Look particularly at the nasdaq, its up 16 year to date but the wait is what you have to think about. Facebook, apple, amazon, microsoft google are up 13 year to date. So youre seeing overweight in terms of really big companies. Any meaningful downward movement along them is going to result in broader index. Im not optimistic particularly nasdaq because i think its overinflated liquidation there is it too glib to say if vaccine hopes are met with real positive data that technology suffers from a whithering stayathome narrative, or is that too simplistic . Yeah, its a little simplistic, mostly because of the factors that are contributing to the tech growth are multivariant you have this issue of the low Interest Rate environment which is drawing a lot of yield, but you also have the fact that people staying at home use Digital Services more. You look at the streams services and the semiconductor and tip companies which are underlines and inputs on the digitization thats happening thats been compressed because of the stay at home. There is some interesting narrative here with companies that have impact on it and theres more nuances there that meet the eye i also want to bring in laura martin, senior tech analyst at needham. Laura, good morning. Morning i want to talk about apple in the midst of this. I look at the market cap, right around 1. 7 trillion right now its around 390 a share. Boy, you think it could still go higher and you point to the value of the ecosystem. Is that at all fragile, do you think . Or is it just a fortress and it seems to me that they had some developer pressure ahead of wwdc they did. I mean, i think the work were doing here is to focus on the fact when you look at the lifetime value of the average user, three quarters of it is now coming from services and or ancillary Products Services are particularly robust from the point of view they can 64 margin which is is twice the device margin. And ancillary addons to the iphones actually have higher margins than the iphones do. So the iphone is sort of the anchor tenant product and they told us they had 900 million users of that a year ago, and 1 billion in devices for every iphone you sell, they sell another 55 of different types of products and services as revenue for customers and elongates time in the apple ecosystem. Laura, julyial borinstein here a question on the areas which youre focused on. Both the ancillary and the consumers are in an area now, maybe someone wont why that extra pair of ear pods or saying im paying for a lot of subscriptions now. I should drop the apple tv plus. How do you balance those factors . I guess our perspective on the apple universe it has a universe of 950 wealthiest consumers on earth and theyre the most resistant to economic downturns. So the asp for apple device is 700 or 800. Smartphones, theres lots of smartphones on its market that cost less than 100. As weve seen from the ravages of the covid19 on our economy, it is unfortunately, at least under 50 of the population that pays the price, disproportionately from these disasters. But the wealthy seem to go on. And as you know, in india and china, some of the third world countries, just the top half of it own the devices those consumers continue to buy ancillary products even in the recession caused by covid. Kayje, i want to go back to what you said about the nasdaq youre pessimistic about it but the real issue is the presence, the weighting of amazon, apple and alphabet are you saying if you diversify away from those big guys and maybe a few high valuation trendy stocks that maybe the nasdaq is not bad at all, pretty good i like the way you think. If you take those stocks out of the last three years, youre barely up. Youre looking at something in the middle of 2017 levels. And, again, year to date, those stocks are really, really overvalued but the simple thing thats important to note is just these are such big stocks, as we were just hearing, apple is at 1. 7 trillion if youve got nasdaq at 10 trillion total, thats a huge percentage of it i think you a very astute operation, if you look at the highs, youre not necessarily seeing the type of overweighti ining that is being represented by the other companies. So im cautiously optimistic about the rest of the index. But i do think the kindex is going to be affected and investors are looking for signal and thats where theyre disproportionately fine. Thats a good segue, laura, two names which you bring focus and thats facebook and netflix which, of course, reports later in the week. What would you tell investors going into that . Lets do netflix first. We have an underperform, that was a bad call during the pandemic, who knew and we expect to see peak subscriber numbers for disney plus and netflix and all of the sbog streaming services in the absence of live sports and a quarter, with the lockdown for much of america. And then we expect to lose some as live sports comes back in the september quarter. So it should be a fine quarter for netflix reporting this week. Facebook, much more worried about facebook, not only do we have the boycott and many, up to a million Small Businesses never coming back because of covid, and thats a big part of facebook, and we have regulatory continued regulatory issues and continued controversy in an Election Year and how facebook handles sort of everybody. Consumers, regulators, so were much more worried about facebook maybe not. Quickly, but also from a sentiment point of view. We think about damaging the brand and the consumer businesses brands are worth billions of dollars and we think facebook is damaging this. Now, laura, julia again here, in terms of facebook and that boycotting those ad dollars, who do you see benefitting from that peacock launches today do you think some of those ad dollars are going to move over to peacock and other platforms like hulu . And where else do those dollars go yeah, so, thats a good question, julia. I think in the near term, they just dont get spent, facebook with the mobile offering, about 92 of its total offering is mobile yads. Peacock is video ads youtube is video ads and roku is video ads. So theyre sort of apples and oranges. With people on lockdown at home, its sort of be for people on facebook, because of the targeted audience. I expect facebook ads to be weak if nothing else because people are home more. And when people start leaving their homes again, i expect advertisers to go back to facebook for now, they can just put on something in the open internet on cnbc. Com. Thats great, too, im sure i never put an ad on myself. What are Mainstream Investors missing . Where are you putting your money right now that maybe is under hiked . Thats a good question. So, im actually interested in the semiconductor and chip sector rye do think that youre seeing alltime highs there on its face it might seem thats an overvalued sector of the economy. Honestly, if youre looking at inputs to the digitization trends that youre seeing thats an interesting trend in supply view theres a couple pieces of evidence to that, the fact that you can see consolidation in the space. If you look at the adi deal, that drove interesting value and the fact that softbank is exploring a sale of a. R. M. And theres likely cash and upside available in that sector of the economy. So im really excited about that and secondly, i also agree that the streaming tailwinds and subscriber growth over the second half of this year is going to continue to be strong i think its not just in the absence of live sports but i think the acceleration of tv to ott has continued to happen, and disney plus and all of these new streaming service are going to be contributing to push heavily for that so im optimistic about those two sectors. I do still believe that visual health is and some of the regulatory changes that have happened in march and april around digital health. Are going to start to play out, which again is still in the first inning, so, im optimistic about that category. Interesting kanyi, thank you for that. Great to see you, laurie jon, some of those signs, are threatening to take the nasdaq red. Hasnt happened yesterday. Meantime, moderna shares surging from promising results from the study on the experimental Covid Vaccine meg tirrell has the latest meg. Hey, jon, this is still the phase one trial. 45 participants but its really the first real look at the data that weve gotten to see and what it showed participants all generated what are called neutralizing antibodies. And neutralizing antibodies are things that block the virus to find cells they found the dose taking place that the antibodies are generated at levels two to four times higher than people who recovered from covid19. They also did observe some side effects, particularly after the second shot with this vaccine, fatigue, chills, headache and muscle pain. But they are taking this into a phase three, starting july 27th of 30,000 participants that puts them neck and neck with pfizer which says it plans to start a phase three at the end of this month. Now merck ceo making comments on monday at Harvard Business school about the time lines people are discussing. Saying, quote, i think when people tell the people that theres going to be a vaccine by the end of 2020, for example i think they do a grave disservice to the public and we asked modernas chief officer this morning about those comments heres what he said. I believe we have an ethical obligation to advance this vaccine as soon as possible. I think its incumbent on us to do this in a manner thats responsible, judicious and accounts for the emerging and understanding of the safety profile. I think were doing that by insuring that our phase three is a large phase three, and i feel confident that were doing it in the right way. Given the pandemic, we see events that it should read out soon when will that happen . I dont have a crystal ball so i cant comment. Guys, the phase three trials set to begin in a few weeks, we could be seeing the earliest data from them very quickly. Back to you. Thank you, meg. We hope that is soon after the break, is it too early to go back to the Movie Theaters wergog e into discuss with the ceo of cineworld well be right back after this which must be named after the. That would be rocky the flying squirrel, mr. Gecko sir. Obviously ahh come on bullwinkle, theyre named after. Our first president george rockington that doesnt even make any sense. Mr. Uhh. Winkle. Geico. Over 75 years of savings and service. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Regal cinema is planning to reopen its theaters at the end of the month, but with virus cases surging across the country, is it too early for customers to return . Joining us is the ce Cineworld Mooky Greidinger i know youre excited to up july 31st but analysts say that movies for august are delayed some september. What are the chances you have audiences in the theaters at the beginning of august . To be frank, im not sure but i think in a way, we are really prepared at the cinema and we really want to go back, we have today somewhere around 35,000 people employees that are at home. And we really want to go back. We got very, very warm welcome on our website from all of our customers when we announced that were going to open. But on the other hand, we need, first of all, to put in priorities the safety and the health of our customers and our team and, of course, to follow the rules that are being given in every state and by the governor. So, it is difficult to say, i think, that we still have a good chance to open on the 31st of july but if things will not improve in the coming days, they might be another opening day ours responsibility, of course, agency the management of the company to take care that were ready both ways. Either we open on the 31st of july or if we need to wait a little bit more now, there was a group of six Movie Theater chains included regal that sued new jersey for refusing to let theaters to open in the state what were you hoping to gain with that lawsuit in terms of precedent . I think another issue, i think what we have noticed that other facilities were allowed to open we strongly believe if you care cinemas to restaurants and other activities, we are less dangerous than the others. In the cinema, we need to remember, that everybody is sitting. All of the people are facing in the same direction theyre not sitting one opposite the other. You have the social distancing which would be prepared especially to take care of between the different groups of customers. Family can sit together. But, of course, youre not sitting close to other people. All of this is prepared and relatively people are not talking through the movie. People are not singing through the movie. And almonot sitting closeduringh movie. And i think that the cinema is a safe place and the only thing that we wanted to show is the fact that we want to be created equally by the authorities. Now, in terms of getting audiences back into theaters, covid and the shutdowns have transformed the movie industry because now you are competing with content that people can also watch at home weve seen day and date releases were going to see more of them, a shortened release between when movies are available at home and in theaters. How are you going to compete now with the living room i was surprised, first of all, there was not even one universal wanted to release it, by the time they released it, the cinemas were already closed. And we would never have agreed to show the movie. One of the basics of our business is the priority of the thee yattatrical window we believe this is the best way to watch a movie the more the income is generated in the cinema, the more at money at home. This sounds a little strange, maybe. But we have not changed our policy but everybody will want and agree to expect the theatrical window, wed be happy to show their movies mookie, good morning. Its jon fortt, i think your plan has theaters at 50 capacity but i was wondering, are you prepared to do anything with pricing and trying to shift audiences to midweek because my recollection is, even in the best of times, tuesday and wednesday, for example, tend to be really slow. And if you can shift some volume to those days, maybe you can pick up business and still have the theaters at even less than 50 capacity yeah. So, where we are now standing, you know, the cinema, with the cinemas capacity and occupancy, i would say in normal times is around 25 or even sometimes 22 . The issue is that we need the capacity in the peak time. I agree with you and we are analyzing possibilities for use in some ways, and to reduce the price in the middle of the week, in order to encourage people to come in the middle of the week we will need to learn to live with it because until the restrictions will be eliminated, and we all hope it will be sooner than later, we will need to deal with this. And we will do it we have many other offers to our customers, for example, the regal unlimited now which really allows you to consume if you like, more movies, you can see more movies and not pay more and this will push people into the middle of the week sole all of this is being explored and once we have a clear opening date, we about able to see what is the best way for us to also direct our customers, we can call it, in the best of times. And i also think people will adjust because they will understand that the peak time on saturday, or peak time on sunday might be more difficult to get tickets. And people will move to other hours and other times. Mookie, we look forward to seeing what the future of movie future looks like in this new normal thank you for joining us we really appreciate it. Thank you very much still to come this morning, were awaiting the first trade for gohealth making its debut. The ceo is joining us first on cnbc later on this hour. Were back in just a moment. Welcome back, everyone im sue herera heres your cnbc news update this hour. Another major group of doctors and scientists out with guidelines for reopening schools. The National Academies of science, engineering and medicine recommends all students wear masks and inperson classes be prioritized for kindergarten through fifth grade students florida reporting its largest oneday increase in hospitalizations for covid19. That state adding 10,000 new cases. Florida has become the third state with more than 300,000 confirmed cases. And in britain, a statue of a black lives matter protesters has been erected where a statue of a slave trader once toad. It happened early this morning without approval of city officials. Wellknown artist mark quinn created the work he said it is not intended to be permanent. Youre uptodate. Jon, back to you sue, thank you. European markets set to close in just a moment seema mody, nice rally going on there. Yeah, jon, well start with technologies because a big win for apple over the European Commission and their fouryear dispute over 13 billion euros and alleged unpaid taxes the court decided today that the mission did not approve the landmark advantage and the question now this ruling will impact how the European Commission deals with other u. S. Firms over taxation. Lawmakers do have two months to decide if they want to appeal. The eu said in a statement that her team, quote, will carefully study the judgment and reflect on the stocks. Stocks are higher. The analysts there citing the correlation between the gaps in the nearly daily infections and the relative outperformance of stocks in europe secondly, keep an eye on spotify, its expanding its presence in russia and a dozen other markets in europe as it looks to rival other music players. And that stock up 72 this year. Carl, back to you. Seema, thank you very much. When we come back this morning, sofis anthony noto who as an unique perspective on banking and technology so stay with us. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Pin tech disrupter sofi said its stocks doubled down over the last few months. Ceo anthony noto joins us now. Anthony, good morning. Thanks for having me. Great to have you we heard from major banks, you guys, of course, more of a challenger, but were hearing from them that Trading Volume has been up and thats good for them have you been seeing the same thing . And whats the broader impact on sofi when you get that kind of activity sure, weve definitely seen a secular change in the activity, with sofi, the general trading is up over 300 . Were seeing many firsttime investors, 21 over the investors that we polled are investing digitally for the first time during the pandemic weve made the product more accessible 35 of our trades or fractional shares, were the first large broker, first large named company to introduce shares over half of those, its been an overwhelming success to make investing in names that people by, like amazon, like tesla, that are highpowered denominated Stocks Available for one dollar at the time and we have the sock, gige, up 37 to date. The idea is to give the genz access to the targeted portfolio. So these are ways to make investing accessible for new and novice investors for them to get the money right which theyre trying to do they have to get investing rates which were seeing positive terms. As you mentioned, tesla, whether to buy or sell, a valuation thats important stock in portfolios the number one stock under management on the platform owners own less than 81 of the shares, though right, because its expensive at one share especially right now i believe you said the most favorite stocks are tesla, amazon, apple, microsoft, netfl netflix, shopify, among others, tell me about your behavior . Are people investing, firsttime investors, or are they trading or getting used to what it means to buy and sell a stock . Iria, first and foremost, we have an ability to educate them on what the richt principles are for investing and make sure theyre investing based on their knowledge and based on their risk appetite, and just based on prudent principles so im actually happy to share with you that less than 1 of the accounts on the brokerage platform have more than one trade a day. Were not seeing the day trading patterns and the statistics bear that out we also have a responsibility to educate them were trying to educate our investors to focus on the long term make sure they diversity, not try to do market timing. And were seeing those right type of behaviors and were not, and were emplproviding access r them and its important to give them products that allow them to do that its one thing to say invest i diversified assets and then the lowest cost etf is over 200 or 300 or the stocks that they like, like amazon, over 2,000 thats how we introduced fractionalle sha aal shares and, under 10 when we launched it etf, very accessible and very affordable from that standpoint. We also introduced sofi 50 index based on shareholders and 12. 5 rating on names like tesla so you have broader diversification than in just owning singlepoint names. Anthony, julia bornenstein here eye warrant to offer other products in your portfolio, obviously you started off with Student Loans and mortgages. I notice you just filed an application for a National Bank charter. How does that fall in trying to offer your customers a range of services . Yeah, being a National Bank would be critical strategically. Our company is ready for that next step and responsibility and im proud of the progress weve made over the last 2 1 2 years to be in a position to make that application, were looking forward to working with the occ, the fdic and the Federal Reserve in the standards. Were lending in 50 states and we operate as a company and that is safe guarding our members interests and putting their interests first. So it wont be new to regulation but it will allow us to be regulated by three entities instead of 50 states what does that mean for our lenders and consumers . We can give them better prices and products were focused on helping people achieve Financial Independence to realize their ambitions so they can own a house, they can live near their children and so, we have to get things right across borrowing, saving, investing, protecting. Having a National Bank license will put us on the same Playing Field that is with banks to offer products more broadly and much lower costs and to more people its an important step, one were ready and excited about and i couldnt be prouder about with the team guiding us to this point. Anthony, weve talked about how crowded your space is, the pin tech space everyone is trying to differentiate themselves in their own way. How do you see yourself in competition with different players with those companies youre competing with . Great question, julia we have a philosophical approach where we put the member at the center of how were thinking about things were not putting the product at the center to those needs. Thats how we talk about saving and spending, instead of things like checking accounts, et cetera so what are the activities the members need to do and how do we best meet their needs with products and services that are are reinventive and unique all of the products on the phone, strategic for lenders to apply for a mortgage, refinance their student loan or lower this Credit Card Debt for a personal loan, and be also able to pay their friends, upload a financial element, how that is good for them. But we also want to be fast, and having a bank license will allow us to improve elementsselection, in terms of lower Interest Rates on loans. Higher Interest Rates on savings. Really continue to drive down the fees which were trying to do and let our members money work for them harder and harder every day as opposed to asking them to pay us well, we will continue to watch your progress on that with interest anthony noto, kraceo of sofi, pn intended, thank you. Thank you and now the comments on china, north korea and now tiktok, eamon javers has that. Thats right, psecretary of state mike pompeo making a decision on whether to ban tiktok could be coming soon. Speaking at an event at the hill in washington, d. C. A short time ago, heres what he said to protect the National Security and in this case, the information of american citizens, so whether its tiktok or any of the other Chinese Communications platforms, apps, infrastructure, this administration is taking seriously the requirement to protect the American People from having their information end up in the hands of Chinese Communist party. And so, were working through a process. Where all of the relevant agencies and the private sector are getting to say their peace we hope to have a set of decisions shortly. So, the secretary of state not saying what shortly means necessarily, but that matches what Administration Officials have told me behind the scenes that a decision is on deck over at the white house and could be announced at anytime, we wait and see whether they do go forward with a full ban and decide on some other option here there are a lot of policy options for the administration Going Forward. But tiktok users should be paying attention to that one back over to you guys. Eamon, yulia heoul julia hes trying to show independence. Theyve hired k ed kevin mayoer disney thats one possible outcome, tiktok said they do not inappropriate with user data and theyre overseason by an american ceo and all of the rest, so if the ownership were to change that would go a long way to changing the administrations view here so, if they sold it to an American Company that could work theres a process here call cfius. Which is the committee on Foreign Investment in the United States they focus on Central Technology and the like but recently, theyre going after a wider range of Data Collection by chinese companies. Theyre concerned about a whole host of things, including medical data and the like. And they have traditionally said if you sell the company to an american owner, youre fine to proceed with that transaction. Well see if that happens here cfius reference, im eamon, thats a deep track. Goldman, back to 2. 15. And the nasdaq continues to flirt with the flat. Were back in a moment instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Woi felt completely helpless. Hed fronline. Lity. 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. The ipo window continues to be open. Gohealth went public at the nasdaq 21. 20, above the range interesting marketplace, well talk to them later on in the hour, guys and dont forget, its tax day. Robert is taking a look at how Financial Traders and Hedge Fund Managers are trying to figure out how to pay income tax in new york after relocating after the pandemic robert hey, julia, hedge partners in new york city turning to a new app turning to a business with the special tax during covid its a new app called monaeo, to say that you were not working in the city during covid. Those precovid, still pay the personal tax in the city, even if they werent commuting. But partnerships that includes law firms and hedge funds, accounting firms, they dont have to pay the 4 Incorporated Business tax if outside of the city they could lose 300 million for the loophole, but moneo says it could save 50 million in axes and those who do sign up for the data, it helps them with audit so far, 100 of clients have won their audits new york state, though, will certainly crack down it collected 343 million from auditing nonresidents in 2018. That was an 80 increase over 2017 over half of those audited lost their cases. And, jon, you can bet that come next tax season, those auditors will be out watching for this loophole back to you. Yeah, yeah, tax innovation does not stop. Robert frank, thank you still to come, it is a busy week for ipos. Take a look at ncino, we had them on yesterday, pulling back from esterdays debut but stil more than double the ipo price of 31 bucks a share. Gohealth, as we told you, the ceo is going to join us on cnbc, making their wall street debut yesterday. What it means. Stay with us hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Obviously, travelrelated names have been the story of the morning on those vaccine hopes lets get to seema mody, hey, seema. Carl, the best performing sector, cruise lines leading the charge im hearing carnival has priced a new bond deal. At a rate of 10. 5 and 4. 25 Million Euros april, suggests some investors are growing more confident about the prospects for the cruise lines. Other travel stocks on the move including hotel operators, Online Travel names like expedia and booking with optimism around a vaccine continues to grow. I point out that analysts are cautious about the rebounds. Until a vaccine is widely assimilated, they believe subfactors in travel will remained under incredible pressure julia, back to you seema, dramatic moves there in case you missed it, our Parent Company nbcuniversal launching its streaming soft a peacock nationwide today peacock chairman matt straus joined u squawk alley returns in two minutes. We see a path of 35 million monthly accounts advertising is primary revenue stream but as you mentioned there is also a subscription version for peacock so we believe that having a frictionless way for somebody to access the app, getting really robust experience of conte fntor free is going to tap into the pulse of what people are looking for. upbeat music we did it crowd cheering [narrator] wherever you start, snhu is where you can finish. crowd clapping crowd cheering here we go. [narrator] and its it. [group] yay [narrator] you did it, high five Southern New Hampshire university. [man] that gets a hug. laughing look at that masters degree, i did it i did this for my children. I am very proud of myself. [narrator] finish your degree at snhu. Edu. Gohealth debuting at the nasdaq shares surging 22 after pricing above the range. Joining us this morning is cofounder and ceo clint jones congratulations. Thank you. Another example of an issue where if i had said to you a year ago to go public eventually and in the middle of the pandemic you might not have imagined the demand not just for your company but for others in the same space. Its an amazing ride. And doing this virtually has been crazy think about a roadshow and seeing investors face to face, having gone through this all virtual, met great people, Great Investors and excited to be here do you think we talk so much about the pandemic accelerating existing trends in digital. Do you think that fairly applies to online insurance . We deal in the senior medicare population. Who are more vulnerable to covid and those people are now using the platforms like us and finding researching and shopping for their plans online and over the phone in the safety of their house and with stayathome orders and people told to stay put, we have seen a nice surge and increase in activity in the platform and we are here to help them. Clint, you mentioned in the s1 that changes in regulations around covid and the pandemic could go either way for you, could be drive attention but also could slow your progress. Are you seeing any soons of potential barriers arising for you . Yeah. So the only thing we are seeing, we are hiring in the process of 1,000 people and think about the unemployment rates today, getting access to a lot of great talent on the sidelines looking for jobs as the states have been shut down, we have to get the licensed agents through a process to get them an insurance license in the states they are in and seen the states slow down the process as they have stopped licensing agents which is a challenge and as states open up we get more people through the process which is good. Training on the platte fofors that an issue . In order to maintain momentum. You think about it. We were all located in physical offices in 72 hours in march we were able to go all virtual so training virtual, hiring virtual. Onboarding employees through a completely virtual interview process and have come up with unique ways to get them trained and part of the culture and maintain that momentum so we found really creative ways to do that and unfortunately this is where we sit and probably a little bit of the norm and the plans are continuing to work virtually and were excited to see productivity increase from where we were in the office and we think theres an opportunity to continue to accelerate and continue to build the culture as we have done in the past. Yeah. It is amazing the idea of more productivity as everyone works from home. You talk about Building Momentum you want to continue to get more customers on to the service but who what are the other ways to grow Going Forward is it more services . Getting more providers as well yeah. We get paid for everybody we enroll help into the medicare plan and we get Additional Services downstream. Understanding who they are so we can perform Health Risk Assessments and identify a population with chronic conditions, help them partner with carriers for a Preventive Care model quicker and save money in the system and providing Better Outcomes for the health of the consumer ian programs are key to extend the business in a tighter relationship with the customer and our carriers. When you survey the landscape of potential policy changes, in health care, whether it is under this administration or the next, lowering the medicare age, public option to those over 65, what are you see as most likely and what would be the impact of that great question. Both republicans and democrat are favored for Medicare Advantage which we dont see a massive change there where the Health Care Debate will be in the election is around the obamacare under 65 world which is a much smaller portion of our business. Biden has come out saying we may look at reducing the medicare buyin age of 60 which would be a really strong thing for us to help those folks enroll in medicare we are playing the game where we sit today and were going to focus on completing the journey and the mission for where the ball is today. Clint, i know that you have relied on aws as well as rack space for your infrastructure. I wonder as youre seeing increased traffic and Going Forward are you going to increase one more than the other . How is your Cloud Infrastructure strategy play into your growth expectations yep great question everything we do at this point is in the cloud. You think about all the virtual employees, all the activity, the applications, everything is in the cloud so both areas are performing, aws and rackspace are great partners and strong for us we envision as we grow well be hiring more nationwide level all virtual as we bring employees in which is critical for the success of the company so obviously gotten to where we are with the technology to invest in and will continue to invest in the cloud and we see that as a huge opportunity as we go forward. Finally, clint, do i have this right you have been ceo since almost 20 years . Yeah. Its been a long, long fun run you know actually a College Friend of mine and i started the business a year out of school and running it ever since and its been a great journey. I think today marks just a testament to the team who have gotten us here along the way couldnt be more proud of what we have accomplished with them and this is just another steppingstone in the journey we have been on. Weve got to go but really quick, i wonder in the two decades was a point there you thought you might go public and then backed off . We have had steady growth, maintained 52 comp annual growth rate since inception and we just looked at different journeys along the way this seemed to be the right time to do it and we have a ton of momentum, very large growth, 140 growth in revenue last year you think of consumers switching buyer behaviors especially in covid and interabouticting thaty we saw a tremendous opportunity to access Additional Capital as we grow and we have strong plans for the future this is another Investor Base to help us get there. Clint, congratulations. 22 gain at the open clint jones, hope to have you back. Thank you appreciate it. Lets get to headquarters and the half. Thank you very much. Welcome to the halftime report, everybody a double dose of positive news sending stocks higher, the kind of news we could all use right now. Optimism of two vaccine candidates fueling the bulls and pushing the reopen and lets travel again trade higher. The Investment Committee on this big wednesday is here