officially telling us what ylan had been -- >> he's in. >> he's going to vote for the -- >> what he wanted on childcare. >> starting to line up. >> thanks for watching "power lunch. have a great weekend. >> you, too. "closing bell" starts right now. hi, everybody. welcome to the "closing bell" as we close out the week on this friday i'm kelly evans at the new york stock exchange. >> nice to neat you. i'm bill griffeth. >> it has been a while. >> so long ending the week with a rally in the equity markets in fact, the russell 2000 is the best performer as tax reform looks likely to be passed it says here. we're going to do is unveil it, i guess, at 5:30 then we'll see how it goes. we're expecting full details of that bill in a few hours and coming up, we'll look at which stocks could benefit most from this plan and space-x, meanwhile, making history today by

launching and landing a reused rocket we've got the ceo of a publicly traded company looking to capitalize on the increased excitement around space these days. >> wonder if they call them certified preowned. >> that's coming soon, i'm sure. >> yes. after the bell, bitcoin millionaire, a young man who bought bitcoins at $12 is now worth millions good for him he'll tell us whether he is selling right now and whether he's investing in ethereum, litecoin, or ripple. >> or whatever the coin is. >> isn't that a wine let's get to the big story out of washington right now. republicans sprinting to pass tax reform before the holiday recess and a final version of the bill, we are told, is expected to be released in just a couple of hours. ylan mui who has been way out in front on this story today gives us what she knows right now. ylan >> reporter: bill, senator marco rubio is making it official, he will be a yes on the republican tax bill as we've been reporting since

earlier today. now, he's onboard because republicans were able to expand the child tax credit he tweeted not long ago that that move is a solid step toward broader reforms that are both pro-growth and pro-worker. he also thanked senator tim scott as well as ivanka trump, the first daughter, for their work on this issue he also thanked mike lee of utah who is still undecided on this bill last we checked we are reaching out to his office to see if he is now officially a yes. now, rubio's support does help republicans secure passage of this bill. as you mentioned at 5:30, we will see the final version of this bill formally presented to congress at that point, it will become available to the public and representative kevin brady, who chairs the ways & means committee, told reporters earlier today that he is very optimistic about this passage. >> i'm confident at the end of the day the senate will approve this conference committee report because no one should be defending the status quo in this

horrible tax code americans have had to live with for too long. >> reporter: now, this vote will occur next week. we're hearing that the house will go first on tuesday the senate will follow suit after that and all indications are that the president will sign it before the end of the week. back over to you guys. >> is all right. they're moving pretty quickly, ylan thank you. good stuff our next guest is here to tell us which sectors are poised to benefit most from tax reform if it does happen and which stands to lose. >> aren't you? jonathan is with credit suisse and with a headache here we were all trying to front run this thing, trying to guess what's going to be in it we think we know >> yeah, i think there's too issues what exactly is going to be in it and we have a pretty good directional sense. what it actually means, tvit's not, how much exactly are companies going to pay after they deal with all their expenses and deductions, how much of that is going to be brought back in the buybacks you could have an explosion, and i think you will, in buybacks

and, you know, what it's going to do to capital spending, mergers, a lot of people in the health care space are talking about the mergers that this is going to create. there's more unknowns even after we know everything. >> right now in broad strokes, what we look at are those sectors that tend to pay the most in taxes and those that tend to pay the least to try and figure out who the big winners and losers might be, right >> simplest terms, businesses that are domestically oriented, local retail store or utility or bank, they don't get to shelter themselves from their tax burden and they pay a lot -- a much higher tax rate. so those are going to be coming down by far the most same thing with railroads or trucking companies and then you have companies that do a lot of business outside of the u.s. and really the big names would be, like, health care and technology and certain cases big industrial companies and the interesting thing is with this change between the last bill, on this alternative minimum tax -- >> right. >> -- some of these companies

that look like they were going to get walloped before all of a sudden they're going to get hurt but not nearly as much and the market's going to start to scramble and try to figure out what those are. >> just a couple names your team identified with high tax rates, you think would benefit, high effective tax rates, currently huma humana, technipfmc lowest effective tax rates, talking about names like ea, electronic arts. that goes to this question about how much different is the effective tax rate companies are paying now from the statutory rate is? >> there's, as i speak to investors and ask about the broad market what they're assuming, right now, companies are paying about 27% tax rate. assumption when this is all done, it will be probably something around 20% if you just -- if you didn't buy back any shares or anything else, that's something like an 8% or 10% increase in s&p profits just from the rate before anybody does anything else >> now, why are we talking

buybacks, necessarily? i mean, jamie dimon acknowledged that the other day he said, you know, it's not a bad thing that the companies will do a lot of buybacks when they get this tax -- i don't want to call it a windfall, but the tax break of some kind the idea behind this, though, is to get companies to spend more to create jobs and build factories and so forth why wouldn't they want to do that >> well, just think about it, you've been able -- if you're a corporate ceo, you've been a bl to borrow money at virtually zero for the last five or seven years. if you had a great business to buy or machine to acquire for your factory -- >> you would have done it. >> you would have done it already. so this is incremental and there's no question you're going to see some of that, but my guess is the majority of it are going to be companies handing it back and then the rest is going to be used for either acquisitions or equipment purchases. you're also going to see there are a number of companies that have borrowed in the united states to basically synthetically, as a way of financial guy would say is,

bring back that foreign cash and they may actually retire some of that debt, that borrowing they didn't really need, it was just the location of the cash. >> real quickly, there are a couple of places you think could not benefit so much from this passing in the corporate space pharma, biotech and autos. why, in particular, do you think this bill will not be -- >> in what way individual names, talking about sectors? >> you can talk about individual names if you want. i'm seeing pharma, biotech and autos, you say are disadvantaged by the proposal. >> anybody who does a lot of business abroad, been able to shield themselves from taxes, are the ones that are going to basically lose that advantage. i mean, they've been able to set up distribution systems where they export things and bring them back in, or because they're selling outside of the u.s., and pharma is a good example they're global businesses, they're not local businesses as compared to a pharmacy which is local, but the drug company is selling around the world and so it's a big difference in the tax rate. >> and lastly, on autos, what's

the problem there? >> no, i mean, you have similar -- you have some of the same similar issues on sourcing of things and the like so you have to -- i mean, the simple way to look at it, it's easy to find, you can look at every company, what is exact tax rate they're paying now and you just -- you basically the companies that are paying a really low tax burden are the ones that are either going to see that rise or simply going to have less of an advantage of everyone else than they had before and, therefore, the money's going to rotate toward the winners and that's been happening. probably in the sixth or zechset inning of this tax rotation. >> unless something changes. in the bill. >> yeah, i think right now the market is starting to assume this thing is going to be close to what we see at 5:30. >> we sit at the highs of the day and week and all-time, as a matter of fact jonath jonathan, good to see you. thank you. let's get to our "closing

bell" exchange for this friday, peter costa with us somewhere on the floor of the exchange there. cnbc contributor, charlie, the vice chair of ariel investments with us. rick santelli at the cme in chicago is with us this is an expiration day, peter, what are you expecting to happen here? >> going to be some huge volumes. we already checked a lot of the major 2345i78 names and going t very large -- you know, people look at that and at the end of the day the market could be up 190 points and look at 2.5 billion shares trading on the nyse, 8 million or 9 billion overall. they're going to think there was some major meltup. the reality is, you know, 70% of that volume is going to be on the close. so, i mean, it's a strong day, everything's been pretty strong. what's been going on in washington you know i'm not a big fan of basing an investment on any politician, but this is, you know, we can't fight this storm. >> yeah. >> charlie, what are your sort of main things on the dashboard here is it the tax bill you know, is it other aspects, you know, things coming out of

washington here as we start looking into 2018? what is it >> the good news is, there's a lot of things that are all pointing in the same positive direction. by the way, this idea that tax cuts aren't going to affect investment is just silly people, businesspeople, make investments based on aftertax returns. not pretax so if you have an investment that would give you $100, before you only kept $65, now you're going to keep $80 on that new investment it's going to affect a lot of projects that are now going to be economic that weren't before. second thing, a lot of money is going to come back, repay debt which is going to help incomes lastly, there's kbigoing to be lot of stock repurchase. nothing wrong with that. repurchasing the stock means i will own a bigger percentage of the company going forward. we think the market is correct, going to have a very positive effect. >> hey, rim, i'm going to give credit where credit is due our friend, liz ann saunders at charles schwab tweeted this out a while ago. as we watched the flattening of

the yield curve this week, she points out the yield of the two year is now above the s&p's two -- yield for the first time in a decade. that's pretty interesting. >> i think it's hugely interesting, i think at some point in the future, it's hard to predict these things because the runway is always longer than we believe on almost everything in regard to finance i do think there's going to be real substitution, competitive nature between the fixed income markets and other investments like equities. some point in the future and i don't think that's a bad thing. you know, we constantly hear that the biggest worry for the equity markets is going to be interest rates rising. of course, we're not talking about the short end, the fed, leaf that day loan that isn't a bad thing they're talking about the more market-driven rates on the long end. i envision as long as the long-end rates are driven by positives, it's not going to be a bad thing, it's going to create a very nice feedback loop that will be a positive feedback real quickly, you know, the guests that wehad on prior to

our spot said buybacks, great, zero interest rates, everybody's done, built everything they want to i so disagree with that. it isn't about interest rates. it's about what you think the future is going to look like if you build a plant, what's the regulations for the plant? what's the tax policy going to be what kind of president are you going to have in office? i think we have an atmosphere where there's less restriction and more of the ability for a business to steer and understand the type of future it will invest in. i think that's monumentally huge to create some hest for the economy moving forward >> are you suggesting that you don't expect the large number of stock buybacks that so many people are as a result >> no, i think there will be buybacks, but i also think there's going to be companies that are going to rethink some of their capital spending that they've refrained from to exclusively concentrate on buybacks and i think that lane is going to split in two there will be buybacks but i think companies are going to look toward the future, see a less boot on the neck of business environment, and i think they're going to make hay

when the sun shines. >> charlie, you would still avoid the bond proxy stocks, some of those, the reits, partnerships, things like that next year? >> yeah. that -- you know, we didn't get everything right this year but we did say that the bond substitute stocks were badly overpriced the beginning of the year mlps in particular we still think that's the case we're going to have a stronger economy. rick is right, we think long-term rates are going to go up and the bond substitute stocks are going to have another tough year. >> very quickly, peter, so a lot of volume on the close here. any volatility expected? what are you hearing about the market on close right now? >> the market on close right now is leaning toward the buy side which is not unusual for, you know, the market being up 170-plus points. >> right. >> i think that, you know, at the end of the day, we'll probably be right around this level. you know, they don't normally -- normally things get pared off and it's just a huge volume spike but not really so much as a mover, volatility spike. we had the volatility early

today. now we're probably going to flatten out toward the end of the day and have big volume. that's about it. you know, i do want to bring up one thing. i know we're short on time i agree with rick santelli so much i can't even tell you, i think that there will be corporate repurchases. i think it's a huge mistake. i've been saying this for a long time corporate growth doesn't generate from buying back shares it generates from mergers and acquisitions spending money on research building out your business and looking to the future and if companies look at it that way, this windfall, then this country will be in great shape. >> caharlie, you're still going to defend the buybacks, aren't you? >> i salutary e absolutely am they prevent companies from doing dumb things like dumb mergers and acquisitions >> charlie, look at the stock prices we're at now. very, very few companies are undervalued or underpriced to spend the money and buy back more shares, it's great for the shareholders

i'm in that business the reality is for growth in this country, we need to have them spend that money on something a little more substantial, building tra ining, potentially spending more money on research. >> we're horribly over time. >> sorry. >> no, no, that's okay we always love it when smart people disagree. we love to hear both sides of that story thank you, guys. have a good weekend. >> thanks for having me. and we have 15 minutes -- oh, it's almost time for the "closing countdown." oh, no, 45 minutes left in the trading session. the dow near the highs of the day. as we pointed out, the best performer of the major average, the russell 2000, up almost 2% right now. >> higher effective tax rate, more domestically focused companies. >> yes. >> huge rift for the russell i think that would put us in record territory we're about nine points off that right now. >> nasdaq, too. up next, elon musk, space-x attempting a milestone launch to send thousands of pounds of equipment to the international space station with a reusable rocket we'll tell you how that mission meant what it means for musk's outer space plans.

and speaking of outer space, "star wars: the last jedi" hits theaters today thursday night previews turn in big box office results i'll break down the numbers and weekend projections when the "closing bell" comes right back. we want to hear from you as always reach out to the show on twitter, facebook, e-mail. d tl read some thoughts at the enofhe show. it's friday, after all you're watching cnbc, first in business worldwide ♪ ♪ work on the cloud with open technology, and open standards. the ibm cloud. the cloud for business. yours. the cloud for business. i'm an outdoorsman. so i've asked chase sapphire reserve cardmembers to find my next vacation. chile, what's going on? i'm at the el tatio geysers. geezer. geyser. geezer. geyser. enough. geezer. whoaa, wooooo. dude, be careful. i think you should come camping. why would i camp in the atacama desert?

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a new report says back in 2016, as tesla was prepping for the launch of the model 3 sedan, the automaker was simultaneously dealing with an investigation by the securities and exchanges commission the subpoena reportedly asked for documents pertaining to reservations of the model 3, production times, and cancelations it also named goldman sachs and looked at the timing of its analyst report upgrading the stock ahead of the company's announcement of a $2 billion stock offering later that day. ultimately, the report says the s.e.c. did not recommend any enforcement action >> tesla shares up a little less than 1% today. and speaking of tesla, yesterday on the show, i spoke with famed

short seller jim chanos asbout the stock. he was very candid about how he views the company. >> to me, where the stock is now is not the story, i.e., where it's been, it's the opportunity. is it a buy here or a sell here? i don't really care that it came from 30 or 200 or 300. >> it's still a sell here as far as you're concerned? >> we're still short, yeah. >> do you have a price target in mind >> we think the equity's worthless, so how's zero >> we did reach out to tesla for comment but did not hear back. >> not even a tweet. turning now from one elon musk company to another. space-x. attempting a milestone launch today with one of its reusable falcon 9 rockets cnbc's morgan brennan has details for us on that morgan >> i do have details and this was a milestone. after several delays, space-x making history again today by launching a recycled rocket for nasa marking the first time the government has ever done something like this with a

commercial company now that launch from cape canaveral's complex 40 which i saw firsthand earlier this week involving a reused first stage booster. the main engines for the falcon 9 which had previously flown in june see it taking off earlier today right there in the video the unmanned dragon capsule filled with 2 1/2 tons of supplies and science experiments for the international space station also reused. having traveled to the iss back there 2015 that dragon capsule is expected to rendezvous with the space station on sunday, but the first-stage booster made its way back to earth, sticking a landing at cape canaveral air force station less than eight minutes after it launched creating a sonic boom in the process. it's the 20th time spacex has been able to do this, reland one of those boosters. so today's crs-13 mission marking spacex's 17th launch for 2017 that means elon musk's company now holds the record for most orbital launches by a private sector company in a single year. spacex is supposed to have one more falcon 9 launch before 2017

is over, but then it's all eyes on falcon heavy. this is musk's next gen more powerful rocket which is now expected to make its maiden test flight next month. and just to bring this full circle for you guys, yes, musk's red tesla rodestadster is expecd to be the payload for that at least if regulators agree to it. back over to you. >> what does that mean >> where are they going? >> it means on the new next generation falcon heavy rocket, they're going to be putting musk's personal car onto it and the plan, or the hope, is to launch it so it goes to mars >> so it's ready for him when he gets there >> okay. morgan, thank you. >> why not >> it really is fascinating stuff. morgan brennan. while elon musk is in the headlines, there's a somewhat lesser known company in the spacex exploration business up 30% this year. it's called maxar technologies it specializes -- see the shares today -- specializes in

satellite imagimaging. describes itself of sitting in between traditional firms and new endeavors like spacex. >> joining us, howard lance, president and ceo of maxar technologies he'll be reading the closing bell in a little bit here at the new york stock exchange. welcome back to the new york stock exchange. >> thank you great to be here. >> it seems like all we hear about are the billionaires that want to get into space, whether it's jeff bezos, elon musk, or richard branson. you guys have been doing this for years and both for the government and for private payloads, right? >> we have we like to think of ourselves as a new space company with 50 years of heritage. maxar technologies was formed through the combination of mcdonald detweiler and digital globe. we're the leading provider of commercial satellites, space robotics, ground stations and leading provider of all the from space digital imaging that you see. every consumer touches either our communication satellites through downloading video, sirius xm radio, and every time

you look at google maps, goog the earth or call on uber, you're using our technology. >> i was going to say, goodgle, microsoft, uber, are customers of yours do you do surveillance work, do you sell that data to traders? is. >> that you can tell us about. >> exactly >> half of the company is commercial, we're selling commercial products including commercial imagery to all of those kinds of companies as well as corporate companies that are in, say, the agriculture or energy business. certainly every trader is subscribing to something that would come from our predictive technologies the other half of the company is defense. so we're a large supplier of imagery. the largest to the u.s. government as well as to today about 14 or 15 global international governments. >> president trump as we know doubled down on going back to the moon and getting to mars, which is something that elon musk, you know, richard branson, have talked about. you going to participate in any of that? >> well, we would hope to be on

some of those teams providing different kinds of technologies. certainly as the space robotics leader, we have the canada arm and the dexter robot on the iss. so anything that goes up with robotics i think we're going to be there. >> softbank has just bund fufuna satellite company looking to maybe do smaller satellites that are less costly. you know, how is it evolving, the satellite business >> i think in the communications part of satellites, that market is in quite a trarnsition. ultimately people trying to figure out how can we provide reliable communications at an even lower and lower cost, reaching even further around the globe for internet access? mobile locations >> and do you use reusable rockets as well? >> we do we've had a snurm number of our commercial satellites go up and land just like today's rocket. it's very impressive we're also building three radar satellites for the canadian government that are going to launch next year and now that nasa has used the

reusable rocket, we're going to be doing that on that mission as well. >> i was joking earlier, are they going to call them certified preowned or something? is that what we're coming to >> perhaps something like that. >> howard, thank you for joining us a little birdie told us today is your birthday. happy birthday as well. >> it is, thank you so much. >> happy birthday. >> howard lance, ceo of maxar technologieies ringing the closn bell coming up in a little bit here. >> not a bad way to celebrate a birthday. >> yeah, right >> dow is up 176 it's the underperformer today. it tells you the kind of rally wo we're seeing on wall street here looking at records potentially with the s&p up 27 points right now. 1% gains for the s&p, nasdaq, about a 2% gain for the russell which is up 30 points as we sit here. up next, loyal fans came out in force last night for early screenings ofwars" movie and if thursday's box office sales are any indication, the weekend numbers could be pretty big we'll tell you how much it could earn and how it stacks up with other film. shares of fitbit taking a hit after one firm warned the

company has no, que,ot sidelines to profitability we'll tell you what's behind that call just ahead i mean wish i had time to take care of my portfolio, but.. well, what are you doing tomorrow -10am? staff meeting. noon? eating. 3:45? uh, compliance training. 6:30? sam's baseball practice. 8:30? tai chi. yeah, so sounds relaxing. alright, 9:53? i usually make their lunches then, and i have a little vegan so wow, you are busy. wouldn't it be great if you had investments that worked as hard as you do? yeah. introducing essential portfolios. the automated investing solution that lets you focus on your life. their leadership is instinctive. they're experts in things you haven't heard of - researchers of technologies that one day, you will. some call them the best of the best.

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everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. sitting near the highs of the day as we head toward the close with 30 minutes left the dow up 176 points. the big gainer today, look at the russell, just continues higher up more than 2% right now. we have breaking news on the tax bill which seems to be fueling this rally

ylan mui has the latest. ylan >> reporter: bill, senator bob corker of tennesseenow a yes o the tax bill remember, he was the lone republican holdout when the senate voted on its version of the bill but now he says he does support it in a statement he says the bill is far from perfect. that he believes this is a once in a generation opportunity to make u.s. businesses domestically more productive and internationally more competitive and it is an opportunity that we should not miss. now, the republicans are hoping to vote on this next week, in both the house and the senate. he said that he hopes with future regulatory reform, different policies on trade and immigration, that will help address his concerns about the deficit and the national debt. but he is now a yes on this tax bill, so republicans have a lot of momentum heading into next week >> at this rate, pence can go to the middle east. >> yeah, maybe yeah. >> i don't know they'll need his tie breaking --

>> reporter: maybe that trip is back on. >> yeah, this seems to be coming out of nowhere given, if anything, we're still wondering how did they pay for increasing the refundable portion of the tax credit to placate rubio and lee? >> reporter: well, so, remember, the corporate tax rate did go up, according to the sources we've talked to, from 20% to 21%, so that is one potential pay for. the other potential pay for is that the child tax credit looks like it will phase out at a slightly earlier income level than it did in previous versions of the bill. so that could help offset some of the costs, but when we had spoken to bob corker earlier in the week, he told us he was not a no he was undecided on the bill and said there were still provisions on the corporate side that he was looking at and was still very interested in that could possibly entice him to support it and looks like they made it happen >> yeah. maybe the most outspoken deficit hawk in the senate has come around. >> said the whole reason why he got into politics and got into the senate was over this issue. >> yes ylan, thanks

great job as always. let's get over to contessa brewer, get a cnbc news update at this hour. >> kelly, bill, here's what's happening. deutsche bank was asked for information about transactions potentially linked to michael flynn. it's part of the investigation by special counsel robert mueller into alleged russian interference in the election deutsche bank says it is cooperating. protests continue today in the west bank more than a week after president trump announced his decision to recognize jerusalem as israel's capital. three palestinians were killed and dozens injured in clashes with israeli troops. police in lake country, florida, releasing body cam video of the arrest of a 93-year-old woman. she was evicted from a retirement community for not paying the rent. she refused to leave the property, so police were called in wow. well, this wasn't pretty, either, but it got the job done. fans at the atlantic hawks game using less than perfect shooting

form to make the half-court shot last night he won $10,000 for that unorthodox shot. watch this whatever works you know, machiavellian said th ends justify the means that's your philosophy update for the day. >> as long as you put it in the hole it doesn't matter how it looks. >> if lonzo ball could get away without having to tweak his shot, i'm sure he would. thanks, contessa. >> are great stuff thanks. "star wars: the last jedi" officially hits theaters today early screenings last night already turned in pretty big numbers. julia boorstin went to one of those screenings she's in l.a. with that story and her review julia? >> i'm here with special guests. some storm troopers here kind of creepy to have them behind me here at the el capitan theater. the theater behind me, behind the storm troopers, has over 1,000 seats and has been selling out all day. we see people streaming in here to take pictures the storm troopers, you guys can go now thank you.

bye. bye. to take pictures with the storm troopers and to see the film this film has been selling out and the numbers so far are huge. last night "the last jedi" brought in $45 million in ticket sales and disney tells us that it's on track to bring in in the high 90s, in the millions of dollars on friday and that puts it on track for about $200 million opening weekend. that would be one of the biggest opening weekends of all-time a 93% critics rating on rotten tomatoes bode well for the film to hold up and top the $1.1 billion that "rogue one" brought in last year it also bodes well for disney's ongoing investment in "star wars," not just for the han solo origin story that debuts in may but the "star wars" rights disney is buying as a part of its fox deal fox owns the rights to the original "star wars" trilogy

plus the prequel trilogy, a draw to the disin iney streaming app launching in fall 2019 the characters can already feel the massive consumer products powerhouse which is the big east toy brand ever plus there's the two "star wars" lands opening in 2019 based on the fans that have been here today, i have to say most of the people coming to see this movie seem to be wearing "star wars" gears. i bet there would also be demand for disney to re-release cuts of the original films theatrically. guys, back to you. >> we're concerned about the storm troopers. >> that, for me, is the highlight of the day is watching julia dismiss the storm troopers i hear you like the movie, in fact -- >> reporter: it's kind of creepy to have the storm troopers right behind you. >> yes, i know, it's tough to work when they're right behind you. >> they're very intimidating. >> reporter: i saw the movie >> one of our producers -- okay, one of our producers went to the screening last night and came away with a less than stellar review and identify be've been hearingd

reviews. >> these are true fans. >> anybody who went last night theoretically is a true fan. go ahead, julia. >> reporter: well, the critics really loved it. 93% on rotten tomatoes is very high and i think, look, i don't know what producer you're referring to but i do think the bar is very high for "star wars" fans this one also had a lot of the original characters. i thought it was visually stunning and pretty amazing. i don't want to give any spoilers but i think it's going to do well this weekend. >> it already has. that's for sure. all right, julia, thank you. see you later. i'm tempted to say you're dismissed now, but that would be wrong. coming up, could video games with used to, get this, treat medical conditions that's the question we're asking in today's installment of "modern medicine." stick around, much more "closing bell" right after the break.

my name is cynthia haynes and i am a senior public safety specialist for pg&e. my job is to help educate our first responders on how to deal with natural gas and electric emergencies. everyday when we go to work we want everyone to work safely and come home safely. i live right here in auburn, i absolutely love this community. once i moved here i didn't want to live anywhere else. i love that people in this community are willing to come together to make a difference for other people's lives. together, we're building a better california. check some of the movers in today's market action. foot locker trading higher on the heels of an upgrade to buy from hold. the firm also raised its price target of $64 from $45 a share the stock at $45 and change now.

foot locker's relationship with nike is strong, and the stock is trading at 3.5% right now. 3. shares of fitbit, though, falling today after being downgraded by stifel to a sell from a hold with a $6 price target it's trading at $6.30. stifel expects the wearable company to remain unprofitable and to burn cash in 2018 and it sees no opportunity for it to benefit from corporate tax reform as well the stock down 7.6% and i have to say i've done it again, i -- you know, i got another fitbit last spring. >> yes this was -- >> it helped me lose some weight. >> exactly it was a little bit more slimline. >> yes it was discreet. >> i stopped wearing it. >> why >> i just -- >> one day you just didn't put it on? >> i didn't put it on. >> had you been doing less steps than you wanted? >> no, i just gained a little weight and it's -- that's the first fitbit that's still sitting in that drawer, but -- >> i think this is the problem because -- i've had the exact same experience whether it's the

apple watch or looking at it on my iphone, when i have a day i have a lot of steps, i can't wait to look at the thing. >> right, right. >> then days or weeks when i really don't, i'm like i'm not checking that. >> novelty wears off and all that, too. >> that, too >> shares of fitbit having another rough session. we'll see if the holidays can save them. 20 nnt minutes to go until the close. dow up 163 the s&p is basically up 1% nasdaq up a little bit more than that 80 points higher for the nasdaq. russell up 1.75% get why some doctors may soon be prescribing screen time for kids and later, senator james inhofe will join us to talk tax reform he'll weigh in on the bill and why he thinks americans should be able to dip into their 401(k) plans at a reduced tax rate. that's still to meco

what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

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good for you, new data suggests gaming may actually be helpful in treating certain conditions our resident gamer, meg tirrell, has a look at this type of modern medicine, meg. >> reporter: hey, bill, we've probably all tried brain-training apps that purport to improve our memories or make us happier or more focused new work is going on in the realms of biotech that aim to take that concept a step further. akilia analytic running trials of video games in conditions like adhd and depression the hope is to provide a new option alongside more traditional medicine. >> we actually believe when you code certain types of stimulus in very specific ways, it actually activates those circuits that talk back and forth to each other much more powerfully than a molecule that happens to be floating around in the brain. >> reporter: so achilles games what it calls digital medicines aim to stimulate the brain in ways that help it improve on tasks like the ability to pay attention. the company reported results from a clinical trial last week and about 350 kids ages 8 to 12 with adhd. the study compared achilles'

game with one not designed to be therapeutic and found that kids' ability to pay attention improved the company plans to file for fda approval of the game early next year and it's successful, aims for it to be prescribed by physicians and it's a growing area of interest in medicine johnson & johnson at one point worked on a similar project. akili has funding from amgen's arm and shire investment group as well as a partnership with pfizer that focuses on disease risk detection it's still early and the field is eager for more data getting to play a video game would be a welcome option probably for the way we think about taking medicine. guys >> boy, that's for sure. now, you're talking about adhd i, you know, as my kids were growing up, the fear was that playing video games too much would cause a.d.d. attention deficit disorder i mean, but that's a whole different story there, right >> reporter: yeah, this is a very specifically-designed game with these sort of algorithms where they understand kind of what the stimulus is to the brain and try to essentially get the brain acting in a certain

way that kids develop these better abilities to focus. and better attention abilities and they can take that from not just playing the games but it will last in other parts of their life. >> cool. >> was just talking about limiting screen time for his kids then you know it's something. >> then we'll know >> thank you, meg. >> reporter: thanks, guys. >> it meg tirrell. 13 minutes to go dow is up 142. we're a little bit off the highs of the session that we saw earl yer when we got use that senator corker -- this is the funny thing, bill, we put in the highs before we got that news. kind of right as we got it that senator corker is supporting the tax bill. i don't know if it's by rumor, sell the news type activity there. still strong gains. is when when we come back, d darst will join us to talk about the markets this week. hint, habint, stay with us. we've got auto insurance, homeowners insurance.

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art cashin stopped by a moment ago and said the market on close orders, a big number. and this might be expected because of the expiration. $1 billion to buy is the imbalance right now. as we head to the close with the dow up 145 we've been coming off that high

as we said we were up about 180 points at the peak there and now we're off those highs. >> still some strong gains especially in the russell 2000s as you said, nearly a 2% increase on the day. time for our weekly visit with our friend, independent investment consultant, the dapper don, himself, david darst. >> thank you so much, merry christmas, happy hanukkah, happy new year to everybody. >> your acronym this week? >> with all the talk about janet yellen and the interest rates and jerome powell coming in next year, the focus, it should be rates. r-a-t-e-s. the "r" is record highs. we'll come back to that, for many assets and record lows for volatility okay the quat"a" is how many alterna interest rate increases, another three or another four. jp morgan is at four morgan stanley's at three for the time being the "t" is you have the

teetering tax, the teetering tax plan right now seems like mr. rubio and senator corker have come back in favor now. so the word, teeter, is an old norse word meaning to shake or to shiver, okay? titra, t-i-t-r-a, the verbal form. >> something paul ryan has been doing for several months now >> that's right. >> trying to get this passed. >> the "e" is europe and japan, and i think people can take some money this year and put it into europe, japan, and maybe even some emerging markets. from a valuation standpoint, from a growth standpoint, and from a moderate interest rates, low interest rates they're not raising them as fast over there as they are here. >> right. >> good place to put some more money. take it out of the u.s., put some over there, japan and europe and the "s" is -- >> solid and synchronized data. >> solid and synchronized data and there basically you see all of the engines china, japan, europe, and italy

right now, for example, italy's back to 23 million employed. they've added 2 million people to the job rolls in the last two years. >> right. >> so you see this going on. the first one, the "r," where we're going, you want to talk about the record highs, not only the dow jones industrials, not only the s&p 500, you saw the transportation index make a new high. >> nasdaq right now as well. >> nasdaq, russell 2000. >> right. >> so you want to be very careful. we are up at very elevated valuations priced to earnings, priced to book market price to gdp. that's buffett's favorite. we're at a record -- very lofty levels so it can still go from here the individual investor has shifted to 45% bullish the -- >> i thought you were going to say to bitcoin, but -- >> well, i just received a call from a friend who said everybody's going to go home and there will be one person who's

bought bitcoin around the turkey and i'll go out and buy bitcoin. i think you want to be very careful. tou you want to be very careful around things like that. next week -- >> i will know that we've gone too far when your acronym one week is bitcoin. >> oh, bill. >> i don't think that will happen. >> i don't think it will be that unless we compress it to five letters with the use of an apostrophe the coin. >> we do have rules here >> next week we got on thursday the catalonian election which has been much talked about. >> yes. >> whether they're going to try to get more people to vote this time to see where that's going personal income, personal consumption, next week and a lot of housing data. happy christmas, thank you for your wonderful -- >> we always love having you here >> -- welcome and generous inspiration all year >> ditto thank you, david see you later. we'll take a quick break here with the dow up 133. we're losing a little bit of altitude we have the "closing countdown" coming up in a moment.

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the dow up 123 points. wo we're going to see a little bit of running around in the last couple seconds of trading as we have this expiration, the last big expiration of 2017 lot of volume, volatility. we are coming lower here the dow for the week will finish positive we did break a five-day win streak yesterday with the decline. now we're back to the races again. the big gainer for the week, centurylink, pretty good gain for the week, and the big loser was garmin and today it's down almost 2% again. bob pisani, i want to bring you in on this, two-year note, i mentioned this earlier, the yield on the two year is now higher than the yield on the s&p. first time in a decade that's happened that's pretty interesting. that's what it did this week it went down after the fed announcement on wednesday. and then came back watch the ten year now we've talked about the flattening of the yield curve. the ten-year yield also went lower on wednesday but did not recover. which is interesting

so that's part of that flattening that we've been talking about. >> yeah, used to be 90 basis points for a long time the difference, now it's significantly, 30 basis points different than it was in a while ago. that's that flattening -- the shorter end a little higher. the longer end is basically been flat. >> oil continues to hover around those two-year highs that were set just last month. lot of focus on u.s. production right now and the feeling is we're going to see another glut of oil next year. >> if you see the forecast for 2018, a lot of people are sitting at $60 and remember, this is notoriously bad. people are notoriously bad, though, with oil futures they always get it wrong can i bring in the expiration, bill very large volume, a number of companies are going to be decreasing their weighting in the s&p 500. jp morgan is among them because they're buying back stocks so a lot of the banks are buying back stock jp morgan down a little bit. some are increasing it because they're adding options companies like oracle, a lot of the tech stocks, micron, facebook, going to be adding

there's going be a very big rush of volume as we get to the close here and the gain here is a titanic amount of volume but don't change the price that's part of the game. >> that's professionals at work there. maxar technologies ringing the bell at the big board as we close out the last expiration of 2017 more tidbits coming on the tax bill that's going to be unveiled in a little bit. coming up on the second hour of the "closing bell" with kelly evans and company. have a good weekend, kell. thank you, bill. welcome to the "closing bell", everybody, i'm kelly evans what a week we've had on wall street what a day today following the latest twists and turns of tax reform sounds like senators have more republican votes than they thought this morning including senator corker as we got that word this afternoon. here's the finish on wall street dow up 139 which is a little off the session high of about 180. better than half percent gain for the blue chips

24,648, a new record close it's also the first time the dow has ever closed above 24,600 for what's that worth. s&p 500 today, broad market up 23 1/2 points closing at 2,675, a record nasdaq up more than 1% to 6,936, a record by about 20 points. the russell 2000s, best performer, one point it was up 2% this afternoon, closing up. 1.5% to 1,530. only the russell 14 points shy still of its closing high from the end of november. playing a lot of catch-up today. all the details of the republicans' revamped tax plan are expected at 5:30 p.m coming up, senator james inhofe who has a proposal to boost the housing market and the kmeconom using 401(k) plans will join us with this take and where he thinks it's going to pass by president trump's christmas deadline the whole bill, that is. joining me, cnbc contributor evan newmark who is -- >> i'm really excited about today. >> there's no mike santoli between us. >> i know. it's a christmas miracle

at least for me. so i'm excited to be here. >> it's not just you, we got john blank on board as well to moderate things a little bit it's great to have you both here topping the dow this week is disney of course, completing that deal for 21st century fox assets. disney up nearly 7% on the week. ibm the laggard down 1.5%. how about the s&p? centurylink which has been so volatile lately led the broad market there's centurylink with a 15% gain this weekend. centene was down about 6%. now the tax bill is said to be released in just about 90 minutes' time. we've within getting news of more republican senators supporting the bill including marco rubio and, yes, bob corker, evan, just in the last hour. >> yeah, yeah. >> what do you make of him coming onboard >> i don't know. probably just wanted to be onboard what was going to pass in any case. >> i think you're right. what's interesting about that, though this idea that, what, even though he's leaving the senate, even though he says his entire career was based on concerns about the deficit and debt

levels, and we'll wait for more details. maybe something happened this afternoon to sway him, but for all of that, he now wants to be onboard for this plan when it passes >> yeah. >> must think the public will ultimately react well to it. >> i don't even -- >> at least his constituents not that it matters, he's leaving. >> i don't understand politics very well. it's one of those things it's like nobody's going to remember, you know, the no vote no matter how it turns out you know, the legacy of the tax reform bill will be its legacy i happen to think -- >> right, does he want to be associated with that if the whole point was it's going to blow up the debt >> it doesn't really matter unless in the future he wants to get back into politics later on. i don't think -- >> also interesting. >> i think at the end of the day, you know, he doesn't want to be the one republican who's left out because he -- then he just looks like he's like a bad, you know, bad sport or something like that. i don't love the bill. i'm sure larry's going to be on later telling us -- >> he's going to join us. >> -- how absolutely wonderful it is. i will say that the bond

market's reaction to the bill is a bit odd. the stock market has been very strong financials were very strong today. it's probably good for financial stocks, the tax reform bill. it's good for a lot of corporate domestically oriented stocks it's good. the bond market is still saying giving a very weird message which is we don't believe trump's 3.5%, 4% growth. >> john, you think if this was setting us up for faster growth, maybe even for some -- that corporate -- that bond yields would be rising, instead, they held pat if not dropped a little bit. one of the analysts we follow is saying whatever plan you think the market's giving -- whatever grade you think the market's giving the tax reform plan, the bond market is giving it a minus on top of that if the stock market is giving it a "b," the bond market is giving it a "b" minus what grade would you give it as things shake out here? >> i'd give it a "c. i'm with the tax authorities at the cbo that .8% of growth over ten years, .08 is a year, is

probably the right number for growth rate the on the united states economy so this bill is a no-brainer from a bond market hard money, you know, know the inside story, they're betting on what i'm betting on which is the consensus growth rate for gdp is 2.5% next year the bond market is smarter than this, kelly, basically >> we'll come back to this we want to get to some breaking news corporate news right now deal news on campbell's soup morgan brennan, what's goingkel. a report on cnbc.com, a scoop that campbell's soup is in advanced talks to asquicquire snyder's-lance that this deal could be reached early next week. $50 per share. you recall yesterday we brought you some news that a potential merger could be happening. well, this is providing more details here of course, it remains possible the deal talks could be delayed

or fall apart but that a potential deal would be campbell's largest yet amid industry changes and consolidati consolidation. you can read more about this on cnbc.com right now, snider esnyders-lanc. >> thank you evan, this would be the biggest acquisition reportedly that campbell's has done yet. >> yeah. >> they've done a bunch lately. >> they've not -- campbell's years ago when i was in business school, we did a case on campbe campbell's campbell's used to be like a big company that had a bright future and they've kind of last 30 years has kind of passed them by. >> the interesting thing about the snyders-lance thing to me, campbell's gone hard into the fresh foods, brought bolt house farms, trying to freshen up the line of their soups and all of that snyders-lance, we think about cape cod chips and pretzels. >> i think about their pretzels. excellent. >> a little hard on the teeth, but -- >> it comes down to what the price is they're --

>> my point is, that's not necessarily a bid on healthy organic fresh foods. >> no. >> it's actually a doubling down maybe on some of the less healthy parts of the food business. >> the less healthy food businesses as pepsi discovered tend to be the super profitable ones nothing beat the doritos or fritos-lays. i love fritos but they're not good for you the forays into the health food businesses, it tends to be more competitive. >> skbrajohn, anything you'd ad this before we move on i'd say it's an m&a play, someone has a tight relationship with campbell's and tacking on acquisitions that are opportunistic. this is one of them. >> reminded that snyders-lance bought diamond foods last year. >> walnuts. >> and almonds lot of things coming together under this now interesting story, more on cnbc.com. morgan stanley, meantime, out with a note. this is pretty interesting, too, today, saying that amazon prime

subscription growth is plate plateauing the firm found 40% of respondents were prime members in q3 but the same from qq 4 of last year. finding 20% of non-prime members are likely to sign up for prime and that's the highest number they've seen in two years. john, or evan, is this it for amazon then? >> i don't think this is it for amazon you know, the only thing that it does, it raises, you know, questions around valuation and how you expand the business into adjacent businesses, whether it's the cloud or whatever i will say one thing, and this may be a bit unfair to amazon, i think it's an incredible well-run company. >> are you a prime member? >> i'm a prime member. i've been for years and years. my only issue has always been valuation on the stock it's not with the company. and this week for the first time ever, i had a lost -- i had two lost packages. >> wow. >> and that has never happened. >> never happened to me. >> on amazon ever. and i got the do you want to replace your order >> wow. >> by the way, i heard this,

purely anecdotal from a couple other people, so i'm not saying this is any great tell, it's just saying that, you know, trees don't reach for the sky, you don't grow amazon prime until it's 350 million americans have signed up. >> i wonder, john, too, how many additional members costco keeps signing up just thinking about a company that's much more mature and yet put up some pretty good numbers the other day. what do you think about prospects for amazon to keep growing prime from here? >> i'm actually bearish. you know, the number you got to throw out there, kelly, for viewers to turn around in their minds is one-half, 50% of americans now have an amazon relationship and that's what's flat you're at half the population. so from an antitrust perspective, alone, i can't see amazon getting any bigger and now we're finding out that they've kind of drained the pool they're trying for this, you know, deal for low-income people they're trying for the above 55 crowd that doesn't use the internet services very often but we all know that's a much

harder sell, so i think they're done i would say this is it for amazon i would actually think this is a bigger moment for amazon than anybody else thinks right now. >> all right i'll just remind everybody, we talked to stan druckenmiller in the week earlier, still a big fan of amazon and said they're under under-earning, could be making vastly more money -- >> that's always been the story. >> it has always been the story and why the performance has been good even snow tthough the valuation -- >> it is the one stock that over the last 20 years has not obeyed any valuation rules. >> well, maybe cash flow valuation rules. >> those are -- that's what many -- >> that's important, too. >> many regard as the real underlying valuation rules. >> anyhow, shares of h&m were plunging today hitting eight-year lows. the company's shift to digital and e-commerce is apparently failing to improve sales h&m reported weaker than expe expected fourth-quarter earnings st stock down 13% in european trade. usually we talk about the retailer is down because amazon is eating its lunch.

the other thing about h&m, they compare it to the owner of zara and other companies which it had a little bit of a stutter step, let's call it, in it this quarter but still looks much stronger than h&m does. >> i can't tell whether this is specific to h&m or a more general point. i would say that the retail space, no matter where you are, it's hard to -- there may be growth, you know, companies like h&m have had tremendous growth runs over the last decade, but at some point, it seems just -- >> is that mall-based fashion era over >> everything is catching up with retail. just the industry is shifting so dramatically. >> you mean to online? >> to online, to the, you know, different products, different, you know, it's just things have become much more on-demand it's just, you know, these companies, h&m and zara were basically -- >> on-demand that's what i find interesting about this. >> it's such a tough business.

>> john, i also wonder, again, this is what they do very well, they are nimble on fashion, they change over the product in their stores very quickly and you'd think it could maybe do well in this era, but if they're also investing online, i doesn't know if that translates online. frankly, a lot of the sites are all over the place, have to be there to see the quality and try something on what do you think is going on? >> i totally agree, kelly. you have to be in the store to try it on and this is a fast fashion statement. they have the tactile play at the retail point of sale, but they haven't figured out how to put any internet spin on that and your point is correct, i think, is they don't -- there may not be a very fast fashion internet mix and they're probably behind the curve. i think the big news with h&m, it's not an amazon this is an international strugg struggle global brand and international market they're struggling outside the u.s. that's the story you want to pick up. >> that's a good point shares down 13% today. moving on to discovery communications stock's been volatile lately

it was higher today after liberty media's john malone bought nearly 333,000 new shares now, if this takes his holding over 900k, sounds like he increased it 50%, a huge bet he and his wife are making on the valuation of discovery being low right now. echos kind of what he told david faber in an interview not terribly wrong ago, assets of discovery being undervalued at a time when disney and fox are tieing together and assigning a premi premium. >> is the one thing i learned many years about john malone is not to try and read too much into anything he does. he's such a deal guy he's so tax-driven he's thinking usually a decade in advance i don't know i would just say, you know, he's the kind of person, he's very clever, and i don't -- i would never make a quick read of anything he does for any short-term read. >> i think that's totally fair

john, what would you read into this, then, if anything? >> well, one thing i learned about the stock discovery when i looked into it is it's a strong sell and the earnings estimate revisions are going down so the bottom line with the stock like this is as cheap as it is, a forward p/e of ten is going to get cheaper you want to hold off on this story. the bottom is not in the stock i'd probably wait for even another few dollars a share to get knocked off before i buy the john malone story as well. all right. let's get to some more breaking news, this time it is on akamime. morgan brennan has the details. >> reporter: exposure of 6.5% of the shares of common stock in akamai technologies. that is according to a regulatory filing. as of december 14th. elliott believes akamai shares, tech company, networking in cloud, infrastructure company, the shares are, quote, significantly undervalued and saying that they believe the

issuer possesses an unmatched network platform which provides a significant competitive advantage and that basically they're going to be seeking to have a conversation with the company, with management, about its market cap and about how it can realize better value so this comes just 24 hours after elliott management also renewed its push for an overhaul at oil and gas producer, hess, and if you take a look at shares of akamai on the heels of this s.e.c. filing, they're up about 11% in afterhours trading. back over grow. >> all right, morgan, thank you. i was going to say, elliott can keep a lot of balls in the air at once. they have built a -- i mean, perhaps sort of one of a kind kind of asset there. hess right now, dealing with this, they've got whatever's going to happen with the paintings and codings thing that's been dragging on forever. akamai i remember from streaming technology. >> akamai is one of the stocks if you go back to the internet boom, it was like -- even the -- >> in the '90s

>> no, even in i think the early 2000s. it was like one of those hot stocks that everybody talked about constantly. >> yeah. >> then it kind disappeared. i don't have a strong view on it >> i'm looking at the cap now, still snenearly a $10 billion company. john, anything you'd adhere before we move on? >> yeah, akamai help load web pages faster, basically a service provider for the internet as long as you believe in the internet, got to believe in a nuts and play bolts for it and that's what akamai is. sounds like a savvy hedge fund holdings that someone sees some value in that the rest of us don't, but the core fact of akamai is going to be around as long as the internet is. >> all right john, thank you for joining us >> thank you >> have a great weekend. that's john blank. we're going to officially get the details of the tax plan at 5:30. just about 375 minute 75 minutw we've had news about it leaking

out all days and bitcoin is surging 150,000% >> only 150,000% >> totally normal. totally normal since may 2011 when it cost 12 bucks. coming up, we're going to hear from a high school dropout who invested in it then and now he's a millionaire. >> he's not a billionaire? he should be a billionaire by now. you can contact the show on ma, ter, facebook or send us aen e-ilclosingbell@nbcuni.com you're watching cnbc, first in business worldwide k you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms... again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management.

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just over an hour we're expecting details of the tax bill as some new leaks emerge today including expanding the child tax credit to win over senator marco rubio. there's still many questions about what's actually in the final version. joining me now, dan clifton, and cnbc contributor larry kudlow. couldn't think of two better people to talk to about this right now. dan, let me just start with you because what are the final -- what has changed today other than the child tax credit as you understand it? >> so the child tax credit was one of the last issues they needed to deal with. most of the work was done yesterday, kelly they have a new income tax rate structure at 37% the corporate tax rate will come

into effect immediately at 21% a lot of changes to the international rules. i think there's going to be some companies that are very happy with the interest deduction on worldwide income goes away but let's say what does this bill do it is now a front-loaded, pro-growth tax cut that is about 1% of gdp. two weeks ago -- >> yeehaw. >> -- the senate bill was .4% of gdp. throw in the kudlow supply side effects, get 1.5% of gdp in 2018 from this and we think the bond market is misreading how pro-growth this tax cut is. >> okay. before we get into that, actually sort of related to it, dan, i understand they are lowering the top rate in there, but talk about the changes to -- >> sure. >> -- how that's distributed across on the income side? >> sure. >> it's very difficult for individuals, voters, to figure out what effect this thing is going to have for them. >> absolutely, kelly i believe there's a lot of misinformation out there and really the only people who are getting tax increases were the

wealthy, due to the loss of the state and local tax deduction. that number in this new bill will be about 3% to 5% of taxpayers and i really wish they weren't getting a tax increase but at least 90% of moderate and, you know, upper middle income workers are going to get a massive pay tax -- pay -- massive tax cut in their paychecks right at the beginning of this new year that's going to be the equivalent of a raise and i think that's going to start changing the perception. the expectations here are so low that when those paychecks adjust and incomes go up 3% to 5%, people are going to feel a lot better. >> evan feels totally skeptical. >> i'm definitely if one of those, 3% to 5% of people. >> we knew that. >> i don't -- i'm curious -- by the way, we're -- the balance is really tipped here you got dan and larry are both singing the praises of this tax thing right now. >> yeah. >> you know, larry is sitting there nodding his head as dan is talking. i don't -- where does this --

>> before year end. >> where does this -- >> do i get one kudo before year end -- >> i'll give it to you. >> we've had this discussion. >> not until the end of the segment. where is this big pay boost coming from? i don't understand that. >> sure. >> dan >> so marginal tax rates are going down, expansion of the child credit i mean, there's a lot of middle class tax cuts in there. the democrats were focused on what happens when these tax cuts expire in 2025 that has nothing to do with what's going to happen in 2018 again, the number is $200 billion of tax cuts coming into effect in 2018 even if you don't like those tax cuts, even if you think they're distributed inefficiently, it's going to have a huge impact on the u.s. economy and the financial markets and the markets are going to have to reprice when this happens. >> i have a slightly different take, similar, but look. to understand this, this is a supply-side, business-side, investment-side tax cut

principally. the individual tax cuts are kind of small potatoes and in terms of the growth estimates, tax foundation, for example, the biggest single growth booster from this is the reduction in the corporate tax rate and then you have the investment expensing and also the repatriation look, we haven't had an investment boom in roughly 20 years. that's one of the things that's held down wages. so what i want to say is by busine building in incentives, making the united states more competitive -- >> janet yellen seemed to acknowledge -- >> that's right. >> -- she talked about supply side stimulus yesterday. >> i was thrilled. maybe we had a bigger impact than we think. this expands the economy's potential to grow. that's the key point. >> why did corker get onboard? what -- >> i tell you something that's an interesting question. >> what happened, what changed >> senator corker who is a friend of mine, called me this morning. talked to him for 45, 40 minutes. i don't make the hard sell

i talked to a lot of house members. i'm a resource we went through what his issues were i didn't know how he was going to vote when we finished but i think we covered a lot of ground so he felt -- >> how did you -- a lot of people share concerns about what's going to happen with the deficit in the next couple years. and with the level of government debt. >> right the only push i made is that i felt -- i was upfront with him i said, look, bob, i believe you're going to have a huge investment boom and the economy is going to grow faster. and, therefore, the impact on the deficit and revenues will be minimi minimized. that's my view others disagree with me. he, you know, he was processing that and i think at the end of the day, the growth argument impressed him a lot and i remember him saying to me -- >> this is not new you think literally today, you talked to him about growth, he decided to change his mind about the whole thing? >> i don't that he changed his mind look, this thing is in flux. i mean, you don't know until you know it. but, new york i think you he

considered -- the same thing, steve moore and i were down -- i sta talked to senator suzens collins a long time. a good friend of mine. came on the show a lot very smart i didn't push her, didn't try to do this, do that i said what information can i provide you? it was more on the economic side i mean, it's interesting, the sale of the kudlow/moore/laffer boom scenario i don't think was made as effectively as it could have been made now, we've been trying to make it but hopefully the president will continue to make it and i think at the end of the day, the results will decide this it's going to be real popular. if we move from 2% to 4% >> and if people feel like they are getting some kind of tax break. >> if that doesn't happen, it ain't going to be popular. i think it's as simple as that i'm betting on a supply-side tax cut. i think it's going to happen. >> dan, last word then we have to go. >> well, first, i would just say that in terms of the sector impact, kelly, you're really starting to see the market begin to price this in from an equity

perspective. industrials, banks, consumer discretionary. these are the -- these are the stocks that are going to move when you go to 3% or 4% gdp so the individual stocks are telling you what larry kudlow just told you. >> look -- i know we're out of time look at today's industrial production report. >> pretty good. >> look at business equipment. it is on the cusp of a boom. three months' growth over 9% 12 months' growth. we're on the front end of an investment boom the likes of which we haven't seen in over 20 years. >> gentlemen, thank you both larry kudlow, dan clifton joining us there. also cboe bitcoin futures trading higher today ahead of the other launch of futures on the cme, kicking off on sunday we're going to have those details right after this and more detail on the tax plan. senator jim inhofe of oklahoma has written an amendment to stimulate the economy via the housing market it has to do wh iit40s1(k) plas he's going to join us with all

those details coming up. [vo] when it comes to investing,

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we've got breaking news on bitcoin. what's happening, bob pisani >> td ameritrade is going to begin allowing bitcoin futures trading on its platform. let's take a look here the company has just released a statement saying in part, "at this point we believe the market is showing signs of adequate liquidity for the cboe product therefore, monday, we will launch the cbo bitcoin future s contract on our platform for a

subset of qualified retail clients. td ameritrade says they'll require a minimum balance of $25,000 to trade the futures and very high margin requirement 1 1/2 times cbo's margin that's 66% that's a lot so to trade a single bitcoin contract, say, $17,000, you have to fit up $11,000. it will only allow trading on the cboe futures platform, not the cme, which by the way, launches its own bitcoin futures trading platform this sunday they say they want time to monitor the cme futures before allowing their people to trade it now, this is important because td ameritrade is one of the largest futures players in the retail market. throw in the start of the cme futures on monday, what you have here is more liquidity and more retail participation that's good. this follows on the start of the bitcoin futures this week. at cboe, that contract traded with very few problems the volume is very much on the low side here. now important thing is that's likely those traders are largely outside the united states. that's why this is happening they're mostly in asia, these

people japan and south korea in particular, they don't have futures accounts in the united states and the big bitcoin miners outside the united states, they don't have futures contracts, either so, wait until more institutional players come in from the united states, kelly. that's when things might get very interesting and i anticipate that could happen in the coming weeks and months. back to you. >> yeah. we have a big launch of those cme futures this sunday. bob, thank you bob pisani. now my next guest is a high school dropout turned bitcoin millionaire. just millionaire, evan eric finman bought his first bitcoin when it was priced at 12 bucks a token. he now owns 401 bitcoin and joins us now eric, thank you for joining us and for your time. >> glad i could be on. >> so i want to go back to may 2011, got a $1,000 gift from your grandmother and tip from your brother a lot of people will have christmas experiences like this, okay they're going to get some cash, going to get tips from people. should they buy bitcoin right now? >> yeah. i think it's a wonderful time to

buy bitcoin. you can actually buy a fraction of a bitcoin so you don't have to go in and buy, you know, $10,000-plus on a whole kicoin t actually buy $100, $50 worth of a bitcoin. it would be a great stocking stuffer. >> do you try, eric, to figure out what it should be worth? do you have any sense that holy cow, this thing is so up much, i'm going to cash it in and sit on my gains here or think as we've heard some people say, it could go to $100,000 or $1 million? >> i mean, i think cryptocurrency and bitcoin is really the future of the financial system and the future of currency so i try to avoid taking as much out as i can. i really don't want to do that whenever i sell a little bit of bitcoin, or pay for something in bitcoin, i multiply that price by ten because that's where i think that bitcoin's going and i think it's going to be huge and i think it's going to be incredible. so itry not to take out any.

any. i try to really avoid that. >> so you made this bet with your parents if you're 18 and a millionaire, they wouldn't force you to go to college, right? turned out pretty well. >> yeah. so -- >> but what happens if this thing now craters, goes to zero, the case may be, what is your fau fallback plan now? >> i mean, i'm heavily diversified in other cryptocurrencies, diversified outside of cryptocurrencies but i really do have a lot betting on bitcoin because i really do firmly, like, bitcoin to me, it's not just an investment. it's not just maybe a get rich quick scheme as a lot of people put it, but i see it as the future of currency i see it as the future of the financial system so i think it's -- that's where it is. i think the icing on the cake is it's a great investment. i think that's what it's really backed by and i have a lot of faith and belief in. >> erik, it's evan, and i guess congratulations for making a lot of money, for seeing something --

>> thank you. >> -- investing quite earl willry in the cycle. what if tomorrow every government in the world viewed cryptocurrencies as a threat to actually their own currency, and just outlawed them what asset -- >> i mean, that's -- >> if they said to you, erik, that's fine, but next time we catch you trading your bitcoin, we're going to put you in jail not that i think that is exactly the way it would happen. what value would the cryptocurrency then have, in your mind? >> so, yeah, i mean, this has happened before with -- there was, like, liberty dollars or libber it i coin eerty coins i6 the guy created his own currency and he was prosecuted for that that's why bitcoin is so amazing and bitcoin is so incredible when it came out and why i saw it as more than just another currency because people tried to create their own currencies and end up getting banned before is the technology bitcoin is built off of it. the blockchain technology that bitcoin is built off of means it's controlled by no one, you

can't shut down anyone and it can exist even if every government in the world banned it so, obviously, i think the price would go down if every government in the world banned it, which is unrealistic, but i understand just for this situation, and it is a possibility, for sure, but, i mean, the beauty of the technology is that it can exist purely if every government in the world banned it and even thrive as you see in china, they banned a lot of stuff like that a lot of -- banned the bitcoin exchanges and all that and bitcoin is still actually being used in china. that's what's so beautiful about bitcoin and the technology, itself. >> erik, there's so much more to your story i encourage people to read about it on cnbc.com thanks for joining us. >> thank you >> erik, before we go, can i ask you one more thing, we just got this news from td ameritrade that they're going to allow people to trade futures, bitcoin futures on their trading platform what do you think the effect of that is going to be? i mean, does that affect how you personally trade at all or do you think it's just a

legitimateizing thing for better or worse >> i mean, i think it legitimatizes bitcoin in an incredible way and obviously futures allows people to bet for bitcoin or bet against bitcoin and i think that's why you see a lot of these kind of futures on the cboe is very low, in the sense very few people are betting against bit kocoin and you're going to be for bitcoin, it's, you know, you're going to just go direct and in my opinion if you're for bitcoin, you're going to buy and own bitcoin i think it's great legitimately, great to legitimatize it i think it is better to buy bitcoin direct if you're for bitcoin. >> all right erik, thank you again for joining us that's erik finman. >> thank you. time now for a cnbc news update, let's get over to contessa brewer. >> i think i want to ask that kid's parents how they gave him his financial education to begin with, right? secretary of state rex tillersos threatening behavior said must

stop before they talk to pyongyang about the development of nuclear weapons. randall quarles, his wife, family, sold interest to wells fargo in 2000. quarles disclosed ownership of $1 million of wells fargo stock which he sold. 4.3 million people paid to watch floyd mayweather knock out conor mcgregor in august that comes out to about $600 million in revenue according to show time that's a big fight. two cows on the loose in kansas no word where they came from how they got away. but there was a hot pursuit and police were able to wrangle them apparently the police have h had -- have to have some mad cowboy skills there in kansas. look, they look really sweet, don't they that's the cnbc news update. >> looks like -- >> yeah. >> contessa, i was just going to say, you asked how the kid's parents raised -- the parents,

g they met getting their ph.d.s at stanford and their brothers graduated at age 16. >> there's a lot of discussion about whether college is relevant in the current climate, if you have the skills, do you really need a degree >> he was pretty well-spoken >> let me tell you -- >> we got to go. >> -- he had a lot of luck. >> contessa, thank you very much contessa brewer. let's look how we finished the day on wall street dow up 143 the underachiever today. records for the dow, s&p and the nasdaq and the russell was up 1.5%. just shy of a record close big day there. aspiring homeowners could soon be able to tap into their retirement savings at a cheaper tax rate for their down payments if senator jim inhofe gets his amendment into the tax bill. he's going to join us coming up. but first in our "takeaway" a major poultry producer says chicken wing sales are down and the reason for their slump might surprise you that's coming up after the break.

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welcome back the tax plan is skpj escheduled released to the public at 5:30 p p.m. about 45 minutes' time and know if an interesting amendment that's been proposed will be included comes from senator jim inhofe that suggest that people be allowed to use 25% of their 401(k) retirement savings to buy a home or pay off mortgage debt for themselves or for a child. it would be taxed at a one-time

10% rate just 10% and it would be expected to raise significant revenue. joining me in an exclusive interview, senator jim inhofe, republican from oklahoma thanks so much for your time. >> nice to be with you, kelly. >> is it in the bill, can you tell us? >> i wish i knew i don't know my proposal was when i offered this thing on the floor, this had been a couple weeks ago, if you get to the point in the final short rows, have to come up with some revenue to offset a proposed, maybe a loss or perceived loss, this it something you could do, you could do it immediately. what it would do, you described it well, but if you have a qualified retirement plan, like a 401(k), where you're going to have to pay at its maturity ordinary income, you can take up to 25% of that out today now, you have to pay pa 10% fee, and if you pay the 10% fee, that would be income that would be coming in immediately. now, we're talking about possibly billions of dollars

here and people are going to argue, well -- they might argue at the end of the normal maturity, there be a little bit less that would come out in ordinary income well, we don't know what the ordinary income is going to be 20 years for now, anyway so i would suggest that we could do this right now. we could see a huge influx of revenue coming in to offset some of the problems they may be arguing with as we speak. >> i see why it's attractive to raise the revenue point of view but raised a lot of other concerns about people already undersaving and this would exacerbate it. i'm also wondering would they only be able to buy a house with it or allowed to use up to 25% for everything >> i would say most of them probably have maybe their own business, need to put money in their own business hobby lobby, everyone is familiar with it, that's an oklahoma company i remember when day were operating in their garage making, you know, little trinkets and now they're the largest arts and craft in the world. at that time, they needed a

little bit of money and just to boost their business i would anticipate most of it, kelly, would be for that very purpose to try to -- >> you could use it for anything, though, just to be clear? that seems like part -- like if i were to raise a criticism of this, other than just generally being worried about people, what you say, raiding their 401(k)s, i understand maybe if you want to encourage home ownership. we've been down that path before the other piece is, what if you can use the money for anything, if you're only paying a 10% penalty i imagine people would tap that pretty quickly and spend it pretty quickly and then goes a huge chunk of their savings now but also for the future. >> yeah, if you say that, you're kind of assuming they're not going to be looking at their own -- somehow the government can do a better job for them we're only talking about up to 25%. and i think you know, i would hope that you're right that a lot of people would be wanting to do it but somehow, it's going to going into the economy and one of the things about this tax plan, those of us, kelly,

that -- not you, but me, who are old enough to have been around back during the '80s, we know what can happen, how much additional revenue can come in as you increase your gdp and i think this has had an effect of actually doing that. the bottom line is, that's immediate money, it's now, today, in the event they find at the last minute they're going to have to have something in there that's going to provide additional revenue they got it. >> senator, we'll see. as you said, whether it's this bill or another one. just the fact that it's reared its head is significant. let me ask you the last thing before we go, do you think broadly speaking americans have saved enough for retirement in in an age where we don't want to rely on the federal government to pay for social security, medicaid, down the road, if that's an unsustainable path should we do more to put up gates to keep people from taking money out of these accounts? money they're really going to need to live on in 30, 40 years' time >> my answer is no because i believe that people should have

the opportunity to take care of their own futures and this is only a 25% opportunity so it's not like a total wipeout and somebody -- actually, i first heard about this on hugh hewitt's radio show and i tried to shoot holes in it we studied it and thought, you know, if we really do need immediate income to make this thing work, this is a way to do it >> all right senator, thank you, again, for your time. we'll be following with great interest. >> all right, kelly. merry christmas. >> you, too. that's senator jim inhofe of oklahoma coming up next in our "takeaway, we have a new development in the battle for screen time as amazon resumes sales of streaming devices from two major rivals that story and more right after the break.

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welcome back it is time now for our quick take away. we begin with the latest chapter in what i call the faang wars. >> are you trade marking that name >> it's so bad, i shouldn't. amazon resumes sales of google's

chromecast and apple tv. a detente, as much regulatory reform, these tech platforms don't want to be seen doing anything anticompetitive >> the thing that all the big tech companies understand is the enemy is not really their competitor or people they perceive as their competitors. it's people in washington, people in brussels, the regulatory authorities >> i vehemently agree, so we'll move on. tesla is being blamed for the drop in home solar installations in the u.s. after years of double digit growth. it all comes down to tesla's acquisition of solarcity which halted their expansion installations are down 42% year

over year as a result. >> aggressive marketing means they're selling stuff too cheap. my guess is somebody ran the numbers, my god, every solar rooftop we install is costing extra. >> finally, remember the skirmish between papa john's and the nfl over whether anthem protests were hurting pizza sales? papa john's ran that back, but now sanderson poultry farms says their traffic is down because of demonstrations by some of the nfl players. do you buy this explanation? >> no. no, i don't. blame it all on colin kaepernick, he's an easy fall guy for the decline in chicken wing sales >> here is another hypothesis, it's because buffalo wild wings. >> a substitution problem. let me tell you about this it's the old retailers, they always blame a bad month, it's always the weather

>> i don't know about the anthem protests we're not watching a lot of football this year >> are you talking about you in the house? >> in the household. >> that's because you're busy mowing your lawn >> the injuries are horrible i just can't there might be some sort of viewership decline, i don't know if it's anthem protests specifically or -- >> do you eat chicken wings? >> i don't eat them at football games. >> so it's irrelevant. >> two heavy hitters on "closing bell" this week, we asked for your feedback on the interviews and you answered mef uresns a next. keyboard clacking ]

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welcome back it's time for our "closing bell" mailbox for a friday jackie tweeted, we have reached a true bubble status i don't disagree some of you reacting to our interview with jim chanos when he said tesla was worthless. robert says its actual value is essentially zero until they start turning a profit if they didn't have someone as charismatic as elon musk leading them, they would already be out of business. stocker said, his short covering

will likely send tesla to $500 sean saying druckenmiller, who talked about being offended by carried interest, sean said, very good interview overall, good to see podcasts being utilized more on cnbc. jonathan tweeted, this was an amazing interview, druck explained the tax plan without hyperbole. social security number will collapse he says, ankkelly, please get yr own twitter name it's live, mr. druckenmiller was not live, but they can be tricky >> he's been around, he knows. >> what do you think about carried interest >> i agree with him.

but, you know, the problem is it's always people like stan druckenmiller who made their fortune off the carried interest >> it gives them more credibility. >> it does i believe there's a lot of things until the tax plan including keeping the carried interest that hopefully do not set us up for, you know, pitch forks and burning torches a year or two from now. >> thank you for your responses. send it over "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square tonight on "fast," bitcoin futures on the cboe taking the market by storm this week as wall street gets ready for it to come to the next exchange. the cme on sunday. just moments ago, td ameritrade announced they will allow bitcoin futures on monday. the future is kelly will tell y everyt