Else, stimulus optimism. Pelosi and mnuchin are set to speak again. Airline stocks are up. Plus the race for a cure and treatment for the coronavirus. Shares of regeneron and eli lilly are rallying, both asking the fda for emergency use approval for their antibody therapies. And speaking of surging, look at shares of ibm this morning, moving up on plans to spin off its it infrastructure unit Arvind Krishna and Ginni Rometty will both join us first to discuss this historic move for the company. Carl we are awash in headlines from the president after this 55minute interview. But buried in there are discussions about the progress of stimulus talks and emergency approval for the likes of lilly and regeneron. Look, i think that there is a narrative that were going to start hearing and it was the president s narrative, he voiced it, i know if youre george ancopolous, you dont want to hear it is a cure. You want to hear it is something that is part of a cocktail of things that you need to be done in order to get it so you can get out of the hospital. The reason you want to say it is a cure is because it may not be a cure for everybody, it happened to work very well for the president and he had lots of other he had great care, lots of other drugs, maybe some plpl steroid, but he creates a level of optimism, carl, and when you talk about the stimulus talks being back on and youre in the name calling, well, i mean, david, something could happen, just because there is a a moment of good feeling just a moment of good feeling because of the president s id say his health where are we on the stimulus talks . Carl, you referenced this very long interview i dont know if it ended yet, going on, on the fox bissonnette wo business network, i guess we have to say that what has he said about it, if anything there is a lot of other things including hes not going to debate, not going to participate in a virtual debate. I would love to get updated on that and, but, jim, as well, i dont know if you can believe or not believe. I think one thing we learned is that anytime we get close, the rug is pulled out. So people who are buying this market on the idea that there will be stimulus, i think you should get your hopes up maybe there will be something for the airlines when you see the president will be trumpeting how strong the economy is, but i think what is far more important is this notion that were in stage two now of covid which is stage one was throw everything at it, we dont know what works stage two is we actually know what works and we have something and lets see if they can make it fast enough and big enough. And that because it is a complex structure. Manufacturing that stuff is not easy not like manufacturing a pill. Right i think that there is a we cant be glib about this, david. This is not like we came out with a polio vaccine, tomorrow, everyone goes to a high school and we all eat a sugar cube and thats the end it is not like that. I feel the president created false expectation, it is pretty good you dont think so . No. Yeah. Right jim, to your point, hes i mean these are still treatments that you need to get in the hospital, he happened to have been flown there in a helicopter and got the best care in the world, and didnt have to pay for it because it was taxpayer funded so, i mean, the to equalize that with the experience that most americans hope to get is probably premature. Were testing them here at cnbc and george ancopolous, he said, if you test positive, then immediately you should be put on the regeneron regiment thats what should happen to you. Thats a Perfect World the president happens to live in a Perfect World. He does this is only available to a handful of people outside of the trials that are ongoing for that regeneron antibody cocktail. A handful. As we said many times hes probably one of the only people in the world, maybe the only one who is treated with all these Different Things for the virus which, by the way, new cases, yesterday, 52,635. Big jump. And work still living with and people are still dying with this virus, jim. Well, thats a those numbers arent good versus where we thought we were no they are not and i know the last night they were talking about the stadium full of people it is incredible that the nfl is frantically trying to get their players to test. Now they test them seven days a week why . Some were shocked at what happened with the tennessee titans, some to say, hey, guys, were going to catch it. Dont go playing around. Dont go fooling around. We open the stadium to 62,000 people who im sure are able to have some beer i dont know we got so many different standards of this country, it is crazy. Yeah. It is very true. And by the way, nfl network this morning, a few moments ago, said another titans player tested positive my question is why some of the biotech names are going higher when the president s made it pretty clear that at least this particular cocktail is going to be free. That is a great mystery to me these are major grants that bartia or warp speed gave to these countries. I said, please dont buy regeneron today. It is amazing company, but when you dont mackke a lot of moneyn a product you sell for free. This is something i learned in the restaurant business. Dont sell things for free because you dont make any money. And i think that, remember, they did get they did make money they got paid by the government. Thats not what this is not like theyre suddenly make iing rumia or keytruda for merck. You want to maybe think more about regeneron as good science, thats fine. But it is really dupixent, their drug for all different sorts of ailment that is more important to owning a stock. Thats why i asked george to come back on the show today. If only to talk about regeneron really has that makes money, not just this, so people dont just go buy it because something they saw the president say, i feel dynamite he had some regeneron. He did. Yeah, it is actually a company, right it is not like you take regeneron. Take two regenregenerons, call n the morning. Just to take a step back. They applied for this emergency use authorization for their antibody cocktails, which conceivably will be very effective and important. We have questions about manufacturing capacity, they still need to be infused to jims point. You get it, you got to find a place to go and get somebody to infuse it into you it has to be available meanwhile, were still waiting, pfizer, jim, maybe the first out of the gate in terms of the latest results from the trials in terms of vaccine. But, you know, were getting towards midoctober. We have been hoping that we would start to hear a lot of positive news at this point. Even six months ago we were talking about the possibility of the fall starting to see some of these things come to fruition and perhaps were getting there. But nobody is talking about this being able to stem the tide immediately. Remember, this is a really complex thing to test a vaccine. Carl what you got to do, you dont know which you have, you dont know if you have the placebo or the real deal we want you to go if you trial, lead your life normally, go out, go to bars, maybe go to a stadium, whatever. You dont know if youve got the placebo, which would mean youre putting something in jeopardy or the vaccine. So it is it is kind of a catch22 here is the vaccine, you dont know if you have the real vaccine, go forth and conquer but you could get sick it is not something as easily given and making people feel look i got a winner here the longer we have these people taking it, the better it is. Thats the opposite of what the president wants. Everybody wants a vaccine now. We want to test it, we want people to go out to hot spots. If i were in this test now, i would go find out the 62,000 people that will see the dolphins lose, and just give them out of their own out of regard for how bad the dolphins are, give them the vaccine, not the placebo. Right carl, happy to say, we got a lot of Business News to get to well start doing that not just ibm, we have this Morgan Stanley deal, and a lot of other things to go through. So thankfully another 50 minutes left in this hour to talk business youre right, david well get to Morgan Stanley, you got some stuff on that well watch a lot of banking news, the ibm news, costco, mcdonald, futures green. Back in a moment you can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Plans to spin off its infrastructure unit and focus on the fast growing cloud business. Joining us now, first on cnbc, ibm ceo Arvind Krishna and executive chair Ginni Rometty. Good to see both of you on squawk on the street. Thank you for coming on. A pleasure to be here, jim. Yes even, jim before we get started, safety first, we both had multiple tests to be sitting together all right you know when someone is in the control room set you next to each other, i said, do you have masks, im glad you brought that up thank you for doing that ginni, you come back for this one and it is very special i want to give you the floor you were with arvind, bought red hat to put this in motion, how do you feel about breaking up something that was yours into two companies . Oh, well, first off, i feel very good about today because what it really is is a book end to me of a multiyear journey we have been on together. As you know, we spent a number of years building the foundation for the hybrid cloud jim, you and david and others have been with me along this way. And then two years ago was red hat and the important notion is that what happened with red hat, we really got confidence because we saw great adoption and it accelerated. So ibm is the hybrid Cloud Company, the ai company, is really, really there and so with that confidence, that gives me this great really great confidence now. So it is fwhoitwo things it is the acceleration of red hat and acceptance of our Cloud Platform what has happened we have been watching carefully, we can see how some buying patterns are changing with our clients. So they buy application modernization, Digital Transformation on one side, and separately Infrastructure Services and if you think about it ibm is a Digital Transformation company, and you think about this, the new company, it will have a new name at a later date, is a 19 billion Great Company on infrastructure modernization. So i think this is a wonderful book end to this journey and it is a great beginning for the company to now become a growth company. Arvind, i know that you are the architect of the red hat deal i want to get a sense of the dividend i want a High Growth Company and i want a company that throws off cash you talk about the idea in the spin, the dividends could remain the name why shouldnt you put pure growth on the on the new company on the old company that is now the new company and put the manufactured infrastructure just give that all the dividend, give cash flow to the growth company, dividend to the slower company. Isnt that what we really want look, jim, the dividend has to be appropriate on the ebitda of the companies we have committed that both are going to have Investment GradeBalance Sheets and both are going to attract investors with an appropriate dividend policy as our cfo stated on the investor call, we are committed to have a combined dividend no less than the prespend dividend and at ibm we are committed to a sustainable and growing dividend policy over time, which has been consistent with our background your point of growth, if i could, we have looked at this and it is a trillion dollar total Addressable Market for ibm going forward. We are focused on hybrid cloud and ai we believe that we can deliver strong growth with the company, with the Financial Flexibility that we will create through this transaction, for the company to be able to grow. And thats what im committed to im committed to Sustainable Growth and accelerating growth over time, on those opportunities. If you see it on red hat over the past year and a half, we took them from low teens of growth to the high teens of growth we triple the Customer Base on the hybrid platform. From 800 to over 2400. We are doubling the number of large deals. So i feel pretty good about the base we have built, and then our ability to double down on investments, both organic and inorganic going forward. What is the path to sustainable midsingle digit Revenue Growth for remain coe. I dont know how you get there so, jim, i think youll agree that red hat is growing. If i look at the past year and a quarter, we have had them, we have been growing at close to 20 . So if you imagine a business of that size going 20 , that goes in contributes some couple percent to the overall growth of the company. Two, our software business, maybe go to increase both organic r d investment and acquisitions to contribute the next layer of growth three, we now use the word ecosystem. We are going to grow businesses that are going to be measured in the hundreds of millions, maybe the low billions, with a few big partners you heard us announce new partnerships with adobe, you heard us announce increased partnerships with salesforce including some of the other bit cloud players, et cetera as we extend those numbers and get others on to our Financial Services cloud et cetera, that ecosystem will grab a third layer of growth and, fourth, as our Global BusinessServices Team spends added money to grow the skills, as well as make acquisitions to get into these new areas and together with these other partnerships, that will add them to grow. So those are the four elements of growth that then contribute to the overall growth going forward. At the end of the year, going to be stepping down as executive chairman as well it has been a long road. I remember when you abandoned the road map many years ago that you inherited and the many different decisions you made along the way. Why should shareholders feel good about where you as you exit leave this company after all the changes that have been made during your tenure as ceo and now exec chair yeah, david, thank you. I remember, you came out here for that day, when we made that announcement and it was really the beginning of the time that we had to refocus the company on cloud and data and build an Enduring Technology platform for its future and thats what we did it was a long road, i have to agree with you, and we had, as you know, many divestitures alon the we to fuel it and many acquisitions, and organic investments and then, of course, a big one with red hat but what we have built now and there is data and proof, forester came out with another report this is by far the leading hybrid Cloud Platform out there, this company has what it deserves, a Technology Platform for its future. So i have great confidence both in the going forward, but i feel really good about the book end we did the really heavy lifting, tough work that had to be done, to put ibm in its rightful spot as we said, it is built to be a leader but i also feel really good about the new company. They are by far 2x the next person out there and they are going to be a very healthy company. We are leaving them with a very good Balance Sheet they have got a blue chip list of clients that are out there, both do Mission Critical work. So when i think about the end of my tenure, this is two great market leading companies, and the ibm company is the Digital Transformation partner, and the leading hybrid Cloud Company in the world. So i feel good about that, work, though, we know still to be done, so still more to happen, and, you know, we have got to do our work and prove it both to our shareholders here now. And arvind, that will be up to you to a certain extent i interviewed many ceos in your position where theyre making a significant decision to split a company and they talk about the focus that will result the streamlining that will result but sometimes there are things lost as well shared competency, the ability to have an understanding of things you may no longer fully understand are there any concerns on your part that by splitting this company in the way you are, that, you know, you are taking more risk in a sense for the businesses that will be inherited by both Shareholder Bases . So, david, i would tell you i do not have any concerns per se. However, having said there are no concerns, does that mean there isnt a huge amount of work to be done, a huge amount of execution, hundreds of work streams that we have to worry to mitigate all the things that you described . Thats absolutely true im less worried about the competencies that we might lose because there are a lot of shared competencies in any case and as we go through the next few months well make sure both sides get their appropriate share of these expertise, main frame skills, cloud skills, et cetera im not worried on that side of course, we have a lot of common as ginni described, all companies will be healthy, Old Companies will be on improved growth and that gives us the confidence that we dont create any friction on that side so as we go through this, yes, im not concerned, a and nd at same time im schizophrenic to make sure im paranoid about that to make sure my lack of concern remains true ginni, we have got to go and arvind we have to go, but i cannot i got to take advantage of the fact that youre here, ginni you impressed and told us very early on that there is great inequalities in this country and they had to be addressed and addressed now, not late, had to be addressed by companies, even if the companies have to spend a lot of time doing it do you think anyone is catching up to you after what happened with black lives matter, what happened with george floyd you were a pioneer, how do you feel about where we are . Well, look, i feel as you do that Economic Opportunity is the great equalizer for all of this. And so post george floyd, there are a number of us, ken frazier, myself, working on a coalition with other companies to hire a million black employees into the middle class into our companies. So the work, jim, that you and i talked about, and ptec with over 300 schools and 200,000 kids coming through this is now going to get extended and were going to really target at the black community, and my passion for this just grows because i really believe the private sector has the ability to create a movement and actually i think this could be the greatest mobilization of the private sector for benefit of society. So stay tuned, more to come. Im glad that, look, ill give you credit for it, youre too humble you led this movement, others are picking up for it now, you are way ahead of everyone else Ginni Rometty, chairman, chairman and Arvind Krishna, chief architect of the red hat deal thank you for coming on squawk on the street. Thank you our pleasure, jim. Carl, back to you all right, jim, great stuff well take a break here, futures are green. When we come back, well get to some of the calls of the morning including snowflake, draft kings, citi, roku and more dont go ay. Wa dow looks to get close to a onemonth high here, ahead of the open some gainers, ibm not surprising, having just talked to krishna and rometty and amex sales force, dow, boeing, well see what happens when the opening bell rings in three minutes. 30 seconds to the opening bell nyse, celebrating its ipo, live tv streaming platform fubo tv. Well talk to the ceo later this morning on squawk alley. At the nasdaq, Regenerative Medicine company aziyo biologics. They continue to look at a dynamic we mentioned yesterday with netflix and thats a rising installed base. That was an interesting piece. Think said re what they said, the peacock deal, thats the one that people were afraid if roku didnt sign peacock didnt sign with roku, roku, the erosion would begin. But it didnt happen theyre partners they are and i guess that platform is increasingly got some real power. You can take a look at that stock just been great performer, streaming, of course, is everything these days. Curious on that subject, what your thoughts were about this letter from dan lobes third point to the ceo of disney, basically saying we want you to capitalize on what they call a transformational opportunity to get bigger and stronger faster in direct to consumer by getting rid of your dividend and taking all the money and plowing it into investment, in content and the like to make your service even stronger. That being, of course, disney plus. I cant be twofaced. Thats what i was urging ibm to do dont give the dividend for one part of the company for the new company. But your point on ibm was you have a fast grower and slow grower to make the slow grower more attractive, perhaps, it is a different Shareholder Base that makes sense to me what theyre saying here is change your Shareholder Base as an existing company. One thing i love about disney, they have a fabulous cfo, and she raised money when you could raise money. And she handled every bit of the Balance Sheet perfectly. So if you have issues with disney, i think it would not be anything involving cash flow and distribution, i think they go one of the best companies on earth in terms of trying to figure out handle what money they have going in and going out. You have to be impressed with her too. I think it is a reach you have to say. S they thats a friendly letter hard to understand any scenario would they would take a proxy fight to make a point. They have an audience, get it out there. Yeah, carl yeah, yesterday gavin newsom in california said he was in no hurry to reopen disney land and disney parks does have a statement overnight, we absolutely reject the suggestion that reopening disney land is incompatible with a health first approach so as much tailwind as theyre getting in florida, as you memee earlier with the situation in orlando and miami, california is different. When i speak with the cfo, shes figured out all this stuff and how long they got plans for if there is nothing that opens next year. But, look, with all due respect to dan lobe, there are a lot of companies that like to pick on him and these guys have been hurt by covid. You know what they need . They need to take a regeneron. They need to take a couple of regenerons. They do get me some of that regeneron. Get some regeneron on the way in and there ill be on mrs. Toads wild right in a heart beat. That and some steroids and youre good to go. Got rid of that ride a long time ago i think sometimes these kids are marketing opportunities for the socalled activist in question talk about them, maybe thens their assets i think third point had their cio left, had trade, they had some things, i think the firm is up a bit this year again, i doubt this goes very far. But well see. And, listen, in the marketplace of ideas, always interesting to discuss ideas like this, that they do bring up in this letter that was sent again on october 7th and made public yesterday to mr. Chapek we havent gotten to Morgan Stanley meeting vance. Why did we decide it black list that . I dont know. Isnt it coming on later today . I guess he is, yeah were talking about james gorman that man is on a mission to reinvent the company and the etrade deal last week. Dont want to be citigroup. Opposite of Goldman SachsAsset Management and retail. Yeah. What do you think . I dont know. What do you think . You dont ask me what i think. Ill tell you about the deal. I think multiple should be higher i ask you what you think about the company. I think Morgan Stanley is worth 60 bucks they have great cash flow, great numbers and they get the same multiples as a company that looks like it will be slapped down by the fed at any minute. You can see it right there on your screen. That amounted to 56. 50 at the beginning of trading Morgan Stanley stock is, we just saw it, up, reacting a bit, actually, im not sure i have it open yet no, got it down. Lets call it a 56 deal but nice premium for eaton vance the potential consolidation in the Asset Management business is going to continue as they fight off theyre fighting theyre losing this war. Nelson peltz taking significant positions, trying to get them to get together jim, it does seem as though this is going to be a trend were going to be seeing, already in place, going to continue. When you do screens, a lot of people should understand there is constantly you do a screen every morning, what are the cheapest stocks, the cheapest stocks and eaton vance, the top ten stock for ages you think when is going to do something with eaton vance and invesco . And finally mr. Gorman realizes this thing is worth a lot within his company. I think that nelson, nelson is right to push these two invesco and janus to emerge. They have assets a lot of them are sticky assets. What about the bigger platforms . Even if youre phi deafidelity, private, enormous, active management a key part of their business. What do you do . Yeah. They do love being private. Theyre private people yes, they are very thoughtful, not seeking the limelight at all and maybe thats, you know, they just it is a family run business in the way there is a sea change going on in this business. Not as though this started today, this has been going on for years. You saw Lloyd Blankfein on this morning. I didnt listen am i allowed to say that i keep the sound off okay. Goes way back there is a fly in here. Got it. You got to cut me short there, lloyd is a big thinker the think that trapped goldman, i believe, and trapped gorman, they arent getting any credit for being transactional houses as opposed to house a huge number of bad loans or have problems carl, we have to be honest, citigroup has become a nightmare of regulation. Yes i was just i was just thinking, jim, about all the news were getting from banks, ahead of the earnings next week. Morgan stanley, jpmorgan spending 30 billion today over the next five years to address racial inequality, and then this 400 million fine at citi, jpmorgan to neutral, they say it will take time and money to fix problems and avoid becoming a wells fargo. I know. When mike corbett announces retirement, he said this, it was in the release, he said it will cost a lot of money. He didnt dodge it he made it very clear this is going to happen. Which made it so i wouldnt necessarily want the successor to have the new job. Citi is theyre in a fix. The regulatory issues, you have to throw a lot of money at them. Not like you need a better compliance hit now, wells, charlie sharp, there isnt charlie sharp laid off more people yesterday, david, you know that wells, the stock has stayed right here. Which is rather amazing. The headlines have not been that great. The news has not been particularly good. It has been able to maintain the 100 billion market value. But when i hear that, you think this was one this was for a while the Largest Market Cap Company bank bank. It lost the support of Warren Buffett. It did. Still owned some it is no longer the fairhaired bank no. No bank of america stock held up here. It has, yeah. But, yeah, mr. Buffett, hes kind of all in with another name starts with an a likes a good Balance Sheet. Enormous. Like dairy queen. 57 gain this year hasnt been bad for berkshire either. Maybe thats why hes in snowflake, another driven stock. Thats weird. Do you know, think about this, we always heard of Warren Buffett as the champion of value. Snowflake is double the price to sales of zoom which was upgraded again. Double we thought zoom was 60 times sales, we said thats ridiculous along comes snowflake and he buys more in the it is apparent they bought some more in the open market so you the second biggest shareholder. It it is interesting atlantic today does initiate snow under weight, valuation, discounting perfect execution, which is obviously the debate that happened ever since that thing went public. They say their market cap of 90 billion when you include Stock Options is above its aggressively defined total Addressable Market that was odd. Discounting perfect execution, the one thing you need to know about frank sluteman, he will deliver perfect execution or else thats the way he is if you read his notes, hes about keeping it all out, you can do what you want, youre done working, frank is a cot guy. You know a cot guy. Sleeps on a cot in the office. Thats my kind of guy he makes belichick look like a teddy bear. Really . Ill not kidding. Belichick say teddy bear, sweetie guy compared to sluteman. That scares me. Wouldnt want to work for him. Belichick would be scared of him. I can see him saying i want you in the suit here right now and belichick is showing up with something from mo ginsburg remember mo . I do. I do a lot of stores i think we all will remember. Mens wear house. No longer going to be on the streets. Remember brooks brothers. Neiman still open. But shadow of their former selves. Shadow is being kind. Tapestry. Where did you buy your jeans speaking of go ahead. Consumer names, jim, we have got and lot of comps over the last 18 hours, costco, 16. 7, amazing number dominos, 17. 5, although this is for the quarter. Although costs have been an issue there this morning if you look at the price action and mcdonalds, jim, q4 comps in the u. S. 4. 6 theyre thinking maybe double digits in september, it seems like every other headline in twitter involves this travis scott new menu. Oh, my. All these stocks are down now. I want people to step back for a second and say, oh, none of these should be bought actually all of them should be bought i have dominos on tonight, amazing quarter. The cost being higher. Thats someone trying to find out some nitpicking. The company is doing incredibly well spent a lot of money on contactless, easy. Mcdonalds, the new meals, i tried to get them to send us some this morning, ive been on the phone with mcdonalds, the new desserts are incredible. And costco, will you give me a break. That stock should be up ten. Up ten it is food, outdoor, it is amazing. David, it is amazing you dont know costco. It is called a big box yeah. Thats what i understand i have been in one, carl, with seneca when i visited. You probably dont have a cart. I dont i dont. It is unamerican, right, not to have a costco card yeah sorry. Carl guys, watching the markets here pretty steady, dow up 73. S p back to 3428 interesting in terms of levels to bob pisani. Bob . And one month high on the s p. And another decent start to the day. Not a huge pop up, but we had 71 advancing to declining stocks at the open thats what you want to see. Equal quiet, s p 500, outperforming. The big cap s p 500, the market cap s p 500, take a look at sectors. We continue to get this belief that there is going to be some kind of modest cyclical rally. This has been going on for a few days now materials, energy, banks, doing a little bit better. Tech holding up okay more defensive sectors utilities and consumer staples, generally have been lagging the markets here there is this sort of hope out there about some post election stimulus a lot of people think that it is a little bit illusory but theyre buying into the idea here there may not be a stimulus package that is going to happen, but the street believes something is going to happen with an a la carte item, airlines up another 2 or so, united and that whole crowd up there, nicely, and this is part of a mini rally going on in the airlines they believe some package will come in. If you look at the month to date numbers here, jetblue up 10 this month american, look at this, last few days here. Some belief that there is some kind of relief coming for the Airline Industry elsewhere, im excited about earnings season starting because the early signs are really good. Overnight, we had some preannouncements, mcdonalds preannounced, strong u. S. Comps, 4. 3 the street was in the low Single Digits up modestly, but, remember, mcdonalds is near historic high samsung earnings well above expectations, not a lot of details here apparently they benefitted from all the huawei problems out there. Ban on selling chips made to u. S. Technology to huawei kicked in last month. That benefits samsung, and apple delayed the iphone a little bit. That benefits samsung as well here they announced very good numbers overall. If you look at the numbers for the Third Quarter, on monday, they were 18 companies that are already part of the Third Quarter. They beat by huge numbers, the average beat was 27 of these 18 companies. I keep saying the average Company Beats about 3 , 4 , 5 , these are enormous theyre underestimating the numbers for the analysts here, and as a result, most of the companies have had their Fourth Quarter numbers raised not Third Quarter, Fourth Quarter numbers raised, if that tre trend continues, thats the most supportive thing you can find for the stock market now, seeing the earnings numbers come up the guys talking about Morgan Stanley buying eaton vance, this is interesting what is going on here you see the Financial ServicesCompanies Moving up, janus and invesco, nelson peltz, the whole complex is moving. And it is very simple. Two things going on here, driving the consolidation, every day we talk about fee wars, the etfs, cheaper alternatives, they have lower fees, thats cutting into the business overall. And there is an overall need for more assets under management when you have more fees, more company, more assets under management, more fees, those fees are reoccurring revenues, those recurring revenues command a higher multiple and thats the case i think with the ibm deal as well. Guys, back to you. All right, bob, thanks, see you in a little while. We have five fed speakers on the tape today lets get to Rick Santelli good morning, carl. Well, five fed speakers, but i would be willing to wager were not going to be five times smarter at the end of the day. Big story with the fed continues to be what guidance would be in the future i think to continue quantitative easing, 80 in treasurtreasuriesn mortgage security. They feel they have to start easing off a bit thats a big deal. Look at intraday of 10s. We really didnt do much on claims and as you look at twoday, most of those pops, all of the pops to the upside yield have been more focused on the president s comments regarding stimulus, skinny, fat, select, however it turns out and the market is optimistic as bob pointed out. Look at the hyg since march. You talk about shaking all the volatility out once the fed moved into that space, volatility moved out. Two weeks of the dollar index, were losing volatility in that currency trade as well and most of that loss of volatility emanates from the relationship with the euro both flattened out a bit here is one chart that hasnt flattened out, leadership or dynamic fiveyear note auction and japanese government bonds, the yen against the dollar now trading at a onemonth high. Carl, jim, david, back to you. Rick, see you a little bit later as well. Still to come, the push for that stand alone airline aid bill well talk with American Airlines ceo doug parker, exclusively, as shares of american just a few cents away this morning from a threeweek high sales are down from last quarter but we are hoping things will pick up by q3. Yeah. Uh. Boss doug . Sorry about that. Umm. What. Its. Um. Boss you alright . [sigh] [ding] never settle with power e trade. It has powerful, easytouse tools to help you find opportunities, 24 7 support when you need answers plus some of the lowest options and futures Contract Prices around. Dont get mad. Get e trade and start trading today. Dont get mad. And sweetie can coloryou just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Palantir went public not bad. Well above the Reference Price not clear if that meant much of anything at the delivering alpha Conference Software plays at the like of palantir here is what he has to say whether they beat direct listings this is the demand for more public, private and that trend and momentum will Carry Forward for quite some time. If you want the full interview, you can do so now put it all out there from flat stone, the head of the pif as well. So jim, i see you sitting there like a statue . How did i miss this agriculture al group what are you talking about . Deere, corteva. You know whys that up im working on it because jeff smith mentioned it at the conference hes going to be my guest in the next hour. Tell him i said hi. Corteva and semiconductor atuyt 18 bucks. Th g is money. Hes money we are back after this. This morning, again, largely green. Ibm at the top a lot of materials martin mur eta lily and others. Back in a minute lively hearing aids have been a game changer for me. The process with lively. Is insanely easy, you take a hearing test on your computer the doctor programs it, it shows up at your house a few days later. You can stream calls or music through it, its got multiple settings, audio adjustments, so you can raise and lower the levels. But its a fraction of the cost of the other devices. Its instilled some confidence i didnt have before. Try lively risk free for 100 days. Visit listenlively. Com lets get to the stock trading. Sometimes its a challenge to get the important slides thats what is happening today with the report on tesla saying a decade of hyper growth ahead upgrading to buy 578 price target new theory, 20 million cars. Thats what they are going to do some day a lot of cars. That would be thats a big number. Thats the excitement of tesla today. 48 hours since it has been in the news i think it goes higher i agree. All right yes. News street calling it a bit of a reinitiation. I said dominos is good. Ive been recommending since it was 10. And then marvel. Thank you. I had dinner with him. With his partner smart fellow feld. Yes it has over doubled. Over 18. What a show. I got to go have a couple of regenerons you got a couple. I made a dark and stormy with regeneron. Not bad. Well see you tonight mad money at 6 00 p. M. Eastern time welcome to squawk on the street. Sara joins us for this hour as well inching up closer to some onemonth highs. Another broad rally stimulus and stocks. Dow on pace for the best week in two months thanks to renewed optimism over a deal and jeff smith, live from this years active passive conference and moving to stocks this morning later, another 5acquisition for Morgan Stanley well begin with the latest on those stimulus talks with pelosi and mnuchin to speak again today. Ylan, what do we know . President trump said he shut down discussions because he didnt want to play games. Talks are still going on for the rescue for airlines and 1,200 stimulus checks. They are supposed to get back on the phone today. They talked twice yesterday though her office said the conversation was about a stand alone bill to help airlines. The proposal to give 25 billion in aid for the industry and extend the payroll support through march. The house bill was quickly blocked by republicans over procedure issues in the senate, a bipartisan bill to provide that same relief. Im told after the president tweeted, congress started polling colleagues to see if there was any hope of moving that forward whether democrats can agree on anything beyond the airlines remains to be seen clearly, a lot of animosity. Trump saying pelosi impeached had him no reason and pelosi set he was harming americas children there was supposed to be money for the schools in this deal and walking away is an act of cruelty. Well keep you posted on what she says back to you. More immediately, joining us, specials abt to the president. Joe, welcome back. Always good to see you thank you, carl happy to be with you i know it is always hard to wait until the political calculus when we are trying to talk about the activist. Right now, the president has mentioned airlines, ppp and direct checks. How much of that should directors be thinking about . Those are the key areas airlines, Small Business assistance and direct checks and schools. 105 billion the president and director have mentioned. Thats 5 billion more than what they had put forward the Congress Bill if we get it,i hope we do really think of it as an insurance policy would be great but the economy is entering into a boom and growth luke great the numbers last week, i know there was some talk. Softer than expected when you look at the revisions. Things are good. Even though weve got some on the street and you know where we are going through. Youve been there yourself bringing down the numbers for not just gdp but consumption i wonder that you still believe the bill would be more of a nice to have than necessity i dont understand why the street is lowering the forecast so much. You look at the atlanta fed, which are good they started the Third Quarter at 12 the street has filed a similar profile. You look at where people were a few months ago, growth is significantly better i dont understand why they havent built in what looks like a massive rebuilding cycle which is more jobs and income and really high paying jobs. We look at all the various regional fed surveys and future production plans, the highest readings in two years, i dont understand why the street is so pessimistic. Maybe because the fed chair says it would be tragic if stimulus didnt plow ahead the fed has done an excellent job they are not going to get in the way of the selffeeding Business Cycle just because the fed doesnt have that, i disagree with that. You look at most of the major indicators, they are back above previous coronavirus readings. Home sales, auto sales, various isns theyve massively recovered. We would like more stimulus, it would be tragic for the people who need money, in terms of the broader economic trends, we are doing extraordinarily well and way a bove schedule. If you look ahead of june and we are about a year ahead of schedule joe, it is sara, have you not seen the jobless claim numbers another 140,000 filed for unemployments. Weve seen 29 weeks, which is above the financial recession at 690,000 claims how is that a v . With the facts under the previous administration. It took over two years of course ive seen the claim numbers. Larry kudlow said many times, there is a lot of hardship the president through his creativity and leadership did a federal plus up on unemployment insurance, payroll tax defer hes done everything he can. They went up to 1. 6. Weve agreed on airlines, schools and ppp. We are negotiating good faith. If democrats dont meet us, i cant help you on. That the economy is a lot better than people thought even on friday, the street was at 8. 2 and now 7. 3 we know claims are high. They are coming down there is more work that needs to be done. The fact is that the economy, if you look where we are and the official forecast were as recent as a few months ago, it was reported and not too bad because we are making strides. The concern is that a lot has to do with the fact that there were trillions in stimulus to the credit that came help bridge us through this pandemic that is wearing off. There is a fiscal cliff coming with incomes and spending. It is taking a while it is not being reported. You look at the headlines, it is payrolls 145,000 in revisions private payrolls are better than expected with 40,000 upward revisions. Instead, they are talking about the headlines being softer we need to do more the president has taken initiatives. We need the other side to meet us half way. If they dont, we are not going to get that insurance policy having said that, the economy is out of expectations. I cant tell you why the street is as pessimistic as it is it has been completely wrong on the vshaped recovery to this point. We are ahead of schedule more work needs to be done no question about that the we can yitly market seem to be of this view things are getting much better. You look at the earnings estimates, they basicy mimic the profile of gdp you said it is more than just is the economies out stripping expectations you said the economy was entering into a boom did you miss speak do you really think and what does that even mean . Ill give you an exam bell. Look at the composite ism on the services side, it is the highest in two years total home sales highest since december of 06 auto production, vehicle sales, retail sales all of those metrics are show either v, super v, i shaped. They are all booming coming back to sara about what is not reported. 2019, the Census Bureau had a detailed report on Living Standards that showed Income Growth 4,400 increase. Absolute and relative terms. Critics in terms of the financial press. So that was 2019. We are now in 2020 a whole different situation. My question has to do with the other parts of the economy it is not a different situation. In february, it was low across the board for every racial and ethnic group the reason we are coming out of this much faster is the president set up progrowth and proconsumer policies joe that wasnt the case before the foundation was good but talk to anyone in the restaurant industry, joe, they will tell you hold on there is no vshaped recovery. Restaurants are going out of business we are entering into the winter season they are facing capacity krants. 15. 6 Million People employed in the restaurant industry. Airlines need help a lot of other areas need help how about state and local government you are talking a narrow specific market, new york city i dont want to get into the policies of new york city. Let me say this, if you look at the industries that recovered the most about two 24irds of the job recovery lower end that has come back the economy was healthy. I cant speak to new york city from a macro perspective getting downtown in a lot of the downtown areas that are Business Districts that is not true. Look at the data in those states that have reopened you have seen rates significantly lower than the blue states. The fact that some states have not reopened or set high standards that would not allow them to reopen is hurting businesses nothing to do with the federal policies new york is open and encouraging people to come back to 50 in the Office Buildings it is a functional behavior and Business People not getting on planes and tourists not showing up thats not really true whats not true that new york is preventing people from coming to work i dont think thats the case they are showing up at 10 to 15 and allowed to be at 50 at least. I cannot speak to new york specifically i dont know what they are saying policy wise there have been a lot of policies that have not been progrowth. New york is sort of the blueprint for everybody else is ridiculous what we are seeing is Significant Growth and job data. As i said earlier, the president are not really reporting that. Some are many arent. A lot of us, joe are trying to process the data. The one that stood out this week is the Census Bureau those who see eviction or foreclosure are likely 32 not enough to eat in the previous seven days, 10. 1 what kind of economy does that reflect . If you look at the census data, people behind rent or cant pay rent, those have been improving. The president had put forward the executive order. Well aware and we are doing everything legally and legislatively. Not an easy job, joe. Everybody realizes that. We appreciate you coming on to talk repeatedly. Good to see you. Thank you this is the work we are doing the best we can and working hard thats the key point we are working and thats what matters. Joe, thanks all the best. Thank you. Starboard value jeff smith talking about two names this rng. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. The annual active, passive summit is under way. Jeff, usually we are together during this annual event nice to have you regardless. Lets start there. One was corteva. One time part of dow seeds and crop production. What is it about this company that has you interested and investing. Weve been following corteva during the spin. Youve put out the report and the ag science business where theyve combined the former companies to create one of the three large players in both seed and crop we actually think it is wind at the back we feel good about that. A reminder that we look for really great businesses that can perform or operate better is we look to vesting. Both of these exhibit those features in particular, again, really Good Business. Stable revenue customers are extremely loyal because they have one planting and harvest season if your seeds work, Pioneer Seeds are the brand. Let me ask it let me ask a question you are gg where i was. Adjusted since the merger of dow clearly, you think thats an opportunity. At the time was almost 2 billion which is almost the entire amount ee badda which could have almost doubled. There is an opportunity. Nobody had said and this is what you are referring to we dont see it coming through in their margins still about the same where we were at the time of the spin, which means. Since having had them drop to the bottom line. Adding money here and there. Focusing on actual Dollar Savings the opportunity to do that as we go through the analysis and whether that 2 billion makes sense and we think it does no matter how you slice it in this operating space about 14 . We should be able to get to at least 23 in terms of operating margin as you know, if we can drop more profits to the bottom line, we can create more value for the Share Holders. No doubt. That seems to be similar on semiconductor. Up 10 , by the way, jeff largely on the result of your discussing it this morning back to margins. Their operating margins are closer to 9 or 10 . You like semiconductors. Why do you think they can make that move up ahead of the Profit Margins . Weve been really good with semis. Weve made a lot of improvement there. Weve been following on for a while. There is a very large opportunity you reference. The end markets, the stability of the business is a terrific business focusing on the Good Business of the markets. We really like the stability of growth in the revenue. The reason they are the lowest is theyve been spending the last how many years doing acquisitions in the market, which they like. They are turning and they have too much capacity. We go into this in detail in our presentation if they rationalize that this isnt something we are making up we believe we can achieve the plan and beyond. It takes discipline and execution in order to get there. They are starting to do that they are closing rauochester and certain things. The company sees these opportunities as well and know they need to return their margins. There is an opportunity to return their margins and improve the multiple that creates a lot of value if you can get the margins and multiple to improve with greater credibility and potentially. They can also analyze becoming a fab light. Even creating more opportunity for expansion and flexibility and down side in case there is down side. Production is out of your control. Maybe worried about external property being used the way you dont want it to be. There is but many have been able to make these analyzing the opportunity. An interesting thing going on right now as we think he did a terrific job but it does create an opportunity when there is a ceo transition finally, jeff, we know you as an activist. Talking about both of these, doesnt necessarily mean you are going to do anything as in challenge them in some way are these going to be seen as friendly investments, so to speak . We dont really care if it is done with management making the changes as is or if we come in and help we are prepared to do all of those things. We are prepared to do what is necessary in order to drive the Performance Company and Share Holders deserve. Weve seen great opportunities we are willing to help but we need to make sure the execution happens and theyll be one of the largest. You havent actually told us the size of these but we can assume you are among the larger investors. We are among the larger investors in each of the companies. Jeff, good conversation glad we had you today. Starting off well for those investors in your fund given investments are both up. Thank you. Thank you jeff smith from starboard now lets hit our etf spotlight. We have to take a look at the Airline Sector jets, now up 5 . Overall down 40 for the year. All Major Airlines are in the greens on hopes of even a skinny deal that would benefit just the airlines you can see 2 , 3 gains for some of the big carriers coming up dont miss an interview with American Airlines cedoo ug parker. S p up almost half a percent we did it c crowd cheering [narrator] wherever you start, snhu is where you can finish. crowd clapping crowd cheering here we go. [narrator] and its it. [group] yay [narrator] you did it, high five Southern New Hampshire university. [man] that gets a hug. laughing look at that masters degree, i did it i did this for my children. I am very proud of myself. [narrator] finish your degree at snhu. Edu. Welcome back here is your cnbc update an american poet has won the nobel prize for literature louis gluck with her work focused on family and childhood life Prince William announcing a new environmental award. Aims to drive operations that help to repair our planet with prizes of 1. 3 million each for the next 10 years. Brazil to confirm more than 5 million coronavirus cases. Death toll approaching 150,000 second only to the United States a british study found 86 of people with covid19 showed no major symptoms on the day they tested positive. Research shows the importance of widespread testing. You are up to date thats the news update see you in an hour back to you. Biggest gainer is ibm. Announcing it is spinning off infrastructure unit. Onhe t fourmonth high back in a moment wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. State of the Art Technology makes it brilliant. The visionary lexus nx. Lease the 2021 nx 300 for 359 a month for 36 months. Experience amazing. At your lexus dealer. What a week of news it has been for regeneron now requesting approval for emergency use of antibiotic cob conta cocktail these speeds are things we have not seen before look at the month regeneron and eely lily have had only a few weeks ago we got the first data from any of these that was lily back on the 16th regeneron sharing results just last week. We learned President Trump was treated with President Trumps cob contain. Both of those companies have filed for emergency use authorization of these antibody drugs. The next major question is the supply of these if they are made available. Regeneron says if it gets eua now, it has 50,000 doses available. Aiming to get that up to 300,000 doses in a few months. It has a 450 Million Contract from the u. S. Government that would provide those initial doses at no cost to americans. The u. S. Government would be responsible for their distribution similar situation to what we saw with remdesivir in the spring. Lily has applied for single antibody and should have 100,000 doses available in september a combination therapy, it expects 50,000 doses for the entire Fourth Quarter. The doses are one dose per person thats how many people they can treat. Certainly not to cover everythieverybod who gets diagnosed theyll have to make the decision the other question as to how it relates to supply is how long they last. I get it is a bridge to vaccine. They are short lasting what does that tell us about how much extra doses theyll need for this thing to be mass produced in terms of treatment, im not sure how long they last. Right now, to try to help them fight off the virus theyve already had. The long lasting question will be interesting when it comes to prevention trials. Those are ongoing to prevent the disease because of high risk in exposure we dont know how long theyll last theyve said perhaps a month, maybe longer we dont know yet. Well have the see the results of the trials. Moving on to the vaccine there seems to be, ive picked this up from a number of investors. We may get some news by the end of the month and perhaps to others, what can you tell us thats the time line, weve been getting consistently from the time line. They could have data by the end of october it all depends on how many infections they see in their trial. They have to get to a certain number to tell whether the vaccine is protective. If they are seeing a fast rate of infection, we could see that in october if it is slower, it will be November Moderna has said base case is november could be sooner or later depends on what happens in the trials we await that meg, thank you as we head to break, lets check on the cruise stocks under pressure is carnival Royal Caribbean and norwegian higher later today, an interview at 4 00 p. M. With carnival ceo on news hes sharing with investors when theexcty pe realistically to start sailing again woo el be right back [narrator] at Southern New Hampshire university, were committed to making college more accessible by making it more affordable, thats why were keeping our tuition the same through the year 2021. I knew snhu was the place for me when i saw how affordable it was. I ran to my husband with my computer and i said, look, we can do this. [narrator] take advantage of some of the lowest online tuition rates in the nation. Find your degree at snhu. Edu. The back and forth over relief may be a bigger threat than the president ial election according to a Portfolio Manager we skepo to. More squaucwk on the street comn up before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Are seeing a rally dow is up 130 points s p is up. Energy is leading. Lets talk to bob brown about it and what to do next. Northern trust chief Investment Officer joins us next. I know you put out a fiveyear plan what do you expect have expectations around stimulus how much, when and if well get it well be expecting stimulus but it may not happen until january after the inauguration assuming the polls are correct that Vice President biden gets elected. Well see if we get a shortterm deal i think the markets looking beyond that in the nearterm deal one stimulus one way or another. They are correct to have that focus over the next month or two, i dont think it is that important. Over the next year, it will be very important its important since stimulus is coming one way or another. How do you position if that is the expectation and that is appropriate to assume. Do you want to be in value cyclical stocks. Started to work after lagging for a while. We think value is chief. We would have said that a year ago or two years ago you have to be a little humble about forecasting this great rebound in value we think they add value at the time. We are a bit cautious here it makes sense to be under vested we are under weight and overweight high yield. Still pretty modest return we think high yield is up about 5 left in it. Probably range bound maybe generate two and a half or so. A lot of the good returns have been realized this year in 2020. High yield is interesting it hasnt gotten enough attention coming out of the month of september first down month since march people want to build it up to be a bit of a canary again forward looking. Do you thinks that fair . As an old bond investor, i believe the highyield markets are the canary in the coal mine. We look for any sign of stress the reality is the very accommodative policy for the fed. Prospects for stimulus and support. The fact that we are now forecasting a recession. We are not expecting a double dip. We are expecting modest but positive growth. Hard to be negative on high yield. Will default rates go up absolutely for the most part, the starting yield will be earned youll see that chipped away for some time. That 5 to 5. 5 we are forecasting. Weve always liked high yields we still like it we think it will be pretty decent risk of returns. Unless you are forecasting recession, it is hard to be more negative on high yield you just put out a big report for the fiveyear outlook. How do you make a fiveyear outlook at this stage of where we are in the crisis with unknowns about things like vaccines and second waves and permanent scarring that will happen as a result of the impact of this crisis youve really make a bet on the situation as it relates to covid19 our fiveyear assumptions were transparent about it based on the very important assumption that between now and the second half of next year so by the end of 2021, there will be an effective treatment and core vaccine in place widely distributed throughout much of the world. If thats not true, well have to resist some sp of these assumptions of continued positive growth. The news this past week for regeneron and eli lily is promising. We are in early days of betting on the process of science. In terms of the treatment and hopefully a vaccine. As an investor, you have to make that bet one way or another. Otherwise, youll be hiding out and too late, it will be seen. Markets are responding well to the prospect that Health Issues related to covid19 will be adequately resolved. The skacarring that comes to it will be winners and losers well be dealing with the consequences for the generation. We dont think a risk of massive shut down across the world that death rates will get much worse than weve already seen. That the markets and the economy are successfully adapting. Thats the suchlgs we have built into our fiveyear view. That will continue and allow growth to be positive. Bob brown, thank you for joining us appreciate the insight from Northern Trust thank you a big deal we have yet to get to this morning is Morgan Stanley acquiring eaton vance. 7 billion in cash you can see them moving up a bit. Morgan stanley has been on this transformation over really the last 8 to 10 years at this point. In 2010 derived only roughly 26 of its revenues or pretax profit from wealth and Investment Management. Last year 58 and now with the likes of e trade and eaton vance being added, it is going to be more than that that is something the ceo is focused on a Balance Sheet light so to speak and lower risk that does come from wealth and Investment Management theyll have 1. 2 trillion in assets under management once they complete this transaction they had about 400 billion in assets back in 2014 just to give you a sense as to how theyve grown since then just wondering how it fits in with the consolidation weve seen in the banks and more he have specifically with the Asset Management you point out, they took the positions in both. Weve seen it. You know, the competition out there diminishing level of fees available to these particularly Asset Managers fightliing off es and really dominating Asset Management these days. Morgan stanley up weve got an exclusive with james gorman to talk about this change and what else hes seeing out there and in the markets, of course ekt up more than 5 in the pas we watch that well take a quick break can go its time you make the rules. So join the two Million People whove switched to Xfinity Mobile. You can choose from the latest phones or bring your own devic, and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost all on the most reliable network. So choose a data option thats right for you. Get 5g included. And save up to 400 yr on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with Xfinity Mobile. As we continue to monitor the stimulus talks, a new cnbc analysis is taking a look at whether the heroes sa h. E. R. O. Sa handout. Our Analysis Finds that the 417 billion in state and local funds thats inside the houses 2. 2 trillion h. E. R. O. S. Sakt n act is not a bailout but it is better by democratic governors an estimated 206 billion would go to states that voted for donald trump and 208 billion to states that voted for hillary clinton. So just about even but states with democratic governors would get an estimated 89 billion more that works out to more than 300 per person a Trump Administration official i spoke with who asked not to be named offered these objections to the state aid first of all, red states shouldnt bail out poorly won blue states. Blue states engaged in unnecessarily long and severe lockdowns that hurt growth and states still have money leftover from the original c. A. R. E. S. Act nancy pelosi said democrats and republicans across the country are calling out for them to do the state and local. Republican mayors and county executives, governors, they need that money they have outlays for coronavirus and they have revenue loss because of coronavirus. The cnbc analysis found the allocation closely tracks unemployment every one of the top ten states is in the top ten in how this he would receive of the state and local funding. California, it gets the largest chunk of the state funds at 14 . But it is also the most popular state and has the most unemployed new york is fourth in population it has the second most unemployed red state texas is third in both grants and the unemployed. Now most wall street economists see state spending dragging on overall Growth Without federal aid. There appears to be an economic need but no formula yet to overcome the politics of the red stateblue state divide. Carl thats definitely where we are, steve thats a fascinating look at state and local which, of course, the debate about multipliers is very confounding there as well. Steve liesman. In the next hour, dont miss an exclusive with the ceo of American Airlines doug parker as we wait for headlines from pelosi on airline aid. Aal is up about 20 from the train day l intraday low just two weeks ago. Incomparable design makes it beautiful. State of the Art Technology makes it brilliant. The visionary lexus nx. Lease the 2021 nx 300 for 359 a month for 36 months. Experience amazing. At your lexus dealer. Good morning, its 11 00 a. M. At ibm headquarters in new york. Its 11 00 a. M. On wall street and squawk alley is live good thursday morning. Im Carl Quintanilla we look for a potential stimulus deal again there is a look at faang names, w n