Fourday losing streak joe said it. Youve got nike being a big gainer there nike is responsible for about 100 points of the gains. S p futures up 13, nasdaq up 41. Nasdaq was the big gainer. Facebook up about 3 these are the ones that moved so quickly those are responsible for so much of the gains it looks like the 10year seems to be yielding right around drum roll please all right, im going to say 0. 66 becauses that where it has been all right. 0. 67 last night, the house passing a bill to fund the government into december and avoid government shut down clearing the house by an overwhelming majority now heads to the senate where it is expected to pass they want to get past the shut down to focus on passing more Coronavirus Relief that is a little less unclear about whether Something Like that will happen joe . We mentioned nike doing well. Premarket doing pretty well beating estimates of 47 cents. Online sales rose and the company gave guidance for 2021 expecting sales in high Single Digits to low Single Digits on the year jp Morgan Jamie Dimon and what he had to say about a tax on the wealthy. A well am tax is almost impossible to do im not against having higher tax on the wealthy i think they should do that on their income as opposed to calculating the wealth which could become complicated and regulatory and people find a million ways around it you can see more of his comments you could double screen. Have one screen going and watch jamie. Like you do with the phones i see it all the time. Dominos with maybe some merger and acquisition guy telling you something. I tell you what, the one thing that caught my attention, it is really too ar cane the kind of stuff that elon talks about in terms of materials and giga wats and how much things cost, well analyze it based on what it means for a 25,000 tesla or further range or cheaper batteries did you see the tesla plaid . It is expensive. Under two seconds. Yes do you really need that . I think id hurt myself and other people not doing that. Id wrap it around some poll or something think about that i dont know ive ever felt that type of movement this makes ludicrous look ludicrous. Right when you go on a long trip, you dont see a lot of model s out there on the interstate. You still dont. But 520 miles would 0 did it if you are going 800, you are going to have to stop and find a place. I just drove longer than that when i heard that, that is faster than gas poured cars, thats tough you are right it wouldnt be safe to do it in open spaces. I heard a story about a guy who got pulled over in canada going 100 miles an hour sleeping again, and tesla will tell you, you are not supposed to be using the auto drive feature that way. It is like give people stupid options. 060 in two seconds maximum speed 200 miles an hour and no sound it would be surreal. I was thinking if i could scrape together 135,000. And it is probably more than that and probably a waiting list for this it is tough to get a battery im hearing it, you are tempted. I was i like the body style but i like a little upgrade will it be the same body style every time you see one of those, youll point at it, i would think. Coming up. Well talk about tesla what weve learned about the companys plans for range, price, delivery time all the stuff weve been alluding to. Well get some info on that stock pulling down but remember what its done in the past six months. Well talk to rea ally bearish guy on tesla coming up next. Flexshares may look like other etfs. But inside. Theres advanced research, modeling and refinement. Constructing funds that dont simply follow an index. But explore new terrain. Helping you fill portfolio gaps. Connect to client goals. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. For a prospectus coi feel like wereormation. Forglet me check. Ing. Xfinity home gives you peace of mind from anywhere with professionally monitored Home Security built around you. No, i think were good. Good. So when youre away, you dont have to worry. The tent. We forgot. The tent. Except about that. Xfinity home. Simple. Easy. Awesome. Hey look, i found the tent get xfinity home with no Term Contract required. Click or call today. Welcome back tesla did not unveil a million mile battery but elon musk did say the company will manufacture its own tabless battery. More powerful and with 16 better range than the current battery. Here is musk last night. Eventually, every car company will have longrange electric cars not every company will be great at manufacturing tesla will be head and shoulders above everybody else that is our goal about three years from now, we are confident we can make a compelling 25,000 fully electric vehicle that is also autonomous joining us now, the 35,000 model 3 wasnt really that for very long. Do you think some of those promises can be achieved in the next three years or so a 25,000 car and he wants to sell 20 million doubling volkswagen versus selling 367,500 vehicles last year sounds great do you expect him to be able to achieve that there is no battery in battery day, you cant make that up in 2012, he had the first battery day. That allowed them to take 300 million from taxpayers in california that still has not happened. In 2016, they said theyd have a 600mile battery that never happened. Last year, they said theyd have a million robo taxis on the road and did a 1 million capital raise. That didnt happen you have to take what he says with a lot of salt, if you will. Have a lot of skepticism not only is he late, it never happened you have to consider that. Some things that happened have pushed that stock out forecasting a 30 to 40 growth for 2020 there is a lot that goes into profitability for tesla. That excited a lot of people and the stock has performed better than any other stock do you think there is a day of reckoning coming previously, they said there would be over 300,000 cars they cut their guidance. You saw nicola, right . They had a truck rolling down a hill that didnt have an engine. How is that different from tesla years ago that sold solar panels that didnt work on the house of housewives to sell shares of solar city people compare tez law to amazon it is not. Its more like aol or blackberry there is 46 new evs hitting the market next year, eight of which come from vw thats about 40 million evs they are planning to push out what musk did last night was push out the production of his batteries. The issue is, all the big boys, ford, gm, vw, they brought out battery power. You look at tesla r d, that has dropped. They are not even investing. You look at his missed promises. You have to be very skeptical. Next year, i think theyll go back to losses as that credit revenue falls. In terms of the fact for batteries, you dont believe what elon says hes going to be able to do in terms of what the battery will be capable off or the number theyll be able to buy from existing suppliers. It had been pushed out a little bit. You dont think those are realistic projections mr. Musk is making. You dont expect those to come true either. There is math you can do 65 gigawat hours on top of the cyber truck, and giga factory in texas and germany. They need to raise billions more and invest significantly in r d which they are not doing there is massive competition coming this reminds me of ford versus ferrari. Every automaker in the world is coming for teslas neck. 46 new evs are coming. The move in the stock in terms of raising capital, they are in a better position to do this given what the stock has done right you have to consider the growth. Vw sold 11 million cars. They have to show Significant Growth deliveries will be down. I think people will be far less willing to give tesla infinites amount of money. If i ask you about that tesla plaid and tell me thats not going to work, you pop my bubble all the way around gordon, you are suggesting next year for tesla that they are going to have supply problems thats the problem meaning there is so much demand and the problem is supply . No, no. I think the problem is demand and competition. Hold on hear me out for a second you said a moment ago. You said everybody else is sucking up the battery supply, they wont have enough batteries. Thats a supply problem, not a demand problem what i meant is they will not be able to expand their capacity you look at their q 2 shipments, they are not even selling out their capacity despite the selling out of multihundred thousand car facility. There is not enough demand for existing capacity. The issue is not supply. It is a demand problem and the competition next year is really going to hurt them the id 3 which Just Launched in norway, netherlands and spain has outsold the model 3 in the first month. Id 4 coming in the fourth quarter. Is there a stock price you say, all right, im out of here. Im going to cover Something Else if it doubles from here, are you going to stick with this scenario with the bearish stance i dont think it doubles from here i think q 3 will be the beginning of thedo down fall everybody focuses on the stock price. Well, if we are buying stocks youve got to look at the fundamentals if you are looking at the price, youll get stuck in Something Like nikola. Or tilray that goes from 200 to 5. Sun edison that goes from 30 to zero look at the fundamentals and thats what analysts do. Thats why we have you on this is a Company Valued for hyper growth on multiple revenue. You need to see tremendous growth to justify. Well see what happens in q 2. All right i can tell you time continues to move on. Well know in a year what is happening. It will go quickly thanks for having me on you are welcome when we come back. Billionaire watch robert frank has a report on a famed local trader now in selloff mode and update from the Trump Administration for the time line of the vaccine at 8 30 a. M. Eastern time looking at shares of kb home the companys ceo is forecasting higher pricing as Home Builders okntinue to ride current trends. Lo at the stock down 1. 5 . Well be right back. Limu emu doug you know limu, after all these years its the ones that got away that haunt me the most. [ squawks ] cause youre not like everybody else. Thats why Liberty Mutual customizes your car insurance, so you only pay for what you need. What . Oh, i said. Uh, this is my floor. Nooo only pay for what you need. Liberty. Liberty. Liberty. Liberty. To a world that must keep turning. The world cant stop, so neither can we. Because the things we make, help make the world go round. They make it cleaner, healthier, and more connected. Its what we build that keeps things moving forward. So with every turn, well keep building a world that works. The 1 pediatrician recommended brand, pampers, helps keep babys skin dry and healthy. So every touch is as comforting as the first. Pampers. The 1 pediatrician recommended brand. Welcome back to squawk box. Perelman is in selloff mode. A look at the dwindling fortune and whats going on behind the scenes robert good morning. His net worth has fallen from about 12 billion to 6 billion in three years now hes selling his Holding Company is selling many stakes in Portfolio Companies including am general his stake in scientific games. Flavors holding and retail me not. On the personal side, hes quiet quietly shopping around his private yet, personal yacht and parts of his personal Art Collection worth well over millions one item about to come up for sale for 18 million some sources say he has a large source of loans. Shares of revlon is his biggest holding. They have fallen over 70 . Just this year, the company has about 3 billion in debt perelman says this is not a sign of down falling but restructuring of debt. He said, i have been very public about my intention to reduce leverage, streamline operations, sell some assets an convert those to cash to seek asset opportunities. Hes suggesting hes raising cash in part to buy Something Else well see in coming months if he is in fact the buyer we all know him to be or whether this is some kind of debtdriven asset sale back to you. Robert, what are you hearing . Obviously i cant go a day or two without having some conversation with somebody that wants to mention ron perelman and ask why is he really selling . Is he going to use that money because he owes money to the banks and there for selling things like an airplane or a boat i agree andrew, i hear bankers speculate and talk all the time. He is such a source of fascination. Such a huge part of that whole eco system he is the ultimate financial street fighter hes so creative when it comes to capital and using debt. I have rarely seen a billionaire sell on the business side assets and the personal side so quickly without there beg some kind of debt pressure you see there are a lot of interlocking homes where they pledge against the debt and who knows how the art is leveraged and how that money is being used. A lot of speculation and we just dont know yet where the money is, who holds the debt and how serious it is. It is amazing we dont think it can happen to billionaires sometimes we see people that have, i dont know, actors or athletes or something. They make so much money. Then it is like, what do you mean you have 400 million in assets my question has to do with bill bouqet is he selling those . You can imagine those are havin a hard time. I get emails. Please take out. Bill has done a great job with the outdoor stuff they built an amazing setup there. I thinks that the least of his problems right now and he probably enjoys a meal there i dont think it is that bad. You never think somebody with 12 billion or 19 billion at the peak could be forced or driven to sell anything under pressure andrew wantsto know about that party every year. Is that off . Have you been to that . Do you want to disclose that or maybe not. I have not been to that party. In truth that was for the apollo they raised a lot of money over many, many years he stopped doing that party over a year ago some people, i hate to speculate were even signaling to issues then but i dont know trying to remember. Remember boon pickens ran through these issues when you have conviction in the places you are putting your money, you bet big on these and those problems can catch anybody. There is a certain real estate guy doing things with some guys in the 90s too dont have to mention any names. He went on to tv and moved on to politics after that. Your buddy trump had some liquidity problems early oh, i forgot. I was thinking my buddies and friends and i didnt you didnt think about him. There is a shock we digress anyway take it away when we come back on the other side of this break, well take a closer look at wall streets struggles in getting people back to work after the pandemic we have a new report a programming note, get ready for delivering alpha back for its 10th year with special guests including treasury secretary mnuchin and investors. Visit delivering alpha. Com for more we look at yesterdays s p 500 winners and losers as business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Good morning take a look at futures well show you what is going on. Nasdaq up about 15 points. Dow up and s p up about 10 points walmart planning to hire 20,000 seasonal employees to help pack and ship at the Fulfillment Center the first time they have planne for more Holiday Shopping online increasing from march alone. Amazon has made moves to indicate the prime day will take place october 13 and 14. An official announcement isnt expected until sunday. Cnbc reviewed a internal notice that said employees could not submit a vacation request october 13 and 14. Also indicating to brands to have input on time you got your spak rent ready for today . Any time. This big deal on the wholesale mortgage originator. You ready to go . We can talk about all of it im ready. Ready to go. You get calls about ron perleman and spaks you got time for anything else these are the fascinating conversations on my phone during the daytime. Is the stayathome stock play over . Well talk to one guest who says companies that benefitted earlier in the year still have more room to run and later, well talk to Glenn Hutchens and see if he wants to shut the entire country down again. You can watch us live any time on the app well be right back. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Welcome back wall street is beginning to return to, well, wall street it hasnt been simple and hasnt been easy. A new piece says it has seen fits of starts even as rates remain low in the city joining us now, the author behind the story, kate kelly it is good to see you this morning. Good to see you too, becky. I know overall in the city, youve been talking about a small number of people, Something Like 8 of the people who were there over the summer what are you seeing now . What are the big banks doing it breaks down to a couple of different camps. I think banks want to get people back goldman sach and others are bringing people back with this staggered one week on, one week off strategy their offices with social distancing wont allow more than that jp morgan was out thereasking mds to bring other compelling things in. Goldman has been more decentralized. They have said they want to be flexible and want to bring people in. Theyve said, you know, you are expected to be back starting october 5. Citi group, Morgan Stanley with more flexibility Deutsche Bank telling people they can stay home if they want to until 2021. On the hedge fund side, you are seeing people avoid the office entirely totally empty. People are barred from coming to the office in that hedge fund world, people are more seasoned. It is not as much the apprenticeship culture of a bank the idea that they need to be trained and mentored you tend to get a more experienced worker at a hedge fund and they are more affluent and they can afford to rep kate the work sta
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