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

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communities, shareholders and the environment. the top 100 is the list of the 100 company that is do best across all sectors on those five stakeholders. >> we got to go but thank you so much and we look forward to the just 100 to see sometime early next morvet. >> thank you for watching "power lunch." >> "closing bell" starts right now. hello and welcome to "closing bell. i'm sara eisen mixed session on wall street the nasdaq under pressure heading boo the final hour of trade. >> i'm david faber in for wilfred frost. let's look at what's driving the action tesla, peloton, zoom weighing on the nasdaq 100 we did get positive news on the data front weekless jobless claims at
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184,000, the lowest in five decades. crypto is having a rough session. bitcoin trading back below $50,000. >> wow peloton down 12% tesla down 5 three lawmakers at the forefront of global tech regulations talking to senators marsha black burn and richard blumenthal who led the hearing about protecting kids online and hearing from margrethe vestager of the european union. >> mike santoli is tracking the market action and sara has more on the amazon fine mike, let's start with what you are focusing on. >> the market regrouping after going up 3.5% in 3 days to start the week powerful rebound
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the low of last friday can probably be considered the low for a while but what's the head room here? that remains a question. so again nothing surprising about taking a pause but just a one point above 4701 not one of the five closes at high as 4705 starting to look as a barrier until proven otherwise for the market this was another kind of pretty powerful pullback february into march and then make a new high roll over, test. never did go back to that oirnl pullback low it is the plus 25% year to date level. s if worth noting. maybe a mental accounting thing for the markets. s&p 500 is outperformingi
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everything in the market you did get a real strong bounce in the rest of the market as the s&p did but it's sort of rolling. that's broken growth stocks and small caps in terms of nasdaq it is concentrated again nasdaq 100 which itself is top heavy with the top five holdings so the come positive it is over 3,000 stocks nasdaq 100 is 100. back here in of course at the depths of the market in march 2020 the largest head you will better and then a peak of faang mania and pandemic stocks and september 1 last year. we are above that. an optimistic way is to say it's catch up potential and where the market cap sits is getting top heavy once again.
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>> watching apple. we all follow it closely up again today not quite 3 trillion the performance of the stock is staggering. >> it is amazing of course up more than 8% motto date nine days into the month and does go on the streaks the apple kind of goes its own way and at times seems to be lagging and did from september 1st last year to this year and now seems to be doing more work than the rest of the big stocks throughout i don't know if the $3 trillion mark is out there. it resembles the stock last december up 15%. november 30th last year to right after christmas. who knows if it's seasonal there's definitely lots of fevered interest in it. >> thank you
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see you soon amazon under fire. italy fining the tech giant $1n't be 3 billion saying amazon is harming competitors by favoring sellers that use amazon's logistics service and faces another invest by the european commission over anti-competitive behave. i spoke to the eu commissioner for competition and how they're working on this case. >> >> we compare with the italian investigators. when we open an amazon case we made a carveout in order to continue what they were already doing. >> they didn't steal your thunder here it is not about stealing thunder but making sure that the market is open and contestable and this
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case contributes to this purpose. amazon said they'll appeal and a disto disproportionate and large companies are not dominant just because they are large and the presumption that success is only a result of anti-competitive behavior is simply wrong what do you think? >> i think it is unrelated to the case of course it is a valid point that being successful means you have done something wrong and being big is not a symptom that you will be doing something wrong. so i think it's tonimportant to have the discussions but with retail there is a difference of brick and mortar and online marketplaces
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i think everyone can see that intuitively and part of the foundation for the cases of the european commission. >> do you think amazon is acting unfairly to the third party sellers that use the shipping services >> we are looking into a similar issue but we have no conclusions yet so that i don't know we also are looking into the issue of amazon enabling the data from the small merchants of the amazon marketplace to be available for amazon retail and by doing that giving them a huge competitive advantage so we have a data case just as well as a case about how to get into the buy box. does that depend on whether you use amazon fulfillment or not? >> we will have much measure next hour and google on the new
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apple charges and regulating m&a in europe and increasingly doing in europe. on this case in particular, what the italian authorities allege is amazon through the dominant market position gets the italian sellers to use the amazon fulfillments and those that use others get left out. so it was specific but the e u s looking into it. >> they have said to be ahead of us with dealing with the platforms. so glad i was here for the interview day and i miss them. >> there you go. got more in the next hour. >> can't wait. >> apple and much more and two tech lawmakers here or lawmakers that are trying to regulate tech. >> blumenthal and blackburn. unlikely couple those two. you will see them together. >> in agreement.
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>> with social media and see them shortly speaking of xwhat's coming up, we'll ask the ceo of abercrombie what she is saying from customers in stores and online you are watching "closing bell" on cnbc.
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welcome back let's give you a quick check on gamestop the original meme. near session lows following the earnings release last night. down over 12%. sara >> up 1,000% over 12 months or so all week we have been taking a closer look at the consumer and this afternoon with am congressman by -- abercrombie & fitch. there's potential impact on q4 and beyond joining us now is the ceo fran horowitz welcome back >> thank you for having me. >> how's the holiday season going for you and what's different this year with supply, merchandise and what you see from consumers >> sure. we reported before the black friday weekend at that point we were excited
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about the third quarter results, seeing a healthy, strong consumer particularly in the united states. the third quarter performance in the u.s. up. our brands honestly are firing on all cylinders >> you really have turned this business around. in the last quarter sales highest since 2014 why do you think the market didn't give you credit and is selling off since? >> thank you for noting that we are excited about the performance. we had the best up quarter in a decade i'll let the analysts comment on the stock price. i focus on the business, the long term. i'm sure you saw that our board disapproved a $500 million buyback. that shows the confidence. lots of excitinging things and focused on the long term.
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>> when you held the conference call reporting the earnings you said the delays in the supply chain expect you to deliver new ps leading up to the holiday peak are they seeing newness in the stores right now how's it going >> yeah. usually we have most out goods here by black friday we can surprise and delight the consumer up to peak receiving goods on a weekly basis. we market to that point so we have newness online and in the stores and exciting to have a new flow to product and will learn a lot. >> are the production delays better over worse or the same? >> as far as the production goes all of our factories are opened up and running there's delays getting the product here for the consumer.
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we have put up with the challenges out there hats off to my team that's been able to navigate it and get the product successfully for the c customer. >> you said you learned a lot. what will you focus on to learn so next year you put things to work >> that's the opportunity. i think the opportunity to flow goods on a weekly basis and not have it all here prior to black friday will help us flow the whole quarter differently and continue the surprise and delight the customer those that shopped early they'll come back and see newness and a reason to shop again. >> new jeans everybody wants new jeans right now. right? >> yes they do. >> why what's going on? >> the silhouettes totally changed. >> the silhouettes >> the styles. how long
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people are throwing out the skinny jeans buying wide leg, flare. >> you're spot on. yes. a couple things are happening. >> i try. >> we see brands and genders a lot of newness the kinnie is still here but there's lighter washes and across mens we see the same thing. the straight jeans are selling seeing newness across both genders. >> i'm curious of marketing. you have invested a lot. i wonder how much tiktok and instagram are part of your markets budgets rite now and dictate what is cool and fashionable and what teens are buying and gaming, too. >> superevxciting.
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we have marketing teams doing inno innovative things. we had a tiktok takeover and 75% of the consumers saw the brands all week which is very exciting. the consumer is responding faster than ever you mentioned gaming 90% of the kids today that consider themselves gamers and part anywhered with the world champion for fortnite for product with him and the chief gaming scout and helping us bring gaming into that community. bringing product into that community. >> got it. thank you for joining us. >> thank you happy holiday. >> you, too. >> bye. next, how americans feel about the economy, how they really feel. the results from the late oes
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east survey and the surprising number of people who think it's not a good time to invest in stocks as we head to a break, check out the top searched tickers on tesla makes the list today down over 5% weighing on the nasdaq we are back right after this when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary.
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welcome back nasdaq under problem here with 37 minutes left of trading the pain being felt in names like tesla some winners, nvidia, microsoft, amazon all under pressure. you have balance with strength in names like cisco, regeneron and looks like most of the tech names are under pressure looking at the overan up shortstop and the sectors there, technology is under performing tesla is a big part of that story. >> tesla and the high fliers
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lucid down 17% after a convertible notes offering let's get the results of the latest survey with some surprising findings about how americans view the economy steve liesman has the details for us steve? >> yeah. americans head into the holiday season down beat on the economy but upbeat on spending 41% of americans believe the economy will get worse in the next year. still far from normal levels of 30% and down from a year ago the number's driven by a partisan split those negative views come as inflation is rocketed to the top of the list of concerns among the public the survey of 800 americans finding 43% saying higher prices is a biggest concern compared to
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38% saying the virus and views on the stock market are pessimistic at 33% say it's a good time to invest. despite the negative economic views americans plan to spend 13% more on this year on the holiday gifts. the most in three years. some because of higher earnings or higher prices there's strong expectations for wage growth and maybe coming to spending for the holidays optimistic earnings outlook beats the pessimistic news after ten years i'm straight legs now and now i got to change? >> i didn't know what a silhouette was. >> come on yes. everything changed after covid especially jean style. go wide leg, tapered or flared >> i didn't get the memo. >> i learn on "closing bell" or with sara in general. >> talk to the 16-year-old
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daughter. >> yes she would teach me a great deal about fashion. i did note that it's a fairly negative view that investors have from the survey 33%. how does that compare or always negative >> no, not always. an average number is 40% are positive what's more interesting is what we break out those with portfolios of $50,000 or more. almost net positive on the market they have come down a lot. 40% of those come pyred to an average of 55% of those with big portfolios are pessimistic now >> steve, thank you. just looking at the nasdaq hitting session lows down 1.7% dow is negative and is looking at session lows. down 12 on the dow big sell-off especially in technology now for the nasdaq. s&p down about .7% thanks to
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strength in some of the more defensive groups today like health care. earnings from broadcom, oracle, lululemon and chewy. all the stocks are down today. the numbers when they hit and an exclusive interview with the ceo of chewy and as we head to break a check on bonds rally day today. a mixed bag across the curve but rallying on the 10-year. 1.48%. "closing bell" will be right back
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near session lows for the nasdaq as the tech sell-off picks up steam time for a cnbc news update with ra tell solomon. daunte wright's girlfriend describing what happened after being shot by former police officer kim potter said wright was gasping. potter said she intended to use the taser but fired the handgun instead. a michigan school district is hit with two $100 million lawsuits by the parents of two oxford high school students. and in texas a jury awarded
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a $301 billion settlement against the bar in a suit brought by the family of two people who were killed in a crash with a drunk driver and said the bar served a doing royce amount of alcohol before the crash. in kansas police and animal control officers had hands full as a camel escaped it had taken a stroll down a highway and visited a golf course the police department there saying apparently camels are very fast and can run up to 40 miles per hour you know >> yeah. they also -- they're not the most friendly from what i recall in my time with camels which is relatively brief and like to spit on you. thank you. today marks the moment of truth for starbucks unionization
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efforts. kate >> in that vote count wrapping up workers at a starbucks location forming the first union at a company operated starbucks store in the u.s three individual stores voted with the union and starbucks prevailing in a location one unresolved camp road a win for starbucks with eight in favor and 12 against and the union said that some ballots are missing genesee street, unresolved we won't get a result on this store today. these results need to be certified. both sides could challenge in the tallies. they said they were nervous and confident and said it was christmas eve and stock only down less than half a percent.
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the stock not move ogen the news back to you. >> thank you. meta striking a nerve with washington lawmakers >> today i am just a little bit frustrated i'm frustrated because this is now the fourth time in the past two years that we have spoken with someone from meta as you are now calling yourselves and i feel like the conversation continues to repeat itself ad nauseam. >> after the break, the leaders of that hearing will join us to discuss the testimony and atwh comes next
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head of instagram testifying in front of the senate commerce subcommittee yesterday on the impact of the app on young people unc unchange making headlines asking about the company's plan for an app for kids listen. >> will you commit to make the pause on instagram kids permanent? in other words, stop developing a site for an app for children under 13 >> i can commit to today no child between 10 and 12 should we manage to build instagram for 10 to 12-year-olds will have access to that without parental consent. >> let's bring in senator richard blummen that will and senator marsha blackburn
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thank you for joining us i assume that answer wasn't satisfactory to you. so what can you do about it? >> first of all, i think you were very polite in the way you characterize it. not complete or clear answer what can we do about it? we can't put thumb screws on him but we can make known to the world that instagram is continuing to market and drive content to kids, destructive and toxic and addictive and can't rely on them to self police. they have absolutely betrayed whatever trust they had and we need now government intervention to make the algorithms that drive that content transparent it is used to in effect hook kids because they're so
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addictive and those content like eating disorrers, bullying, self harm that almost every parent in this country knows exist out there and broken lives we need to now do something and i think very importantly what we can, senator blackburn and i, she has been a tremendous partner in this effort is to develop legislation. >> senator, wanted to ask you about that and whether you find yourself in an odd position as a conservative republican pushing for a heavier hand in industry and what that looks like. >> this is an issue that i have been wokking on for a decade and indeed the first online prooifr sy bill i brought forward was in 2012 and continuing to work on the issue of child online safety and
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privacy, online privacy for sk consumers. and section 230 reforms. those are the areas to touch, improve, put down the guardrails to make certain that industry knows to stay from here to hire but they can't go outside of that having that clearly defined, one standard, one federal standard, federal presumption, this is something people say we need to see this so that online space is going to be safe and secure and people can protect their privacy for children and online consumers. >> senator blumenthal, i'm struck seeing you two together certainly this is an area to
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agree on and described her as a partner on that. given that and bipartisan at hand here, where are we on the bill when will you have something to bring to a senate if not the house as well? >> quick answer is very soon because the partnership really is going to produce a bill i feel pretty sure we already have a kind of framework. i outlined it yesterday at the hearing. we need to safeguard privacy as senator blackburn just said so well the privacy of the data, reams collected from kids by facebook and instagram, youtube privacy is important and parental tools and controls so they can protect their kids. and then transparency. the visibility of theal go rhythms to drive the content to have access to them and can
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actually stop the deinstructive content and then also section 230 reform the sites have very extensive immunity near unique in any industry and the uk has a code protecting children that provides for a duty of care maybe we should look at that, too. i think there are a variety of bills to pull together and if you saw that hearing yesterday what was so striking and so remarkable is the unanimity of bipartisan concern and outrage there is nothing partisan of harming kids or really about trying to protect kids from this kind of harm. >> yes. >> i wanted to pick up on the algorithm. that was a big theme a lot of fear and legislation and it and auditing and being
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more transparent what is that can you define the algorithm and define how to use legislation to get at that? i would say that's the trade secrets of the company. >> well, many times what you will hear the social media p platforms says is they say they feed you more 0 of what you want because the longer online and the more eyeballs they attract the richer the data. one said they were a big ad company and good to get that admission from him that that is what they are. they're an advertising company and senator thune has a bill, a bipartisan bill, a filter bubble bill and with artificial
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intelligence you know they build the algorithm to push you to a certain topic and feed you more information on that topic then that is what you see more of what we know from parents, teachers and pediatricians is sometimes it is the pushing of children into following certain celebrities, absorbing and seeing and hearing certain content that leads to some of this self harm, the mental health issues that children are experiencing also this is the type activity that leads children to have ped fines, predators, traffickers who may be following them. so what we are doing is as senator blumenthal said there are several people on the
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committee who have written bills to address this. we are through the process of pulling together, drafting text and look forward to discussing it with you soon. >> keep us posted. senator blumenthal, too much pressure on facebook why not look into the issues relating to tiktok, snap they also have similar demographics >> great question. in fact, instagram's greatest fear is losing its users to those sites because maybe they're doing more to heighten the interest or the eyes that are glued to their sites so you are absolutely right we need to look at social media as a whole and they were witnesses in the hearing held just before this one this was the filfth. we may have more the fact finding is revealing
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and moving beyond to real solutions. we want more than fist shaking but real remedies so the remedies will apply industry wide, soecial media wide. the harms and the content of the algorithms is common to the sights as a whole. a dimpfference is the others committed to make them trance parent instagram has not. >> wi appreciate the time. >> thank you. >> thanks. >> thank you the stock is little changed. the market is not worried. >> very interesting in the way when you hear two senators and the bipartisan nature you have to believe there might be action to get passed. >> we hear about progress and progress
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you're not doing anything. the lawmakers haven't done anything either. >> it happens slowly and then suddenly. cvs pops and the top picks of jim cramer for 2022 those stories and more inside thmaetone rk ze.
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closer look at the inflation picture. >> supposed to be a hot one. but first we are now in the "closing bell" market zone cnbc's contributor mike santoli here to break down the crucial moments and we have stephanie link welcome. mixed picture here for the major averages dow in the green again and the nasdaq and s&p in the red. the nasdaq lagging down more than 1%. can't blame treasury yields lower today. maybe angst from inflation report tomorrow? >> definitely an overlay it was a weaker bounce it seems the big growth stocks are where there's the heaviness of profit taking and tax loss selling. it is probably still relevant that the s&p stopped the same
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place for the fifth place. we used up that oversold condition. two-day opening bounce is powerful and i think people look on that chart and say look who's to say we don't drift lower? >> up 3% on the week the s&p. >> the nasdaq down 1.4%. stephanie, what caught your attention today if anything? >> it is actually this week because we talk about the macrodata. super important. this week we learned about the macro of fundamentals and what companies are saying and seeing and i just want to give you a couple examples. ge increased aviation sales by 11% higher than the street and the stock is down today which is silly. american express in this week at a conference season they raised the high end of the guidance for 2022 because travel and
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entertainment is stronger than expected we haven't seen business recovery yet and there's upside so that name marriott is opening 30 luxury hotels next year and then a bunch of shareholder friendly actions. so while i think the macro is important but days like the day after thanksgiving stocks are hit hard and i say want to own the names doing really good things so i think that's what the theme was for me. >> stay there. i want the friend jim cramer with a special event today where investing club members ask him about the ideas for the next year this is about disney. >> i think disney is way overly hated. some worries of the pandemic,
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some belief that maybe management isn't strong. i have to tell you that when you have an iconic franchise and buy 50 points below where it's been start buying some. >> down 15% or so for the year jim recommended wynn and wells fargo. >> i agree on wells fargo and wynn on disney i don't. i don't think there's a catalyst last year the stock rerated. they're the beneficiary of a stay-at-home fast forward this year missed on subscribers for disney plus core and they're still guiding to the same numbers by fiscal 2024 in terms of sub growth and spending more money to get there. more than the $9billion gave guidance on and then the core business margins under pressure. i think it's probably not going
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down more from here and i don't know if there's a catalyst and trades 38 times earnings and the sell side is 37% buys on the stock. i think you have time on this one. >> let's hit cvs one of the best performers right now in the s&p karen lynch hoesing the day. bertha coombs spoke with heir earlier. >> shares rising today as the company booths the 2021 outlook and raised the dividend and committed to share buybacks. ceo karen lynch putting primary care at the cent every of the health insurance strategy saying vaccines got customers to engage to grow that connection they add for physicians into the mix which could involve acquisitions but not at the expense of
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buybacks. >> we did a share repurchase program and committed to offset delusion and then we'll continue to rlook attal termtives we'll do something that financially makes sense. >> but trying to bring on more physicians is a very competitive situation with labor and for physicians in particular guys >> bertha, thank you it's also been a tough day for tech but a buffett-backed fintech name is one of two stocks jumping in the debut today. deirdre bosa has the details deirdre? >> new bank and hashi corporation up in their debuts. a mooted beginning compared to the average 31%.
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which some could argue means they were more accurately priced didn't leave money on the table and could signal a change in the ipo market more than $160 billion raised and disappointing for performance. big names down 20% or more from the peaks and perhaps the investors that bought them at the peaks turning cautious and seen the trend since the beginning of that year and the pop lessening on average. >> lessening is putting it nicely we have record number of companies that went public now that includes spacs which so many are trading below ten and not a great year other than the first day to own the new issues, has it >> no. we showed you a chart. the day after that first day pop the average return is negative
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17%. so it's those people who are buying on that first day but the people and a lot of time retail investors buying when they can left holding the bag and seen the trend and it's certainly happening in the tech space. i think all but one tech listing fallen into bear territory over the last week or so. >> consumers names, as well. what do you see in the markets internals heading into the close? >> sloppy. yesterday even though the market is flat the internals strong stronger advance decline line. today to the negative side most of the day see that almost 3 to 1 declining to advancing volume on new york stock exchange a giveback day take a look at a strong area of the market
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road and rail index. this is a subset of the transports it's been clicking to new highs. basically four railroads and a trucking company and a decent economic bellwether. it stripping out airlines from the transports volatility index is rebuilding record decline from above 30 to 20 10-point drop never happened before at those levels anxiety building getting boo the cpi report tomorrow which might be the known catalyst to keep people hesitant. >> yeah. t health insurers are strong today. hear the applause building within 20 secondses or so of
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that closing bell. sort of tech ending the day on a week note with the nasdaq down 1. 7%. the broader market, s&p down .7 as we get you to the close here. negative after -- very strong sessions of late sara ♪ down day still tracking for the best week for the s&p since february welcome back to "closing bell. i'm sara eisen with david faber in today for wilfred frost and mike santoli investors are set for big tech and retail earnings. we have results from oracle, broadcom, costco, lululemon and chewy and the ceo of chewy to break down the numbers before
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the conference call. stephanie link from hightower is still with us. you mentioned you were looking company specific i'm surprised you didn't mention jobless claims for the one handle on top of it today making sense. if jobs are so hard to get they should not be firing workers and see new postpandemic lows there. how do you feel in light of the worries of omicron and the fed >> well, the data is coming in better than i expected and the cyclicals, the portfolio is outperforming the market you mentioned initial claims impressive the more impressive number and confusing number is jolts number knot of 11 million there are jobs to be had and people are not getting them but
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wages are higher, about 4.8% that unit labor cost number 9.6% this week is huge. this is why the fed will increase the taper maybe high every rates can be supported. i'm well positioned in terms of financials. >> yeah. well, stay there we told you act the results from the cnbc all america survey. inflation has eclipsed the coronavirus as a number one concern and next guest agrees as far as the market is concerned let's bring in dave suzuki why is inflation a concern for you, dan >> thank you for having me omicron is not the big risk to portfolios i think inflation and the bubble in markets are
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on the inflation side i think clearly there's some pandemic related transitory components going on and last longer than people think and when you step back and look at the long term drivers, stephanie mentioned unit labor costs leading cpi and looking at shelter putts pressure for the foreseeable future but the economy is much tighter way before anybody heard of covid a ten pressures continue as the economy continues to grow. >> and i know you've also along with richard as well been talking about a bubble what is it about this market that is giving you concern that we may at least in some sectors in a bubble? >> yeah. it is not just that the market is expensive i think the difference of a speg lative market and bubble is
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bubble persuades society people are talking about marks and what to invest in. those are clear signs of the bubble levers trading volumes. it's been met with flying colors and the biggest concern to position for not just a risk but a huge misallocation of capital and creates scarcity and opportunities. >> we expect cpi tomorrow and the economist forecast is 6.8% very high. very hot more than last time. highest since '80s it's a string of hot inflation after another and the s&p up 20 something percent this year. so what is the market relationship with these numbers? it did feel like a little bit of sell-off. >> tomorrow is a royshach test
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>> 6.8% with the headline. >> that's what it is the president today said the drop in gasoline prices isn't reflected in the friday number and then every trader says does he have the number a statement of fact. prices coming down this month. i think the reason is total nominal gdp growth as strong as anybody's seen it in their career inflation but also real gdp growth and tracking 8 to 9%. maybe we don't get there but it's a huge number it is enough with very loose financial conditions and to withstand it also no matter what you look at in it bond market this is an inflationary pulse that should
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recede before too long and doesn't seem to just assume it is extrapolated into the future. >> yeah. stephanie, i noticed that you disagreed with jim cramer on wells fargo. what about the rest of the financials and the conditions that mike described? >> yeah. on wells fargo i agree with jim on that one and been in it for a long time. this is a restructuring story, a cost cutting stoifr. they have an efficiency rate of 32%. they're the most rate sensitive of the big six so for every 50 bases points of increase in fed funds that's 15 poers taj points acredittive to earnings. in terms of rates that's 7% to
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wells fargo's earnings i hope for a steeper curve right now it is the opposite and a little confusing i think the fed intervention is clouding the bond market i like financials. i have a big position in wells and morgan stanley american express i added to that the day after thanksgiving and the stocks are very cheap. >> dan, in a world where you worry about inflation and the market air coming out, you used the bubble woshd do you own the banks >> i do. it is a bigger overweight in the portfolio. the point that mike was making is critical. the fact that nominal gdp is the strongest we have seen we think people underestimate that. for the time being is stuff that's levered to the stronger gdp number energy is in that camp
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>> mike, i know we will have more time to hear from you but heading into tomorrow, when i'll here for "squawk on the street" what do you think? >> it is a market reaction to cpi. i don't know what the takeaway is going to be not like the bond market is racing ahead i think it is a kind of an eye of the beholder type number and what we look at there. the tesla pullback to the $1,000 mark, people try to defend nvidia back to 304 something like that. you see if the flows on friday start to come in and try to rescue the nasdaq. >> trying to do less homework tonight? >> this is a good place to do the homework. >> just watch again. >> it is late by the time i get home yeah. >> 5:00 p.m. >> tough. >> i need my nap. >> we have oracle earnings
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that stock is surging. julia? >> beating expectations on the top and bottom line earnings of $1.21. 10 cents bet every than estimates. venues coming in $10.6 billion and the company announcing to increase authorization for share repurchases by $10 billion the company saying the strong results are being driven by 22% growth of the infrastructure and cloud businesses approaching $11 billion in annual revenue and 8500 repeat customers. going into the various growth across the different business lines. and the stock is up more than 5% guys >> thank you oracle with a nice pop after hours and flat in the last few months and strong run in the last year or so. >> seems to have given you a
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chance generally software is pulling back relative to semis and caught up in the wash of that and buyback authorization is a key part of the story. kind of high cash flow not the fastest growth navigating into the right parts of software. now getting to scale are the attractive one just cloud areas. >> man had a move, big move this year oracle $250 billion market value. mr. ellison did okay tesla ownership down today. >> owns more than ark does of tesla. >> does he >> in absolute dollars. >> a lot of islands, too. >> hawaii. lanai. >> they both know so much. going to ask questions
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>> you know the most. >> i have forgotten the most >> dan and steph, thank you for joining us. >> thank you. >> thank you. just getting started on the second how of "closing bell. reaction to lululemon results. the stock tanked we'll talk to a top analyst about what he wants to hear on the conference call. late ireu competition commissioner, the cop on big tech, responding to criticism that europe is too protectionist coming to anti-trust we are back in two minutes here on "closing bell." ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming.
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do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪
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lululemon earnings just out. the stock is bouncing off that initial reaction courtney >> hi, sara. for the top and bottom line they are reporting results stronger than expected. $1.62. the street looking for $1.41
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when you look at the guidance, however, for the full year revenues in line eps slight miss. shares are bouncing around to your point up about 2%. the total comparable sales increased. just stores increased 32%. stronger than what we saw online or the direct to consumer segment. online sales 40% of total sales. the gross mar jib to increase 110 basis points and the cfo notes while there's large volume weeks ahead we feel strongly positioned for a strong end to 2021 we'll get detail when the call begins at 5:00 p.m. eastern time. >> thank you joining us now to break down the numbers is a guest
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simeon, i think there's a market perform on the stock you're not that positive on it anything from the numbers? we haven't heard the call yet. to give you a pause to chang your opinion. >> listen. to give credit where it is due the question of lulu is not how much do they beat but by how much it will probably be a conservative beat. phenomenal bran. what do you value this at? it's a valuation of a 55 billion. it's different as a product and company. >> yeah. there's not a lot of retailer that get that multiple to revenue. perhaps they deserve it. >> it is a good question but the question is how do you go into that there's not a lot of retailers
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with that multiple unless they're small. some do have that to grow into the lulu or the nike that size scale. how do you take 6 billion? where do you go from there they're at an interesting cross roads with the sales and margin perspective where the consumer, like they have to push there and in north america around $3 billion is a certain saturation point and lulu is among the top revenues and the top profitability and sounds like a great thing but where do you go from here? great company and brand and what do you want to pay for it from a stock perspective? >> who are they taking share from >> crazy but like doesn't have to be sports i think like when we talk about this it's a battle of lulu and nike and puma and i wonder if we think about what people wear to go back to work.
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taking share from ongoing casual companies and probably going to see so i think this notion of whatever we call it that category, that opportunity of the pie is growing lulu is a kocore grower within that category. >> what do you listen for on the call and investors listen to >> yeah. so listen. where the revenues go is important. gross margin is beautiful and continues to grow and needs to find out on color on quality of sale and where that opportunity can unlock is important. lulu operates in a different margin structure by almost double where does that go is it sustainable? what's the right level what level of profitability to
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achieve and something to keep a keen focus on. >> okay. we'll do that. thank you for your time. >> people think they have a ton of growth. they have 552 stores globally. they're opening new stores i get the point but that's -- the bull case is there's a runway of growth there. >> $55 billion market value always >> unlike an underarmour with a similar valuation at one point they're continuing to post double digit. >> executed. chewy, up next the ceo breaks down the earnings. there he is. and late every reaction to broadcom's earnings and chip stocks to be joined by a top, top semiconductor analyst.
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chewy's results are out. the stock falling hard courtney with those numbers. >> hi. for the third quarter chewy reporting a loss of 8 cents per share. that equates to $32 million of a
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loss for the third quarter revenues in line that's up 24%. year over year looking at the full year guidance it is in line to slightly light the street looking for 8.45 billion. they note 20.4 million active customers up 15% and also a new company high for auto ship customers and note that the third quarter profitability reflects supply chain disruptions and higher inflation and factor that is everyone is dealing with shares down 8.5%. >> thank you joining us now first here on cnbc is chewy ceo. it is great to have you back on. lots to talk about there overall revenues in line
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margins and use everies a miss tell us what you're dealing with out there. >> as i was here last time, good to see you, by the way, last time when i was here i mentioned that we are bullish about chewy growth comping a 45% year last year autoship sales is the health of the consumer is up 140 basis points year over year with a new company high and then net shares picture active customer and representing the engagement is up with a company high so overall when you look at this the momentum strong. customer is healthy. strategy is intact cost of revenue is essentially what we deal with just like everybody else with disrumgss in the supply chain and essentially
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elevated overall we are steadfast and focused on the long term strategy >> i have to zero in on the customer additions 330k in the quarter which was a miss and the 20.4 million. there's a ling everying concern that it was a pandemic play. people adopted pets and everybody at home and shopping online and tapering off and not seeing that demand and growth. what do you say to that? >> we are not seeing it that way. let me give you data points. if you look at 2018 and 2019 prior to the pandemic both years added $1.3 billion in growth and then the pandemic added $2.2 billion and this year looking at
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the guidance we would add somewhere about $1.8 billion of growth if you take the pandemic out we have accelerated the growth delivering 2018 time frame by roughly 30% or more. industry certainly not growing at 30% or more and continue to gain share is aim play case of the statement. as far as gross adds is concerned, it is a math equation and what you are seeing here is lapping a really large set of cohort acquired last year and the gross adds are higher than the prepandemic levels and churn rate rus are stable the gross adds number even though the inputs seem in line the interpretation is something is wrong nothing is wrong overall top line is great. >> what about net spending per
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active customer? what do you see and what are the expectations what will you share on the conference call coming up? >> net sales up 15% year over year 15.6 paterson or $56 highest increase ever seen autoship is up average order values are up. everything basically in the way that we measure customer engagement, loyalty, repeat purchase and subscription to autoship is pretty strong. as a result i continue to come back to the fact that we are executing to the strategy and bullish on the chewy future. >> there's labor shortages and
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do you have any visibility on the items? how long they last and weigh on results? >> yeah. so i think first of all it is important to break down component just supply chains come worse and that i believe caught the industry by surprise because i have been here before and said we expect vet food sh shortages aleleviating and not seen that. there's the port congestion and the imports that are congested as a result of which the flow of inbound material got disrupted and then labor, we were expecting labor fill rates to be better coming into the back half of the year and we have not seen material improvement in labor. the port congestion are starting to alleviating a near term constraint and then
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labor and material is anybody's guess at this point and we are reacting to something like that in realtime and working closely with the suppliers and partners to manage that but it is hard to give a prognosis right now. >> wanted to ask you about a new business line. the pet insurance which you announced this week. what do investors need to know about how big that business can be and why you're going in there? >> yeah. that's a really fun question and innovation is fun and that's what drives long term sustainable growth that's the way we think about it we believe that it's a meaningful and valuable contribution to that space roughly in the united states insurance is 2 to 3% penetrated against countries like the uk with 25% we believe this is a big
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opportunity to expand the tam for insurance in the united states and same time increase accessibility to pet parents to elevate the quality of care to pets and looking at this as a profit line and stickier and creating stickier engaged customers. we are fairly excited about it and the partnership with companion who we have used to get to market. >> appreciate it thank you for the time. >> thank you. we have broadcom details. josh >> that's right. reporting q4 result just e 3s 781 versus 7.74 expectations
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revenue up the q1 folk looking for revenue 7.6 billion. semiconductor solutions 5.63 billion in the quarter infrastructure software 1.77 billion and share repurchase program for repurchase of 10 billion of common stock. conference call at 5:00 p.m. eastern. back to you all. >> thank you costco earnings are out. kourtney has been busy double digit u.s. sales groetd here. >> i know. it is amazing. costco is steady for quite sometime particularly through the pandemic reporting $2.98. we are not compared to analyst estimates. revenues above expectations and give us monthly updates. 50.36 billion. looking for 49.597 billion
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as you mentioned those comparable sales for the quarter up 15% excludeing gas and foreign exchange e-commerce up 14.3%. they have been a bit behind coming to e-commerce and still looking to grow that business. the breakdown for the total revenue. you can see shares are about 1% higher on the results. costco shares typically don't move much in either direction and the color can be fun with the items they have sold in the quarter and looking forward to that back to you. >> thank you i could have predicted this. go to a costco it is like the end of the world. new york is a bubble so it's not necessarily indicative a million people in that store in red hook. buying everything.
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>> why >> because it's good value to buy big quantities right? you can stock up they have useful, good brands. >> nobody has anywhere to putt it in new york. >> the restaurants go there. people do. we have boxes in our -- everywhere in the apartment. of little gold ffish packages. >> will you pick me up some next time >> along for the ride. it is fun. eu competition commissioner why the uk is ahead of the u.s. and investors preparing for a key read on inflation. how the consumer price index could impact all that coming up
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hey dad, i'm about to leave. don't forget your hat . good morning. how can i help? i need help connecting with my students. behind every last minute save, ok, that works. and holiday surprise, thank you! a customer service rep is working unseen, making it happen. and at genesys, we're proud to help them help you everyday. time for a cnbc news update with shepard smith >> hello, david. from the news here's what happening now. president biden and ukraine's
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president talked about an hour and a half today working on a solution to russia's threat. next the white house says mr. biden is to conference with a group of nine nations on nato's eastern flank. the hope for de-escalation with 100,000 russian troops the new york attorney general is asking former president trump to sit for a deposition james also announced she will not run for governor of new york as planned to complete the business at hand. rapper travis scott gives a first interview since ten people were killed at his concert in early november he talked about what he knew and didn't and what he told the victims' families on "the news" on cnbc. back to you, david and everybody at costco. >> are you a shopper, as well?
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>> where do you -- you live in manhattan. >> i know. >> where do you store it >> i know. >> you just find room. >> pile it >> messy apartment >> and then the dog comes over pees on it where does this end? >> i don't have a dog. just children and with children you need a lot of stuff. i know >> that's true. >> you have a cleaner place than me thank you. european commission scoring a win against google european general court upheld a fine of $2.8 billion saying google favors comparable shopping service i sat down for an interview with the european commissioner for competition and asked her what it means for the commission and the pursuit against google with many other charges listen. >> for us it is of course
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important. when the courts side with us in our assessment and here they sided with us almost completely. now, of course, it is up to google to decide if they want to appeal to the european court of justice and remains to be seen and it is a good thing and of course when you win you realize it because we have -- it is quite sometime of that position in 2017. >> another case is recent charges against apple for distorting competition in the app store. people with respect surprised that you sided with spotify on this one as a europe largest and successful company how do you respond to that charge on this one >> actually we have more than a case but a general case about how does the app store work.
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when there is competition between an apple service and other services this is not specific to spotify. this is i think more a general feature. you see some of the same having discussed in the epics case and here while you have also i think a u.s. company and a u.s. company discussing terms and conditions with one another it is really important that when we have open markets and everyone is welcome to do business in the u.s. and europe and do not make it a question of where you are headquartered. there ice a fact that the contestable open market 20 years. >> allowed the tech joins to grow. >> with apple specifically they
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say spotify wants to advertise the alternate programs and services on the ios platform and apple says no store would allow them to do and view it as an unfair and nothing of anti-competitive behavior. >> as one would have seen we disagree we are not done with the case. we have sent an objection and o onlyizing the answers but the concern is one service which is an apple service and another service and the other is 30% fee and not being able to communicate with its customers outside of the app environment so it's the unequal treatment between two services that we're aiming at here and that is of the essence rather that -- yeah. once you focus on that trading
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relationship it is there. >> you have been pushing to get the digital services and markets act through in europe. what specific changes if that does pass, if they do pass, can we expect from big tech in europe >> we want markets to be open and contestable. that more innovation can happen and investors see that it do depend on the ideas and the work ethics and business model,s a of smaller companies to reach the customers or not and not a gat gatekeeper we want a dynamic digital market with businesses to reach the customers. and right now the european parliament set the position and the european council set the position and ready for the final negotiation and if everyone works focused it could come 1st
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of january '23. >> we have heard tough talk against big tech and you have been here meeting with fellow lawmakers and regulators why is the u.s. so behind? >> that i don't know i think that is for u.s. lawmakers to decide what they want to do but in europe there's been a sense of urgency. we have seen that with the specific case work the competition case, first google case and two amazon cases and facebook case, two amazon cases shlgt three apple case, it is not enough we need to gain speed in order for market power not to be misused to the detriment of smaller companies in that marketplace and i think that insight was quite clear by the end of my first mandate as
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commissioner for competition and having a group of insightful penal to look at whether or not the rules are fit for the digital age and then the realization to compliment what we do in specific cases with regulation that covers broadly and also the rules of the game. >> as part of the mandate you scrutinize m&a deals looking into microsoft and nuance it's a broader oversight role to take on here what do you say to people who wonder if that actually will be counter productive and ultimately cut off capital to the startup companies especially in bio tech that need these big exit strategies? >> i think that's a really fair point. because capital is indeed needed and this is also why we have no policy but we want to have a
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look if you look at the fit bit acquisition we cleared that with remedies remedies that would maintain sort of health data held separate from data used for advertising but also that the api remains open that anyone with a health device could still be having the same access as fit bit would have and a good example of looking into a deal, assessing its competitive merits and finding solutions if we have a concern. that of course is the approach whenever we see a case where a smaller company is acquired by a big one. >> finally, how do you respond to critics that say europe is protectionist and look at your office and actions as a case in point? >> then i think they miss something very fundamental
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because europe is open for business we have one rule book and i think even more important right now that we make sure the market is open so that everything else digitalizes. >> top cop on tech and anti-trust in europe interviewing her for eight years and ask that question because that's a complaint by u.s. companies and u.s. lawmakers that europe is going after big tech because they don't have the kind of successful tech giants and she says europe is open for business and lays out a clear strategy to make it fair which now u.s. regulators trying to focus a little bit. >> always great to listen to the interviews. >> thank you. >> you're welcome. >> love having you here. mike santoli looks at how stocks can be impacted for
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rising rate expectations for next year.
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with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade. over to mike santoli with a look at how rate hike expectations may affect the market >> this from ned davis research plots out how the stock market has done in advance of the rate hike in a cycle and following. first rate hike. all cycles stocks tend to do well up high single digits.
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nobody right now thinks the first hike comes until six months out that tells you that there might be clearance for further upside. the kind of hiking cycle matters. fast stocks struggle that means a hike at every meeting. orange is slow cycle you do well with breaks. and then noncycles is when there's never a recession before the first hike look at the market pricing in how many hikes are ahead that's the blue line there and then also, how it is die verged from how high rates will get. how many hikes there will be ultimately in the cycle has come down basically the market is saying, yeah, we get into a hiking cycle and not lasting long or go high. because of demographics or other reasons. interesting and maybe why the
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cycle doesn't look scary from here. >> pushing back against the hikes kill rallies. >> maybe. >> thanks. >> broadcom higher after reporting a few moments ago. breaking down the move with an analyst bull oish on the stock head out buzz feed falling 25% in today's session i think every day. feel stuck with your finances? move your money to sofi and feel what it's like to get your money right. ♪♪
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shares of broadcom up over 5% at least in the after market. this after the company reported earnings ahead on the top and bottom lines and a buyback let's bring in the senior analyst at bernstein research. what's struck you from at least reading the release? >> there's nothing here not to like really. this is a great report nice solid beat in the quarter very big raise broadcom beat but usually not by
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too much so up on a 3% yield. $10 billion buyback. we were expecting a return, m&a or buyback if they couldn't find anything to buy and they give cash back. >> yeah. >> in general there's nothing here not to like this is a great report. >> that's interesting. the company has grown. m&a is an important part of m&a. >> still is. >> is anti-trust a gating issue? what do you think? >> i don't think so. they're not buying semi companies anymore but semicompanies. they have been building out the acquisition strategy of mission cri cri critical enterprise companies. they were looking at assets and
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telling us the preference is m&a. they can't find something eventually they give the cash back i'm fine either way and partial to m&a simply because they're good at it i take a $10 buyback, too. that's fine. >> all right shareholders will, as well watching closely tomorrow morning. thank you. >> thank you. already outperforming the index for the year moowou he ion reading due out torr cldavkey implications the number to watch next
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tomorrow's going to be a biggy. key inflation data on deck consumer price index report heading into the last fed meeting of 2021 next week. cpi forecast to rise from 6.7% so that's a jump a core cpi rate excludeing the food and energy prices expected to jump 4.9% from last year.
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due out tomorrow morning 8:30 a.m. eastern and we'll see if the market absorbs it or change for expectations for the fed >> i think march is now where the expectations are coming together the tricky part is nobody expects the year over year numbers to calm down before march because of weak inflation numbers. month to month matters a lot there's repricing for a couple hikes next year and not like the number tomorrow should necessarily really change that story but it is the sticker shock effect and whether there's some expectations that we already are pricing in a cooling off of inflation to be taken back so i don't know maybe it says more about the
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stocks that under and over perform. >> what will you watch tomorrow? >> jim cramer talking mostly. >> did the homework. lulu is up broadcom is up ways to watch. that will do it for us "fast money" begins right now. live from the nasdaq market site overlooking times square. this is "fast money. guy, tim, kyaren and dan cathie wood is making a bet on this name. should you what it is and how to play it. bitcoin breakdown. the crypto on pace for four straight weekly losses a sign of more trouble or buy in new kid on the block one of the traders is bullish. we'll find out why we'll start with


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