Transcripts For CNBC Squawk On The Street 20240711

Yeah, look, we have to be careful because there are Many Companies that benefit, but we have been piling into stocks that were meant to be as if there were no vaccine until some time maybe some time late 2021 where then there will be 2022. So, you have the nasdaq futures up way too much. You have the s p, i think, and dow up the correct amount given what is in those stocks because youve got the bank stocks suddenly maybe they get a real break. Travel and leisure are just incredible how bad theyve bipartisan and then youve got, what do you do with a service here now honestly, what do you do with a company like a zoom or a peleton. Thoseniquely price for a belief that covid will be with us for a long time. David, you know a lot of stocks are trading not as if theyre going to be households and everythingen wi en with everyone is going to have them and trading as catastrophic growth in a number of cases. While there still could be for a number of months, element that says, you know what, it can get under control so start thinking about the second half of 2021 for numbers. Well, unfortunately, catastrophic growth in cases and, unfortunately, that seems to be something were living with for the next few months, jim. To your point you made this earlier on squawk box these stocks move well in advance of the actual return of revenues. Of significant revenues. But, you know, what interests me the most is to your point, how much do you sell some of the Big Technology stocks. How much should microsoft really selloff today if at all based on the reopening trade that clearly a lot of people have had on or if they didnt have it on, they are putting it on today which would also include hedging in certain areas and potentially being short some names i understand why you would sell amazon or ebay, why would you sell microsoft thats on the cusp of what you want to buy fw when it come down apple. How many times have we sat here and said, you know what, apple is going to be just crushed when president xi says he hates President Trump. Well, you know, david, that narrative is not as much in play as it was a week ago so, i think you buy apple if that one comes in. Oil above 40 here, jim. And the ten year yielding 92 basis points you talked about 40 being critical for crude and you talked about 1 on the ten year being a risk i think youre going to give chevron its up 7 and chevron goes up another 5, 6 and youre faced with the fact that we still have way too much oil in the world and shouldnt necessarily expect that the price of oil is going to stay up because of what david just said which is turn on a ime but you get a lot of companies that really existed for people to stay at home and a very long time or the pantry stocks and you start thinking, you know what, do i really want to own. I have Campbell Soup on this week the ideal stock to own during a period where the pandemic might end . Not necessarily right these moves are incredible. They really are. I guess disney world is going to reopen at full capacity tomorrow thats the other thing, jim. We talked to dr. Gottlieb or our colleagues on squawk box talked to him. 90 rate is well beyond what many had hoped for when is this thing going to be fully available . They are ramping up and you heard the ceo of pfizer talking with meg about that earlier. But when is it really going to be fully available and then we come back to how many people are willing to take it, which is continuing to be a concern ill take it right now ill take it right now i can get on a plane and go anywhere i want in the world give it to me right now. See my daughter in spain. Ill bring it to her jim, thats not everybody there will be that question of how quickly can we get to rates that will really start to mean that a lot of the population is immunized and you get to that sort of area where you can talk about herd immunity and that kind of thing. What happens if you have a president , this is an interesting thought, a president who said it is not a state issue, its a federal issue. And that the military is saying we know from a program that is done with the military standing by to istribute it i had the ceo of u. P. S. On last week and she tells me she is ready to handle it so, i think were a little more ahead than dr. Gottlieb ipg th s thinks but i believe the never vaccine people will play a role in hindering the end of this pandemic yep the president elect did make a statement this morning about how it does not masks or mitigation as we have to get through the fall the discussion will turn to distribution logistics, as you said convincing americans to take it. Meg tirrell broke the news this morning. The vaccine was 90 effective in preventing covid19 in their phase three vaccine trial. Of course, this is historic news this is the first efficacy trial to read out results. Of course, were waiting for more, of course, from Companies Like modrna. Within weeks j j and astrazen a astrazeneca. This is so much better than anybody expected for these vaccines to see. They saw 94 conremember ifconfin the trial and there were a lot more cases among people who got the placebo, people who didnt get the vaccine than people who got the vaccine. No serious safety concerns observed in the trial. We spoke with pfizer ceo this morning and heres what he told us in the biology if you never have 100 and in general speaking about more than 90 is one of the highest results that you can hope and expect for vaccines right now and there will also be some people, but it will be a small percentage so when you see from a Public Health perspective, this is more than what you could ever hope to have this is a game changer guys, to put it in perspective what 90 efficacy means for a vaccine compaired to other vaccines we know well. Seasonal only 40 to 60 effective. Giving emergency use authorization was 50 effective. When youre talking about 90 which pfizer ceo told us measles two doses 97 . Smallpox 95 and it has been eradicated through vaccination and chickenpox 92 effective in preventing this vaccine. Guys, all the questions have not been answered and many, many more people have this morning. Vaccine experts im talking with want to know about the vaccines protectiveness against severity of disease and how well it worked among different age groups, particularly the elderly. We havent seen the detailed information in which we hope to see over the next few weeks as they get ready to apply for fda emergency use authorization. A major question that you guys have been talking about is the supply and then how many people will be willing to take this vaccine. We saw all the search results showing hesitancy not just to vaccines in general, but because this process has gone so fast, guys everybody involved with it will say they are not cutting corners and two months safety follow up from the time half the people in the trial got their second shot in order for any company to file for regulatory clearance so, pfizer plans to get there in the third week of november thats next week, guys we could see this filing and then watch it play out the supply also a huge question, next back over to you meg, i profess to be older than you thats something that even david questions. But i had to get in line at our high school to get a polio vaccination and then a polio sugar cube it really wasnt up to us. It was up to the federal government and we were deemed to have to get it new president coming in, old president going out. We dont know. Very Important Court challenges. But what are the possibilities that we get a president who just says, its really not up to us its really up to the state and up to the federal government because we dont want to have a massive lockdown because millions people lose their jobs and you have to take it. We should look back to see, you know, what president elect biden has said about this issue. If hes weighed in it doesnt seem like something that would be received well. That the American People would be mandated to take a vaccine. The messaging weve been hearing from operation warp speed and folks leading this effort has been anybody who wants a vaccine, should be able to get it at a certain point in the middle of next year. This will take some time for it to roll out. What we could see, jim, which is interesting. Do schools mandate this . They havent tested this in Young Children yet or universities or businesses how will that work rather than coming potentially from the federal level. Well have to see what they say on that. Meg, i just want to understand what we can expect to continue to come from the Data Monitoring Committee here in terms of when they chose or, you know, people are focused in terms of well they dropped the 32 case interim analysis and they went to 62 and then ended up at 94 can you just explain what theyre talking about when they talk about that and what we can expect to get beyond what we heard today. Yeah. So, remember we were expecting this data back at the end of october and when we didnt get it everybody was like, oh, this vaccine must not work. They were going to take the first interim look at this data once they had 32 cases of covid in the trial that was set, that plan to take a look at that plan was set a while back the fda then gave guidance you needed two months safety follow up from the people testing before you could file for clearance. Even if pfizer had taken that look at the end of october, they wouldnt be able to file until the middle of november anyway. What they decided to do is not take that look at 32 cases and, in fact, to wait until the next interim analysis and then by that point, cases were spreading so quickly, they had 94 cases in the trial. And, so, this is more cases than we expected them to have to make this initial efficacy determination and that makes it Even Stronger that they have 90 efficacy because the break down of cases was so heavily balanced in the Placebo Group to the Vaccine Group it shows the vaccine is truly protective. We know that pfizer plans to continue the trial until they get to Something Like 164 cases that determines that theyve really finished the trial in terms of efficacy. And then theyllu update us on what the efficacy will look like then they dont expect it to change dramatically but it could change a point or two in either direction. They will continue to follow everybody in this trial. 44,000 participants for two years to get the longerterm safety and efficacy follow up because a key question, of course, we dont know how long this protection is going to last those are questions that need to be answered. But, david, im glad you asked that question because i was itching to talk about it its an important one, but kind of in the details. Speaking of details, meg, hard to separate all of this from the election and i know youll want to help our viewers who might be confused as to why pfizer would say they were never part of warp speed and took government money when there is a commitment to buy eventually, right . Yes, there is so, operation warp speed made a deal with pfizer to pay 1. 95 billion for 100 million doses of the vaccine, if it is successful and cleared by the fda pfizer did not accept any Development Money to support the research and development of the vaccine. They prefer to go it alone they said they could do it faster if they went alone and they are the First Company to report out positive phase three results or any phase three results really they are under the operation warp speed umbrella, but they are sort of on the side of it. So, they had a purchasing guarantee if the vaccine worked. But if they hadnt worked, they wouldnt have gotten any money nowthat it has, 2 billion going from pfizer to the u. S. Government jim, as we say goodbye to meg, this morning talking about dialing up the rna and the novel procedure that pfizer has been working with here and said if that is going to play out over the long term, we moved hundreds of years ahead in Vaccine Development and possibly all medical treatment. Well, look, i think that a lot of us feel that while this is our first pandemic, there will be many more. Its hoped, i think, that maybe this is something that can continue to stay ahead of the posse. I dont think this is, obviously, our last one. I sure hope this thing is effective beyond just three to six months i mean, carl, the sense was we never heard of it. We have not heard a soul say that a vaccine could last more than three to six months this doesnt sound like that this sounds like you take it and then you take the booster and youre okay. I dont think everybody is going to give up either. The idea that its just going to be one is, if one company could solve it and moderna and j j i wonder, carl, if they will have mass distribution far sooner than anyone realizes given the fact that its in the militarys hands i trust the military yep its got to be kept cold we talked to carrie at global last week. The challenges of distribution and use once its delivered. Well talk more about that later. Some of the premarket gains today truly historic amc up 63 and livenation up 20 and boeing up 14 as we take stock of hishistoric morning of markets and health dont go away. Ready to shine from the inside out . Try natures bounty hair, skin and nails gummies. The number one brand to support beautiful hair, glowing skin, and healthy nails. And try advanced, now with two times more biotin. If youre just joining us this morning and stunned by the look of fupetures has to do with finding out of pfizer. The light at the end of the tunnel, a great day for science and a great day for humanity and its going to take us some time to work through all the movers because there are so many. Right look, i think when you see the futures up this high and people who say, you know what, this is not going to happen tomorrow but there are also a lot of people who felt the southwest air was never going to make it or that american was dead and i think what youre going to be able to do if you can get this vaccine into peoples hands, youre going to get travel you get people going places and things will open david, it will no longer be a vast wasteland of a nation where you have to stay put and you have to start cooking. What some of the things, man, out of your mouth. A lot of people what . Sometimes david is skeptical of the things you say. Just a little bit yeah i hate to think that were a vast wasteland of a nation that said, no doubt to your point, jim, that we will give back much more fully to doing the things we did previously, particularly as it relates potentially to people coming wa back into the office and conducting business there and travel and so many other things. All that, though, being said the fact is we still dont know what the world will look postcovid we talked about it particularly coming to work and how many people will work remotely and what percentage will choose to do so and that will be so interesting. So many other things to deal with p i hear music already commercials with the beginning of the, dont we commercials will never go away covid, no covid. I thought the world changed commerce, okay. You have to pay the bill. Maybe the ad market will change potentially, too, on all of this. Well take a break and get the opening bell dont go anywhere. So, what should we do today . Wow. Can we get some sun . Uh, mom . Can we go to the beach . beep beep beep should we just go see a movie . Yes im always up for a good movie. Go rogue in the allnew, fiercely reimagined nissan rogue. See yourself. Welcome back to the mirror. And know youre not alone because this. Come on jessie one more. Is the reflection of an Unstoppable Community in the mirror. If you are wondering where we are relative to record high temperature. S p needs 3588 dow needs 29568 to get to mato making it. 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. Weve got a very big trading session ahead of us. We get started with that and quick mad dash here ahead of that, jim. What are you focused on. What you were saying during the break, a lot of stocks have very much anticipated this and you cant really say that things havent moved up a lot but one of them that was capable of staying in business was darden large enough so they can take tables out and still do well of course, this is olive garden and also developed a fantastic Digital Business during this period just because they just had to so, i think, david, a lot of people in this country who will be going out and this might be their first place. Now, does that mean it will happen tomorrow . No vaccine tomorrow but does that mean darden wont make it through the winter no, theyll make it because people will hold on to it and have the money theyre the winner i dont know how many smaller places will get to the promise land jordan rivers on the other side. That does get back to the kind of other big story we had over the weekend which is the president ial election concluding with president elect biden, of course and the question, jim, is to what kind of if any stimulus you get now. The Market Participants seem more focused on the idea of a fed leading the charge and continuing to with the prospect of lets admit more hikely the senate stays in republican control despite the two runoffs in georgia for senate seats and that you just dont get that large of stimulus and nothing between now and Inauguration Day for president elect biden. But i think this, dont want to talk too much about politics because that was kind of were done with that . Thats it . Dont you think this cuts in favor of the republicans in georgia . Possibly. A great deal of folks. But even if you were to end up 50 50, nothing says a biden agenda is going to move forward in an easy way if its to the left its very much unclear regardless if you had 50 50 and democratic control means new mexico where there isnt a lot of oil i am talking more about a lot of spending. Which, again, the market does not expect and more in the feds hands. And the small and medium sized businesses might not make it carl, when i look at the small and mediumsized businesses and a month is a long time square has been really good because square has been doing cash pay, but the fact is if you havent developed a digatized business or a business that you can use doordash on, i dont think you make it to when theres a vaccine unless youre really well capitalized, which almost all the Restaurant Companies arent so, what do you think shortterm stimulus policy calculus is right now . What is mcconnell thinking at this moment . I think he feels we are in a vshape recovery why bother and i dont think theres going to be any pressure from a president , i know the president is going to object to this term, but a lame duck president doesnt really, i think, have the power to be able to push through anything i dont think that theres suddenly no ranccor between the democrats and republicans. I dont know if secretary mnuchin will walk over and say there is time to do a deal one of the stealemates, sorry, see you next year. See you next year does not make it for the struggling diner that you may go to. No, it doesnt. No, it doesnt and that will continue to be a question not to mention, states that have enormous budget deficits and cities and municipalities around the country that are facing significant deficits based on the spending that they had and to deal with covid and not to mention the loss of tax revenues and, carl, not to forget, covid cases records around the globe four days, i think, now, david of 100k plus and the average back above 100k for the first time as we watch hospitalizations and not just in the upper midwest, guys. Other states along the eastern seaboard, as well. Theres the opening bell overwhelmingly positive and watching for levels on s p and, jim, there is a record high on the s p 3655 here we go. Wow. Yeah, but, look, what is really going on here think of friday. On friday we had the state of california perhaps thinking about a total lockdown onefifth of the country we had escalating cases everywhere now none of that has changed but one thing that has changed is hope and i think hope figures in very big with the idea with, okay, we have to go through a tough period lets wear a mask and social distancing and you dont suddenly abandon that but, david, what you say is, im making plans im going to make plans. I cant wait to make plans. When am i making them for, jim i cant make them for christmas break, right no. No so maybe spring break maybe the summer when am i making plans for spring break. I am going to open my restaurant by april what are my expectations . The vaccine will be available and people will start, the most vulnerable will be the first, i would assume and front line workers and, obviously, people working in hospitals carl just mentioned hospitalizations are back up towards the highs. Were over 55,000. So those people first. When am i going to be actually getting this vaccine when are you going to get the vaccine . Yeah. I think pfizer is telling you, listen, well have it on masks in america very quickly. When . I think january 7th come on. What are you talking no way. Im probably not getting the vaccine until, i dont know, carl, help me out here most likely, i mean, were all guessing we listen to meg and albert did you hear anybody say its going to be really late . They have millions ready thats the whole thing they have millions ready you think they didnt think 330 Million People in the country. Ia so. Why cant you be one of the people that gets it. Im not going to be one of the people that gets it, am i . Why how do i get in the front of that line . Go to cvs u. P. S. Is shipping it to you the military is going to take care of it why are you choosing to be a naysayer im not choosing to be a naysayer but on that note, guys, an incredible day for pfizer you heard the companys ceo talking about in 100 years one of the great and it is one of the great breakthroughs potentially. But, jim, do you see pfizer 20 years . See that chart pfizer hasnt done that much. No. Its dead money for 20 years you know whats an interesting one, ill give you an interesting one my trust owns it advi i mention this because of pfizer it goes off patent. Well, thats that but because were not. I thought i got it. That isnt it . I like that thats good. In honor of the late alex trebek but heres the real answer, what is botox everyones been afraid to go get botox. This has been the numbers are bad for botox. Botox is suddenly the one, the drug company j j is up big, i dont get that all because pfizer is up big or some sort of atf single stock risk. But i have just been following this and it is stung because people felt that there was going to be botox worldwide and im staying away from the dermatologist, i dont want the disea disease. Thats one to watch, carl. People next year are going to be taking botox just like they used to take a look at those names, jim. Carnival leading the s p and norwegian and all the hotel chains, as well. Really quickly, i dont want to pivot off the vaccine for too long, jim. But you were talking about the senate and david at goldman did have a note last night asking what if the blue wave is only delayed by two months. Prediction markets looking at democratic control of the senate are below 50 but theyre off the lows theyve gone from 12 to 25 on the idea that maybe these georgia runoffs turn different than some people think i dont know. I mean a lot of republicans who today are saying, now what did pfizer really know and its unfair that did pfizer elect biden . Were going to go down to georgia and spend millions to make sure that the senate doesnt go republican. I think thats certainly could happen i am sure there are plenty of people in this country angry that pfizer withheld information. David, you know that has to be a theme. Its without a doubt. Its being discussed and questioned and im also looking at things here that indicate that was not the case. The ceo was asked about that didnt pfizer say the event rate in the trial was in the ballpark of 11. 1 per month and protocol was the question and what happened why did they do away with the first interim look at 32 events meaning symptommatic and pfizer says in order to do so was accumulating samples but not analyzing them pfizer was very focused on so there wont be any accusation of they saw something and now they want to change the protocol. So, i dont think youre going to find much satisfaction going down that road if you are saying in some way that they withheld or could have told us somethingen toer but its certainly going to come up, jim. Theres little doubt about that. These doubledigit moves in some stocks are just stunning which ones you think . Take a look at the banks. The banks. Isnt that crazy. Jpmorgan up 11 , citi is up 11 , wells fargo is up 13 . I think im looking at this right. I cant remember a rally like that in the banks. There they are rates are going to go up. Goldmian and morgan. Rates are going to go up and this is one of the areas that americas best, mastercard and visa and not jpmorgan. But wells is up 13 this was on everybodys reopening trade, i guess yeah, it was. But, look, shouldnt vidia be down big what did they do to deserve this well, jim, its funny when the market sort of reafirms a story that you think is probably already happening. Home depot basically the only red on this notion that you believe that improving your home dynamic is coming to an end. Look, i think thats silly. You have to look at the ones that are down and find the ones that you think should not be down a lot home depot shouldnt be, the reason why home depot has been up is because people feel like they have more money anddoing their house and if you think theyre suddenly going to cancel that and make a trip to go to japan. Thats not going to happen i do think that its not what you necessarily buy in this environment. You want to buy nonessential retailers that are suddenly going to stay alive. And i think that makes sense there was an upgrade for a nordstrom. Nordstrom maybe they go from the do not resuscitate risk to the whole list one david is going to be focused on Simon Property group. Its funny i was just looking at trust the huge owner of commercial real estate, office buildings. Vno, guys, if we want to bring that up. Lets also look at Simon Property the big case coming very soon i think next week in michigan in terms of the deal. But, jim, vornado up 35 35 35 35 i guess people were short the Real Estate Investment a great trade to be short. Thats one of those things that people, i mean, great trade to short federal realty and great trade to short simon and, you know, carl, i think that the shorting is bringing some stocks up and is pepsi worth much more today than it was before pepsi was going up anyway. There it is boeing is i think boeing, i think boeing is going to get max approval and its going to happen before year end and i think thats good news in an era where the chinese seem to be ready for a new regime, carl shes had such good stuff. Of course, these are on at 3 00 a. M. 5 10 what do i do tell people to sell it listen, were really hurting lets take a look and say, okay alls fair in war and lawsuit. She was at a place, she was at like the equivalent of a deli that biden had visited and they are ready that her reporting was saying that they are ready to make peace and that would be pretty interesting, lets say, for how about wynn wynn. Jim, just one quick question for you, jim, on the president s efforts to contest some of the results. Over the weekend, we heard from the Financial Services forum, from the business roundtable, from the National Association of manufacturers today the u. S. Chamber of commerce is going to hold a call on how they look forward to working with the biden white house. I mean, how would you characterize at least businesses approach to these results which, of course, are still not official i think that the judiciary, including a lot of the judges that say that President Trump picked no mood to overturn the will of the people i dont think the judiciary feels the longer this goes on that its any right to say, you know what, there should be a doover when i hear Chris Christie who is a fantastic prosecutor by the way saying you need to see some evidence, former governor. You need to see some evidence to go with this i think that raises a good point. Show us the evidence beyond just the fact that of anger and belief and philadelphia was actually was being filmed at the time when they were counting them when i see Chris Christie, tough prosecutor saying he cant go to the president and people who no longer fear the president and the tweet. Its ending say again. You think its ending i do. Not that the president is not going to have significant political power with him hes going to. A tweet that david faber is really the essence of fake news and you shouldnt trust him. What would you say i wouldnt respond. Really . No. That would be it. Ill let my 30 plus years stand for itself and hopefully that will be enough. Probably not but, you know what, thankfully he has never tweeted a thing about me and i will expect that will continue unlike you and im happy with that. But i will say that he will retain a great deal. You know, mcconnell a lot of people are focused on and Senate Majority leader. Havent heard from him at all in terms of him saying anything at this point and then also questions about the transition which under law, of course, is supposed to begin but get the person so funds can be released for the Incoming Biden Administration not unimportant for them to get going in a meaningful way and they do need the money to do that were still watching that. Guys, one piece of bad news on the medical front over the weekend and you know what im talking about. Im talking about biogen with the potential alzheimers drug the stock was halted but only a couple days prior to that that we thought given the quote that we got from the fda staff in terms of their look at the application that was being submitted for approval that we thought this thing is going to get approved but the Fda Advisory Panel and, by the way, the fda that decides but Advisory Panels advise it and more often than not takes their advice came out strongly against giving approval to biogens alzheimers drug saying it failed to show effectiveness. I had tweeted about this because conceivably a good piece of news them saying things like this in study 302 is robust and exceptionally persuasive on several of the instruments used to evaluate efficacy what did the panel say almost the opposite. That was crazy. They voted 81 against too uncertain on the question of if the study viewed provide strong evidence that supports the effectiveness of the treatment for alwazheimers disease and ty said resoundingly no terrible day for bogen and a terrible day for all those family members and people who suffer from this horrible disease. I was shocked at this i felt how could you have such diametically opposed smart people and why would i think that the fda was closer to this than the panel, david . I mean, investors really got head faked here. Everybody looked at those quotes and that wasnt the only one other very positive ones in terms of when you looked at the application and the fda position which was a part of it they would have, you got the sense, oh, wow, theyre very, very positive on this. And so you did not go into that Advisory Panel meeting with the expectation it would be resoundingly no. This is not effective. And, jim is there more well, imic looi ilooking ate Research Notes this morning and almost all of them anticipate that it will be years before they can really come back without clinical, they need additional Clinical Data and that could take years, if they choose to do it. But, yeah, i was shocked at this and, obviously, this is one of those if you bet the smart way, which is that it would be approved, carl, you got crushed. Because i think it is just highly unusual to see that by the way, a lot of stocks today that are down really big that are really questionable that things are bad at the company. And you take lulu is down, i think if lulu goes down, the cloud stocks are unbelievably bad. How long should service now go down im not quite sure how long service should go down how high should the rails go and then even within the semi conductors a company like texas instruments, semi, okay. That stock is roaring. But you have advance micro which is viewed as a gaming stock. Thats wrong people are just making these judgments and theyre going to regret them. Honestly and did you buy utility today . Why . Our Parent Company comcast, carl, is up 8 and then, of course thats a record high. Record high and thats theme parks. Im going to comcast. And movie production and people going back and sitting in a Movie Theater again which we all hope will happen one day theme park action disney up over 12 . Record high on our Parent Company. Disney not quite a record high, but a high for the year. Jim, one thing we havent touched on is not just the pfizer news, but potential follow on news, fauci is on the tape right now saying that modernas results could be similar to pfizers. And that the pfizer efficacy data is in his words, extraordinary. Were not done watching the progress of these trials look, i think its just a question of how quickly we can get it in peoples hands i do think that u. P. S. Is down today because u. P. S. Is part of what is regarded as the stayathome trade when i listen to carol tell us that shes got the freezer for them, why would i want to sell that she could be a vaccine play, if you want to go that way. I think a lot of stocks that are down that will reverse i mean, what is the negative case of facebook, david, off of this im hard pressed to come up with one how about alphabet which has benefited so much from travel ads and then the travel ads just went away. Should you be a seller of alphabet based on the factt that their principal source of advertising is now back. Buy alphabet by the way, you can certainly make an argument to why amazon should be down but dont we think business has forever been changed to the better for it in terms of behaviors thats already reflected in a stock that has gone up so much what will have you buy marriott today tomorrow you get some upgrades because people cant resist. That stock goes to 126 and then you sell it because you have seven months, according to your calculations when well be able to get the vaccine my calculations im going to defer to the experts on this. We will watch them closely i mean, carl, i just think what happens is that people get very euph euphoric about some stocks and the ones that are up say 10 or 15 , those wont have a catalyst tomorrow i mean, Simon Property reports tonight. What is Simon Property going to say . Things look better than ever because there is a vaccine i june now hes on the june timeline june. Were going to pin him down. He did say Cinco De Mayo thats when my restaurant is going to be open. Im going to be there and im not having a modello on Cinco De Mayo ill have your most expensive tequila. Im marking it up to 80 sunshine cant wait. Guys, its the first dow record in nine months and the biggest oneday jump for dow s p since april. Lets get to bob pisani. Hey, bob goodern moi morning, guys what a wonderful morning great news for the country and the world. 260 new highs on the New York Stock Exchange we havent seen that in a long, long time. Of course, a record high on the s p 500. Take a look. We needed to get over 3588 was the intra day high and that was back on september 2nd and we are way past that right now as we can see. New highs on the s p sector wise, you know, what you would expect cyclicals moving over big cap, mega cap tech and growth so, energy, oils over 40, again. Banks flying, as you heard from david. Industrial strong, got some new highs there. Tech doing pretty well underperforming relative to everything the story first off out of big cap and sort of into small cap the s p 500 doing great today but the s p small cap, if you take a look, is also doing out of big cap into small cap. Out of megacap, tech and growth. Compared to the market kind of flashish over the victory to the megagrowth story putting up some of the megaindustrial names today youve got honeywell sitting right there near 200 3 m, these are huge moves. And of course work from home and into travel and leisure. Work from home ebay, tell con zoom into travel and leisure. Disney, delta, america express seeing double digit moves. I dont want to sound like debbie downer. I dont think it matters with delta. Put up delta, it was 60 it went up to 30. Does it matter delta is probably gonna lose 10. Maybe it will be profitable. Maybe. The market doesnt matter for this kind of rally look at honeywell. Honeywell was 160 last week. Now it is sitting at a new high with earnings and guidance they are going to make 8 next year i dont know thats at the upper end of what honeywell has ever traded at reasonable questions here about market relative value that makes some sense we should be happy and celebrating. In the next couple of days there will be a revaluation in travel and leisure. For a lot of others. Even on the cyclical side, well be going up and up and up. Back to you. The high today was up 16. 10. Mcdonalds up amid double digit sales growth in recovery here and response to how Consumer Behavior has changed doubles down on things like preference for core menu. What happens to the Quick Service casual split if this vaccine works. Those numbers there if there is going to be a sense between if i have the choice between going out to not a quick serve but a regular, i will go there my idea was that mcdonalds would survive and the others would fail i think theyve done things right. Looking at businesses with better earnings. Texas road house or cheesecake factually. It was the kind of company that i would say, can they make it . Now i say, give me cheesecake. Theyve got to bridge the gap. It will be months. We dont before, with the stayathome trade reversing netflix is down over 7 . Did you see peloton. Forget about that. Weve been watching that bobby fisher version. Look at clorox. I dont think theyll stockpile for any time in june that doesnt happen. And zoom. Weve been back here all week long weve done a lot of business i think you are trying to find a level to buy in zoom i do think zoom is here to stay. The hundred times sales cohort i think theyll be taken down a little less expensive. Talking master card as asp is down a lot of it was for small is and medium businesses are not doing that badly American Express has been regarded as a travelplay master card had a bad quarter. They missed the numbers. It was quite jarring how did they miss . Travel the one i like on that chart is boeing i think the max gets approval by year end much of course, my boeing fantasy not happy days are here again. They make it they are going to make it not like they are going to market cap you are still talking 100 billion market cap not 200 billion anymore. Thinking it would get worse and worse and worse and President Trump loses and the chinese hate us it is like sugar plums dancing in their head. You look at a post covid world. Rates are going to go up how much . Will we ever see a 1 10year . Yes rates are going up. They are . People are going to build a sky scraper again. No. What kind of return are you going to get from that 20 of your work force will be working from home at any one time 10 permanently and another 10 here and there 20 . Your jamie diamond. Building that giant tower. You didnt know this, of course. For them, a rounding error a few billion here or there. Hes got the Hollywood Square thing going. Talking Office Staffing in the city with the banks, you are going to talk less about the covid worries in the nashvilles, the austins and the salt lake cities not as many concern about the high earnings and what didnt happen with the blue wave. The youpger people, they have to be there that doesnt mean your 10, 15, 20year veterans have to be there. If solomon says, no more dj, we are going back to work. 100 of a work force that was in a building is not going to be there. It is not. Thats not my point the guy traveling is getting the orders, then everyone will travel you are right theyll get on a plane if someone else is beating them talking about immunity passports and maybe we are getting to a point where we start printing them lets talk about that tonight. For wine and off road vehicles im not skeptical. No different from before we heard the pfizer news. Not true. Not true or is that a lie. Yes our thoughts are with his family well see him tonight good morning welcome to sqwawk on the street. Kayla is with us for the historic morning as the pfizer data comes in with the 90 efficacy well talk the election and pfizer and the optimism. Meg terrell joins us the headline from this vaccine from pfizer is more than 90 effective causing a lot of hope in people this morning much more than analysts have been modelling they got there seeing 94 confirmedcases in trial. Leaving that balanced showing that this is more than 90 percent protected. Siege the safety concerns in the trial and reaching the follow up marker that they need to meet and apply. They will do so. That will be in the third week of november. Thats next week speaking with the pfizer ceo here is what he said i believe this is likely the most significant medical advance in the last 100 years. If you count the impact of this with health, Public Health, economy, et cetera, et cetera. Im happy we have the whole pfizer machine and we would be able to support it, i hope major question. How much of this would be available. 50 million dozes in 2020 1. 3 billion in 2021. This is a twoshot dose. So 50 million would be for 25 Million People albert telling us this morning, there is more work to be done. Here is what he said on that this was very important but just the first step. We feel very good about the safety but we have to wait until next week completely based on the guidelines we can constantly manufacture and involve the contents in europe and the u. S we feel good about all of that extremely hopeful morning this morning a lot of questions outstanding here saying it works. 90 effective does this keep people out of the hospital and keep people from dying from covid. Does it protect the elderly. We didnt see a break down by age. Part of the Biden Covid Task force at the university of minnesota, longtime Public Health expert. We dont know the duration of protection from this vaccine this is a brandnew virus and technology theyll monitor the people in this trial for two years to see how long this protection lasts how many people will take this vaccine as they are ramping up supply we have seen there is vaccine hes tennessee. How quickly we with all reach herd immunity. Check out how different stocks are reacting this morning moderna is up 18 . J j up we should see their data a Different Technology astrazeneca is down a little bit. Novavax. They have not just done their phase three in the United States that is up 7 antibody drug stocks are down as folks think that drugs wont be used as much that is not the case, we need all hands on deck needed in washington, there are two things being evaluated the first would be authorization. The administrations view is sometime early december for potential emergency use authorize with shots trying to be administered. Pointing to this piece of data that phaser was expected to point out when it encountered 32 positive covid cases the company chose to wait a little longer to make airtight we pushed the air time past the november election. Im curious what you think the significance of that is . There was so much focus tying the vaccine results to the election they kept saying they would have it by end of october President Trump expected to have it by a special day, by election day. Making wall street think it wasnt as eflktive. What we understand happen is that with that company, because the fda was going to require them to wait two months to file for clearance regardless of when that would work because they needed the safety follow up. They would need to wait, take that look. We did talk about the political implications for the timing here he said it was completely based on science they would wait until the last week of october. They got it a little later that is in line for what ive heard from experts as well the fda will need to convene a panel of experts to discuss the data well need to get more of the full data set to know how well this worksnd for whom and well go throughthe process. When can anybody talking with jim about it. We are all trying to get a read on timing here, who gets it first and what you could expect a broader population i know this is all guesswork can you give us any sense or who we should listen to, to at least try and get a sense for it well have to see the advisory agencies to decide who should be prioritized put out there. It is expected that Health Care Workers would be first in line, First Responders, people at high risk like the elderly and people with underlying conditions as far as us gettingthe pace modelling out summer as the first time it wont just be the pfizer and buy bion tech. Well need merck, sanofi and some version to allow everybody in the world who wants to get vaccinated to get vaccinated w. H. O. Official on the wire as we speak and says we could be in a position with a vaccine roll out by march 2021. Thats great. Thats earlier than i thought we would hear thats good news thank you back to stocks this morning. Happy monday david, looking at a note. Their line is at least as good as the best cased scenario would have hoped for i think it is it seems to have surprised the smartest guys out there and should surprise us too we are seeing that in the market this is a big turn whats really important is it is on the horizon we are starting to see the dollar with stocks something weve highlighted a lot. When you get a real recovery, the dollar continues to go up as people go higher as opposed to the fed being the driver and driving real rates down and the dollar weakening and that pushing the stocks up the handoff from the fed to the economy, you can see it and it is a really interesting feature of what we are seeing today. That is an important thing to watch today. Very encouraging that we are really turning the corner in an important way. That is fascinating the things people have talked about, great news and what does the distribution look like once it has gone beyond the next face in my opinion, its a bit of a fear trade people are concerned about volatility and the what if s in a mart of about three days, we cleared two big what if s to hear this morning, 90 effectiveness on this vaccine. Thats a big sigh for people here in the United States and around the world you have to wonder the impact on consumers even if it is a matter of sixish months before this is rolled out in a major way. Do you think people will start planning weddings, vacations, travel for next year because there will be an expectation. I do and i think businesses will be some what open people are dying to schedule their big birthday parties for grandma or grandpa. These are all, it is just tragic whats happened across the globe. I think people are dying to get out. Discussing in the early hours with jim even discussing getting cheesecake it is important. The fed has done a great job of being that push when we were all feeling terrible and they kept the animal spirits going that is really important and still is im kind of excited for the hand off and to get the private sector back into this. The consumer will be big in that i think thats an important part of what you were discussing as well right especially discussing that you may not get as much stimulus do you look at your portfolio and think how can i change things . One of the things was back in march when things got obliterated. If you believe in a year from now, two years from now, well get on airplanes and cruises, youll be more than happy to pick up some of this stuff while it is on the cheap if you had gold in your health for some folk excited about the stocks from peloton and those things not looking too gd. Those are been dynamic, just again to comb through. If you want to get the edges and say, look, i want to make that trade on a shortterm situation. A big short term with undetermined period of time. You might want to look at that and make some tweaks there how confident do you have to be to hold on to those . If we assume we are talking about people that bought it into their taxable accounts, weve got to take a look at everything in your portfolio. It is likely youve got some winners and losers you could have some mutual funds in there looking at the expect distribution if youve got positions in your portfolio. Cruise lines and hotels. Yes, weve got a big bump today. My gut tells me theyll go even higher had some conversations with folk in the cruise line industry. Their bookings were looking really solid for the summer of 2021 depending on the areas you took some positions in, id be inclined to hold on a little longer lee, david. An historic day. We appreciate you helping us click off the 10 as we have been mentioning all morning. Markets rallying in a big way. The dow up 1,200 ghe market hits its first record hi since february 12 stay with us sales are down from last quarter but we are hoping things will pick up by q3. Yeah. Uh. Boss doug . Sorry about that. Umm. What. Its. Um. Boss you alright . [sigh] [ding] never settle with power e trade. It has powerful, easytouse tools to help you find opportunities, 24 7 support when you need answers plus some of the lowest options and futures Contract Prices around. Dont get mad. Get e trade and start trading today. As we were saying this morning, pfizer and bion tek saying their vaccine has proven to be 90 effective. This is key to getting control over this virus. The very best news is that pfizer is reporting 90 efficacy i was concerned that the fda set the stand ard at 50 , which is the normal for flu vaccine this is truly great news to the world. We should give great credit to the Trump Administration to get this going at warp speed so pfizer could get this into production early going into production early and get this set up in a contract for 1. 95 billion this is a great start. You will need a lot more than that the other thing is that the vaccine will be free to all americans. Thats very important. The white house has been forecasting 100 million doses available by the end of the year also what pfizer laid out today. As many as 100 million doses that could get it this year. An additional 650 Million People next year. The global population is far greater than that. How do you expect the availability of this vaccine will be allocated to global populations and certain risk groups that has to be done by each country. Pfizer has contracts with europon union, canada, United Kingdom and japan. The United States will be equitiable you have got to get it to Health Care Workers they are the ones most at risk youve got to do that. I feel confident that will be done this is not the last one that will be approved this Similar Technology to what fri pfizer has, that is important. I have word from others, moderna has a vaccine that not only has been proved but has high efficacy probably not until the First Quarter next year. Youll see the vaccines coming to market. It gets back to early funding. It has taken six years in the development. This has to go through two levels with the data weve seen, weve seen no data to this point, probably that pfizer would be releasing the information when using figures like 90 percent. I guess the question, bill, whether or not we went through a period in march and april where ppe was sourt of a wedge between countries and states i guess it is your hope and believe that thats not going to happen with a vaccine no matter who makes it i have great concerns about that a new task force that the president has announced a wide variety of people and experts like they said with the fda. I think these people will ensure, theyve got very good people on course i think the key though with the virus raging this is almost out of control. You could say it is out of control. The key now is that the Trump Officials on this Task Force Work together to get things set up to move forward and can we get the governors and local Health Officials in line we cant wait for another 90 day or 70 days to move it ahead and get the virus under control. The ppe are running out. I heard in minnesota, you goot a huge number of icu beds were down to a small number this is not a concern. This game is far from over should point out, by the way, pfizer did not take federal money. Unlike a number of other companies. The fact of the plan here what would you do . If you were on this Advisory Panel that president elect biden is putting together, what would you say is priority number one to make sure this gets distributed quickly. Id have a Risk Assessment algorithm. My son and daughter are both doctors at ucfs. Id like to see them get it first. I can sit behind a zoom camera Health Care Workers and all the people in direct contact of the public weve underestimated the importance of people that work in grocery stores. With the direct contact. I would give them the next priority that would ease the supply i know j and j, when they are approved, thats important again, what is going to happen in the next 70 days. Will there be collaboration in the middle of lawsuits professionals have to Work Together the Coronavirus Task force organized under Vice President pence needs to be reinvigorated. They need to step up and give them the opportunity they know all these people, they are fantastic people on the biden task force not like they are political enemies. They are all professionals the Coronavirus Task force is expected to meet today at the white house. Well see, what, if anything they report out. Thank you from medtronics. I also want to clarify the number up to 50 million will be available by pfizer by the end of this year that means up to 25 Million People can get this because it is a twodose treatment. Thank you for that. Well take a break here. We are well off the session highs. That was about 1,600 points. A nice Cross Section of all of the beneficiaries of the news today. Consumer and amex. Oil and chevron. Rse economy for the dow. Fit record high for the dow in about 9 months dont go away. Welcome back, everybody. Tropical storm eta has flooded parts of south florida some areas getting more than six inches of rain a flood watch is in effect until tomorrow pfizers vaccine comes as the u. S. Approaches 10 million cases. Utahs governor has announced a new state of emergency to help stop resources from being stretched. Scientists and medical workers continue to suggest masks are a way to stop the spread i am putting into effect a mask mandate until further notice. Biden announces his koeftd task force including rick bright former barda director and whistleblower. We await election results. President elect biden and Vice President elect harris are setting to work on their transition meeting with a Covid Task Force announced earlier cochaired by two academic doctors in the Obama Administration vivek murthy ousted early in the tum p term dr. David kessler and dr. Macella nunezsmith. Releasing a lengthy statement in response to pfizers, what they are calling, excellent news today. Noting, quote, america is still losing over 1,000 people a day from covid19. That number is rising and will continue to get worse unless we make progress on masking and other immediate actions. That is thereality for now and the next few months. Todays announcement manages to change that for next year but the task remains the same. We expect to see biden and harris after a briefing on covid19, which is the top of four priorities. They include economic recovery, Racial Equity and Climate Change President Trump tweeting about the pfizer news and the market and calling it such great news as his allies continue to mount battles against the vote count in swing states. An email blasted from the chair urged the recipients to keep up the fight even as they incur trump to concede those efforts so far have been unsuccessful well speak to one of those Task Force Members next hour, dr. Michael osterholm. Speaking to our guests here, let me start with you, your expectitionations on something we havent talked about this morning given the deluge of news, which is what we see coming in from the Biden Administration and composition of congress. What is the likelihood we get some sort of relief plan for those businesses still suffering as covid cases continue to rise even with the prospect of a vaccine on the horizon two parts here. The virus recovery itself which is have the vaccine is good news to all of us we still need relief Many Americans are out of work and struggling and aid to states centering on unemployment and assistance for businesses and the tool that awaits us. What kind of a number can we expect there is an expectation from will be a newfound fiscal austerity and in what will likely still a Republican Controlled Senate hence any number that would be found previously what started with a trillion dollars and focused on the areas i mentioned, you could make Real Progress starting that. Krfrp nbc has been polling voters one thing weve seen in recent weeks is a detieration of poem likely to take the vaccine as recent as september, a majority of battleground voters in both parties were not willing to get the vaccine 24 of republicans and just over 40 of democrats those ticked up slightly in october. There seems to be a lot of trepidation on both sides of the aisle to get vaccinated. As president elect biden says, hes going to be a unifier and people who represent those who voted for him and those who did not. How do you change the mindset of all of these people who will not get a vaccine if that is what the economy is dependent on. Thats for austin. Your thoughts . The thing is. That was a purely hypothetical to which with he were saying to people, if we were to discover a vaccine, would you take it i think that is different from if First Responders and essential workers are taking the vaccine and it is 90 effective and clear it doesnt have side effects, i think youll see the share of people willing to get it will massively go up. If a vaccine is 90 effective, you dont need to get 100 of people to take it toism continue wish the spread of the disease you need a high percentage. When the polio vaccine came out. A lot of trepidation they got elvis himself to get the polio shot and that alone increased the number of people willing to get that. You are probably surprised to hear that was before my time before we go. I have a question about the transition General Services administration has not formally declared joe biden the winner so how much can the Transition Team really do without unlocking that federal funding and access that they would need my experience is that it is pretty important especially at a time of crisis like the one we are in or were in in 2008 youve got to have people on the ground and if there is not coordination between the incoming and out going administration, you could have big problems and that could spiral out i hope they rethink that thanks to you both. Continuing our decision of the news of the vaccine for the economy. Lets bring in our senior economics reporter steve liesman. Weve been seeing this for a while. The vaccine is the best possible relief for the impact of the virus it is possible for things to get worse before they get better widespread Vaccine Distribution is many months away. By the way, cases have gone parabolic. That could mean in the interim more lockdowns that would seem to are favor them more than the Trump Administration does. Also suffering from volunteer decisions to avoid high risk forms of Economic Activity the difference for that already goes up. Talking about additional stimulus weve recovered 9 million of the 10 million jobs loss since february some of those could come back sooner if the layoffs were anticipating the decline they may not make it to a vaccinated world, some of those businesses at the same time, it could bring optimism and spring Forward Events and travel to next summer that is an economy better than expected the vaccine news could make Congress Less likely to enforce that relief bill and congress saying at least one is needed for the short term, carl so many moving pieces today we are up 1,000 points you can imagine the volume today reporting outages at online brokerages a lot of the brokers are seeing outages van guard, Charles Schwab. A rep from Charles Schwab saying people are jag troubles. Van guard and fidelity and robin hood users some are still able to place some trades. Not great timing for trading to get locked on the time line. Back to you guys thank you for that. In the meantime. Some of this years worse performing retailers are getting a boost today. Look at names like ross stores, tjx, macys nordstroms up 10year 90point basis point steepest curve since march back in a Minute Travel Companies Reporting results and covid cases surging darkening the outlook for the Fourth Quarter well layout the tdera and key risks. More sqwawk on the street coming up. Ok, just keep coloring there. And sweetie can you just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Welcome back to sqwawk on the street. On rally mode since the Pfizer Vaccine news every sector in positive territory. We want to hone in on one of the moves in the Energy Sector leaving the entire s p 500 this morning. Several massive moves within the big oil and gas companies. Valero company all up more than 20 in todays session. One of the etfs that tracks that spider, etf up double digit. These stocks are helped along by a surge. Under pressure in recent weeks amid concerns and the negative impact among demand. The news could eleviate concerns sending those prices above 40 a barrel from the highest level from october sqwawk on the street comes back after this. What a wild morning. Note the change at 6 45 a. M. We were up as much as 16 dot 10 for the morning. Still record territory but now just below the 4 mark this is a time line of how things shook out this morning. It of news. It sure has, carl pfizer and biontech that the vaccine were 90 effective now the challenges come in how to make and distribute this vaccine quickly and at scale joining us now is the senior fellow at the Global Center for Global Development and lecturer at harvard also with us is associate professor the professor at Johns Hopkins University Business school ill start with you. Where the infrastructure at this moment in time and how ready is it for mass deployment of this vaccine the good thing is weve been working this the last colleagues, pfizer and others have been working at this scenario for at least a few months now we have a basic program. When we think about infrastructure, we think too much on physical infrastructure. But the important thing in my opinion, very crucial, is going to stand that we have information infrastructure in place. We have the right forecasts coming from the states of how much they need, what needs to be shipped to them. And then secondly, what will be our Distribution Plan and is that communicated appropriately to all the actors in the supply chain . The fact that pfizer and bontech is out in front of this and not other vaccines being approved and authorized around the same time, that would allow a seemingly smoother distribution schedule. How will that work well, i feel like the fact is that pfizer is getting so close that it just makes things easier because part of the challenge in manufacturing and distribution in the vaccines comes from having such a crowded field of candidates because we want to manufacture and also assemble vaccines even before they get approved we simply did not have enough vials to hold all the vaccines think about having 200 of these. Now when you think about possibility that distribution and Health Care Professionals have to deal wimarginal come bak they make mistakes more likely to have it now with news like this, we feel like we have never filled and so this is easier to keep track who have received which vaccine and so the challenge is lesser compared to before so given the limited number of vials and freezer farms zshgs that mean theyll have a lock on some of the resources whereas Companies Like novavax and moderna and Johnson Johnson will have to fight for the resources . You have to keep in mind that we may end up benefitting from having more than one vaccine yes, there is a shortage of many ancillary supplies, critical input materials such as what youre referring to. It the come on the second face and the second phase of distribution is targeted to a small segment of the population. When we reach the second phase and the more longer term phase, thats going to be a question of who is able to negotiate contracts with manufacturers or other things that are needed for the longer term. There is not a lot of public information. This is a market in which our work will be globally set and work extensively to manage some of the coordination challenges that have been talked about. So i think with that kind of Public Organization attached to it, we will hopefully have a redistribution of supplies and i guess the bigger question still remains, freezer farms and equipment are ready for a state where we start installing that in every location. Or are we going to continue working with the assumption that we only have a few of those and everyone else will just keep it in a specialized container or a box . Thats a scenario that can work for a short term or intermediate term or not a scenario can you work with talking about vaccinating 300 million americans with two doses so for that, we do need more Infrastructure Investment which hasnt started happening all right with all of the things that he just introduced in terms of issues, give us a sense, if you can, as to when you think a vaccine will be broadly available to the u. S. Population and when we can expect to see very large numbers of people getting that vaccine well, i think at a current stage, the priorities deal with Health Care Workers because we have to protect them before they can go protect the rest of us. So for the rest of us, i feel that has a lot to do with how much capacity we can assemble. There are so many bottle necks its hard for us to say which point we can have enough vaccines for everyone. But i feel cautiously optimistic that we should get that down by second half of 2021. Part of the reason, you know, i feel so optimistic is because were talking about the manufacturing distribution challenges since as early as april 2020 thats when the Vaccine Development early in the early stage. The thing about april 2nd, three weeks after covid19 pandemic, well get candidates of vaccines bought we are worried about so many things. I feel like why sure. Yes but worrying about so many things and not have a Solid Foundation to get it done. So by the second half of 2021 we should be able to have the vaccine. Our thanks to both of you for your expertise on this important topic this morning have a great rest of the day thank you thank you thank you were going to close out this hour with some news out of mcdonalds announcing, at last, their own line of plantbased meat called mcplant on an Investor Conference call today shares of beyond meat are down on that news and, of course, you can tune in tomorrow for our exclusive with the sew of mcdonalds, chris kempczinski. In the meantime, dow is up 1100 points and squawk alley starts on the other side of this break. Your journey requires liberty mutual. They customize your Car Insurance so you only pay for what you need. Wow. That will save me lots of money. This games boring. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Good morning, its 11 00 a. M. At pfizer headquarters in new york city. Its 11 00 a. M. On wall street and squawk alley is live