Falling back boeing is providing an advance for the dow inlyft customers cancelling orders this year in light of the pandemic. It is up 5 as we speak, 59 minutes left on this session coming up, kyle bass will be with us to talk about the Election Results and how president elect biden will navigate americas complicated relationship with china. Plus an interview you will not want to miss we will hear from carlos ghosn whose scrape from japan to lebanon Drew International attention. We will hear his side of the story,i his thoughts on what will happen to his former colleague and the men who helped him pull off his escape. Lets get straight to thesters we are watching mike santoli tracking the Market Action josh lip ton with the highlights from todays afternoon apple evenly joining us to talk about apple and the broader tech selloff is dan ives mike santoli tell bus the trend. Into value out of growth, into small out of large, and really out of defensive into cyclical thats been the team the s p 500 is basically being held stationery by the opposing currents at the moment it is almost in ball an as it affect the broad benchmark here. Yesterday you had a pop up to a record high, reversal lower to close below the previous high. Struggling at the top end of this range maybe consequence of the fact that it was a little bit of a false breakout strong breadth numbers we have had the past couple days should minimize the damage of downside. Here we are still trading a little bit below the Early September high lets look at the nasdaq 100 versus the small caps. Thats pretty much opposite ends of the pole. This is on a week to date basis. Thats a good spread when you are both talking about groups of u. S. Equities. You see it just about 9 or Something Like that, nine Percentage Points dividing those. This is not of qual value to the overall market in terms of market value apple alone has a greater market value than the russell 2000. Momentum against value is another way of slicing the rkt mo this is over three months here this is a three machine month chart. A typical romcom, going in opposite directions and at the enthey meet almost exactly we will see where it goes from here it is kinds of a see saw thing not everything is moving in one direction. We saw this in september selloffn the gig growth names, the market absorbed it then it gave way a little bit and came out okay. Only you would compare to it a romcom. Thats what i wanted to know, which is can the overall market, and the economy for that matter continue to rally and perform if the biggest most powerful tech stocks that have led us higher for so many years are not participating . For a time, yes, it can it is difficult. The math gets tough but i think you have to decide what you are herring here the s p 500 might not be able to make much progress if you look at the equally weighted version, sure it does fine mid cap stocks they have been in a good place if you want to talk about sectors like banks and other value names they can make progress i think we have a bit of a instability problem if they really end up urgently for sale the big Growth Stocks and there isnt a place for that money to go and you are whipping around the indexes and that raises the volatility level if in fact the rest of the market cant withstand that pressure. I for one look forward to the annual christmastime viewing of love act actually. We need multiple lines here, wilf we do, but there was a happy meeting back in september. Then they went apart again i think it was a great comparison. I am going to go work on the script right now. We will discuss the markets throughout the show with mike. Apple unveiling a new lineup of macs today. Josh lip ton has the latest. The news with the line of mac is they are power by a new pain processor thats designed by apple instead of intel it is a new integrated chip that apple calls the m 1. The m 1 chip is by far the most powerful chip that we have ever created it makes these macs dramatically faster, provides all new capabilities with extraordinary battery life, and enables the mac to run more software than ever this is exactly why we are transitioning the mac to apple silicone. The new macs kplu the new macbook air which apple says is faste than 9 of pc laptops told in the last year. The price, 999. They introduced a new mac minute ear, it is a smaller version, it cost 699. And they unveiled a 13inch macbook pro. Longest party life ever in a mac. Studio casualty mics revenue dropped 30 to million in apples fiscal Fourth Quarter on macs. For more on todays apple eechblts lets bring in dan i s ives dan great to see you as josh mentioned this product is already hot this year are you fearful despite these upgrades, despite the features they are announcing today that a lot of demand for things like lap tops and ipads has already been brought forward it is a great question. There has been some pull forward. I think overall if you look at todays announcement it is more control over their ecosystem it is a shot across the bow at intel and others it is important because it is the biggest productcycle in five or six years. Ic macs could surprise some on the street Going Forward it speaks to what i view right now as a super cycle but really across the board i think it continues to be innovation in at cupertino. Wasnt the super cycle supposed to be the iphone, though, dan . Isnt that what the stock is going to be moving on and what the performance is going to be driven by . No doubt. This is all super driven to see a 150, 175 stock. Over the last week, all of our checks show orders over 2x over its predecessor. And tracking 80 Million Units for launch which would be a jaw dropper you look at the other products, mac, eipad, airpods. Thats why we continue to be uber bullish on apple, especially as they have more and more control over their ecosystem with the m 1 announcement. How worried but the multiples of apple and some of the other tech stocks if next year we are in a world where the tenyear is above 1 and rates are rising. You definitely see valuations a bit stretched. But i believe the fundamental stories i believe it is a golden age for rotation. This rotate out of tech into value is shortlived i still think tech stocks are over 20, 25 over the nextier because of these secular fundamental drivers. I think right now it is going to be a bit of a knife fight between bulls and bears. I think as we go into year end you will see a rally in tech. When you say tech, which ones do you think are buys on the selloff we have been seeing over the last days and broadrily speaking as the value rotation played out on large cap, i specifically look at apple and microsoft. Microsoft continues to be our best way to play the cloud you look at cloud, Cyber Security is going to be a massive theme. Z scale and cyber arc or veronis. Broadly, taking a step back, the broader ev market, tesla is going to continue to outperform. Faang names continue to lead this market higher despite some of the rotation that we have been seeing post election. Dan, great to see you, as always thank. Still to come, heymann Capital Management founder kyle bass who has been an outspoken critic of china of course and supporter of President Trump he will join us to discuss what these markets will do moving forward. Youre watching closing bell on cnbc. At fidelity, youll work with an advisor to help you build a flexible wealth plan. Youll have access to taxsmart investing strategies, and with brokerage accounts online trades are commission free. Personalized advice. Unmatched value. At fidelity, you can have both. Sir, what dues to the americans who are anxious over the fact that President Trump has yet to concede and what that might mean for the country well, i just think its an embarrassment quite frankly. How do you expect to work with republicans if they wont even acknowledge you as president elect . They will. That of course was president elect biden just moments ago. Lets discuss a little bit further what all of this means with kyle bass with heymann Capital Management good afternoon good to have you back with sthus good to be here. Over the weekend since you last joined us, nbc news and others have declared biden as president elect. Do you think President Trump needs to acknowledge that . Have you acknowledged that you know, i have absolutely no expertise in politics were operating under the assumption that President Biden will be our next president and that republicans will hold the senate thats a great investment environment for us to talk about. On the investment environment point does it make sense to you to see this severe rotation we have seen in the last couple of days out of the sort of stayathome tech winners and into the recently underperforming value names . Yeah, the way i look at sit wilfred we get to a vaccine that has about a 90 efficacy rate. It is producing antibodies, more than a normal person produces post recovery from the flu many call it basic economy industrial names are the ones rallying it makes sense to me again, this is temporary i think the tech names got lets say they got ahead of themselves a bit but in the end what matters is there is going to be 3. 5 trillion worth of new deposits in the u. S. Did you to the feds money printing we are going to get to a vaccine. It is going to be widely distributed through the first half of next year. I dont think we can allow rates to move higher we are going to have a very low rate, high Energy Environment where we are under a industrial recovery on top of the tech stocks doing well. I think 2021 is going to be an interesting good year. You are saying allinclusive rally for growth and value. Next year is going to have both look at the globe Central Banks. I dont know how many times you have heard the words tea party in the last four years, i havent heard them very many times. I think what the central bank taught investors is that deficits dont matter, and that we are going to see more and more stimulus and we are going to have to hold rates low n. That environment the wealth gap is going widen, stocks are going to go higher and asset prices will go higher i think thats going to continue. Are you still betting against, kyle, the hong kong dollar or the chinese currency because if the last few days are any indication, chinas currency has been doing quite well on the expectation that biden would be a lot more tame or at least negotiate more when it comes to the trade relationship with china. Yeah, i think first i havent had a position in the chinese currency in a couple of years. In the hong kong currency, look, its the most levered develop ed Banking System in the world at. 5 times their gdp. Er and in the middle of a pandemic depression. And by the way their legal system is now being usurped by china. I think hong kong is a structural anomaly as far as the world is concerned i think hong kong is going to have its problems while the rest of the world does better next year. Whats the risk of that outlo outlook, bullish on all types of stocks i think we have the bank of japan to look towards. You know, the bank of japan owns more than 125 of gdp of its debt it monetized more than 100 of gdp of its debt and they own 80 of every etf listed in japan is owned by their central bank. You know, if the path that we see forward for the globe Central Banks is to print and purchase clearly thats the path of all of the developed nations then the risk is rates moving higher. What the boj taught us is they wont let the rates move higher. Ie, they bought every bond in the market look, i think thats where we are all headed i dont think we can given the amount of debt we have laid on to sovereign Balance Sheet including here in the u. S. I dont think we can allow rates to move higher we are never going to let rates move much higher from here ever again, because we cant. I get, kyle, the bullish view on the divided government, which we have seen in the past, on the fact we could be on the precipice of a economic recovery thanks to a vaccine. But in the near term it doesnt look that certain. First of all the stimulus factor is a giant wild card, whether we will get any, how much, and whether it will come in time to prevent a wave of bankruptcies and Small Business failures and long term unemployment, which is already happening by the millions to me, the bearish case is that there is more permanent damage to be done here as a result this covid19, which is still very much not under control in this country. And its not like the vaccine is coming next week and certainly not for the broader public before next year. Agree with you i think we are going to see look, we all know many restauranteurs and gym owners and smaller businesses are actually going to go bankrupt and go out of business and thats kind the price that our country is going the pay for the disease that emanated out of china. But i think Going Forward what our central bankers understand is they must inject liquidity and our lawmakers understand remember preelection it was somewhere like a trillion, 1. 4 trillion bid by republicans and 2. 3 trillion offered by the democratic somewhere between 1 trillion and 3 trillion its going to happen every one knows it has to happen i know there is uncertainty but things have to happen. The problem is the wealth gap is only going the widen under the scenario i talked about. Societal friction is only going to continue from here even though we are celebrating a biden victory, our country will be more unified, i believe, but i also believe that the wealth gap itself is going to be a problem in the coming years. Are there any markets kyle around the rest of the world that you are attracted to more than u. S. Equities no. Truthfully, i like our rule of law. And i like our spirit of entrepreneurship and look, we have the best educational system in the world. I think we have the best scientists in the world. We have the best i think the u. S. Is the place to invest. If you start thinking about europe, where they dont have a central taxing authority and the euro is still a big experiment you dont want to think about china where there is no real rule of law. I dont know where else you want your core Investment Capital other than in the u. S. All right then. Didnt think you were going to say china. Kyle, thank you. Always good to hear from you. Thank you, press lure. Kyle bass. 40 minutes left of trade look another skrep me, the dow surging and the nasdaq down 1. . Rotation continues the three underperforming sectors in the market, technology, consumer discretion father and Communication Services. After the break former auto executive turned international fumetive carlos ghosn speaking out on the record about everything, from his escape from japan to the future of the Auto Industry the first part of our exclusive interview next. Check out shares of adidas lower after Third Quarter sales fell and the company warned of a dollar deline in the Fourth Quarter. The ceo saying a worseeing of the pandemic in many areas of the world is again requiring our patience and support 60 of their stores in europe are closed because of shutdows. S they have underperformed puma and nike for the quarter well be right back. Needles. Essential for sewing, but maybe not for people with certain inflammatory conditions. Because there are options. Like an unjection™. Xeljanz. The first and only pill of its kind that treats moderate to severe rheumatoid arthritis, psoriatic arthritis, or moderate to Severe Ulcerative Colitis when other medicines have not helped enough. Xeljanz can lower your ability to fight infections. Before and during treatment, your doctor should check for infections, like tb and do blood tests. Tell your doctor if youve had hepatitis b or c, have flulike symptoms, or are prone to infections. 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But i had to ask him if he thought covid19 would have a Lasting Impact on the Auto Industry well, yeah, it will have an impact it is going to accelerate the consolidation of the industry. I think clearly a lot of car make remember going to have a very hard time they already hada hard time last year. They are going to continue to have a hard time because covid even if they find a vaccine immediately is going to take probably one year before things start to come back to normal and a lot of company are going to be struggling they are going to be suffering obviously the weakest one are the one with no vision or very weak vision or distorted vision in my opinion are going to collapse that doesnt mean they will be bankrupt they will probably be acquired by one of the stronger car makers and so consolidation is going to continue it is going to be accelerated. Car is always going to be here obviously we are going to have more electric cars we are going to have more autonomous cars. The direction is very clear, its going to continue into this direction. But mobility will continue to develop in the world no matter no matter the covid is here for one year or three years. You also called 2020 in your book the year besides covid of tesla. We have seen this enormous climb. I know you put in an electric Vehicle Program in nissan early on do you think tesla deserves this kai high sec valuation. Elon musk has put a lot into giving his company a credible reputation and market is rewarding him. When teslas market cap is 400 billion and a company like renault is 7 billion or nissan is 25 billion, it speaks a lot about where the margaret is betting the future will be i cant blame them you know, in a certain way i cant blame them now is it excessive or not well, this will depend a lot on the future performance of tesla. But i must say that elon has done a great job of getting out into all the potential of the company and exciting the markets. This is to his benefit goods for him. Complimentary of tesla unlike of his previous employer, nissan who he doesnt have an optimistic view on and also blames them for coming against them coming up next hour we will hear ghosns version of what happened at nissan, his criticism of the japanese legal system. And what will happen to his former colleague, greg kelly who is on trial right now in japan also the men who helped him escape have been extradited from the u. S. To japan. More on the personal story that gripped the world is coming up next hour. I read the transcripts. I cant wait to watch it now. Shares of lyft up 40 in the past week following the outcome of californias prop 22 ballot measure. We will get earnings after the bell. Heres a check on bonds. Jumped to. 97 on the tenyear earlier in the session now just pulled again. Around. 96 on the tenyear flexshares may look like other etfs. But inside. Theres advanced research, modeling and refinement. Constructing funds that dont simply follow an index. But explore new terrain. Helping you fill portfolio gaps. Connect to client goals. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Before we talk about taxsaudreys expecting. New . Twins for a prospectus containing this information. Wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. 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 just want to point out the dow is up 300 points, near session highs. High was about 320 moments ago walgreens boeing and chevron leading the charge today salesphores and microsoft are lower. 1 gain. A 1 decline on the nasdaq it is coming back a little bit but still is sharply lower today. Time for our coronavirus daily tracker. Cases in the u. S. And around the world keep getting higher this week even as companies are announcing breakthroughs in covid therapeutics and vaccine yesterday the u. S. Adding 1 33,000 133,000 new cases. The level for current hospitalizes hitting records in 20 states today. Iowa, nebraska and ohio seeing the largest percentage increases. In europe, france is seeing surges as well icu beds in the paris area are now 99 full according to a tweet sent out by a official hopefully numbers will go down now that their lockdown has begun. Hopefully time for a cnbc news update. Heres whats happening at this hour n. Southern florida some areas are dealing with flooding from Tropical Storm eta. North, others are watching where it will again come ashore, it is expected to be near the panhandle or mississippi quarterback Ben Roethlisberger is one of four Pittsburgh Steelers placed on the covid reserve list the unbeaten steelers are set to face off against the Cincinnati Bengals on sunday. Texas a and m pausing football activities following multiple positive tests salts game is still on but the Athletic Director told espn in a the team will be down more than a dozen players. A consumer alert here. Amazon as ring unit is recalling more than 360,000 of its video door bells because of a fire hazard safety regulators say the battery can overheat and catch hire if the wrong screws are used for installation. And they have had quite a few reports of that problem occurring. You are up to date back to you. We have some breaking news on president elect bidens transition team. Eamon javers has it for us. Thats right. The biden transition signifying it is going to press ahead despite the fact in a the gsa hasnt approved a transition effort they are naming all of what they are calling their Agency Review teams, the people who will go into every federal agency once the transition begins and is authorized by the gsa. They have them for every bit of the federal bure yaes. Gary gentsler is the former chairman of the cfdc, a rm goer Goldman Sachs executive. Somebody who people may remember from the Obama Administration era. These are the foekts they used to call the transition landing teams. That was too provocative and to you they are called Agency Review teams they will go in and get briefings from the current officials. It gives you a sense of where the biden transition is heading and gives you a sense that they are pressing ahead even though it hasnt been authorized just yet. Is that the theme, the flavor, that it is a lot of exobama officials and sort of centrists . Everybody is looking at the names wondering how far left is he going to go when it comes to picking his administration. Well, look, i mean there is a lot of University Officials here, some Union Officials here, some officials from left wing organizations as well as former obama people there is mix here. I am sure that the centrists and the left wing are going through and tallying up the names and figuring out who has the numerical advantage. I wont try to do that on live tv but there are a mix of people from all aspects of the Democratic Party represented here and a lot of people with experience inside these agencies they are now being sent back to. One thing that the transition folks have been telling me over the past days is they feel good about where they are because so many of them worked in the white house or worked in the administration or in the bureaucracy as recently as four years ago. They dont need a tour of the building, they just need the know what has been happening over the past four years so they can get up to speed. 93 of analysts are rating aphria a buy we will speak with the chairman and ceo of the Company First up is this exquisite bowl of french onion dip. Im going to start the bidding at 5. Thank you, sir. Looking for 6. 6 over there do i hear 7 . 7 in the front 7 going once. Going twice. Sold to the onion lover in the front row next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowedout loaf of sourdough bread. Dont get mad get e trade and get more than just trading investing. Banking. Guidance. At morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. But before we sign i gotta ask. Sure, anything. We searched you online and maybe you can explain this . I cant believe that garbage is still coming in. That is so false frustrated with your Online Search results . Call reputation defender today to join tens of thousands whove improved their online reputation. Get your free reputation report card at reputationdefender. Com or call 18778668555. 21 minutes left of trade pot stocks, you could say, are on a high this month the group soaring following president elect bidens win and several states voting in favor of legalizing recreational marijuana. This comes off the heels of aphria announcing its purchase of a beer maker called sweetwater for 300 million last week lets bring in afreeias ceo irwin simon. Good to be here. Whats the play here . Usually it is the big alcoholic beer makers taking stakes in pot companies. You are doing the opposite why . You know i like to be a trend setter and a edit rupter afreeia having its position in canada with seven great brands and the combination of sweetwater and afreeia makes so much sense if you came back and americans came out and said we want cannabis legalized in the u. S. , 68 . If you look at it, over 35 states have either recreational or medical cannabis legalized. If you come back and look at one of the biggest categories out there, it is the drink category. Beer being over 100 billion, and soft drinks and Energy Drinks being over 100 billion so there is a 200 billion category to play in. If you step back and you look at sweetwater being a craft beer business that built its business around cannabis with its 420 brand and other ipas, it gives afreeia, which was basically an canadian lp a great opportunity to play in the u. S. Market and to get into the drink market which is a 200 billion category, which is a lot bigger than organic foold. Your old business what is realistic to expect when it comes to any potential change as the federal level on san business a lot of excitement is around biden. Though i am not sure his statements included legalizing marijuana. But his Vice President , Kamala Harris has talked more openly about it what do you expect i expect 68 of americans want it. That doubled in over the last three to four years. In regards to drinks and cannabis drinks being better for you than some alcoholic drinks in regards to no hangovers or call reese or affecting your liver and some of the Health Benefits but if you come back and look at the opportunity that sweetwater has and aphria has said or whether it is cbd or hemp derived products from cbd look at the size market we have to play in to get into the Market Canada is a 30 million population and with that san business is legalized and weve done a great job. Taking our expertise and getting in the drink category with the size of the category, 200 billion, something will happen if i told you i could give you a drink today that had herks, the c that would make you feel good, give you a little bit of a buzz, a Little Energy and not have a hangover and not have any calories you would be saying where can i get it americans want that. Think about what has happened about the seltser category with the trulies and the white claws. The opportunity is tre we created seven brands in canada with 3 to 400 million in recreational the Sweetwater Team thats sold in 27 states and putting our r d and technology together, think about what we can do think about it, sara just think about it. Every state needs tax dollars today. You know, cannabis today is sold illegally. The government is not getting a dime from it i walk down the streets here in new york city and someone is in front of me spoke smoking it its decriminalized and they are buying it from a drug dealer whether there is no regulation and you dont know what you are buying do you see this product in five years time once you have made it effectively deliverable, a drink as totally interchangeable with the Alcohol Market is this they have slightly different affects, dont they i imagine they will have different flavors. Is one going to cannibalize the other or are they different product sets good question i think you come back today you heard what i said, there is 200 billion category out there in drinks, Energy Drinks, and soda the soda category is declining certain Energy Drinks are declining. Kombucha now is the in thing the category is going to grow. You have got to have innovation in the category. Why is the beer category growing today . Because of the seltser drinks. The opportunity for sweetwater and aphria here is the seltser drinks it is the nonalcoholic drinks it is cbd or thc drinks. You know what, if you want to have a drink just the relax you know from anxiety or whatever it is important to have a drink that you have good effects i think the key is it has to work it cant say thc or cbd and you think it is going the work because it says it has that ingredient can Canadian Companies, even if the u. S. Were to legalize it can Canadian Companies like yours actually sell to American Consumers . Around there barriers. We cannot tell our cannabis grown in canada in the u. S but if it is legalized at the federal level, absolutely. There is a lot to be learned about where it is going to be sold n san business stores, in liquor stores. I guarantee you, this is something that will be a product that will be big over the next five years i say over the next year or two there is going to be a big opportunity for us to grow that category just take sweetwater today its only sold in 27 states. We will grow it throughout the rest u. S it is not really sold in canada. Look to expand that in canada. I like the size drink category we have developed thc drinks and cbd drinks to be sold in canada. Taking that technology, that skprrks d, and moving it to the u. S. You and gwenyth paltrow, irwin. Thank you for joining us fto tal about the deal. Shes a visionary, too. I love when people jump into the categories shows me we are doing something right. I am just not coming up with candles. Wi investing in pot beverages, irn simon of aphria. We will have the market zone, the final 15 minutes of trade next we worried over loved ones, over money, over our planet, and over takeout. 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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. 11 minutes to go in the trading dame we are now in the closing bell market zone. Commercial free coverage of all the action going into the close. Mike santoli is here to break down these crucial moments of the trading day. And today we have got anastasia amarosa back as well welcome anastasia. The major averages moving in opposite direction the dow is up near session highs, and the nasdaq and s p 500 are trading in the red everything technology, consumer discretion father and Communication Services are lower. Mike, why . Why are consumers and energy and industrials the leaders today. The why for the past couple of days has been the market trying to adjust and position itself for a better nom gnat growth post vaccine type economy. Now the question is whether we can wait long enough to be actually in that and keep these trades on. Treasury yields pushing up towards 1 on the tenyear has given clearance for this type of further rotation to happen i am not sure why consumers are benefiting except they have been weak recently. But the rest of it is the old economy time reflation type of trade. Still broad in terms of the strength of the market up versus down volume and up versus down stocks true yesterday, today, and the last couple of weeks anastasia, i guess one could understand why some of the covidproof stocks are pulling back a bit at the moment do you think it is a temporary pullback or could they suffer for the medium and long term if the country fires on all cylinders again . This is a wakeup call the action we saw today and yesterday in the market is a wake up call to investors that you had a portfolio that has been very heavily overweight in technology in some of the stayathome covidproof names you have done very well in 2020. But that may not be the case in 2021 in the vaccine use in pfizer and other companies, if Vaccine Development continues to move in a positive direction there is going to be more to invest in than Just Technology shares. It is not to say we have to get out of all technology but it is to say more things are becoming investable right now and becoming investable over the next six to 12 months. We looked at three categories all of which are performing well today. The first is the mobility category maybe they are not performing well today they were yesterday. Think airlines and think some of the Ride Share Services f. We are seeing people venture out of lockdown asks actually get on a plane, get in a car thats going to be a significant boost there. The second category that is holding up really well today is multifamily reits, apartment reits. Those things are actually collecting significant rent. 96 of what they are billing they are going to be significant beneficiaries of a vaccine kbrochld environment the third thing he want to point to is banks. Banks are doing well today as well despite the selloff in the nasdaq shares. Wilf, the short answer to your question is i dont think this is a one or twoday trend. I think there is more to it and it is a warning sign to investors to say this might be what to is come in 2021 so lets make sure our portfolio allocations are more balanced. The fda granting eli lilly emergency use authorization for its antibody drug. Now, it has been cleared for treatment of recently diagnosed patients with covid19, for people specifically at high risk of severe disease or hospitalization. The goal is to keep people out of the hospital. There are some tricky things with it. It is administered as an iv infusion thats going to becomplicated to get people into the right place in order to get this treatment as soon as possible after diagnosis. Supply is also a problem we reported from regeneron last week eli lilly has a million dose this is year they shipped 88,000 today. But thats not going to be enough given the number of Covid Patients we see here in the u. S. And around the world thats why you need other companies to succeed as well regeneron is waiting word there the fda astrazeneca and another behind it developing antibody drugs, too this is one of the pieces for the treatment paradigm for 2019. We already had drugs for severe disease like dexamethasone and remdesivir vaccines are being tested for prevention of disease, antibodies also being tested in that spot. For early disease this fills in that hole. Antibody drugs now, the drugs cleared for market, at least this one from eli lilly for patients right after diagnosis to try to prevent them from getting so sick they go to the hospital meg thanks for that mike, i guess the question on the Market Reaction is whether you can have further sort of treatments are comingtype positive reaction in the marketplace on top of vaccine positivetivity that we got zbleed i dont know if it is really that much of a moment in time catalyst from here out. It is more of a general sense the market is becoming comfortable with the idea that science is catching up that the kurgt case surges wont necessarily be very long term curtail men of Business Activities consumers can become more comfortable down the road and essentially assimilate with this environment even before everybody is vaccinated. I think it is much more of a premise to whats going on in the market people are already assuming things are going to get better on the medical front it is not as much suspense waiting for these announcements. Hmm lets move on the amazon that Company Getting hit with antitrust charges from the European Union today dear droo bosa has more. As you well nosaira, at issue, the same concerns we are hearing from regulators here in the u. S. That is the way that amazon handles its seller data. The eu says the company broke Competition Laws but unfairly using its size and access to harm smaller merchants who rely on the platform. The commission opened a secretary investigation into amazons ecommerce practices. Keep in mind it could be months or even years before penalties or even some kind of settlement is reached sara, as you and wilf know well the eu has been more aggressive trying the rein in the tech giants it will be interesting to see how the Upcoming Administration reacts to it and charts its own path toward regulation. Aggressive for sure, and they have been out front with it. People paid attention to margarethe when she went against google this looks a lot like the charges she lobbied against google the u. S. May follow months or years later. They have got more power here in the u. S. To regulate these companies. Good point. We spoeg to margaret rhetthe after the huge house antitrust report came out and she remarked on what an important step it was that that was even you know investigated and that was coming out and bringing a lot of these anticompetitive practices to light. She recalled a time years ago when she went to capitol hill and people thought she was too aggressive now she sees the u. S. Following suit i think you are absolutely right props perhaps we could sort of get some clues to how u. S. Regulators may look to rein in amazon there are similarities to when we have seen with google and the eu reg limiters compared the what we see here in the u. S. New data Shows Millennial traders are being active in the market right now kate rooney has a look at what they are buying and selling. Younger traders have been taking profits as the travel stocks move higher this week and beefing up positions in stayathome stocks as they sell off. Della, carnival, norwegian and Carnival Cruise lines have among the most i had withly held boy hims volume for those stocks soared 900 compared to your average day. Zoom, netflix, teledoc and peloton are also among the top picks for i believe ins. They were crushed yesterday. Volume was up 450 buys out based sells 5 to 1. People were buying the dip we will see if they are right again. Kate rooney. Two minutes to go in the trading session. Mike santoli what are you seeing in the market internals. Mixed as you might expect given the fact you have the divergent index performance. Netting to the Positive Side an the New York Stock Exchange roughly three to two up to down volume not too bad. Looking at new 52week highs and lows this week on the nasdaq even though it is down significantly you have four times as many new 52week highs as lows. Underneath the surface, continues to look okay even as the mega caps come in for sale the volatility index looking sticky in the 25 areas come down a tear bit this the last several days. We have political noise out there and unstable back and forth markets supporting it. Oil having another good day, up 2. 5 this week. Dollar is roughly flat yields rising additionally and now pulling back as we approach the close. S p down. 2 the dow is up. 9 . Continuing therefore the rotation that we saw yesterday out of this years tech winners into this years cyclical losers consumers staples is up 1. 9 energy is up 2. 5 . Those are two of the best performing sectors the worst, tech, at the bottom, down 2 . And consumer discretion father afc about amazon sits, down 1. 1 at the close we are higher. 9 on the dow just higher on the s p 1. 3 down on the nasdaq. Welcome to closing bell im sara eisen with wilfred frost and mike santoli look at how we finished the day on wall street when i say they split, the dow closed up 262 points, a gain of almost 1 . It is up 3 year to date it was led by names like wall greens and boeing. Technology underperformed and that is what led the s p 500 lower. Technology, Communication Services usually move in tandem. They dragged the s p 500 lower also drove the nasdaq lower, over 1. 2 . Stayathome winners like zoom and big tech all fell today. The russell index of small caps gained up almost 2 continuing their win streak post election. Investors are opening lyfts earnings can give that stock a lyft after their decline this year earngs are out minnesota. Former nissan chairman carlos ghosn coming up, too. He discusses the japanese legal system and the fate of the men who helped him escape. First lets talk about the market anastasia eight amarosa is with us Jeremy Siegel professor of finance joins the conversation, so does robert nobles, sin oevias cio. Thank you to all of you for joining us mike, wrap up the action as we continue to see the divergence in the big markets remind people the nasdaq is still up 28 this year, the dow up only 3. One of the investigators we are following is winners into losers a mean a lot of the laggard stocks have been major beneficiaries today. Walgreens was one of the best s p stocks today it has been a bad laggard lately one of the premises for why secular growth cap stocks were working so well was that bond yields were stuck at very low levels real yields were stuck at low levels you were looking at Long Duration reliable cash flow type assets and that mostly encomp s encompassed things like the nasdaq stocks. Now thats running in reverse. People feel like you have to get cyclical exposure, maybe we have the end of the sort of covid economy in our sights. Thats the way the market is repositions. Thats most of what we have seen the last couple of days. The election implications are part of it but i dont think central to it. Mr. Siegel, do you think yesterdays surge was a temporary shot in the arm before we see other problems arise until the vaccine is widely administered early nextier. I think the vaccine is a game changer. Very honestly. Over 90 effectiveness one thing that hasnt been discussed is the fact that when you have that high of an effectiveness, and of course the data has to be finally confirmed. But if thats the case, we dont need as many people having to take the vaccine, which has always been a big question mark. To advantage wish disease i think the wave we are in now we have got to be very careful is going to be the last one and i think by the middle of next year we will vanquish this virus. Now, peoples confidence is going to take a little while to get back but this argues for the reopening trade so much better by the way, eli lilly is also this treatment which is also going to be followed by others that are probably easier than infusions is also going to be very positive. So this pulls that reopening forward. The reopening then does argue for maybe you would say the value stocks over the Growth Stocks or that tech will not be as ebullient next year certainly as it was in 2020. I guess the question, professor siegel and i get that the market is a discounting forward mechanism, right, and it is looking toward the future when we do have the vaccine and whae when we are out of this as you are talking about. It is what happens between now and then and what kind of damage is done on the economy, on the stock market on bankruptcy, especially if we dont get stimulus yeah. And the stimulus is still a question you know, they can still play politics the democrats could say well we win two seats in georgia we will get everything we want so we dont have to compromise in these two months and really, you know, there are so many establishments that we know are really going to be hurting in the next three months the next three months are critical but, remember, sara, stocks are the longed lived assets. I mean they look years and years into the future. Three tough months, four tough months, once you have a brighter future, which i think 2021 is, boy, that is really powerful remember, we have had a 40 increase in the money supply from march until now we havent had that for 75 years. That liquidity is going to burst onto the market once people gain more confidence that they can go out and do what they want to do. Anastasia, are there still electionrelated risks to the market if we dont get the result fully accepted by all sides within the next few weeks for example . Of course thats a lingering risk. It is a big if but nevertheless when we have seen close elections we have seen a collapse in volatility and kind of priced out the contested election outcome to the extend it had any chance of coming back, i would say that is a risk. However, i want to pick up on what professor siegel has been saying about the reopening trade. This is truly game changer before the bell we were talking about the knee jerk reaction to buy the Different Technology and sort of capitalize on the gains we have seen in the travel names. I think of of it different this time around. I think there is duration to some of these recovery trades. And by the way, they are down so much year to date, whether it is banks, whether it is reits, whether it is Ride Share Services i do think those offer good value. For investors that are in technology shares, you know, we have had a great winning streak in some of these stayathome names. And i think it is just going to take a little bit more than a couple of days for long term investors, you do want to buy the dip, but i would say in a different part of tech than what has benefitted over the last six months. What about you, robert, noble, are you taking the selloff opportunity to buy any of the tech stocks or are you shifting as the market is into more value sectors. Thank you for the he request, sara we see the value stocks now that are starting to run more as a catchup trade and not long term leadership we still think the Growth Stocks are the way to play the market especially for growth oriented clients. And we would remain with an overweight to stocks within the portfolio. Within stocks we will stick with technology the growth ones, the ones that have been the long term winners, they have great Balance Sheets, great earnings outlooks health care, industrials and Consumer Spend we see energy and real estate more of a long term play and in the energy there is too many surprises and shakeouts coming there in real estate, we still have Small Businesses that are closed and we are not sure when they are going to have an engame for the pandemic and how real estate is going to work as we move from a total work from home environment to a partial worm from home environment. There has been a rally the last week and a half here if we had cash on the sidelines we would lean into the market versus leaning out of the market at this point. All right, everybody, hang on we are just getting lyft earnings out the stock was officially higher. Its now lower by 2 deirdre bosa with the numbers. More green chutes from the ride sharing k. It continues to be worse offier over year but some sequential improvements revenue beat the streets forecast 399. 7 million. Versus 377 million. Declined year over year, but quarter over quarter growth of 47 . Adjusted net loss doubled from a year ago adjusted ebitda, profitability was 237 million better than expected we are seeing weakness in shares as sara mentioned it was upper inially 3 right after the results, go near the flat line right now. But shares are up 60 pars over the last week over vaccine hopes and the california prop 22 win it is possible investors are taking money out of the stock at the moment because the numbers are good but no that grate volume of riders here may be some of the reason for weakness. Revenue per active rider, 39. 39 versus 41. 20 logan green, cofounder and ceo says they are encouraging in the ongoing recovery in ride sharing. I know they dont have the eats business like uber which is helping cushion that blow. How does it look in comparison with uber who we also just heard from. I was just looking at that n ubers quarter they reported last week of course mobility bookings were down 53 year over year so pretty similar. But they were up 94 from prior quarter. Thats just taking mobility, which is their ride sharing. However, uber did miss on revenue estimates. And as you say, they are really looking like different businesses these days. Food delivery now takes up more than 50 of revenue for uber also its international. So lyft keep in mind, too, will be more affected by rising costs not only in california gets a bigger percentage of its revenue from that state. But also in those sort of regulations go nationwide when they start to treat their drivers not as employees but give them more benefits and protect. Got it. Deirdre, thank you so much stock down almost 2 dont miss our interview with jon zimmer tomorrow at 8 30 on squawk box. Mike, down sharply in terms of riders but it improved from the quarter before is it good enough for the stock . It is unclear even with the pop after election with the ballot measure in its favor it remains below its highs from june. Early june we thought there was going to be a big reopening push i think it is still a show me. Not just because people have worries about ultimately long term the value of the franchise, just how fast it comes back. I always thought these businesses unlike some of the other mega unicorns that came public where the Business Model was clear if they got scale there is more friction on these Business Models on the cost side i think it is still a show me. We will leave the conversation there thank you all for being with us. Up next on the show we will get you much more reaction to lyfts quarterly loss and whether that loss continues here down almost 2 in afterhours we are back in 90 seconds. Cant couple soon enough for lyft if you remember, prior to the pandemic lyft was the share gainer in u. S. Ride sharing. They were growing faster than ub, had a loyal user base that saw the brand as more socially responsible and had more or better corporate values. Very loyal user base as i said but that loyalty is going to be put to the test when we come out of the other side of the pandemic people havent had an opportunity to open their lyft app much lightly the faster we can get a effective vaccine and back to, quote, unquote, normal i think it will be easier if lyft to restart their growth, if you will [ no audio ] arent the time ipo that was viewed by many as a positive that was a pure play a way for investors to kind of just expose themselves to ride sharing as peer play back then, the Online Food Delivery service had Growth Prospects but hadnt exploded as we have seen since the pandemic started. So far lyft seems adamant it is not going to try to become an Online Food Delivery platform. You have seen them maybe dip their toes in the water with some partnerships around delivery of some items and sort of medical necessities and stuff like that. But i think it would be a big surprise if lyft decided they were going to try to built an on line food delivery product. Which is the better value, lyft or uber we have buys on both. With uber we think that the benefit of having, you know a a larger business, b, a business with two products, two main products on the platform, potentially a big product with grocery it is going to bring bigger margins in time but it trades two trends better on revenue than lyft koss. Lyft has an interesting risk reward here. The sooner things gets back to normal for lyft the easier it is going to be for them to restart their Growth Engine without having to relie on heavy inaccidentives owe promotions to get things going it trades next the three times revenue. We see a road map to profitability. Maybe not next year but both offer good risk rewards. Still to come, carlos ghosn is speaking out for the First Time Since january finds out if he plans to leave lebanon at any time following his escape from japan. As a remindser, you can watch or listen to us live on the cnbc app. Ind companies that are driving the right outcomes . If you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities . For nearly 40 years, calvert has delivered competitive returns by investing in Companies Making a difference because we see value in doing good. Talk to your Financial Advisor about investing responsibly with calvert. Talk to your Financial Advisor about investing responsibly its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Lets get over the mike for a look at liquidity at the moment. It is one of the things we never have to question at this point in this market we can talk about losing the leadership of the Growth Stocks or valuations or whatever. Right now you look at the financial conditions underpinning this market pretty much at the loosest levels you have ever seen. This is very accommodative it means an array of things. It means the way volatility is trading look at the absolute or the effective yield on high yield debt right now it is essentially at a record. Actually plunged below 5 this week so it is just in the high fours at the moment. Thats pretty much below lets say where tles treasuries were in the year 2000 when the market topped rashl remarkable how flush with liquid it this market is pullbacks wouldnt be damaging or long lasting unless things tighten up on these funds is that lets get back to deirdre bosa for more on the lyft numbers. I spoke too soon it looks like the company will be seeking to take a slice of the food Delivery Market in the face of the pandemics effect on ride sharing. The Company Tells us it is looking at what it sees as an untapped market. That is offering Delivery Services for restaurants without a pulley flenled consumer facing platform like the one uber eats has. In that way it implies it could asoid some of the Higher Commission fees that has faced a lot of backlash from restaurants and lawmakers. In october lyft announced a partnership with grub hub that would allow its loyalty members free Restaurant Delivery from grub hub restaurants the Earnings Call kicks off in eight minutes. We will be on it and listen informing more detail. That is interesting deirdre, thank you. Coming up, the great cape. Up next, former nissan chairman carlos ghosn, speaking out for ree First Time Since jan to shed mo light on his flight from japan and the case against his former colleague greg kelly kurnly on trial in japan well be right back. At fidelity, youll work with an advisor to help you build a flexible wealth plan. Youll have access to taxsmart investing strategies, and with brokerage accounts online trades are commission free. Personalized advice. Unmatched value. At fidelity, you can have both. Unmatched value. Were committed to making college more accessibley, by making it more affordable, thats why were keeping our tuition the same through the year 2021. I knew snhu was the place for me when i saw how affordable it was. I ran to my husband with my computer and i said, look, we can do this. [narrator] take advantage of some of the lowest online tuition rates in the nation. Find your degree at snhu. Edu. Do you have a Life Insurance policy you no longer need . Now you can sell your policy, even a term policy, for an immediate cash payment. We thought we had planned carefully for our retirement. But we quickly realized that we needed a way to supplement our income. If you have one hundred thousand dollars or more of Life Insurance you may qualify to sell your policy. Dont cancel or let your policy lapse without finding out what its worth. Visit conventrydirect. Com to find out if you policy qualifies. Or call the number on your screen. Coventry direct, redefining insurance. Before the global spread of the coronavirus, and before drama surrounding the election, the saga of former nissan chairman carlos ghosn captivated the Business Community and the world. Nearly one year after his dramatic escape from japan where he faced charges of financial misconduct, ghosn is speaking out from his home base in lebanon. In a new book titled the time for truth he lays out his version of the events that led to his arrest and escape i caught up with ghosn yesterday and asked him whether he thought the new u. S. Government would or should at some point intervene in his case and the case of others in his orbit. Listen for me as a foreigner, i am a little bit surprise that the there is an agreement between the u. S. And japan on extra decision because knowing, you know, i have lived in the United States, i have seen firsthand the legal system in the United States and frankly, the fence exists it is a balanced system when you lock at whats going on in japan where the prosecutor is the boss, and the judge is kind of a niced organized, and the defender have practically no position, i am wondering whats is logic of two systems as different as the one existing in the United States and the one in japan leads to cooperation between the two countries and extradition between to two countries. It is a mystery for me. You are referring to michael taylor, who has been extradited by the state department and the d. O. J. Now pushing a federal judge to process a lastminute request to extra date him and his son for helping you the escape what wassor reaction to hearing that decision . Shocked i have been unfortunately experimenting the system in japan with all its, you know, uncome precomprehensible, you know, difficult to understand way of treating suspects and sending american citizens to work through the system by the administration and i cannot think two seconds that they are not aware about, you know, the extremes of the japanese system. Its for me very difficult to understand. There is also greg kelly who is dealing with the japanese system as well your former top aide, who is on trial there for allegedly helping you underreport pay. Have you had any contact with him . No, undhoontly, no. Because i would put him in jail for that he is for bidden by the prosecutor to have any contact with me. I can contact him obviously because now i am free in lebanon. This is also an interesting case where greg kelly has been held back in japan for now two years. His trial has started on one charge and the charge is complicity in not stating a compensation which has neither been decided nor paid which is, again, very difficult to understand. He has been held back in japan for two years. He is going to go through a trial which is going to last for one year god knows whats going to be the consequence of this trial. You know, and i remind you that he has settled with the United States for a relatively modest amount with so you have a total imbalance between whats going on in japan and going hon in the United States, which is fine, except that we are talking about u. S. Citizens. What do you think is going to happen to him . I think if there was some kind of justice in japan, he is obviously [ indiscernible now, if he is innocent then japan has been a problem i have been arrested for this same charge for no reasons which obviously will have a lot of consequences not only on the system but also on nissan, which in a certain way colluded with the prosecutor to establish this machination. I read the book i learned a lot about the history of the Auto Industry and the alliance that built, nissan, renault, the success that you had. Why ultimately do you think they turned on you . Because they did not want any additional convergence between renault and nissan they were ahead that we would be heading the merger frankly i was against the merger because i am convinced from a management point of view it would be a complete mistake to merge the two companies because then we will end up with a first rate citizen and second rate citizen which is usually at the base of many merger iffures. He was against it. They decided just to get rid of me neither subtle nor very smart. You called it old nissan, referring to the company that you led. When you did you realize that old nissan was working against you . Since 1999. When i arrived in 199, you can imagine a lot of japanese were against the fact that the foreigner would come, would turn around successfully a Major Company and would become some kind of a role model in the industry of japan. A model for change a model for modernization, a model for openness, et cetera. They didnt like it. I knew that existed in the company. I didnt want to fight them. I wanted to fight them to the by persecuting to them but by demonstrating this is the way to growth, a Strong Performance for the company through a strong growth, profit, and a good vision and a nice strategy unfortunately, at the certain point in time, because of this exacerbation of nationalistic point of view i must also say two maneuvers coming from the french side which was not very start we ended up in the position where the alliance was collapsing even after 17 or 18 years of remarkable work and this alliance after having reached the greatest Automotive Organization in the world in 2017 and 2018 is today crumbling. Would what could you tell a ceo considering taking a job atop a japan company. Whole Justice System in japan has changed frankly. I never i had some suspicion on the Justice System in japan when i seen so many scandals of Japanese Company where never a japanese executive was arrested or was tried you know, we had fukushima problem. We had the air bags of takata, et cetera. And frankly, even though there have been a lot of casualties and a lot of nobody really paid for that. Which was surprising for me. But i never thought that we will end up with a system where the prosecutors prevail in 99. 4 of the cases. It is unbelievable i mean, i didnt know that, even though i lived in japan for 19 years. I never thought this was serious. But having been through the system i am a little bit surprised its only 99. 4 . It is not 100 . When you planned your escape. Obviously, it was daring there is a lot written about it. Did you ever think it wouldnt work oh, yeah. I knew it was risky. But you know what . I i was already in hell so probably the risk is if i fail, i would be in a darker corner of hell but if this was successful, then i would be in a completely different world. And thats why i think it was worth it even though it was it was very risky. But all the tricks, the dirty tricks that are being used against me, i was forbidden to see my wife or talk to her i was foregiden to see some of my children or talk to them. I didnt have any speedy trial they started to tell me that the trial is going to last four to five years and i would be happy if i end up only with one guilty i mean, all the dirty tactics used to get me to a confession showed the real nature of the system in japan. And the system, which by the woe is internally in japan by a lot of employers and some of the Opposition Party who are really concerned that the system is not at the same level of [ no audio ] for the ultimate sacrifice which was if you do fail i knew there would be no redemption. Will you ever leave lebanon again . I hope so i probably will never go back to japan unless they change the whole Justice System and the Opposition Party take leadership of the country thats my only hope for one day i want to come back to japan but i hope that i would be able to fight the red card the red notice from interpol and be able to life. It is possible because you know that interpol usually doesnt get involved in two cases, three cases, if first there is a violation of human rights. Well n my case, i have plenty of demonstration of this. The second, if there is a political interference n. My case also i have everything to prove it and third, if the case does not you know, is not part of the normal legal system, and even the Prime Minister of japan said i wish this story would have been solved into the board room of nissan so i have all the reasons to attract the attention of interpol that they should just give up carrying of this story, which means to remove the red card and in this case, whats going to be left is only i cannot go to japan where would you want to go . Well, obviously, france, brazil, United States, where my children live, and the children of my wife live. Everywhere in the world. I mean i am not unhappy to be stable in lebanon today. But at a certain point in time i want to recover my freedom of move for a very simple reason is im innocent. What else can we except from you, carlos n the near term . Everybody is waiting for the James Bondstyle movie to come out. I dont know if it is going to be a jails bond anyway, you are going to have a documentary and the fiction. The documentary is going to be retracing exactly the facts of what happen. And you are going to have a lot of witnesses in this kind of story in the beginning when the incidents happen people are afraid to talk fortunately for me little by little they start to open their mouths and tell the truths thats what i am hoping for ta at the end of the day in front of the powerful attack launched by nissan, japanese prosecutors supported by members of the japanese government and relayed unfortunately by a kind of silence from the french side that people who have seen what happened and are able to witness and help me reestablish the truth. Our thank to corals ghosn speaking out for the First Time Since he arrived in beirut in early january. We reached out the nissan for comments on goeps allegation. They said nissan carried out an investigation that included external lawyers based on evidence found in the investigation nissan established that ghosn andcaly intentionally committed misconduct and violations of corporate ethics the company main contains that the facts surrounding the misconduct will be shown during the Court Proceedings and the law will take its course it wont happen for carlos ghosn as long as he stays in brute and interpol alert is out on him. Thats the International Organization that helps Police Locate criminals and helps extradite them he has a new book, the time for truth is just out in france and all around the world. Such a good interview it reminds us of the extraordinary story in the first place. So many things jump out from it. One of them is him saying something we all loved when this story came out, the amazing figure, a 99 conviction rate. Even he living there he hadnt been totally familiar with he gave a warning to people who might think about going to live and work in japan. That must hurt the authorities the most to see that message displayed out there. Another interesting thing is the statement you got from nissan saying serious breaches of ethics and misconduct. I mean, maybe they will prove that but i think as members of other democratic developed societies even if breaches of ethics are proven, it doesnt justify in our understanding of what is fair in the eyes of the law and justice the level of confinement he received there. It justifies the approach to law in japan that many of us werent familiar with a couple of years ago into thats the case he is trying to make thats what he calls the hostage Justice System of japan. A foreign ceo just went to lead a Japanese Company mitsubishi courted a french ceo and he went there despite all that carlos ghosn has said and the other thing, carlos ghosn said this is for Corporate Governance the charge was about understating kpaigs compensation for retirement, which carlos vehemently denies, even that, to your point rising to the level of detention and punishment that he faced in japan. I think it calls a lot of attention to that issue and to the system in japan. We will see if anything comes of it. Yeah. We do need to wait for the trial and see what evidence arises and whether he is proven to be guilty of something even in his absence. So i guess it wouldnt necessarily be Proven Guilty in the sense that we understand it. But we of course feel for greg kelly as well in the meantime who was not as lucky to make such as escape as carlos ghosn great interview sara still ahead, boeing one of the nnwiers on wall street today despite another rough months of sales. Details later on closing bell. Wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. 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. We are back. Time for a cnbc news update with sue herera heres what is happening at this hour. In california, sacramento and san diego countys are now moving back into that states most restrictive tier of covid19 rules. More than 5. 5 Million People are affected californias health and Human Services secretary says hospital admissions of covid pair has surged 30 in the last two weeks. A new study of e cigarette users found a third have at least one symptom of lung damage the most common cause of and nausea billionaire stove cohen holding his first News Conference as owner of the new york mets. He says he has high expectation force the Team Including a championship title if i dont win a world series in the next three to five years, you know, id like to make it sooner, then, you know, obviously, i would consider that slightly disappointing he said a lot of very other interesting things it is going to be an interesting time with steve cohen. Thats our news update sara, back to you. Sue, thank you. Boeing sales getting grounded again up next, the latest details on how the coronavirus pandemic and the ongoing 737 max troubles are weighing on the Aerospace Giants orders and deliveries. Got some new data today. Well be right back. And sweetie can coloryou 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. Dow close up 262 points today. Another strong session boeing, biggest contributor to that gain, adding 60 points on its own despite it being another rough monday for boeing plane orders phil lebeau has the details. The gain is about optimism about a vaccine as well as the max getting close to being ungrounded when you look at the other news for boeing today it was not good news it happened to be what we saw in october, another month of negative numbers negative 37 planes for boeing in the month. Year to date, negative orders of 1,020. Now stands as just over 4,2 hub planes they delivered 13 airplanes in the month of october year the date they have delivered just 111 planes lets pivot to united airlines, another piece of news that got a fair amount of attention in the Airline Industry today united is become at jfk. They left five years ago, said they were losing money on the transcontinental flights no longer. They are going to be resuming service on february 1st. It will be interesting, what this means for the competition jfk is also a hub for delta, american, jet blue, and its a fierce competitive market when you are talking about transcontinental flights between jfk and San Francisco or los angeles, which united will resume once again starting in february phil, i mean, whether it is that particular story or others, interesting to see such a big jump yesterday, kind of a shortlived jump on the vaccine news for the airlines more broadly. I guess it is a long path back to when consumers are. Treeing freely after vaccination. Right nobody is sure when that will be we do know when you talk with the laron executives they know they might get a bump they might get a bump higher for the Holiday Season and then they will be dead in the water. When you have the shutdowns,et cetera, they are not expecting much for the first four or mief fih ve months of the year. You can go your own way its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Cnbc hosting the annual evolve summit ceo alfred kelly discussing whether we will ever return to prepandemic levels we might have had people taking trips that were not necessary or sent too many people on a trip or sent somebody to do a presentation for an hour and a half, sent them around the world. That cost money and cost time which is money and realize that that can be done any of these video platforms which work darned well. I do think there will be a medium term adjustment in the amount of business trouble for more on evolve, head on over to cnbc. Com evolve. Up next, what every investor needs to know ahead of toms trading day. Hey, dad hey, son no dad, its a video call. You got to move the phone in front of you like. Like its a mirror, dad. You know . Alright, okay. Hows that . Is that how you hold a mirror . [ding] power e trade gives you an awardwinning mobile app with powerful, easytouse tools and interactive charts to give you an edge, 24 7 support when you need it the most plus 0 commissions for online u. S. Listed stocks. Dont get mad. Get e trade and start trading today. Dont get mad. Get e trade 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. Talk about girl power the first chief economist, on the novembers issue of vogue. As woman of the year she brings diversity of thought to policy issues you know how i feel about fashion and about this i thought it was a cool thing to highlight. I do have some intrepid reporting on this. I can tell you, according to sources, she found the photo shoot more tiring thanld the meeting with imf people. Clearly magazines arent doing as good as they were a year or two ago. I wonder what the receiship is. As you say a great collision of worlds. There is a long tradition of locking at a magazine cover as whether there is some trend peaking. Like with ben bernake. Dont read too much into it like about the economy just like her fall jacket. Earnings alert lyft shares are moving up. Rider ship was down sharply, but better than the ubers but they may be going into food business a lot of delivery businesses for sale there have been some deals clearly it would be another way to diversify and have some answer for the environment i will say which is what we see from europe and asia europe in particular held up in a way that certain parts of the u. S. Market didnt you are looking at 7. 5 of gains for the stocks 50 in Continental Europe the u. S. Bond market is closed tomorrow for veterans day, Armistice Day but you will have christine tomorrow we are out of time thanks for watching. Fast money starts now. I am melissa lee and this is fast money. Tonight we are trading the tech it the nasdaq tumbling again. Just ahead you will hear from one market partner who says the highs are in for a year. And lyft, stocks are soaring move over mr. November, tim seymour is steppin