tv Fast Money Halftime Report CNBC December 3, 2018 12:00pm-1:00pm EST
just seen the koss taecasket lon to air force one, which has been named for this mission special mission 41 as it now begins the process to washington, d.c., where the president will lie in state at the u.s. capitol beginning tonight at 7:30 p.m. >> walker stapleton, john harwood, sara, thank you so much for your time today that will do it for "squawk alley." let's get over to "the half. all right, carl, thanks so much we appreciate your coverage. we'll continue to follow the day's developments as the nation mourns and celebrates the life and legacy of the former president george herbert walker bush the body heading to washington, d.c., in a matter of moments it's good to have you with us as we follow the fallout from the g20 in buenos aires. the market is having a big reaction to the developments there, a little bit off the
highs. the dow is still up in what is a strong day we do have a full panel to discuss all of these developments today joe terranova is here along with jim lebenthal, steve weiss, the managing partner at requisite capital management, mark tupper is here, president and ceo let's begin with the markets the rally following the developments at the g20 not surprisingly perhaps industrial stocks are moving higher today almost anything with big exposure to china is on the move what does this set up over the next few weeks steve weiss, to you first with that question. >> look, we've been waiting for a reason for a year-end rally and i think we have it now it doesn't matter if things happen with china or doesn't so everything is in place. we have the government shutdown but we've seen that before and that hasn't done anything to the
markets. i had exposure last week based upon my view that i thought powell would dial it back. he did i was hopeful we would get something positive out of argentina. we did so i had more this morning as well i think the market continues to rally into year end and we'll have a great close part of the january effect into december as we've done the last few years. >> the question is how much of a move can you get between now and the end of the year? you take out the two key pillars of risk, powell and the fed and now trade and china you said was the biggest development where you thought stocks could go. >> i stand by that we're holding a little bit let's see how the day ends the thesis you have to look to now the two key risks have been removed. we look to a repeat where companies have had good quarters they just haven't given good guidance what we'll be looking for is
updates on the holiday selling season and industrials from these companies about how their quarters are doing if we get anything like a good preannouncement season you could see a christmas rally that will tear your eyes out >> coming off the best week for the s&p in seven years we've given a good amount of what we started with today back but nonetheless where we were last week and where we are today you have to be positive if you are long stocks. >> that is a big move, a big improvement. er what targeting 2925 i think we will see a rally. throughout all of the trade talks, i think one of the things that's being left out that i feel was a big takeaway it seems like the rest of the global leaders are in agreement we're not seeing optimal trade it's much more likely the
chinese are willing to compromise which is good >> i would agree with you, mark, as well. when you look back at all this volatility, it's important for investors to understand 80% of sell-offs are market corrections and the market had a small panic attack the last month. if you look at the third quarter earnings that came out you saw estimates came in a little over 4% over expectations with the uncertainty on rates and china trade, the guidance was so negative the markets sold off. that gives us the opportunity to have a rally >> you had a potential run of the mill correction, if you want to call it that to the threat of the end of the bull market and the start of a true bear market.
and now you have removed both of those. >> i think that conversation got ahead of itself thinking were you going to go from a long-standing bull market and going to quickly evolve into a bear market. markets don't work that way. markets go from bull markets they go into a period where they confuse people which is what they're doing right now and then eventually re-establish a trend. >> bull markets don't end on old age but a variety of reasons including a hostile fed. those are the words he uses and there was a threat for a while we were going to see a hostile fed and maybe that risk as well. >> from october 3rd we did see a hostile fed. i think when you were looking at this morning's news and i go back to the fed and believe what will drive pricing in 2019 is the federal reserve. you look upon the ceasefire and
carry that into january and what does that mean maybe chairman powell steps back and we're not going to get the hikes in '19 does this it good news now lead to the conversation igniting once again in three or four hikes? i don't think the economy is ready for that >> inflation is something we were really worried about. this is to buttress your point >> you're going to get a jobs report on friday you'd better hope that inflation remains taim >> yes, scott, you are correct whether it's some of the fed surveys. >> i agree
here's what i think you have to be careful of. nvidia is up 20% from the lows what you still have is passive investing which is taking up -- and we have 43% as i quoted of all equity funds being passive investors. they took the market up. let's blame everybody. so with nvidia up $10 this morning, it was a good short and my point is that you can't let the news we've had from powell and from the china negotiations mask what are still poor fundamentals. >> i'm glad you said that. i literally have written in my notebook all of the developments we've gotten thus far are all good undeniably good. however, it doesn't change the fact -- >> i don't agree with that
-- the economy is still slowing. >> there are good headlines. >> that's fine >> but the ceos wake up and say because of the news over the weekend with the chinese and the u.s. we're going to go out and react sell rate capex -- they're not going to do that >> part of the problem was not only big investors but ceos were somewhat paralyzed and worried about january 1st, another $267 billion, mark, in tariffs, investors were telling me they didn't know what the market would hold because of that very issue. now you get a little bit of a kick the can down the road and that's what this probably is >> they might punt again, right? i think it makes sense to find out what are investors concerned about? are they concerned about a bear market we're not seeing any contraction right now. we're seeing a deceleration.
also when you look at bull markets dating back to 1916, the best performing is the first, the second best performer is the last if you bail on this thing too early you'll miss out on the grand finale >> the market as it was before we had this decline and that wasn't real life we shouldn't have had nvidia ever selling at that multiple. it got way over its skis in terms of valuation it's stage right and stage left all the time >> we had a fairly good pullback >> everyone said volatility is always opportunity it's not risk. we have the risk from europe, europe is slowing. china is still going to slow even with tariffs.
i still think we can't forget about that that will keep rates low they will not be able to aggressively raise rates there >> to both your points it's interesting as a trader, this volatility has given you a tremendous amount of opportunity. you have to take a step back and say what is my asset allocation. it's really important as we sit and here talk to distinguish between the two. you made a great trade there you have to look through and say a lot of these negative headlines haven't come to fruition we get a 90 day option and look forward to having things settled. so many companies in the s&p have complicated supply chins and that's ultimately what will put an umbrella on the market. if companies have to pivot, that's more than one or two quarters >> they're going to not be caught in this again
>> why not buy stocks here >> from an investing standpoint if you are an investor, you look at what has happened in the last week what has changed? two conditions, you see the u.s. dollar begin to pull back. you have a u.s. ten-year trading below 3% some of the other questions that are open ended like, as i said before, ceo behavior is not going to change so i think from an investment standpoint >> that is not necessarily a great condition if it's trying to tell you something about the health and strength. >> i disagree. it is when haasing and autos and the interest rate sensitive sectors contract >> i hear you. >> it makes people when the spread between the two year and the ten year is less than that >> the more you get the
questions about -- >> an inverted yield curve >> there is a risk we've spent all of october and november decreasing growth estimates whether it's profits or gdp for 2019. have they been reduced enough? the risk to your question is think back a week ago when gm said they're cutting 15,000. i'm hoping that's not a canary in the coal mine so far i don't think it is one has to just be aware, and, mark, to your point, if profits are still growing, we still think they're growing, maybe not as quickly as we thought months ago. >> which would be okay that would be okay zero percent is not okay >> try not to talk over each other. >> it was a good news/bad news
if we remove the uncertainty the china tariffs and do come with an agreement then powell is back game on. i personally don't think powell changed his outlook, his thinking just make my words when he said them originally on october 3rd >> they've gone to data dependency >> they've always been on data dependency >> not on october 3rd. >> no, i think they were if you read the statements, data dependen dependency >> i think to go back to your original question, why not buy stocks that fundamental question you have to take a step back there's been a lot of technical damage >> forgive me. let me stop you just for a second back to ellington field in houston. you can see special mission 41 called today is now taking off
from ellington heading to andrews air force base in maryland the former president's casket will lie in state until wednesday when there will be a state funeral at the national cathedral in washington. you see, again, what is traditionally known as air force one taking off in houston. you saw the long procession from the funeral home to the field, the ceremony there, the former president's family aboard as well as it heads to the nation's capital. the final trip home to washington, d.c., for president george herbert walker bush, our 41st president do you want to go to eamon eamon javers, are you with us? >> reporter: i am, scott i can tell you people here at the white house today are in a bit of a reflective mood we just had larry kudlow out here on the driveway giving a
couple of stories from his interactions with george herbert walker bush when he was vice president. larry kudlow was a young staffer. every time he prepped the then vice president for a foreign trip or for an economic trip with bullet points, at the end, bush, ever the gracious host, would have larry come down the hall to the vice president's office to thank him in person. just emphasizing what a gracious vice president he was to interact with and how the staff really felt a warm spot for him. this can be a cutthroat town sometimes and those little gestures mean a lot to people. larry kudlow reflective. >> amazing a human being and the words being used today to describe him really tell the story. it's often what they say, what others say about you that really tell who this person was many more terms used today to describe the president
>> reporter: an element of bipartisanship that seems quaint in today's washington. this was a president defeated, you would think that would create a lasting grudge but they were able to forge a friendship and bond this was a president who interacted with barack obama, a democrat who followed him in very positive ways and they were able to sort of bridge that partisan gap that has in many ways torn this city apart in recent years in those years maybe a little bit of a different story even as personal as somebody who beat you for re-election, george herbert walker bush was able to find that common ground and really come together with bill clinton in a way that today you'd think, boy, i don't know if we'll see that again. >> even president trump, eamon, who has at times, you know, criticized the bush family over various issues, even ridiculing at one point the thousand points
of light saying of the former president, president bush always found a way to set the bar higher >> reporter: and we're going to see how president trump handles this week. former senator john mccain was a bitter critic of president trump, and president trump received a lot of criticism in the week of mccain's death for the way he handled that. there was the flap whether or not the flags went to half-staff at the white house quickly enough all of those flash points. i expect we won't see that this week i expect the white house is prepared for this and we'll see president trump handling this in maybe a bit of a different way, partly because it's not as personal between -- as it was between him and john mccain. mojarst e itank you. ean ve athwhe house for us we'll be right back. [ telephone rings ] [ client ] - hey maya.
...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. welcome back major averages still holding on to big gains today let's get out to san francisco aditi roy has a market flash for us aditi? >> hi, scott shares of the cronos group are up on a report that was first brought out by reuters that the maker of marlboro cigarettes is in talks to acquire the group. that's, of course, the canadian cannabis companies the report says they have not
agreed to any deal and there is certainly no certainty it will do so. however, upon that report, shares of the stock was halted of the cronos group after being up 4%. skyrocketed after being open again now currently up about 22%. keep in mind the group is also in talks with juul, the ecigarette maker for a minority stake in that company. it appears this big tobacco company is looking to diversify and, of course, any new developments come up, we'll bring that to you. back to you, scott >> aditi, thanks so much aditi roy in san francisco for us shares of morgan stanley now are in a bear market however, oppenheimer believes it's a good time to buy for the long term. the stock is getting a nice bump today. they reiterate on the stock. we've made it our "call of the day. the headline not the same company as in '06. they upgraded back in october. they said it was in middle of earnings season.
had very little to do with the actual results and almost everything, they say, to do with the fact the stock was down from $59 in march >> a former partner of mine, i've known him for over 20 years. he's a phenomenal analyst, very conservative so it takes him a while to get to something he has to dot all the is and cross all the ts. it makes sense morgan stanley, executed brilliantly. a wealth management firm here is my caution my caution is a lot of the wealth management revenues over the last number of years have come from their lending book and as rates go up, that's going to hit the lending book so much if you want to pick a winner in the group, they're the winner. do you want to be in the group
>> a heck of a lot more money. >> we want to be in the group. >> you are in the group. >> when you look at the wealth management stocks that are out there, a couple things come to mind trading revenues are obviously going to tick up and one of the things a lot of people may not pay close attention to is the fact that these wealth management firms make a lot of money off of the cash their investors hold. if we're getting to the point we're increasing to cash and go from a 1% to a 3% allocation for their clients, that is a lot of revenue off the cash >> that's been a thesis. i agree with you on morgan stanley. i think if you really want a thesis on this you have to predict the stock market in general globally is going to be up 10%, 15% the next 12 months if that happens and the assets appreciate accordingly, you'll see this stock along with revenues and earnings per share.
i think -- >> that's what you just said. >> that's what he said, scott. i'm with you >> that's not what i said. and you know i own goldman sachs which is a competitor. you know i'm in the space. the rise over the next 12 months which most people aren't really thinking about, that will propel revenues, return on equity, book value, everything in stock a rising stock market is what moves this higher. >> i think it's a business model that has moved it higher people forget this is a stock that in 2016 was $21 this has endured rates being moved higher by the federal reserve. wealth management business has re-created itself. it has taken a tremendous amount of volume away from the other players in the space it's also benefitted from goldman sachs restructuring who
they are they're picking up areas in particular equity offering they're the leader in that right now. so they're picking up some volume from the goldman sachs structure, picking up volume from the other wealth managers morgan stanley is well positioned whether the market goes higher or lower as they move the next three to five years. >> as an investor you have to look at as a basket do you want to own financials which is a great question when you look at jpmorgan versus a morgan stanley, there's been no challenger to that. i think the analyst makes great comments as an investor if i can invest in one i still think that's the question which one would you buy. >> jpmorgan has done nothing if it's proxy for the space itself you need to see that stock pick up before you can have any confidence overall? maybe they will not all move in
tandem >> you sold citi i sold a chunk yesterday my original price, a flattening yield curve. i don't see rates running away from us. and you're going to need that. loan growth has been slowing down that will continue they have really hit their business >> jpmorgan has traded very well in this quarter given the turmoil and volatility >> no issue. no disagreement. >> i think it is best in breed and continues in its class there are other financial institutions i just don't understand why it's a binary decision to invest in financials based on where the market is. >> we're talking about big money center banks
>> that's the point jim is making >> it's really where you're going to need a tail wind there. can pivot more >> i added some more visa. i bought global payments they're not banks but do have credit risk. to me that's where it's going. i think visa, to me, i can make a lot more money in it and i would just rather be there that's the point you're making >> before we leave the financial conversation, the underperformance of regional banks, we all, myself included, talked ad gnanauseam given the
orientation to focusing on a domestic economy they are underperforming now the rest of the financial space. back to economic behaviors, what is that telling you about the economy when regional bajs are struggling >> thank you for the question, how long until goldman hits 250? where are we at now? >> 192 >> before it goes to 250 >> ooh we don't know what the liability is do you buy it here >> the answer is why it's a well run business we don't know what the new ceo will do, how he will run it. it's a quality franchise
they've come out top side. >> i think a lot of it depends on your time horizon that could be three or four years down the road especially with the yield curve where it's at i think jpmorgan is an option. >> i would buy goldman sachs but on the other side of the new year >> the problem is sentiment. it's about tax law selling in december the things that will propel morgan stanley higher. there's such a negative narrative. what changes the narrative frankly, nothing until you get the next earnings report nothing will change that narrative. >> i think you can -- i think you're going to begin to see a movement from the passively managed index funds which have done awesome since 2009 towards the actively managed funds and
that could be a tail wind for these firms. >> if you get a pickup in volatility maybe you'll be right. let's go over to contessa brewer with the headlines. here is what's happening right now n. a tweet this morning president trump called for a full and complete sentence for his long time lawyer michael cohen. he pled guilty in august to eight criminal counts. last week he admitted to lying to congress. his sentencing is scheduled for december 12th. shares are soaring of tesaro are soaring. that comes to about $75 a share. glaxo expects the deal to close in the first quarter federal reserve chairman jerome powell's congressional testimony on the economic outlook originally set for wednesday will be rescheduled due to the death of former president george h.w. bush president trump declared wednesday a national day of mourning for the nation's 41st president and the casket of the former president is en route to washington from houston's
ellington field. it was draped in an american flag as it was loaded on to the aircraft a state funeral is set for wednesday. that's the cnbc news update this hour scott, back to you "nuunusual activity" is nex with the najarians first a check on the s&p sectors. the s&p is up 24 discretionary energy and tech are leading the way. so lionel, what does being able to trade
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jon is with us from chicago. pete from minneapolis, doc, you're up first. what have you got? >> all right, judge. take a look at black stone asset manager, short-term calls. this one is making a nice move during our session today also looks like it's poised to make a nice move into the end of the week they bought the december 7 expiration calls in big numbers,
judge. so i'm looking for black stone to continue this rally they are just in the money now, deeper in the money. i am in there, probably will be in there two to three days another one quickly, judge, take a look at pvg. this is on a big metals player out of canada. gold, copper, silver, those metals haven't done so well this year this company is down 38% they're buying the march 7 puts. they have earnings in march. somebody wants a big bet that the stock breaks down between those and those earnings i bought those as well a quick update, square square this one absolutely crushed it they are moving up they were in the premarket up as high as 74 i've taken off two-thirds of the position now it's not just about processing
payments like you were talking about. it's about caviar, which is food delivery, lending services square is doing it all best in breed. i love it still. >> it's funny, joe is just telling me -- did remember, he was talking about it last week that you sold it jon, i'm with you, i sold out of it today i look to buy back, if i can, in the mid-60s. i think that was the right thing to do given the rally. >> never look a gift horse in the mouth. >> pete, what do you have for us >> last week a lot of buying in the spdrs going after the december 280s. those absolutely exploded as we got the big jump this morning. exited those 45 minutes later they started buying them once again 111,000 of the december 28th, the very last week in december, they were buying the 283 strike calls, a little over $2. $2.15 for those calls. i jumped right back in
it started to fall back. it was an opportunity to get back in. i was out of the trade for all of about 45 minutes and then right back into it i got a quick update as well a week ago from today, last monday, talking about the xli, going in and buying very short term again, extremely short term calls in xli exploded over the weekend and out of the opening today went from 50 cents up to $3 that was a great opportunity you have to be disciplined in the market it's a trader's market especially given -- and were you talking about some of the volatility keep an eye on the vix as it gets down to the 16 and 17 range after being in the 19s and 20s if we get some pressure on the volatility index, that will give you more relief in terms of what people are thinking mentally going forward and maybe we'll have a bigger december than people expect. >> the xli is a trade truths trade. that's why they exploded the way
they did over the week, i would assume >> absolutely, no doubt about it we said, look, why are they doing the trades some of it, some of these trades getting tied in to powell and the fed and everything else. the real key, though, why so short term because people were looking at this g20. they wanted to see how things would play out they played out probably better than expected. you get that 500-point pop early. i know we've pulled back but that's what people were looking for. that's why you have to exit early and be disciplined in the market >> thanks. we'll see you soon jon and pete joining us. traders will answer your questions straight ahead you still have time to tweet us. use the #askhalftime we're back in two minutes. (toni vo) 'twas the night before christmas, and all thro' the house. not a creature was stirring, but everywhere else... there are chefs, bakers and food order takers.
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and accessoriesphones for your mobile phone. like this device to increase volume on your cell phone. - ( phone ringing ) - get details on this state program visit right now or call during business hours. and welcome back to "the halftime report. for a very brief moment just about a few minutes ago, amazon
overtook every other company in the s&p 500 to be the most publicly traded. this is a three-horse race between microsoft, amazon and apple, all of them trading within about $6 billion to $8 billion but, scott, an interesting development for at least the past few weeks we've been calling this a two-horse race between apple and microsoft but, again, just a couple moments ago amazon did briefly overtake apple to be the most valuable publicly traded company. >> that is interesting, dom. thank you very much. we were talking about it on the desk, too. we don't have to quibble very much you have these three companies with almost the identical market caps the question is the race back to a trillion who is going to get back there first? amazon or apple? >> i think amazon is going to do it >> not to leave microsoft out in the cold >> i think amazon, they sandbag the holiday projections every year i think they will blow through them and that's the catalyst
>> amazon is not tethered to the metrics and is most likely to go there. i'm betting on that. not to get to a trillion, just to be a steady performer going forward. >> i think microsoft will come from behind. i think if you look at microsoft with the revenue model and how they pivoted since 2014 they recently announced their xbox. you get a free one with a monthly subscription from a gaming play that will continue to create legs. >> jim is a big gamer. it's fun to watch. it's $2.6 trillion worth of overall market cap the sentiment is probably most negative surrounding what is the leader right now which is apple. >> no question about that. >> i think the response is muted given the news over the weekend with president trump and president xi i would have thought you would have seen a bigger rally from apple.
i think possibly -- >> you did earlier >> and i'm surprised that it's fading like it is. >> i'm not >> you had the initial run to a trillion by apple and amazon in large part because of a momentum driven market. nowgetting back to that level is going to be harder. it's going to be show me, prove it >> if you're apple, there's one thing that could turn this around they may have been sandbagging the projection the last earnings call when would you prove that? you would see holiday sales whether it's from the company or from market monitoring firms that say sales are better than expected that's the one thing that could move the scott higher. >> when did you turn to an apple sycophant? >> i'm reporting the facts on the ground if you get reports iphone sales are better than expected -- >> they may have been bagging. that's projection. >> okay. >> traders are answering your questions now. first up, we're going to jim
we have one on caterpillar thanks for the question. it's run since the bottom of 112. that got upgraded today by bank of america macro risks now, they say. >> jim, take your time this is a chance for you to redeem yourself. >> jim >> i think this is simple. i think this is a call on china. if you continue to get progress, if you get talks continuing, you will see cap propel higher on the flip side, if there's no progress particularly over the next three months on china trade deals you'll see the stock fall off. i think it's in everybody's interest to get it worked out. i like cat here. >> okay. >> do we have a minute >> maybe not a minute but a few seconds. >> the result, and jim hits on something very important, if you think about what was happening economically heading into this weekend, the chinese economy was
decelerating significantly, right? you had asset prices which were underperforming. this allows time for the chinese economy to heal itself it plays into what you're saying about caterpillar. they will benefit from that. i think that is probably ultimately the biggest, most productive tail wind from this weekend. steve weiss coming to you from alcoa in boston. does a trade truce push alcoa back to $40? >> not unless they split i don't think it does. it's a commodity stock there's so much aluminum out there. you have the tariffs on aluminum you still have them on steel right now. i would rather buy aca which split off from acoa and is a value add. >> mark, got one for from you gary thanks, gary how will coors perform the holiday season give me the outlook for that
part of the market >> so we're bullish on the consumer in general. we think consumer confidence is high, wage growth is accelerating we think retail will be strong across the board the issue i have with michael kors, the biggest problem they don't have enough inventory to meet the high consumer demand right now. that's a big issue it will take them a few quarters i would prefer nordstrom right now. >> good stuff, thank you our friend charlie in portland with one for you and it's a good question because of today. baba the choin heinese stocks are ha good day. >> when you look at alibaba, the chinese talks in general seem to have bottomed about a month or so ago if you pull up a chart on baba it's done quite well over the last few weeks, seems to be back filling and building out a base. alibaba doesn't have much exposure in the u.s. and it's interesting they did more in five minutes than amazon prime -- more in five minutes
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george h.w. bush during various events this week he passed away friday night at his home in houston. poppy bush was cut from different cloth. he was made of a material we rarely see shot down over the pacific in world war ii bush's lifelong regret was losing two men on that mission others would want to make him a hero bush was then and forever a person who would prefer to deflect praise after doing his bit, as he would say, he and barbara fled connecticut and the shadow of his prominent father to find their destiny in the dusty oil rich basin of texas. bush was the quintessential good guy. community and service minded a straight arrow the kind of guy you'd want as your congressmen and he became one. his career was pot marked by several failed campaigns, but he was always quick to rejoin the fray and to take jobs which seem not
to be spring boards to something better >> we got to go to work. >> bush was ambitious but he was always imbued with that old school american value of paying your dues. service and hard work were their own rewards. that he felt should be resume enough for someone who asphered to be president. >> for a better america, for an endless enduring dream and a thousand points of light >> tooting his own horn was an act he wasn't good at, nor did he want to be. america's success in the first gulf war catapulted his approval ratings to record highs. as the economy faltered, bush was blamed for its failure the public perception that he was out of touch fueled in part by the media's infatuation with bill clinton was unfair. he was a man with unfinished business but out of a job.
yet bitterness or any impulse to criticize the successor were out of bounds as far as he was concerned. over the years, many would tell him how much he was missed words he appreciated, but wasn't hungry for seems like people like him don't come around much anymore >> president trump has declared urngesday a national day of the new york stock exchange and nasdaq will close as a tribute california phones offers free specialized phones... like cordless phones.
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consumer to competitor, piper energy does mineral rights, they've increased their dividend, we like the stock. >> mark, good having you as well. >> thanks. activision the stock has been pummeled. we're incredibly bullish on e-sports and we think it will rebound. >> mr. weiss >> zojenx. i think it will continue to go high i like bio tech overall. >> jimmy. >> the semis have been threatening to break out here, scott. >> annihilated >> getting annihilated, right. because of that, i can't quite commit fully to some of the names but i can commit to intel. the potential catalyst of a ceo announcement is a good way to play the semis >> i got to reiterate. what the winners are long nike, why, i believe the cost of this pause between the
u.s. and chinese is going to allow time to reaccelerate another name to look at would be starbucks. a name that easily takes out 70 bucks. >> can i quickly -- >> quickly. >> correct something the spin-off from trinity from alcoa. >> okay. power lunch starts now >> i'm melissa lee stocks rallying for now. will this kick off a true santa claus rally? the two sides hitting the pause button on tariffs. there's a long way to go on a real agreement the big issues still stand in the way. in one area, there was a true deal tackling the opoid crisis. the white house actually mentioned it first in the press release ahead of trade what that means for the american economy. power lunch starts right now