Major averages muted after the rally that closed last week. Dow and s p breaking a three week losing streak nasdaq best week in a month. Tech stocks are part of the story. Where are the buying opportunities . Christina hooper joins us with larry glazer good morning to you both good to see you. Do you think anything fundamentally changed as a result of the talks . No, but i think markets got ahead of themselves. I mean, lets think of it not as phase one, but phase 0. 5 the u. S. Thinks they made an agreement, china doesnt necessarily believe the same stocks got a little ahead of themselves, but there are always opportunities to find tech gems out there. Where are they . At least, what leads you to them in this environment now . Well, i advocated that chinese took looks very attractive, that has been beaten down since the u. S. china trade wars began seen small recoveries, but there are a lot of opportunities in chinese tech. Why do you think the administration is trumpeting partial deals to have the chinese come out, say well, not exactly. How should investors be treating that sure. Lets keep in mind, this is october after all. October is a scary month look, it is a scary month, known for halloween, also known for major market selloffs. This year for halloween i was hoping to dress up as a trade deal with china. But i cant because ive never seen a trade deal with china, may not see one between now and halloween. What investors have seen before is q4 volatility, they saw it last year. It is a scary monster that came out. No one wants to talk about it, we know it is out there. If we dont make a trade deal, thats a real concern. Were seeing investor sentiment, weakest levels since 2016. Were seeing all of this softness, telling investors dont trade the trade headlines and compete with, build a Shopping List for year end, looking for tax loss selling candidates which i am more excited about in election season. I have to try to get to christina. I want an answer to this question why does the Administration Keep doing this, whats the investor to do when you get a partial deal announcement, the market moves on it, the chinese say no, theres no deal. I think there may be some misunderstanding when the two sides come together, were finding this is often happening, right . Maybe theres a misinterpretation of where everyone stands. More than once is it really misinterpretation . Theres probably some Wishful Thinking involved. The reality is markets want a trade deal, perhaps the administration is desirous of delivering that for markets. I dont think there was a misunderstanding china was very quick to pop our celebration bubble over the weekend. They were unfazed by faphase on of the trade deal. Thats like finding ronda rousey in an alley fight, it is not going to be an easy win. That tone is something investors should take away and recognize and spend time focusing on so larry, then is the hurdle too high is the bar too high to hurdle in terms of getting the phase one deal on paper in the coming weeks, if so, does that mean pull back for stocks look, theres a bunker like mentality starting to emerge record in flows going into money markets. We see a barbell approach, investors are trying to hide from the stock market in young ipos, and the ipo market is effectively dead for those deals. I think investors are right to have the bunker like mentality, but now theyre chasing utilities, gold, all of the usual suspects to hide from the market thats what creates the opportunity year end theyre leaving Everything Else behind, leaving these other areas theyre afraid of. If we make a deal, it will be a massive positive catalyst for the market and the market will be relieved. Problem is it wont have impact on earnings season now, thats what were focused on the next few weeks. Earnings will be soft, nothing on the trade calendar will effect that. Thats what we are willing to focus on fundamentals where the rubber hits the road, not sentiment. The bond market is closed, columbus day the equity market taking a cue from the treasury market we dont have that today looking to the rest of the week, what do you expect reaction to be within that market and what does that mean for stocks . I wouldnt expect the ten year to move lower we have seen more volatility recently, and the treasury market has been a good fear gauge. I would expect the ten year to move lower in this environment because smaenentiment is gettin negative. The ipos have not performed that well, for a long time people talked about how all these stocks were so expensive are we going to look back and say that was a great time to buy this handful of stocks that have grown since then growth looks more attractive than it has. Secular growth makes sense in a low growth environment the buying opportunity really is there for investors with a long time horizon. Any names i cant tell you names, the secular growth plays as opposed to cyclical parts of technology. I assume talking more software than hardware software, internet related names, really those that ultimately i think will be designated in other categories, consumer internet, things like that those are attractive some of the big plays, the faangs looking for not only trade skirmishes, i dont mean just u. S. china, but domestic policy risk coming off the weekend of Elizabeth Warren and facebook, for example. We have to recognize there are going to be many domestic policy risks Economic Policy uncertainty will go up until probably the spring because we dont know who the democratic nominee will be and then that uncertainty continues likely because we dont know how the general election and polls will play out. We have to recognize this will be an ongoing theme. Higher volatility. This leads to buying opportunities, when the volatility is downward sure. And i agree with that the domestic policy risks will be targeted on the largest players, the facebooks, not just the Smaller Technology names the failed ipos, theyre not a political target or populist target companies that do business with china will be unfairly beaten up, some are technology names. It is not labeling growth versus value, it is opportunities versus overvaluation anything large will be well represented in the major market indexes, will have a political target, investors should fade, be more cautious there are plenty of other opportunities. Soft landing, lots of small ones will do well if trade issues are addressed. Investors are acting more cautious and thats what gives us hope going into year end. You have to rearrange the portfolio and not chase what everyone has been chasing. Thats where the risks are, particularly in election cycle where the Political Landscape is so volatile now. And almost certain to get more so. Larry, christina, thank you. Good to see you. Thank you coming up, master card, visa, ebay, paypal dropping out of the leibra coalition where the crypto plans go from here. Stocks waffling twn beee gains and losses more squawk alley after this break. Your heart. Your joints. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally discovered in jellyfish, prevagen has been shown in Clinical Trials to improve shortterm memory. Prevagen. Healthier brain. Better life. We just mentioned a list of partners abandoning facebook and libra, visa, master card, stripe, ebay and paypal was first. Deirdre bosa has the story it leaves facebook in an awkward position reporter thats right. All of tnames dropping out days before a meeting of the critical association, taking place today in geneva. The association is supposed to appoint a board of directors, turn nonbinding agreements into something more substantial and binding. So who got cold feet the most Important Group of that association, some of the biggest payments processors in the world. Heres what the group looked like on the website friday afternoon. Heres what it looks like today. Yes, there are other big names there you go, thats what it looks like today other big names in internet and vc and block chain are listed, payments are the muscle. Gave facebook product credibility, and easier way to use the Digital Currency that threatens to derail facebook efforts at large to reshape the financial landscape. We have seen the pressure but on facebook executives around the project. Well see more when Mark Zuckerberg testifies later this month. Less obvious is the pressure on payments treasury secretary Steve Mnuchin told them he would take action if they didnt meet regulatory standards. He asked for a complete overview of compliance programs, how libra would fit in after the exodus friday afternoon, the head of the digital wallet david marcus tweeted i would caution rating the faith of libra into this stay tuned for more. You know youre onto something when so much pressure builds up. We look forward to developments and track that meeting today in geneva closely great setup thats optimism. Bring in kara swisher, cofounder of recode, New York Times columnist, cnbc contributor. Hello. Im hoping we can put this into context for investors. Sure. When it comes to libra. My take is calibra is the play if facebook can tell when you open your wallet, doesnt have to have control of the currency to make money, it can do that t attribution, tell how Effective Marketing is, become a big player is that whats important for facebook no. You threw a currency party and nobody showed up you and i talked about this. I said it is not going to go down as easily as facebook announced it you need payments players involved this is a global one of the things, playing well with people is important, being a partnership. Facebook is used to a dominant role here. With currency, health care, anything that has to do with regulation, cars have to be done in partnership with government and partnership with other companies, partnership with citizens, elected officials. Currency is a global, Worldwide Network of cooperation in a lot of ways. It is in fact that so you need these players to be in there this is not a good sign. They can have the currency within the facebook system but it will be separate, different from a wider change in the way you spend. Is that the Golden Fleece facebook wants on the up side, that attribution, be a key part to the digital part . They want to be the key part, central part it is to have a facebook wallet to spend, and others dont want to play. Why give away facebook this also theres good question whether there should be global currency, i know it scares some people question is, should be facebook be running it. Even though they did this, the message you want to start off is were in a global group of partnership, and now they arent why wouldnt uber and other Commerce People participate in it but it is not just a short set back as david marcus, who is a sharp guy, said. Now we know why they were not vocal in support we kept saying, why arent they coming out with equally ambitious and enthusiastic messaging. Why ever partner at all. Not sure i understand. Because of all of the pressure from a regulatory point of view. They want to show that theyre part of a greater group. When it was announced, i think i said it is the facebook currency thats the question, do we want to do this there are lots of players, there could be amazon currency, theres all kinds of players in general, whoever can bring allies together, which is good in this space, critically important, you have to have that cooperation. And mnuchin should be saying, so are all the financial regulators around the globe mark will be in washington i think next week. Im going to go see him at some event where he is talking about the first amendment. I think a lot of these things will run into the buzz saw of regulation everywhere they go. Steve case called it third wave of internet, and you really have to have partnership. Were getting news now as we have this conversation that booking holdings is also pulling out of this Libra Coalition as well i wonder, you mentioned amazon i wonder how many other Big Tech Companies are sitting back, watching this play out with facebook to map out their own game plan to avoid similar issues. I dont know if they would have this much ambition to do currency like this thats what it is. Amazon works well with all of the other payment processors, facebook has a process thats popular, paypal. It is a question of who wants to and should lead this thats a big question. Why trust any private company to run this this has been my issue with it since the beginning. Meantime, kara, the wework saga continues softbank reportedly seeking to take control of the we company through a financing package deal that would further sideline the founder and former ceo adam neumann. Is this becoming an existential issue for softbank are they taking control because if it blows up, theyre on the hook for so much already if it blows up, it is going to blow up these executives created beautiful spaces, running it operational as a bear i imagine, running these Properties Across the globe is not an easy plug and play thing they have experienced executives that have done a nice job, the product is just economically not viable i think thats the question. I think youre going to see a much smaller entity, and interesting competitors here again, is this a situation softbank can roll everything up, and i dont think thats the case i think it is localized. Love to get you and Scott Gallaway together and see if views match. Seen it last night, 2020 will be a decline in value of traded union corns. We talked about that in pivot this week. A lot of union corcorns. I am with galloway on this. The 50 number he likes to make it i think the question is when they go public, well see i think pinterest, airbnb, and a not of others, question is how well will they do. Again as we have both been saying, math is critically important now, investors with all of the global, now with syria, nobody wants to be like high flying now. I think thats the mentality right now. The question is can softbank take this over when they have so many other things theyre doing, no operational experience. Only thing to do is shove money into this thing. Thats another question, do they have enough to do that given other commitments. Talk about reckoning from other markets, Equity Investors where wework is concerned, facing a cash crunch, whether softbank coming to the rescue, jpmorgan managing to debt raise, shore up finances there, i wonder what happens if neither happens . Theres always someone with money. Would you lend them money . I dont know i wouldnt would you . Depends on the debt margin. Depends what terms. Sure, theres always money. It could be very ownerous for owners, everyone gets crammed down i think thats the term. Im not a technical person you know what im saying someone will show up with money, then it will be terms and then the question is who gets is the rest of the ecosystem at risk if softbank has to take one in the chin, on the chin, whatever body part that hurts . Not necessarily i always thought they overcapitalized these companies and a lot of people share my view they dont need the capitalization, this giant came in with money, if you didnt take it, you didnt take it. Most people dont think it is a good idea. Last thing i would say, andrew yang, democratic candidate, from hyped unicorn to financial salvage operation in a matter of weeks is a bad sign whats going on behind the scenes for private Company Valuations hasnt been the mosaic of policy discussion. He would come out, he has been involved in it. These valuations are just, you know, you can scoff at them. Sometimes theyre interesting, growing companies. This is a great brand, great product, same with uber and so many, theyre products people love the question is where is the valuation, who gets left holding the bag when the valuation is too high this case thank goodness not retail investors. Reminds you of the memory market, chase booms, oversupply. Yep. Great to have you. When we come back, watch the markets trade in a light band. Light volume this holiday. Roku up nearly 300 since beginning of the year. Is there still room to run after a series of down grades and some upgrades in recent weeks talk about that in a moment. [spokesman] if youve tried college but [snhu lets you transferried colup to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu welcome back to squawk alley. Roku is one of the best performing nasdaq stocks f the year but whats behind its rise, are there risks ahead. Jul Julia Boorstin has a closer look. Reporter shares soared 300 year to date on confidence that the company will continue to benefit from the explosion of streaming apps apple tv plus and disney plus launching next month, followed by hbo max, peacock next year. Heres why the launches should benefit roku theyre expected to get ad revenue from new services as they market to consumers second, if people subscribe through the roku platform, roku will earn a share of that subscription revenue in addition to generating ad revenue from free ad supported content roku offers and taking a cut of subscription revenue and down loads, roku makes money selling streaming devices ranging from 30 to 100, and Licensing Technology to smart tvs that start at 200 and up. They had 30. 5 million active accounts analysts predict that number will continue to grow. Mark mahaney raising the price target, saying the company is a switz switzerlands in the streaming wars taking a share of tv ad spend opportunity. And the stock was outperforming price target, citing coming expansion to europe next year. Rokus growth trajectory internationally could well echo that of netflix. In contrast to roku stock growth, netflix has given up most gains from earlier in the year netflix shares up less than 6 year to date we will learn more about netflix and the state of streaming wars when that Company Reports earnings after the bell wednesday. Back to you, jon netflix versus roku has been interesting to watch will get more interesting as the week progresses. Meanwhile, a new session of parliament begins, following the queens speech, setting out legislative agenda just ahead of brexit Steve Sedgwick wick has more on that story reporter thank you very much indeed what we have is the most extraordinary event. Havent had new opening of parliament for 839 days. Saw the pomp and circumstance, with the queen in a carriage procession, over 100 troopers guarding her on the way to parliament, laying out agenda for government that may not last a year as well, and many people in this country believe were on the cusp of general election what we saw today was the queen reading out Boris Johnsons agenda for what could be a manifesto for election this autumn brexit keeps hitting new key dates. This week is key eu summit the end of the week. Maybe, just maybe, Boris Johnson and eu negotiators could get toward a deal by the summit. If that gets a rubber stamp, get a special sitting of parliament on a saturday, first time we have seen that in decades, where the Uk Parliament behind me could actually vote on either a brexit deal as Boris Johnson sees it or not and make him go for extension, something he vowed not to do. His government stands on the precipice with debates in parliament behind me, you can hear the breast cancxiteers out parliament at the moment, and also in parliament and indeed in brussels as well there are enormous number of battles for the government to get through. We keep saying it, carl, this could be a key week for brexit back to you. Been saying that awhile, steve. Well see if this is the real one. Steve sedgwick, a lot of drama from the uk. Sue herera is at hq. Hi, sue. Hi, carl, good morning, everyone fiona hill arriving for joint closed door deposition before the house intelligence oversight and Foreign Affairs committees hill served as Top National Security adviser on russia and europe before leaving over the summer. Russian president Vladimir Putin going to saudi arabia, meeting with the saudi king and crown prince received the trappings of a state visit, greeted on arrival for his first visit to the kingdom since 2007. World trade organization formally authorized the u. S. To impose tariffs on 7. 5 billion of eu goods after a decision over payments to airbus. And here at home, tomorrow is the deadline to file extension on the 2018 tax return if you miss the deadline, prepare to pay 5 failure to file penalty 2018 was the first time taxpayers submitted returns under the trump tax cuts youre up to date. Thats the update this hour. Back downtown to you guys. Morgan sue herera, thanks for the update or that reminder. Getting a check on where we stand across the major averages. Hovering between ganins and losses va volumes are light. The dow and s p arhorie veng around the flat line were back in a moment woman my reputation was trashed online. I felt completely helpless. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Has investing in ipos been a losers game this year not if you spread your bets. The main ipo continues to outperform the s p for year to date, our nextghost notes in a latest post, ipo lessons for Public Market investors. Professor, good to have you back good morning glad to be back you have a lot of information in this post the one that stands out to me is that you think uber and lyft have gone into the undervalue camp. I think they have and i think in a sense whats happened this year with both stocks has been perhaps not surprising if you think in terms of fundamentals, but given how much momentum they came into the market with, investors are probably surprised how much theyve dropped. Is that momentum at risk of being cut . You have thoughts on vc pricing and what well see to valuations before public issue. I think for a long time private company and Public Company pricing moved together this year for whatever reason towards middle of the year, not even the whole year, the two started to diverge and it happened before. In a sense, both vcs and Public Market play the pricing game what vcs price in, scaling up, not a great business model, not what public investors want for the moment you said that uber and lyft might be bargains or values at this point, but peloton is trading above what you were saying it was worth. Whats the difference between the companies that are a bargain now and maybe ones that are making a case for growth that you just dont see in the numbers. Well, i think both uber and lyft, the only way to be bargains, bargain might be too strong a word, these are good long term bets for me as investor as a trader, i would still be terrified playing either stock i think growth is what im looking for as an investor i think in a sense i am building that into my value if it doesnt come about, my investment is not going to pay off. Im okay with that thats the nature of risk. Professor, do you think the ipo pipeline for the time being is closed right now . I think people are rethinking i dont think it is closed because momentum can shift on a dime six months ago we were having this discussion, all of the momentum was in favor of ipos. Now it is against ipos wework debacle played into it. I think this, too, can change. Three months could be calking abo talking about the next ipo i look at airbnb to see what happens next if they delay the ipo, that means vcs are concerned whats coming down the pike. What if they do direct listing, the same thing . It means the same thing to me the way in which ipos are listed is almost primitive the fact that private companies that have profiles higher than investment banks, 6 , 4 of proceeds, for bankers who pretty much do nothing strikes me as incomprehensible it is a matter of time before more Companies Take the direct listing route because i dont see what youre getting in return for all the money youre paying these bankers. Bloomberg has a head line out saying the doj is looking closely at googles acquisition of looker. This is interesting to me. This is a cloud buy, and google is not really accused of having any kind of monopoly power in the Enterprise Cloud do you expect that sort of scrutiny to impact valuations overall if theres somewhat of a cap on theamount of m and a that some big consumers are allowed to do outside their areas of dominance i think for the biggest tech companies, the worry is political, not business oriented theyre viewed as bad guys, whether it is facebook, google, amazon, and youre going to see more actions directed at them. Nobody will come to their defense because competition in a sense wants them taken down. I think for Big Tech Companies, thats the biggest danger, regulation, legal action for smaller tech companies, might be an opportunity. Those companies are constrained, maybe Smaller Companies will be able to take a bigger chunk of the market how do you factor that into models im sorry how do you factor that into your models when you look at companies and work out what kind of valuation to give them . With amazon the way i took it in, i put it as natural c constraint on margins and growth for the moment, biggest risk is government acts as impediment to them growing, not just the u. S. But the world. I put in lower growth rate than i think they can accomplish on constraint, which brings down the value. Part of the reason i find amazon overv overvalued i think the regulatory action is not priced in properly by the market professor, finally we covered quite a number of companies with you today. If you had to choose just one that you think represents the biggest buying opportunity now, what would it be among the ipos . Ipos or anywhere else that youre screening in the market now. I mean, i bought uber at the end of last week i think uber provides i think enough up side, looking at my portfolio now, thats a stock im watching the most because i think at least for me, provides the greatest potential up side all right that says a lot. Professor, good to see you again. Hurry back still to come, Raymond James taking its target down on netflix. Were going to keep an eye on that ahead of earnings this week but next, Elizabeth Warrens fake ad fight with facebook. Back in a memont but were also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. From the day youre born we never stop taking care of you. I am brian sullivan. Heres whats coming up. Stocks are unsure about phase one trade deal but earnings season is back, big banks on deck. How experts are positioning their portfolios. Data storage stock Western Digital surging 60 just this year analysts are not scared. Getting another upgrade today. We debate in your call of the day. And jon najarian stay with us for his latest trades and unusual activity, all that and much more on the halftime report. Jon, back to you right now, my friend. Thank you, brian. And the fight over fooalse hoods in ads as Elizabeth Warren buys an intentionally false ad that claims Mark Zuckerberg supports President Trump ylan mui has more. This fight is getting personal look at the ad starts by claiming that zuckerberg endorsed President Trump for reelection, then admits thats not true, does argue that what zuckerberg has give trump free reign to lie on the platform and pay them gobs of money to push out lies to american voters. Facebook responded by saying the Company Believes political speech should be protected if senator warren wants to say things she knows to be untrue, they believe facebook should not be in the position of censoring that speech. The fight didnt stop there, it moved to twitter, warren called on them to hold zuckerberg personally accountable and it is facebooks decision whether to promote lies that promote disinformation for profit, businesses, or to hold itself to some higher standards. Substantively, the fight is over shift in policy at facebook. The company will no longer fact check content on ads or from politicians, that decision is being tested by a trump ad attacking joe bidens son. It is worth pointing out it didnt just run on facebook, also on youtube and twitter. Biden campaign asked all three platforms to take it down, all three refused. Warren turned it into a fight with facebook. And guys, it is yet another angle of attack we could hear from candidates during the president ial debate tomorrowor from lawmakers when zuckerberg comes to testify before Congress Next week. Back over to you ylan, would these ads run on tv based on the standards that are in place thats a good question. Facebook is highlighting the fact these ads did run on local broadcast networks, but Major Cable Networks have in many cases declined to run the Trump Campaign ad, and what the fchlt fcc standard is they should not censor speech. How you define it, censor ship to take down a falsehood, thats the debate and essence of the philosophical fight thats turned into a political one. This is a slippery slope, man. I have a feeling well be talking about this over the coming weeks and months and year up next. An exclusive with nasa administrator Jim Bridenstine after this break welcome back to squawk alley. Critical tests remain, spacex and boeing could fly astronauts from u. S. Soil as early as 2020 for nasa thats the latest from nasa administrator Jim Bridenstine, fresh off a meeting with elon musk last week he joins us on a cnbc exclusive from washington, d. C administrator, great to have you on today thanks for joining us. Thanks, morgan. Always good to be with you in terms of the time line, potential crude flights for spacex and boeing could slip into next year, how confident are you with that time line . We have to remember, this is development. Were not in an operations phase, were in a development phase. So between now and that date, weve got a number of tasks for both commercial crew providers that have to be successful, so what we learn in those tests will determine the time line, but we are confident if everything goes according to plan, we will be launching american astronauts on american rockets from american soil for the First Time Since 2011, in the first part of next year. Were looking at the First Quarter next year, if everything goes according to plan we mentioned the fact you were at spacex headquarters last week, headquarters last week. A lot of attention ahead of that meeting given the fact that via twitter you had basically come out taking the kind of unusual step of singling out the company for falling behind in terms of the krurlsh crew timeline. How does it speak to your broader take on contractors for programs across nasa as the nasa administrator, i have a responsibility to the american taxpayer. So we are focussed on making sure that our contractors do everything in their power to maintain cost and schedule. In this particular case, we are going to the International Space station commercially. What that means is instead of nasa purchasing owning and operating the hardware, were going to buy a service from commercial providers, space x and boeing. We are holding both accountable to meeting the goals that they have established. But how how are you holding them accountable . We aremaking sure remember, we are doing milestone payments based on performance. In order to achieve those milestone payments, they need to perform according to our schedules. So thats one way. And then, of course, the big thing is just making sure that these are what we call fixed price contracts. In other words, nasa says heres what were going to pay and heres what youre going to do for that price. As a fixed price contract, we dont get to plus up every time they need support for various things. We are encouraging them to make sure that they are placing the right resources in the right places. Of course, my recent meeting with elon musk, we encourage them to focus on the parachute system as well as changes to the launch support system and the testing thereof. So we are working with them hand in hand to make sure that at the earliest possible date we can launch american astronauts. Are there things that you have learned through this that are going to influence you to change the next time you do this so i think we have learned a lot already in a very positive way. Again, our goal is to be one customer of many customers in a very robust commercial market place in low earth orbit. We dont just want to be one customer of many customers. We also want to have numerous providers competing against each other on cost and innovation. Thats what we have done with the commercial crew program which will launch our american astronauts. We have to make sure we take the Lessons Learned from this and replicate what worked and dont make the mistakes of things that didnt work. One of the things that is of concern is when you have a Firm Fixed Price contract, sometimes the schedule slips, because the contractors themselves are more interested in maintaining their bottom line, but schedules matter here. We want to make sure that were committed to schedule, as well. Remember, the goal here, this is a Development Program to where nasa can eventually become a customer and have numerous customers competincompeting. Space angels came out with the quarterly Venture Capital investing report. They found in the third quarter, 24. 6 billion in account investment went into more than 500 space companies. That brings the total funding up to 5 billion which is almost a 50 increase over 2018. It certainly seems like the Investment Community is starting to increase capital to the space sector. I wonder how closely youre watching that and what it means in terms of potential future Public Private partnerships with some of these startups absolutely. Were watching it very closely. We are helping it mature. We want commercial industry to be successful. A lot of people watching this might be watching on directv or dish network. Maybe theyre going to see it on the internet. Internet broadband from space. Of course, xm radio and the other kind of communication cables in space. These are all kind of capabilities that were born from this Little Agency called nasa starting decades ago. But its not just about communication. Its about navigation with Gps Technology developed by nasa, how we produce food, how we produce energy, how we provide National Security and defense, do disaster relief, predict weather, understand climate. All of these things are born from this agency we call nasa. What we have to do is make sure that we are putting the United States of america in a preimminent position for the space economy of the future. Thats what we want to do. When we talk about the balance of payments for the United States of america and the trade deficit, there are two bright shiny objects for the United States. One is space, and another is aeronautics. These are two areas that nasa leads in. We want to make sure that we are placing the right investments in the right places so that these commercial markets can continue to foster and maintain an export capability for the United States. As we do see more space exploration, more commercial companies doing things in space, how do you regulate it so nasa is not a regulatory agency. What nasa does is exploration science. We do development and of course we invest in the technologies and capabilities to make the United States remain preimminent. Thats what we do. Now, there are regulatory agencies in the u. S. Government when it comes to laurch and reentry its done by f. A. A. When it comes to remote sensening thats done undern noah we are revamping to enable more commercial capabilities than ever before. Thats a very positive thing for the United States of america. As the nasa administrator which the National Space council is chaired by the Vice President mike pence, we have seen dramatic ncreases to the space commerce based on the regulatory changes. All right. Nasa administrator, thanks for joining us today. You bet. Tight range toy. Da dow is up 37 points. Were back after a quick break. Going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. With original medicare, youre covered for hospital stays and Doctor Office visits, but you have to meet a deductible for each and then youre still responsible for 20 of the cost. Next, lets look at a Medicare Supplement plan. As you can see, they cover the same things as original medicare and they also cover your medicare deductibles and coinsurance. But they often have higher monthly premiums and no Prescription Drug coverage. 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There is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you can save on your prescriptions and to get our free decision guide. Licensed humana sales agents are standing by, so call now. At Southern New Hampshire university, we believe in education built for all people. [woman] snhu was the best experience of my life. [man] without snhu, i wouldnt be the leader i am today. [woman] i graduated high school 19 years ago. I still finished. [man] in the military, you feel that sense of accomplishment. Thats what snhu is. You will march from this arena and say to the world. I did it. [woman] you did it. I love you. [graduate] i love you too. It appears that the nbas move to shut up and dwibl and china is paying off. Tensent resumed airing two league games today. The general manager tweeted support for antigovernment protests in hong kong. Going to pay close attention to the ways in which they were allowing questioning. They thought it put players in unfair positions. Did they shut up . I felt like they are not going to shut people up. Maybe they threaded the needle. Meantime, earnings gets off in earnest this week. We have big names including ibm and netflix. Get ready for tomorrow. Lets get to sully. Thank you very much. I am brian sullivan. Investors having doubts about this phase one of a trade deal. Theyre getting ready for an earnings avalanche this week. It is 12 noon. This is the halftime report. Wall street under whelmed about the trade truths. The big banks leading the flood of earnings this week. The traders take their position. Shares o