Stocks fall for a third day | Breaking down big Schwab deal | Marble stock crashes 98%

Stocks fell for a third day but there was a big focus on a potential blockbuster deal in the brokerage industry.

VIEW IN BROWSER | SUBSCRIBE THU, NOV 21, 2019 EVENING BRIEF AS OF THU, NOV 21, 2019 • 04:00 ET DJIA 27765.82 -0.20% -55.27 S&P 500 3103.44 -0.16% -5.02 NASDAQ 8506.21 -0.24% -20.52   Most Active DOW NAME LAST CHG %CHG AAPL 262.01 -1.18 -0.45% CSCO 44.84 -0.24 -0.53% PFE 37.74 +0.69 +1.86% S&P 500 NAME LAST CHG %CHG AMD 39.52 -1.46 -3.56% SCHW 48.03 +3.28 +7.33% M 14.68 -0.34 -2.26% NASDAQ NAME LAST CHG %CHG AMD 39.52 -1.46 -3.56% AAPL 262.01 -1.18 -0.45% SIRI 6.96 +0.06 +0.87% EDITOR'S NOTE When the going gets tough, joining forces may be the best alternative.   A source told CNBC's Becky Quick that discount brokerage Charles Schwab was in talks to buy rival TD Ameritrade. The news sent both stocks surging.   The potential merger comes as brokerages face pressure from plummeting fees, a longtime revenue stream for such companies, writes CNBC's Maggie Fitzgerald. Last month, Schwab tossed its trading commission fees out the window and TD Ameritrade followed suit.   But the possible combination also has massive ramifications for the financial advisory business. Charles Schwab has approximately $3.8 trillion in client assets while TD Ameritrade has $1.3 trillion. A deal would not only create a giant asset manager, writes CNBC's Darla Mercado. It also reduces the number of choices investors have for retirement investment advisors, or RIAs.   The broader stock market was far less exciting with the major averages holding a tight trading pattern for most of the session Thursday and ultimately falling for a third day as investors tried to make sense of the latest U.S.-China trade developments. Trading around macro factors such as U.S.-China can be hard, just ask Louis Bacon. Bacon, who made his name trading around macro events such as wars, is returning capital to investors after 30 years in the business, writes CNBC's Tom Franck. He cited "disappointing returns" from his flagship Remington funds this year. Still, Bacon's career as a macro trader is rivaled by few. Moore Capital, Bacon's hedge fund, has a cumulative return of more than 21,000% since the Remington funds were launched.     Navigating the world of financial products such as credit cards can be confusing. That's why we launched CNBC Select where we simplify the process by crunching the numbers, reviewing dozens of offers and providing you with all the information you need in one place. Click here to learn more. Fred Imbert | CNBC Markets Reporter @foimbert TOP NEWS  Stocks fall for a third straight day, led by Amazon Charles Schwab is in talks to buy TD Ameritrade, source says House Dems, Trump administration fail to reach deal on USMCA trade agreement WeWork lays off 2,400 employees Apple's political game with Trump worked like a charm E-Trade shares fall on disappointment it's not the one being bought by Charles Schwab Israeli PM Netanyahu indicted on charges of bribery, fraud and breach of trust Mike Bloomberg files federal paperwork for presidential campaign – but he hasn't decided to run yet Obscure 'marble bubble' stock which became the best performer on the globe just crashed 98% Schwab's zero fee trading kicked off a price war and could pay off with the deal of a lifetime     TOP VIDEO Watch CNBC's full interview with Liberty Media Chairman John Malone   CNBC PRO Here are the biggest analyst calls of the day: Virgin Galactic, DuPont, AMD, Nintendo & more   SPECIAL REPORTS All-star investor Richard Bernstein warns a 'full-blown profits recession' could surprise Wall Street in 2020 Netflix is making a stealth comeback after Disney+ launch, and chart points to more gains   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS