Kolanovic, just named number one in two categories, equity linked strategy and added to institutional researchers hall of fame. Its a big billing marko, welcome thank you, scott. Lets talk about where we are now and where we were when you made a big and important call back on march 24th, you said the following many taking into account the unprecedented monetary and fiscal measures being implemented as well unprecedented ambassador et sse over thepath month, our equity target is achievable in 2021 we sit about 4 away on the s p. It was a great call. I know our viewers want to know where you think were going now, though thank you, scott. So we are still broadly positive on the equities. As you said, we came a long way from march our price target right now is 360 for the s p 500. Obviously there is an important cat list so there is a relation based on the outcomes but broadly still positive what is it based on what can people take from this price target, which the team over at jpmorgan, which we know well, bumped that price target up to 3600 to 3,400 just last month. Why . We just bumped it basically we achieved, we overshoot our old price target so when the market pulled back a little bit in september, we bumped it up actually so what is it based on its based on a view both on the sort of recovery of the economy, the reopening we think will happen after election, no matter who wins its also based on still unprecedented monetary stimulus, as well positioning. We think in our analysis points Equity Investors are still below average. So declines actually have for the market should be higher. I want to take the election issue first and foremost what would you say is priced in today and what is not . So what is priced in now is i think a largely biden win and its priced, you know, some level of uncertainty postelection. It is priced in volatility markets. So we think its a little bit of complacenc complacency. We think its a closer call on election, it can go either way we think that actually we wont have sort of the worst case outcomes of some sort of paralysis or something thats going to drag for a very, very long time. So we think relatively soon well know the winner. If there was a contested election, what do you think the outcome would be for stocks . Depends how long it lasts and how disruptive it is for economic activity. If you do have an economic paralysis, widespread protest and violence, it could be pretty bad. We think thats not going to happen we think people will be reasonable and soon after election well know roughly where we stand did i hear you say you think there is a bit of complacency right now . Not only over the outcome of the election but where the virus is. You have cases exploding in europe and certainly parts of this country, too. You know, on the virus side, you know, the second wave is, you know, certainly not as deadly and we believe that vaccine will come relatively soon so whether its a one, two or three month, we will see a vaccine and markets should be able to look to that if you look historical, markets usually look three to six months to certain developments and we think vaccine is pretty likely there is already vaccine in china and russia and a think a few of the companies on our en of the world are very close to delivering some results. So we think basically markets will look to any kind of second wave, which it is less deadly obviously than the first one maybe if you could characterize what would be your more controversial part of your call is this move to value, which you think actually has legs, which i know weve discussed on multiple occasions, at least with my Investment Committee of, yeah, right, ill believe it when i actually see it and two weeks does not a trend make so why this time why is it real absolutely. That was one of our calls that didnt play out this year. We believed in a sort of synchronized recover in january and then we got hit by covid why we think now is actually now when i say now, i mean post election and or with the vaccine. We think that post election, no matter who is the president , economy needs to start reopening. If you look at the sort of situation you have in blue states versus red states or if you look at the programs from biden or trump, we think actually reopening will accelerate no matter who is who is elected president and we will get the vaccine very, very soon so we think those two catalysts will be catalysts for the value. We think its going to have legs and its going to be driven by economic recovery and stevens of a yield curve and vaccine, as i mentioned. So we think kind of third time is a charm and end of the covidd be powerful catalyst there are other drivers. If its a presidency of guidance, you could have a Capital Gains that could be good for value because people will look to sell momentum stocks in low tax regime so there would also be infrastructure under biden we know under trump there would be faster reopening. So we think no matter who weins, it should be good for value. Also positioning is very crowded. People are very much in momentum trade. For sure. I do have my Investment Committee with me. Id like to bring them into the conversation, beginning with stephanie link, who has a question for you hey, steph hi. Hi, marco. For value to work, you need better growth. Given all of this unprecedented liquidity that weve been seeing here to date and probably more to come, do you think the inflation story starts to build into next year and, therefore, support your value argument . Yes we believe that. So we believe with the reopening of the economy, with the economic recovery, you will see the uptick in inflation. Youll not necessarily see it as much in the bond yields but maybe in break even expectations for inflation. If you look at demand now is still pretty weak, if you look at commodities, just, you know, population traveling, you know, going to shopping mall, driving cars, all pretty such subdued. Once when you have a reopening, i think some bottle necks will appear there and youre seeing it in expectations and not in the yields we think thats a good thing for value because value should react to Inflation Expectation and not necessarily yields what do you think the biggest risk is to your forecast the risk to forecast as i mentioned already, one is on some sort of disruptive contention of election that would be one risk thats really what we see as the main risk. Covid, could covid turn for much, much worse, something worse than we saw in march, we think its unlikely. Of course one cannot exclude that possibility but we think thats less likely. So some combination of political chaos and maybe worsening covid could potentially put us in a sort of double dip or w situation. Again, we do not expect that but i would say that would be the risk i have josh brown for you as well josh hey, marko. I was talking to a client who said give me one reason why well see dow over 30,000 in the next couple of months. I cant imagine it everything seems so horrible one of the things we talked about was the fact that every negative catalyst over the last ten years that weve all been aware of, every deadline, every moratorium, every election, theyve all resolved positively. So how about this for a scenario give me a letter grade on this we get one, possibly two vaccine approvals between now and the end of the year, there is a mild amount of election chaos, but we end one a definitive winner in the end, even if it takes the Supreme Court some time in december to decide it, and you get a stimulus and the comps for the first two quarters of next year absolutely demolish the comps for the first half of this year, which would not be very difficult to do considering that half the economy was shut down in that scenario, you could easily see the dow 10 to 15 higher or 3,000 points higher than where it is what would you say about that potential pathway to turn all these negatives into positives over the next few months well, thats actually our base case scenario, i have to say. Agains a again, on vaccine, we will get vaccine. But vaccines are 19th Century Technology we shouldnt be surprised with vaccine. Russia and china already have some results there so thats one thing. On the sort of stimulus, i think we will see the stimulus the question is what kind . Is it geared more toward infrastructure or is it going to be more republican or democrat put it kind of simply. It will be checks its faster. Fraengtly, i wouldnt nkly, surprised if we see it in the next 24 hours so i think well get some stimulus questions, how big, you know. Some volatility will need to decline once we have a bit more certainty after election, whether its a few days or a few weeks but we will get some certainty. Once when the volatility declines, there is strategy, including systematic but discretionary to start adding risk, if not by the sort of mechanical, Risk Management volatility goes down, can you end up with a bit of leverage. What if there is a sizable air pocket beneath technology . Some of the lower tier ones, if you will, the pelotons of the world. Not calling that out specifically but you know the kind of stocks im talking about, which have had immediamec rises. What happens if theres an air pocket to those . Is everything fine with that spacs, what it means to where the overall market is in valuations what do you say to that thats a very good point and probably i should have mentioned that as one of the potential risks. Its a bit more on a relative basis, sectors again, not naming any naigames broadly Growth Stocks and they are largely in technology sectors. They did run a lot positioning is pretty stretched. We are advocating for this rotation into value and sickly calls. Now as you pointed, these sectors are a big part of the market so if this rotation becomes a bit more with some sort of negative sentiment in, you know, or coincides with some negative development, rotation could potentially put pressure on overall market so again, its not our base case we think this rotation happens in the positive market environment where people expect fastest growth and there is a vaccine and a little bit out of momentum but not enough to put these stocks down in the red enough now what youre saying and i do think its a possibility if you do have a bit of a negative back drop plus rotation, given how Big Technology and growth sector is, it could put pressure on the overall market i dont think it leads to some big crash. Its more of a hiccup that we saw, for instance, in early september. But its a risk. Thats a good point. Im trying to think of what degree would virus news be something the market would truly be interested in at a time when dr. Scott gottlieb was saying youre basically a week away, he thinks, from a pretty big pick up in cases. If you do have an exceptionally large rampup in cases but no lockdown in any great numbers, is that okay with the market or is merely a big pick up in cases going to be a big enough scare that maybe it impacts Consumer Behavior and then that does impacts the stock market i tend to be more positive out of consensus on that one i think, again, you see pick up in cases you know, i think our understanding of the disease is improving, our ways to treat the disease is improving market may look to it a little bit and, i mean, people are split in terse of hms of how to do you put a lockdown or not an increasing population is less in favor of a lockdown i look at it a bit more positive we have said in april and may, we said, look, there is going to be a second wave, but its going to be much smaller so now the risk is that its not that much smaller. But so far the data that we track for analytics show at least when it comes to mortality and icu, that that is going to be quite a bit smaller so we think economists should be able to sort of somehow go through it and its a tough time. We dont think its going to basically lead to widespread economic turn down that said, its 2020 so anything can happen what do you make of small caps and mid caps . We get calls thats where investors want to be are you on board yeah. Thats a value trade people trade when they believe in growth. Many of these technologies benefit from lock downs. When youre bullish about economy, about reopening, they go into value and cyclicals so our calls on the value is implicitly call on small caps over nasdaq. We all know so far it didnt work because we did have a lot of lockdowns in economic freefall or slowdown so we think that that trade will work again, capitalists are the same as i mentioned for the value more certainty, more growth and vaccine. Last question goes to jim thank you, marko for joining us this discussion of value versus growth and cyclical versus momentum, do you think were painting with too broad of a brush stroke industrials have a heck of a bid and theres a fundamental reason for it you can easily see financials keep sputtering and reasons for that as well are we painting with too broad of a brush stroke . Absolutely. I think thats a very good point. We at least see two types of value and potentially four but the first two i would broadly call them biden value and trump value. As you mentioned, biden value is tied more into infrastructure stimulus so those would be sort of materials, industrials on one side trump value would be more into sort of deregulation or maybe lack of some of these ideas that are coming from biden and those would be energy and banks or financials so would i split the value into these two camps, one side materials and industrials which are pricing more off a Biden Victory and then you have energy and financials, which are a little bit on the other side and they would do better under trump. So then also you have quality, you have companies which are Higher Quality and lower quality. And then also you have the sort of coronavirus split also within the value as well. Thats a very good point as you said, tears, industries rallied quite a bit on the other side basically, energy and financials are trading where they were trading back in april, which we think doesnt make sense because since april i think we came a long way in terms of virus, in terms of economic stimulus and even recovery from this disaster from the first half of the year we appreciate your time very. Enjoyed the conversation congratulations again on the honor from ings stus stitutiona investor we will talk again soon. Jason, youve had the luxury of listening to all of this. Put it all into context about how youre thinking now about the stock market i agree largely for us we really look to post election what are the bipartisan issues that we feel like will get done and have some impact or challenge the stock market in and what marko just described as stimulus and some form of potentially infrastructure deal. For us we look to consumer stocks that will have an impact from some form of stimulus being passed and some of the industrial and material names that i think will kind of bode well with some form of an infrastructure deal being down as well. Its really interesting, steph, the way that marko broke down one of the key ways to think about where stocks could go, this value versus but specifically within value, the socalled biden values, materials and industrials versus trump value, energy and financials, which i think could you make the case regardless of what you think is going to happen with the election, energy doesnt seem to have much of a bid at all to it and financials keep spinning their wheels, the banks specifically we should note, spinning in place where theres been a pick up in materials and industrials and whether you think thats directly related to the market starting to price in a Biden Victory. Got only a bide general victory but a blue wave, right but i wouldnt necessarily rule out a infrastructure bill if status quo happens that is because manufacturing in itself has had such a large multiplier impact to jobs. For every one job that is relate krooet created in manufacturing, 7. 7 other jobs are created if you really want to get this economy back where we were and got unemployment down further and really make inroads there, you just focus on manufacturing, along with all these other things weve been talking about in terms of the liquidity spigot to be on i actually think theres a big difference between cyclicals and value. Cyclicals are going to win some are in the values industry, like industrials, financial, material, discretionary, right i believe if you think all this liquidity is going to continue to help the economy and if we get more, it definitely will not every piece of the economy is doing well but i think manufacturing will continue to do well. Those are definitely cyclicals, auto will continue to do well. Hous housing. Look at the housing numbers we got today. So all of those are cyclical, right . So you could tell me some of the travel and leisure and Hospitality Companies are value but i think theyre value traps until you can reopen consistently doesnt sound to me jim look, you sold chevron and put that into petroleum. What do that say about where you believe this value trade is going to go . Great question. The answer is that particular trade says i dont care about where it goes. What ive done there is ive taken a mack tro economic stock, chevron texaco, theyre going to go up and down with the production of oil. Marathon petroleum is very much a single stock with a story behind it. Theyre selling their gas chain speedway for 21 billion cash, their market cap is 20 billion, enterprise value is 50 billion thats a stockspecific story i can get behind im very tired of this value versus growth and fiscal stimulus is on and off youre tired of it because you keep trying to pick value stocks that its going to have its moment in the sun, jim its true that i have value stocks, its true that i have a balanced portfolio as well ive got plenty of growth tech stocks youre not listening to me ive got plenty of growth tech stocks, ive got apple and google i want to be a stock specific picker here. I dont want to make a bet on whether the stimulus is coming or not lets move to what some are calling the biggest antitrust case of this generation. The department of justice suing google, alleging it abused its position in search and search advertising. Everybody owns it. Well start with jason what do you think about this google specific and maybe what it means to overall cap tech as i kind of look through the case and look at the major ten t tenets behind what theyre p proposing and how does it affect consumers and competitors . The first base case to put together for the case of how it affects competitors, theres a larger case for that google is a free service if you look to the Microsoft Case 15, 20 years ago, breaking them up boded well for microsoft. This is going to take some time. Well see how it plays out for me it doesnt mean its not a Material Change for us in moving out or adding to the name right now. The market seems to agree with you josh, the message today is this is not unexpected and theyll get through it, pay a fine, whatever they have to do if it gets that far and then google will be fine, a fine place to invest your money. Is that your read . Yeah. Like if you run out of ambiene tonight and you need to get some sleep, read more about this antitrust thing its one of the biggest nonevents ive ever seen and the stock is green on the news everyone knew it was coming, number one, number two, everyone knows the timing was politically motivated. This was trumps promise, he was going to take on big tech, whatever that means and they got a couple of states to sign on. Basically what google says about their competitors is true. Competition is a click away. This isnt like they have a monopoly on the railroads and you have to use their cars to ship you are welcome to go use bing i guarantee you if a page popped up every time you opened your computer and it offered you those two options, you would never use bing thats why 80 of the search is on google. Number two, half of all shopping searches are begun on amazon, not google so there is legitimate competition. Theyre just better than everyone so im in the stock. Im not planning to make any changes. I assume this will end up being a multibalanced fine and maybe theyll have to build in ways to are people to use duck duck go or whatever nonsensical competitors exist. Life will go on. Let me ask you this, josh to the degree that google or alphabet has underperformed its mega cap competitors, does this do anything to jump start it to get back to where those other stocks are it has been an underperformer for one reason i get it, the economy and advertising and things like that but if youre looking for a catalyst to get that stock back, so to speak, its still up 15 or so year to date, this doesnt necessarily help you right i dont think a department of justice antitrust suit is going to be the catalyst that helps the stock thats my point thats my point. If youre looking for something to build a case that google can get closer in performance to its mega cap peers, this hurts your case yeah. If nothing else it will be tough. Ill tell you why. The larger google gets and facebook will run into this eventually also, the larger they get, the more they require actual Economic Growth around the world in order to continue their growth rate. Because eventually they become such a large part of the Global Advertising market so for the last 20 years theyve just been eating into that market but now they are the market, between google and facebook, its a duopoly, at least online its very hard to be this size and still find ways to grow 20, 30 a year and drop 20 in profits. It becomes very difficult. Now will any of the things in the quote unquote other bets category becomes stand alone businesses or interesting to investors . Perhaps. W waymo, they have a hangar. They dont have a trillion dollar to throw at these projects we dont know what else google is working on. That could be its next youtube we just dont. Thats why i have the stock. Let me take a quick break well come back up next. Uber is trading at session highs now. Can you always watch or listen to us live on the go on the cnbc app. Back right after this. Welcome back, everybody. Im sue herera the National Security agency for the first time linking Chinese Government hackers to a number of known vulnerabilities the agency says chinesesponsored attacks are a critical priority in need of urgent attention in houston, two officers were shot before a s. W. A. T. Team was sent to the scene. Both officers have been taken to the hospital officials have not yet commented on their condition britain reporting another 21,000 new covid case today, just short of the record set earlier this month the daily death toll shot up to 2,243and shoppers are planning to visit fewer Retail Stores than ever this Holiday Season in a report from deloitte the average consumer will visit five stores down from seven last year many citing the pandemic as the reason why i appreciate that, sue. Thank you very lets look at shares of uber trading around session highs as the ceo is saying the recovery in rides is being led by asia but u. S. Vol uumes remain down also prices are set to rise in several large cities and up to 100 in small cities in california, that if prop 22 fails. Josh, you own it who knows whats going to happen at the ballot box in a couple weeks from today how do you view those comments and this stocks move today . Im in the name this is one of the stocks i doubled down on this spring while it was getting crushed because of the virus and i really didnt expect a quick recovery here, but i will tell you i do think there is a future of people actually meaning mea needing to get into a car and be taken somewhere. And uber on the other side of this is going to look more and more like a utility that the world needs than people realize at this moment in time thank god for eats eats kept the Company Going through some pretty dark times and i this i thnk that will con. If and when we reopen, this will be one of my alltime plays. I wouldnt be surprised if the stock is not much higher this time next fall interesting as were watching uber shares up about 7 . Jason, you bought auto zone and wayfair. Tell us. I did i did. So auto zone for us, you know, we looked at it, you know, kind of along that Consumer Discretionary theme. Gross sales are up prior to year 14 , 21 growth in the quarter, which is historic since the best quarter since 91 when they went public and then i think theres just some fundamental tail winds there. Were driving more you see whats going on with the Airline Industry gasoline prices are lower. I think those are just great movements for the stock. And then the other one was wayfair. Wayfair, ill be honest with you, we missed the early part of this its momentum for us i do believe that the stayathome theme or work from anywhere theme, theyll continue to benefit from that and at brick and Mortar Stores close, wayfair will again fiben. Coming up, Brandon Copeland joins us mu me, tchorhe professor is in the house next on the half. We gotta take off. You downloaded the Td Ameritrade mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. This was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. New and exciting chapter. Across muticloud, apps, data and security, we focus on solving the business problems of our customers with technology we are a type of company the market has not seen before. Going public will further invigorate our mission to embrace technology, empower customers, and deliver the future. Welcome back i want to call your attention to stocks, which you can see have made a bit of a move higher on comments from speaker of the house nancy pelosi that she is optimistic on stimulus that the economy needs and her conversations of course continue with the treasury secretary. Well see if they cant move the football toward the goal line a little bit closer. Those comments seem to have given a little bit of a boost for stocks highs of the day for the dow good for 254 points, i just showed you the s p, the nasdaq was getting a nice little bid as well on a story we all continue to watch very closely. Cnbc has partnered with acorn, the savings and investing app on a Financial Wellness and Education Initiative called invest in you, ready, set grow a member of the new England Patriots is partnering to hold a town hall on money during this pandemic good to see you. Welcome back always a pleasure how are you doing . Im doing well. Havent talked to you in a while. Well get to the Consumer Protection things in a minute. Can you tell me in general how this whole covid episode and saga has impacted the way that youre thinking about money these days and the message that youre telling players who youre speaking to it about and those youre approaching yeah, like i think like millions of americans and even looking at not even just americans, just everyone in the world right now, you never know when your last paycheck could be so i think given the sport, the violent sport that we play as football players, thats always the case, but now, i mean, weve seen games be postponed, weve seen games be pushed back. Theres a lot of us in the locker room who dont know if well finish the season in its entirety i have faith that we will, however, it just echos the fact that you need to be preparing for the nut afuture or be prepag for a shutdown or loss of income at all times youre thinking about your own money differently these days for me im not a big spender so for me its kind of the same. I try to look at the glass as half full and think of the places where we are winning as a result of the pandemic and shotdowsho shutdown were saving a lot more money on travel and eating out. Im trying to double down on certain things, pay off as much debt as possible and find new investments to think long term you mentioned there sort of in passing that you are optimistic about finishing the season patriots have had, i think, five positive tests to this point what are the last few weeks been like for you cam newton obviously one of the most highprofile people in sports to test positive, certainly in the nfl whats the environment been like around the patriots . Yeah. I think its a test of everyones will power, maturity and preparation. One on the football field but more importantly, i think off the field. It definitely once you get that type of news, you know, you start replaying in your head, hey, was i around this guy, how long was i around this person, all of those types of things but ultimately the team has done everything they can to keep us safe, keep us distanced. Were following all the protocols, wearing our masks all the time, even during practice at times so, you know, were just trying to hone in on the things that we can control and understand that there will be unfortunately there will be moments like this that, you know, scare you, you have a job to do and ultimately you have to get it done. Lets talk about the cfpb thing youre doing, this town hall congratulations on that, by the way. Whats your message going to be . Yeah, yeah. I think when i found out that millions of Americans Still have not received their stimulus checks, some dont know that theyre eligible for them, some dont know how to go and get the right information so that they can receive them, that to me was frightening. So im team ing up with the Consumer FinancialProtection Bureau and were going to talk through all of the resources, mortgage forbearance and Money Management to help people get through this pandemic. Pressure busts pipes but it also creates diamond. Go to register completely free, share it with a friend and come bring your questions so we can dive into these resources you are entitled to. We wish you well. Were proud of what youre doing. Stay safe. Likewise. Go to cnbc. Com invest in you. You can see brandon sit down in a virtual town hall at next tuesday at 7 p. M. Called precious creates diamonds, Money Management during coronavirus. Go to cfpb. Gov town hall and Nbc Universal and comcast are investors. Coming up, General Motors, one of our investors owns that stock. Well debate it 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. Shaped by technology chand human ingenuity,s. We can make it work for you and your business. Expectand action. 16 people died did he catch our bad guy . Were know as the charmed ones. You got one day to show me what you got. I want to fight. You need us harry. What a goal bockey ball, hockey ball, you name it ball. Im gonna be ready. Just say show me peacock into your xfinity voice remote or download the app today. Gm shares rallying after announcing it will invest more than 2 billion in ev production the question is does farmer jim still appreciate it . Yeah. Very much so, judge. Look, theres a lot of things going right for gm the electric Vehicle Business that theyve got is actually a viable contender tesla is the market leader, we know that, but gm is a viable contender in the space an autonomous vehicle, theyre operating Driverless Cars out in san francisco. Theyre, again, a competitor there, this time against wamo. I think underneath this you got to recognize auto production is picking up mightily here were just a few percentage point away in terms of monthly annual sales in nor america from where we were at the beginning of the year. And lastly, im wondering if gm puts their dividend back in soon they took it out back in april when the pandemic and recession were at their worst but things have improvedpermanently i think they have room to install that dividend. Okay. Nice move. Copper is trading at its 2018 highs how traders are playing that move next on the half. Are you a veteran . Do you have a question for the halftime Investment Committee . Email a video with your name email a video with your name and rank,. Tools, cattle, grain, even shells represented value. M c you can be featured on youre special show on veterans day ale into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Welcome back time for the futures outlook copper hitting its highest levels since 2018, up more than 30 . Lets bring in brian baruh and john stutland. Good toy sao you, guys brian, you first where does it go from here Strong Demand out of china is obviously driving this here. Hopes of a u. S. Stimulus and infrastructure spending. Lets not forgot the chinese uan. We do have a breakout on the hand above a trend line from 2007 and we pulled back and tested it, very constructive but dont get too excited too quick because theres a nice channel. Draw up from the july highs and august lows were running into today. Still rangebound but i do expect it to break out after the election and into 2021. Stuts yeah. I mean, when you think at cooper and look at the manufacturing picture and some of the good numbers were getting out of china here, if the economy starts to get back on track in 2021, if we get a vaccine and things start to move along, so much money has been pumped into the system seems like every commodity is taking a turn and breaking out to the upside as weve seen that go on this whole year from lumber, copper, gold, whatever that is. Someone has a turn to break out. Its now coppers turn i expect an upside objective here of 340 on copper. I think the breakout above 310 after this little bottoming process as youre taking a look at it over the next month or so, the next breakout level would be resistance at 340. We can get there by the end of the year the bull market and money being pumped in, if we get a stimulus package passed this week or after the election thats going to move copper to the upside. Good stuff. Thank you. lta tyowel lko u soon well take another quick break and come back and do final trades at calvert, we know responsible investing is hard. If youre concerned about the environment and climate change, how do you find companies that are driving the right outcomes . If you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities . For nearly 40 years, calvert has delivered competitive returns by investing in Companies Making a difference because we see value in doing good. Talk to your Financial Advisor about investing responsibly with calvert. Uber and lyft are like every big guy ive ever brought down. Prop 22 doesnt help their drivers it denies them benefits. 22 doesnt help women. It actually weakens Sexual Harassment laws, which are meant to protect them. Uber and lyft arent even required to investigate Sexual Harassment claims. I agree with the la times no on 22. Uber and lyft want all the power. So, show them the real power is you. Vote no on prop 22. Adapting. Innovating. Lsetting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. 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. Lets bring in rahell solomon who is watching a number of big social media names. Reporter all these revisions are on spend jeffries is suggesting that investors may see a big beat tonight. Their texts indicate greater ad spend each month despite management concerns that backtoschool could be a headwind target here goes to 36 and 30 respectively snap and pinterest, by the way, scott, hit 52week highs jeffries raising the price target for google. This goes to 1850 from 1,800 twitter sees its price outlook raised by jeffries, evercorp and rosenblatt noting that conversations with advertisers lead them to raise their shortterm estimate but they are more conservative for 2021 with jeffries echoing that twitter remains a showme story and facebook which you can see is up almost 2 , so getting a price target increase at jeffries, rosenblatt, Credit Suisse and evercorps raising their price target with Credit Suisse pointing to higher ad spend across instagram with the stayathome platforms scott . Stephanie link, twitter what can you tell us twitter, i mean, the riskreward is not as favorable as it was going into last quarter. 43 up in the last quarter it trades at only ten times 10. 1 times price to sale and snap trades at 21 times so a big discount and i still like what they are doing in terms of the momentum and monetizing their daily active users remember last quarter was up 35, so i think the momentum can continue, and i hope that they are going to continue to be disciplined on expenses. They did a very good job last quarter. I hope that continues, and i think it will. I also like it. Good stuff. Lets do final trade. Jason, start us off. Good to see you again. Good to see you activation blizzard is one for us gaming engagement is at an alltime high, refresh of call of duty heading into the Holiday Season we like it. Farmer jim . Yeah. Goldman sachs a little bit of news today that its putting the one mdb scandal behind them. Not so tied to the Net Interest Margin i like Goldman Sachs right now. Josh brown . I think farmer jim is going to make money with General Motors gm looks like its headed higher no real resistance until about 41 or 42 it. I would buy it here. Steph, you got a quick name for me marriott, its a reopen stock. Have to have patience but i like it. Good stuff, guys. Well see you. The exchange is now. Thank you, scott, and hi, everyone theres a lot ahead of us. The doj is suing google and asking the court to address what they say is googles grip on search what could they do, and how much will it matter to the company . Well debate and get into that plus, checking it twice. The number one retail analyst on the street for the seventh time joins us with the names on his Shopping List this strange Holiday Season. And here comes netflix the hummer gets electric and is tesla having trouble in california its all ahead, but we begin with the markets dom chu ha