Everywhere as more and more companies file for bankruptcy. A to analyst says a number of fla names could come out stronger. Later, what makes tiktok tick. An inside look that is dominatidominate ing social media as china is saying it would rather shut down the service in the u. S. Than succumb to a forced deal well tell you about that as power lunch starts right now thanks welcome to power lunch lets take a closer look at plarkts right now. You have industrials and materials leading the way higher in fact, materials is the only sector in the green this week. We havent talked a lot about that as a source of leadership tech that had been the leadership havent recovered from the steep sell off. The nasdaq still down about 11 from its record high its worst for a lot of the individual names docusign down from its 30 high. Tesla down 27 from its all time high apple is lower today apple is down about 20 from its high as well apple near a 3 decline. Tyler, back to you with can skinny stimulus plan, its off the table investors fears have started to seep into the market fewer than ten working day on capitol hill where lawmakers and white house officials are facing a september 30th deadline to fund the government. Im going to leave that one the fiscal year ends september 30th i dont want to get engaged. I dont want to negotiate publicly reporter playing coy there kudlow declined to say what executive actions the white house could take but a separate white house official tells me all of those discussions are in the brainstorming phase. Theres nothing close to the end of the pipeline just let. In the cost of Government Debt they saved about 53 billion in interest when talking about numbers this high, its really hard to fathom what that even looks like. An annual deficit of 3 trillion is anybody talking about a Government Shutdown . Reporter no. Both sides of the aisle, both of sides of pennsylvania avenue have all said they are intent on avoiding a Government Shutdown they know it would make Neither Party look good. They want to avoid that show down President Trump said yesterday hes not going to do anymore Government Shutdowns for now thanks very much. We appreciate it have a great weekend with the race for the house tightening and speeding up as well, with biden leading in the Major National polls and in many of the swing states, its getting closer no stimulus deal in sight. The uncertainty is starting to weigh on investors to make sense of the risks in washington and whose policies are better for the market, here to help us are ron and Libby Cantrell she is head of Public Policy at pemco. I want to go right to the heart of the question and thats the question of politics im going to set the skinny stimulus aside and well come back to that i want to know whether either of you think that if joe biden were elected president , it would be poison to the markets. Libby, you go first. Good afternoon. No pressure here thanks so much look, i think that every one was humbled in 2016 in terms of making definitive market predictions around president ial election outcomes. You remember the expectation was the market wouldnt do very well if President Trump were to be elected in november of 2016. Of course, the market has done very well during that time period, at least up until the start of the pandemic. I think this is Risky Business biden would be accompanied by a narrowly divided senate. The market would be inclined to sell off with the expectation of higher tax rate, probably more regulation you could see a lot more government spending. You could see more Infrastructure Spending and you could see a come prehence ifr testing and Contact Tracing program under a Biden Administration and in terms of distribution of a vaccine. In some ways there could be kind of positives here that the market may not kind of look through or initially but reflectively, probably on november 4th, we to do know the outcome of the election and its a biden accompanied with a Democratic Congress probably reflects a risk offset of it let me make sure i understand you correctly and ill get ron to respond i think i heard you say that if theres a democratic sweep of biden presidency, a narrow democraticmajority in the senate and the house that the market would be inclined to sell off a bit but not catastrophically so, right yeah. Thats a good way to summarize if you look at what the risks to market were under a democratic president and if we were talking about a Bernie Sanders presidency or Elizabeth Warren presidency, i think the sell off would have been much more dramatic because of joe biden, who he is, hes more center left, i think that the kind of the room in terms of Market Movement is going to be lesser than it would be under those alternative scenarios. Right ron, let me get you to react to what you heard and some people in politics say if joe biden is elected, your 401 k will go to zero yeah. Thats very likely to happen i think everybodys 401 k goes straight to zero and theres no hope to see gains in stock market again that type of hyperbole that people like to now out flies in the face of reality. Ro Ronald Reagan has a bull mark and a crash. Bill clinton had a bull market and a crash. Barack obama had a straight up market for the most part and donald trump has had a bull market and a crash trying to base this on the presidency is a fools errand. The composition of government has been proven to be most measurable when it comes to stock market returns a democrat president and Republican Congress provide about 10 annual rates of return and any other combination is typically have that. I think basing one stock market view on who the president is given the circumstances that we have today, i think it could go either way i do think that when you look at a biden presidency from a different per spspective with respect to how we deal with allies and trade, maybe a more constructive manner, it could be a net positive for the underlying economy which is disproportionately suffering through the pandemic i hasnt thought of it the way you thought of it. You are a market historian reagan had a bull market and crash. So did bush. So did clinton, so did trump when ever we look at those poll numbers showing biden up 51 to 42 or whatever it is, thats nationwide never, ever forget that what we have in this country is 50 separate state elections for president. Libby, what about the possibility of a so called skinny stimulus between now and election day. Six states are really important. Watching florida, President Trumps vix tri really will have to go through florida and vice versa for biden. In terms of this skinny stimulus, ive been saying for months now that its a question of when, not if but that when has been much more theyed than i want expecting i think going into the election for these members, both on the house side and vulnerable republicans in the Senate Without any additional stimulus, it just seems like so much Political Risk with that said, in negotiations are are at a stand still, the sides arent talking now i think it is, it doesnt necessarily look for optimistic. With that said, dont underestimate Political Risk as a motivating factofactor how much volatility are we likely to see between now and election day does it continue the way it has be been i would assume valuations you have 50 Million People in the United States wobordering on not being able to afford food and you have people on assistance the skinny bill did not have that much in there for people to bank on. You need a broader stimulus bill you also have fiscal year ending for cities and states. They will start Cutting Services and jobs possibly before the election because theres no money for them coming from the federal government at all. I think thats the biggest Political Risk as you can see another wave of layoffs and a dip in Consumer Spending before the election without any further help from the federal government thank you have great weekend kelly. Despite the volatility lately, retail traders are more engaged with the stock market than ever. Robinhood continues to lead the pack we have the latest numbers on how they are doing kate retail traders have been logging onto check their portfolios at record levels. J and p securities looked at web traffic. Web site visits continued to climb in recent months out pacing levels prior to the pandemic analysts indicate a bit more interest many their financial lives. Justice of the peace looked at mobile app down loads. That adviser tends to give bit e flavor the data doesnt include the past two weeks but based on this recent market action, analyst expects the online traffic to be even higher for september. Kelly, tyler, back do you. Theres so many questions about robinhoods path does it pursue an ipo . Tr theres a larger question about their Business Model if the sec cracks down or if other rivals are able to compete it away like schwab, for instance is robinhood going to have the rug pulled out from it i think the regulation question is huge they make the majority of their payment on options if that becomes an issue, you could see robinhood have to adjust and that really is the main way they are making money i think regulators are already paying attention you have consolidation in the industry yet robinhood has seen Massive Customer growth. Well see if that continues through the quarter. Coming up, china saying it would rather see bike dance shutter tiktoks u. S. Operation than sell. Well dig into that next while thousands of Small Businesses are suffering, some big names could actually stand to come out stronger from the p pandemic as shoppers move online lreal twel vehose names later after this quick break 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. A lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. And tailored recommendations. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. For one thousand dollas off your walkin bath plus a free kohler bidet seat with purchase. Welcome back reuters reporting that china could rather see tiktok close its operations than face a ban the deadline is fast approaching. President trump saying last night he wont extend it the head of instagram exprezzed concerns over a potential tiktok ban earlier today. Any short farm benefit would be in terms of stifling a competitor right now is greatly outweighed by the risks of a more fragmented internet we benefit from the ability to operate in countries all around the world. If we move to where countries start to silo within them and we cant operate in that way, i think that is much, much more proper problematic. Shares of microsoft, walmart and oracle are trading lower today after that reuters report. Sarah, its good to see you. Lets start with this reporting that china may close tiktok down do you think they would follow through on that threat yeah. I think they dont want to appear weak to washington, d. C if washington, d. C. Says the only way they can exist in the u. S. Is through a sale and china thinks that washington would have the upper hand in making that happen, they might follow through with that threat its 100 million u. S. Users for a big tech company, sure bite dance is not one of their Biggest Tech Companies i think china wants leverage over the d. C. Market above all else its interesting because tiktok does have a fair amount of political activity on it. This could play a role in the Upcoming Elections its ban would leave a void. Of course why does donald trump want to ban a app used by 100 approximate people used before the election the answer could be hes petty theres a coalition of users on tiktok that tried to game the tulsa, oklahoma rally he had a few months ago that angered him the trump add mgs seeing this as way to undermine china without impacting too many u. S. Jobs its not like at this point they employ hundreds of thousands of people in the u. S. They Just Launched reals which is their tiktok like thing. Its not americas fault the internet is fragmenting. If hes concerned about that, im not sure tiktok will be the reason we face a lot higher walls for the internet in the future than we face right now. No, but it represents this tension for u. S. And china that could impact further trade deals to expand partnerships online. Say there was another Chinese Company like ten cent that wants to buy a 10 stake in spotify or snap chat. I wonder how much of this comes down to the u. S. Versus china for control of the internet if its an open forum, one or the other will decide the rules and the alternative its not a chinese internet and one of rest of world, used in the u. S. Netflix ceo said theyre not in chi china. China said their business is globally regardless. Should we really believe that instagram wouldnt be able to. Just depends on the markets are for those products i think the concept of having two internets is very real one of those internets is censored the chinese internet doesnt have the same freedom as the western internet exactly final question, the deadline is looming. Its been eerily quiet on a deal front. It looked like it was sewed up a week ago to walmart, microsoft what are you thinking now as the deadline fast approaches the question is on bite dance. We know the walmart and the Microsoft Party are still very interested in this purchase. Expect tiktok to sue if theres no teal. Thats good for americans. I wouldnt think that the tiktok app is going to go away quite yet while the Legal Process bears it out interesting its going to court. Thank you very gratulating jp m ordering every one back to the Office Next Week thats not the message the bank delivered to its employees well clarify that one fedex up 150 from the march lows well tell you how the traders are betting ahead of that report when power lunch continues after this eritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. To deliver your packages. And the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. Every day, all across america, well keep delivering for you. Fedex out with earning after the bell on monday the shipping giant could see a wind fall as the pandemic continues to accelerate ecommerce sales it plans to hire 70,000 additional workers for the peak season fedex and u. P. S. Out performing the Broader Market this year fed ex up by more than 50 lets bring in Craig Johnson and steve. Home deliveries are up 25 compared to the same period a year ago i guess thats reflected in shares of fedex and u. P. S. Given the big gains not just over the year but the past three months i think the story, ironically much like it was 19 years ago at industry level is one of resiliency and adaptation. The economy has proved to be resilient. Were bouncing back. The recession is over. The recovery is taking hold. Were adapting i think that is both of those. The rise of ecommerce which we expect to continue and the fact the economy has exited recession and is in recovery will fw good for deliveries in general and will be specifically good for the business of both fedex and u. P. S. I think thats a trend that continues. I think the next question is can these companies Harness Technology in order the droive down costs. Which stock would you own here i think the reopening trade means that both of these could be winners if i got to pick one, im going to pick fedex. The reason being is when you look at chart, i may a ratio chart of fedex divided by u. P. S. , you can see that u. P. S. Has been lagging fedex and when i look at the chart of u. P. S. Its very extended a lot of the good news is priced in you dont have that with fedex looks like were setting ourselves up to retest the old highs. Playing that trend of the reopening trade specifically for the business of business for more trading nation, head to our website i like the fireplace. There you go. A little nautical theme on this friday have a great weekend. Thank you very much. Still ahead, the retail etf, the xrt is up more than 44 . Why lockdowns had been a good thing for some retailers and the names poised so climb even higher thats next. Subleasing space in california surging as some big tech firms keep employees working from home through the end of the year or in some cases, indefinitely. Well look at the impact auto sector getting hammered by pandemic. Moodys sees a steep long recovery the analyst joins us with the company best positioned the take advantage of that, coming up 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. A lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. Welcome boack. President trump announcing bay rain bahrain is normalizing ties with israel the white house saying the president helped seal that deal. France reporting another 9400 new covid19 infections today. Thats just short of yesterdays record intensive care units are filling up and some hospitals are reactivating their emergency measures from the height of the pandemic in britain, cases are also surging. Households in birmingham, residents there are being urged to stop socializing with people outside of their households. Movie fans will have to wait longer for wonder woman 1984. It was set today back to you in december of last year. Hopefully its worth the wait. Thats the news update this hour back to you. Thank you very much markets right now, lets take a look at where the dow, the s p and the nasdaq stand the dow eking out a small gain the s p about an equal Percentage Rate lower and the nasdaq composite is off about 1 retail bankruptcies are piling up with century 21 the latest of the group to file. Dozens more are in the process of liquidating one says theres a Silver Lining for more lets bring in senior retail analyst its good to have you. Its interesting to me youd feel this way because youre closer to these companies than anyone as a retail analyst youre seeing the pain firsthand. What gives you hope during this transition period in. Good to be here hope is the right word i think whether its personal, professional, corporate or not, i think what covid did for every one was bring us all to grinding halt i think that sometimes that can help every rhetoric, every piece of news we have been talking about for the last five years has been the death of retail. Thats the path we were going. The reality is that would because a lot of companies were focused on growing for growths sake and trying to adhere to quarterly expectations now that these company vs to pause and go to zero, they can look at what the right size is i think thats where we sit. You have companies that can look inward and refashion their businesses for the future. Lets talk about a a couple of examples like a gap or l brand of Victoria Secret beginning of covid, we upgraded Victoria Secret on the premise that this was a brand that despite being viewed as a broken brand by many is one of the largest brands in the history of time. They sell more goods than anyone else they dont make money on it. The reality is if youre rae ta youre are retailer and not making too much moneying youre giving away your product for free sell fewer jeans if youre under armor, sell fewer sweat pants but raise that price on that number and bring in more profits. Very hard to do normally when you start from zero and build up its lot easier. Its great point. How much upside do they have and a physical footprint should we expect them to have now raising prices 10 , depending on how many units drop could raise the profit for under armor and Victoria Secret by 100 . The reality is these number ks be big. The reason is because were starting from such a low base. I think they will benefit by elevating the brand in a way that wont benefit store closures most companies will see a stronger benefit every one should cut stores, its first and easiest and the most powerful. Generally speaking over history, we found most companies that cut stores shrink their businesses rather than shrinking to grow. Its the promotion and the brand elevation that makes it special. If im understanding you correctly, the idea here is to make more in part by selling less if youre going to do that, they are two ways you do it one is to raise prices which is what you seem to be suggesting here and the other is to cut costs. What makes you think that the consumer will go along with price hikes for what are largely commodity items by under armour. A tshirt is kind of a tshirt it depends what the brand or logo is on it. Lingerie is kind of lingerie that question is such an important question and another way of framing is why now. Youve come on this program so many times talk on the negative side for the same companies. Whats changed theres a level of consumers, some amount, if youre selling over 5 billion worth of product, theres some level that would pay more the natural and the hardest part of this pitch is to say what youre asking us to do is watch our revenues go from 5 billion to 3 billion that doesnt sound that fun. In normal environment i would agree. The silver leaning is the revenues have come down. As we start from zero and fully closed stores, how many consumers will be able, what will we have left. How many pieces of lingerie or sweat pants will sell if you charge 10 more. Thats what makes right now this hopefully flash in the pan where the companies can say im building up. Its the first time where these retailers get to decide how many stores to open, not home to close. Same ideas with these promotions fwl it its fascinating. If they can pull off this turn around, im sure the mall landlords would say we would welcome that i want to completely switch gears and ask you about peleton which is name youve been more cautious on. The shares cant hold their gains today but its been a monst monster. Why you expand on whiep you think the opportunities arent so bright as everybody seems to be making the case its nice of you to use the word cautious. I would say wrong. I think its a phenomenal company. I think its an amazing product that i use all the time. At the end of the day, i think it has to be worth something i think its important to conte contextualize. Its important for us to acknowledge this is an Amazing Company that generated less than 500,000 incremental users during covid. During a period with minimal competition and the most organic opportunity. Thats a gret number from what it came from if we think about the context of the market size that were trying to reach. If we think about netflix doing 25 million new members, you have to ask yourself how big is that opportunity. The end of the day, what is the market size to be the most optimal time period. Ultimately, i think its an Amazing Company. I think we think about it from a stock perspective, it feels like its stretched the member count number, the fact it was the smallest beat the company has reported against the expectation sincepublic, th important take im looking for the sign this Addressable Market will be pushed up. I expect well get that next week from the company. You have to ask yourself what causes that acceleration to become millions upon millions if it wasnt covid. Thats fascinating. Kind of helps explain the caution were seeing and the lower price moves they are making a pleasure thank you, sir see you guys. Ty. Really good conversation there. The bond market. How about we take a look at that with rick who is tracking the action hi, rick fwl theres a lot of strange geo curve trading going on all maturities are down for the week if you look at intraday of fives, you can see its well pe low where it closed. If you go to longest maturity, a different scenario if we continue to monitor wast going on if foreign exchange, the dollar index isnt having a bad month. You could see its firmed up for month of september its up on the day slightly. Up on the week the chart of the day, the euro versus the pound Boris Johnson didnt like the eu ultimat ultimatum. Kelly, back to you thank you. Still ahead, a storm of shorts hitting nikola responding to fraud claims another well known short seller is joining the fray. Big tech fleeing california. Why more companies are subleasing out their offices in the ldgoen state power lunch will be right back im hector. Im a delivery Operations Manager in san diego, california. We were one of the first stations to pilot a fleet of electric vehicles. Were striving to deliver a package with zero emissions into the air. I feel really proud of the impact that has on the environment. We have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future. Welcome back, everybody. Its time for todays power movers shares of crocs are soaring today after the Company Expected the Current Quarter to grow 10 from a year ago. Crocs is on pace for its best day since may. Next, its game over for david and busters. That stock tanking after the companys revenue fell below wall street expectations dave and busters didnt provide any guidance for the rest of 2020 tough road for that company. We end with one of biggest dog offense the day. That would be chewy. Investors were not bow wowed by the companys net sales per active customer. Kelly. I see that you came up with that yourself. I did next, more and more Tech Companies are subleasing off space in california as the work from home trend continues. Could this be the beginning of a tech techxodus. Were back in two. For skin that never holds you back dont settle for silver 1 for diabetic dry skin 1 for psoriasis symptom relief and 1 for eczema symptom relief gold bond champion your skin a lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. And tailored recommendations. When you see or hear of others confronted with hate, there are many positive actions you can take. Volunteer, call friends, or host a Community Meeting to denounce the hate and talk about the shared values you do have. In firms are subleasing out their office spaces. It could have an impact on californias market. Reporter just this week twitter announced its seeking to sublease more than 100,000 square feet of off space attached to its main headquarters in san francisco. Air bnb also subleasing office space in the city due to the companys employees working from home yelp and uber reportedly listed properties they have done so prior to the pandemic. Sublease activity can be an indicator of a softening the commercial Real Estate Market commercial Real Estate Firm new mark reporting thatcalifornia is seeing a 50 increase this year in the amount of available sublease space that outpaces the national uncrease u increase since the pandemic. Half of all of the commercial property vacancies are subleases, the highest proportion in the country. And commercial rents went down nearly 5 from q1 to q2 in san francisco. That is the highest quarterly decrease nationwide. Industry watchers say we may see more price declunz ovines over next year. Good point. I wonder if it there are any spots holding up relatively well interestingly enough, im told that buildings that have, you know, low rise, have a lot of Natural Light anticipate 5 0 access to outdoors and parking and private bathrooms, theyre Holding Value a bit better people are really staying away from the highrise buildings for obvious reasons. Yeah. Appreciate it. Ty kelly, thank you. Global car sales have been hit hard by the pandemic the one top firm says the auto markets recovery could take longer than any major down turn that has come before dont forget, of course, you can always watch or listen to us live on the go, on the app, cnbc app. First up is this exquisite bowl of french onion dip. Im going to start the bidding at 5. Thank you, sir. Looking for 6. 6 over there do i hear 7 . 7 in the front 7 going once. Going twice. Sold to the onion lover in the front row next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowedout loaf of sourdough bread. Dont get mad get e trade and get more than just trading investing. Banking. Guidance. An army family who is always at the ready. So when they got a little surprise. Two . They didnt panic. They got a bigger car for their soontobebigger family. After shopping around for insurance, they called usaa who helped find the right coverage for them and even some muchneeded savings. That was the easy part. Usaa insurance is made the way liz and mike need it easy. Welcome back shares of nikola motor plunging 15 after two short sellers have accused the electric vehicle maker of fraud and deceit. Dohm chu is here with their response to the allegations. Sfwh big soap opera. Nikola says the reported allegations of fraud are without merit and that they untend to seek Legal Recourse for a hit job for short sale profit driven by greed. Nikola founder made fraudulent statements about the technology and capabilities earlier today, Citron Research came out in support of hindenburg tweeting con congratulations for exposing fraud and covering half of the Legal Expense thats he could rack up in a battle with nikola. They say the securities and Exchange Commission should look into each other. They went there the spac earlier this summer. That subsequent 2 billion investment Trading Partnership for them for future electric Vehicle Production nikola retained a law firm to represent it and just in the last couple of moments here, Trevor Milton has taken to instagram to say that he is in fact about contacted the sec they didnt call him its a whole drama remundz me, elon musk likes twitter and Trevor Milton likes instagram. Do you think there is anything to the idea that he is trying to say, no, i reached out to the sec as opposed to theyre looking at us. This is all about optics. Who hung up first . This is going to be howit play out in the markets right now the only interesting part about the whole discussion is were talking about its not the exact same but it rhymes with what happened with tesla just a couple years back. Elon musk under allegations of investigation. Is this the same situation as tesla . No but two big personalities threatening each other, it could be a big soap opera. Thank you for the latest. Ty all right dohm, kelly, despite the negative head Monica Lewinsky surrounding nikola, global sales of electric vehicles held up well during the pandemic and moodys latest report points however to a slow recovery for the overall Auto Industry warning that auto shipments wont recover to prepandemic levels until the middle of the decade for more on the road to recovery, lets bring in bruce clark. Welcome. You just heard the story about nikola, what do you think about this soap opera that seems to be swirling around the company . And what do you think of the deal to sell part of itself to General Motors okay. First, we can comment on the controversy there. That is not really our wheel house. But in terms of the fundamentals of the transaction with gm, we think it makes sense they approached in a diligent manner so we think it makes sense. So it makes sense for gm . It also makes sense for nikola what will the proof point be i think its going to take some time. This evolution of the electric Vehicle Market is going to happen relatively long, relatively long time i think what well look for initially is the pace at which they can bring out this vehicle and the initial market acceptance but whether or not its going to be a hit or miss, its going to take time to tell. As we said, the transactions are very consistent with the transactions that gm played out. Consistent with the kind of diligent allocation they have and they dont have unlimited amount of capital. They have to spend it wisely all right lets broaden out and talk about the Auto Industry. Who do you think the oners and sinners will be over the necht few years. You point out that the decline in sales in 2020 was even steeper in percentage terms than during the 200809 and 10 financial crisis how long is it going to be before were back to those prepandemic sales levels or maybe even into the sales levels of a couple years ago which were in the upper teen millions domestically okay. If were talking about the United States, we think its going to take a decade a couple of important points, were not expecting the kind of Government Support that the industry had the previous down turn also, this down turn is not caused by weakness in the financial markets. Its the real economy. Were seeing many, many people being laid off we think ut can be a relatively protracted upturn. Nevertheless, we have to stabilize and the conditions with better than they were things are going to take a long time for the industry to come back at the same time, we still have negative outlooks on 19 of the 22 Car Companies so industry stabilized, youre seeing ford and gm report better than expected performance. Its going take a while. Which ones do you have positive outlooks on, bruce . I dont think we have any positive outlooks. We have a number of stable outlooks positives. Quite a few negative outlooks. All right swrechlt to lea we have to leave it there, bruce. Have a great weekend, sir. Bruce clark of moodys, we appreciate it. That said it all. We appreciate you as well and you, and you, and you we appreciate you all watching and you closing bell starts right now. You too as well welcome, everyone, to closing bell, inl sam sara eisen. Stocks are making a big swing lower. Trading in the red this afternoon after a big rally at the open look at what is driving the action one hour left of trade. Technology has reversed and is now leading the decluns ines byi