Google all on tap. All that and much more is coming up this hour power lunch starts right now kelly, thanks im scott wapner welcome to power lunch our reporters are all over every ae angle that matters as you know, today the busiest day of earning season. Meg tirel is watching the race for a vaccine as coronavirus cases continue to climb. And Steve Liesman has the details of a muchexpected gdt report hey, bob before we get to earnings, were having a nicely midday rally here let me show you the s p. Some technical aspects we broke above the earlier highs in the day. People do trade on technical calls on in kind of market you see that nice, quick, steady move up here there may be seasonal aspects coming into play, art cashin noting were moving into november, a seasonably strong period of the year for earnings, the early reports have just been spectacular here, generally half of the s p reporting now, 85 beating expectations and the key story is the average beat about 19 , way above the historic average of 3 to 5 . That has never wavered this entire Earnings Period heres the bad news, wall street is ignoring all of this. The wall street 500 topped out the day before earnings started and down 7 . We have increased covid cases, election issues, stimulus worries and no guidance, not appreciably more than we had in the last quarter all that is weighing on the market a lot of hopeful that the mega cap tech names will change the conversation and well all be happy on earnings. Im not so sure. Look at companies that have done really well and reported earnings e bay is a good example. They had great earnings and good Fourth Quarter earnings and 2021 earnings no complaints here about a lack of guidance and all above expectations stock trading down today remember, the stock is up 35 this year and so are all the other mega cap names amazon up 75, apple 55 and al a alphabet up 50 on the year. Just a little word of caution for everybody, waiting for those earnings after the call. Dual live noly noted, bob pii meg tirrel joins us now moderna reported its earnings this morning and gave an update of where they stand with their race for a vaccine. Theyre the frontrunner of course we also learned this week from pfizer they likely wont have data this week, which many were hoping for but that interim analysis is expected soon. We could be hearing about how well these vaccines work within a few weeks. Dr. Fauci has just said today in a live stream with nih director Francis Collins that these could be available starting at the end of december and early january and if the fda gives them the green light, they would be given to prioritized groups at that point. And the race is on for therapeutic. Merck is also working on a pill for covid19 and its ceo ken frazier joined squawk box this morning and talked about its prospects. What we know so far about that drug is very encouraging. At concentrations that seem to be safe, it prevents viral replication and so now the question is in a large study of 2,700 people, can we show it has an effect on sickness and death . Were very optimistic about that fraser say they go should see those data potentially early next year. This, of course, as cases in the United States are going in the wrong direction. Now a sevenday average of 74,000 new cases a day in this country, here you can see the states hit hardest this is on a percapita basis. North dakota and south dakota over are not going in the right direction. Its the cold months guys megan, we spoke about this better treatment news from regeneron. If theres a sense the vaccine is not going to be a Silver Bullet because of timing or potency or you name it, just how quick the spread is happening right now, how much can these treatments be a bridge between now and then i was j u. S. Loust looking at sf the lockdown measures that france is imposing, the Prime Minister saying you basically cant leave your house unless youre going to the Grocery Store or essential Family Activity if the alternative is that kind of lockdown, the most we can hope is this wave of covid is much less potent or much less deadly yeah. We are seeing good data. Theres a new study today showing mortality rates are declining weve gotten better at treating the disease thats very good news. When cases mount to such levels that we overwhelm the Health Care Systems and there arent enough doctors and nurses to take care of all these patients, that will affect the death rates. In terms of a Silver Bullet from a vaccine, ken frazier making that point this morning, the argument being one thing will not solve this problem were going to need vaccines, medicines to help us were going to need to keep Wearing Masks and distancing throughout next Year Public Health experts are selling us this is going to slow down like a tanker decelerating. Its not going to stop immediately. And we need to think about it slowing down gradually as we employ these new tools throughout next year i appreciate that, meg. Mick tir meg tirrell the government reports a massive jump in gdp. Steve liesman to break all of that down. Hey, steve hey, scott, yeah. An historic surge in gdp followed an Historic Second quarter. Claims meanwhile falling to a low for the pandemic but remain by themselves very high. Look at two ways to measure Gross Domestic Product or the change there the annualized way gives way to 33 . You have to do better than 33 when you go down by a third. You have to do about 45 better, which we didnt do, mean us 9 , which is a quartertoquarter chang, nonannualized giving way to a 7. 4 gain in the Third Quarter. Were still 3. 5 below the level before the pandemic, as bad as any recession we had consumers surging up by 41 . Business equipment showing a sign of confidence, up 70 housing benefiting from lower rates but government down this could be the beginning of something bad here as state and local governments move what they have to do by law, wri hich is balance their budget jobless claims too high. We dropped to 7b 5 751,000. Continuing claims falling to 7. 7 million. Also a low for the recession both sides politically a good case on gdp. This was a strong bounceback, helped by government actions but not a complete rebound as you know, scott, considerable pain throughout the country. Im curious looking at these news for a fed chair who has openly lobbied for more stimulus, what do you think jay powell thinks about the numbers we got today i think hes going to think we need more stimulus. I think theres an idea that, first of all, some of the stimulus is running out to the extent that weve had continued good retail sales, its been on the back of some of the savings thats been out there in the economy. But he also sees the numbers look, nobody has tried to tell the markets and the public more about the potential risk of a second or a third wave here than jay powell has he wants the till to be full in case its needed and he thinks its needed as well. Appreciate it, steve. Pleasure. So as stocks look to recover following this weeks selloff the market still faced with uncertainty with the election, Covid Concerns and stimulus. Lets bring in Kathy Entwistle and mark lehman. Welcome to both of you kathy, what are you advising people are you saying we just have to wait and see what happens over the next little bit . Are there different kinds of investments you would make right now for the next couple of months until we get through the worst of this covid outbreak and see what the Election Results are . Any time theres a dislocation and were clearly having more dislocation in the markets with the volatility, its a great opportunity to take advantage of it and do things like tax loss selling, taking some losses now for ways to address any crossyear gangs and be ahead of the curve, especially if we see higher taxes next year. We dont know if thats going to happen i would say tax harvesting, shifting to dividend paying stocks, maybe a little smallca and midcap and forget the past and look forward we cant count on what worked in the past we have to think about new ways to invest in the markets and more digital transformationtype companies, work from home and returntoworktype companies to work at. Which would impli soy some oh names that have been winner on the year if, if im not misreading this, would look at sap as a stock for investors right now . Yeah. Clearly they had a big miss earlier this week. They have i think reset the table. New management there, there was some insider buying. Its near its 52week high, something my analyst likes there are other stocks out there. Well learn a lot today about how the Third Quarter was. Going into the election and into the new year, i thisnk past is pro log. Were going to want to play some of the stocks that have benefited. Sap, facebook, amazon, were going to be behind those going into the Fourth Quarter. Kathy, i dont know if you would recommend specific names or if its more of a approach but for people who say to you i understand that the next wave of winners will be these digitally focused names but im concerned about valuation, what do you say . I would say if we see stocks go lower, right, were a couple thousand points off now from where we were a short time ago just by a little bit a the a ti a little bit at a time theres no reason to fear the market, no reason to fear volatility money is had and made during these times. This is the time to step in and do something about it. What about the election, kathy . Do you have to kind of have a few on a biden win, on a blue wave, on an outcome one way or the other . I think we have to consider that if you think back to 2018 or so with the administration dropping the Corporate Tax rate down to 20 , that certainly helped the markets a lot. Shifting that or makinge ing ine there could be very detrimental to the market. Personal income tax rates or Capital Gains rates, we have to think of all of those things our clients, were telling them to think about this before the end of the year. Were going to wait to see what happens with the election. Overall were not going to vote with our portfolio were going to wait for the vote to come out and decide how to best position clients from a tax perspective and a longterm Growth Perspective going forward. Yeah, its a good line, not going to vote with your portfolio. Mark, ill give you the last word here we spoke about some of the Technology Names any other parts of the market you think will be attractive today . I continue to like biotech and sciences obviously with covid those are on everybodys radar but over time youre going to want more exposure to these names and more exposure to funds benefiting from more investment in that area i look at what happened this summer i think there was a mondumental shift when pfizer and amgen entered the dow and where the future of Life Sciences and health care is, its an emerging growth were going to have far more innovation to be where we are seven, eight months after learning about this virus and where well be six months from now with vaccines and antiv vivirals and when sts get, there you want to be overexposed to health care a lot of names as we ten cone to see rough markets thank you both we appreciate it scott. Coming up, we continue to watch these markets, a rally going on into the afternoon. The dow close to the high of the day. And kelly just saw up better than 300 points beep are fo we are focused on tonight. Apple, amazon, google, all out after the bell ch bl have much more on big tesig day well do it next on power lurch. I cant believe it. What . That our new house is haunted by casper the friendly ghost . Hey jill hey kurt movies . Ill get snacks no, i cant believe how easy it was to save hundreds of dollars on our Car Insurance with geico. I got snacks ohhh, i got popcorn, i got caramel corn, i got kettle corn. Am i chewing too loud . Believe it geico could save you fifteen percent or more on Car Insurance. Many of the biggest tech names reporting after the bell they are all up this week after last weeks down draft so what should we expect lets ask Michael Levine its good to see you of the big four, who has the heaviest lift tonight . Set up most interestingly is definitely google. If you look at relative underperformance versus the market, its pretty disastrous being up 16 with the nasdaq up 24, when you look at whats happening from a digital perspective, tha Center Perspective is most intriguing sport trading has been a big tail wind, we were frankly youtube didnt react better when the ceo said, quote unquote, in the last few weeks it had gone positive you got 15 20 of their business is travel lated be a thats down 80 to 85 so to me putting those numbers up with that headwind, those are impressive numbers maybe the bar is kind of low, at least for alphabet. The others have had huge runs. Not so much for this one i think thats fair in terms of amazon, a street high target, 4,500 thats a lot to live up to tonight. How good does that have to be for amazon today i think amazon is a little bit tricky i was hearing earlier talking about the negative reaction to ebay earnings. You didnt see a good reaction to etsy as well. In the short term were more construct of about the ad names. A lot of the Ecommerce Companies through co individuvie benefitted b benefitted by way of comparison, you start to look forward and Customer Acquisition costs are likely to rise taking a company like amazon, marketing is not that large as the percentage of operating expenses so i would say probably not a huge ding to them. I do think theyre going to lean in a lot on the side, they made that pretty clear last quarter im not hearing enough of ups and fedex, theyre going to up charge everybody thats also a head wind. To be perfectly honest with you, i have a lot of conviction in anyway 12month target of 4,5 0 4,500, but if you handed me last months press release, oi numbers went up by 20 , 6 billion versus the street 1. 5. I think the bar is high, its the most owned name in the space. I think theyre really going to have to do something out of the atmosphere to go ahead and really have a meaningful new it sounds to me you wouldnt be surprised if the stock pulled back i dont know if it will pull back but its going to being hard to see people have a meaningful shift in their viewpoint about the company. The reality is, lets think about ecommercicommerce in cog was ecommerce, jumped up to 25 to 30. Its not going back to 14. Its not staying at 25 to 30 a will the of tlot of the compa space, etsy and shopify, its a little bit harder to make a call in their defense, youve also got prime day that will hit in q4 thats a nice added additional tail wind. I would tell you all the big guy, walmart, target, best buy, they are all leaning in very, very requial quick tough environment foreign ads. What should we expect from facebook i think expectations are quite a bit higher and they were confident when they set numbers. I would guess 15 to 16 for the stock to go up well get an initial view about 2021 opex, 27 in print for the street people are braced for that to be a low 30 number. Idfa would be an issue, it will be interesting in apple talks about it tonight, getting po postponed in 2021. Q4 and q3 will be great. Well see what happens. Californkelly . Still ahead, crude is lower again today, down about 10 in the week will another virus surge affect demand and are video game stocks in a position fato power up . Position fato power up . Stay with us opern ow lunch. 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. Welcome back the dow is up 350 points lets turn it over to seema mody its not just mega cap technical stocks reporting were about to get earnings from call of duty publisher act i vision blizzard take 2 interactive scheduled for next thursday. How should you approach these stayathome plays nancy tangler and john of tokeful Asset Management there are some household where video games have become central to the living room which company in terms of breadth has done the best job capitalizing on this growing trend . I dont know if we can hear nancy. John, let me ask the same question to you. Whats the best pick in the video game sector . I think ten months ago prior to the pandemic was how much screen time kids have and now during covid were using screen time to survive the pandemic so i think the theme of gaming has such a long runway in front of it that i think the best way to play it is through a thematic etf like gamer, rather than pick one stock individually youre seeing that esports is growing, colleges and universities offer it as a class and have labs and theyre viewing this as a longterm emerging business within not only the u. S. But globally instead of playing one individual stock where each of these companies have to rely on the next new game to drive growth, we think its best to play it as a thematic way and invest in the whole ecosystem. Etf, gamr nancy, the market is getting crowded as well. I like the setup for ac activision i think the company, you know, benefits from Digital Gaming consoles it is going to improve already robust margins of 77. 5 , i believe. And the company has done a great job of beating on revenues, 17 out of the last 20 quarters. So i like that the stock has underperformed im not a gamer but i do think that call of duty war zone had a great and timely release and the next call of duty is going to be released on november 13th. So i think going in youve got a lot of the elements you need full disclosure, we dont own it, its a little too expense i for us but i think of the two thats the one you want to take a close look at. Dont have to be gamers to appreciate the seismic growth weve seen in the space. For more trading nation head to our web site kelly, back to you still ahead, the Energy Market is ahead today. Crude is down 10 . Were under pressure by more than 3 today. Plus a look under the hood of the economy. Plus the ceo of group one automotive, what hes seeing from consumers and one analyst upgrading best buy saying hes been wrong about the stock but is he still underestimating the retailer all this when power lunch returns. Now, the latest from trading nation and a word from our sponsor. Look to buy a rangebound market when an oscillateor such as the rsi falls into oversold territory and then moves back above it look to sell a rangbound market when the oscillator rises into oversold territory if youre on medicare, remember, 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. 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Go online to transfer your services in about a minute. Get started today. Welcome back, everybody. Im sue herera heres your cnbcn update at this hour new infections judge ing in italy, nearly 27,000 cases confirmed of coronavirus two weeks ago, the record was less than 7. 5 thousand. The fbi is warning of a ransom wear assault designed to lock up hospital information systems, just as the nation faces record levels of enough covid19 cases. A tweet by the girl scouts congratulating new Supreme Court justice caamy Coney Barrett has generated outrage from critics, which then deleted the tweet and then created more outrage from supporters and the zoo is celebrating halloween by giving the tigers pumpkins with surprises. The otters apparently also got holiday tweets Nothing Better than a good back roll appreciate that, sue. Markets right now. Dow is just off the highs of the day. Its up more than 1 , a gain of nearly 350 points. Nice gain for the s p. Nasdaq is the leader today ahead of those huge earnings after the bell thats 2. 5 for the nas. Oil, on the other hand, is still down big today lets go to eric at the commodity desk another rough day for oil with wti now down more than 8 for the week and settling at its lowest level since early june. Week to date brent is down nearly 10 its the same problems oil has been facing for months youve got soaring coronavirus cases around the world deepening concerns of already weak demand. And youve got record output and increased production from libya. The xlp is outperforming on the day but down a whopping 57 this year the worlds oil giants have announced massive layoffs due to the head winds exxon telling reuters today that its total global layoffs could amount to 14,000 positions or 15 of the companys employment. Chevron also playing thousands of job cuts, including 25 at noble energy, which it recently acquired kelly, back to you perhaps more to come if the price stays where it is, eric. Thank you. For more on oils big drop this week, lets bring in the Founding Partner of again capital and cnbc contributor john, why do you think the weakness in oil is so pronounc d pronounced is it a supply issue or just demand when you guys talk so much about the stay at home stocks and the boom related to the advantage of digitization and all that, the element of what the pandemic has caused in terms of our lifestyles, it does nothing but harm consumption of transportation fuels because people are working at home, educating at home, staying at home theyre not getting in their car, not flying. To a degree were getting less economic commerce. Even overtheroad truck traffic is below where it normally is. This renewed outbreak of covid19 and the lockdowns in parts of europe, its just a body blow to the psyche of the Trading Community because you just cant seem to get past this pandemic no and Energy Investors have been such a beleaguered group this year. We have seen a couple of deals trying to maybe accelerate consolidation across the space before that, lets talk about how low the price of oil could go from here there was some hope a few weeks ago, coming into the Northern Hemisphere witness, ntd talk of virus and now weve lost the hope about the pandemic calming and the virus and treatment seem more elusive and were not going to have the driving demand this Holiday Season we typically would have so i think the slide is on now we could easily test below 30 and maybe even get into the mid 20s if we dont have any kind of a meaningful cold winter, which is in doubt because of the la nina formation in the pacific thats going to give us an upanddown temperature range all winter long. I know it would be bad for oil prices but i wouldnt mind it if it were a little bit more mild were stuck inside so much as it is finally then let me go back to this question about deal making across the energy patch and what comes next should we expect more consolidation and how much more . Theres no doubt about it i think theres going to be a tidal wave of con ol dasolidatid even more bankruptcies unfortunately. You see how exxon mobil is struggling, open talk about the dividend finely being cut. It shows you how dark things are for the industry right now ive been through several busts. This is the most bleak that ive seen it and what i hear from the Company Operators themselves, that its these are stark times, kelly these low prices are going to do what they do, which is to reorder things and consolidate and rationalize the industry well see if were not sewing the seeds of a price rise and tightness down the road again. For now were going to see both. Yeah. I can tell by the tone of your voice its grim out there. John, appreciate it. Thank you, sir the most bleak ive seen it those were the words as you said, kelly, the tone doesnt lie. Group run auto meantime reporting a strong earnings beat autos are red hot. Could the car market be at risk if we see another surge in the virus . The ceo joins us next. And best buy Holding Strong amid the pandemic one analyst downgraded that stock in april, now says he made the wrong call hey frank, our workers comp insurance is expiring, should we just renew it . Yeah, sure. Hey there, Small Business owner. Pie insurance here with some sweet advice to stop you from overpaying on workers comp. Try pie instead and save up to 30 . Thirty percent . Really . Get a quote in 3 minutes at easyaspie. Com. Wow, that is easy. So, need another reminder . No, no no, im good. Uh, yes please. Oh. Ho ho ho, yeah need workers comp insurance . Get a quote in 3 minutes at easyaspie. Com. Welcome back to power lunch. Lets go to aditi. Whats going on . Juul says its internal valuation has been cut to 10 billion. Earlier this year it was 13 billion dollar the company says todays valuation does not surprise me and i expect other investors to also arrive at lower valuation marks that factor in our recent restructuring, however, i believe our future pathway is promising and we are beginning to see positive signs. Keep in mind juul along with other ecigarette makers submitted an application for marketing autosayihorization th would allow it to continue to sell its products in the u. S its not sure how long it will take to get that authorization auto shares up over the month. Earl hesterberg joins us congratulations on the quarter not getting rewarded today maybe its selling on the news because of the run into the print . Quite possibly. The markets been a bit choppy the last week or so. Is there any thought this is as good as it gets right now in autos . Well, i dont think so. We obviously have been surprised at the demand level through the pandemic, but it seems to have some legs and what has really happened in our industry is the supply and demand balance has really been improved through this and thats had benefits for our sector but i also think you can see it in the auto manufacture earnings coming out the last week or so thats an interesting point you make as were sitting here thinking about the trajectory of the virus and what this next wave ultimately is going to look like, how concerned are you about a pick up in cases and what that would mean to the manufacturing process, which was obviously impacted last time well, a pick up in cases doesnt help anyone. Thats a problem because then consumers stay home, we have to manage our folks through all of that, which is challenging and it will hit the manufactures also this is a problem for all businesses we are concerned about that. I understand certainly you are. What sort of degree are you concerned about manufacturing . As you mentioned at the top, supply has been a problem. Are you worried that a large pick up in cases is going to hit manufacturing and then put you back at sort of square one where we were in the spring . Well, the bigger key for us is demand and the demand is clearly there. And, quite frankly, although we may miss a few sales, we probably miss less than people think. The auto Distribution Network has been stuffed with too many vehicles for almost a decade what youre seeing now is the system has been cleaned out and its very efficient and it has a financial benefit to the retailers and the manufacturers. So i think having a tempered build up in supply is the best thing that could happen to the entire industry. Whats driving your business more cars or trucks or is it both trucks. Without a doubt trucks do you think thats sustainable . Yeah, i think thats been the trend in the market now for several years. When i say trucks, i mean suvs as well. Just the versatility and the functionality of these bigger vehicles, the suvs and trucks seems to be what americans want. Thats for sure that demand doesnt seem to be slowing down you guys have been knocking it out of the park. Stocks up 25 over a month youll excuse the decline of 1. 25 over the day or so despite the pandemic, people are still shopping online at least. Its helping tboo ost tapestry stocks were back in a couple cheering 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. Whosgovernor gavin newsom. The governor says prop 15 is, fair, phasedin, and long overdue reform, that will exempt Small Businesses and Residential Property owners. Join governor newsom. Vote yes on 15. Whos supkamala harris. 5 . Harris says, a Corporate Tax loophole has allowed billions to be drained from our Public Schools and local communities. No more. Im proud to support prop 15. Vote yes. Schools and communities first is responsible for the content of this ad. Welcome back its time for todays power movers first up is tapestry the Company Behind coach soars after better than expected results. Strength came from on line, china, and selling at higher price points the ceo will be on closing bell next hour. Up next, the chip dealer, marvel reaching a deal to acquire ihhi. Shares up 26 . Finally, ebay shares are sink the Company Reported fewer active buyers. Thats sparking concerns that the pandemic boost could be ending for the company. To the bond market Rick Santelli is tracking that action up to cme in chicago. Looking a of the an intraday of tens. A couple of thing to point out better than expected data, claims, initial continuing or of course the consumption in gdp for the Third Quarter. Look at what happens at 1 00 eastern. It pomsz again that was a seven year option that didnt go well and 162 billion in record supply now in the Rearview Mirror and rates pop. The chart shows we are getting close to whats going on on the high side. If we go back to may a 90 top in june an 86 top last week. Close to that right no month to date at the dollar intex, it is at the highest of the month. Exactly a one month high should it close here. The culprit there, the euro dollar look at the three day of the euro versus the dollar from fridays close it is down 1. 6 scott, back to you. Rick santelli, thanks. Up next this best buy bear says he was wrong about the stock but doesnt think it mass much more russian room to run. Remember, you can watch or listen to us live on the go on the cnbc app we are back after this did you know you can go to libertymutual. Com to customizes your Car Insurance so you only pay for what you need . Really . I didnt aah ok. Im on vibrate. Aaah only pay for what you need. Liberty. Liberty. Liberty. Liberty. Best buy rallying this year, up 28 year to date. 134 up off its lows this spring one analyst is skeptical even after he issued a sell rating this april today he changed it from a buy to a hold admitting his sell rating this spring was the wrong call the stock is trading at 113 today. Joining me to defend his call, the founder and ceo of r 5 capital. Why did you go to a sell this spring i think as we looked at it and the economic downturn that was coming from the pandemic and thinking about best buys business model, which is really an experience to go into the store, with all the home theater and the kitchen setups, we thought that the pandemic would hurt them quite a bit. We misjudged i think if you look at the amount of money that was freed up from services from going out to restaurants, vacations, clearly that hundred was channelled and it was channelled towards the home and best buy has been a big beneficiary. They also have a great Management Team. Though this Management Team was able to adapt. I think the combination of things being better than what we thought they were going to be plus good Management Team means they did better than we thought. I understand why you did it, especially with stores not being allowed to be open for some time why the cautiousness now i think the challenge will being at best buy, home depot, lowes, tractor supply, they all benefitted so much from the stimulus back six months or so ago, how do we cycle i think the fear we have is as we go into next year we start cycling some of the stimulus it might happen just as we are reopening the economy. All that money that piled into the home, you know, we may have a breather and we will see it migrate to taking that cruise or going on that vacation so i think thats where we are a little bit cautious. I mean there are some positive trends long term around the home which we definitely see. But i think as we look at a best buy or like a lowes or any of those names, i think we are cautious particularly if we dont get more stimulus. You are likely to see falling disposable incomes as we cycle through the big stimulus from last year or this year. In a way you are predicating this on the getting back to normal trade but the past week the news flow makes it seem like maybe we are going to be back in the depths of it all over again we have been talking about the trends and the stores, those that are open and those that are not. Have you been able to do channel checks really at all how much of a handicap is that for you and other analysts across retail trying to get a feel for whats going on in a lot of the stores . It has been brutal to try to do research in an environment when you cant travel. We do a lot of inmarket visits, kicking the tires a lot of boots on the Ground Research we have been restarting it slowly like the economy i was in houston last week i havent been back since january. It makes it a lot more difficult. No doubt about it. We have done a lot of consumer surveys which are helpful. But i am glad to be back in the field and doing the research we love to do and see whats going on in different markets. Yeah, scott, we appreciate you joining us to talk about the back and forth here on best buy stock. Thank you for your time. Thank kelly, always good to see you. Over to you. We are wrapping it up, but i tell you i am looking towards these earnings in about an hourese time each of the big four heading into their earnings today is up. That makes it interesting. How high is the bar . We saw microsoft, kelly, deliver a good quarter yet that stock sold off. We will see what happens after the bell today absolutely looking forward to it, especially for facebook, up more than 4 today after really strong reports from snap and pinterest. They will answer the question, is this whole space rising to the or not scott it has been a pleasure we will see you again soon thanks for watching power lunch. Closing bell starts right now. It certainly does kelly, scott, thank you so much. Welcome to the closing bell, im wilfred frost along with Sarah Huckabee sanders stocks gaining steam throughout the session following strong downward pressure over the past couple of days even with todays gains the major averages still on transaction for a sharp he negative week. What is driving the action today. Third quarter gdp at 33. 1 topping estimates of a 2 rise it was the fastest pace of growth ever but came after a 34. 1 drop in the second quarter. More in just a moment. Oil taking a low, but exxon and shell are higher after reporting quarterly results. Nasdaq is the leader seeing sizable gains ahead of a blockbuster afternoon of big tech earning live in the hex half of this show. All 11 s p sectors are in the green with 59 minutes left in the session. Sara. It is going be the a monster afternoon of earnings coming your way the countrys biggest tech