9 after reporting yesterday afternoon. Lets take a dive deeper into snaps quarter stifels john eggbert and Lloyd Wamsley of Deutsche Bank joins us now gentlemen, you both have buys on this stock, and there was interesting commentary from snap about how theyre expecting lower user growth in the Third Quarter, and theyre also anticipating there will be significant revenue headwinds, even though the first 19 days of the quarter they showed 32 Revenue Growth so jon, tell me, why are you so bullish . Well, im bullish because of the longterm story. And i think that the underlying trends are still intact. On the short term, it sounds like the Third Quarter will have some complications were not exactly sure how much sports well have. Back to school may be limited in parts of the country feature films wont be launching like they normally do, and those are big areas of brand advertising spend that snap and other Digital Media players benefit from in the short term but in the long term, the direct response budgets remain very sticky, even during last quarter, which was maybe the toughest quarter in a decade for advertisers. Didnt give us a lot of faith in snaps ability to grow over a longerterm period lloyd, you reiterated your buy. You increased your price target. In light of those headwinds that john just mentioned, the fact that there isnt going to be so many different factors driving advertising in the Third Quarter, where is your optimism for the second half of the year . Yeah, our optimism is really around the business on the direct response side scaling up the scurve the company has been investing in their ad tech stack for the last several years weve heard great feedback from the ad community, and its really starting to catch on with direct response advertisers. As we head into the fourth quarter, the business will index more towards ecommerce. The company has spent the last year developing more ecommercefocused ad tools, so we think theyre really well positioned into the fourth quarter. And then stepping back over the longer term, the company has, you know, confronted an onslaught from instagram, from tiktok, and they continue to grow users at a healthy clip, even if its a little lower than what we had been expecting they continue to grow time spent in their discover unit so, theyre doing a really good job executing. And so, we think that the story is very much intact. Hey, john good morning i want to put these snap results in the context of social media more broadly it strikes me that even though theres talk of this ad boycott, users, the social media users certainly dont seem to be abandoning facebook for snap snap certainly doesnt seem to expect that to happen. As long as thats not happening, are these results, in a way, bullish for facebook investors any way . Because it seems like the options are facebook or nothing, social mediawise, at least for most users, and perhaps, advertisers. Yeah, its a great question, jon. Were bullish on facebook in the short and long term, and i think that they, like snap, will take share during this difficult period but i think you kind of have to separate the user story from the advertising story. The boycott, i think, actually speaks to some bigger themes, which is during times of, you know, protest and other things going on in the world, brand advertisers have to pause their messaging to make sure what theyre going to consumers with really resonates so, we actually saw, i think before the boycotts, snap seemed to have felt it in its business, and facebook probably will, too. In june, theres just, you know, a week or so where advertisers really had to kind of pause everything and make sure that they had their creative where they needed to be to give the right message. So i think the two are a little bit separate i think social media during times like this can build a lot of awareness about whats happening around users, and thats why even during times our advertisers may not want to be as loud as normally, social media users get a lot of value from being on the platforms. So lloyd, along those same lines, when these boycotts, or at least pullbacks, from facebook started getting announced, i was wondering, is this just a convenient time for a lot of advertisers to pull back on their budgets, given whats happening more broadly, or is this something that facebook and facebook investors specifically should be worried about . Given what we just heard from snap, which of those, or maybe a third option, do you think it is yeah. So, when you look at facebook, they probably have 20 of their business focused on brand, which is much lower than where snap is so, theyre more insolated theyve got an incredible direct response business. I think when you look at the brand side, there will be an impact in the Second Quarter, and that may extend into the Third Quarter with the boycott, but they have such a strong direct response business that we think the broader recovery theme at facebook is on track. And to your question about are some advertisers just using this we have heard in the ad community that some of the boycott is a quote unquote lowcost win they needed to cut their budgets anyway sothat they would take pr benefit of kind of participating in the boycott for something they had already planned to do anyway hey, john, sort of related to that, i wonder, across the space, youve got facebook basically deleting boogaloo pages, twitter suspending accounts that reference qanon, if they violate the rules. Snap how are they thinking about the evolution of the regulation, at least, on content . Yeah, well, i think you see all three Companies Taking moves to adapt to the times, and i do think that a lot of what theyre doing is encouraging theyre deciding to make changes that they wouldnt do in the past its difficult to predict how it evolves from here. The election will obviously be a very complicated period for social media you have some companies not wanting to factcheck, others explicitly factchecking ads, some not accepting like twitter. But i think a lot more platforms will spend time thinking about if theyre on the right path, and if not, what they need to do to make sure theyre protecting kind of the health of conversation, particularly around the election. Yeah, john, health and safety very much in focus you mentioned twitter not accepting political ads. Twitter did suffer that big hack there was a lot of concern about what that might indicate for the potential for minuanipulation. We hear from twitter tomorrow morning. What are you expecting to hear in terms of outlook and also the steps theyre going to take to really protect the platform . Yeah, given the magnitude of the breach, i would expect some serious contrition on the companys part, because i think they understand that that kind of mistake just can never happen again. Otherwise, it really undermines the value of their platform for political and public conversation and so, i think what youre going to see in terms of tangible ramifications, theyre probably going to have to step up their investments in security and engineering quite a bit to bring up their platform to an acceptable level and you know, you may have regulators sitting around as well and making sure they do that so i think theyre going to be pressured to do it protractively. But those investments could be meaningful, tens of millions of dollars, maybe even hundreds of millions of dollars in aggregate. And we actually raise our cost estimates heading into the quarter with our preview because it just seems very likely that thats going to happen lloyd, i want to give you the last word on twitter here. What are you expecting from twitter, especially for a company that relies so much on live events . We do have some sports coming back, but a lot of live events and movies still missing from the fall yeah, i think its going to be a tough quarter for twitter, specific to the Second Quarter we are below consensus on our estimates. You know, the conversations in the ad community have been tough, visavis twitter, in the Second Quarter but ido think the snap strengt in brand spend in july means they probably have scoped a sound more upbeat on the exit trends sports are coming back, which is critical for both their engagement and their revenue so i think there is scope for them to sound optimistic on the outlook. But whether or not some of those sports come back with ad budget for twitter, well have to see it may be more of a nice to have than a mustbuy ad product, so i think its a lot of uncertainty on the outlook john, lloyd, thank you both so much for joining us, on the heels of those twitter results and giving us a little preview ahead im sorry, on the heels of the snap results and giving us a preview of twitter tomorrow thanks, guys jon . Thanks. And speaking of, slack is actually down 3 microsoft slightly higher. Slack files an eu competition complaint against microsoft. Deirdre bosa has the latest. Deirdre . Hey, jon. Slack is accusing microsoft of violating eu competition law with its teams messaging app in a few different ways one, by forcing users to install teams because it is bundled with office two, by blocking its removal and three, making some functions inoperable with rival software so, slack, essentially, wants to see teams sold as a standalone product. And guys, this is a new twist in that rivalry that has been building for years now, when teams entered this field in 2016, slack posted a blog that said, congrats. We are genuinely excited to have some competition. Slack even offered some friendly advice since, this is harder than it looks. Slacks ceo, stewart butterfield, he was just on our air, guys. You remember talking to him a few months ago and he said this this perpetual question, which is, at this point a little buzz puzering for us, but at some point, microsofts just going to kill us but guys, thats exactly what the eu complaint alleges, that microsoft uses its market power to try and crush slack now, the complaint also throws microsoft into the antitrust spotlight, which it has largely avoided versus its bigtech peers over the last few years. Of course, we are all looking ahead to this monday when the ceos of amazon, apple, alphabet and facebook will testify before congress of course, youll note, i did not mention microsoft. Back to you guys. Yeah, echoes of bundling here, that old term from the browser wars thank you. And spotify, meanwhile, striking a new licensing deal with universal music you can see, shares of spotify rising again this morning, up 5 , whats already been a strong year for the stock, up over 90 . Squawk alley will be right back stayitus wh me. Yeah . So what do you see . I see an unbelievable opportunity. I see bestinclass platforms and education. I see awardwinning service, and a trade desk full of experts, available to answer your toughest questions. And i see it with zero commissions on online trades. I like what youre seeing. Its beautiful, isnt it . Yeah. Td ameritrade now offers zero commissions on online trades. Amazing school district. The hoa has been very involved. These shrubs arent board approved. You need to break down your cardboard. Thank you. Violation. Violation. I see youve met cynthia. At least geico makes bundling our home and Car Insurance easy. And it does help us save a bunch of money. Two inches over regulation. Thanks, cynthia. For bundling made easy, go to geico. Com welcome back our next guest is trying to change how produce is grown and distributed with its food grown locally and fully controlled environments and touched by only a few human hands, this as consumers look for safer food options during the pandemic. Joining us now is the cofounder and ceo of bowery farming, irving faine irving, great to see you. Great to see you as well. Thanks for having me. Great to have you so, i visited you at one of your facilities back in november. Fascinating to see the automated way youve got stuff growing, just like stacked up amazing. At the time, you had, i think, around 200 stores that you were distributing to. You expect to be at 650 in september . Whats driving that . Yeah, thats right. You know, i think theres two different components driving that the first is outside of the Global Pandemic and the fact that, in general, youre seeing a trend where consumers are looking for higherquality food, theyre looking for transparency in the food system theyre looking to answer questions like wheres my food grown . How is it grown . At bowery, we provide protected produce. Its local all year wrong, its pesticidefree its grown more sustainably, and thats important to consumers, and so therefore, its important to retailers and then you layer on top whats happening right now with covid, and theres a real focus around surety of supply chain for retailers, simplicity of supply chain for retailers, and then just general safety of produce so, i think all of that collectively is really driving the growth that were seeing at bowery. I dont think consumers get this i mean, its interesting that, you know, its almost like a manufacturing facility youve got a warehouse, but for growing produce, for growing food but ill bet you the retailers do has the conversation with Grocery Stores changed during this pandemic, as theyre wondering, are we going to be able to get supply, where is it coming from . You know are the people who are involved in touching this being tested . Yeah, its a really good question, because i think whats interesting is that the trend that is pushing us forward at bowery really did exist beforehand, because if you look at whats happening with Climate Change and a lot of the disruptions to the supply chain, there were large food safety incidences over the course of the last couple of years there have been major disruptions with field flooding and other issues that are causing retailers to recognize that they need to ensure that they have food on the shelf when consumers walk in. Then you add, exactly as you were saying. Now retailers are saying, like wow, we not only need to make sure we have that surety of supply, but now transparency and safety of the product itself is becoming that much more important. Theres actually been 50 more growth in the packaged salad category compared to nonpackaged salad, and thats really driven because consumers are flying towards safety they want to trust the food that theyre buying, wherever its coming from. And that combination of surety and reliability of supply for the retailers, a much simpler supply chain because food doesnt have to travel thousands of miles it can get on boats and planes and trucks those are advantages and then the safety piece is really critical. So, i think the conversations were already moving well with retailers. This just only acted as a further accelerant irving, Julia Boorstin here id be curious to hear a little bit about the labor piece of this my colleagues here at cnbc have done a lot of reporting about the challenge to farm workers of covid and the risks there and just the challenge of the supply chain there. So, how is your food harvested differently . Are fewer people involved . And how do you see dealing with that in covid . I mean, jon just mentioned the question of testing your labor force. Yeah, so, we, without a question, the health and safety of all of our people at bowery and of the farms is the number one priority for us, and it has been from the very beginning we have two really distinct advantages the first is we run foodsafe facilities and always have so there is a standard of cleanliness and safety thats always present long before the pandemic even arrived. The other real advantages we have and jon was talking about this earlier is there is a substantial amount of robotics and automation inside of our farms that we develop so, what that means is our farmers actually work in a way thats much more spaced out than some of the images you see at these Meat Processing plants where people are required to really stand shoulder to shoulder and have very close contact with one another and so, those two components combined with just an increase on focus in safety and social distancing and testing within our farms have really led to a safe and secure workforce for all of the employees at bowery hey, irving, weve got doubledigit unemployment and youve got food inflation. I mean, youve got to go back to the 70s to see it this bad. Isnt it possible that households are going to be looking to trade down when they buy food and not paying as much attention as to how its farmed . So, you know, i think the important thing for us is that right now bowery is on the shelf at or below the cost of a traditional organic product already, so were already competitive on that shelf and not asking consumers to pay a big premium. Thats important right there the second piece, and the data thats interesting, is while people are spending more time at home and there was a recent study that said over half the consumers are cooking 90 plus of their meals at home and when people are cooking at home, theyre actually spending more time thinking about the health of what theyre eating and the quality of their ingredients. So, there are certainly going to be places where people are trading down, but theres actually been an increase in Fresh Produce sales. I think people are really looking to say, how can i eat it healthier when i may not be as active and out the way i normally am . And irving, finally, Interest Rates are low, but i mentioned there are questions about the availability of capital. What has this economic environment done to your plans to expand . Because you know, you want to be close into urban areas you need buildings you need equipment has that slowed down has it sped up yeah, it hasnt slowed down at all, and i think we are in a fortunate position where we have some incredible investors and supporters behind us, whether its Google Ventures or tomosic. And some of those folks, i think what youre seeing in the Capital Markets is, there may be slowdowns in some areas, but there is still a lot of capital in the system, and that capital is looking for Great Companies in great industries. And when you look at what were working on at bowery and the trend around indoor farming in general and the growth that weve been talking about during this segment, thats exactly where investors are looking to say, i want to Place Capital in good places, in good companies, and in industries that i really believe are poised for growth. And we already felt that way about indoor farming i think covid and the Global Pandemic has only exposed how big the opportunity in front of us really is. Yeah, and again, i have seen that facility that youve got in kearney, new jersey, at least one of the facilities that youve got it is fascinating stuff. Thank you, irving. Irving fain, bowery farming cofounder and ceo thanks so much for having me. Europes going to close largely in the red seema modys got a breakdown this morning hey, carl stocks are pulling back from fourmonth highs led by declines in france and spain. It follows a weaker session in asia after the state department ordered china to close its texas consulate on orders of spying. There is also a new bigtech antitrust battle in europe with slack filing a complaint against microsoft, with the European Competition alleging uncompetitive behavior they say they used the office suite to add users to a weak copycat product. The Eu Commission this morning says its received the complaint and will assess it under standard procedures. Now, this is the second time a bigtech rivalry has spilled into the European Commission following spotifys complaint against apple last year. Finally, cant seem to hold the euro down. Td securities today saying it should extend its gains against the dollar as the eurozone has done a better job in managing the coronavirus than the u. S the euro currency, worth noting, up 7 against the dollar over the last three months. Julia, over to you thanks, seema want to take a lack at best buy, hitting a new alltime high this morning after the company noted a rebound in sales both in store and online that stock now up 8. 5 , is one of the top three performers in the s p today. Squawk alley will be right ckba when we started carvana, they told us that selling cars 100 online wouldnt work. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. Recruiting an army of customer advocates to make your experience incredible. And putting you in control of the whole thing with powerful technology. Thats why weve become the nations Fastest Growing retailer. Because our customers love it. See for yourself, at carvana. Com. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Welcome back, everybody. Im sue herera heres your cnbc news update this hour. With more than 409,000 confirmed cases, california has overtaken new york as the state with the most confirmed infections. New york still has the highest death toll, followed by new jersey, massachusetts, and then california representative ted yoho has apologized to fellow congressman alexandria ocasiocortez on the floor of the house yoho also said he didnt speak offensive namecalling words at this is colleague, but alexandria ocasiocortez claimed yoho called her an expletive bitch on the steps of the capitol. Canadian tourists took in a sight other than the iconic waterfall. Crowds of u. S. Visitors aboard the tourist boat the maid of the mist company says it is complying with rules that include a 50 capacity limit. But on the canadian side, just six passengers are allowed on u e lar ships. Yoarup to date thats the news update this hour squawk alley continues come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. One of the most highly anticipated results of the week is going to come from tesla later on tonight joining us this morning to talk about it, former ford ceo mark fields, now a Senior Adviser at tpg capital. Mark, always good to have you. Welcome back thanks, carl. Good to be here. I am you know, its funny. We talk about tesla now in increments of 420. A couple weeks ago it was three times 420, the stock now four times 420 i assume youre in agreement that the price has separated itself from whatever fundamentals we have to work with yeah, absolutely. The evaluation of the company has no basis in, you know, traditional valuation metrics. But i do think investors are looking at a couple of things. I think theyre looking at the growth trajectory of the company, you know. Its added the shanghai plant. The european plant is being added. At the same time, theyre looking at the competition and folks like vw, who are launching an important crossover in europe, is having a lot of problems with the Software Management of that theyre also looking at the new products that are coming are all incremental. Interestingly, even in this down economy, countries or continents like europe and countries like china have not moved off their co2 regulatory requirements, so thats going to further, you know, grow electrification and i think there are two things investors are looking at one is just the Software Expertise that tesla has in managing the batteries, because as you think about the innovations around electrification and even Autonomous Vehicles, it doesnt depend so much on mechanical ingenuity. It depends on Software Expertise, quality, execution and integration, which tesla has. And finally, i think teslas doing a lot of innovation in batteries. Some traditional oems may be viewing batteries as a commodity that they purchase from others, but tesla is doing a lot of innovation, and well see what they come up with in their battery base so, i think for all those factors, theres a lot of expectation for the valuation. Right right. I wonder if you think i mean, everyone tries to read elons mind, but the degree to which he worked his staff so hard to get open, stay open, get capacity, get supply out, in the quarter, do you think that all was driven by a desire to be in the s p well, i think it was first and foremost a desire to show consistent profitability, because thats been the big knock against the company, is can they profitably grow consistently and if you look at this Second Quarter, you know, he took very aggressive actions in the quarter. He cut salaries. He furloughed staff. He demanded rent reductions for his sales locations. He even preannounced increases in some of their features, like their autonomous pilot autonomy copilot, you know, that particular feature that they have on the vehicles and he announced a 1,000 increase on that effective july 1st. So he is looking to improve the mix for the quarter. And at the same token, if you recall, he took very aggressive action against california and local counties to get his plants open back in may and listen, in the long term, if your plant is down a week or two weeks, its no big deal. But if its down just one day in a quarter, that is a big deal for the quarter. So, i think for all those reasons, he was pushing for profitability. And theres probably one factor that also, as well, as you mentioned, would be a feather in his cap to be included in the s p 500. Yeah, mark, Julia Boorstin here its interesting how much that inclusion in the s p 500 could drive demand for teslas stock you know, the stocks already up 279 year to date. I have to ask, with all of this in mind, there are going to be other ev models that are hitting the market, especially in the next year. Do you see any of these other players really posing a real threat to tesla . Well, i think you have to put into perspective for the most part, tesla has had the market to themselves, you know, for the past five years. Now theyre going to have competition. So, just at its highest level, its going to get tougher for tesla. But when you look at some of the products coming out from the established oems, theyre very good products. The question is, can they master the quality in those products, particularly around the software and you know, the knock against tesla was they didnt know how to, you know, manufacture a vehicle. And theyre learning you know, they still have a long way to go, but theyre learning. But what they do have mastery of is how you manage the Software Systems in an electrified vehicle, in a thermo magnetry and all of the technical aspects. Those are things that the established oems are growing so if they launch their vehicles, the good news for them is theyre going to have competition for tesla now, but theyre going to have to master that quality coming out of the gate to prove to customers that they can compete effectively with tesla. Hey, mark, its jon fortt good to see you again. Hey, jon. I cant help the feeling that a year or two ago, we were saying, well, starting now, teslas going to have some real competition. And yet, i mean, do they so, i wonder, is tesla actually looking harder to beat right now, halfway through 2020, than they did two years ago well, i do think, you know, theyve expanded their product lineup they have now gone global, so theyre in some major Growth Markets like china, and theyre about to launch their plant in the near future in europe. I do think what theyve been they do look more formidable, i would say, two years on, and for two reasons. One is, theyve continued to drive their expertise in software and secondly, i think, you know, theyre learning how to be a manufacturer if you recall, elon and tesla had a lot of problems since launching the model 3. And lets face it, manufacturing a vehicle where 4,000 parts come together, its hard. And theyve had two years to work on it their quality is still not where it is versus some of the established competition. But theyre learning so, at the same time, you know, theyve announced new products that are coming to the market. So, i would say theyre more formidable but listen, this is a longterm race so as some of the manufacturers like ford and vw bring some of their compelling electrified products to the marketplace, i think well have another conversation in two years time when we may have a different view yeah, that was the other big news on monday, mark, was fords partnership with mobileye on nextgen driving tech. I wonder how interesting you find that race, at least in these early days yeah, when you look at autonomy, i mean, lets face it, given covid, the manufacturers are really focusing. Theyre not backing off on evs, or electrified vehicles, and thats because theres a Business Model there, although at lower margins than their internal combustion engines, and the technology is ready. In the case of autonomy, whether its level four or level threeplus, the Business Model isnt there yet and the technology isnt there yet and when you look at somebody like ford partnering with intel and mobileye, its just telling you that theyre pooling resources as they go forward, both with suppliers, what they call tier one suppliers, and with other oems, because theyre not going to see a payoff on that investment and a dollar of profit of that for quite some time so, these kind of joint ventures, and also working together, youre going to see more and more in the industry, particularly around the new innovations around Autonomous Vehicles and other ones. Its going to be fun to watch tonight, as it always is, mark and we appreciate you helping us get ready for it well see you next time. You bet thanks, carl right now we are getting a market flash on first energy leslie picker has that leslie hey, jon. I want to draw your attention to shares of the ohio Utility Company firstenergy, now down about 25 , and that slide comes after yesterdays 17 drop the company said yesterday that it was subpoenaed in connection with an investigation into a bill passed in ohio last year. That bill helped bail out firstenergys former Nuclear Plants to the tune of 1 billion. Yesterday, u. S. Attorneys charged the ohio house speaker, larry householder, and four others, saying that they took 61 million worth of bribes connected to that bill firstenergy and its former subsidiary, now known as energy harbor, have not yet been charged and are referred to in Court Documents as company a. First energy said in a statement that it is reviewing the details of the investigation and intends to fully cooperate guys all right, leslie thanks. And coming up, apple partner jamf set to make its wall street debut this morning we will speak with the ceo right after the first trade. Stay wh itus investors, as always, should maintain a longterm approach and think about having the right balance in their portfolios. So, if they do have this overweight towards growth and underweight towards international, they should think about adding more International Investments and making sure that they have an equal balance between both value and growth investments. Thanks so much, steve smart speakermakersonos is on a tear, up more than 60 over the past week and notching a new 52week high today well keep an eye on shares of that stock. Meantime, pfizers chief Business Officer joins us xt ayitusne 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. [presenter] stand up if you are. audience applauding dramatic music i will tell you this. Southern New Hampshire university can change the whole trajectory of your life. Its been a busy week for vaccine data trialwise, but now were getting into the nitty gritty of actually ordering stuff once it gets approved. Meg tirrells back with an update on that hey, meg. Hey, carl this is moving at warp speed and of course, that is the name of the operation from the administration to ensure at least 300 million doses of vaccine be available toward the end of this year, early next year today striking a deal with pfizer and its german partner biontech to supply 100 million doses of their vaccine, should it have success in their trials and getting approval they will be paying 2 billion for the doses and this is a twodose vaccine, so enough for 50 million people. They could also acquire an additional 500 million doses, should all go well and they want to acquire more. Pfizer is due to start phase three trials for efficacy and broader safety of this by the end of this month, guys. So moving pretty quickly and they say if all goes well there, they should be in a position to apply for Regulatory Approval in october. So, we could be seeing the u. S. Government starting to purchase doses as soon as september, secretary azar said this morning. And meg, how does this particular announcement, the nearly 2 billion, fit into Everything Else that weve heard from this operation warp speed, in terms of the amount that the government is paying and just how it fits into the overall expectations for how this vaccine might roll out . Yeah, its a great question its both the largest dollar amount weve seen yet, 1. 95 billion, but its also a little bit different. Its the first direct purchasing agreement of a vaccine for actual doses after they come on the market and jon, im going to pause right there to bring in pfizers chief Business Officer, john young, who can tell us more about what this deal means john, thank you for being with us this morning. You know, i do want to ask about that supply. You know, pfizer has said it can manufacture globally 100 million doses of this by the end of this year with this 100 milliondose purchase order from the u. S. Government, does that mean the entire initial supply is coming to the United States o, meg. Thank you for the opportunity to join you and talk about this contract announcement this morning to supply up to 100 million doses of our vaccine candidate to the u. S were obviously very excited about that so you know, in terms of the answer to your question, we are obviously working extremely hard our Manufacturing Team are working very hard to scale up two parallel supply chains, a dedicated supply chain for the u. S. , based in our pfizer facility in st. Louis and andover, massachusetts, and kalamazoo, michigan. And then in parallel, along with our partners biontech, to scale up parallel eu supply chain. So, our anticipation, as weve said publicly, is that, you know, globally, we expect to be able to manufacture up to 100 million doses by the end of this year and up to 1. 3 billion doses by the end of 2021 so, were plainly in the process right now of making the necessary investments to scale up our supply chain, and were looking to accelerate at the manufacture and production of our vaccine as quickly as we possibly can in order to be able to supply what plainly is a position where demand will exceed supply. Absolutely. How will you make those decisions . I know youve also struck a deal to supply, i believe, 30 million doses in the uk. You know, if you get Regulatory Approval late fall, early winter, you know, the end of this year, how quickly will those 100 million be supplied in the United States . So, the contract, obviously, provides for those doses to be supplied to the u. S. Starting in quarter four this year, and obviously, subject to the successful completion of our phase three study. And i just wanted to underscore that were also seeing very encouraging preliminary data from our phase one study we need to confirm the safety and effectiveness of our vaccine and our large pivotal study. But in parallel with all of that, were really doing that work on our supply chain to try and make sure that we can bring those doses to the countries where we have agreements in place as quickly as we possibly can. So, really, the way you should look at this, meg, is you know, its 100 million doses globally by the end of 2020 and then, obviously, that production continuing to ramp up and scale up during 2021 and that phase three trial, you guys are saying youre planning to start in the u. S. By the end of this month. I mean, thats really within the next week or so, right do you have a trial start date you can give us . Well, our commitment remains to, we believe we still are on track to start that pivotal phase 2b3 study later this month. Obviously, were at the 22nd of july, so were coming towards the end of the month, and we will receive, actually, in the next few days, remaining data from our phase one study and i think as i said in my testimony to congress yesterday, we expect to be able to use that data to make a selection of a final vaccine candidate to take into that study and also a selection of the dose that appears to give us the optimal balance of safety and also effectiveness, and across all age ranges we will submit these data to the fda, and the fda have been really exceptional in terms of their collaboration. And by that, i mean realtime engagement with our data, reviewing our submissions, and so on and so forth so, as things stand, we still believe we have a lot of work to do were working literally 24 7 on this, but we believe we have a Critical Path to be able to initiate that phase three study by the end of this month. And pfizer is doing things a little bit differently from other companies in this space, you know you did not take barda funding for the development of this vaccine, and youre not participating in the government orchestration of the large clinical trials. So, are you going to be competing directly with Companies Like moderna, which is planning on starting on monday, to get access to people to test your vaccine on . No, we dont believe so i think, you know, plainly, the need is very significant and certainly, we believe that there are many sites around the u. S. That we, moderna, astrazeneca, other companies that are anticipating going into pivotal trials, well be engaging in. And we certainly dont believe that competition for sites or patients is going to be a great limiting step. Finally, i just want to ask you about the price that seems to be established for the vaccine, about 19. 95 per dose you need two doses for this vaccine. I talked with your ceo who told me pfizer is doing this, expecting to make a profit are you going to be making a profit here at this price . So, we have to be clear that having gone at risk with significant Capital Investments in our r d program and manufacturing scaleup, should our vaccine not succeed, the government does not underwrite the cost of that we decided to make that risk, and decided to do so solely for the purposes of moving as quickly as we possibly could into our phase three program we believe that was the right decision we believe this contract today for 100 million doses, and Contract Value of 1. 95 billion was laid out for the first 100 million doses, but weve also been clear d. I mentioned this yesterday that this an extraordinary time in our history. Our pricing will reflect that. We are also very clear that vaccines should be free to the public in other words, no copay or costs for somebody to receive a vaccine, because pricing shouldnt be something that gets in the way of access, and were very pleased that that was part of our announcement today. Okay john young, we pressure you being here with us this morning. Please keep us posted on your progress. Thank you, meg, we will do that julia, back over to you meg, thank you so much for bringing us that important interview. Meantime take a look of this stock just opening a moment ago. That ceo joins us on the other side of the break. Stay with us for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. A pretty remarkable gain here so far. Dean, congratulations. Welcome. Thank you. Thank you for having me. You upped the range from the original estimates, but even with todays gain, i wonder weve talked a lot about ipo pricing as the window has been open do you think you left some stuff on the table were excited about the day this is really about the long term for us. We want to be able to commit to our 40,000 customers well be here to innovate, and going public is part of that journey we are a company thats cashflow positive so therefore we are able to pay our bills with our own operations so were very pleased. Dean, its jon fortt. Good morning congratulations. Its interesting that you started months after apple opened up its first retail stores, which ended up wiping out a lot of independent, you know, thirdparty apple retailers, but you guys have grown. Apple for a while was trying to build an Enterprise Sales business out of its stores, which i imagine would have been a threat to you, but what happened to that first of all, we from a sales perspective, we sell our software, were not a reseller of apple hardware, on any channel that puts apple into the enter price, is a friend of ours we offer the Subscription Software services that allows user to connect to the enterprise, protect their apple. But i imagine they would have come for that next, is my point. Apple is maniacally focused on the experience individuals have they focus on the person we focus on the people everything that apple builds, we think about deploying it to hundreds of thousands of individuals. Congrats on the ipo give us a sense of how much your business has been impacted by covid and the stayathome work from home trend as you serve to say enterprise customers. Obviously internally we sent all of our own employees home. Because we are a serverless environment, a tech environment, we all carry excellent apple equipment. We could go home the last four months and not skip a beat were in the fortunate position to help a lot of organizations through this specifically weve been able to help enterprises send that you are workforce home, with request i want that weve been able to help schools send students home, where teachers still have control of that classroom virtually, as if the students were ten feet away as opposed to ten miles away weve been able to help hospitals connect caregivers to patient through technology while keeping the care provider safe dean, some of of us are old enough to remember when the word apple and enterprise didnt always match, except for maybe education. That seems to change back in the days of the ipad and bam more of an industrial tool what inning do you think apple thinking were in . Or maybe what inning do you think were in thats a great question im old enough to remember that one time in our history we used at home what we were issued at work today people want to use at work what he love at home thats the consumerization of technology its all about being as productive with your technology and having the same kind of experience at work that you enjoy in your personal life. I actually think, believe it or not, were still early on. I think were in the first half, at the very least of this game theres a lot of movement with apple moving into enterprise spa space. I think this workforce going home, now that they have a taste of it, some are rather liking it, and frankly i think that will playoff the consumerization forward faster finally you say that expanding your Global Presence is a high priority for you right now. In what way do you expect to do that, given the times that were in yeah, about 25 of our revenue has come from outside the u. S. Now, were growing even faster outside the u. S. Than inside because were able to provide all of our software, support and services in a repluto fashion, we have an excellent go to market channel in every geography around the world, very offici official efficient. Dean, as you know, viewer appetite for anything applerelated is endless we hope to continue to check on you in your public life. Congratulations once again. Absolutely. Thank you so much. Dean hager from jamf well watch that today along with several others, and well see what twitter says in the morning. For now, though, a lot of gains being driven by mcdonalds, believe it or not. Well see if chipotle matches that lets get to the judge thank you very much. This is the halftime report. Well debate all thats riding on the earnings reports today. Jim cramer is also here with us today. Lets go to the wall, check stocks as we turn our eyes to the reports after the bell we are green across the board