High end model with the biggest screen yet but shares are slipping after yesterdays big gains. Banks but are in the red a busy afternoon 59 minutes left of trade the dow down 157 or so. Lets get to the big stories. Josh lip ton has the latest from today as apple each. We have the latest on eli lily and we have the Broader Market action josh, apples shares are slipping today, but still higher so far for the week. Wilf, apple bulls will argue what you saw today is the start of a new iphone super cycle. We have to wait and see whether consumers though are just as excited. Tim cook introducing the companys first new 5genabled iphone, the iphone 12. It will be available in four versions, different sizes starting at 699 for the mini, which has a 5. 4 inch display to the max, which has a 6. 7 inch display and costs 1,09 9. The transition from 4g to 5g is complex. Some argue 5g coverage is spotty right now. Though it could act as a catalyst helping to bring the technology to the mainstream wont just iphones apple introduced a smaller less expensive version of its smart folker it costs 99 apple is competing with Companies Like amazon and google excitement about a 5g iphone spurred a big move in the stock this year. It is up 130 from the march low, though not higher today thats because the event went as expected no big surprises he says for investors. Back to you. Josh, tell us about the price points with the 5g iphones where does it put them compared to the last iphones and other smart phones in the marketplace. You are introducing new splashy smart phones at a time of great economic turbulence where a lot of people may not want to shell out for new smart phones i thought it was interesting that apple is bringing you a broad poirt of price points trying to hit you in different ways keeping some of the older models, also these new models, a big range recognizing people might be excited but right now they might be feeling, with high unemployment and a weak economy, maybe skittish indecision in terms of pricing the handsets for consumers a lot more apple discussion to come on the show josh, thank you. We just learned that eli lilys antibody trial has been paused over safety concerns one day offer Johnson Johnson put a pause on its vaccine trial meg, what do we know about the lily antibody drug. We know very little about the event that led to the trial being paused this is just one of lilys antibody trials. Its actually being run by the nih. This news came out from a doctor, dr. Jeremy foust, who tweeted the trial enrollment pause. Then we confirmed it with eli lily they did note that this has been paused out of an abundance of caution essentially to insure the safety of participants, they say. This is a trial being run by inh in hospitalized patients it is the drug that they have employed for emergency use authorization for. This is just a day after we learned that Johnson Johnson temporarily paused enrollment in covid19 trials due to an unexplained illness. We dont have any more information in that case we talked with j js cfo about that this morning. Heres what he told news if you think about the vaccine trial we are conducting, its 60,000 individuals. Thats a large study it probably should be somewhat expected you would see a pause for an unexpected adverse event. We are letting the science dictate here. Reporter there is so much scrutiny and attention being paid to all of the trials for covid19 vaccines and drugs right now, experts will say this is the system working, these independent data safety monitoring boards are supposed to be looking into any events in trials we dont know have enough information right now to even know if these things are enough to worry about but everybody is paying close attention to these things. Not only that, it is happening at lightning speed the fact is the system is doing its job. Is the take here as long as we are on pause both with j j and lily it doesnt necessarily alter the timelines, right they are not being put on hold by the fda, which might take longer to revolve. Right now, for the j j trial thats not an fda regulatory hold. It is a pause they initiated themselves as their data monitoring board looks into the case they say it could be resolved in a few days and it could start again. We will have to know what actually happened in order to know the time line as for eli lily, we have very Little Information are the now this is just one trial they have many trials of the antibody drug going on right now. We have heard this isnt affecting any of the other ones. You have to wonder, if the fda would great emergency authorization use on an antibody if a trial is suspended . That may delay the process, but we just dont snow. We will wait for answers thank you. Now to earnings, citi group and jp morgan both reporting results before the bell. Both stocks are lower even though wasnt the big takeaway that both, especially jp morgan on the credit side, came in better than expected both did. As you said, despite that lower for citi, they had Large Revenue beats and eps beats, thats coming in because of lower provisions forred about loans than expected and significantly lower than last quarter. The scale is directive, especially for jp morgan the worst could be behind the banks. But of course there could be an incredits again depending what the economy does the next few quarters trading and investment revenues remain strong, down year over year after a quarter over quarter blowout the first half of the year. But on the likes of Goldman Sachs and energian stanley jp jp was down 9 with their Net Interest Margin down 17 basis points to 1. 82 . That doesnt bode particularly well for wells fargo and bank of america tomorrow but the main focus for them like citi and jp morgan will continue to be provisions shares lasting throughout the day despite the eps speets citi commenting we cant fully scope out the costs yet for a multiyear transformation thats what made the shares move markedly lower they have stayed down over 4 since then. So the credit provisions i know that was something we were focused on they looked better for both, the credit losses are going to be less is that a signal the economy is Getting Better and should continue to do so . Is that a bullish statement . It is not a bearish statement. Of course they had provided aggressively in the first couple of quarters. That could mean they already baked in a bad economy tenning another couple quarters as opposed to saying they are necessarily now bullish on the outlook. I would say the contain from dime on jp morgan was relatively neutral or constructive even if they dont get stimulus. It was framed as, stimulus will increase the chance that we dont get a bad outcome, as opposed to stimulus is required to make sure we dont get a bad outcome. I wouldnt say it was a super bearish yut look but certainly not positive in tone enough even for jp morgan who did not have an outstanding a point as citi did. Quickly, as we discussed yesterday, last ten days, two weeks, banks performed well. Giving up a bit of that ground citi group down almost 5 jp morgan down almost 2 we will hit the banks later on as well. Lets go to mike santoli for a broader look at todays Market Action taking a step back, after a four day win streak. All of these are pressure points, the pullback of the banks, apple, the sales hiccups. All of it creating a sluggish market really a slight giveback to the rally we have seen this may not seem as much of a head long rally. Actually this ground was traveled much faster this time than the same distance was back in august. Three weeks, up 8 it needed cooling off. Nothing to worry about unless we get below 3425 we have a few to play with. Russel 20 0 fighting a different bill outperforming today. Not doing much it shows you the struggle for cyclical and Small Cap Stock in the financial for illumination on what and has not been doing kce, exchanges, asset managers, things like that working well. Black rock had good earnings today. Financial market asset values are lifting the other sector of nonbank financials at the moment mike, i guess to continue the discussion sara and i just had, regardless of exactly what the theme from earnings was we are seeing today how hard it is for the banks, particularly the commercial banks to have any meaningful break out we had a nice run for ten days and once again bulge back and more than plateauing no they are not sponsored aggressively by anybody out on the street. Yields are not cooperating and as you say, up almost 10 month the date. After the break, more on apples event and whether todays new iphone will lead to the upgrade super cycle that shareholders have been waiting for. You are watching closing bell on cnbc. Welcome back we have got about 45 minutes to go in todays trading. Check on the market for you. Dow is down 141. Not far off the worst levels of the session. Down after four straight up days gold had its first down day in the last four. The nasdaq is positive now we will watch the tech momentum. Lets check on individual Market Movers shares of beyond meat dropping on the heels of a beyond grade at bernstein to underperform from market perform citing market concerns and slow growth in retail channels Royal Caribbean sink after announcing a offering of 500 million in common stock and senior convertible notes the krouzline said it will use the proceeds for general corporate purposes the stock is down 50 at least so far this year falling 13. 5 today. All the cruiselines are down today. The airlines are down. Among the hardest hit groups. Apple unveiling its hily anticipated iphone 12 featuring four models, ceramic shield, and max safe Wireless Charging lets join in peter. What stood out in the announcements . It was quite technical. Yes unusual for apple a company that tends to talk about the experience of owning the product rather than the technical improvements this was an event where they had sized the technical improvements the 5g the big upgrade that most consumers are going to be caring about or looking for and they touted improvements on the cameras, especially on the iphone 12 pro. Certainly, they are touting the tech specs they have in the phone. Are the users ready to maximize the new specs in the phone that is where a lot of people buying a a iphone 12 expecting a big jump up with 5g may be disappointed most of the Wireless Networks for 5g have not been built out and there are areas that dont have access to it. Pc mag which does testing of 5g networks around the country have found that in some cases at ts 5g network was actually slower than 4g. Tmobiles low band 4g network was not that much slower than 5g the sort of 4 giga byte speed they were touting, and you get 1 giga bit in normal circumstances the areas where you can get that is very low. It is going to require massive infrastructure in adding 5g base stations before users see something drastically different than what they have today. You are saying the early adopters are going to be disappointed how long is it going to take before 5g really does change the game it takes few years. I think it is not going to be like the change that we saw when we went from 2g to 3g. When we saw something that felt like a difference between dial up and broadband now you will see some improvements that arent just speed related. Latency, the speed at which you can ping a server, which is important for things like networking, for Video Conferencing and for the networking relating to video games. If you play a lot of mobile games, Multiplayer Games on your phone not ott home on an wifi network the ping speed, the lower latency speed you get out of 5g will be meaningful for you. In terms of whether you download a video a little bit faster than you did before, most people arent going to care that much and most people arent watching 4k video streamed. Their phones this doing it on your tvs. What about in other countries . Are there other countries where the networks are already ready to maximize the technology in these phones do you think that resonates with the consumers enough that seal we sales much higher in those countries. If you look at asian cups, china 5g is something the consumers are caring about the networks are built out more than they are here in the u. S. And the infrastructure frankly is different than it is here and carriers made different decisions about their 5g networks for consumers there thinking about an upgrade 5g is sort of table stakes especially because there have been higher ensmart phones supporting 5g for some time now i am trying to piece it all together it sounds like you are slightly underwell. Ed at the announcements, but the bottom line is 240 million iphones could be shipped this year that would be a record in part because of the 5g and in part because there is demand for consumers to upgrade. The last generations of iphones has been more incremental, there hasnt been a big signature change or upgrade like 5g that people could get excited about even though they are not going to see as much day to day improvement i think a lot of people have been holding off buying a new iphone now feels like the time. We dont want to minimize that they have made changes to the physical stram the 12 looks reminiscent of the iphone 4 and 5 designs sometimes changing the physical exterior can be enough to get people to make an upgrade. There have been improvements on the camera on the pro max phone. If you care about having the highest picture quality on your phone there are some improvements there i think it is easy to be underwell. Ed or disappointed i think that we are now ten years into more than ten years into the iphone and we have seen a lot of improvements over the past ten years, you know, 15 years of smart phones its that you know, the thing that can be done to markedly change the iphone or the smart phone experience in general there is not a lot that can be done most people would say they wasnt better battery life or better image quality but most people are happy with the experience they get out of their phones. I want my phones to not break and, the glass shatter, which is a problem with me. Thats another thing they have tried to improve this generation as well. Good to know. Buy a productive case they dont make them any bigger and they work. I have a protective case, but i still manage to break the glass. It is progress. It is just clumsiness peter rojas, thank you we have got move on. We have got less than 40 minutes to go here before the closing bell. Look at the major averages, dow being weighed down by boeing, down. 4 off the lows. Transports are lower the knocked is up. 3 thanks to strenk in Communication Services apple is down but it was up yesterday. Still ahead, the cdc director tom frieden about the pausing of eli lilys antibody trial and j and js vaccine trial. Could these setbacks make americans more reluctant to get a vaccine . Well be right back. Incomparable design makes it beautiful. State of the Art Technology makes it brilliant. The visionary lexus nx. 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Subscribers will no longer have the option to test the service for free netflix issuing a statement saying we are looking at different Marketing Promotions in the United States to attract new members and give them a great netflix experience it is a sign of confidence for them feeling that they dont have to give the service away even for a month. Netflix and disney helping the Communication Services sector jump to the top of the market. Back and forth from law makers in washington surrounding stimulus talks ylan moi has what we know this hour. The first order of business when the Senate Returns to washington this week will now be to vote on a targeted covid relief package Mitch Mcconnell said the price tag will be 500 billion, and include an extension the payroll protection program, more money for schools, enhanced unemployment benefits. The senate will vote on this legislation before then turning to the nomination of Amy Coney Barrett. Shortly after mcconnell laid out this new skinny bill President Trump called for exactly the opposite tweeting out stimulus g big or go home. The senate gop package is less than a third of what the white house offered to democrats just last week. I am told House Speaker nancy pelosi said to her caucus today folding is not an agreement and that their leverage is greater than ever . Elam thanks. We are down only a third ever one percent on the s p 500. As we head to break, hooerds heres a check on bonds. Yields moving lower, ten year currently yielding. 73 . Well be right back. upbeat music we did it crowd cheering [narrator] wherever you start, snhu is where you can finish. crowd clapping crowd cheering here we go. [narrator] and its it. [group] yay [narrator] you did it, high five Southern New Hampshire university. [man] that gets a hug. laughing look at that masters degree, i did it i did this for my children. I am very proud of myself. [narrator] finish your degree at snhu. Edu. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Welcome back time for a cnbc news update with sue herera hi, sue. Hello, everybody. Heres what is happening at this hour in hearings today, judge Amy Coney Barrett was asked whether she would rule against obamacare and whether she has already made up her mind about the Affordable Care act do you think we should take the president at his word when he says his nominee will do the right thing and overturn the Affordable Care act . Senator klobuchar, i cant really speak to what the president has said on twitter. He hasnt said any of that t me i have not precommitted, nor with a i precommit. A group of 88 notre dame faculty members in an open letter urging judge barrett to refuse her nomination to the Supreme Court saying it would be the right nigs decision for the nation with the elections just weeks away none of them are part of the law school where barrett teaches. Kentucky is also starting its early voting today Democratic State candidate amy mcgrath among those casting ballots. She is Challenging Senate majority leader Mitch Mcconnell. You are up to date, guys sara, ill send it become to you. Sue, thank you. We have 29 minutes left of trading of heres where we stand. Things improved over the last half hour. And technology is leading the market out of the slump. The nasdaq is up a third of one percent. Microsoft, amazon, paypal, netflix, tesla and zoom video. Coming up, the market showing signs it is becoming more comfortable with the idea of a blue wave in the election. Find out which sectors could be the big winners and losers from a democratic sweep 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. The annual Enrollment Period is here. The time to choose your coverage. Ends december 7th. So talk to unitedhealthcare and take advantage of a wide choice of plans. Including an aarp Medicare Advantage plan from unitedhealthcare. It can combine your hospital and doctor coverage with Prescription Drug coverage, and more, all for a low monthly premium or in some areas, no plan premium at all. Take advantage of 0 copays on all primary care doctor visits, all virtual visits, and preventive dental care. Plus 0 copays on hundreds of prescriptions. And with renew active, enjoy a free gym membership. So call unitedhealthcare and take advantage of the range of plans we offer, including ppo plans that let you see any doctor who accepts medicare, without a referral. Enrollment ends december 7th. Call unitedhealthcare or go online today. [sfx mnemonic] the major amples are mostly lower as we head into the close. Nasdaq stands out, up. 4 . Technology is doing well and helping to lead the market off the lows the dow is only down 81 points weep down almost 200 half an hour ago we are three weeks out from election day the latest predicted data is san josing rising expectations for a blue wave with democrats taking the presidency, the senate, and the house. For more on what a blue wave to mean for the market lets bring int head of Asset Allocation at ubs Global Wealth management thank you for joining us is the the market, is there too much of an expectation of where this is all going . It was dead wrong in 2016 on the presidency the senate could still be a close call how are investors gaming it out and looking at it so positively . There was definitely skepticism about a blue wave up until the debate you can see it shifted at that point in time. The market is moving in a direction where it is pricing in a blue wave cycle of more stimulus you can see that i think it is a modest move in that direction investors are skeptical fundamentally about growth, recovery, i think while they have taken steps in that direction you can see it in stocks that would most likely benefit, areas like renewables, so i thinkis moving in that direction but it is still not fully priced what about all the risks that were coming with the blue wave that we were talking about a few weeks ago, extra taxes, extra regulation, more Health Care Spending where does that show up . It is still a risk. This is a narrative that investors are taking hold of we expected more fiscal stimulus in the summer, first by the end of july, then by the end of september. And it hasnt materialized i think it shifted the expectations of you get more spending under a blue wave initially. And then higher taxes become a 2021 problem so he there might be initial teg any reaction to a blue wave, but the sequencing right now is that investors think it is going to be spending first, taxes later maybe not the same kind of tax increases that are feared. That doesnt mean there isnt some risk or even a possibility that this could be a buy the rumor sell the news that once all the good news is priced in after election day, now we have to focus on higher tacks that is a possibility of Downside Risk and volatility of things to the going as expected in terms of a contested result or delayed result. Is that the only medium to long term risk what about regulation . Which sectors should be most concerned about regulation or legislation when we think about the tech sector . I think the tech sector will have a bit of an overhang but we saw the report from the Congress Last week with a lot more bark than bite. I think it is going to be headline noise but fundamentally probably not significant actions taken there. You know, on financials, there is some risk there at the same time i think the outlook for financials probably depends more on if we get stimulus and the economy recovers and Interest Rates rise that could offset regulations. In the markets it is a secondary concern because you have the economic recovery Going Forward. What about the Health Care Sector typically in the election they are always in the cross hairs. Less so this time around do you think the way in which they are pouring money into r and d to try and come up with treatments and vaccines for covid has helped their public image . Particularly their political image . It certainly hasnt hurt that there is a lot of focus on health care right now. It tamped down some of the concerns or risks of drug price regulation although i think thats still an overhang there are a lot of concerns about what could happen under a democratic administration. Which is why health care, the sector overall is a of the a significant discount it is one of the more attractive sectors at this point in time because it is pricing in a lot of negative news versus what is likely to materialize. There could be less regulation than the market is fearing at this time. Jason, thank you for joining us. You are welcome. Up next, Apple Unveils new products ask deltas ceo speaks outbo t authe airlines big Third Quarter loss those stories and many more when we take you inside the market zone hmms and ahhs heard incall. Were committed to making college more accessibley, 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. 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. Announcer the market zone is sponsored by e trade. Trade commissionfree today with no account minimums. 16 minutes left in the trading day. Were in the closing bells commercial free coverage of all the markets heading into the close. Mike santoli is here and Profit Investment ceo Eugene Profit with us as well the Broader Markets, the dow and s p 500 are on track to snap a four day winning streak. The nasdaq is trading higher for the fifth straight day, it is back in the green as we stand. The nasdaq the dow is down a third of a percent. An impressive recovery in the last hour. Mike santoli, a few ups and downs. The eli lily news spooked the market for an hour or so but we are seeing a pullback in big names like apple today. We have a bit of a breather. The market has over the last three weeks run far in a Straight Line higher i think most of sit a cooling off today. Yesterday was really the big tech stocks was all that was working to hold the indexes up some of those are giving way i wouldnt say there is a lot to read into the underlying action except there is a underopen the of going away from the cyclical reopening trades back into a little more of the stay at home type names like zoom, up another 5 to a new high beyond that, i dont know that you would make too much of the day to day it is still constructive the market is still kind of mounting another approach perhaps of the september 2nd highs. Just a couple percent away. I mean most of the f. A. N. G. Names are up, microsoft, ams, tesla not a f. A. N. G. , facebook, google, apple the noteworthy exception eugene, how much of your portfolio should you have in the mega company high flying tech stocks after they have had such a strong run i think basically you should stick with your diversified portfolio and probably maybe 20, 25 in these five names and no more i think that basically because you are having such a transition between cyclical and defensive growth and into the high flying names on the up days i think from a risk control standpoint you want to maintain a barbell portfolio with the risk control. I am taking money oust f. A. N. G. Names and putting them in other places in the market. Lets hit the breaking news that happened this afternoon on health care. Eli lilys antibody trial has been paused over safety concerns just one day offer johnson and johnson put its vaccine trial on pause after health concerns. Joining us, michael yi do we know anything about the eli lily trial being on pause . It was only surprising in that the answered body trials they have been testing are supposed to be very safe. Whats important for viewers and investors is number one, the companies are and the fda are taking a real close look at everything in these studies. And i think the good news is, you should feel that there is hyper magnify indication of everything because they want to make sure these are safe so you should feel good they are not rushing this along and looking at everything. Secondly, answered bodies are really safe. We feel comfortable barring any further information that this is going to be okay remember there is a benefit to these drug i think we are going the find out this is all okay and we are going to move forward. Should we take this as kpb tonight expected and nothing to worry about . If so, why are the shares down 3 . I think as j j mentioned this morning, others mentioned, astrazeneca when they had the vaccine pause. We will tell you in the biotech industry, these types of pauses to look at thing carefully are actually quite common. This is kind of the only situation where of course on a global scale and with of course major attention to this that things like this come out. Whether it is a doctor or somebody telling the media, thing like this do happen. I would reiterate this is not so much of a big deal it is natural for people to get worried and get scared but we think it is going to be okay. In fact, you were worried about getting the vaccine because it was being rushed through, i would think this gives confidence because the checks and balances are in place and they are dotting every i and crossing every terks having said that, the world is anticipating the speed at which a vaccine could come to market, even the antibody treatments do we have to push that back at all . I think in the terms of a month or two or three. These are the compressed time lines we are talking about people are talking about a vaccine by election day. Data could come, so well know is what pfizer is saying, within this month persona will have the data whether it is an emergency authorization approval like for regeneron or lily, we are going to generally know these things are going to be effective. We will get the emergency authorization. We are talking about months in terms of time lines of when the stuff is coming. Michael, how encouraged are you overall by the antibody treatments, regenerons or lilys or anybody elses, are they good enough that we might not even need the population to be vaccinated. I think you could take a step back the remarkable thing that came out over the last two or three months, number one, vaccines lock like they are going work. You heard optimistic commentary out of fauchy and ceos and we have data on the vaccines and last week or two you saw remarkable data out of lily and regeneron, lily data showing you 70, 80 i would like to step back and say whats great about this is we are clearly making a lot of progress on this front. When you get into 2021 people will feel more comfortable once we get all of this data. A we are going to need vaccination. If you still get the disease you obviously have a drug to treat it. Good to hear. Just a technical question here, michael. How many since we dont follow the trials as closely as we are this covid19 one, how many of these pauses actually end up leading to holds from the fda that could take a little bit longer to resolve . Sure, i will put it this way. My understanding is that pauses to look at some event is a very common occurrence. I will tell you that when i look over the last year in terms of actually clinical holds where the fda came and said no, do not do anything you must have an evaluation, that would be like 10 or 20 over the whole industry over the last year it is not very common for Something Like that. But looking at pauses, i guess what you are asking, thats very common i am not concerned about this. Astrazeneca, by the way, everyone but the United States resume enrollment. Michael yi thank you. I am loving this, om 5g apple unveiling four new 5g iphones, the first redesign in more than three years. Stock slipping this afternoon, down more than 2 . Mike, we touched on this of course already it is interesting that a big announcement day which is meant to be the super cycle is leading to the share price to slip of course, a strong start to the week did apple have already. Exactly a strong start to the week there was a lot of chatter that this was going to be a launch that kick started a pretty aggressive upgrade cycle whether thats true or not i am not sure we found out anything today that was incremental to whav already more or less baked into expectations. To me thats all fine. To me the bigger story with apple shares is they have been benefiting in the valation expansion from things besides the next generation of iphones, they smoothed out the upgrade cycle, made it a moply cycle type of a Deal Services are part of the revving. All of these things that should have deemphasized the make or break nature of the upgraded iphone we are still not talking about numbers in terms of handset sales that will get you back to what we did five years ago or so in some of the better iphone launches necessarily. Eugene, do you take this opportunity to take profits after a 65 apple run up in stock so far this year in part over High Expectations for what happened today i would actually, it is 130 off the bottom you can find Technology Stocks that are participating that are sheeper like intel i probably will be a buyer of the iphone 12 because i was waiting to upgrade this will we got to 5g. I think samsung already had a little bit of exposure in the area with versus this would be pretty good expansion. Up 60 where the p e on apple, i like nvidia who has a higher p e. You prefer the phone over 1,000 rather than the stock where it is right now. I would. The way we look at investing is we are looking at risk control because you have had such a runup here even though apple is operating on all cylinders and might go higher i am more concerned than a lot of investors about whats going on with covid, about when we will get stimulus thank in a selloff, a name like apple will sell off more than a name like intel with a single digit p e thats. Lets move to the airlines. Delta posting a massive tlirk loss. Everybody knew the tlirk want challenges for all the airlines. When you looked at it in terms of loss per share it was a loss of 3. 30 per share analysts were expecting a lost of at least 3 per share that works out to 5. 4 billion over the last two quarters delta lost more than 1 billion. But it is the outlook moving this stock not only today but Going Forward. The Fourth Quarter daily cash burn, they are expecting between 10 to 12 billion they were at 18 million in 10 and 12 million, rather. They were at 18 million in q 2. The coastal markets in new york and boston, l. A. , seattle, we want to get those markets back up the demand, frankly, has been more impacted in those markets than it has been in the interior of our country the mountain states, the south, the demand has been really strong we are going to where the demand is. What were the passenger levels for the industry yesterday . This is really the last big travel weekend, if you will, the columbus day weekend, heading into november, when we finally get to thanksgiving. Only 958,000 people flew yesterday guy. They havent hit 1 million yet for one day. Last time we hit 1 million was back in early march. Guys, back to you. I watched your interview, phil i thought that ed sounded pretty optimistic about holiday travel. Yeah. And just going out of seasonal trends, with some of the weakness i am surprised if the stock is paying so much attention to the outlook, i thought he sounded pretty confident and pretty optimistic. He talked about testing and all sorts of thing. Yep i think the big question becomes what happens with the virus in terms of whether or not it creates more areas around the country where you see not a lockdown but certainly restrictions that have people thinking twice about going someplace. I was flying this weekend. Saw a lot of people who were going on leisure trips when you went to certain destinations not only myself but i have friends who also traveled they were seeing relatively open areas where they were at thats encouraging now, does that continue into the fall it all depends on what happens with the pandemic. Phil, as always, thanks for that Eugene Profit, what do you think of the airlines . I agree that the delta ceo was very optimistic but he is still looking at only 76 of where he was a year ago at this time the most important thing he said to me is that the cash burn that originally we were looking at being even by the end of the year is being moved out to the spring i still would hesitate here a little bit to be that aggressive investing in airlines. But if i was going to be interested in the sector deatha and southwest are my favorite names here. Despite the optimistic tone from ed bastion cyclicals are getting hit. Thats right. Cyclicals getting hit. The pure reopening and travel basket is getting hit. We had a new Share Offering out of the cruiselines that whole group is on the wane. I do think you know bigger than expected loss in delta the big question over the airlines, too, is not just cash burn, do we have the cushion to make it through, but the Behavioral Changes we might or might not see. I think implicit in ed bastions comments about the coasts not coming back is not rational given there have not been outbreaks on flights and we dont know if Business Travel is going to goback to anything like when we used to consider normal. Big questions hanging over it. Day to day, they trade based on what the mood ring says, is this a reopening trade day or a shutdown trade day. Two minutes left, what else is jumping out. Generally speaking it is a soft picture in terms of the internal up down volume on new york stock exchange. The nasdaq is holding it up there. The nasdaq 100 went negative for the day very briefly, then picked back up thats where the strength is when you look at the equal weighted s p you can see it is the mega caps holding up the index. Thats ebb and flow from the last few week. The volatility index still has that bed up in the mid 20s, 26. Every three months you get a lower spike in that, so far at least, march, june, and september. We will see what is out there before the end of the Fourth Quarter if we dont get another spike before the election. As we head into the close, we are seeing most stocks lower, though, as mike noted the nasdaq is an exception, it is higher for the fifth day in a row the s p 500 is set to break its fourday win streak. If you look at what is dragging down the overall market financials are the worst performers an earnings from citi group and jp morgan. Bad reactions to better earnings real estate, energy, industrials and tells are also lagging Communication Services and Consumer Discretionary consume remembers barely higher. 2 gains in clorox, kraft heinz church and dwight. The dow disney is the biggest winner boeing is the biggest losers disney reacting to restructuring news that came after the close yet. The rest of the market bond yields not moving a ton as stocks go lower. They are a little bit lower as well there is the close down 160 on the dow. A decline. Nasdaq turns red, too. Wilfred. Not the worst levels of the session but all the major afternoons in the red. Welcome to closing bell. Im wilfred frost with sara eisen and mike santoli the nasdaq 1 hub had been green most of the final hour of trade but ended up 4 basis point in the red. S p 500 and dow down more than 1 the low of the session was down 233. It closed down 137 nine sectors lower, a coming up, former cdc director, thomas freeden on eli lily pausing its antibody treatment after j j paused its vaccine study yesterday. Plus we will speak with the ceo of tmobile about apples new 5g iphones announced today. Eugene profit is still with us and dave joins the conversation as well. Dave, banks clearly reported today, and some pretty decent beats on the eps line. Why did we see citi close down 5 or 4 plus. I think we had beats off analysts estimates and the estimates were obviously all over the place because of what was happening with the provisions and the margins but i think what they are telling is you they are fine, they have got you know some issues ahead with rising nonperformers and some lower margins as the margins reflect the lower rates and the nonperformers start to kick up. Nothing is going to be is going to hurt them that much, but i think its you know, there isnt a lot thats exciting going on here i mean there has been a lot of good commentary on your programming today about the different issues that they have. At the end of the day, they are just not that exciting and there isnt a lot to get better for them to really say earnings arent going to double or triple revenuesarent going to double or triple in the next 12 or 18 months no, but isnt it exciting, david, the prospect of fiscal stimulus potentially in the trillions of dollars it sems to be exciting the rest of the market. Why not the banks . Well, the banks you know, the banks are doing well because there has been, you know, tremendous fiscal and monetary response thats why credit is not bad thats why loan growth is not horrendously negative. Thats why deposit rates are down a lot without that, thing would have been a lot worse for them, which would have been good for me because i would have had something to buy that would have been in trouble that could have gotten better. And i think that, you know, the stimulus will help, but it will help everybody and it will make the consumer stronger and get them hopefully to a virus, but thats good for amazon, too. And amazon is growing a lot faster thats better for a lot of companies. You know, the Financial Companies again, nothing has really gone wrong that can get better so there isnt really, you know, an exciting story here except, well, they are making money, and its good and theyve got you know, its a very boring environment for them, surprisingly, given what happened the last six months. Mike, broadening out to the Broader Markets today. The vix, a sort of stealth ejump at the moment . Yeah, it is going to stay firm it seems like throughout the election you have a couple technical dynamics driving it higher there has been heavy concentration of hedging out before the election. It gives bias to the volatility index overr. It covers the next couple of days the market has been jumpy day to day. If you have a 25 vix, it is kind of implying Something Like a percent and a half daily move. There is reserve caution out there even if people set aside a lot of their worries about the implications of an election result and i think everybody is positioning for a Fourth Quarter rally. A little bit of a mixed message on that. I think todays action did not really give anybody alarm. Just a pullback in some of the more cyclical stocks after a decent run some of the august gains are back we were saying yesterday heavy buying this the call actions on big tech stocks that are skewing the action and leading to extraordinary relative strength in the nasdaq. We will see if that can feed on itself or if it is going to create another trap to the upside at some point mike what was the narrative today . If you had to craft one. The bank were hit hard with some of the other cyclical Stocks Technology was once again in favor. We saw some moves, like gold went lower for the first time in a few days oil went higher. Is there a common thread, around stimulus, or the outlook i would say a half step back from risk and cyclical exposure because you had excuses to rethink that whole knowing that we are going to accelerate, one, obviously no movement and perhaps kind of a complete elimination of hosts for near term stimulus based on whats going on in congress and then the vaccineine and the antibody trials being paused, we have to wait longer. And sell the news on apple and the bank i dont think it was a real dramatic shift in attitudes but those were just opportunities to take some off the table. We saw some interesting moves in other commodities today the dollar was up a little bit but that didnt put off oil but put off gold it fell a couple of percent. What would you do with gold on the moment i would be buying gold on here i am still i am more skittish than a lot of investors on what is going on in the market. I think when you look at what the ceos are saying about their earnings they are tamping down enthusiasm around how they are performing even when you look at jamie dimon saying there are a lot of different outcomes from the pandemic, the marketsomes to be investing as if there is only one outcome, that we will get more stimulus and the market will continue higher i do think we will get more stimulus, but i am not sure we are going to continue higher in a Straight Line fashion. So gold would be a good hedge to have here. David ellison, what is the tone you were picking up from diamond and. So of the other bankers . I realize it is early in the bankston what are they projecting in terms of outlook and stimulus . I think they are still somewhat cautious. I think they feel better they have got plenty of resevers in terms of nonperformers and while nonperformers may go up it is not going to challenge the reserves they have which is why you saw the reserves go up on the street and the earnings were better i think they need a stimulus package to get down the road far enough before we start to get each bigger nonperformers remember, a lot of their i dont have the fnumbers. They are in my paper somewhere, but there is a large percentage of their mortgages that are on deferral that havent improved the consumer is good in some areas and not in good areas. Good on the credit card but on the mortgage thats not good it is a big market out there and so i think they are still cautious they need another stimulus to get to the other side, whether a vaccine or a good therapeutic. I think thats the hope and built into some of their expectations i thought as relates to the banks and the share Price Performance an interesting comment by jamie diamonds where he said i hope we are able to do buybacks before the share prices appreciate again maybe you are right to be optimistic that you will be able to buy back in q 1 or q 2. But i think, et cetera unrealistic to think you will be able to do that and shares will be low by the point buy backs are allowed the share price will likely be higher. Thats true but maybe he is hoping that the stock price doesnt run away from Intrinsic Value that buybacks are not efficient buybacks are obviously to redeploy capital and repurchase your stock below the rate at which you are earning money on your equity. On an accounting basis a warren buffet as opposed to i want to buy back my stock to accelerate the share gains or Something Like that. You are right. An interesting thing for him to wish for the stock not going up and given that it would come with good things in general. Eugene, where are you on the banks . Are you taking this opportunity to buy any of them i am starting to look at them close low and maybe nibble a little bit asset mortgage trading did very well, black rock could be looking to buy Asset Management to get more exposure to esg. I think margins arent as important right now. That will be a drag and will continue to be as long as the market stays up i think some of the banks more leveraged to Asset Management and trading like goldman and Morgan Stanley will do okay. The worst performing financials with citi group today 5 after already being down so much compared the other bank now town 45ier to date how deep to the problems run what is the fear here for the investors . I think that the macro fear is that rates are going to stay low for a long time. It is going to hurt the margins. And Investment Banking is going to be slower so the earnings are going to plateau out i think the other issue is the regulatory thing they are involved in and seemingly every time you turn around there is something. For the droechlt say we have got regulatory issues and it is going to take a while to resolve them it is like pass, move on to the next one there are too many banks out there that you can buy that arent in that boat. You could argue its cheap, but, again, i dont think stocks go up because they are cheap. They dont go down becauser expensive. They go up and down because there is a fundamental change in the business and in banking, the fundamental has not happened yet rates have been low. Margins are under pressure loan demand is not there credit comes and goes. The fed is nationalized them theres not a change here. I dont care how cheap they get, until there is a sea change, they are probably not going to be bought in a big way well leave that discussion there. Sums up a lot of the action tad. David ellison, Eugene Profit thank you both. Up next on the show we will discuss whether apples new iphone 12 could spark a smart phone upgrade super cycle like some analysts are predicting we are back in just 90 seconds our Retirement Plan with voya gives us confidence. Yeah, they help us with achievable steps along the way. So we can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Oooh, well. Im good at my condo. Oh. I love her condo. Nana throws the best parties. Well planned, well invested, well protected. Voya. Be confident to and through retirement. At Morgan Stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are Morgan Stanley. Shares of apple slipping today after launching four new Iphone Models earlier this afternoon. Preorders for the iphone 12 and 12 pro available on friday is it enough to spark an upgrate super cycle. Lets bring in dan ivs and lauren dave, you were saying this is going to be the start of a major super cycle. After what was unveiled are you still feeling confident with the bullish call yeah. I dont think cook disappointed. In terms of what they laid out, the 5g and 4 phones and the scatter plot of pricing, this is going to be a super cycle. I view it as a once in a decade upgrade opportunity and i left that event feeling more bullish in terms of the specs and you how they double clicked on the technology i think thats why Going Forward i think this is a 150, 175 stock. Why what does the consumer understand is the consumer on the 5g band wagon like you are i think there are two dynamic. First, if i look back at the last two product cycles you had 25 and 28 of the installed base that was in the window of an upgrade opportunity. They had 40 it is a massive pin up unparalleled opportunity when you lock at 5g, i view that as the tip of the officer. It is the start of super highway in terms of 5g from map infrastructure perspective i think thats enough to get 70, to 80 , what i view in the window of upgrade opportunity right here you could have fence sitters in terms of customers but i think over time i believe this is a transformational upgrade opportunity. Lauren, what would explain why the share prices are weak . I dont necessarily agree with dan that 5g is going to be the thing that makes people upgrade in the shortterm. I think 5g is symbolically important for apple to have announced today and for future proofing when i think about the potential upside, i think it is the fact this was a mini even we saw them introduce a smart home speaker cheaper than the original we saw four iphones, a couple of which were lower priced and Price Reductions on the iphone 11 andxr there is a lot of Price Sensitivity for people thats something that i think the fancy iphones are the fancy iphones and apple is going the put them out every year bass they want to show they are leading in innovation. I think at this point it is the mid range products that are more intriguing to customers. I think thats where we might see more movement actually. Lauren, what did you make of the pricing overall that was announced, and the different options . You know, i have to say that at the high en, apple has been putting out 1400 phones i say 1400 because if you go to the website and chick out your iphone with the maximum amount of storage you get up to 1400 that has been the same, consistent for the past few years now. I think where you see a Smart Speaker coming in at 99 trying to compete more effectively with google and amazon, and that end of the market. When you see a smart phone in the 400 to 600 range, which idc data has shown thats where a lot of growth in the smart phone market is happening right now, that or lower, i think thats a sign that you can still get pretty Innovative Technology in your pocket for much, much less than 1400. Dan, where do you stand on the argument i know either way you are still bullish on the 5g super cycle and either way you think it resonates with the consumer. Where do you stand on how good the 5g networks are in the u. S. Today versus, say, other countries in asia, where perhaps this quality of phone on day one can be maximized no doubt. Thats why when you look, china continues to be a upgrade opportunity. 20 of our youp grades over the next year are coming out of china. When you lock at the u. S. It is definitely a work in recognize i think they talked about that in verizon i think importantly this is really the start of a 6, 12, 18month super cycle you are going to see with iphone 12 launching. Most consumers regardless of where they are, 5g, with a lot of the specs and pricing is going to be enough here where i think we are going to look back and view this as a pivotal time in terms of the apple growth story. What about the home pod mini, anything to note there, as far as a growth trajectory, what it means. It is hard to know if anything it signals apple knows it missed the market the first time around. It priced the original home pod at 300 of the it made a big deal about siri and prioritized apple music. That wasnt resonating with a way lying amazons and googles speakers were. I think apple realizes that. I think it was a smart thing to come in at 99 one notable absence was any support with spotify as we know, spotify and. Ael are kinds of friendmys right now spotify is not happy with apples approximately sees and fees still i think overall it is a smart strategy i think whereas google and amazon excelled at their Artificial Intelligence on these very accessible smart home speakers that might not be the best selling point or apple. It might be sound, quality, other features yeah, i guess we will see how this 99 speaker does in the growing smart speaking market. Dan f this iphone cycle disappoints, does that destroy your price target . Is this the key factor for you over the next 12 months . Yeah, i mean no doubt priced in in terms of what we view as a 150, 175 price point is a super cycle if it doesnt, it would be a gut punch to the thesis. In the last month we see upticks across asia. It looks to be a green light this continues to be the hearts and lungs of the bull cycle in terms of what we are seeing here with iphone 12 dan and lauren, thank you both very much. Thank you coming up we have got much more on the outlook for the iphone 12 when we are joined by the ceo of, the mobile what he has to say about the quality of 5g infrastructure here in the u. S. First mike santoli will tell you whether stock valuing as are expensive as earnings season kicks off. Reminder, you can always watch or listen to us live on the cnbc app on the go. Well be right back. You can go your own way its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device 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 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Welcome back lets go the mike who is looking at s p valuations heading into earnings season. Hi mike. Wilf, we have moderated from the very highs about a month ago or so on the forward valuation, 23 still 22 and change. Sideways at elevated levels. Where have we moderated even though stock prices are up because the forward valuation over 12 months now includes two full quarters of next year the passage of time essentially brought that window back to the snapback in earnings that everybody is expecting in 2021 a lot of people want to explain away how high absolute valuations are compare them to bond yields. This is the difference between the earnings yields on stocks and and the ten year treasury yield. When this is higher it means that stocks are cheaper relative to bonds when it is lower it means stocks are more expensive there is a lower cushion of valuation. During this cycle we have been more responsive to stocks relative to bonds this the 2016 and 2017 board when we were lower it was because bonds yields were higher my point being we are probably not likely to get down the these levels just by stocks getting more expensive and bringing the earnings yield down. It is probably going to have to happen because treasury yields will go higher maybe alone with Stocks Holding their valuation but i think there is a limit how much you can think stocks can go and approach the valuation of bonds when we have low levels of yields. I guess it is all important that the earnings do deliver. Thats right. Where they have been increased. The analysis is only as good as the forward projections are thats what the earnings yield is based on. That being said we are probably going to in this quarter really outperform the published estimates. It is really a question of next year and how fast things come back. Mike, thank you. Up next tmobiles ceo tells us what apples 5g announcement means for tmobile users a closing bell exclusive thats coming right after this break. Thats why Td Ameritrade designed a firstofitskind, personalized education center. Oh. Their awardwinning content is tailored to fit your investing goals and interests. And it learns with you, so as you become smarter, so do its recommendations. So its like my streaming service. Well except now youre binge learning. See how you can become a smarter investor with a personalized education from Td Ameritrade. Visit tdameritrade. Com learn working within amazon transportation services, i really saw the challenge of climate change. We want to be sustainable, but when you have a truck covering over 300 miles, or you have flights going hundreds of miles, its a bit more challenging. We are letting the data guide us to the best solution. Its inspiring to try to solve a problem that no one else has solved. Thats super exciting. Welcome back apple unveiling its latest 5genabled iphone 12 today, which ceo tim cook says is the beginning of a new era for iphone tmobile is one of the wireless providers that will carry the new lineup that stock up is 1 today. Their ceo joins us mike seivert joins us good afternoon, thank you for joining us. Of course it is great to be here. This is a great surprise late addition to the show i have to ask, were you a little envious that we had earlier on our air verizons ceo outlining why he thinks he has got the best 5g network . Was that the reason . No, we are just celebrating here at tmobile today you know, this is just a huge day for your company and for our industry we have been all in this industry, hans included talking for years about the 5g era lets be honest, consumers havent been paying attention. It has been the carriers today it changes starting today it really matters to consumers who is ahead in the 5g race. I am here to tell you movatically one company is alaid, and it is tmobile. You slitly answered my question in a roundabout way mike what is the Coverage Today of 5g which will really make use of the type of technology in this new iphone is it 100 yet no. Nearly so here at tmobile we were the first to be nationwide with 5g we cover 260 Million People with 5g the mid band 5g which is really transformational where people get hundreds of mega bits per second, crazy speed, so much faster than lte we have got that covered now for 25 Million People on our way to 100 Million People by the end of this year so we are building like traez. The transformative experience that really will change how people use their phones over the next decade. Cnn has a good piece on the price differential if you go via apples website the try the buy the phone it is different prices based on the carrier you have tmobile it looks like is the most expensive when it comes to the listing. Looks like 839 for t mobile and print, 399 for at t and verizon. What is that about first they dont have our promotions loaded. At the tmobile site you will see we have by far the best deal in the market. You can get two lines with tmobile for 100 with your iphone 12 included the other guys charge 120 a month just for the rate plan before you ever Start Talking about paying 799 or 829 for the. You have got to will be at the big picture and understand the launch promotions. We are aggressive. We are 40 less than the other guys there is a reason for that we are showcasing that today is the firing gun on 5g, and only one company has the 5g strategy thats at low band, mid band, millimeter wave. Verizon talked today about millimeter rate for a reason its all they have dt. They dont have a mid band strategy who knows what they have to do to get a mid band strategy i think thats where they know the 5g game will be played over the next decade. While hands was on stage at the apple event today, their stock went down. At t did, too. We hit an alltime high today based on the apple news. All this aggressive Pricing Strategy and competition, what does it do to your margins we are on our way towards margin expansion. What makes us different than at t and verizon that we are executing a plan all based on synergies. We have massive synergies to unlock in this business that will send our motherinlaws north in the next several years. Investors understand our journey. We telegraphed we see margins in the mid 50s. Revenue k gers in the 2 to 4 range. We may be bigger and faster on synergies than we originally anticipated when we announced the merger. Mike you said at the top that you guys, the carriers, have been talking about 5g for a while now. Thats true. For consumers, not as much. Is this a musthave thing for consumers, to have 5g right now . And why . It will be. So many things are happening in hardware and Software Innovation the question is going be, innovators as they bring about new solutions, will they bring about new solutions that depend on only one flavor of 5g which in verizons case is available to less than 1 of americans, maybe 4 million tops, in total thats obviously we are going to bring 5g to everyone you will see cool applications that are going to require 5g that you will be able the use everywhere with tmobiles strategy as oppose to our kpt competitors. But the answer to your question, it is here now it is analogous to the 4g era in 2010 none of us could have been prekikted what would happen in 4g era i thought it was going to be about loading pictures faster on picture phones it was a transformation of our mobile lifestyles today marks day one of that on 5g. You can stream closing bell live on the cnbc app, which nobody dreamt of before. Mike, will 5g be good enough, fast enough, that we will be cancelling our fixed line broadband at home in due course . It will thats a piece of our strategy we are bringing 5gbased Home Internet to millions of potential homes. Obviously it is a more Efficient Technology we can reach that last mile more efficiently than somebody who has to dig ditches our competitors are turning their backs on Rural America at t announced they would not take new customers on dsl as opposed to us, we are announcing a massive expansion of right now 4 2k3w but soon 5g enabled wireless Home Internet thats lower priced and in many cases faster than what you can get through a wire line, especially if you are in Rural America. Tinlly mike talk about how the sprint combination which you have been putting together and talked to us about for a long time now puts new position here against verizon and at t maybe more broadly around this 5g conversation. We believe that it is all going to come down to network and that we have the opportunity to lead in network in the 5g era, the way verizon did in the 4g era this is our moment we have more low and mid band spectrum than at t and verizon combined they know they are going to have to do something about that we have millimeter wave, which was much vaunted today at the launch by apple. We have more of that than at t we are really well positioned. And we are funding this massive expansion of our motorcycle, an unprecedented build. 60 billion over three years with the proceeds of these synergies. So the synergies pay for the expansion that will be a dividend for every consumer. That makes us so different from what you see happening at at t and verizon. The analysts are certainly bullish. More than 80 of them like your stock partly on the 5g story Michael Seivert we appreciate the lastminute addition to the show always great to have you. Great to see you guys. Mike seivert, ceo of tmobile coming up, eli lily pausing it is coronavirus antibody treatment trial a day after johnson and johnson paused its vaccine study. Coming up, former cdc director tom friedman 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. Before we talk about taxsaudreys expecting. New . Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Welcome back time now for a cnbc news update with sue herera. Hello, everybody. Heres what is happening at this hour the covid19 outbreaks across the midwest driving wisconsin to nearly 3,300 confirmed case asks 34 deaths since yesterday. The New York Times reporting wisconsin metro areas now dominate the list of those with the highest infection rates over the last two weeks taking up ten of the top 20 spots. Justin johnson golfs top ranked mens player has tested positive for the coronavirus tour Officials Say he has withdrawn from this weeks cj cup tournament as he begins to isolate. Three of the people charged with plotting to kidnap michigan governor with itmer have been denied bail. The judge delayed a bail ruling on two others. Another dinosaur is up for auction. Look at that that is a rare aloe sorous its neuroly as large as the t rex. Of course the t rex sold for nearly 32 million this week but this went for just 3 million, still this was more than twice the highest estimate. The aloe sorous doesnt have the rep that t rex has just doesnt. I have never heard of an allasaurus maybe it is ignorance when it comes to dinosaurs. I have a season who was totally into type source when he was 6. You name it. They are worth a tenth the value it seems. Up next, eli lily pausing it is Court Reporters antibody trial over safety concerns this after j j paused its vaccine trials yesterday we will discuss it with former cdc director tom friedman. Some things are good to know. Like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. Something else thats good to know . If you have medicare and medicaid, you may be able to get more Healthcare Benefits through a humana Medicare Advantage plan. Call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. Learn about plans that could give you more Healthcare Benefits than you have today. Depending on the plan you choose, you could have your doctor, hospital and Prescription Drug coverage in one convenient plan from humana, a company with nearly 60 years of experience in the healthcare industry. Youll have lots of doctors and specialists to choose from. 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A licensed humana sales agent will walk you through your options, answer any questions you have and, if youre eligible, help you enroll over the phone. Call today and well also send this free guide. Humana, a more human way to healthcare. Eli lilly confirming one of its covid19 antibody treatment tiles has paused this comes after j j paused its vaccine trial after one of the participants had a reaction. In september, astrazeneca put its trial on hold. But so far everybody has resumed except for the United States joining us, tom friedman doctor, good to have you here. Pauses are very common when it comes to these trials and we should in fact applaud the companies for putting safety first and not skipping anything when it comes to thats vaccines or treatments. How do you read the news obviously both of them are watched carefully here in the fight against covid. Right, i think you really hit the nail on the head it is kind of paradoxical, but actually, its reassuring because we expect to see signals that may not indicate a problem. And we expect to see companies stopping so they can look carefully. So it gives reassurance that we are not cutting corners on safety i think there are sometimes kind of Unrealistic Expectations about a vaccine. A vaccine is not going to bring a fairy tale ending to this pandemic and the fact that we are going to get there in fits and starts, we are going to try to figure out what works and we are going to be completely transparent about what we are finding, thats reassuring. Even though its reassuring, dr. Freeden, do you we are of the might not be that people see the headlines and they have been skeptical how fast this is all happening, how political in some ways it has gotten and rereluctant to take the vaccine . We have clearly got a problem with trust for a vaccine to work it has to the safe and effective but it also has to be trusted. We have a lot of people right to you who are very suspicious of the vaccine. I think as we get more information, we will know more people ask me, would you take a vaccine . I say it depends what the data shows. The first past the poegs post is not likely to be the best vaccine. We need a way the try to determine which vaccines are better for which people. And we do have hope that worry going to have a safe and effective vaccine, but we also have to recognize a vaccine isnt going to take covid off the table. We are still good to need to adapt our lives, need the reduce risks, we need to find cases in clusters and for the next foreseeable future, masks are in and hand shakes are out the vaccine is really important, and treatment is really important, things that may be able to reduce the risk of death, like the old tried and true medication steroids or dexamethasone by about a third in severely ill people we are chipping a way at this risk but there is no oneshot cure for it. Have you been encouraged by the quality of the antibody treatments does that in fact mean that a vaccine is less crucial, particularly when talking about the younger population, the less exposed population well, antibody treatments are not easy they are hard to scale up. They have to be given quite early. In no way do they replace a vaccine. We dont even know if they work yet. We have also seen a potential safety signal on an antibody treat. There are some adverse events from antibody treatments from all of these things science moves slowly science doesnt respond to spin. It takes time. The more we learn, the better we can protect people but its important not to loose sight of some of the basics. We know right now what we can do to drive cases way down, reduce spread with the three ws, wear a mask, watch your distance, and wash your hands. And then mop up cases and clusters with rapid testing, rapid isolation, complete Contact Tracing and quarantine doctor dreeden the other scary headline had to do with this nevada man who was the first real u. S. Case that contracted covid19 for a second time, at least over a month after he had the first one it was dribd in lancette apparently two different strains. What does that tell us about immuni immunity what does it tell us about the efficacy of a vaccine if there are many strains out there it tells us we have a lot to learn. It is clear for months now that reinfection definitely does happen that wasnt known before now there are a handful of cases around the world which are well documented they do the genetic fingerprinting of the virus and it again it laer and determine it couldnt have been the same virus. Two attacks on one person, both of them successful whether thats common or rare, we dont know. All that we can conclude is that some people do get some level of immunity that lasts for some time thats pretty vague. We dont know if its most people, nearly all people, relatively few people. We dont know how good the immunity is or how long it lasts. But the fact that there is immunity gives us grounds for guarded optimism that a vaccine may well be able to be found that is safe and effective for at least some time dr. Freeden, thank you for joining us, much appreciated thank you. Still ahead, it was a big day for the banks. We are just getting started, though, in earnings season for that sector. Bank of america, wells fargo, goalman all reporting resus lt tomorrow we will have a preview of what to expect coming up next 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. Since the start of the pandemic, the Airline Industry has gone to Great Lengths to convince passengers it is safe to fly as part of a did you documentary Shepard Smith takes a closer look at how clean the Airline Cabin air actually really is. Reporter the air in a modern aircraft is probably cleaner than the mayor your own home reporter heres why. On a plane, the air you breathe is actually a combination of fresh and filtered air that flows through the vents in the ceiling and the floor. Half of it is passed to the outside. While the other half goes through hepa, or high efficiency particulate air filters which remove more than 99 of viruss and bacteria this filtered air is combined with new, outside air before making its way back into the cabin. You have an exchange of new air every two to four minutes. These are the same filters they use in hospitals. Reporter made even more effective by wearing a mask a requirement of every u. S. Airline but not federal law. Shep smith takes you inside the u. S. Air travel system meeting the essential worker, everyone from pilots to taxi drivers all struggling to keep their industry alive right now dont miss speak uppard smith reports, air travel in turmoil, tomorrow at 8 00 p. M. Eastern on cnbc i love that diagrammatic kind of explanation. We have heard that point talked about so much over the last four or five months never seen it so explained looking forward to that tomorrow, 8 p. M. Eastern. Up next your wall street look ahead more big banks gearing up to report tomorrow. A run down of what to expect when we return in the s p 500, own cos even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. My mom, siblings and i faced more than our fair share of adversity. But i believed in a future beyond what others saw. When it came time for college, the kpmg future Leaders Program was there to help. It was more than a scholarship. It was four years of support, mentorship and training. Now, with a degree in animal science, im my familys First College graduate and im just getting started. The kpmg future Leaders Program. Empowering young women to reach their potential since 2016. I wasnt sure. Was another around the corner . Or could things go a different way . I wanted to help protect myself. My doctor recommended eliquis. Eliquis is proven to treat and help prevent another dvt or pe blood clot. Almost 98 percent of patients on eliquis didnt experience another. And eliquis has significantly less major bleeding than the standard treatment. Eliquis is fdaapproved and has both. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily and it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Whats around the corner could be worth waiting for. Ask your doctor about eliquis. Welcome back looking forward to banks reporting tomorrow, guys, in particular bank of america we also have wells fargo and we have Goldman Sachs interesting point from todays numbers was, a, citi revenue, overall down 7 year every year. And b, jp morgan net interest coming down year over year dont bode well for wells fargo or bank of america, both geared to that Net Interest Income aspect investmentbanking revenues and trade revenues were up specifically year over year. Mike san they, either way a lot of head winds. Even if the eps numbers did beat today, clearly not enough to encourage share prices higher. Not enough to change the overall story or perception of this group i think David Ellison earlier made an interesting point. It is not just banks it is pretty much any company that strictly looks cheap but has no real observable growth over the long term that has been neglected. Banks fall into that category. Goalman have a lot of tail winds for the current quarter. Interested in what they have to say about the m a and p l opinion lince down the road. Maybe there is a little bit of a slightly different tilt to what goldman might have to say tomorrow. We have wells fargos ceo joining us tomorrow on closing bell. I look forward to that, all of the rest of the banks earnings. A, what else are we looking for tomorrow we are continuing to watch the markets, earnings and the out why looks. I think the Third Quarter everyone expects to do better than expected. Both from the analysts perspectives and the Third Quarter growth but the Fourth Quarter continues to be a mystery. One of the wild cards is stimulus negotiations and where they stand i keep coming back to this quote from the chief economist of the imf. She said if you factor in another c. A. R. E. S. Act thats what, 2 trillion . I am not insure we are talking about those kinds of numbers but thats a two percentage point increase to gdp and takes the whole double dip recession scenario off the table. Two Percentage Points on global gdp. Yeah. Thats moving the needle quite a bit. Maybe the markets confidence if we get Something Like that within several months if not right away has to be challenged in the shortterm. We are out of time on closing bell. Thanks for watching. Fast money starts right now. Im melissa lee, and this is fast money. A big Bank Breakdown what happened on the citi call that made one of our traders hit the sell button. Apple pulling the wraps off its firstever 5g yirks phones was this the ultimate sell the news event big story in biotech as a Second Company pauses its coronavirus treatment trial. We will bring you the latest on the developing story ahead we start off with big day with theic big banks, earnings season under way
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