tv Power Lunch CNBC November 1, 2019 2:00pm-3:00pm EDT
huwei. one question is will they be able to secure the products they need to meet demand now that they are on the american blacklist. >> thank you josh lip ton on that big day in china. that does it for the exchange today. i'm going to have baby i'll see you in march. first i'll see you in power lunch which starts now i was going to say you got an hour still. we will see you in just a moment i'm melissa. here is what's new stocks are off to the races. the session highs after a strong jobs report wiping off yesterday's losses and then some will it be a november to remember american airlines flight attendants are fighting back saying they will not fly on boeing 737 max even if it is approved for take off. we'll tell you why boeing could be stuck in the eye of the storm for quite some time. carson block slamming the nba and lebron james for not standing to ining up to china.
power lunch starts right now welcome to power lunch kelly, come on over and deliver, the news power lunch, that is welcome everybody. check out the rally. it's a big one today the dow and other marks kind of taking a pass yesterday on halloween. today up about a percentage point. the dow more than 200 points higher s&p back in record territory the nasdaq launching a record high as well its first since july take a look at apple which we were talking about with josh as it launches its streaming service today. the shares are up 60%. 6 60%. a strong jobs report and some encouraging manufacturing data pushing stocks back to
record territory today let's get to bob who is following the action at the new york stock exchange. >> kelly, we have gone from fears of a recession in 2020 to a belief the global economy would be a little bit slower in 2020 but today's data has taken the edge off of that slow down narrative we have been talking about. the october jobs number better than expected. china manufacturing was better than expected. as a result we are seeing break outs not just the s&p but overseas europe is at a new high. that's a surprise. japan also 52-week high. new highs in the nasdaq. semiconductor, etf, health care, etf, communication services breaking out what would move the markets up significantly. 10% maybe? higher bond yields would move money out of bonds and into stocks trade, we need to get to december 15th tariffs.
the slow growth narrative positions 2020 personings, flat to up mid single digits. if we get better global data it would force traders to reevaluate earnings growth for 2020 it means we could argue for a higher multiple for the s&p. that would help the markets as well >> bob, thank you very much. the jobs number sent stocks higher and put investors minds at ease. with the market at record highs the s&p and nasdaq are recession fears off the table. to discuss let's bring in former mayor of new orleans, ceo of the urban league and ron lsu is doing well. they might be number one >> the jobs market is doing pretty well, mayor >> i'm glad to be with you today. lot of reports on the jobs numbers being good i wanted to out line a few areas of concern
think relevant right now the trade issue, you look at the farm economy, 40% of the farm economy is being supported by t these subsidies that were put in place to counter the effect of the trade, if you will, the trade barriers that were place eplace ed up, ne number two, there's report with two-thirds, two-thirds of the chief financial officers of american cities with more than 10,000 people. that includes small towns predict a slowdown or recession in 2020. i think thirdly, while the jobs numbers are good, ty, we see a little bit oflessening of the pace that we've had for the last, better part of the last decade those are areas of concern i think what is smart is we need to be thinking about the future.
thinking about whether these are signs of at least, a slowing economy. we continue to grow, growth is down and whether, i think, the impact of trade, the impact of the trade tax, trade barriers has not yet been fully felt. >> let's go to ron the buffalo bills are doing well too. >> they are playing washington >> they are playing my team, the redskins talk to what mayor just described here i think it does reflect a bit of a consensus growing but slow ng the economy. certainly slowing in the manufacturing sector probably largely trade related but part of a global slow down what is the possible impact on the market >> this economy would be firing on all cylinders i'm upgrading from growth
recession to soft landing. labor markets is holding recently well. >> devised upward. >> not the way the president described it this morning. if there's some resolution and that pressure begins to lift then maybe the growth recession, below 1.5% is off the table and maybe 1.5 to -- 2. maybe a little better and bond markets are telling us >> slow growth i feel like there could be a case to be made this is sort of a goldilocks environment for stocks because we are seeing some growth, albeit slow rates remain slow for this long. we have slow and growth and we have the potential upside of any trade breakthrough that's not bad >> right it doesn't change much with respect to an investment
outlook. you're still buying quality and those names that will do well in any environment. you talk about apple, disney, mcdonald's, starbucks, they're all doing fine they are all hitting new highs a little increase off the bottom in growth would be a net benefit. if the dollar should weaken a bit, if we see some trade related movement there, that could be a large plus. >> i think you could get small trade movement but i think a large breakthrough won't happen until after the election i think the chinese are going t hold, keep their powder dry and make their determination based on long term my major concern is whether the chinese seen this environment are going to development other long term source, other long term places where they can be agriculture products those which are critical to the trade relationship within the united states and china. our ports, agriculture sector.
there's a lot of things to be, i think, concerned act in the face of where we are now. >> you can't say -- the one thing you can say that the job market is not in good place. >> the job market has been consistently good for better than a decade. the growth has been tremendous as we talked about before, the challenges i see with the communities that we work in had more to do with stagnant wages >> housing >> the depressed housing market. the increase in rents and mortgages. underlying economic structural issues the jobs market has been consistently good. >> we got about a minute left. yesterday i guess e lez beth warren came out with medicare for all. it would be a radical change in the way americans are ensured and paid for their insurance what do you think?
$20 trillion over a decade >> she responded to her critics who said put not only your plan on the table but how you're going to pay for it. here is my concern the needs of the country are in health care. they are in education. they are in infrastructure, housing. if we're going to do any sort of revenue enenhancement, the deba is when and how how the money be allocated. >> this would allocate almost all of it and the question is and the debate is can you improve the system without such a radical change >> let me turn to you. you know what lee cooperman has said about elizabeth warren that if she becomes president the market goes down 25% >> most long term investors have suggested if the market goes down 25%, you find more opportunity to buy good stocks that you like. if he was going to say down 50, 70, 80%, i think it would be a more consistent argument about
the threat to a market based economy. having said that, it does seem if a progress became president and ran the table in congress, raised taxes by $20 trillion over a period of time, i didn't see anything in senator warren's proposal that would deal with the million plus people who would be unemployed if you shut down the private insuranuld have to be rectified as well. anything that is that earth shaking is going to be problematic. if somebody will tell me the market will go down 25% and rebound, do i really care when we're trained to say that a 25% pull back is relatively normal and it represents a buying opportunity. if you're talking about a secular bear market that's a different conversation to be had. you could make that argument but look at it in stock market terms doesn't make it. >> we have to leave it there lsu over at alabama t alabama
the saints deserve a break >> the date is february. buy your tickets now >> thank you very much coming up, shares of tiffany continuing to rise we'll take a look at the stock move before the offer was made public a rough week for boeing and now it's not you passengers worried about flying on the 737 max when it nafilly gets back in the air. power lunch will be right back as a principal i can tell you this. when one student gets left behind, we all get left behind. this is a problem that affects each and every one of us. together with ibm, we created a whole new kind of school called p-tech. within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. you know what's going up today? my poster. today, there are more than a hundred thousand p-tech students around the world.
shares of boeing are higher but new issues are cropping up related to the 737 and efforts to get the plane back in the air. phil has the details for us. phil >> this is all about whether or not crews will want to be on the plane when it's once again certified which everybody expects to happen in the fourth quarter or early next year in this case it's the american airlines flight attendants the union that represents them, are saying we are not entirely sure the flight attendants will be comfortable getting on this plane. they sent a letter to dennis saying the 28,000 flight attendants working for american airlines refuse to walk onto a
plane that may not be safe they don't have to make that decision here for a little bit in terms of we're absolutely not going to be on this plane. american, for its part, have pulled it from the schedule of january 16th if it starts the fly then and the flight attendants still won't get on the plane then you have a completely different story, a much larger story you look at shares of boeing they have set aside a $5.6 billion for compensation to airlines, flight attendant unions, pilot unions that all needs to be worked out once they get this plane back into service one other note about boeing. the issue is not only extend to the max that we reported on but this 737 ng. that's the previous version of the 737. tlp a there are a number of planes grounded due to cracks deep within the wings they will ground three 737 ng models because they have
discovered cracks. the planes will have to be if i canned as will the other models. >> this letter sent by the flight attendants was sent to the ceo of boeing as opposed to the ceo of american airlines this calls into question their faith in the faa >> sure. they're not alone. you hear this from pilot unions and pilots they are like why were all of these issues just now coming up. shouldn't they have been covered during the certification process. there's a lot of people not happy with the faa there's no doubt about that. >> thank you the flight attendants still skeptical about stepping on the 737 max, how soon could this plane get back in the air? let's bring in former chair of the national safety transportation board great to have you with us. >> thank you >> the faa seems to have a credibility problem. what should it do? >> well, it has a great credibility problem, not only in
our country but worldwide by congress and the faa moving towards self-certification which is resulted in decisions being made internally in boeing that were not answered in congressional hearings this week i think the hearings only added to the concern among the members of congress as well as the flight unions and the pilots that wanted to fly the aircraft. >> are you saying then that boeing had too much control over the process of certifying these 737 max and was able basically to make decisions that to present information or not present information that might have changed the way the process went, is that what you're saying >> i'm saying 2013 i wrote an edtorial in the new york times expressing my concerns about the changes of the system that moved to what i felt was
self-certification >> der is what what is that >> designated engineering representatives who had formally reported to the faa, reported to boeing that process as something that boeing is very large lobbying arm had worked for for years now we see the fruits of that. first the 787 was grounded after its introduction now the problems with the 737 max and the problems with other aircraft at the same time all this happened, we see that again a boeing lobbyist is trying to have an influence over the questions asked at these recent hearings >> you know -- >> it's time for a change. >> jim, dennis really took it from congress this past week in terms of how much blame he was personally accused or was hoisted upon him by people in
congress i'm wondering if from your standpoint if the government should share an equal amount of blame? >> i believe they should we need to have accountability introduced back in our system. in the aviation system a lot of that is being delegated in other parts of the government to the manufacturer without the oversight, what are the american people paying for the american people pay the flight -- for their flights over $3 billion a year that goes into adding safe airports and aviation system to that boeing and others can utilize it. the system is broken >> jim, the wall street journal highlighted that this week they talked about the missteps taken at the faa how they had some concerns about the systems. they could have warned the world
about it and they chose not to they reminded the pilots how to deal with problems that might crop up. what are you suggesting would be a better way to structure the faa entirely or this relationship between them and boeing from now on >> i have a concern for the individuals that work for boeing there are a lot of fine individuals i met in my time at the ntsb but leadership and safety starts at the top i am sure he's a nice man but the man wo created the culture that caused these problems is not the individual that will solve it we have heard from boeing for almost a year that they own this problem. that they were working on a fix on this problem. today, a year later, they is still no fix certainly there's not going be a fix to this aircraft until there is one presented is work its way through faa and world wide regulators >> very strong opinions, well
informed thank you. i want to follow with one question about the wing cracks that have been discovered on some of the other versions of the 737. i think maybe the public's view is maybe this whole fleet of 737s of whatever series are dangerous aircraft how common are wind cracks that have been described here they come from met cal fatigue d take offs and landings put that in a context for us >> obviously they are of concern and being addressed but that requires some close inspections and transparency for from the manufacturer so if their problems one of the biggest problems with this is there was no transparency in terms of the m cast no information provided to pilots or others going to fly this aircraft and the senators
were for sale. that type of culture is of concern when there is problems with this aircraft the boeing, i remind you, sir, was first certified in the 1960s. there were problems, if you remember the hawaiian accident if you remember the 737 accidents in colorado springs and pittsburg. those have been addressed. i think it was a different faa dealing with those problems. >> this aircraft goes back to the 1960s and so several others. thank you very much. >> thank you infamous china short seller carson says lebron james and the nba needs to stand up for hong kong by taking a knee. other american businesses should do the same. that's coming up should you stay away from
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welcome back to power lunch. chinese stocks are on the rise after alibaba topped earnings estimates. baidu ten cent is it safe to get back into this group? let's bring in your trading nation team. what are the charts telling you? >> the charts have definitely seen some notable strength but i don't know if they are just out of the woods yet let's take a look at alibaba you do see a series of higher lows in place. that's definitely positive but there's still a series of lower highs. until that breaks, until we see alibaba break above 185 that will create a new high i'm a little cautious here we get positive above that 185 level. above 185 we think there's a clear shot to the 218 highs.
that why it turned more positive >> first got do watch 185 and see where we go from there from your point of view, what are the fundamentals argue for >> we think the large cap tech social media giants in china are quite attractive over the long term they generate a ton of cash flow the demonstragraphics are in th favor. the risk was the u.s. may delist chinese securities that does seem to be behind us that provides valuation opportunity over the long term we are quite positive over the group. you have to understand the risk of getting into chinese company being political and macro will dominate and fx with a strong u.s. dollar could pressure the group. by in large long term we think group is attractive. >> thanks, gentlemen for more trading nation head to the website or follow along on twitter. ahead, searching for that
premium bling. looking to buy tiffany and co but how much is the company worth? a china short seller slamming the nba carson says the league should take a knee for hong kong. the high cost of higher education. student debt reaching record levels now politicians want to wipe it all out. would that really solve the problem? all this when power lunch returns. it was sophie's big day.
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demonstrations since anti-government protests erupted a month ago. they defied security forces that killed scores of people. somalian officials say the flooding across the country has displaced more than 180,000 people aid workers fear the floods could lead to an out break of malaria. the rains are expected to continue for another four to six weeks. back here at home, more adults are being diagnosed with adhd researchers study data involving five million people and they found the rate more than doubled between the year 2007 and 2016 some of the most popular happy meal toys are set to return the mcdonald's happy meal debuted 40 years ago and the mark the anniversary, 15 toys will be available. the cowboy mcnugget from 1988. the ham burgler and the space jam bunny in 1996 are among the
toys returning they are available from november 7th to the 11th. that is the news update. back to you. let's take a check on the markets because we have another record setting day for the s&p 500. 30.65 was the high the dow is up by a full percentage point the russell up 1.6%. that along with a lot of the cyclical sectors are making some nice moves today time for today's power movers shares of fitbit are up 15%. remember the stocks all time high is above $50. that was back in 2015. pinterest down nearly 20%. sending the stock back near its ipo price of $19 it's sitting at 21 the revenue number disappointed the street and higher expenses
let it pose the net loss u.s. steel is hire as gher t loses less money than kpp expected to. the stock is still down 50% in the past year. the oil market is closing for the day and let's go to eric at the cnbc commodity desk >> that's right. see all these green here on this top line behind me we heard the news in the last hour that china reached a consensus on first days of the trade deal with the u.s. no surprise that's pushing oil prices higher. crude headed for its best day in seven weeks. both wti is lower for the week and ongoing fears over slowing economy. today we got slightly weaker than expected manufacturing data here in the states while factories in japan did a three year low in october. back to you, kelly thank you very much. it's been mo daryl mory pro-hong
kong tweet put the nba in the middle of a major controversy over how u.s. should be doing business with china. carson block saying this business leaders and entertainers should locate their spines quickly and put freedom of expression above their corporate greed. he goes onto say that china should be reminded that it can't rise without the help of others. it's great to have you we asked a lot of u.s. companies from starbucks to disney to justify doing business in china. the answer is everything from needing to be culturely correct to in starbucks case trying to help the local communities that it is involved in. what do you think is the right posture for corporations here? >> first of all, playing the chinese government's game is conflating the chinese communist party or the government with the
chinese people first thing we should do is separate these two concepts here they are very different. i'm not arguing that american companies should not do business in china but what i'm arguing for is they should avoid getting them being so dependent on china so that we -- that china that this leverage to create this situation where the government is attempting to sensor a u.s. citizen in america that is unacceptable if you let yourself become so leveraged to the china market that you would play along with that this is my -- >> to separate out from the whole idea of doing business, what you're saying is companies should not let companies centy r
their speech daryl said he supported free speech they have been noticeably quiet ever since you're saying that's where corporate america should stand up they shouldn't allow china to change what they are speaking or showing or asserting to be true about the country? >> that is one point on which you're absolutely nailed it in terms of what my feeling is. we need to stop letting chinese government push our companies and people around. also you get to this hong kong issue and so the other part of my op-ed is focusing on hong kong being an important issue. not just because hong kong in isolation is really bad situation where i don't know that the chinese government ever had the intention of honoring this one country two systems
concept but it's basically destroying that and has been for some time. hong kong is important because it is that bull work between the chinese government and how it does business, very corrupt, very corrosive and the rest of the world. for america and americans who want to do business overseas, if hong kong is allowed to become what the ccp really wants it to become which is one country, one system, we're going to find it harder to do business over seas, not just in hong kong with people who share our values and believe in these values. the world will be remade more in the image that the chinese government wants it to be made in that's a problem for us if we want to engage with the rest of the world which we need to and we do. >> carson, what got me was your argument that companies, u.s. companies shouldn't allow china
to have so much leverage in terms of impact on their business china is not that large but one of the fastest growing areas 20% of apple's revenue are from china. you would argue from those numbers it's not dependent on china but if we took away those sales, investors would sell the stock off. it's not just the companies saying we're not going to allow our business to be dependent but investors are depending on growth coming out of china >> this brings up an interesting point because i think that a lot of americans, we talk about our politicians lacking principle but i think a will the of americans, we've also lost our sense of principle as well investors and i've been arguing for over a year and probably a year and a half that chinese stocks should be valued and considered to be sin stocks,
basically. there are a will the of strategic issues involved with these companies and many of them roll up to the chinese government plus you have that whole issue of you don't have any accountability for wrong doing >> let me -- >> we do need to be more principled as investors here >> on that note and only because we're running out of time, i'm curious how far you would take this as somebody who believes quite passionately about it. would you stop using apple products or would you not buy something in walmart that was made in china? i'm asking quite seriously here if you think the everyone tis should be if china is a sin country. i know you're rieferring to leadership and not the people, but how far are you willing to take that? >> i'm not arguing that
companies should not do business in china or with china but companies that made trade offs i get grossed out when i think able these airlines that refuse to call it taiwan anymore because china told them to if i have a choice not to fly that airline, that does pop into my head and i will not fly that airline. it's not about not buying things made in china in general because this is not a problem with the chinese people this is problem with the government and our companies -- >> every single company that does business in china is making some sacrifice on principle. would you agree with that? in other words in order to get through the door in china, they are making a compromise >> the compromises they must not make are the compromises that extend beyond the material toir borders of the prc when we start censoring americans and a great example is china's investment in hollywood. the government has been super
smart about this because hollywood used to produce these films that were pro-dali lama, anti-chinese government. so many people are afraid to say boo about china and portray it in most positive light possible. that's real problem. when we're getting extraterritorial application of chinese sensorship, that's where companies must draw the line you don't take the investment in your film production company in china, don't take that that's principle >> that's a bold stance. thanks very much >> thank you coming up, the latest on bidding war for tiffany and a look at what led to the run up in the stock before the offer was made public. we'll tell you that story. ♪
welcome back check out this chart of tiffany. the stock has been soaring after lvmh has made a bid to buy the diamond retailer the ceo met with lvmh executives more than a week before the news broke. the meeting took place on october 15th and the days following shares ran up around 8% rocket joins us with more. >> yeah. makes you wonder that lunch meeting between the top exec was friendly. lvmh presented its offer they will begin of elevatvaluat it the offer of $120 a share represented a 33% premium.
news of the talk broke on october 26th in that time period in the intervening time the stock jumped 9% which reduced the premium. a lot of that gain came late in the day on october 24th. trading volume on that day was more than triple the usual levels tiffany said the companies are not in discussions right now the board is carefully reviewing the proposal no comment from lvmh on whether they plan to raise their bid sources saying tiffany needs substantial capital and time to turn around the business which lvmh is better equipped to fund. tiffany investors already dialed down their hopes for a competing bid. tiffany at 126 after hitting 130 on monday. i'm told there's been no formal talks between the company since then >> thank you what is the right price for tiffany? dana, great to have you with us. >> thank you
>> you think 140 to 160, you think a deal gets done >> i think a deal gets done. i think 120 is probably the low bid. probably don't go to the full price that they paid for bulgari. certainly at an 18 times down multiple, you see nit the 140 range. last high for tiffany was around 137. there is a lot of to work be done >> why do you think the stock isn't anywhere near 140? >> i think they want to see lvmh not raised their bid another bidder hasn't come in. do you just have one party who is interested in they have the capital, the innovation tipny does not have a lot of insider ownership. it feels like the right buyer and now what's the right price i think the price moves higher
than 120 >> is there another potential bidder that you can see on the horizon? >> there are other luxury good firms out there and private equity firms who like luxury brands i think the issue with tiffany, it requires a lot of capital it's going into a two to three year investment phase with the read modelling and renovations of flagship store. given the u.s. is a big part of their sales, we don't have a robust u.s. market and the pace of newness at tiffany is less than what it is for other luxury good companies it needs that injection of innovation which lvmh can do >> it important that tiffany is a premiere u.s. brand? >> i think it's more important the category i think the fact it's the jewelry category that given only 9% lvmh sales is watching and jewelry and it's a global brand name they can enhance the global brand name they have the tladollars to do t and the knowledge base to do it. >> great to have you
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we are just about a year away from the presidential election and one big issue, democratic candidates have been tackling is how to deal with students who are drowning in debt as college tuition costs continue to move up. according to the federal reserve, u.s. student loan borrowers owed a total of $1.6 trillion 65% of the class of 2018 graduated with debt. and among those graduates, their average debt was nearly $30,000, as part of our acorn's invest in you, ready, set, grow sponsorship, we're featuring an online series called my college dream. here now to talk about is stacey francis, president and ceo of frances financial, independent wealth management practice that advises students, among other things welcome. good to have you here. >> great to be here. let's tackle the first one first, and that is this proposal to abrogate, do away with all student debt i see how that helps the debtors. >> it helps the debtors. >> it helps the debtors.
i don't see how it helps lower the cost of college tuitions in any way. and i don't see how it prevents future students from taking on debt to pay for college. >> i know, for future students, wouldn't you take on debt to pay for your tuition and debts and maybe a lavish lifestyle if it's going to be forgiven this could really create a problem long-term. but the reason why this is a topic is that one out of six americans have student loans and not just small loans, but we're talking about the average loan being well over $30,000 so this is a big issue going into the presidential election and something that is going to continue to be talked about. >> how are the borrowers handling it? we hear about defaults we hear about people postponing payments and so forth. what are they doing? how are they holding up under the load >> not so good in fact, we're seeing this generation graduating not only with student debt, but the -- one of the first generations to
have large amounts of credit card debt on top of it so piling $3,000 on average of credit card debt and so we're seeing people taking longer to marry, longer to buy a home, not able to put money in their 401(k)s, even though they're at their -- >> what's your best advice for them if they're struggling >> if you're struggling, getting a clear picture of what your real spending is, and the biggest challenge i see is that college lifestyle that you have, that that goes out the window when they start to earn. unfortunately, ramen noodles and used furniture needs to continue in your life for many years, even in those earning years. because you need to be paying down your debt >> you hear that, ladies >> i don't know how many college students are on ramen noodles. they're living like kings. you see these dorms and the meal plan -- i wonder if that's part of the problem all of the money they're borrowing is going to pay for something that's fundamentally unsustainable and then it's a double whammy afterwards --
>> and that's why they have credit card debt >> it is a lot of these student loans is going towards lifestyle expenses and there's a huge way you can cut that back. getting a roommate or roommate number two, reducing that. we see kids with cars, not only just nice cars, but cars nicer than my own. taking big spring break vacations. >> so they're making bad decisions. >> bad decisions, because, you know, what, this seems like free money, but it's not free money you'll have to pay it off in the future >> unless it's all forgiven. >> unless it's all forgiven. and realistically, that is not going to happen, because who's footing the bill and i know there are proposals, but none of them are going to make any one particular segment of voters happy. >> stacey, thanks so much. >> thank you >> have a great weekend. for more on the college dream series, go to cnbc.com invest in you. and a reminder that nbc universal and comcast ventures are investors in acorns. and check, please! is next ♪
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by the way, she's the it wasnext mozart.g day. it is already working in cities like tokyo. as usual we were behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places. check, please. well, as some of you know and now the rest of you will, our friend, kelly evans is leaving us today for maternity leave we'll see you next year. we've created a hall pass here this hall pass entitles one kelly evans to be absent from cnbc for as long as she needs. >> well, thank you >> take the rest of the year off. we'll see you in 2020. >> how generous.
the management >> there you go. >> oh, from the management >> the management has given you a hall pass for the rest of the year proud papa, eric chemi, as well. best wishes to both of you >> this is the last time all six of uswill be on set together >> something to think about, people good luck, kelly >> thank you very much >> thanks for watching take the next of the year off. >> "closing bell," right now >> hey, congratulations, kelly, we'll see you soon thanks very much hey, everybody, i'm brian sullivan, in for wilfred frost today. and we are on the floor at the nyc. this is a bellwether, economically sensitive, china sensitive, and oh, by the way, it is up nearly 4%, rallying like the rest of the market. hey, we could be on pace to new records. we're going to find out, courtney reagan, in about 59 minutes. >> thank you, brian. i am courtney reagan i
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