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Lets bring in our guests today, arguing that stocks might not be so close to new highs for very long mike wilson, Morgan Stanley, back with us good to see you. Glad to be back. 10 correction is the most likely outcome why is that . Its a continuation from the call we made in september where we got a 10 correction. We walrallied back all this comes back to our framework. We look at the valuation its pretty full volatility has picked up because of the events they know are out there, whether its the virus, the second wave, or the election the premium we believe is a bit understated from where it should be thats all were saying. Its full here these risks are not going away for the next 30 days theyll be with us so, look, the range we put out in august, 3,100 to 3,550 holds. Were still bullish on the vshaped recovery, the call we made a while ago we think its a new bull market. But its risk reward and the risk reward for the upper end of the rage is not that good. If the facts change, couldnt that change . Larry kudlow was on our air this morning saying its an optimistic morning things are moving in a favorable direction in terms of stimulus what happens if you do get an 11th hour deal maybe youre not going to have a contested election like we thought in september when you made that call who knows whats going to happen facts could change framework, right . Of course the framework incorporates the facts. If we get positive outcomes on all these things, yeah, then we can revisit whether or not we can break through that upper end of the band. But we dont know the answer to those. One of those variables is fiscal stimulus, as you mentioned, and we can make progress by the way, we think well get fiscal stimulus, if not before the election, well get it after the election early next year but theres also the second wave and the virus, which looks like its going the wrong way. We could semin any lockdowns of the economy if that progresses and we deal with the seasonality. Weve come a long way. You know, the framework incorporates all that. We cant tell the future i wish we could. The framework incorporates the risk reward of those outcomes. Youre saying if we get stimulus before the election, you really think stocks are going to go down 10 probably not. If we get a big enough package people can believe in, that probably wont happen. Do you know were going to get that doesnt seem likely. Even if they come ton agreement in the next couple days, it still has to get back to congress and take the vote a lot of folks are on the road now campaigning for individual races. So, theyre running out of time. We dont think it will get done by the election but we could be wrong with that. Maybe a 40 chance something gets done prior to november 3rd. How do you want to protect yourself then . If were expecting a 10 decline as the most likely outcome, what are we to do well, theres not much look, were still bullish on the outcome ultimately all were telling our clients is, look, this is not the time to be overly aggressive. We felt in the last couple of weeks people were getting too excited about the outcome. We pressed up against the upper end of that band last week and that was the point where we just told people, hey, walk it back a little bit. That was back on columbus day. Thats been right. We have pulled in from there its not were telling people, dont go wholesale back down their risk in front of the election were saying, this is the time to temper your new purchases and be a bit more disciplined about your entry points. We think well get that. What do you think is priced in in terms of the election and what isnt this is a hard question to answer specifically, but what we see in individual securities and Sector Performance is theres definitely been a Movement Towards a blue wave outcome. When we talk to clients, theyre buying into that now, too. Let me explain specifically. There would be stocks that would benefit from a new green deal, stocks that benefit from environmentallyfriendly new environment. Those stocks have done well since the summer when it became clear that joe biden was becoming more of the favorite and in the senate race as well democrats were making headway. If you looked at financials, an area we like, quite frankly, great earnings we think rates are going up. The market is nervous about what the Regulatory Environment will be under a blue wave we think thats Holding Stocks back same thing for energy. On the other side, technology stocks, we saw obviously the department of justice this week against one of the big platform companies. And that stock didnt trade up why is that . Because the market is saying, well, there could be a new department of justice in two months lets not worry about that right now. Clearly the market is leaning towards a blue outcome, i would say. But not with 100 certainty. Cant be certain about anything we learned our lesson there. Ive got the gang all with mre, as usual mike, i want to bring in rich saperstein, one of our Investment Committee members rich, youre holding more cash than usual does that mean you agree with mike wilson . Do you think were going to have a correction in the coming days, weeks or what have you no, but i think mike brings out good points about all the unknowns, whether theres going to be a blue wave, vaccine, no vaccine, rise in covid or not. A higher or lower taxes Going Forward. I think these are all the unknowns weve got to look through and have a longterm view and take advantage of the opportunities that are going to arise in a postcovid investment world. Such as a bricks to clicks theme. Tech is still going to be scarce tech is going to have value and investors should focus past these near term uncertainties and look toward the new investment world were going to be in post covid. Steve weise, do you have a question for mike wilson mike, if i hear you correctly, youre saying we could have a 10 correction. I agree. But theres really nothing to do because markets go up and down you could walk in any day and see a 10 correction if you go back over your holdings and you think of any period in time where you thought the world is coming to an end because were down 10 , you made a mistake. So what youre really doing is making your investors aware. Your clients aware that this could happen, and most likely scenario right now, but youre not recommending changing your positioning for the longer term, is that correct . Look, you understand as well as anyone, youve been doing this a long time people get nervous around these events so, part of our job as advisers to clients is to say, look, were expecting some volatility. Its going to get scary around these events we want to make sure you understand this is a bull market we want you to stay invest haved, to your point we want to try to call that out ahead of time. Prewarn them this volatility is picking up so they could keep their head on a swivel and take advantage of opportunities, like weve done in september, and like we did earlier this year. Thats the real goal here is to keep people levelheaded as we go into what are going to be some emotionally charged event, whether its the health scare or second wave or obviously the environment around a very contentious election. Theyre interesting and i think thats a phenomenal call. Yeah, but, i mean, it comes down to a possible outcome versus the most likely outcome thats the point where i think is worthy of having a good deabate over, whether a 10 correction, joe, is really, to quote mike, the most likely outcome near term for stocks it is the most likely outcome if we have a contested or delayed election in addition to that, and this statement will lead to a question for mike, if next week we begin to see the big five, the facebook, the alphabet, amazon, microsoft, if we see them pricedpoorly and in thinking about that, understand that month to date the s p is up about 3 well, that correlates with a move 17 basis points higher in the tenyear treasury. The question, mike, becomes, which is the more likely scenario, that yields continue to rise and, thus, investors who have been hiding out in bonds leave the safety of bonds and go into equities, or is it that what was bond proxies, these mega cap growth and Technology Names that people were hiding out in, as yields go higher, people flee out of those equity names. Which is the more likely scenario yeah, look, lets get past this nearterm view and say, whats the next sort of moneymaking opportunity look, we do have a pretty out of consensus view with back end rates. We think rates are going to move up significantly we used the analogy to 2016. Were kind of being hostage by the event of covid plus the election, where in 16 it was brexit and the election. Once you get past those and people have more visibility on the outcome, which we think will be constructive in both, meaning well get through them, thats when rates can really move thats part of our 10 correction view as well, which is that the equity with premium should be shouldnt have a buffer in it for that adjustment, which we think could be significant on the order of perhaps 100 basis points at the tenyear level. When that adjustment happens, by the way, well hit those defense oriented securities, longterm securities, then we can move forward. So, the rates view is part of this uncertainty as well we think were into that vortex here if we get a stimulus before the election, i wouldnt be surprised if rates moved up significantly more than what people are thinking. That could be another reason why the market maybe to sell the news temporarily on that fiscal stimulus which seems counterintuitive lets look past the nearterm period we think the pitch investors should be considering Going Forward is you should be concerned about longterm assets and the opportunity is going to be next year where the operating leverage is going to be the greatest in terms of earnings. That would be reopening stocks, some cyclical area and thats what were really trying to zero in. Where is that next fat pitch were waiting for it to come to us and then well swing. Im confused about one thing. Near term is the the words you use, near term but now youre talking not so near term. What is your definition, mike, of near term how should investors be thinking about this call . Again, this was your call in september. Here we are halfway through october. Twothirds of the way through october. So, what is near term . Probably past the election. Lets say towards thanksgiving, another month or so, six weeks the whole period is a threemonth near term. Three month is near term 12 months is the other thing, though, is if you get this potential for rising rates i think joe raises some really good points if you get is somebodys alarm going on of . If you get these rising rates and you get a move into value, but then next week these Mega Cap Technology stocks really deliver on their earnings, you really think that these things are going to lose their momentum im just trying to figure out how the market is going to go down 10 im not sure if someone has their volume up. Im sorry to have to do this if you have your volume up, can you turn it down because im hearing myself on your tvs or whatever how is the market going to go down in that environment it may not. Once again, were not saying with 100 but you said most likely. People say, take the most likely outcome. Look, scott, we have to try and predict the future before it happens. Were trying to give advice. Its the most likely outcome not a guarantee. By the way, either way, whatever happens or not, the risk slooish reward at the upper end of that band is still not attractive to be adding new capital. By the way, thats worked. So up around 3550 weve been rejected twice, so that makes sense. At that point its kind of a fade at the lower end of the rage, we want to be adding. This is not march and april when we were raging bulls saying, you know, dont worry about whats going to happen. Its so cheap, you have to be adding risks now, were full on valuation going back to my framework were being disciplined around a framework rather than being willynilly getting dragged around by daily price action saying they were up, im going to buy they were down, imgoing to ge worried. Thats what the framework does, keeps us even keel. You have a question for mike . Sure. Mike, we both have been in markets around elections before. And i just want to frame this in a couple of ways if we go back to four years ago, people made bets about about the outcome of the election. Very few people thought donald trump would win. The market had some predicted sense of how the market would fall and anyone who acted on those impulses had made a mistake. It feels as if when you make decisions about. The market, very close to an election, perhaps, moving because of some expected results. It feels as if thats quite ricky of a move to make here but if we look at other reasons, so theres one, is this sort of a market related to the prediction of an outcome, if we think about what it is by market, the tech names, the digital names were expensive as they went into september they got up in that nosebleed territory and then they came down so, you saw aprille, facebook, paypal, whatever name you pick, they all corrected and up until the beginning of october, we had an extremely narrow market. Still, 38 of all stocks have outperformed the s p right now for the month of october, its over 60 so, weve had a Broader Market and the multiple of the s p has been driven up by some of the biggest tech platform names that have high multiples. The rest of the market does not sell for 25, 30, 35 times earnings theres a lot of stocks in small and midcap territory that are trading at below a market multiplier theyre in their teens those are the names if we can just see the chart that vin produced, they are up 7. 5 , 6. 5 this month compared to 2. 5 for the qqqs and s p so, isnt that some sign that the broadening of the market and the fact youre seeing a move in the names that have so dramatically underperformed the market, underperformed the big cap names by 20 this year or more, thats a positive sense, i think, about the market. So im wondering how you sort of square that with your point of view here . That was a long windup, mike. What about that, the broadening of the rally, if you will . Although people are really still trying to throw cold water on this notion that value is really back but what do you think . , no its the right question. Its not value, its thats been our call, by the way, which is that we think our call on the 10 correction is that the s p 500 market cap weighted s p weve had a view for several months that we think its time to own the equal waited s p as a relative opportunity its the same thing you were just saying. Its broadening out. Its our call. Thats why we like small midcaps over large caps. Its the same idea you could have a 10 correction at the s p level while theres a raging bull market going on on under the surface in these areas underappreciated were saying the exact same thing. Its a bit of a nuance in there, but thats our job our job is to find those nuances. Thats how you make money. Thats how you generate outcome. Youve done well finding them you have well talk to you soon i like the conversation. Mike, thanks mike wilson, Morgan Stanley. Lets talk about the things youre doing rich saperstein, i go back to you. Tell me about these new buys you have in both verizon and walmart. Verizon, by the way, has been down a handful of days like at t at t is down nine straight days. Verizon is down Something Like six. One of our investment themes is that home bodies need more content. Verizon will be the backbone of that through mobility, 5g, and delivering all the content into everyones home. So, we want to link up with various companies that will basically serve the home bodies. In terms of walmart, we see three great names to own in the retailing space. And theyre both online and box. So, it will be amazon, walmart and costco basically, we wanted to add to our position in walmart to round out the exposure in that retail space. The stocks youve sold are adp, cvs, chevron, gilead and kraft heinz. Tell me about about the standouts there, why you bailed on those oil we think is not going to happen and were oversupplied there will be consolidation in the industry and we wanted to get out of that Industry Group we sold some banks and part of that was to move more into a theme of cash money to emoney, meaning that Going Forward in a postcovid world, we want to be linked to the merchant aquierrors, the payment processors and the backbone of that epayment system. So, we added visa, fidelity, financial, and we think that moving from the Traditional Bank model to an epayment model is going to be adopted in a post covid environment. Its interesting, though. If rates go up, you dont think the bank trade is going to change at all . Were not worried about rates going higher i wanted to ask mike the question theres 17 trillion of negative debt around the world. And our recovery is, in our view, slower than anticipated. There will be a lot of bankruptcies and foreclosures Going Forward. The takeup in employment gains is slower than anticipated so, we dont see inflation returning nor do we see rates moving higher. So, i think theres time on owning the banks which, by the way, put up some good numbers this last week but when rates are where they are, you request see even with the good numbers that bank stocks dont do anything joe, you sold eli lilly. Why did you do that . I did you know what im about to speak of when i said i was angry i wanted this trade to work so badly. Its a name ive held onto for some time. I had a ask halftime question two weeks ago and i mentioned this was the area Risk Management takes over. The story becomes complicated on the Quality Control issues that the new jersey plant the stock, which was 170 in july has broken below its 200day moving average i do not turn winning trades into winning trades. Thats a recipe for a portfolio failure and thats the reason why i angrily sold this stock today. You cant have a book that says buy high and sell higher if you do what you just said you didnt want to do, right exactly but sometimes you get a little emotional. I wanted this to work. I hear you. No new moves for you we had bought fortive, an industrial Instrumentation Company and it spun out so vontier is a new name for us we havent bought anything the last things we have done, we trimmed a little twillio and both United Health care and fortive. Those are more defensive names but they are working we dont trade a lot. You painted a whole rosie scenario for mike wilson about this broadening out rally. Couldnt these things work but youre not putting much money behind that. Well, were pretty fully invested we stay fully invested all the time our development is growthy and weve made very, very good gains this year with names like paypal and facebook, apple, some smaller names like s p global and sher win williams. But you have to at some point sell some gains and we look to other places where we could redeploy the money that hadnt moved very much and industrials and United Health care thats a great name that had been beaten down because of concerns about a democratic sweep and probably too much. It was a name to sort of show up on our screens and we decided, buy it i also think that the growth trade is going to continue to work i dont think forgive me. I just think you have to be careful. Forgive me for interrupting you. I want to call to attention that the stocks have a little spike the House Speaker is on the tape saying she wants a stimulus deal before the election. So, there was some suggestion that maybe you should strike a deal over the next 48 hours, although it was a bit of a rolling timeline on that larry kudlow, the president s top economic adviser in an interview earlier on our network said it was a positive morning, and things were moving in a favorable direction. Stocks seem to be moving in a favorable direction, at least for this moment. Forgive me for interrupting you. I wanted to get that news out. Finish your thought, if you could. This plays into the whol conversation about where stocks could go and how stimulus plays a role in either direction of that. Yeah, well, i was just saying that we still believe in the growth trade whether its a low Interest Rate environment. Even if rates come up somewhat, people are still paying for growth the market isnt going to go higher unless the big growth names participate. But as they get more expensive, you have to make portfolio decisions and a Broader Market means there will be more companies and industries that participate in that trade. Industrials wasnt working now its working the financials had good quarters if we continue to see good results from them and the economy looks like its going to come out of this, we get closer to a vaccine, the financials can participate. So a broad market is good generally. Its just good for the market. We were getting a little too narrow and too steep on some of these the platform names, amazon, google, netflix. A day like this, my last thought, when we hear the Justice Department is coming after alphabet and that stock is up today, that shows some optimism on the part of investors. Well take a quick break. Take a look at this mystery chart, up over 35 in six months its an auto stock and just got a big upgrade to buy is it too late for you to jump in we debate that in our call of the day. Welcome back, everybody. Im sue herera heres your cnbc news update wisconsin saying more than 75,000 people cast ballots on the first day of early voting. Thats in addition to the more than 1 Million People who have mailed in their ballots. Across the nation, an estimated 40 Million People have already voted. Thats almost 30 of all the votes cast in the 2016 election. In new york, state officials confirms more than 2,000 new covid19 cases today that is the most since may and part of an increase in infections in many parts of the northeast. In afghanistan, at least 15 people have died in a stampede of people rushing to get visas to neighboring pakistan. About 3,000 people had gathered outside the pakistani consulate to get visas used to travel for work, education and medical treatment. And for the first time in 15 years, atm fees have fallen. Bankrate says the decline was driven by temporary fee waivers during the pandemic. Go to cnbc. Com to see which other kind of bank fees have, unfortunately, increased this year youre up to date, scott back to you. And the ones that will be coming back that went down because of the pandemic. Thats exactly right. Its skewed because of that. Its too good to be true. Thanks, sue advanced auto parts getting a big upgrade today. That was our mystery chart rahel has the details. After auto nation had its, quote, best quarter ever, Raymond James is upgrading auto parts 175 a chair the analysts saying this is a more fundamentally sound company than perhaps any time this century and thats thanks to restructuring effort and they expect a knee threeyear plan will energize the stock. Advanced auto parts operates in markets with heavier lockdown measures and analysts think they should benefit as the regions have largely reopened. They are calling for 9 , much higher than the consensus of 3. 6 the industry overall is doing much better than expected. Jim cramer pointing out this morning that the auto market is in bull mode Advance Auto Parts has been creeping higher, up nearly 37 the upgrade today giving it a slight boost, up about 3. 4 . Rahel, thank you. Kr likening to housing, whats going on in the auto business. Steve, you own ford. No one owns advanced auto parts. Autonation, alltime high today, knocked it out of the park steve, you own ford . Yeah, i own ford. Covid is the benefit, and there arent many benefits of it at all, shut down production for the Auto Companies globally. So, what happened was when people decided, hey, i dont want to take mass transportation, im going to buy a car with Interest Rates being so low as well, theres nothing to buy so, now that cars are coming bark the Auto Companies dont have to offer the incentives they were offering so, youre seeing a real pickup in car sales as i mentioned before in the show why i bought ford was because the f150 had its best month ever youre seeing suvs having the best month ever. I think the autos continue to go jim cramer is right, thats how you measure the health of the economy, housing, and both are working well right now. I do its interesting. Morgan stanley, five reasons why General Motors stock is charged up joe, i wonder if youre trying to get a read through to overall strength in the economy if housing and autos are really a good tell or if theyre just more a play on how people are living their lives during covid and will on the other side of covid. If people are looking to leave cities sure, theyre buying houses. If people dont want to get in other peoples automobiles or take public transportation, theyre buying vehicles. Is that an overall sign that the economy is rip roaring no, its not. Those at the upper end of the economic recovery have the ability to go out and to spend on housing and to spend on autos. For those, this is the early innings. Jim cramer is completely rice and so is Stephen Weiss and ill be mining for names in the Auto Industry i would like to own. Like what jim mentioned ppg thats all alltime highs. Oreilly auto parts youre going for paint . Yes, paint. Oreilly automotive, another name you can own i know jim mentioned Lithia Motors they sell, they service, they finance. Lastly ill introduce a new name theres a Company Called Sensata Technologies the Ticker Symbol is st. Its got a mid20s pe. They deliver the compressors, the components, all the needed electronic parts for these electronic vehicles. Thats a name i would take a look at also. You throw out a lot of names. You like oreilly, you like ppg, you like sensata, you like lithia but you own none of the four. Last week we had the conversation i think we had an upgrade on magna, if im not mistaken at that time i looked at ppg i was going to shuffle the portfolio, step in and buy ppg i did not. After this mornings autonation report, which was compelling for me, listening to jim cramer, im doing a lot more research on it. I think there is some early inning equivalency to housing. Ill do further research and see what screams high and give you a name. Lithia, the ceo is going to be with jim tonight on mad money, 6 00 eastern time. An exclusive interview. Well ndutbo wssfi o autei new buy. You can listen to us on the go on the cnbc app. clapping hey, you alright . Find the nonpartisan facts behind the real stories at usafacts. Org with this seal, this restaurant is committing to higher levels of cleanliness. The expertise that helps keep hospitals clean, is helping keep businesses clean too. Look for the ecolab science certified seal. Dont settle for silver 1 for diabetic dry skin 1 for psoriasis symptom relief and 1 for eczema symptom relief gold bond champion your skin welcome back i mentioned we were making moves on our show today in the Investment Committee steve weiss, you just got stopped out of peloton, ive been told. Ive mostly been in it over the last number of months, and i had a 130 on it, which i typically dont do with core positions, but the companys got over 30 billion market cap while the future is bright, my diligency with the wait time and its up to 12 weeks, so the fundamentals are still great, but ive got too many positions. So, its not a commentary in the company, but i just thought it was prudent to take profits. You had another price increase today. The stock is immune to price increases at this point. Its not trading up at all shares are down 3. 75 it was a new street high, 160. Reiterate overweight at key bank if you want to have a conversation then about some of these other highflying, highgrowth names, pinterest got two upgrades, goldman to a buy and bank of america to a buy it also raises the ante, if you will, going into a big week next week joe mentioned the mega cap tech. You have other growthy tech names also reporting i wonder how the stakes will be raised, especially after what fastly delivered a few weeks ago. Really disappointed and got hammered etcy and twillio etsy, service now, shopify, all those names report next week can you say high bar, joe . Very high bar if you think back to july, scott, netflix started off the hypergrowth equity names with what was a disappointing quarter. It was pressing towards 600, disappointed, fell back below 500. Guess what saved it . All the names you just mentioned plug the faangs. Are they going to be able to do that next week i cant tell you how important that is in the direction of the overall market. I dont disagree with you i thought that was good insight early on carrie, you own facebook, but after snap after what snap delivered, if you like facebook, how can you not like snap . I like it, great. I just wish we owned it. Thats my point we own is it time to buy snap, for all of the reasons you would want to own a facebook, maybe snap is in the stages of giving you a facebooklike advantage in your portfolio they have a unique audience thats highly engaged. Its a way for advertisers to reach young people maybe its an early fb sure. I think its a fantastic company. Augmented reality is what theyre selling and advertisers love it and in an environment where people are looking at their phones and their screens all the time, it obviously has hit a home run we have to do the work and decide at what price we buy it thats what we did with twilio, with many of the Growth Stocks we own, the smaller cap names its more important because theyve had this phenomenal run. And if theres a price where we come to it and we see that snap were not going to buy it today, but if it pulls back and we say, well buy it 20 below this or 15 , you never know when that might happen. Thats the way we bought twilio. It hit an air pocket it was down 33 . When we bought it in january and again in march, its turned out to be an incredible stock, as has this and peloton and zoom and slack and, you know, they have their turns but you have to pick the price youre comfortable with rather than chasing them all the time you just have to be disciplined. I hear you. Unless you think its some kind of inflection point, right, for a snap where the shares can go meaningfully higher. Theyve already had a great year up 126 year to date 33 coming today facebook has over a billion users. Were talking 200 some odd million for snap im not talking a cup the scale of facebook. Thats a lot. Im talking about a real sort of intriguing way to be able to reach people and, thus, you get a different valuation for snap or at least the kind of gains that youve witnessed in a facebook you can start to realize on a more longterm basis in a snap. Coming up, our experts are ready for ask halftime you ask send your questions by video, well play it on the air, or email us. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. 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. Talkbefore we talk aboutdvisor 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 were answering your questions first up a video question for rich this is scott from california my question is, with potential tech regulations, what are the impacts potentially to costco or Grocery Stores that sell their own products rich saperstein scott, good question. Theres really no impact on the online grocers and we really like costco. 4 of Free Cash Flow yield, growing well, exceptionally well managed and we would view them as amazonproof. Good stuff. Joe to you hi, joe, whats the reason to sell i. C. E. . Isnt a higher volume a friend to i. C. E. Higher earnings . I had too much trading exposure through goldman sachs, Morgan Stanley and nasdaq. 3450i two factors for investing philosophy i. C. E. Is losing momentum by every metric, fiveday, month to date, year to date i held onto nasdaq great earnings for nasdaq and that worked out well. Steve to you. Bruce in washington. Akam has been trading side ways. I share your frustration however the stock is still up 26 year to date, and i wouldnt say its getting whacked it traded down a little bit because theyre in the same business, except this is i a far superior company, making money, good money, where fastly is losing money the money that you had in fastly should go into akamai. They report next week. I think it will be a pretty good quarter. Carrie, to you, from jerry in massachusetts. You own thermo fisher. Jerry wants to know if its a longterm hold or a sell right now . Oh, jerry, thermo just reported a fantastic quarter covid testing was 2 billion in revenue. Its profitable. We i think its ail longterm buy. I think all those estimates have to go up for next year and the year after, so wed stay with it. Good stuff. Thanks for the questions. Crude oil prices are slipping how the futures traders are playing that well do that next announcer are you a veteran . Do you have a question for the halftime Investment Committee . Email us a video with your name and rank, askhalftime cnbc. Com you can be featured on our special show on veterans day thank you for your svierce its a thirteenhour flight, tfifteen minutes until we board. Oh yeah, 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. Iphone 12 and iphone 12 pro are here on verizon 5g. Whoo this new iphone, plus verizon 5g. Game changer. announcer with the coverage of 5g nationwide, and, in more and more cities, the performance of 5g ultra wideband, the fastest 5g in the world. Whoa. I downloaded a whole movie in under 30 seconds. How is that possible . announcer preorder today, and when you switch, get iphone 12 on us. I want this phone. announcer this is the 5g phone Everyone Wants on the 5g americas been waiting for. Only on verizon. 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. Time now for the futures outlook. Crude oil getting hit hard after u. S. Enven try builds sparked over supply fears. Now were joined by kkm financials jeff kilburg who is bullish . Well, judge, we definitely saw selling pressures intensify. Crude oil is down 4 due to the fact that a lot of soft longs or cautious longs got flushed out of the market when had the crude Oil Inventory came out. We were looking for a draw and ended up with a build of 530,000 barrels. To me point of being an opportunity here, i want to be a buyer here i think crude oil has been at 40. Other we are at 40 and for a move back up in this rangebound trade to 42 however, im being mindful im using stops and will be stopped out at 39, just 1 lower, risking 1,000 to make 2,000 on this range opportunity. Scott. All right comment from Joe Terranova joe, kilburg says its coiled. You know its been soiled. The why is it going to break out of that range, joe it may break out of the range, but the opportunity and Energy Equities doesnt exist. I own none of them its the most negatively impacted by a blue wave. Wow all right jeff kilburg, well talk to you soon natre cinupex fil adisomg nt. In a few moments, Rackspace Technology will enter a 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. Before we talk about taxsaudreys expecting. New . Twins to embrace technology, empower customers, wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Its final trade time. Carrie, you are up first. So we like United Health care, unh. Its the Largest Health care insure, and its proven to be flexible in all environments if the economy is affected by the changes in the administration, they will be able to adapt. They have 1. 5 yield also. Okay. Good stuff thank you for that rich sapperstein. Lockheed martin its the ultimate marriage between defense and technology in the areas of missiles, hypersonic space, next gen satellites the company has has a 5. 5 Free Cash Flow and best of all the backlog is 240 of revenues. Okay. Good stuff thanks to you as well. All right. Steve weiss. Todayine. Blowout quarter, so im recommending keys, keysight. They support a great quarter. Buy high, sell higher youre up. There you go, adgo, agricultural, corn wheat all at multiyear highs. That does it for us thanks, guys the exchange begins right now. Thank you, scott, and hi, everybody. Im kelly evans. Ahead today, while washington battles over a new round of stimulus hundreds of billions have gone unspent from existing sources of funds we have the details and whether that money can still be tapped plus, with the stock up 400 this year, investors have a lot riding on teslas results tonight. Is the bar too high like it was for netflix . Well explore and snaps, coattails, netflix wants 48 hours more, and disney battles california before all that lets get the very latest on markets this hour dom chu joins us

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