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tv   Closing Bell  CNBC  February 14, 2020 3:00pm-5:00pm EST

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put in. >> bang. that's why it would run into political pposition, that this would be regarded as a giveaway to the investor class. >> although it would be 200 grand. >> but the large number of people in this country don't have anywhere near $10,000 to invest. >> we'll follow that all week and next week. have a great long weekend, everybody. "closing bell" right now. welcome to "closing bell." happy valentine's day. i'm morgan brennan on the floor of the new york stock exchange canopy growth post it's up on earnings, but could it mark a turnaround for the overall space? let's look at --, some weak economy data is injenting
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uncertainty. coming in below estimates. oil making a move higher for a change today, snapping a five-week losing streak, turning in one of the best weeks of the year nanny taylor is here welcome to ladies hour here. >> girl power. >> you say tech is the key do you mean fang or something broader? >> i mean something broader than that we started to see the economic data ticking up, yet local p miismt it's mi is moving up, small by, chinese consumer pre-coronavirus. so we have to see what is going to be the impact, far-reaching impact i think that's good for stocks so i think stocks are less risky.
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so we're looking at tech as if it doesn't work, nothing works right now the total confirmed cases are topping 64,000, the total death toll is nearly 1400. in the u.s. there are 15 confirmed cases with eight of them in california many companies are continuing to speak out about the impact the virus is having on their bottom lines. today british drug maker astrazeneca reported quarterly results, warnings a hit from the outbreak could last a few months the ceo emphasizing the importance of china when he spoke to "squawk box" this morning. >> china represents about 20% of our global sales last year globally we grew as a company by 15%, in china we grew over 35% that gives you a sense of the important of china to our company. others saying in a filing the outbreak could have a terr
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adverse impact on its business, braiding results and financial condition. expedia saying it's not producing a full-year outlook. nvidia saying it expects a revenue hit. with you bright spot, apple is reopening five stars in china. it is set to reopen the store in shanghai tomorrow. well, hey morgan, as you pointed out, we are seeing the numbers continue to rise aside from the "diamond princess" cruiseship, it's singapore that has the most cases. singapore's an important model to look to for the u.s for one thing it has a sophisticated health care system check out its ministry of health et cetera website where daily
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updates are posted, along with where they're thought to have been exposed to the virus. singapore clearly mass person-to-person spread. we also asked if the administration is considering travel restrictions. >> further restrictions can obviously on the table we're assessing the situation hour by hour the task force of cabinet members is coordinating with the white house on this. we are discussing the epidemiology to assess whether further travel restrictions could be warranted we'll take the steps we think are warranted. >> so clearly nothing new yesterday, but they are watching it closely not just in china, but also in singapore where we've had some warmer weather what is that indicating about the ongoing spread of this virus and the type of temperatures it could continue to exist in >> there's been some suggestion
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perhaps in the summer months we could see a waning of activity, but singapore poses a conundrum to that idea, because it's about 80 degrees there, and they're seeing continued spread. we don't know what that says about the virus's hardiness. >> thank you for bringing us the latest tonight you can catch more at 7:00 p.m. eastern here on cnbc. have you been surprised to see how much resit yen this market has given what are the numbers from china actually mean? can we trust them? and is there a risk for the united states? i think the second point is super important. i think people are very suspicious if you go back and look, i hate to be cal loused about it, but
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six months later in every kind of pandemic shock to the market we've been up high single digits six months later in stocks so i've been expecting a pullback and wanting a pullback. i don't think we got enough of a pullback in january. i think there's more chopiness ahead. i think that's an opportunity for investors to step in. let's go to mike santoli for today's dashboard. >> i've got working hard on this one. first is drawback your flow into u.s. asset classes, juicing some areas of our markets then witching a happy v. that had be a v-shaped recovery. and a less-bad choice. stocks versus bonds on yield basis there, and then not many reservations not many reservations about the stock market right now in terms of investor sentiment first, take a look at this chart of the vanguard megacap growth.
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first is the global dow. mostly it's based on global exposure, and then russia 1000 value. this is the liftoff phase. it's been nothing going on in global multinationals or in value stocks since about december yet, we have our major indexes making new highs we've been talking about it a lot. it's at outgrowth of the bond rally these long duration. i also wanted to points out on a one-year basis what a stock/bond balanced portfolio has given you. the total return is about 17% and change, with only about a 2% or 3% drawdown along the way i have to say the 60/40
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portfolio is doing more than its work can't say it's going to continue, but being diversified has been a virtue in the last year given the move lower we have seen people do seem to be overcrowded into certain names. this is exactly what you were talking about, nancy. >> first off, i didn't -- software is really where we're focused.
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even though i'm a relative value manager, i agree with mike on that the question is, where do you do it? that's the trick so we're selling apple. when you talk about things like concerns about supply change, you would think it would be in the fire line. semiconductorened and utilities -- it made no sense. we were overweight we've become to trim them back. even though we already owned
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google, microsoft, and i would love to own microsoft, but it's 5% of our portfolio, so we're locking for fresh names. >> why did you cut apple >> when it was 87 and i was talking about, talking about services people thought we didn't understand. we were trading nine times >> that's a good call. >> it was one of our better ones at these levels, we think services is priced in, wearables is priced in it could go up, but i don't think it will go up faster than the market we still own a lot, but trimmed back some of our position. bitcoin prices are up a whopping 44%, nearly 200% the past year. we're going to break down the crypto-comeback with today's closer. after the break, which stock
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. we've got 47 minutes to go before the close
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let's get a check on some individual market movers dating back to january 1999, the time of its ipo. jim cramer comparing the stock to a rembrandt painting. one investor calls, quote a terrible investment in the struggling start . hey, dee. >> hey, morgan that's certainly not all in the mid cap growth fund. t. rowe, said lots of losses, and basically called it a bee bulkle t. row tore into the start up, and the growth at all costs play book on the way out.
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under, quote, new investors arrived. t. rowe isn't allow. back to you guys dedeirdre, what other d.juul was a big one. fidelity a big holder there about remember some of these unicorns that are now public company companies whether or not of the big countries were also in uber and lyft of course, that company still not making money, and on a downward trajectory.
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then you also consider they're getting into companies earlier, t. rowe led an earlier round than normal, i think series c. we know the drekt-to-consumers ecosystem, some of those companies have have trouble going to market eventually >> deirdre, thank you. mike isaac with "new york times. how did this happen, mike. i keep looking back at uber as a turning point for a lot of folks saying openly that the emperor has no clothes in a lot of these companies. so these larger firms were
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willing to go along that we could sort of burn money and chase wild rapid growth for a while and be okay with it. saying, maybe a version of history that might be stronger than is actually real, you know, like how loud were the voices in the room saying we shouldn't be chasing this growth. i don't know, i mean everyone kind of looks to like in retrospect and say i was the voice of reason here, but it's funny to see them coming out swinging right now. >> i want to get your thoughts on this, too, you would think with a managed fun like t. rowe
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they would be doing their due diligence, yet here we are >> absolutely right. that's why people put their money into their funds, and they expect the managers to do the due diligence and the worrying so it can be safe. i want to congratulate mike on his reporting. he's done a spectacular job on this. >> oh, thank you. >> but i was disappointed in the managers saying, it wasn't our fault, they wouldn't let us out of the last part of the investment we kept trying to tell them things and they wouldn't listen. if you got yourself into a situation where the people aren't listening to you and you've locked yourself in so you can't get out without their permission, that's your fault. so i don't want managed funds that manage my money that way. >> so you think it's just, walter, another black eye for active and managed funds, basically, and keep people flowing into index funds >> well, you have to figure out
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why are people flowing into index unds i think it's things like this. now, i also think one of the situations here, and mike can comment on it, is that sometimes you have companies -- and i know this, having written about apple in the early years with steve jobs, where it's truly driven by a passionate founder sometimes that works really well, and sometimes, as with apple, it's got to go through a cycle, and then it works really well, but whether troughs travis kalinik or adam newman or others, you have to have some restrained when this type of founder is burning through money. >> mike, certainly softbank has been under scrutiny as of late , but when you look at the private market, versus what we have seen playing out in the public markets, imean, i just think about a recent ipo, casper
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last week, ultimately trading another name that's another unidorn in the private market that's trading well below the ipo price at more than half the valuation it had in the private market is this reckoning happening right now? is there a move between the two different marketplaces to, i guess come to reality with each other? >> yeah, totally so, look, just speaking to, you know, steve jobs sort of phenomenon i mean walter knows this better than anyone. i think a lot of investors, a lot of funds want to find that next steve jobs, especially in his passing. part of the investment thesis is really finding those founders that have that level of passion, that level of drive, to take company to the next level and seeing visionnary where is other investors might not see them, and perhaps, you know, there was
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probably more willingness to see that in folks like adam newman, and maybe travis, the jury is still out on him, but on the founders that pushed it too far, and now i think we're seeing that repositioning, where we haven't necessarily found that next steve jobs for each company and the market is coming down to reality, and perhaps there is an era of let's get to profitable in public facing companies, and maybe in the meantime when we get back to rationality, the next visionnary founder will come, whether we expect it or not. >> can i follow up on that real quick? >> okay. go ahead, walter. >> just real quick i think we ought to make clear that travis and adam did have a lot of vision.
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that's amazing in this days and age, having a coworking space that deals with the changing workforce, and doing it in the way he did those were great visions i'm just saying somebody needed to oversee the cash flow better. >> yeah, yeah. >> nancy, should average investors who have their money with these mutual funds be invested in risky unicorns like this or, you know, maybe it's too risky, but maybe on the other hand they want a piece of it, too. it shouldn't just be for venture capital funds to be early investors in companies like peloton or orders that have gone public. >> i think this goes a case of active manager get into a space they don't understand. they're evil companies that are not yet public when you buy into a mid cap
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mutual fund, i don't think that's what you're expecting if it was a separate fund focused on early days, that's a different game, but i'm not equipped to analyze those companies. i don't think most security managers are. >> mike isaac, good to see you both. >> yeah, thanks for having me. >> isaac and isaacson. after the break, wells fargo says the housing market is on like donkey congress there's one stock that stands to reap the rewards. and pot company canopy growth seeing a big growth, but could it signal a turning point for the whole sector
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welcome back to "closing bell." 35 minutes left of trade time for "word on the street." hiking tesla to 550 from 250, saying the stock has, quote, run over the shorts and us, but also outrun the fundamentals. the firm believes sentiment has and will continue to play an integral role. guess who's trying to catch up there. >> i guess so. even with the sell, far from where it is right now. wells farthero ups the price target on home fee po, the ceo
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said the housing market is on like donkey kong, warranted for one of the best operators in retail this is the best time of the year to buy retail stocks. over the past ten years, the xrt has actually shown the best two-month performance in february and in march. seasonality played there in retail >> yeah, we've known it for quite a while. we were adding to it when there were recession worries i don't like they upgrades after stock has run i wouldn't be aggressive there in there buys it. >> is housing on like donkey kong >> yes, i do, yeah >> rates are low
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you're seeing housing starts at new recent highs the consumers is in good shape oil is contained all the things that support good home sales are there home depot didn't need home sales, though. they just need people to -- they also benefit when people don't move, because they go in and fix their homes. they had a lot of theft. it was impacting earnings. i think they've got that under control and the e-commerce is working for them. >> you missed the run on tesla. >> we bought it around 180, we sold it around 320 when he was smoking and drinking on video. look, i'm happy with that move at this point i don't understand it there was a lot of short covering this feeling analogous to the tech bubble we saw in the late '90s i get that it's a technologically driven car company, but the movements we
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have seen have outpaced the total market, so i'm going to leave it to the risk takers. that's very much in the spirit of this price target note. >> yeah, i wonder, though, this has been a debate on our air the last couple weeks. it feels like a company specific, stock specific story, and the concerns are around the company specifically, or is it indicative of a broader exuberance in the market >> i think the shorts got squeezed and the hedge funds piled in we bought it on valuation. i don't -- i don't know what to do with it here. i'm not going to chase it. i don't think retail investors should i think they'll get another chance at it. >> probably helps that the market is going up, and there's also an esg fever out there. >> yes, that's true.
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we've got 30 minutes left to go here are the three things driving the action, symptoms looking to close out with eweek of gains, but some weak economic data injecting on uncertainty. and oil making a move higher today, snapping a five-week losing streak, turning in its best week of the year. well, it's time for a cnbc news update. we go to tyler mathisen for that. thank you very much. michael avenatti has been convicted on all three counts of trying to export nike out of millions the charges carrying a combined potentially penalty of 42 years in prison. speaking in munich, house speaker nancy pelosi urging western leaders not to purchase the hue way technology, saying china is trying to undermine
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democratic values. >> china is seeking to export its digital ougauto counter racy one of england's top football teams has been banned from the champions league for two seasons. the team also fined $33 million after an showed city overstated the sponsor revenues they will appeal back to you. ouch >> yes tyler mathisen, thank you. see you next hour. mike novogratz is today's closer why he says one market is poised for a rally, ahead. as we head to break, a check on bonds for you treasury falling again to close
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out the week they go back under low across the board we'll be right back. under 30 minutes left to trade
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over to mike santoli for the market dashboard. >> investors wishing a happy v into existence are hoping for a v-shaped recovery, take a look at the s&p industrial sector photograph for earns for the current quarter being reported, as well as into -- this is last quarter. this is for the first quarter this year, so the current quarter, and then obviously a cok cocksided v-shape here here basically holding up for the third quarter, and for the
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s&p in general, but it's important to know that analysts tend not to revise down under they get closer to the end of the quarter. we haven't seen it yet obviously the mark is being held together, and expectations that the u.s. economy is going to pick up, but i think this is going to come into greater focus as we get towards preannouncement season, and a little more clarity on what the slowdown might mean. >> it's a good point, mike, thank you, oar will investors just write it off? >> i think that's right, sara. i'm hoping the market will look through this we increased our exposure to the industrials last may, and it
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didn't like right. but now we're buying boeing? >> yeah, on the idea that the mac will come back >> and the new ceo is managing the crisis a lot better. this stock, it should be 180 a share, but i think now we're starting to see that things are looking up >> okay. tiger global disclosing some in positions. let's get to dom chus. >> morsen everybody there's probably a lot of focus on chase coleman, one of the morse influential tech investors out there. in this particular report, dated for holding on december 31st last year, we had notable new stakes, one of which is alphabet, a new stake for chase coleman. also some being large-cap,
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megacap stocks getting reduced reducing their facebook take by about a quarter. amazon is down by about 13 flores netflix down by about 28%, and microsoft reduced by 29% also a couple hot names. the real real and beyond meat, completely dissolved as of december 31st last year. with you notable is uber, because they had a stake in the previous quarter of 6.6 million shares that's been you said by around 15 million shares to a total stake of nearly 21.6 million, just for perspective, that's worth about $850 million in terms of a stake over at uber. a more than tripling of their stake on that particular company. we're continuing to pore through. but when it comes to tech names, chase goldman, tiger global, one of ones we look for, we'll
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continue to look for these back over to you, morgan. >> dom, thanks for the latest. up next we have your last-chance trade. nancy is looking at one stock that less than 5% of analysts say to sell. cryptoking seg it's starting to -- how high he think that is stock could on go. coming up on "closing bell." ♪ ♪ ♪ don't get mad. get e*trade, dawg.
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. we have 18 minutes to go laggards, ibm, caller pillar and walgreens are among the names. >> nancy, time for a last chance trade. >> we're going to talk about palo alto networks despite the fact that 5% of analysts only look -- we look at relative price-to-sales ratio this company based on the own history, the stock is in our buy
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range. sales having grows faster, so it's been coming down. i think this is the space up to be in. it's in and out 51% of cap ex spending in gdp. stock's up fragally today. delta air lines maybe a push to be more ego friendly there's one thing the company sell will never be able to eliminate from the carbon footprint. we'll bring you uninterrupted coverage inside the market zone. you can always watch orb listen to us tonhe go on the cnbc app. to us tonhe go on the cnbc app. we'll be right back. especially by something like your cloud.
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don't get mad get e*trade and start trading commission free today. we are now in the "closing bell" market zone. commercial-free coverage of the action going into the close. >> mike santoli is here to break down these crucial moments of the trading day and we have nancy tengler here as well welcome to you both.ngs off wit. the ceo on "squawk alley" earlier with his outlook for the company. >> we issued our outlook, we
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decided to invest or incremental growth, and we think we're confident that's the right decision my goal so to build a large, profitable business. >> mike santoli, this name has been high flying for near a year. >> it's a very rippy stock nothing in particular happened nothing too much changed about the story and these results. you have to believe it has a central place in streaming, and it's a $150 billion market value. is that too big or too small are we going to see, for example another disney plus launch that given a one-time charge in demand i'm not sure if that's what's going on, with the stock, but it does seems as if -- there is some scrutiny about whether we're willing to pay for
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indefinite top-line growth >> our producer is spend ago week in san francisco, saying it's charlie munger's fault. >> i think that's right. i thought that was rich coming from a firm where they buy stocks for a different, but they refuse to pay one. hi comments were rich sort of the same kind of hypocrisy canopy soaring after reporting better than expected results. eric chemi >> it was salad progress on cost cutting. they expanded the growth margin, and they felt 14% from the prior quarter. that's driven canopy to the best daily percentage gain ge other stocks like tilray and
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auro aurora back to you. >> eric, thank you mike, i'll bring this back over to you. it wasn't just tilray that curb canopy it wasn't just cap pnopy, but aurora as well the focus on trying to get to, you know, cash flow positive, and squelching the burning there as well. is the turnaround finally happening within the sector? >> i'm not sure it's yet a matter of now we can have confidence in exactly what the p & l will be for these companies, but i think what's going on is all these stocks in all these different areas i would characterize as idiosyncratic growth -- >> we're going to talk about
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that. >> you say tesla, you know, all these things i think reflect an environment where we're willing to make the big-picture bet. this year you're seeing the revival of these things. >> sure, but i go back to what irwin simon told us, he was saying some of these companies will not be here next year the cash burn is too intense -- >> that's my explanation for why the stocks are moving, even with the fact that, in the end, what do you have when you own these businesses it's like kind of an ag commodity consumer product business >> are you out of that industry, nancy? >> i never got in. i have nothing to add. sorry. shares up more than 45% just
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in this week after completing a vital step ceo george whiteside was on "squawk alley" earlier today as well we took or beautiful space ship down to port schayes sip, and we'll start moving through or progression of tests i like to let the engineers take each test step by step, because that's the right thing. >> i've heard some folks on wall street describe this stock, mike, as the tesla of space, because it's not necessarily fundamentals or any kind of major december there's been smaller milestones, but any sort of major milestone that's driving the shares higher, yet we're up 140% since the start of the year >> yeah. they haven't even started their
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space tours. >> your total addressable market is the university. so you work back from there to get to a 5.5 billion market cap. was anything about this move understanding expected or ahead of excel, anything like that >> no, but you have this spaceship that's being relocated from the mojave desert down to virgin galactic head quarters, and they can do it final round of tests before they start sending some of the paying customers, starting with sir richard brandon, to the edge of space. it seems like investors are very excited about the possibility. >> i do think that the analogy works in that sense. every single time they got to another phase of battery production, or delivered 11 cars to employees, every headline was a -- >> there aren't that many way to
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say play it, right >> no, there's very few pure play space companies out there this of course is the only one in terms of commercial space tourism. >> there you go. bullish on commercial space tourism. delta air lines hoping to become the first align to go fully carbon neutral ceo ed bastian was on "squawk box" today discussing what it means. >> we will continue to use jet fuel for as far as the eye can be we'll be investing in technologies to reduce the impact, but i don't ever see a future where we're eliminating jet fuel from our footprint. >> this was a ragly interesting move as so many companies are trying to think about the environmental impact and how they're going to deal with climate change, it's fascinating to see the airline take a plunge in that direction, where they obviously because of their business cannot do that,
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so they have to make the investments in carbon offsets. this will be a test whether the carbon offsets do that, if they work. >> that's part of it >> as well as trying to economyize >> when you're trying to, hexel announcing a merger, and one of the things they want was the fact that the customers are looking for more of this, and it begs the question whether we'll continue to say more m & a in something like aerospace. >> but i also think until china and india come to the party on climate change, we can continue to do things, but it's not going to have a profound impact on the universe necessarily. >> no, though i think it's telling that ceos and boards,
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because of the investors, because of the message they want to send to their employees and customers, and just that is a box that they want to check off and show a real commitment. >> is that for you, as an investor, is that a reason to go into delta versus other airlines >> for me, no, no. that isn't our criteriocriterio. for the planet, it's all great, but it needs to be a global effort we can't do it by ourselves. it's applauded, i applaud it, but i don't know that it's going to make a big difference they're still expending carbon >> for sure. >> shares of expedia surging after beating earnings estimate. here's chairman barry diller on the company's call last night, talking about the changes he's making to the culture. >> the whole concept of work and life balance that at amazon it was work and no life, and expedia it was all life and no
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work for years we lost clarity and discipline, so we're changing a great deal we're stopping this too large complexity, we're simplifying our strategy we're stopping doing dumb things and starting to do what we think are good things. >> nanny, we were talking about software plays earlier are some of these online travel stocks like expedia attractive right now? you see stock is up 11%, and the coronavirus fear, and a lot of what we don't know, but is it a buying opportunity it can be. we're not yet in that group. we expressed our coronavirus sort of play in wynn but definitely these are companies that are here to stay, and you know, we'll see what happening in the next three months or so. >> i just like the lack of a boring conference call with barry diller more on the market
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sberchlts, misberchlt -- internals, mike. >> as befitting a day that was diffident to the side. and look at the momentum there it has been a performer. that's big tech as well as things like visa, mastercard, and then the volatility index, it's back in what i would call the normal ranges under 14, but as you've said, not going back to the lows still seems that the coronavirus fear is still a wild card. we have less than two minute to say go here over to rick santelli for a check on bonds. >> an intraday of 10s, it's moved up to 159. it's really firmed up. it's not up one on the week. 142 last, that means it is up
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two basis points on the week one again we flatten the curve, but not all that much. from 33-months highs indicate we're building a solid base, to take you through some of the movers, nvidia has been a big gainer even in the face of a coronavirus warning from that company, other names driving the gain now, we were keeping an eye on amazon, that was lower apple has turned higher. bob, going to send it over to you. >> 1% gains to the week. hey, the important thing we've got is the markets believe the
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coronavirus scare is not going to spread dramatically outside of china we'll see. you want to watch things -- there's the singapore etf. held epps very weup very well the key is not seeing the virus spread rally towards the close, dow jones down about 25 points, much of that boeing a little booth there into the closed welcome to "closing bell." i'm sara ice extent. >> and i'm morgan brennan. along with mike santoli. let's look at how we finished the day. the dow is a few attempts to go positive, though down lower, pretty much flat, capping off a very strong week for the markets. there is the s&p 500, closing up about six points for the week, that's good for a
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gain of about 1.6. the nasdaq the star for the week, as usual also closing today higher. the russell 2000 index also had a pretty decent week down about a third of 1% good for a second week in a row of gains after a 3% higher week 69. >> yeah, real estate utilities were the best performers the dow utilities also had another sector energy was the worst performer, the low yields driving the higher utilities, defense plays and different plays. we have our closer mike novogratz joining us coming up where he sees opportunities outside of clippo. joining us to talk about the market day, michelle mckinnon, and still with you nancy
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tengler. first let's start with mike santoli. mike >> pretty subdued day. treasury yields down again it's happened every day since the coyne vire began the marble holds together. and i think on a net basis, investors are maybe wiifully or maybe just know what we know right now saying it's going to the a passing slowdown based on the china interruptions and the rest of it financial conditions remain as loose as they've been in recent years. that explains why the market is comfortable near thinks levels. >> it also explains a sort of odd combo between defensive and pro stocks, low yields. >> they're both adjacent to bonds in terms of how they
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perform. it's long-term cash flows we can rely on. that's the way you can unify those things. >> michelle, your thoughts on the markets here >> yes, absolutely we had confide a bit of data today, but it was a mixed bag. >> it was, but i think we're going to answer your question of why are the markets looking forward or going higher? i think it's the fundamentals. the u.s. economy is on good footing. we are growing at trend. the past decade at about 2.2%, along with a strong labor market and a healthy and happy consumer, and i think all those reasons tied in with the federal reserve, and lower inflation, markets can go higher. is it a happy and healthy consumer yes, but that core retail sales number coming in at zero was a bit of a surprise. >> absolutely a bit of a surprise, but again it's one data point when you look at the other fundamentals, and also earnings.
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i think at the end of the day the markets are slave to earnings that's good numbers. >> can we get that >> yeah, i think we can. i think the top-line growth has been pretty consistent i think we probably can see that, especially with the second half of the year weighing in. >> the white house reportedly considering incentives to spur stock buying kayla tausche has more in washington. >> this is part of the tax cuts 2.0 currently being weighed by the white house. four senior administration officials tell me one idea is treating a fraction of income as tax free for the purpose of investing in the market. that would of course help part time and gig economy workers who do not have access to traditional investment vehicles. larry kudlow says it could be created through the creation of universal savings account. that would roll up alps existing
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retirement and health care and education saves and remove all capital gains taxes from appreciation all five officials i spoke to said multiple ideas are being considered, nothing has been decided as final this is a prior for the white house how to incentivize savings and get more americans into the market. >> nancy, would this be a good idea >> yeah, actually. i haven't heard much about it. i think it's super interesting to get my passion is the average person i this can invest. i love this idea of bringing them in and having them come in tax freed. i like that a lot. i don't know how it works. i think there's a lot to be worked out, but i applaud the notion. >> they would also have to get congressional approval for this. i'm not sure democrats in the house -- >> i mean obviously there's a revenue goff-off at some point, but also, i mean, i just wonder if it's a solution in search of a problem.
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i think people don't investment because of the tax treatment i think they underutilize the tax-deferred plans already the median balance in a 401(k) is minuscule, and households carry credit card debt and the average balance is $10,000 if only it was treated better for actionation, they would invest it. i don't know exactly how this necessarily plays in the current environment, even though on paper, sure, a great idea, but you have to think it's getting at the whole debate, and by the way, in an election year around income equality. if you look at the stock market, who's been involved in some of these different asset classes, that has been wealth in, so the opportunity, or the idea of creating more opportunity for the middle class, for example, to get involved, at least is -- >> absolutely. i believe only 50% of americans participate in the markets
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if the markets are one of the greatest wealth creation vehicles, then of course it's a good idea, right anything we can increase participation i think is a great idea. >> i mean, 2005, president george w. bush in the state of the union said we'll put social security accounts into the stock market this why the it was going to cost a lot of money up front nobody is sorry that that didn't happen given what happened in 2008 i don't think we need to lower the cost of capital for corporate america. that doesn't seem to be the number -- >> i think they're trying to create chatter for the election. >> and maybe juice the economy a bit through the form of tax cuts. >> or just rhetorically make it seem like there's something else to come. >> or draw a contrast between the democrats who are talking about higher capital gains. >> mike, you seem to cynical >> you know what -- you know lily tomlin's joke -- i try to be cynical, but it's so hard to
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keep up. >> good motto. over to bob pisani for a -- >> big losers and big winners, too. some believe the coronavirus is temporary, some don't. nike is a good example 20% of their revenues over in china, yet up 4% the investors there, intel has just been on final since the earnings three weeks ago that didn't even drop. no worries there cisco, though, a little more problematic. they beat. global uncertainty slowing tech investments. that stock is down on the week united tech typically of the big tech the really big impact is on some energy stocks that just don't have a bottom. occidental, exxon mobil, apache, marathon we closed over $52, still no
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bounce back. back to you, guys. it was interesting that oil surprises went up and oil stocks continue to go down. obviously this forgotten oil consumption is still the story, so also just on the other side of that growth defensives trade, right? you're not buys the reflation, so even just on a flow basis, the energy stocks. >> i get that. i guess it's the consumption picture. michelle, maybe i'll ask you this, the coyronavirus comes, wy did oil seem so worried? i think it's a combination of, i think in fact consumption is
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lower, right even if the population is growing, let's face it we are going to ultimately use less and less oat out, just because of the terrible headlines i certainly don't want to comment too much on the individual stocks, but i think it's multiple different reasons in regards to why oil can't catch a bit. >> and we have more with the saudi/kuwaiti deal, and russia refusing to slow down. aid cases in california alone. we'll talk to mt. sinai's director. and one of the first people to compare the tesla run to bitcoin. mike novogratz will join us in
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♪ ♪ don't just plan to retire. plan to live. an annuity helps cover your essential monthly expenses, so you're free to live the life you want. find out how an annuity can give you lifetime income at protectedincome.org joining us is the closer today, mike at novogratz good to see you.
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>> how are you doing >> liquidity, liquidity, liquidity. we've been global rates low, people pumping in money. you look at china, and you just kind of do an aerial view, nothing is moving in china, which means the government is getting ready for two barrels of liquidity. it's driving stocks, crypto, gold. >> so if liquidity is the driver of bitcoin, why hasn't it been going up for the last, i don't know, 11 years, every time the fed cuts rate? >> bitcoin is 11 years old it's found a lane as digital gold you don't become digit at gold right away just last december, ice has a group part of 9 new york stock exchange and we'll do cryptocustody forsh so there's a safe place to store it, in the perception of the 50 to
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80-year-olds who have all the wealth in america, so we're allowing more plumbing to be built. >> is it actually safe >> it is safe. >> we've seen price swings, all sorts of stuff that would make an investor nervous. >> remember, you have to put it in perspective it's probably the best new brand of the last 11 years for the lighted code that came out 11 years ago it's a social construct. it's nothing technical we could have taken the same line of code called sara-coin, and who knows what it would be worth. similar to gold. just gold has 3,000 years and $10 trillion coin has 11 years and $10 trillion >> what about all the different type of cry occurrencies out
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there as well. and the consumer as well most of those are longer-term bets, right? win 3 to 5 years, i'm guessing we'll have a chinese crypto, japanese, and -- >> that's exactly where i was about to go with you we have comments from japanese lawmakers, who say they want to bring this up in 2k3w4rg7 is the u.s. falling behind on this >> it's falling a bit behind, but the bulk of the technology is being developed the regulators have been slow,
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completely slow i think we need to take this seriously and figure things out. the single biggest concern with reg whiters is money launders. noirnian financing, and so we're going to see something from treasury in the next few months that kind of puts some guardrails, i think that's a positive i think this has a weapon in macro portfolios is actually happening. i used to have to convince people how bitcoin worked, and i talked about it now as a hedge against inflation, as a hedge against easy monetary policy >> the dollar has going up it's like 99 it's had a provided steady run. >> but remember gold has been going up, too. it trades -- and this -- maybe you believe in modern monetary theory -- these guys seem to --
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>> they're not clapping for you. >> i wish they were. >> but you know some people believe in gold mark tells you not everyone believes in it. you would think goals shouldn't be trading -- it's just on steroids, because it's an early adoption. inch just let it do what it's going to do? >> yes, you can go from 40 billion to 160 billion, you can miss bitcoin as it goes to a trip joel. the biggest stocks are a trillion we could take all the gold that's every been mined and fit
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it into a cube in that flag to here that's a pretty expensive sculpture, so store value is an interesting concept. we're showing your tweet here. >> it was a bubble, it happened around a powerful story and there was a frenzy of buying tesla seems to be similar this year it's a great story i have two teslas. they're awesome cars. >> is it a bubble. >> this conversation of liquidity and -- i think all stocks will fly this year. you know i was thinking back to both 1999 and 1989 with the japanese market. like when you really get to the end of bull markets, multiples go insane, and these story stocks are really good to go insane i think we have that in tesla. monster volume spikes, and my
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guess is that was the high, at least for a while. we should trade lower over time. you could go online and say the number one search on google was, should i buy at the la that's in general a pretty bad sign. >> so you're not -- what happened with bitcoin, even when it crashed down, it's been slowly climbing back up. >> what happened is bitcoin crashed up back then every coin was seen as the next bit counsel flied may weather had a coin, and deutsche, and lake was the poorman's bitcoin. when you have a supply response like that and regulators got nervous, you had a 97% collapse. coming out of the ashes, bit counsel has developed its own lane of store value, where ethereum or eos, there are probably 25 credible cryos out there. they're trying to build the blockchain of the future
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that's more three to five-year bet. i'm surprised -- they actually got out to -- >> i want to go back to something you just said, about stocks going higher. >> of course it concerns me assuming that the experts are right great bull markets end in one of two ways -- spectacular explosion, i remember being in hong kong, fireworks and champagne, and then it crashed or fed action. so the fed's very dovish right
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now. they're certainly not going to go in an election year trump has them scared of their own shadow, to be political or not. they're about to stimulate the heck out of the second largest economy it always finds it acts the world. so you get another surge of growth >> we have to make a headline here >> right now bitcoin feels answer frenzied, but we certainly take out the old highs
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by the end of the year we might be literally be there in a couple months. >> all right thank you very much. okay we have a news alert on 13-f filings by warning buffett and david tepper. >> first let's talk about what's happening with shares of kroger right now. what you're seeing is the stock up there about 4%, and one of the reasons why is back berkshire hathaway, controlled by warren buffett has taken a new stakes in kroger to the tune of around 18.9 million shares. that is one of the reasons why you are seeing kroger shares higher in the aftermarket by about 5%, 160,000 shares of volume there are some notable moves there.
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but in the meantime, we do -- appaloosa management, which the hedge fund founded and run by david tepper alibaba has become a form larger founding about 2.4 million shares we're also wondering what's happening with boeing. they did have a position in boeing, about 30,000 shares. they're completely out of that position the semiconductor semiis a 35% increase in their stake there. also unitedhealth group, a 20% increase in their stake there as well we will get back to you. you can see with kroger up about 4% to 5% >> just some excite and some
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love >> sometimes, you know, very durable brand, and probably a bet on their part that the world is not moving as much as people think its. a lot of skepticism is that amazon is coming so fiercely into its space, and you think of warren buffett still ahead, treasury yields continue their fall. that could be good for stock investors. details straight ahead. >> you can watch or listen to us live on the go "closing bell" will be right "closing bell" will be right back woman: what gives me confidence about investment decisions? rigorous fundamental research.
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welcome back to "closing bell" over to mike santoli for thinks her dashboard of the day. >> the lets bad choice, not that anyone would know about that,
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but there's not a lot of yield in the world if you're looking at stocks versus bonds, stocks might be the less-bad choice. you skee it's up close to 60% right now. up here in early 2016, also around 2011. the yields aren't very high. the current s&p yield is 1.7 or something like that, but obviously exceeding what bonds are giving you this create a buffer under equity valuations. it does show you that on the spectrum of assets, stocks are not badly positioned, at least on this basis. >> and treasury yields are super low. >> less than 1.6 on the ten-year, yeah. >> which is why there's a choice for yield in other places. >> right it's inflating equity valuation. >> it's credible, too. >> we were talking about it earlier, dow utilities hitting another record today
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in much the same way we saw, it's almost in barbell in terms of where investors are piling in. >> yield or secular growth nobody loves utilities, nobody else gums out and says they're overweight, maybe because there is that wall of worry and they're very much utilitarian. >> this has clearly been the dynamic. the question is, what changes it >> we were talking to mike novogratz, and he said prepare for more stimulus from china >> they were on the leading edge of maybe something truly unhinged to the up side, but on the other hand, you know, you can only go so far where we expect growth to come through in three or six months' time and not have a recession scare that's the other risk out there. >> with the hearts and the pink
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and the red, i feel like this is the most dramatic i've ever seen your charts. now the bar is he very, very high >> you know how i feel about stickers and cutting thing out of the construction paper. >> it's like a gift. >> kudos to the graphics department. >> they did a great job. we have a news alert. >> we have news on american, boeing, ittal revolves around the max. american airlines doing what we have seen from southwest and united, pushing back the date when it connects to bring the 737 max back into service. it was in early june now american says it would not be flying it at least until august 18th. that's the day they have scheduled so far if you add up all the flights just of the grounded maxes that have been canceled, all the back through august and september,
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more than 213,000 flights have been canceled. that's just the ones that are grounded we're not talking about the ones they were supposed to take delivery on. a cyclone of shares report of what's going on with boeing. we have learned from sources that boeing has filed its initial plan for how to deal with the issue of 737 wiring bundles. not to get too wonky, but the concern has been raised with technical staff, that the placing of the bundles could potentially lead to short-circuit issues that could potentially cause in certain worst-case scenarios if the pilots didn't respond in a particular fashion boeing has been addressing this issue over the last several weeks. it's filed its initialed plan, it doesn't require modifying the bundles or moving them that's the latest regarding
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boeing, american and the 737 max. >> phil, thanks. let's go back to dom chu on what warren buffett is buying and selling. sara here's what we've got. the conventional wisdom, when it comes to going through berkshire's investment holdings, those are typically ones we associate with being made by warren buffett himself those under a billion dollars are those that we associate by todd combs or his top lieutenants with picking stocks. with that in mind, the two notable new positions we are talking about, have to do with kroger, close up pretty big pre-market and a new stake in biogen to the tune of around 648-some thousand shares they appear to be new positions made by the team at berkshire hathaway the other notable ones are in
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financial services goldman sachs is a fairly large reducti reduction, berkshire has reduced its stake. also wells fargo, which is known as a warren buffett pick within the portfolio, the stake in wells fargo has been trimmed by about 15%. other notable ones here as well, travelers group is almost a complete divestiture they've trimmed about 95% of the stake there. a couple notable increases here, or one in particular is rh, formerly known as restoration hardware that's a 41% increase in the stake in rh shares, to right now just around 9.6 million shares they are moving the stocks with kroger and biogen. morgan, sara, michael, it's been a pretty interesting 13-f so
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far. we'll see if we are move. >> and occidental petroleum, berkshire was part of that all right. dom which yochu, thank. up next, whether the hospitals and the government is doing enough to prevent the spread of the coronavirus in the u.s. u.s. we'll have more on that. great markets are built on a foundation of trust and integrity, forged through leading edge technology and a smart regulatory framework. as technology advances, regulation must keep pace to allow the markets to evolve. today we see an opportunity to modernize regulation, to make markets more accessible to investors and entrepreneurs of all sizes. from the graduate buying her first stock,
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welcome back let's get an update from tyler mathisen the closing arguments are wrapping up in the harvey weinstein trial. jurors will begin deliberating next week. the u.s. navy seizing over 100 iranian-made weapons on the way to yemen over the weekend. sailors from the cruiser "uss normandy" intercepted a boat with weapons turkish forces and syrian rebel groups clashing with syrian government forces in a continuing confrontation turkey has backing rebel groups in northwestern syria in their battle against a government offensive. according to reports, my hometown team the washington redskins will release josh norman
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he played his first four season with the panthers before signing a contract with the redskins the move will save the team $12.5 million. back to you all. what is hospitals doing to prevent the spread what would the worth case noor i don't -- >> we've been preparing for years. there was also the middle eastern respiratory syndrome,
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called mers, so hearts of the routine is we symptoms, every time they come into the. we have adopted isolate, and then call infection prevention, which i'm part of the team, and also the public health officials to then decide what to do next if what we understand it's so contagious, there is a very long
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incubation period we've had people travel to the united states. >> i think we started screening travelers from the airports a lot earlier. i think what the experts are saying now is there's a potential this would be part of a circulation, circulating viruses anyway and stole be part of our usual viruses that potentially can recur in the wintertime very much like the flu virus. >> how much of a certain is singapore. you don't have the same sort of travel bans. is that something that, i guess the u.s., for example is on high alert around i think they didn't
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have as strict of a travel ban i think part of it is because they had an increase in number of cases. for a small country, they do have a lot of cases. i think they are increasing their travel ban just to prevent new cases from coming in. >> obviously there's been some alarm about the potentially for the virus over here. at your hospitals, you know, saying i'm worried about possibly having this >> we've had a few patients actually at all of our sites that have met the travel screens and also had symptoms. we have isolated them properly it turns out after taking their history there were other reasons for why they had the symptoms, such at flu. flu is very common right now, right? it's making it harder, because we have a lot of patients coming
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in with flu-like symptoms. so if you add the travel history or potential exposure. that would increase your alert you you need to isolate that -- >> doctor, thank you for joining us. >> thank you. tonight you can catch the cnbc report at 7:00 p.m. eastern right here on cnbc. coming up, it may be valentine's day, but u.s. ceos are feeling no love for bernie sanders when it comes to donatio donations. find out who they are donating to instead to instead later on "closing bell." yeah? so what do you see? i see an unbelievable opportunity. i see best-in-class platforms and education. i see award-winning service, and a trade desk full of experts, available to answer your toughest questions. and i see it with zero commissions on online trades.
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welcome back let's check in on some stocks of moving back on new stakes by berkshire hathaway, including kroger, spiking 6% after hours, with berkshire buying nearly 19 million shares with more than half a billion in america's largest grocer outside of walmart. and also a stake in biogen
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that stock moving up as well up next major c-suite spending l os donated to politica campaigns. the top donor may surprise you we will discuss that ahead hey there people eligible for medicare. gimme two minutes. and i'll tell you some important things to know about medicare. first, it doesn't pay for everything. say this pizza... [mmm pizza...] is your part b medical expenses. this much - about 80 percent... medicare will pay for.
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donation by an s&p 500 ceo was reed haysings, the ceo of netflix. he gait it to the senate majority pac the next is warren buffett, $245,000 to the democratic congressional campaign committee. jay adair, the ceo of copart, he gait just under $200 to republican causes. jeffrey sprecher gave $100,000 to the rnc fred smith of fedex, greg brown and lance ryan also among the biggest republican donors. guys, back to you. so, robert, i just want to get this straight, you are teasing ahead to this. we're not seeing any donations from major ceos or folks in corporate america to bernie sanders? >> no, we haven't seen any donation from ceos to any individual candidate yet
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that could come once we know who the democratic candidate is and once we head into the general election so far not only none to bernie sanders, but none to any other candidates, but that will likely change as we get deeper in the election cycle. >> robert, thank you. guys >> still to come, they say love don't cost a thing but the stountine's day dinner could co y more than you bargained for. "closing bell" will be right back at fidelity, online u.s. stocks and etfs are commission-free.
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[ fast-paced drumming ]
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. let's go back to mike santoli for the final dashboard of the day. >> the average consumer dopes not have many reservations about how the stock market is going to do in the next year. today we got the university of michigan consumer sentiment survey results it's a survey about how consumers feel about finances and confident about the outlook. those came in better than expected showing some pickup. but there was a question in the survey how consumers feel the stock market will do in the coming year. will it go up? that's simple yes or no question 65% of the people this month said yes i expect in 12 months the stock market will be higher. this was the only time there was a higher percentage of people saying that.
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early 2017, 2018 when there was actually pretty much an important stock market peak, did a serious pullback i wouldn't say this is a screaming contrarian signal for the market but it shows you the market performance has got people thinking it's continuing from here typically if you want to buy fear that's not one of the moments right now. >> okay. well that puts that in perspective. mike, thank you. up next, picky or just political. a slough of dating apps adds a new way to filter matches and could change how often you're swiping right we explain when swiping right we explain when "closing bell" comes back. has focused on keeping confidence up when markets are down. an approach where portfolio managers work well independently. who don't just invest, but are personally invested. can i find a proven approach designed to deliver results? with capital group, i can. talk to your advisor or consultant
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and now to a special valentine's day theme buzz on the street first up major dating platforms including coupe i had hinge and bumble sift something out matches with incompatible politics. after there was an 187 increase in political mentions on profiles between 2017 and 2018 with similar trends continuing into 2019. i'm going to be honest, guys i thought something like this would have already existed obviously i haven't been on a dating app. >> somewhere within the profile.
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but you would have had to choose to put that in there, right? >> yeah. >> as opposed to to having -- remember the stories about how in d.c. becomes hard -- it was a polarized dating communities and hard core conservatives had a hard time finding dates. >> it's indicative where we are. >> 100%. >> everything is not just republicans and democrats. but they should go issue specific how do you feel about reproductive rights. you don't want to be on the other side of the table with somebody feeling differentiately. >> i think there is a seinfeld episode about that. >> i know what you're talking. >> americans dining out for valentine's day might find the bill higher than expected. restaurant prices climbing 3.1% in january ahead of last year. fastest increase since 2009. the tight labor market is a factor. >> minimum wage went up in a lot of states, right. >> yes. >> and i mean 3% doesn't sound
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like it's outrageous necessarily for one year but. >> it's high are than inflation. >> yeah. but, you know, as you've been reporting in terms of consumer package goods they've been able to push through price increases. >> correct consumer confidence is high. unemployment is low. wages are high people willing to go out they are willing to spend more and even if they are staying home they are paying more for delivery. >> i think the desert is getting more expensive 37 because of the spike this sugar a short fall in that commodity. >> a more vensive v-d. >> biogen and kroger two names mentioned in the berk shir release timing showing berkshire was a buyer in the past few months. a spike in kroger in particular. >> a laggard, underloved biogen as well. doing nothing in a a number of years. it plays to type in terms of if it is mr. buffett as opposed to
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his portfolio managers he is playing with a lot of house money in the apple stake sprinkling it around. >> or you noted that he did not sell off more. >> it would have been big news if he backed off the apple stake which he has not apparently. >> all right have a happy valentine's day a three-day holiday weekend as well that does it for "closing bell." >> "fast money" begins right now. yes it does, happy friday. live from the nasdaq market site over looking times square. this is "fast money. i'm brian in for melissa lee traders are tim seymour. jeff mills welcome brian kelly and steve grasso tonight on fast. shares of canopy growth sparking a rally in the pot stocks. why bad news is not so bad news in this sector we'll dig in plus for your chart of the week we look at a name we all kind of left for dead not long ago well maybe not everyone around the table. ishe

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