td ameritrade creating a massive firm with$5 trillion in assets. it's been up ended by zero fee commission a trend started by schwab that killed a key source of ren for the sector. sent td amerd trade up 17%, schwab up 7%. mike santoli looks at why the two companies may want to become one. >>ology continues to drive down the cost of investing. and it reflects the push for greater scale in an investing industry dominated by low cost index funds, zero commission trading and a multitude of digital start-ups vying for the investment dollars of younger consumers. schwab was a pioneer of low cost broke ramble from the down of the 70s. and it's bnd has been to make investing accessible abaffordable. the ameritrad the product of numerous mermgers had become a sizable competitor. gether they would house about $5 trillion in assets stocks, bonds and bk accounts. in recent months. charles schwab led the way to zero commissions, a move hurting shares of amerd trade more due to greater emphasize on trading volumes. t gettinher would possible position the compan

no surprise, this morning schwab and ameritrade are trading up. ameritrade is up 17%. we're going to turn to the democrat debate last night. 2020 hopefuls faced off in atlanta last night, pushing their agendas on a range of issues. watch. >> the fact is that right now the vast majority of democrats do not support medicare for all. it couldn't pass the united states senate right now with democrats. it couldn't pass the house. nancy pelosi is one of those people who doesn't think it makes sense. >> doing a wealth taxis not about punishing anyone, it's about saying you built something great in this country, good for you. but you did it using workers all of us helped pay and he'd educa. that's something democrats, republicans and independents care about. regardless of party affiliation, people understand our government is working better and better for the billionaires, the rich, the well-connected and worse and worse for everyone else. >> i don't agree with the wealth tax the way elizabeth warren puts it. i agree that we need to raise the estate tax, we need to tax capital

ameritrade were looking to merge. -- td ameritrade were looking to merge. all of thoseo put into perspective for us, as you can see, e*trade is a lot smaller, they are in yellow relative to td ameritrade. 17% of the revenue on commission. at perhaps a potential combination to keep up with the likes of charles schwab. but e*trade has been out of the mix, the focus has been on charles schwab and td ameritrade. so we have to see if this comes out with a response. , coming up,k you balance of david westin, he , it willwith our guest be a much wash interview -- watch interview coming up. aecking u.s. markets, down quarter of a percent each, a little more on the nasdaq, this is bloomberg. ♪ i'm david westin, welcome to balance of power, where the world of politics meets the world of business. from atlanta on the democratic debate, and also in washington, jordan fabian on president trump closing up the tech community. let's start with tyler in atlanta. we watched the debate, was it a debate or a series of presentations fro

where we will be looking at schwab's plan to buy td ameritrade. this is bloomberg. ♪ scarlet: we are live from bloomberg world headquarters. caroline: here's a snapshot of how u.s. stocks closed down on the day. joe: the question is, "what'd you miss?" caroline: charles schwab capitalizes on the industry with offers to buy a key rival. cautious trade deal optimism. china's chief negotiator could be closing in on a trade deal even as violence in hong kong divides between the u.s. and china. investors remain nervous. a mixed bag for retail. reports on earnings while macy's adds concern. the latest coming up. ♪ joe: let's get right in with the big story today. charles schwab tightening its grip on the retail brokerage industry with talk stuart acquire td ameritrade. the deal has not been announced. jmp is a senior analyst at securities. thank you for joining us. here?s the opportunity obviously, scale, but without scale, what can they do without? -- with that? >> at a high level, consolidation occurs because it makes sense. there are huge expense

step-by-step options trading support from td ameritrade >>> time for the final call. carter. >> health care the long side you can use the xlv to do it. >> mike. >> january spy put spreads pay nine to one. >> okay dan. >> there you go, target december put spreads two to one but i like them. >> that does it for "options action." see you next friday at 5:30. don't go anywhere. in the meantime "mad money" starts right now - [narrator] the following program is a paid advertisement for the nuwave bravo xl sponsored by nuwave, live well for less. is all the clutter in your kitchen starting to look like an old junkyard? sick of spending hours cooking, only to serve mediocre meals lacking in flavor? wish your family would spend less time whining and more time dining? well, now they can! with the new bravo xl, the world's first digital smart oven with flavor infusion technology. it's a breakthrough in culinary creations! coming up next, you'll see how bravo's compact design cooks large family meals in record time! how, with just a touch it can bake, roast, grill,

step-by-step options trading support from td ameritrade >>> welcome back time to take tweets. one fan asks if it's better to buy a call in viacom or cvs ahead of earnings next week. >> i would say the options premiums of both names seem elevated eiden be kleined to use call spreads or risk reversal. >> they're identical so bad they're good either one. >> last from the options pits carter braxton worth. >> xly on the short zblood mike khouw. >> i'm worried by looking at cisco into earnings. >> daniel. >> tlt as a tough spot but at the tough li is spot for a contrarian trade. >> that's does it for "options action." see you back here next friday. don't go anywhere special edition, aluting our veterans. "mad money" starts right now ♪ ♪ hey i'm cramer welcome to "mad money. welcome to the united states air force academy!academy! [ applause ] >> i always say, i'm not here to make friends but i'm making an exception tonight for the incredible airmen we have with us tonight right here. from the canyon of wall street

schwab in taubs to buy td ameritrade that could alter the investing landscape. how does it impact your money? it's 12 noon this is "the halftime report." >> announcer: a major shakeout in the battle for your money what it means for trading. financial advisers and investors. a miss by macy's sales fall short and a slashed outlook. the stock taking a hit where it goes from here as we head into the crucial holiday shopping season. >>> and another legendary hedge fund manager calling it quits. returning money back to investors. what's behind it and what it means for the hedge fund world >>> the investment committee is ready to go. "halftime report" starts right now. >> good to have you with us. our investment committee in front of you right there, joe terra nova and pete that jdiana becky quick reporting it could come as early as today, 5trillion did assets under management best day since '08 charles schwab for its best day since november of 2011 >> a lot to talk about here. the potential synergies are all about costs. if you think about it, td ameritrade has been t

td ameritrade and schwab, bloomberg has learned that charles schwab is near a deal to buy td ameritrade. this could create a power house in the industry. in europe, take a look at the biggest laggards for the stoxx 600. royal mail down 4.6% on a profit warning, along with thyssenkrupp , the german industrial conglomerate, down 13%. they reported a bigger loss than expected, and they suspended the dividend. , thank you.ail we are going to talk about one of those deals now, and that is charles schwab nearing that deal to buy td ameritrade. it would be a 26 billion dollar deal merging two of the u.s.'s biggest brokerages to reshape that sector. it has been embroiled in --throat competition to competition. how likely is it that we would get regulatory approval to merge these new brokerages? callan says yes. reporter: on the other hand, some say that this could face antitrust concerns. one concern is that schwab and td ameritrade both have giant businesses in custody assets for independent advisors. so you might see some antitrust concerns there. and i spoke to the ceo of robin hood yesterda

what do you do you have to throw up the white flag i think that's what td ameritrade might be doing. >> i don't know, certainly, would there be any anti-trust question you have to ask here? again, i don't have anything other than some thoughts about it, guys, in terms of potential consolidation here, we're talking about, something i don't have details to offer. you have to wonder i guess in terms of antitrust at least. i don't know the percentage in terms of online brokers and the like >> well, i think if i were an anti-trust, if i were thinking about enforcement, i would say, i got to call these two guys in, because the if this turns out to be now, we just have a way that pricing is going to go back up well, we got to try to stop that there is still a lot of players. i think what is really incredible, when ameritrade guy hit, when they announced that they were suspending their fees, the stock got crushed all the way down to 32 david, that had to be when they were in talks. it has to be immediately because this right now the stock at 41 if it's still not back to where it was, i think

ameritrade. it's valued at $26 million both of the shares down. charles schwab down by 4.4%. t.d. ameritrade down by half a percentage point this deal was a deal we first reported last week that the two sides were in to being and at that point both stocks were up >>> swiss drug maker novardis is buying the medicines co the stock is up by 22% novartis up by .4. >>> developments where a pro democracy candidate planted what's called a stunning election victory bill neely joins us with more. hello, bill. >> reporter: yes, good morning, joe. this was a landslide for the pro democracy candidates they won nearly 90% of the seats here in hong kong. they now control 17 out of 18 consuls. four were controlled by the pro government, pro beijing party. this was an absolute wipeout the pro democracy candidates had run basically on the platform of the five demands of the protesters so the message is from millions of people here in hong kong, we support the protestors we reject how the government has handled th

seriousschwab is in talks to buy td ameritrade. earlier.rting this we have the perfect guests to speak to global wall street of the past to this announcement, some say this afternoon. he is joseph quinn lend. everybody sat out a million years ago with morgan stanley and said this guy can write. you have been doing this for a long time, well over 20 plus years, and we have seen this evolution of competition in discount brokerage. madness ofto the free commissions. ameritrade, 23% of their business is free commissions. is this the ultimate free lunch, free commissions? joe: there is nothing free in life, so something is always extra. the competition around blockchain, the trading, it is not a race to the bottom, but everything is being compressed including financial services. the overlay with technology is pressing down and making us more productive. tom: you see ameritrade up substantially, up 20%. withtreet likes this idea interactive brokers and the other stuff. all this comes back to this word 1990e moment, "scale." at -- in 1993

>> announcer: "options action" is sponsored by think or swim by td ameritrade. 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. i like what you're seeing. it's beautiful, isn't it? yeah. td ameritrade now offers zero commissions on online trades. ♪ what should you had make of it here i'll break it down and building the thesis on the home builders "mad money" is next see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just comp

step-by-step options trading support from td ameritrade >>> welcome back time to take tweets. one fan asks if it's better to buy a call in viacom or cvs ahead of earnings next week. >> i would say the options premiums of both names seem elevated i'd be more inclined to use call spreads or risk reversals. >> they're identical so bad they're good either one. >> last from the options pits carter braxton worth. >> i'm worried by looking at cisco into earnings. >> daniel. >> tlt as a tough spot but at the tough li is spot for a contrarian trade. >> that's does it for "options action." see you back here next friday. don't go anywhere special edition, aluting our veterans. "mad money" starts right now - [narrator] the following program is a paid advertisement for the nuwave bravo xl sponsored by nuwave, live well for less. is all the clutter in your kitchen starting to look like an old junkyard? sick of spending hours cooking, only to serve mediocre meals lacking in flavor? wish your family would spend less time whining and more time dining? well, now they can! with the new bravo xl,

but should charles schwab go after tg ameritrade, it will be hard to compete with them. things areelt like moving so quickly, charles schwab leading that. tell us what has been happening behind the scenes in the industry. james: they definitely lead the charge on the large discount brokerages. if you want to start with robin tradingo has launched with -- vanguard offered free trading for all etf's on its exchange platforms. before that, the brokerages had these shortlists of etf's that they could trade for free. all i shares buttocks traded for free with fidelity, than other people came along, most recently in september. interactive brokers launching interactive brokers light, which offered free trading. everyone had to follow suit because when schwab, the market leader cut fees, everyone had to follow suit or are they going to fall behind? vonnie: i didn't mean to interrupt. for some it was more important than others. some of them were making way more revenue than others. how did that play out? james: for example, schwab did not have a hard time going this way because t

the all stock deal, ameritrade, schwab, we saw the reaction last week, very positive. they came back a bit, sort of settled in around what we thought might be a $26 billion deal it is 1.0837 shares of schwab for each share of ameritrade can we look at how their performing primarily derived, they say, from expense savings and there you see schwab down a bit, but ameritrade is up. you're going to have td owning 18% of the combined company. the remainder of the -- of shareholders, sorry, 31% over td will own 13% which could be 43% now and the other existing shareholders own 18% of the combined company they'll be able to participate in any upside that is created. it is going to be a giant, we know that. tiffany, lvmh, maybe 135, a bit of a -- not a surprise, but there had been -- the stock is 123 not long ago, tiffany. it is also up. thank you, guys. well done. up over 5% on that $135. what are they talking about? what are they getting that deal done any trust is potentially going to be a bit of an issue on ameritrade and so we'll see how long it takes for them to get that

td ameritrade now offers zero commissions on online trades. ♪ i'm not really a, i thought wall street guy.ns. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade >>> final call, mike. >> yeah, uber call calendar is going into earnings and the lockup expiration. >> carter? >> walgreen, fedex lvs. short the s&p. >> dan >> wow hey, listen disney had a nice bounce off the 200 moving average. >> next friday more "options action." have a great weekend "mad money" starts right now - [narrator] the following program is a paid advertisement for the nuwave bravo xl sponsored by nuwave, live well for less. is all the clutte

charles schwab up now, td ameritrade up almost 20% you did see td ameritrade higher a year ago, that was before zero commissions came along the idea here, this is the number one, number two of the publicly traded online brokerages getting together, but there's so much competition coming these days from all directions, van guard, fidelity, lots of other players out there. we talked about the idea of whether or not you would see justice department stepping in on this. a lot of people we have spoken with say they don't think so, it has gotten to be a difficult business these days. obviously zero commissions is great news for any of the consumers playing in this space, anybody making trades on these things, but it leaves a question how they make money, how they maintain profits something like this would mean their asset management would be close to $5 trillion, and that's a big deal. >> 7.5% higher for schwab is kind of unusual when there's the idea somebody is buying somebody else for billions and billions for the stock to be up does that speak to how steep people expect cost cuts would

step-by-step options trading support from td ameritrade >>> time for the final call. carter >> xlv >> january five put spread pay nine to one. >> target, put spread don't pay that >> that does it for us see you back here next friday. "mad money" starts right now >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. can you imagine what would

charles schwab announcing plans to buy td ameritrade for $26 billion. the combined company will boast more than $5 trillion in assets, third behind fidelity and van guard. the combined company will move its headquarters to west lake, texas. the deal comes just over one month after charles schwab kicked off the race to zero commissions on october 1, followed by td ameritrade, e-trade, ally and fidelity we've discussed this at length last week. at a fascinating deal and it looks like they pressured td ameritrade stock price and swooped at a relatively low price. >> 3.2 times book and so just to put it into context, e-trade is trading at less than two times book for schwab and ameritrade, very good deal. i was surprised at the synergies, only 15 to 20%, i think they're being deliberately conservative i think there's a lot more upside. >> the interesting thing on e-trade, the obvious one relative to those two that could be a target and we talked about morgan stanley and goldman sachs making sensible strategic sense. goldman sachs trade roughly at or below b

charles schwab reportedly set to buy tg ameritrade -- to buy td ameritrade. plus, macy's falling in premarket as it cuts its forecast ahead of the holiday season. arehe overall markets, you not really seeing that much movement despite that with the we saw yesterday. maybe china is more cautiously optimistic. we are seeing a little bit of stabilization in the equity market. no real move in fx, no real move in rates. joining murphy hour, lale topcuoglu, loh cm senior fund manager. good to see you. something he we were looking at was the liquidity conversation yesterday in the fed financial stability report. it basically shows liquidity is rising in the vix is falling, and that you found really interesting. lale: i do. i am laughing because it is like the plumbing thing. binks?remember jar jar i feel like i am jar jar binks. [laughter] alix: don't say that about yourself. that's horrible. lale: it's because i'm still hear talking about plumbing matters, you don't understand the liquidity risk. [laughter] alix: but i thought they fixed that? or does the ecb now h

td ameritrade is up 1%. viewers watching the show, i want to be in the next big takeover, that is big money overnight. is that one of the things you're looking for, like stocks that lagged or does that matter? >> for me it doesn't matter. i'm looking where sectors have been dormant forever. schwab and td, regional banks, except for the suntrust merger, they have been dead for years and years and years. i mean, that sector is screaming for goldman, morgan and bank of america to get involved, get some act at this time going. that is where you could see a real boom at the market peek somewhere down the road. charles: here is a a theory i have i like deals almost all cash. when a company is trading all-time high but still using cash, what they tell shareholders we think our stock is going even higher and it is much more valuable than cash. i love, for instance i would buy charles schwab because it is mostly a cash deal. they are suggesting we would rather spend cash than our stock at this level. >> sends such a

td ameritrade is a bank. there's a bank at schwab there's pressure on them to raise interest rates they're paying for the customers wealth management is another part of the business but there's pressure there from robo advisers. the answer to motive is scale. >> the macro environment, feed compression, spread compression, interest rate compression, has gotten us to this point. is that the theme i guess going forward? are all of these companies going to have to do the same >> it's absolutely the theme i think essentially, investment services are now in a way technology services so driving down the cost across the board and therefore ringing margins out of different stages of the industry what that's what's happening. i don't know if i could characterize this as schwab having to do a deal, but they're responding to this long running pressures on the business that have grown more intense and the virtues of scale and just consolidating a lot of these cost functions are clear this industry has gotten to this point

but before it was seen as a schwab or ameritrade ameritrade was the more likely buyer. even if there's no acquisition of e*trade he in are that much small relative to the rest of the industry >> and schwab has proven with td, e*trade is cheaper just emailing with the wells fargo analyst during the show he sent me a note he wrote in 2016. morgan stanley is another potential buy. >> schwab used to be a rumor in tea 90s. everybody did the invest banker math and said it made sense. >> big opportunity, huge, in fact it could happen. >> sticking with m and a -- >> i have another point. >> we'll come back to this luxury retail engineer lvmh raising its bid for rival tiffany. >> reporter: tiffany agreeing to start talks with lvmh after it raised its offer lvmh is offer $130 a share up from $120. the offer would mark a 44% premium from tiffany share price before this offer was made and would value tiffany at just under $16 billion. these talks could fail, lvmh could walk away after looking at tiffany's financials tiffany might want a deal announced before their next earnings on

ameritrade for $25000000000.00 this is not confirmed yet but that's what was all the rage here on wall street on the thursday session and how have markets been reacting to the changes in the brokering sector well we saw a mess of moves maybe 1st of all what is pretty interesting is that all the buyers all the potential buyers sheilds again a good 7 percent obviously wall street believes that 25 $1000000000.00 is a pretty good price for up and then t.d. ameritrade the company that is supposed to get bought those stock prices increased by a good 17 percent but we also saw effects on other names for example for a couple of weeks there were rumors that it actually might be bought out but that is not going to happen yet and there was a bit of a disorder disappointment there on that you trade side the stock losing. 7 per cent but clearly this is well let's call it. that we're seeing in the world of online banking but we're still waiting for the confirmation so that is really putting an offer on the table a resolution big words from our financial correspondent in new york. now let's take a qu

step-by-step options trading support from td ameritrade >>> welcome back to "options action." time to take some of your tweets our first one asks thoughts on halbur to halliburton, what do you think >> we know as far back as 2014 it was, i would take a shot on the long side. >> i'm reminded of 2001's space odyssey, but i'm still in halliburton. >> there are so many things to do but the truth is, probably the best thing if you want to be contrarian is to short the spy >> short call spreads in tesla >> i'm kind of with carter there. >> mad money starts right now. - [announcer] the following program is a paid advertisement for the nuwave brio digital air fryer, sponsored by nuwave. live well for less. we all love fried foods, but yuck that means scoops of grease, blobs of butter, or gallons of oil just to fry. this adds up to a lot of unhealthy fat in your diet year after year. stop! now you can cut out all the added fat, and still keep all the flavor with the new brio digital air fryer by nuwave, the world's first digital air fryer with flavor infusion technology. coming up next

with the rollout did not go as planned, can the cyber truck keep tesla electrified in schwab and td ameritrade are close to a deal on a 26 billion-dollar merger and what will that mean for investors preyed on the roundtable, then, caroline and jack. jack i will start with you on earnings season, earnings were down but revenues were up a little bit but in retail it was not wishy-washy it was boom or bust. >> it was retail waccamaw, stocks were popping up and stocks were getting pounded down. there's a real separation we went where everyone was getting out of everything but amazon.com. now people are piling to target, it was a putrid and turned into wall street. they are gaining market share in categories where weaker chains are getting hurt in closing down. that stock is doing very well. gap is done poorly especially if you consider the preannounceme preannouncement, everybody is fleeing that stock. >> them 7% today and coals as an example, more on sales but the earnings are worried about too much discounting, they don't lock it in nordstrom really surprised me. i was not sure whether this one

td ameritrade now offers zero commissions on online trades. ♪ i'm not really a, i thought wall street guy.ns. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade >>> welcome back time to take your tweets, one fan asked if it's better to buy a call in via com or cbs ahead of calls next week. >> i would say the options seem more elevated. i would be more inclined to call risk reversals. >> they're dent cam, so bad they're good, i'd do either one. >> time for the final call >> consumer directionary xl line the short side. >> i'm also worried, i'm looking at cisco in the earnings >> dani >> tlt, i like playing it in

charles schwab has agreed to by td ameritrade for about $26 million. it is a deal that will reshape the retail brokerage business in the u.s. am yet. with the details, -- and beyond. with the details, dani burger. >> it is a deal only made possible and a zero commission fee world. charles schwab will be purchasing dt. it is an all stock -- purchasing td. it is an all stock offer. charles schwab already has about half of the market share. td has about 20%. that means together, they have combined assets of $5 trillion. . in this zero fee world, it is all about economies of scale, but that scale, this massive $5 trillion in assets. analysts warn that this will bring in some antitrust scrutiny. i want to go over what i find the most fascinating about this deal. it is really that charles schwab broke td just to buy it. charles schwab agreed to pay 17% premium to america trades -- ameritrade's stockholders for what it's currently trading at. actuallye in blue frequently treated above schwab. schwab announces they are cutting their fees. because of this decis

step-by-step options trading support from td ameritrade >>> welcome back to "options action." time to take some of your tweets our first one asks thoughts on halliburton. carl, what do you think? >> much like conoco, the recent development is developmental it's peaked at 75 bucks. it hit $16 here in early august, this past summer and starting to curl up. i would take a shot on the long side. >> do you agree, mike? >> i would i own the stock. unfortunately from much higher levels i'm kind of reminded of 2001 space sodyssey. >> time for final call. >> the best thing if you want to be contrarian is to do a little bit of energy, halliburton and conoco. >> sell call spreads in tesla. >> sam >> i'm with -- >> paper over to read it "d prd.e spot the sea >>mamoney" starts right now. >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer! welcome to "mad money. welcome to a west coast cramerica takeover over people want to make

step-by-step options trading support from td ameritrade >>> time for the final call. carter >> the xlv to do it. >> mike coe. >> january spy put spreads paying 9 to 1. >> dan >> there you go, target put spreads. don't pay that 3-1 but i like them >> that does it for "options action." don't go anywhere. "mad money" starts right now - [narrator] the following is a paid advertisement for the hoover smartwash. when your throw rugs need cleaning, you toss them in the washing machine, easy. if only you could do the same for your carpet. instead, here's what carpet cleaning looks like for many of us hauling around heavy, bulky rental machines. they're a hassle. and do you really want to bring someone else's dirt into your home? and then there's all the mixing, soaking, waiting forever for your carpet to dry. no wonder we sometimes give up and call in a pro, but that's a whole other level of pain. they're all over your house. you're left with a damp carpet and it costs a fortune.

i'll admit i have a td ameritrade account and i have traded more once the fees are gone but what does this mean for consumers once you have the industry that consolidates you can't actually add to that specifically but they highlight ed etf's and how schwab has been trying to put their own to get td ameritrade on board, the platform accessible for average retail investors could be a way for them to push this forward and compete with the likes of blackrock and really start to see -- david: so you think it would be good for consumers? >> it would be good for the company. >> david how much better honestly can it get? there's never been a better time to be an investor. i can remember myself paying $40 a trade back in the 1980s at schwab and of course the research that you got was old and dusty and all of that. >> hey! i was an analyst. but that's what investing was like back in the 1990s an some of the tools that's what these discount brokerages offer. i just hope that we could get some sort of deregulation in healthcare. i mean, can you imagine maybe mri's would be for free the same way

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td ameritrade. ♪ motor? nope. not motor? it's pronounced "motaur." for those who were born to ride, there's progressive. >>> lots of challenges covering the news in the trurp era especially with the impeachment heating up. president trump is making florida his permanent residence. complained the dog got more attention than he did. and commented his wife wouldn't cry if he got shot. let's hope that doesn't happen by the way. with all the stories fly lg by, sometimes you have to ask yourself is it news or not? hoo here to discuss. good evening. there's a lot to talk about this week. the hero dog. al-baghdadi. her name is conen. trump tweeted a photograph of her getting a medal of honor and bringing her to the white house. continuing to make up details about the actual raid. and talked about the dog tonight at his rally. >> with me, they don't even want -- they played it down. and actually i'm happy about this. conen the dog got more publicity than me. i'm happy about that. >> at one point the dog's name was classified and he's known for not known for l

td ameritrade relies more on fees. now that those are zero in a lot of cases, that will be a problem. it's an open question about how they will make up the fees. they may charge more for different things. i have already heard back from different people who use charles schwab to say that is right, we will be keen, and will be watching to see what they do to make up for the revenue. amanda: this has been such an interesting story. the race to zero on the fee front was like an iceberg on the horizon, it was coming. for other sectors, maybe a wake-up call that it is coming fast. to me, one interesting aspect is td taking schwab's stock, no cash. it speaks to the optimism in the sector. brian: schwab is the market leader in a lot of ways, the expectation that it located -- will continue to be through this action. my fellow opinion columnists who are expert on these things says he likes everything that came from this. a lot of synergies could be created. overall, it seemed like a really good fit. expectation that there shoul

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ameritrade for a total of 5 trillion dollars that's trillion with a t. in combined assets this is in the face of that mounting threat on 2 fronts really right cryptocurrency s. and disruptor such as robin hood betterment and wealth they all have 0 commissions so give us your take on this $25000000000.00 deal and do you think that any of the other guys in this space are also looking to kind of merging create these monster companies. will kind of like we were talking about earlier with the streamlining and trying to make bigger efficiencies through bigger companies i wouldn't be surprised if we see some other mergers especially coming from those disruptors maybe some of the bigger names actually want to bring those disrupters on and say hey let's bring your new age your new territory of people and subscribers on board and personally as me as a trader i really like t.d. ameritrade i like their trading platform and to have them come together which. it sounds actually like a pretty good situation you know and what we're looking at when i called charles schwab

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charles schwab agreeing to buy td ameritrade, valued at about $26 billion. schwab is capitalizing on the industry shock it created last month by cutting commissions on u.s. stock trading to zero. schwab was america's original discount broker when it was founded almost a half-century ago. it is the largest luxury goods deal ever. lvmh agreeing to buy tiffany for more than $16 billion. that will raise the french company's profile in jewelry. 37%deal values tiffany above the price on october 26, when bloomberg broke the story of lvmh's initial approach. novartis agreeing to buy $9.7 billion for the price. $9.7 billion. the price is a 47% premium for medicines. that is your bloomberg business flash. learned carlrg has icahn plans to nominate a slate of 10 directors. about 3% in oxley is of the company. he's unhappy about the company's takeover of anadarko petroleum. shares have fallen 41%. many people i have talked to our unhappy about the deal and the levers, but not necessarily into how carl icahn is handling it. coming up on this program, ubs global wealth ma

charles schwab takes advantage firm and israge said to be moving on rival td ameritrade. apple overhaul software testing after finding glitches in its software. this is our second day at the new economy forum in beijing and we have plenty of great interviews ahead on our programs including mastercard's device .hairman also eurasia group's president as well. competition was really focused on trade tensions, the risks for the global economy, the u.s. and china dynamic. we will see more conversations about today as well, but also more focus on technology, ai, 4g, and transitioning into 5g. much: it was very optimistic or hopeful is maybe a better word, hoping to come to some sort of heavy copper mines, but there was the idea that some of these issues are just going to remain issues forever, like henry kissinger saying the issue remain kong will problematic and other people saying the issue of sovereignty will be sensitive and will come up during trade negotiations. all of that has affected the sentiment for the markets. kicking offarkets trade. sophie: we are seeing green sh

francine: charles schwab has a group -- has agreed to buy tv ameritrade -- td ameritrade. dani burger has more. is indeede up industry changing, and this is the deal that has only been made possible in a zero-fee world. first the details, schwab will be purchasing td ameritrade in an all stock deal, valued at roughly $26 billion. already schwab owns about 50% of market share when it comes to certified custody assets. td ameritrade, 20%. that means they are already a behemoth, having over $5 trillion in assets. when you have the zero commission fees, it is all about economies of scale that is what will get them the income they need. because of that scale, analysts warn this deal may draw antitrust scrutiny. i want to go over what i personally think is the most fascinating part of this deal. that is that schwab essentially broke td just to buy it. in the deal announcement, schwab said they would pay a 70% premium to where ameritrade was trading. when you look at the prices in the past year, you can see that ameritrade was more expensive. so paying an additional 17% to this w

yeah, it's a lot, but td ameritrade can help you build a plan for today and tomorrow. great, can you help us pour the foundation too? i think you want the house near the lake, not in it. come with a goal. leave with a plan. td ameritrade. come ♪ith a goal. leave with a plan. ♪ applebee's new sizzlin' entrées. now starting at $9.99. now that's eatin' good in the neighborhood. introducing a razor that works differently. the gillette skinguard has a guard between the blades that helps protect skin. the gillette skinguard. [♪] brian: the fight begins. in the early 1830s, texas was happy to be an independent state of mexico. but that changed when general santa ana took power. he shelved liberty. annexation to the up s. not in the cards even though president jackson and former president jefferson thought texas came along with the louisiana purchase. early on they had nothing but success. what do you think the truth is. was texas in the louisiana purchase? >> it's a great yes question. when jackson made that it could have been part of the louisiana purchase. it became

so with charles schwab buying td ameritrade, obviously, that's led to a big bounce in the latter td ameritrade up about 6%. big boost for financials and luxury as well, news yesterday of lvmh buying tiffany but the mood, as i mentioned, is a little bit more negative heading into today's session we've got all three majors pointing to open up in negative territory. dow about 20 points lower, even though that index is through 28,000 yet again at a records high nasdaq also seen opening up on the back foot. one thing to watch out for later today, we get the u.s. consumer confidence numbers that will be a good litmus test ahead of a big retail week in the u.s. don't forget, it's thanksgiving. we've got black friday coming up as well as some key earnings to watch out for, too all of these will be good signals for the health of u.s. consumer >>> well, shareholders in the london stock exchange will vote today on a proposed $27 billion acquisition of refinitiv the lse says a merger with the data firm will help it enhance trading across regions and currencies the ceo of cqs and former ceo of the lse told