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tv   Closing Bell  CNBC  November 9, 2021 3:00pm-5:00pm EST

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year's worth of incremental data coming out that could be a big deal by the way, millennials, the biggest generation in the country. >> if diapers are over $50 a box it's over. >> look for the sales at costco. >> you have been to costco kelly alone can raise costco. >> the two of you together. >> thanks for watching "power lunch" why "closing bell" starts right now. >> i'm wilfred frost at the new york stock exchange. major averages pulling back today. the s&p 500 in danger of breaking an eight-day win streak we head into the final hour of trading. we had decleans. >> for the first time. >> in nine days. >> welcome i'm sara eisen let's look at what's driving the action right now financials among the weakest sectors. the 10-year approaching that
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1.4% consumer discretionary dragged down by tesla today which is adding to sharp losses for the week on the inflation front producer prices rising 8.6% from a year ago in october biggest annual jump in a decade. it comes on the consumer price index. let's preview what's coming up baseball legend alex rodriguez is getting swept up in the retail trading boom with the latest investment in online broker tornado we'll speak with him and the ceo about what makes the platform different. plus big name earnings after the close. we'll bring you the numbers and an exclusive interview with the ceo of aurora before his call with analysts. let's focus on did big stories to watch this hour mike santoli is watching the news pullback and the news of
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ge's split is christopher glenn. start us with the market and the pullback coming after a very strong run >> eah that's probably the reason it feels like something more than it has been. it is about a half a cent decline in the s&p also i would characterize it as risk reflux. investors have been binging on the aggressive stocks. piling on market cap in tesla and nvidia still up $200 billion in 3 weeks of market cap. that is sort of rolling and just explains the s&p move. you mentioned the financials all it really means is this backing off the very upper end of the band. you have potential before you say it's a wobble. we don't know if we get that much i do think that the risk budgets maxed out in the short term. take a look at ge compared to
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some other industrials to help explain the decision now for ge to split into three parts and restructure and get away from the multi-industry conglomerate model. ge and are the last two multi industry mega cap conglomerates up there and then raytheon and hived off the ancillary business lines. spun some things off merging with united technologies to be an aerospace pure company. that says why that is happening. the market has stopped rewarding a balance or diversification effect for now for ge. take a look. we talked about the binge on risk in terms of how much people are buying in the way of upside bets on call relative to put options.
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this is a percentage of volume and matching back in february with the crescendo of the meme stocks and see if that means we need a break on this and try to digest what we have seen so far. >> i think we have to mention bonds because that surprising everyone we have another really hot inflation read with ppi. good news on covid, the economy, on the fed yet, bond yields moved lower how do you explain that? i saw a headline that u.s. junk bond sales surpassed the annual record today with more than a month left in the year. >> there's a concentrated negative bet on bonds and that is really gotten shaken out and part of it if you look at the german 10-year almost back to 0 and now minus 30 in a handful of days.
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you can say good new s on covid and the central banks not met the market's expectation of how aggressive to suggest they are in terms of a tightening timeline it say it doesn't to see me seem like a strong signal the fact the 10-year around 1.4 in this range and remains to be seen if that stays the case. >> thank you so much. general electric with a 52-week high today after announcing it will split into three companies. ge ceo was on cnbc earlier to discuss the move and why it makes sense for the company. >> i think the logic is pretty straight forward we know looking at spins elsewhere that the focus and the accountability in a structure like this always increase. we think we have an opportunity here, as well, to have sharper capital allocation and strategic
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flexibility and clearly a good thing for the teams in each of the businesses both the teams we have today and the teams to recruit going forward given the discrete missions that each business will have. >> let's bring in chris glenn, senior analyst at oppenheimer. thank you so much for joining us lots of discussion about this throughout the day i'm interested in the fact that the spinoffs are a couple of years away with that in mind is there still a lot to go wrong relative to the jump in share price or are you a big believer in the new strategy >> i think it makes a lot of sense and it definitely strikes an opportunistic note and it's a bold underline under the fact that with the g-cast sale closing in november that creates 25 billion plus debt reduction in the fourth quarter and the
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external debt is not a large amount anymore it's still a little big if you consider pension and a few other items but those are loaded on at the time when the ratings agencies were looking very critically and wholistically and some of that is a big dated in terms of moods of looking at the debt the health care spin could actually -- it is slated to be 15 to16 months out and that's low risk barometer i think they expect that to occur a little sooner than that. >> and how do you value things in the meantime? >> yeah. we're looking to crunch the numbers and try and late they definitely endorsed 7 billion plus in free cash flow in 2023. now that is a more date certain commitment there's nothing rash about that.
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that's deliberate, calculated and tied to the internal visibility in the operations of the businesses renewable segment is still trouble. it's lagging and looking for a path to consistent profitability. but it's not steering the overall strategy here in their flexibility. this move reflects high liquid -- right now. a rapidly normalizing balance sheet. businesses like aviation health care and power which while aviation is waiting for more cyclical recovery the three businesses which i would argue are more central in core than renewables are all on a good, steady, stable operating path. >> spinoffs typically just in the marketplace tend to do well.
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i'm curious about the share price reaction today it was up around 10% and now faded up around 2% what do you think that is about? what are the risks that investors are looking at >> ge's always been a stock that's fairly liquid and over the five-plus years it's been a confluence of a lot of factors and considerations when you initially trade on a large move there's fear of missing out and then there ensues some profit taking so i think it's short term/supply dynamics i think ultimately the free cash flow targets well underwrite the current valuation and then sum of the parts would be the other means of evaluating a free cash flow yield.
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>> a lot of homework to do on this one valuing three companies. thank you for joining with us the first take. >> thank you. after the break it is a whirlwind year for retail investors. baseball legend alex rodriguez is getting in on the action with the latest investment. we'll talk to him and ceo of tornado about taking on the likes of robinhood next. you are watching "closing bell" on cnbc. dow is down 171.
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we have got a news alert from meta formerly known as facebook josh lipton at the nasdaq with that. >> we have a statement from meta just crossing saying while they believe that the best advertising experiences are permized they say the same time we wanted to better match evolving expectations of how advertisers may reach them on the platform so starting january 19 some change just removing detailed targeting options specifically ban ad targeting for politics and sensitive issues and ban covers race, health and religion saying that the decision to remove the detailed targeting options wasn't easy and they feel confident they say to evolve the ad system to meet the needs of everyone we serve. >> thank you. more than 10 million new
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brokerage accounts opened in 2020 robinhood had 27% of them. online investing platform tornado with the backing of baseball legend alex rodriguez has a new service. alex rodriguez and tornado ceo bernard george joins for an exclusive interview. welcome, gentlemen it is good to have you. >> thanks for having us. >> good to be here. >> alex, this is part of your new cv firm you are doing in partnership with mark lowry. talk to us why you're investing and interested in this area of retail trading. >> thank you so tornado spoke to us right from the get go with patrick and bernard as co-chairman and co-leaders here. this spoke to me growing up in miami. my mother having two jobs. my mother having -- using the local bank which is the mattress
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in the bedroom because that's the only bank she trusted. we were victims of basically not having financial literacy. we weren't up to date with the tools that we needed i remember playing baseball, i learned at the boys & girls club and learned the rules early and hooked me to going out and playing baseball but i didn't start the career until i was 18 in the major leagues, a youngster in tornado can provide the same service of the boys & girls club to be educated, learn lessons, learn to invest way before you can invest. >> soimportant, bernard. yet so much competition. what sets tornado apart from some of the others including a robinhood trying to do this, as well >> yeah. i think the question you have to ask yourself as an individual investor is does my brokerage help me invest better? for a lot of investors out there the answer is no tornado is built from the ground up around that question and
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really about helping each investor take that next step in their journey toward becoming a better investor. >> i was going to ask, bernard, about whether there's a slight similarity or get you to explain why there isn't with the gambling companies which offer sign up now with us and give you a free bet of $50 and there's an aspect of that here to your pitch. why is it different from that and not trying to attract people to trade to profit out of them >> no. we are really all about financial wellness and the best analogy of a physical space for ow space is the gym. a place to go to get smarter, healthier and fun too and it is about putting yourself on the journey to financial wellness in the long run. >> alex, i'm curious your take and whether you see similarities people think retail trading boom
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is a bubble like gamestop and amc and a sign of the liquidity in the market and compare it to gambling and see it as potentially dangerous and could blow up. >> like. it is like going to the gym. you try to go two, three days a week the more you go the more results you will see and can be dangerous and hurt yourself and knowledge is power what tornado is all about is promoting education and empowering the individual. the more knowledge you have the more to defend yourself and seen a positive trend less of a meme stock and less speculating and getting more into the old fundamental that warren buffett talked about for decades is not caring about a great company an apple, a facebook, a netflix, a google will do but what would they be over five, ten or 15 years
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the more knowledge that the young people get today -- remember, there's no education in the american system you can't learn in high school so this is an alternative to come and get educated and make wise investments for the long haul. >> bernard, you were a quantum investor yourself. do you think individual stock picking by retail investors is the best way for people to get long term outperformance and steady returns or take a diversified etf approach >> i think both are viable paths. it is about being investing and taking control of the money and educating yourself we aspire anybody with the content they need. there's a crisis in investing education right now. every week there are head leans of young investors betting on
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bankrupt companies and the only way to solve the problem is to have a path of least resistance for people and why we feature learn and earn. >> alex, i wanted to ask you about another topic that you're familiar with which is sports and in the news right now because aaron rodgers, i was curious your opinion kareem abdul-jabbar accused him and i wonder if you agree with that. >> i didn't read the article so i don't feel comfortable commenting on it i would say this these are new grounds. we don't have any history, any real data to go back and say
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what do we compare this to i sympathize for rodgers and the packers and the nfl to deal with this hopefully they can learn and make it better in the future. >> alex, also related to sports but sports gambling specifically you care about investing having educated investors and not the gambling type investing that might perhaps people frame going on but what about sports gambling specifically you can't watch live sports in the u.s. and not escape commercials to engage in gambling do you think that's a disaster waiting to happen? >> dealing with the pro sports it is happening now for decades and decades, with the leagues to do is formalize it and be part of the conversation. if it's going to happen i would rather happen where it's professionalized you can tax on it.
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everything is above board and the sponsors, players and owner should have a participation because they're the talent on the front lines and like to see the players being awarded for them and participating in the upside i think it's something that you can't avoid and now everything is bo board and very transparent. >> thank you both for joining us great discussion. >> thank you. >> thank you. after the break, pallantir pulls back growth of more than 30% and the stock hit hard down 9% why next ge taking the top spot of searched tickers today palantir, tesla, paypal. thfie fth for the 10-year for once back in a couple
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shares of palantir falling sharply today. we have a look at what's driving the move lower. >> not an easy day for palantir. the stock down hard in today's trade. now down about 50% from that january high rbc saying a red flag in that report decelerating growth he rates the sector perform, yes, different yated technology and deep customer relationships and he says in his opinion it is still a rich valuation and has concerns about palantir's growth prospects post-pandemic. back to you all. >> josh, thank you. still ahead, losing some magic. shares of compass pathways tanking after the company released data of the magic mushrooms treatment for depression talking to the ceo about the results and wall street's reaction heading to break a check on
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bonds. yields are pulling back. the 10-year down to 1.44 "closing bell" will be right back
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let's check the individual market movers. shares of paypal senging after reporting weaker than expected earnings last night and provided disappointing guidance the stock down 11.6% jim cramer talking about it
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today. point the phone at the qr code at the screen to learn more. another story is panera bread planning to go public again. it was taken private in 2017 for $7.5 billion securing an investment from danny myers acquisition corp that stock is soaring today. here's myers this morning. >> it's a people have been craving being together at restaurants for so long and we have a big pop everywhere and this is just a great opportunity to express the passion for an amazing american brand that now is actually three different brands panera bread, caribou coffee and sign stein brothers. >> i found it odd because i did the interview with the founder of panera. no longer affiliated with the company in 2017 taking the company private and he made such
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a strong -- it wasn't a company that was under pressure, not doing well and needed to get taken private. it had been doing well and made the case to do better work they'll be doing the delivery, the clean initiative enable them in ways and a return to the public market i think says more about the opportunity right now an and the strong capital market more than anything else about peanera bread. >> they have backing in that area and doesn't feel like a bo bogus spac deal. >> i would point to chrkrispy ke and the stock down more than 30%. time for a news update hi, rahel. >> hi. here's what's happening at this hour
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the man that started the chase that ended in the death of ahmaud arbery changed the story to police. this from testimony of two police saying that he was caught on video breaking into numerous homes and then he said that arbery targeted a house that was still under construction. organizers of the deadly festival planned for active shooters and terror threats and bomb but not deal with crowd surge. that's what authorities believe friday night when eight people died and hundreds were injured. french president says that people over 65 must get boosters by december and will resume building new nuclear power plants and delay pension reform until after the elections. 45 sixth graders at a north carolina middle school are sick and they're trying to understand why. there's nausea and headaches and
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none of the sempt graders and eight graders appear to have been affected in the same school back to you. >> that's odd. thank you. shares of compass pathways crushed today despite it has positive data on the depression treatment. we'll talk to the ceo next. plus after the bell a huge hour of earnings from doordash, coinbase, aurora cannabis, wynn and much more. less than 30 minutes left of trading. dow still down about 170 tv: mount everest, the tallest mountain on the face of the earth. keep dreaming. [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪
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compass pathways out today with results participants with a single 25 milligram dose or a significant decrease in the severity of the symptoms after three weeks 12 paints out of 209 reported serious adverse incidents. shares down by more than 20% today. lets's bring in the co-founder and ceo george goldsmith thank you for joining us. >> hi. thank you so much. >> the read of this data was really quite positive and yet the shares are down -- >> it was remarkable the data are remarkable.
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groundbreaking largest clinical trial ever done of its kind. and it's controlled randomized ten countries. 22 sites midst of a pandemic. what we found was just breath taking for patients suffering with treatment resistant depression people have taken med season at med season and not worked for them and often at the end of the rope this is something that is very, very difficult to treat, to care for. we found those patients. we provided them with a very carefully managed study. looked at three doses. comparing the doses. we found a winning dose and actually just amazing to see a single dose after everyone came off of the medicines produced this benefit at three weeks. highly significant and that one experience lasted for nearly 25% of the patients they went into remission at 12
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weeks. so we're quite excited about this research what we found. sadly this group is very, very commonly afflicted with suicidal behavior, ideation and part and parcel of this group in trials in the past and certainly paying attention to that but i have to say that when we compare that to the benefit that we saw in patients never seen before with this single dose of a med season in carefully controlled setting it was quite amazing and i think a real promise for patient benefit. i think we need to look at benefit and rick saw a huge amount of benefit and an expected risk to see in this population. >> for sure. i guess the share price is reacting somewhat more to the
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adverse scenarios than the positive data. and can you understand why they would? you might well be right that this patient population often exhibit that sort of thought or behavior but that might be a tough sell coming to getting regulatory approval. >> we don't see that, frankly. i think there's more education that needs to happen for investors. obvious will i the analysts who cover us are writing already very strong reports today. so those are will filter out into the markets we are quite convinced from a regulatory perspective other medications approved for this had deaths in the trial just we haven't and we don't expect that. this is a very difficult patient population and we have to care for that, understand it. but the benefit here has been extraordinary. a single dose under carefully
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supported circumstances resulted in benefit as we educate investors about the patient population and the benefit to create is never been soon before i think we have a lot of promise here and will continue down the path working closely with regulators. we have fda breakthrough therapy designation. this approach isn't seen before. i understand how we are addressing safety issues we don't see them as a major problem above and beyond how the people suffer in their daily lives and trying to reduce that suffering. it shows that we have real benefit for patients. >> george, assuming that you get -- hi. assuming that you get the approval from regulators paint a picture. how would this work?
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would it be used in clinical settings >> only be used in clinical settings, yes. this is really important there are a class of medicines there's new treatments called tms which is a device, a magnetic stimulation given in clinks there's a move in psychiatry to rethink how we have cared for patients beyond a tablet a day and not worked well for a lot of patients so this would be part of the clinic setting. clinics that you see popping up. supported therapy in a setting that is well controlled really important. creates a good patient experience we see that. the problem is huge. just in europe and north america may be as manyas 35 million, 4
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million peep suffering with treatment resistant depression imagine if we can help a small portion of them. >> thank you for joining us. good luck. >> thank you. >> many more questions reminds me of nine perfect strangers. have you seen that show? >> no. >> they do microdosing it helps them all. today ge rallying on news to break up into three companies. we'll have comments about that decision next. a few minutes from big earnings after the bell. speaking to the ceo of aurora cannabis after the company's numbers cross. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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with less than 13 minutes to go in the trading day we are now in the "closing bell" market zone, commercial free coverage of the action going into the close. cnbc senior markets commentator mike santoli here to break down the moments of the trading day and we have money strategist lindsay bell back. stocks are pulling back from record high levels after a multiday rally s&p 500 on track to snap an eight-day win streak mike, does it seem like sort of a healthy pause in the action? >> it is up 10% litting over a month it's not really a lot of urgent kind of bid to get out it really is an evenly matched
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type of give and take activity there are some outside move -- outsized moves the flush into things like nvidia, amd, tesla working in reverse. nvidia way off the high for the day. this is the outer edge of the most aggressive momentum stuff found an extent for the moment and doesn't seem like it's changing a view. did mention last friday after the great jobs report people are on the bright side of the boat in terms of the outlook and anything that seems a little bit counter to that is going to get a little bit of an unusual reaction but i don't see anything going on at the surface. >> lindsay, are you fearful of stretched positive momentum or sentiment? >> yeah. certainly after a run like that especially as quickly as what we have seen, we have seen the s&p rally almost 10% from the most
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recent near term low that's a fast move quickly and seeing the vix move higher. people are nervous at these levels but at the same time this is a period of the year that's seasonally strong. coming into the end of earnings season, very strong, must have better than people anticipated margins continued to expand and this all while the fed is pulling off a stimulus and the government is coming in to step in and insert their infrastructure spending in their own fiscal stimulus. >> shares of ge rallying today after announcing plans to break into three separate companies to focus on aviation, health care and energy ge expects to spin off health care by early 2023 and renewable and power by 2024. here's ge chairman and ceo larry
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culp earlier today. >> i think the logic is pretty straightforward. we know looking at spends elsewhere that the focus and the accountability in a structure like this always increase. we think we have an opportunity here to have sharper capital allocation and more strategic flexibility and clearly this is a good thing for the teams in each of the businesses, the teams today and the teams to recruit going forward given the discrete missions that each business will have. >> mike, it is off the session highs but interesting to see how just the breakup and the idea of slightly better valuation is welcomed by investors even though they have done a lot of work in the last couple of years. >> the industrial logic is very sound and in fact if anything seems an overdue capitulation that people thought is
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desirable, when ge became ge in terms of a premium valuation and great performance consistently it is the context of an aaa credit rating, huge capital division and therefore like one plus one plus one is more than three and it's a difficulty that larry culp had as an outsider coming in to change the psychological cost basis of the employee base and the investor base they moved to befoston. tried to get out and still seems like it is not the company of 20 years ago and might help that cause. >> death of all conglomerates? >> it is cyclical. everyone's cost of capital is so low and nobody's too concerned about benefits and risk
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mitigation of offsetting business lines at some point that will come back into favor and you will see rollups again. >> we have got a news alert from the white house. kayla tausche with the details. >> president biden today spoke with the ceos of fedex, u.p.s., target and walmart to discuss the supply chain issues and the ways for the white house to work to try to expedite the transit of goods from ports to shelves white house official said that the executives told the president that the shelves will be stocked for the holiday season which, of course, is quickly approaching as the administration tries to pull any lever it can to get some of these containers moving and while ports say they see the backlogs starting to move and the time that the containers are at port is shortening, we are also hearing from many industries saying that they feel
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that the problem is worse not better and still facing acute labor shortages in the country to try to get some contain ores on to trucks and moving. so the president is trying to take matters into his own hands and still serious oishss with the supply chain although they continue to saythat this investment in infrastructure will help although that will not help for at least several mofts if not several years but today walmart's kroemplt, target ceo all saying that they believe shelves will be stocked a few weeksaway. sara >> kayla thank you. ev stocks making a big move today and phil has a look at why they are rallying and tesla down is 12% right now. >> yeah. lets's start with l 34uinar.
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it pulled back in the day to a certain extent after nvidia is putting the technology in nvidia's av platform with fiskar there's coverage $32 a share price target one of several things said about them and after the bell watch for this ipo pricing this is rivian i talked with a veteran of ipos on wall street and said it will be above 74. valuation up to 65 billion finally we'll end with tesla remember a week ago when everyone said, wow, $1,200 a share? now it is just $20 above $1,000 a share. this slide has happened over the
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last three days. watching for the ipo pricing we should getz that sometime after the bell back to you. >> phil, thank you so much we look forward to that. mike, down today tesla but held up rather well the first day after the news of elon musk wanting to dump shares. >> we have no indication if he did selling or an underwritten offering or what almost doesn't matter to me. the stock is so kind of stretched vertically and done this before, when it was a stock split announced and ran to the moment of the split and then went into the index and this time here you have an obvious catalyst and people piled in late and chased it higher. up 250% still on a 1-year basis. hard to say it's cutting into muscle. >> the other news is probably not great for tesla and the edge right? >> i wouldn't say it's not great
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necessarily in terms of the business but in terms of investors wanting exposure to the group you have more onyxes make room in the portfolio, in the ev sleeve or whatever and makes sense to rotate into the new ones. >> what about tesla, lindsey >> it's a favorite stock of our customers for sure so it's a fun stock to watch and fun to watch musk in general but coming to the ev space overall it is nice to see from the retail investor's perspective something newcomb into the market because we have a little bit of fatigue in this space. it was a hot sector earlier this year and later last year and now i think it could rev up the interest in this sector and i know the customers will be looking at it. >> coinbase set to report the results in another jam packed hour of earnings after the
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close. kate rooney has a preview. >> they expect a slower q3 as the cryptocurrency saw less volatility watching the revenue mix of ibs tuitional and what percent taj comes from trading in q295% the take rate is also big in any signals of pricing pressure from competition. finally any retails of koinsz's nft platform and the role as meta now gets into the meta verse. back to you guys. >> thank you. what do you see in the market internals. >> slightly negative you see it's about 3 shares lower for every 5 that are higher and not terribly skewed one way or the other small caps underperforming
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take a look at bonds this is the vanguard long bond etf. captures what's going on at the longer end of the government bond world that's a price basis of course b basically down 3.6% after the talk and kind of going back up toward the summertime highs in price. the volatility index is perky and now slipped back below 18 and people are braced for turbulence gotten above 15. not necessarily a major change of trend just yet. >> we are lower. off the session lows down 120 s&p down something similar nasdaq down a bit more 0.6% util utilities and materials are the best oil is up.
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yields are lower seen a flattening of the curve here in the u.s. dollar about flat as we stand. as we approach the close lower for the first time in nine days on the s&p 500 eight-day win streak is broken down a third of a percent for the s&p and the dow. two thirds for the nasdaq. ♪ welcome back to "closing bell"! i'm sara eisen here with wilfred frost. and mike santoli tack a look at how we finished up the day on wall street. we broke the eight-day win streak there for the s&p dowdown a third of 1% on the day. down 111 points there at the close. visa the biggest drag on the dow. s&p down a third of 1% on the day. coming off of a record high so
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kind of a minor selloff in context. energy the best performer. tesla was a big part of the worst performer. the nasdaq down .6% pulling back from the record high you have strength in amazon and apple but tesla, paypal two big losers on the nasdaq small caps off a record high finishing lower by .6% another huge hour of earnings. after the bell instant analysis from coinbase, doordash, wynn, fub 0 tv, poshmark and aurora cannabis on the market lindsey bell is still with us. mimi joins us. treasuries rallied the dollar weakened. cryptos mixed on the day wasn't like a major news ppi came in line was it overstretched
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>> yeah. bottom line. with the extreme streaks, eight days up in the s&p, only happen maybe once every few years if that often, up 17 of 19 days in the s&p, up more than 1% 4 st straight weeks and very positive implications if you look out a few months but in the near term there's payback and so not surprising to cool off just reset the clock on these streaks. bring them back to zero to stop fixating on it and not changing the story that it's been a sturdy trend in the market. >> if it is a third of a percent decline then the better for that what's the take on the market levels some high profile risks like inflation like this morning with the producer data. do you think that's priced in sufficiently >> we think inflation is
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stickier the earnings season was once again very strong. we continue to see margin expansions we play more defensively given the valuations we are at now and some potential risks for possibly tech regular lags or inflation as you mentioned some of the other longer term plays we pulled back a little bit but overall the earnings season is quite strong. >> there's also this view out there that with yields declining and the curve flattening that maybe it is a look ahead to the federal reserve that might be closer to tightening and potentially slowing growth in that way is that part of the thesis >> or it could be that inflation could normalize. right? because the stock market is a forward-looking mechanism so that's the other option to look at here or the bond market to look at. so i think that we are seeing
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really early signs that inflation could potentially cool in the year ahead. it's hot in the current day and age and as we look to next year seeing the baltic dry index come down and starting to see the cost of containers come down and the number at days at port begin to ease. and so while there's still a long road to go on the supply side i think we are moving in the right direction coming to the inflationary story. >> mike, we mentioned earlier tesla and also palantir down quite a lot. paypal and another one and ark-ish type universe stock down sharply overall. >> yeah. between tesla, paypal and palantir, yeah not a good one it's interesting because those type of stocks had a peak in january and february and had a big decline. bounced since then it is the jury out as to whether
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in fact that was a consequential peak in those types of big total addressable market, innovative company. paypal is profitable different story. a crowded space right now with too much capital thrown at it with payments but it's not been where the market has been gathering most up sooird impetus but i think you have to take note of the roblox move and aggressive separation of winners and losers in the markets and take back the amounts in a big bite, too. >> i think you -- never mind >> let's get to coinbase which is just crossing kate >> coinbase shares getting hit here after hours with a miss on revenue. $1.31 billion. lower than expected. net revenue $1.23 billion why
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gap eps which we are not comparing to estimates coming in at $1.62 monthly active transaction users, 7.4 million down but up from the prior year. verified users increased to 73 million. transaction based revenue 88% of total revenue. down from the prior quarter subscription and services revenue grew to about $145 million. trading volume down from the prior quarter. seen a slowdown at 328 billion coinbase shares getting hit down now more than 9% after hours. >> thank you another one where you don't want to miss given the multiple. >> for sure and the run that the stock had. the published estimate in the 150s per share i think the real implied
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expectation closer to 180. that's where the estimates trending declining users is not great a bigger question out there, i know that the bitcoin etf just came on the scene but a bigger question is does that just add to the excitement of people getting involved in crypto and helped coinbase or an easy alternative to trade through the regular old broker to buy the etfs >> is bitcoin trading slowing? we saw that the robinhood numbers. >> i guess the depths of the summer but yes absolutely. >> what is your take on crypto at this level and whether a coinbase will ever break ultimate long term correlation with what the underlying crypto is doing >> i think we are still in very early stages of what crypto is
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going to be long term and becoming more and more mainstream, more institutions are legitimately considering it and building businesses around it, too. i think a lot comes down to what is the regulation going to be and weighs on the future of crypto and the uncertainty there. i think for a stock like coinbase it had a magnificent run over a month earnings moved significantly higher and the bar is set high and easy for these guys to miss and you see the stock down as a result of that but there is -- they're trying to diversify. they're testing this quarter so the future is still opportunity for a company like this i think over the longer period of time. >> down 9.4% for coinbase. let's get to wynn's numbers which contessa brewer has for us. >> all right let's begin with breaking news
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here matt maddox is out as ceo. going to leave for beginning of the year january 31 of 2022 as you can see the stock already moving on this news down almost 5% craig billings who was the ceo of or is the ceo of wynn interactive will take over as ceo and unanimously chosen b the board. they have seen turmoil over the last three years with the ouster of the founder and then ceo steve wynn following a scandal revealed following several years. matt maddox took over. he had been a right-hand man of steve wynn and took the helm chosen by the board to continue but now the announcement comes that he will leave wynn resorts in january of 2022 let's get to earnings. we are seeing a beat here on the top line
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revenues at 995 million against the 942.6 million estimate and a loss again that's a beat for the estimate or earnings per share expecting a loss of $1.31. we'll weed through the report and on the call listening for what matt maddox says about leaving the company. the shares off right now wilf >> contessa, you cover the stock and interviewed him. is this a surprise is there a why >> yeah. i'm surprised. i'm surprised by this. you know, the pandemic has been challenging of course for a company that relies so heavily on macau, with the shutdown. the spinoff of wynn interactive and launched publicly was an interesting foray and you have craig billings as the ceo of the
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new company going to take over for wynn resorts entirely. i'm going to dive into this and find out what's going on behind the scenes but yeah. i would say that this is somewhat of a surprise. >> contessa, thank you the stock coming back a little bit. down a percent or so on better results. mike whether the ceo surprise or just a bumpy ride to recovery. >> hard to necessarily say with certainty what to read through to the ceo turnover but the stock obviously in the penalty box for a long time mostly because of what's going on in the industry and casinos have not been the big net beneficiaries as a result of china and macau. >> is that an opportunity to get into this name >> you know, i am looking at the reopen reopening names.
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i don't think -- the indications that we are seeing on covid with cases and medication goes are all very positive signs. the consumer's obviously very excited to spend this holiday season they're excited to get back out and do things again. and doing -- one doing thing is going to casinos and entertaining themselves in different ways and travel again i am upbeat on reopening opportunities. i think you need to take it on a case by case basis but i definitely think there is opportunity in those type of spaces. >> we have got retailer out. poshmark results just crossing the wires. courtney >> hi there. so a wider -- a loss of 9 cents here the street looking for 7 cents and not sure if it's comparable. still a loss as they find
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profitability. you can see shares down sharply almost 23% now revenue weaker than expected the fourth quarter guidance range of 80 to 82 million is below street expectations of 85.2 million the ceo does point out the sixth consecutive quarter of operating profitability and difficult comparisons and the apple privacy changes and the increased marketing spend to grab some new buyers and they are looking for growth driven by the investments spent in the product innovation announced to open up the platform to brands so they can sell either excess or returned merchandise directly to shoppers there through almost a marketplace model and also expanding the authentication
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services however investors are not impressed for the third quarter. back to you. >> yeah. looks like the guidance also a big miss on revenues and adjusted ebitda. thank you. mimi, i wanted to did you about the banks. i think you like the regional banks and we have seen this rele relentless rally in stocks and the banks are down for the month. >> yeah. we view it as part of the continued recovery trade we think as rates reprice and you mentioned earlier the long end of the curve is seen lower yields and we have -- that's been a global phenomenal the flattening of curves of the past say week but we have seen a good deal of repricing in the front end of the curve, not affected the broader markets negatively and expect regional banks to continue to perform in -- as we
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move along toward further tapering and likely see higher rates continue in the front end. >> we have to leave it there thank you for joining us. >> thank you. coinbase shares crushed. up next an analyst where this is a buying opportunity plus pricing watch for an ev maker ipo. we'll bring you that number as soon as it is released we are back in two minutes on "closing bell. this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones i'll shoot you an estimate
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aurora cannabis results are out. hi, frank. >> hey there up a percent after a very slight miss on revenue. 60.1 million canadian dollars. we're still working on the eps number aurora gets more revenue from medical cannabis up 23% year over year.
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but 95% of sales in canada are recreational and the sales declined but just yesterday an investment in a dutch cannabis company to enter the market in that country aurora said it expected to reach profitability in 2023. shares of aurora up about a percent after a slight miss on revenue. we are working to figure out the eps number back to you. >> yeah. down now 2%. thank you. coming up, talking to the ceo of aurora cannabis about the results and what's happening in the space. doordash results are out deirdre? it is going to be acquiring helsinki, norway, based company
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volt and all stock transaction combined company to operate in 26 countries, israel and japan the volt ceo and co-founder will run the international business and report to the ceo. shares are down about 6.3% at the moment wider than expected loss of 30 cents versus expected. it's a beat on revenue so that pace of revenue continues to decelerate from pandemic highs order volume better than expected in terms of guidance. q4 gross order volume guidance better than expected adjusted ebitda in the fourth quarter expected of zero dollars to 100 million adjusted ebitda in line with the previous quarter the big news is that nearly -- u.s. acquisition to expand the
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footprint and in greater competition with uber around the world. back to you. >> very interesting. thank you. do not miss jim cramer's interview with doordash ceo tonight. coinbase plunging after reporting a revenue miss joining us is devon ryan looking across the metrics, looks like a miss against everything what happened here >> yeah. looks like a miss. we were looking for 1.5 billion revenues roughly where the street was looks like the fee rates they earn on trading were down, lower than expectations and really it. we knew it was going to be a slower quarter for trading the bigger story here and the
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reason coinbase is up 50% is that this isn't just a trading exchange if you buy it then you got the wrong stock. this is building out the ecosystem and we are seeing progress on that nfts. the partnership with facebook and many more things and the story here the bar is high. last point, crypto volumes on coinbase up like 80% quarter to date and third quarter is slower fourth quarter is off to a great start. i think that i wouldn't read too much into one kind of laggard quarter for them. >> is that not highlighting that they are reliant on trading revenues and commissions specifically obviously. >> yeah. they absolutely are. that's kind of a story today they need to diversify away from the trading because it is
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volatile, transactional and quarters like this again if they're as reliant on it that's not the thesis. over time trading is less. look at nfts they had 2 million people on the wait list in a week. the leading nft platform with a couple hundred thousand people on the platform and general rating in our opinion close to a billion dollars in revenue and coinbase is getting into nfts. that's an incremental hundreds of millions of dollars of revenue. you have to believe in the crypto economy to continue to develop. coinbase is building out the plumbing for that and we are in an early stages. 73 million verified useders. that's a big statement in our opinion. >> who do you view the competition, robinhood, some other players getting in like an interactive brokers?
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is that going to threaten the high hopes for this company? >> i think in trading is more competitive. you saw some decompression on the trading rates this quarter we are not overly concerned about competition overall because people that are viewed as competitors, facebook is a great example. people thought that if facebook would be a competitor for coinbase they're a partner and potential client we wrote about coinbase building the amazon aws of the crypto economy and i think what coinbase will look like over time where they develop an ecosystem a lot of firms that look like competitors will be partners and they have hundreds of engineers you can't create them out of nowhere and firms clearly want to be in the space and have resoirss and don't have the technical expertise that coinbase built over a decade and
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that's worth a lot that i think is why they are a key player in the space for years to come. >> thank you for joining us. good to see you thank you. >> shares of ai lending platform upstart are plunging on innings. josh >> upstart falling hard. eps 60 cents better than expected 220.85 million on the top line f forecast is above estimates. back to you all. >> wow just the latest to do so with poshmark and others. thank you. doordash shares are volatile after a larger than expected loss those results from an analyst saying the stock is overvalued and the ceo over aurora cannabis don't miss that interview coming
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up on "closing bell. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. 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.
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more earnings out. fubo tv. julia? >> the revenues beating estimates 156.7 million versus
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the estimated. the company reporting a loss of 74 cents per share unclear if that's comparable to estimates but did increase the guidance for the fourth quarter forecasting 205 and 210 million. that compares to 180 million estim estimated so that full range higher than expectations and the user number surpassing what analysts projected the company saying that it actually as of now has surpassed 1 million sub scrubbers. ended the quarter with higher than anticipated users and shows growth into the first month or so of the quarter saying 1 million is a big milestone and anticipate user growth higher than wall street expectations and the stock down more than 5.5% seems like that bottom line miss
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is -- or potential miss and the loss could be seen as a miss there. guys >> thanks so much, julia the guidance revenue side good. >> the stock is well off the early year highs and valued as if it's on the company that's the market cap. i think that's where it's all about. xaes the speed to realize what your potential in the market shares of doordash lower as we were discussing ceo tony shu on with jim cramer later tonight. >> today's news it really -- the partnership with wolt will lay the foundation for 20 countries and gives us the foundation to have single threaded leadership and focus on building a global
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business. >> that full interview later tonight at 6:00 p.m. shares higher in the last moment bring in ali, senior analyst at morningstar. thank you for joining us what do you make of this acquisition? >> actually in our opinion it makes sense. this is a firm with the peers like uber that needs to basically strengthen that network effect and the way to do that is consolidation. as you expect growth rate is going to decelerate post-pandemic and need to expand in additional areas so from a strategic standpoint the acquisition does make sense. >> $8.1 billion? it's a big deal for them any sense of the price >> not yet but that's probably
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what you would expect in terms of the size of the deal. mainly because there are a few large players out there especially in europe uber eats is one in order to compete more effectively with them and strengthen that network effect out in other areas some larger acquisitions are necessary in this space overall consolidation is expected. as you probably remember doordash did acquire caviar, uber eats and came in and grabbed grubhub and these activities are necessary to maintain the market leadership or position. >> what about the quarter itself >> the quarter was actually pretty impressive. the take rates improved slightly
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the ajusted ebitda margin is pretty good. so they continued to see increased or i should say increase in frequency. the number of orders so all of it looked positive for the company. >> thank you for joining us. >> sure. >> stock now positive having been down 3% or 4% shares of aurora cannabis reported moments ago and trading. we'll have that for you in a moment down 4.3%. we will be joined by the company ceo shortly. plus will disney earnings rr turn around the company? that's later
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welcome back it is time for a cnbc news update with shepard smith. hi. >> hi. from the news on cnbc here's what's happening ten more former aides and advisers to former president trump hit with subpoenas from
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the committee investigating the january 6 insurrection there's some people closest to the then president on the lead-up to the capitol attack. among the former senior adviser and the press secretary. no word yet from any of the ten on whether they'll comply orr instead risk contempt charges. pfizer and its german partner biontech filing today for emergency use of the vaccine for booster for everyone 18 and up based on the phase three trial of 10,000 participants saying it's safe and effective and 95% effective against symptomatic covid. the hallowed ground of the unknown soldier open today through tomorrow the general public will be allowed to laid flowers there. more than 12,000 people signed up part of the 100-year
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anniversary. to be celebrated on veterans day thursday the site at arlington national cemetery is a grave since world war i for unidentified or unlocated members of the united states military. tonight live in houston with the latest on the investigation of the astroworld tragedy and why there wasn't a security plan in place for crowd surge right after jim cramer sara, back do you. >> thank you see you then check out shares of aurora cannabis moving lower after hours. the ceo miguel martin joins us now for an exclusive interview good to have you back. welcome. >> thank you. >> looked like a slight revenue miss talk about what's happening there in the cannabis market i feel like it's been a weak quarter. >> i would say what's important is transformation plan is on track. looking at the key initiatives
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we have 33 million of the 60 to 80 million announced and we have expanded the canadian medical business internationally the medical business has grown well. big announcements in the netherlands and israel there's announcements in gent genetics and working progress there. so look at the overall plan we're doing quite well. >> on track for positive -- profitability first half next year >> absolutely. yeah absolutely when we look at the progress that we have made quarter over quarter and built on the strengths and on track to hit the target of neutral by the beginning of the fiscal 2023 >> what's the outlook for market share in canadian recreational and whether that will stabilize or improve again any time soon >> the question in canadian rec is do you want to make money or
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chase a market we are three years into and discount and large format flower is growing and made the decision not to chase that unprofitable volume and we think it is smart and seen competitors adopt the same strategy. we have growth in the whistler format but the reality is having a globally diversified cannabis po portfolio is the best approach we see gains and performance internationally in medical and where you see the profitability. >> what moves the stock? you know this more than your fundamentals and the earnings is hope for decriminalization in the u.s. there's a report that house republicans have a bill to come this week to decriminalize it. effectively remove it from the substances act is that something you hear about and know about >> yeah. listen
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i spent 25 years working with the dea, atf and very keen and in tune with what's happening in the u.s. what we have heard from the biden administration consistently is medical and decriminalization. while i respect the recent development i don't think we're there yet but the reality is when that happens you're going to see companies that have a long history in medical and compliance with an advantage us doing well in germany, israel, the uk, the netherlands with the long history of compliance and the work we do there and do well in israel and other places are the same reasons to do well in the u.s. and keeping an eye on it the other thing i'll mention is looking at the strategy right now it looks smart chasing those assets in the u.s. now down 60% to 70% wasn't the right thing to do without a structured deal. we'll be ready when it happens but having a strong globally
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diversified business that makes money is the best approach. >> which of those countries that you mentioned are you most optimistic and excited about >> germany is a huge market and number one in flower and growing there in oil and a big market. we see about a tenth of the adults getting cannabis there that we would say in canada. the netherlands we are wildly about. we are partnered with a licensee projected to be as big as cannabis second largest rec market. looking at places like the netherlands and israel where you can have outsized performance those are exciting to us. >> wanted to ask you about the infrastructure bill that congress passed because there was a provision friendly to cannabis in that i guess it allows scientists to buy from local dispensaries and not
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government produced facilities >> i think it's really important. when you look at clinical trials and the science the fact that the u.s. really hasn't participated is important. right now there are limited opportunities and licenses for that type of research. the expansion is important this is work aurora is doing in canada and around the world and hopeful that we'll be a part of it why it is a big and important piece to bring it more into the mainstream and a big part of the overall future of this business. >> thank you for joining us fresh off the earnings. >> thank you. coming up, it's as easy as taking cash from an atm but you get cryptocurrency like bitcoin. they're known as crypto atm s. why are they are law enforcement's radar? a cnbc investigation coming up
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pfizer ceo speaking at the "the new york times" deal book conference moments ago meg tirrell has the details for us. >> hey half hour long conversation with andrew sorkin covering the booster news, anti-viral and asked by andrew about the ancy vaccine movement and had this to say about the people
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deliberately spreading misinformation about vaccines. >> people that want -- make money some of them by playing with the emotions of these people, are creating a whole conspiracy theory and they are trying to basically to benefit and profit from this fear of the people and this is who are the criminals. >> now he said the folks getting swept up by the misinformation is understandable to be afraid but saying that the people deliberately spreading misinformation, those people are essentially making criminal acts this came after a funny exchange where andrew asked him about the situation with the aaron rodgers controversy. he said he's not familiar with aaron rodgers. andrew asked him about joe rogg irn and said not familiar with him either back to you. >> thank you. let's send it to mike
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santoli for the s&p 500 performance compared to non-s&p stocks. >> we talk about them brace of risk in the fourth quarter and that a lot oftimes means looking at small cap stocks and large ones that aren't in the s&p. that's what this vxf does measure and lifted off from the s&p in the last month. maintained a big advantage all year but not so big as the junk speculation in the first part. meantime the s&p 500's forward pe multiple expanding so this last phase of the rally is less about tracking earnings growth and it's been paying up and betting to continue. so what we talk about is this last little burst higher most of this year the general trend is multiple compression. we'll see if this a blip higher.
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>> thank you so much. still to come, an increasingly common way to buy cryptocurrencies like bitcoin at crypto atm you can use the phone and you can buy it that way. we'll dive into that story coming up next alrigh are playi. i've never seen anything like that before. harris now appears to be burping the baby. that's a great moment right there. the ref going to the rule book here. what, wait a minute! harris is off to the races! we don't need any more trick plays. touchdown!! but we could all use more ways to save. are you kidding me?? it's going to be a long bus ride home for the defense. switch to geico for more ways to save.
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the fbi is warning about schemes with atu the atms are found around the country and accept cash and other crypto currency for months cnbc has been investigating this we have cash in, fraud out at one of the largest bitcoin conferences in miami, nearly everyone is talking about cashing in on crypto currency. >> you can use any wallet you would like to use to store your
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crypto currency. with more than 26,000 kiosks around the country it makes it oosy, but they can also have fraud. many m found to be operating with no oversight even though the owners must register there is no id collected, no photo taken, no address. >> and that opens the doors for criminals. >> yes >> what do they do with it >> anything, dark web, fraud, scam >> more than $70 million deposited for crypto currency purchases between 2015 and 2020. many companies allowed customers
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to buy up to $900 with only a cell number or no information at all. >> is that a bad idea? >> yes, because it could be any name and could come back to any number >> which is handy for fraud. we wanted to see how easy it was to buy bitcoin with just a phone number a cnbc producer tested it out at a new jersey convenience store it only took a few minutes to complete the transaction they say they take knowing customers identity seriously and will only allow it with a cell phone number if they can verify who is buying crypto if not they ask for id >> this chicago based company is trying to clean up the crypto
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atm industry >> customers would not believe they would want to be victims and would state i am going to go to other atm companies who never ask any questions and let me get how much i want. >> there was a study for universal standards. much of it wound up on the dark web. customers are asked to provide a verified government id and this company allows people to purchase up to $900 in crypto with just a phone number >> is it safe? >> if you are sending it to someone you don't know, you have the same problem
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we want everybody to it be able to buy $50, $100 in bitcoin regardless of their immigration status and regardless if they have an id everyone deserves access to it >> we know how the system works. we have been doing this for six years. we know how to keep people safe. >> new jersey now has pending legislation that would require all crypto atm operators to get a license in that state. around the country it requires widely some states require a license and others have no requirements at all. >> they have some work to do up next, walt disney a look at disney subscriber growth and park attendance we will break what should be on your radar, next
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now to our look ahead on the data front julia has a preview of disney for us
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>> investors are hoping for a continued rebound at its park division white subscribers are warned of production delays. analysts are far more bullish. the consensus from the analysts is that the addition of more than 9 million new subscribers analysts project the company will grow revenue 28% while they hope to swing from a loss to a gain in this fiscal fourth quarter. guys >> thank you tomorrow our interview with the ceo of adidas. looking at disney, mike, it is still down for the year. >> it has had a rough road actually, the expectations of this coming quarter are down
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about 20%. i think arguably people are braced for slower growth parks, they are not harvesting from there reaction to earnings in general shows investors are tight. >> paypal. >> that's going to do it for "closing bell. "fast money" begins now. >> this is "fast money." i'm melissa lee. tonight's lineup -- tonight ge heads to splitsville. the industrial giant is breaking into three separate companies. but will that unlock value for investors. and

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