to try to tease apart and virologists. is it driven by behavior or the variant? i think what dr. gottlieb is calling for is attention and work to tease the pieces out and from what i understand the work is going on. >> meg, thank you so much, as
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always. analyst has a curtain raiser on the biggest internet companies. find out which of the names made the cut to his buy list. heading do break a check on bo bonds. the short end of the curve that continues to see significant increases in terms of yield.
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30 minutes left to go. check on the market movers truest upgrading occidental to a buy. saying the upstream and chemical segment could see record profits. grocer albertson's with a beat this morning and raising guidance for the full year and raised the dividend to 12 cents. that stock up 4% and the ceo talked on the call about inflation. because food is running pretty hot right now saying they expect 3% to 5% inflation coming and called it manageable which is something we heard from kroger jim cramer did talk about both of the stocks this morning sending out a number of calls throughout the day and you can learn act the picks. >> how do you sign up? >> cnbc.com/investingclub or point the phone right there at the qr code on the screen to go
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straight there very cool and worthwhile sending up dates. >> every day a big mover. jim has been there well worth signing up. time for a cnbc news update with leslie picker. >> here's what's happening the biden administration has released a wide ranging strategy to regulate a group of toxic long lasting chemicals known as pfas found in cook ware, cloerting and carpeting. linked to health conditions like cancer jirngs kanye west has changed the name a california judge approved the name change to ye with no middle or last name ye is a nickname of the rapper for years. in washington flags have been lowered to half mast for colin powell the former secretary of state has been lauded from
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politicians. current secretary of state blinken spoke about powell's lasting impact. >> he dedicated his life to public service because he never stopped believing in america and we believe in america in no small part because it helped produce someone like colin powell thank you, mr. secretary. >> back to you. >> thank you. when we come back, a preview of what to expect from internet companies this earnings season and later, the ceo of suntory will join us to talk about sustainability from whiskey to other areas or not. we'll be back in a couple minutes.
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we'll hear from internet companies as earnings season picks up joining us now is truist securities analyst yusuf sqally. what are we tracking for this season >> for quite a bit of growth we expect snap to show growth in the high 60s on the back of
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faster growth in the second quarter. we think it's a precursor to see out of the others. as you know we previewed the eight leading digital online advertising platforms this morning and by and large we look for growth on the low end 30s and then high end 80s. clearly demand is strong and consumer is healthy and advertisers remain on these platforms despite what everybody has been talking about as it relates to facebook. >> looks like you all of them. facebook, snap, twitter. who's got the most upside? you raised specific targets of revenue -- >> yeah. a couple holes in there. we don't buys on everybody but within the eight to preview the two mega caps that's google and facebook we like the most and we
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like snap, for facebook in particular we increased the revenue expectations we're slightly above consensus and think the quarter is praking pretty well. i think the bigger question is really around op-x and where they guide to and on cap-x they have been guiding to the next year's. consensus street sell side around 87 billion. we think they guide to somewhere north of 90 billion so expectations are that there's reached the bottom line on facebook for 2022 but i think the buy side is already there. >> so you think that the worst-case scenario will just be a higher op-x number >> short term.
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right? long term who knows? short term you have higher cap-x justified by the backlash that facebook needs to do more and i think they will do more. over time i do think that people need to be very mindful of user growth and engagement to see whether there has been any backlash on that front but over time and within -- beyond 12 months, say, we believe there's going to be probably the spector of regulation coming down hard because unlike in prior periods this is very bipartisan issue and the regulators need to set rules of the road that the players not just facebook but the players need to play by and i think it would be a huge positive for the stocks and in
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particular facebook. >> what about user engagement? where do you see it the strongest? >> we see it strongest with snap we see it pretty strong with facebook twitter has been off and on with their metrics. the other smaller names they don't break out that metric but i think again shorter temp we think user engagement is key you have platforms like tiktok with passed the billion users recently it's interesting to see if that's additive to the ecosystem or taking time and users from instagram or snap. so far based on data and other third party sources it doesn't look like the case and seems like we still show growth and year on year growth in users and
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engagement. >> outside of facebook the other preference among the mega caps is which one >> google. alpha bet, sorry. >> talk us through that quickly. >> so the story there is straightforward. it's the gift that keeps on giving we think it will grow 30%. youtube is killing it among the brand platforms. youtube is one of the if not the best platform there. and margins last quarter in the second quarter they reached a four-year high and may see a drop there with investments but net-net you talk about a business that should grow around 37% for the year with margins north of 50% they don't guide so we don't get any preview on that but certain
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loi their body language and is important but going into the quarter feeling optimistic ahead of what could be a good q4. >> up 62% for the year thank you for joining us with that preview. >> thank you. straight ahead, disney with a downgrade and macy's rallies on an activist call. we take you inside the market zone down 52 points on the dow. st aeknd consumer discretionary still need the market. paola needs a parachute. so, salesforce customer 360 unites your marketing, sales, commerce, service, and it teams around her. so they can deliver a great experience from anywhere. ♪ (whistle) ♪
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go in the trading day we are in the "closing bell" market zwroern commercial coverage of the action going into the close. mike santoli here to break down the trading day. today also strategist lindsay bell back. welcome. let's kick it off with the broader market we head into the close, s&p and nasdaq on pace for the fourth straight day of gain just there's the dow down 47 points thanks in part to disney mike, what stand out to you? excuse -- consumer names are up. >> it is mixed it is a buy into the open because it does show you that we are retains last week's bounce it is a negative day breadth wise it is below the surface digestion going on from the rally we got
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especially if you look at things outside of tech. consumer discretionaries amazon and tesla almost 40% of the sector so that's driving things over there and a perfectly acceptable follow-up day after this big boun bounce we're able to take these big surges in global yields and for absorb the implications of those. >> do you think the low of the year is in >> look. i'm pretty optimistic going into the end of the year but that doesn't mean it's smooth sailing to get there right now we are in earnings season and so far it has been strong granted i will give you that the market down almost 4% in the six weeks leading up to earnings season and estimates came down and lowered the bar for companies coming to earnings but
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good that we set a positive tone get into the meat of earnings. >> disney with a dismal day today. barclays downgrading to equal weight with a growth slowdown in the disney plus streaming service and delayed releases for films. shares of disney lower by 3% or so just over 3% mike, likely that investors are reacting to the comments of disney plus growth than the film delays but overall it is a huge positive for them. >> it is a huge positive i do think it really got full credit for having almost won and become on par with netflix in terms of valuation and almost as if the market valued what disney plus would become so it's been
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wearing down that premium for a while right now and i think that's part of the same process and billions of dollars of operating income missing from the parks and breaking even on the parks and reopening is is a different part of the story but with a struggle to get to the sub goals i think is working the way into the stock low 160s is the january low and until you're breaking that it's sideways and trying to rationalize the valuation. >> i don't know. my 3-year-old was a subscriber as he is. >> a power user? >> power user why the investor writing about disney shorted it last week and warned of an unsteady environment is disney a buy or a sell? >> look. you saw the downgrade today and
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one thing that caught my eye is they were talking as if the streaming business is dead and not adding any subs at all yes streaming is slowing down and you have seen that reflected in the price of the stock and the multiple as it's come down on a year to date basis. this is a stock that underperformed the s&p 500 year to date. the positive catalyst of upside surprise in the park business as reopening trade continues to resolve and this is both reopening tendencies and work from home with the streaming services i think they need to pick up the content but to the extent to do that they've got the great talent to create better content and if the parks gain more volume and then box office to support it here you never know what can happen.
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i own the shares. >> just off the previous decline. jim cramer put out the latest news let every recommending to buy disney on the pullback well wort signing up for that news letter. point the camera at that qr code on the screen to take you right there. >> shares of ibm lower this afternoon following comments from a short seller earlier today. betting against the stock. he weighed in on what drove the short call. >> what's so fascinating about ibm that it's a good example 0 of what i teach my class here at wisconsin about the idea of sometimes the greatest scams are hiding right in plain sight. through the use of proforma accounting and what i wanted to
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point out is ibm is supposed to earn $11 this year they earned less than $9 but the really fascinating thing if you look at ibm's earnings and add the ip royalty stream and tax it at a normal 21 paterson the actual earns are $6 >> i spoke to someone at ibm refuting every single one of the points saying ibm never gay a $11 eps expectation. the company receives value for the investment in r&d and a multinational company with two thirds of its revenue from outside the u.s. also refuting the other points including the projected growth from formerly sbinternal purchas and the interest in the company
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to split into adds above the midterm model and where that comes from and they also dispute the fact that the spinoff is financial engineering that he asserted saying it's a separation of its management infrastructure business and the evolution of ibm to a high bid, cloud and ai company and die vested companies that don't meet the shift to value and then pc, printers, chip manufacturing stephanie was on saying she's holding on to ibm. they report on wednesday what do you think of the short call >> you can be financial engineering without it being a bad word they spin off all the time. >> they say it's a strategic - >> help the valuation and the consensus for $11 in earnings
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plus next year the quality of earnings questions hoeps to explain why it's a depressed multiple. not necessarily enjoyed if revenue growth similar to other old tech. hp, dell so it is to me not necessarily something that's incremental fresh news saying this is why at $142 to be short the stock and explains why this company trades at a -- what 4.5% dividend yield and others have not there's a give and take within the points to kind of explain what's going on opposed to saying this is something nefarious. >> or that it's a fraud or scam. >> i agree. >> lindsay, do you have a strong view on this one >> i don't i do find that the nearly 5% dividend yield is telling you something to mike's point but
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also to that point it's show-me time for the stock and trying to move into the cloud business and let's see how they do that they're in thoird place versus some oh big guys, amazon and microsoft. and so, what market share gains they make will help support the stock to higher levels. >> macy's shares soaring today as saks prepares to go public. >> two separate companies and take a step back for a minute if we can i'm told by a source that saks is looking to take the division public and reporting yesterday but they say that the sxaen is targeting $6 billion valuation w that valuation figure at this
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stage is very up in the air but that has shares soaring today. up 17% they aretwo separate companies but the reason is because activist is pushing for a spinoff of macy's e-commerce division similar move to saks seeing tremendous value and macy's declined to comment on its moves. guys >> thank you so much for that. >> low base. a few things going on. the chatter of whether there's value that can be surfaced through the e-commerce business, spotlights how big it is in there. talk of real estate value. a short position still in the stock. the things together i get it i do think that it works against what a big main line retailer might want to do we see there's value in both
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stores and online. i go back to the days when barnes & noble split off into a separate public company and imagining for a while. people loved it and then recombined it and didn't save the day for book retail. >> a good point. they like to use the stores as warehouses because cli we asked are you heading to an ipo? he obviously didn't say and clearly there's potentially value here do you think it could work for other retailers like a macy's? >> i think macy's and saks are two things and stripping macy's of the e-commerce business it is worth more on its own than together but for macy's the department store bricks and mortar how is that a growing concern without the e-commerce business if you are left with the shares without the e-commerce business
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how do you feel about that i'm not so sure. it remind me ofsears talking about the real estate value worth more than the decht store chain itself and didn't pan out well maybe this is different. i'm not sure i'm sold. >> sounds like you're not a fan if you compare it to sears we have two minutes left to go what are you seeing in the market internals >> very mixed. a negative slant for volume mix and more lows on the nasdaq than new highs. basically even slightly more declining volume i would say a neutral set-up with tech stock of the overall s&p 500. take a look at home builders and autos. month to date. upbeat story there
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well outperforming in october. we got that survey number today for supporting the home builder move there the vix giving way around 16. basically saying the market's on much more stable footing with this nice big peak from september, oblgt we'll see if that lasts here >> one minute to go before the close. the dow is still red only 39 points it is explained by the weakness in disney, amgen and united health goldman sachs on the plus side to the dow adding 46 good earnings there last week. as far as the s&p 500 growth is in the lead. the stock market is higher right now. fourth day of gains. technology, communication services are the top performing tech sec torsand then we have -
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tesla and amazon gap is also a big winner up 4.5% the nasdaq higher. big cap tech names working apple after the event. facebook microsoft. all higher ♪ welcome to the "closing bell." i'm wilfred frost along with sara eisen and mike santoli. just in the red at the close for the dow but only by 35 points. s&p up the nasdaq up 0.8% consumer discretionary led the charge because of amazon and tesla for the most part and why the nasdaq led the charge today. disney the biggest drag on the dow after barclays downgraded the stock.
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coming up ben silverman on whether that's a warning sign including for netflix. lindsay bell with us and mark smith from wells fargo joins the conversation mike, one thing that we haven't touched on is the big mover again short end of the yield curve reacting people expect a hike this side of christmas. >> bank of england what they said and the markets imply in terms of short runway to first rate hike there and inflation numbers in new zealand you saw something in terms of bond yields flying. >> weaker china growth. >> that's right and yet the yields higher globally on that u.s. market, 2-year treasury, two rate hikes and whether that
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happens or mispositioned for this move, whatever it is that seems to have been the theme goes with the idea that inflation is going to be the worry point and the main debate as it is sticky. i don't think today's action changed the jove all takeaway from the recent couple of weeks with little bit of technical improvement in the markets seasonals work better. alm those things seem supportive for the heart of earnings season. >> 1.58 the current level of 10-year yield. as an investor are you comfortable putting new money in this environment when people are more worried about longer lasting inflation? >> one of the best ways to combat inflation is to buy equities i'm not worried about buying equities the stocks are running macy's with phenomenal numbers and not surprised because the
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reopening is on strong a hotel, a destination i just came from disney world i haven't seen it this okayed ever i'm extremely bullish about this reopening because people have more money in their checkbooks and want to spend it and have a good time and got to own stocks and the consumer discretionary if rates go up own the financials and saw amazing numbers from many banks last week and continue this in the lowest rate environments of our lifetime i'm in this market because you can't make any money in cash >> billionaire investor carl icahn gave investors a warning about inflation. >> in the long run, we are certainly going to hit the wall. people may say to me, well, anybody can say that but i
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really think there will be a crisis the way we're going po printing money inflation. if you look around you, you see this inflation all around you and i don't know how you deal with that in the long term. >> that's not exactly your view, mark you think stocks do well in the inflation. i guess the point he is making in part is with this money printing and the years of easy policy and adjustment to move the other way. >> right but they haven't done that yet people have been thinking rates will go up for three years you would have miss add lot of upside listening to carl icahn. >> what is your outlook and pressuring the equities? >> i think you have seen the yield really pressure sectors
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like technology or higher growth sectors. i think we are starting to get used to higher rates even at 1.6% that is low versus averages but moving higher and the anticipation and expectation that rates are going to increase so i think that can put pressure on the parts of the equity market when you think about inflation, though, this earnings season what i'm looking at is top line sales growth because the ability of the consumer with a lot of money and flush, we saw credit card data this quarter come in very strong, the consumer is spending retail sales have been strong and the consumer is spending earlier and want to see what top line sales growth does this earnings season because expectations haven't moved significantly lower for the top line going into the reporting
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period and if companies are able to pass the increased costs on to the consumer that's going to bode well for the stock market and the economy in general. >> we had to buy halloween costumes two weeks already because there's shortages of the popular ones as you near -- >> your boys or you and matt >> lightning mcqueen is going fast it is a hot item looking at the setup, which sector is poised for the most upside for performing into the leadup versus expectations >> so if i look at the industrial and material sectors, they rode the last several months decently they held pretty strong through that selloff and estimates didn't move significantly higher but a concern of what the supply chain constraints and bottlenecks will do to the
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sectors and higher commodity prices benefit the sectors so these are two sectors i'm keeping my eye on this earnings season so that is one area that i'm going to watch and the consumer discretionary because we expect to see sharings decline year over year basis and hoping to see that come in stronger than expected. >> mike, bank earnings strong. goldman sachs, mar began stanley and bank of america. did that raise expectations for all sectors or are people still looking on what came down in terms of expectations? >> i don't think it's directly fed in if you look at all companies reporting so far we are at an 80% beat rate. the margin is also pretty strong it is not quite what it was but it's well above historical averages and people think estimates shaved down and didn't
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come up that much so it's a question of whether the stocks and discounted it and really what i think 2022 guidance on anything that feeds into profit margins is going to be the big kind of swing factor getting the reactions. >> and if you ire an outlier in the sector not dealing with the supply chain issues what is your pick, mark, in the thick of earnings? >> i think that there's still some financials coming out ab energy with upside you look at the energy sector still very low compared to many sectors going back from the last recession. energy has the biggest upside in a reopening and starting to see that right now year to date energy up over 70% and continue to buy there.
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>> do you get concerned about the impact of stronger dollar might have on energy prices? >> no because i'm looking at supply you have an administration right now who is really holding back supply going on in the energy markets so that raises prices. laws of economics there. less supply prices go up and not only me say that top analysts predict $100 a barrel oil next year if that happens you have to have a position in the energy stocks. i drive a tesla but everyone i know buy gas and you will make money and a great value compare to everything else. >> with the commodities is china. i mentioned to mike that chinese gdp numbers coming in worse at 4.9% industrial production a big miss
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there. concerns about the real estate blow-up and the impact on the economy. are investors here not to be too concerned about that or does it have a big impact on multi national earnings? >> yeah. 50% of s&p 500 sales about that comes from overseas. a chunk of it from china but i do think it's something to watch because it's an impact on the emerging markets in general and why the dollar has shown strength we have seen the dollar rise along with oil prices which is a unique characteristic. we haven't seen that since the '80s so i think that's different things at play in each individual situation so with the oil prices there's supply and demand concerns and then on the dollar side obviously we have the fed moving in reducing the
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support which is a good thing for the dollar as the economy is strong and emerging markets ideally for the marketplace it might be that the two of these markets just stabilize here at these levels because for earnings especially a stable dollar is very important. >> s&p having a best month i didn't realize since april. >> yeah. >> and the dow since march. >> we're making up losses of september. so we're over two weeks into it. 4% is not bad. >> lindsay and mark, thank you both for joining us. still ahead on the show apple with new airpods whether the devices move the needle for the stock. former nbc entertainment co-chair ben silverman on how
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"squid games" could impact the guidance when it reports tomorrow carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪
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apple higher today after the unleashed launch event this afternoon. new macpro lap tops with the m-1 pro and max chips. the company also announcing new third generation airpods with up to six hours battery life and wireless charging. let's bring in two guests. lauren, anything that moves the needle on growth and sales >> today was all about the mac it is the return of the mack do i think that this is necessarily going to move the needle overall hard to say because this new macbook pro at the high end of the market for creative
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professionals so i don't think this is a huge volume play and symbolically and technologically this is a significant update to the mac. >> dan, we know how much you love apple what are your thoughts today >> i think lauren putt it great. they beat the chip companies at their own game on m-1 pro and mac, it is a game changer on the hardware platform and look at airpods. i think we can be looking at 100 million units next year and called 6% of revenues. put it together and this company introducing products and the midst of the supply chain shortages. it shows a statement showing apple continuing to really have confidence getting the products to customers i continue to view it as a biggest product cycle in
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cupertino in a decade. >> do they grasp the processor or just something we talk about here and in your analyst notes >> yeah. i think we believe you are going to see a 30% upgrade on macpros over the next year and looking at the chips and the innovations it is tech lodgists looking at it and consumers more and more and translate into an unprecedented upgrade cycle for mac pro and just speakses to apple owning more of the ecosystem and a company to continue to be a $3 trillion mark cap >> so how important, lauren, are these products to apple's overall business it is still all about the iphone talk about the significance of the updates to the big picture. >> as dan pointed out these are
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products that are both at the highest end of the apple product line and the accessories category with the dle 99 home fi mini or the airpods which are relatively inexpensive we know that the other product category for apple is the wearables and the hearables into that's a multibillion dollar business for apple they introduced the airpods just before the holiday season and probably a popular gift and at the high end is not just the mac sales but the software that the high-end machines are powering because the professional class to spend a lot of money on hardware spend money on the software and services and that is an important business for apple, too. >> dan, we know you are a long-time bull on the stock. are you concerned over the next
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quarter or two or other factors that might make people pause >> i think -- navigating chip shortage we can see 5 million to 10 million units from the holiday season to march but it is a supply oiissue and not a demand issue and navigate it better than anyone expected and we'll see iearnings that are strong ad beat estimates and going forward this is a company with massive momentum i continue to view the forest for the trees to own this name. >> you also like tesla and tesla up 3.5% today. people giving you credit for the move higher why china is a big concern and weaker gapd number and you put it in the notes on progress in terms of numbers what are you seeing? >> if i look at china, that's
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something that's reversing that's front and center with earnings this week and could be 40% of sales next year for tesla. you have supply coming on with aisen and berlin and this is one you will have 40,000 units shift because of the chip shortage but this is a green tidal wave taking over. i view this week as a catalyst for the name. >> dan, thank you for joining us lauren, thank you. >> thank you. netflix is on a roll the stock up about 20% over 3 months former nbc entertainment co-chair ben silverman on disney plus is whether that's a warning sign for netflix and then the outlook for consumer spending when joined by ceo of suntory.
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the massive global hit "squid game" is worth $900 million to netflix according to a new report which showed 132 million people watching two minutes of the series.
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less than a month after the launch is success is just the late ers hit for netflix and reports earnings tomorrow. joining us is ben silverman. ben was nbc entertainment co-chair great to have you with us as always let's hit "squid game. what an extraordinary success. what do you think makes it so successful globally and be a show to do so well via subtitles? >> it is visually arresting. if you watch the show i'm sure half of the costumes is "squid game" costumes with color and devices and many of you remember "the running man" with arnold schwarzenegger i think playing with the metta world mocking reality shows and what goes on is both brilliant and press cent and able to do more violent and premium on
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netflix than it would be in another arena. it also feels like something pre the streaming birth and what's going on within streaming that would be a movie and now is a series with so much deep we are the characters. >> to what extent is the content world which you know better than most coming up with shows to work globally and not just a core market even if it is a massive one on the u.s.? >> hollywood dominated the global content machine for years and years and still is the supplier of the world called hollywood. not london wood or seoul wood but they supply the region and beyond at great success. korea has made brilliant dramas and now brilliant pop music that works within asia and starting
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to go beyond asia and colombia in south america where i found ugly betty as always been a market that's overproduced relative to the size for the rest out latin america and what we see is the ability to access the con ten and see the shows in a way you didn't get them day and date and creating more create i cultural impact and the previous way it worked is a hit show in america like "law and order" and then sell around the world to broadcasters in the world and not come on until weeks later and i think everything is compressed with the streaming services and i think the actors and actresses feel so original and so much of what television did is create stars. you're in the living room watching the shows and you connect to the talent in a
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really profound way and you feel you discovered them and losing that as the streamers chase talent who's known and so you don't have that sense of discovery. >> now they're all super celebrities. i love how -- i don't remember her name but she is an ambassador for lvmh. do you think netflix is hurt over the backlash by dave chappelle? >> pop culture and pop cancel is a theme in modern hollywood that beats itself up the most about what it is trying to do to improve diversity and the voices to be heard. it is tricky for me to comment on and i wonder -- ricky gervais commented on it. could we make "the office" today? it was recognized by the naacp
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and groups because we explored real themes about being gay in modern american workplaces and we did it through comedy and i don't know if we would have gotten away with the same way to explore the themes if we launched that show today i would hope that we would and people would let the comedy and the characters shine through and i can't comment on the chappelle specifically because i didn't watch it. >> ben, you have sports documentaries coming out tell us about that and whether you gt more viewers per dollar spent down a document ary route >> beyond international which is more and more competitive and not just netflix but a huge head start and a giant infrastructure
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globally to tap into local markets and create ongoing business in these markets and we are doing a lot in spanish language through the relationships and creatives with netflix but vis-a-vis to make the mix of what you put on the air both affordable and appealing to different audiences looking to become tv, they're becoming television, i think the reality shows and the documentaries are performing admirably. sometimes as well as if not better than the scripted programs and half to a third of the price and getting such a bang for the buck in the alternative programs and the documentary world is so good filled with such a-plus story telling talent and our documentaries of untold is doing that and seeing it just deliver again and again vis-a-vis the
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information they share and how many people are watching these documentaries and connecting with these characters, real characters in a profound way and i think you will see more investment in alternative, everything that's not a drama or co comedy or movie. >> i want your thoughts on the strike that was averted which they call a big win for the union. would have shut down tv and film production an analyst said on friday this is about the streamers and they have to pay up what do you think will be the impact here? >> i think we're seeing this everywhere i watch cnbc all the time and i see people at john deere. >> true. >> a shift to power in labor and workers. bright and great talent is
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getting more expensive and just seeing that workers are standing up for themselves going through a hellacious year and seeing people stand up for themselves and not a rare moment. if you remember the guilds in our businesses, they have been battling the agents and representatives about fair representation and what that means and we have had a history of strong unions in the entertainment business and they have represented the talent and the workers really well and this is no different. >> thank you for joining us. always good to hear from you. >> thank you so much for having me. breaking news on gamestop and the s.e.c. bob? >> the staff of the s.e.c. released a long awaited report that focuses on the meme stock
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craze. particularly the trading activity around gamestop there's institutional accounts with short interest and concluded that while short coving was a tag or the it was a fraction of the overall buying volume and it was positive sent. not short covering to sustain the week's long price appreciation in gamestop and did consider and rejected other explanation for the price rise including naked short selling and a gamma squeeze. what should be done? it's short on recommendations. for example, the report noted that some brokers experienced margin calls the author suggests shortening the settlement cycle also urged to consider whether
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game-like features in trading apps lead investors to trade more than otherwise. the report noted that the wholesalers did so internally and the trades were less visible. on short sale the report said that improved reporting would allow regulators to better track short sales occurring. still investors expecting an imminent action from the s.e.c. likely disappointed by the report this is a staff report it outlines the facts but it contains only gentle recommendations and doesn't contain any particular recommendations or the rules to enact. the chairman has spoken about payment for order flow as talking points for moths now
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it doesn't clearly show there's harm from what happened in gamestop and for example payment for order flow or game if i case we'll have the chair of the s.e.c. on with us tomorrow 9:35 a.m. eastern time on "squawk on the street." back to you. >> thank you reaction to this a lot of talk always whether it's crypto or pamtd for order flow. >> no. comes down to what we thought was going on, a viral buying stampede that fed upon itself. gamestop was heavily shorted and you could see it there's simply no way that short squeeze was the explanation for it and a big catalyst for the viral story going around if not a surprise to not come to
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a hard conclusion and didn't find anything underhanded going on with for example citadel and their actions and the clearinghouse looking at this massive exposure and said you have to pony up more capital. >> gamestop moving after hours and the chairman at 9:35 a.m. eastern time. other breaking news on rent the runway. >> another ipo on the docket for next wednesday i'm told by a source a separate source concerning headlines saying that the company seeking a valuation of $1 $1.5 billion and it is set to launch its road show tomorrow which is usually the filing to disclose the price range and the
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valuation range to seek from investors throughout this process so that's something to keep an eye out for tomorrow and a listing next wednesday one to watch sara >> we'll do so thank you. up next, mike looking at why rising interest rates may not be a concern for thor in term bitcoin booming 40% this month find out whether this could be a buy the rumor sell the fact news event or to epke buying later on "closing bell.
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accused of killing 25-year-old ahmaud arbery out for a run and shot to death. the defendants face several charges including murder, aggravated assault and false imprisonment ooch claim they suspected him of burglary the three defendants facing federal hate crime larges. almost complete shutdown of hollywood productions averted for now. hollywood studios and the union that represents the workers reached agreement ahead of today's strike deadline. the new deal addresses demands for better work hours and safer conditions and better benefits epa requires a vote from union members. tonight a look back on the service and life of colin powell back to you. >> thank you see you then
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let's go back to mike santoli looking at corporate and household debt mike >> yeah. both fronts the debt burden is not that burdensome. we can talk about higher bond yields if they come but in terms of the burden this is low his tore chistorically rock bottom. some of this is floating rate. a lot of it is trimmed out over the course of many years to come and not necessarily pinching margins that much. this is federal reserve data and the ability to pay down debt and rising disposable incomes and this dropped this is the debt service burden among consumers. this is right before the financial crisis rates were not that high
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5%, 0-year treasury yields people had that much more debt, especially mortgage debt it is a silver lining in this story out potential for higher yields. >> government debt gone all the way back up. thank you jishlgt we'll talk to the ceo of suntory about the company's big push into sustainability
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suntory teaming up to create a leaders council for an agenda for governments and companies to create a more sustainableword and ceo takeishi niinami is hosting a summit and joins us now. it is great to have you back on. i understand the goal is to promote sustainability efforts in asia. how does asia stack up on this front with corporate efforts on sustainability >> yes i believe asia has been left out in the discussions of rule making for sustainability in the world. asia including china and japan is biggest greenhouse gas emitter in the world it is not in the discussion of rule making and we definitely
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eliminate asia as a leading force for change within the climate discussions. so we the group led by ian bremer likely bring in a global leaders for the discussion to talk about the asian issues and lift the world to -- know how important asia in this sustainability efforts >> sounds like a good thing. i know that you have been front and center and joined us a few times on some sustainability efforts. your industry in particular is a highest offender coming to water usage in production of beer and wine and spirits and packaging whether it's plastics or glass production and transportation, making the spirits in some countries and shipping them. so how much progress have you
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made and do you think you're being successful to turn around that image >> i definitely believe we have been progressing but what we have to do is to demonstrate we are advancing toward the actual goals of 2030. by showing what we did and what we could not do. honesty to the world and the society. and in the area of plastics and water conservation and replenishing we have been advancing and likely bringing in more parties to resolve issues especially in asia. >> i wanted to pivot and ask what you were expieriencing in supply chain issues as the company based obviously in asia.
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you have a lot of manufacturing itself in the u.s. and with the japanese whiskeys how difficult is it to get the products in the u.s. >> it is concerning. the business is very good in the world, even including japan where we lift the state of the emergency. issue is we have got a lot of orders but we can't ship out our goods because of the supply chain issues i'm so much concerned about the christmastime. >> what's it going to mean for consumers? higher prices? sh shortages? how will we feel it? >> we can raise prices but we have to see the situation if things will be easing or not and we can't pass on to consumers in terms of pricing so easily but
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more or less like to increase prices if this situation continues. >> trying to keep -- >> to consumers. >> try to keep it around $75 for us if you can. not too much more. >> japanese whiskeys are so expensive. >> i know. >> now because of the supply demand i'm afraid but we can't supply enough but thanks to the great, you know, passion for our products, but i like to -- not to price hike and like to keep the price as much as it is now >> also wanted to ask about the new products that are doing particularly well for you i think in japan which are the
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lemon flavored products. how are they doing and do you see them coming to the u.s.? >> yes we are making that plan with the before beer. it is a great partner for this space. so sooner or later like to bring in more interesting products for u.s. consumers >> thanks so much for joining us much appreciated. >> thank you. up next, bitcoin hitting its highest level since april as the first bitcoin futures etf makes a market duteb tomorrow. when "closing bell" returns.
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excitement over tomorrow's debut of the first ever bitcoin futures etf is helping the cryptocurrency hit the highest level since april. kate rooney has the story for us hi, kate. >> this is seen as a legitimizing moment for the crypto asset class bulls have been betting there will be more new investors pro shares announcing money the bitcoin strategy etf, which will
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hold bitcoin futures contracts on a cme will officially debut tomorrow ticker bito. and there are several others waiting in the wings of applications for similar futures-based et cetera. optimism has been the main driver of a turn around in sentiment starting in october. bitcoin is up about 40% for the month and it's about 4% off of that all-time high around $64,000. some of have argued some of the good news around et cetera might be priced in and they warn of a potential by the rumor sellthe news moment. we have seen that play out in crypto a lot of different times. there are others saying, yes, this is good news, but it doesn't go quite far enough. they are lobbying instead for an etf tied to the spot price of bitcoin. guys. >> kate, how deep and liquid are the futures contracts? >> so they've grown massively since they launched a couple years ago. it's seen as the way that
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institutional investors get in that's one of the signals that people look for terms of institutional interest in bitcoin because they are more often likely to go to the cme and buy futures versus go and open a bitcoin wallet on an exchange i don't know the exact market count but they have grown since a couple years ago the spot price is really seen as the next step, but this is sort of the first step in getting there when it comes to an etf. the s.e.c. saying this is the safer, more compliant version with the cme as the middle man. after the break, the bitcoin etf isn't the only thing investors will be watching tomorrow major companies are gearing up to report results. we will tell you the names tt ould be on your radar when "closing bell" comes right back.
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[ eerie music playing ] trick or treat! ♪ ♪ he is coming for me... but i'm coming for him. happy halloween michael. into high gear tomorrow. investors are waiting results from j&j, proctor and gramable, interactive brokers, and philip morris international the ceo of phillips morris international will break down the results on "closing bell" tomorrow we will also discuss steel dynamics' results and the outlook for steel prices when we are joined by that company's ceo
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and also looking forward to netflix, which always crosses -- >> during our hours. >> during our hours, and will be interesting to watch tomorrow. >> yeah. stock got an upgrade today i think people are very much expecting good upside to subscriber numbers if you look at the inputs, the google search data and everything else, it seems like it but the stock has already run. that's the question, whether the markets havebeen saying that and the excitement over "squid game" and other things, having, i think, maybe you've got to the anniversary point of, you know, hbo max launching disney plus, catching its stride and it was not much of a threat, at least not yet in terms of churn for netflix subscribers. >> i will be watching p&g. it's lagged the market this year and the index. it's still trading near high that's key for supply chain issues and pricing that's the stuff we have to buy, toilet papers and soaps. sales have been strong and the company has been executing well.
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we will see if investors continue to like it. they have a new ceo coming in. just a good sort of barometer. >> there is a thesis that consumers are kind of resigned to paying full price and kind of accepting it and p&g sets the pricing umbrella for the category. >> will they start to trade down to private level >> exactly i love it. for airlines news, of course, of late as well we look forward to the united numbers. markets good intraday performance. interesting how we've outperformed europe quite a few times the last weekor so, rallied really after europe closed either way, building on those gains. >> i think it's certainly, you know, more than acceptable to have this kind of mixed day after we had those good moves. a lot of stuff globally is moving pretty fast, right. you saw this surge and then a little bit of a reversal in oil. copper up 6% bond yields we talked about. so, so far, none of that is necessarily creating stress in
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credit markets or anything like that it's something to watch. >> the slow creep up in yields with tech still doing well on days that happens is notable there was a time anytime the yield moved up, tech would get -- >> it's alwaysa little oversimplified in terms of that relationship. >> nasdaq up 0.85% today we are out of time on "closing bell." thank you for watching "fast money" starts right now. live from the nasdaq markets overlooking new york city's times square, this is "fast money. i'm melissa lee. tonight on "fast," disney gets dinged falling 3% on growth concerns for disney plus. we will break down how the traders are playing the streaming news. zillow plunging 9% we will tell you why zillow is taking a home buying halt. later, shares of amc in rally mode we spotted unusual options activity we will break down the option. the biotec

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