Im jon fortt. The dow is down. 5 with walgreens and boeing leading to the down side. The nasdaq still slightly in the green. Looking ahead to a huge week tech investors need to be watching cloud, software, devices, and fitness in cloud, the period beginning next week is a time of peak demand for amazon even more so this year. In software, retailers going to need targeting tools from Companies Like adobe to bring shoppers in and keep them loyal. Devices, pcs and con soles are going to keep us watching the likes of fit and in fitness in we cant hit the gym after all that pie, are we going to hit the peloton . Thats the question . Thats a good question. Or my personal favorite, a club row class. Its a good question, john particularly as the opportunity to go to a physical gym, that is diminishing as we see cases rise across the country and more restrictions or, you know, partial lockdowns. But as you lay out the themes, im thinking of some of the companies that have spent the last, you know, seven, eight months positioning themselves for this moment. Whether that is louisiaululemons foray into connected fitness while ecommerce is expected to get a big boost, spending overall expected to be down. So with lack of a new stimulus, are people in the mood for the big ticket items like a pel totn or bike or tread or iphone those are good questions. Lets continue this conversation joining us now, jeffrey senior tech analyst brent bill and senior internet analyst John Blackledge whose firm is out suggesting the ecommerce surge is going to continue through this Holiday Season. Happy friday this is the period for cloud where the infrastructure gets tested even more so this season. Are there opportunities for various players to even gain share base ond how they perform here well, yeah. I mean, on the cloud side, you have the big three and, yeah, no, it will certainly be, you know, the next couple months will be huge for these platforms. So, you know, we expect good growth for all of them and one thing i point out which we had in the report yesterday are monthly covid19 consumer trackers ecommerce spending is elevated. So in october, 35 of respondents suggested that the e commerce spend was up versus the prior month. And thats been consistent since the pandemic started and then as you pointed out, with cases surging in the u. S. Now, you know, the ecommerce platforms are really well positioned kind of going into the peak Holiday Season to your point, john and also with brickandmortar foot traffic still likely being down so, we expect we expect the ecommerce platforms to drive a lot of volume in the cloud rent is the old saying goes, christmas comes but once a year. And so if youre looking to have the p. C. Or the console, you got to sell it during the period we have to think about the apples and pcs, how important is this particular period in this particular year . Its huge you look at the Microsoft Xbox sold out demand is off the chart. Theyre not going to get demand set demand will be there but the supply wont be there until probably spring or summer in it terms of inventory so theyre idling back expectations in terms of when we can get devices in our house obviously the power and the mobile gaming and the cloud will continue to help offset some of that the microsoft remains in a really good position obviously, azure cloud will continue to power a lot in the experience and again, supporting a lot of the ecommerce volume were going to see going into this Holiday Season. John, talk about who stands to win spending overall this year expected to be lower ecommerce, of course, is going to get a big boost do you think the consumers will be in the mood for the bigger ticket items like the pelotons and higher priced max . Oh, yeah. On peloton, really since the pandemic started seen incredible lift in demand and, yeah. So they expect theyre running usually for peloton, you order it and it comes in three to seven days w the pandemic, it is five to ten weeks to get bike as were talking about with the surge in case in the u. S. , you know, the demand will remain very high. It should be a huge quarter for peloton and, yeah, i think they said it will be next year next calendar year when the order to delivery time will get more normalized. So, of course, huge demand there. Obviously, also on the device side, you did have prime day ae earlier in the fourth quarter. The echo devices, you know, the google home, those will be probably pretty big ticket items this Holiday Season as well. Something i noticed is affirms numbers showed that a lot of folks are actually buying pelotons on credit that was in an era where we had fiscal stimulus, a lack of that now. Does that mean that people are going to go out and spend as much on the products even through ecommerce channels . We dont cover peloton. I can tell you that all of our collective communities all getting them shorter days, the cold, the rain here in california so i think ultimately as an outdoor biker, ive been against having one given our area here i can tell you there is an incredible surge in demand from what i can see anecdotally some of the survey work, again, we dont formally cover them we cover the software and internet names. John, speaking of speaking of software, it seems like especially in this period, youre going need tools that do retargeting, that keep those customers loyal, that diagnose issues with your website or with the platform is that an area that investors should be thinking about who has value going into 2021 . From a software perspective, yes. We cover shopify, wicks. You look at the platform plays, theyre in incredible position we continue to see surge in demand for the survey work adobes experience cloud continues to do very well. And, again, our team recently upgraded shopify based on what is happening as a backbone to helping these Companies Get online its not just amazon its many of the other stories that we cover in software that are benefiting indeed. Both of you guys so smart. Either one of you can answer all the questions. Brent and john, thank you. Thank you thank you meanwhile, jon, facebook and apple are trading jobs over data privacy. Josh, i guess you call this goliath versus goliath yeah. Certainly. This is a war of words between two tech giants. It really comes down to a new feature that is part of the ios 14 operating system. Its called app tracking transparency it gives users the choice about whether apps can track them for ad purposes. And importantly, its also limiting the sale of information from the apps to data brokers. Some privacy advocates like this feature. They earn courage apple to implement it the feature has been delayed until next year. So that developers have time to update their systems apple defends the feature and xplandz w complains why its important and takes a shot at facebook saying facebook executives have made clear their intent is to collect as much data as possible to develop and monetize detailed profiles of the users and disregard for user privacy continues to expand more of their products now Facebook Says this new feature is going to negatively ae affect the ad supported Business Model and responded with its own blistering letter. They said that apple is using the dominant market position to self preference their own Data Collection use the same data. They claim its about privacy, Facebook Says, but its about profit of course, you hear really does come down to data. What is xlecollected and what i done with it they can minimize that collection and that is a key advantage when marketing the products and services. Jyeah, josh this is a cold philosophical war going on between apple and facebook for quite a while weve seen apple come out with these technologies like differentiated privacy that allows them to not even really collect data in the first place to then have to anonamize it they dont know specifics about the users. Facebook is collecting the profiles i wonder does this explode out into the open when the antitrust heat comes on and we get people testifying yeah. That will be really interesting to watch what do you have as you point out, jon, you have simply different policies, different ways of approaching this issue you know what i mean tim cook can know a lot about josh lipton. When am i not on this device but they have structured the policies differently the system differently theyre selling hardware, not advertising. That is an advantage here to your point because, yes, apple can say we may collect data but we can minimize that data and anonemize that that is a different policy different Business Models at work here. Data is the new gold, right well see you later in the hour. Dont go anywhere. people greeting one another its being in his chair again. Not your kitchens. The buzz of the clippers. In his expert hands. How he remembers exactly how much to take off the top. And perfects a fade that had all but faded away. The small details are a big reason to come back and shop your favorite Small Businesses. We know them. We love them. So lets go shop small. With american express. Businesses today are looking to tomorrsetting the course. Ating. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere and manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Welcome back lets get to kate rooney hey, thank you, jon joining us now, craig vosberg, mastercards president of north america. Thank you for being here great to be here. Thanks for having me sure. The deal and google pay, i want to start with this spending data out from mastercard this week. We got black friday a week away. The survey shows people plan to spend a little bit more and shoppers are turning to online and contactless. What should we expect from Consumer Spending this Holiday Season well, it is that time of the year and what were seeing is interesting information both through the quantity ative information and the equally take theive information that we added for the first time this year to really understand Consumer Attitudes towards spending as we head into the holidays what were seeing so far in the numbers is october is where we have seen the Holiday Spending begin. October has been a pretty good month. Retail sales are up about 4. 1 year on year for the month of october. Although, with quite a bit of difference in categories of where people are spending their money, spending much more on things related to the home, furniture and hardware and home furnishings, groceries, obviously less on things related to travel. But interestingly when we hear consumers express their attitudes towards spending for the coming Holiday Season, were seeing were hearing consistent themes. One is an aversion to handling cash this is something that we saw arise in the early days of the pandemic it continues to be the case 60 intend to use less cash. We see a greater adoption of Contactless Payments and, in fact, nearly twothirds of consumers that weve surveyed said they plan to do more shopping this Holiday Season at merchants that accept Contactless Payments not surprisingly, well see strength in digit shopping october, 50 increase year on year and more 80 of consumers say they intend to continue shopping heavily through ecommerce as we head into the holidays one thing i will call out really interesting. If i could add one thing. We saw its no the so much pandemic related, its consumers this years are expressing a desire to shop with their conscience and were hearing consumers say overwhelmingly 75 that they intend to shop more with Small Business in their local community to support those local businesses and to support minority owned and businesses owned by women so thats an interesting social aspect to expected Shopping Behaviors this year. Really interesting. Especially on those Digital Trends i do want to ask you about the deal that closed this week mastercard bought a startup for about 1 billion visa announced a similar deal to buy plaid which is a competitor to finicity. How did your deal get through and the visa deal is stuck in limbo still with the doj well, we were very pleased earlier this week to share the news that we had received approval from the department of justice to proceed with that acquisition. As you noted, we shared yesterday that we since closed on the acquisition and were thrilled that finicity is rt paragraph t is part of the mastercard family its a really Important Development in the evolution of mastercard and the role we can play in the open banking phenomenon you know, open banking in the essence is about empowering the consumer with his or her own Financial Data to use that data to get access to the kind of products and services that they most desire. Innovative, Creative Products to meet their needs that may come from a fintech or a Technology Company it may come from a more mainstream financial institution. But its a path way to enable things like greater access to credit for consumers a pathway to enable people to do things like improve and enhance their credit scores. Pathway of getting access to Financial Management capabilities and tools and one where we see a real opportunity for mastercard to serve as a trusted intermediate airy in the exchange of that very important and Sensitive Data much in the way we serve as a trusted intermediary in the payment ecosystem. As kate mentioned, the visa plaid deal is extremely similar. Its much larger why do you think that that one is under so much more scrutiny by the antitrust regulator does visit to do with visas larger share of the debit card market well, i think that question is best addressed by the department of justice. They have theyve released some information related to their findings i think any additional insight around what is driving that decision is really best to come from them. Craig, i want to go back to what you were saying about Small Business because weve seen some big box retailers like walmart and target just this week thriving in this omnichannel environment, a mix of physical and digital. But smaller business thats maybe dont have the planning capacity or the capital to do that transition, how are they doing . What do you see through your network that technologies that smaller businesses are adopting already and maybe the ones they need to adopt to do better in a season like this yeah. I think one thing weve seen over the last number of months is the importance of extending the channels that any business has to sell its goods and services and weve seen a real migration of Small Businesses to move online to get access to more customers. Whether thats local customers or giving them access to customers that extend beyond their communities. Thats an area where mastercard has leaned in through commitments we made to help bring Small Businesses online through something we call our digital doors program. To enable smaller businesses to compete more effectively and capture some of the sales that are so important for them to ultimately grow their business but in the near term to survive the difficult times that were in thats really about giving them access to electronic payments, giving them access to the tools they need to protect themselves online you know, moving online brings new risks to businesses, Small Businesses in particular they may not be well equipped to address those risks related to cybersecurity threats and fraudulent payments and that sort of thing. And mastercard is bringing a suite of tools to the market to enable Small Businesses to participate in that important channel but do so safely and securely at the same time. Craig, well have to leave it there we really appreciate your time craig vosberg, mastercards president of north america jon, ill send it back you to. Kate, thank you as we head to break, lets get a check on the markets can y you can see the dow is down. 5 . Nasdaq getting a little bit. But first, jane wells is live from a turkey farm in california jane more of those turkeys going to get to live this year . Um, these are christmas turkeys, jon, dont tell them. They have a little bit longer. It takes months to raise the turkeys. But thanksgiving changed and now the traditional Business Plans for turkey farmers has flown the coop meac sopheweheco wn co bk. keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo with thanksgiving a week away, jane wells is taking a look at how the pandemic is affecting farmers. Jane, over to you with the best live shot of the day thank you, sara rocking the hairnet again. These are turkeys and theyre the ones that they have remaining for christmas. Its just been a crazy year in the turkey business. Commercial demand dropped off. Grocery demand spiked during the pandemic and now americans are deciding they want smaller birds for smaller thanksgivings. They sell a couple hundred thousand a year to places like whole foods. The they have a special petite line of only 6 to 10 pounds. Those sold out and now its being hit with an onslaught of online orders. Were also seeing just the very last minute nature. No one really made plans seven kind of waking up, you know, a week prior to thanksgiving saying i think were going to do this heres the biggest boy. Now she spent seven months raising 200 turkeys west of here to realize she would have to slaughter them early to be smaller. So she d she kept three for show she posted the weights online. Most in the 10 to 12 pound range and then crossed her fingers zblfr i posted those weights at about 11. 50 by 2 00 p. M. , they were sold out. We sold all of the turkeys in two hours which was completely counterintuitive to what i was thinking for months before now lower weights mean lower profits. But theyre hoping to maybe at least break even and retail level, what we pay at the grocery store, farm bureau federation, turkey prices are the lowest theyve been in ten years. Theyre using them as lost leaders to get you to come in and buy Everything Else for thanksgiving assuming youre going to have a thanksgiving jon . I dont know i just wanted to do that i like them alive almost as much as i like them on the plate. Jane wells giving us an economic look at the holidays coming up thank you. Well explain investing next this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. 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. Heart monitors that let your doctor watch over you, just like you watch over your best friend. Another lifechanging technology from abbott, so you dont wait for life. You live it. Welcome back, everybody. Im sue herrera. Heres your cnbc news update at this hour. The main Airline Industry group says carriers need another 70 to 80 billion in aid to survive the pandemic the group also lowering the estimate for next years recovery it now hopes 2021 air traffic will be 50 to 60 of 2019s level. In india, confirmed covid19 cases have surpassed nine million. New delhis main crematorium is packed and hospitals are nearing capacity election day may be over here at home but Many Americans are still feeling stressed a study finds 27 of respondents said the stress levels increased since november 3rd and only 17 are feeling less stress. And heres something few people get to celebrate. That is Queen Elizabeth and for instance philip enjoying their 73rd wedding anniversary and opening a card from three of their eight great grandchildren. We wish them all the best. Thats the news update this hour i send it out to you. Sue, thank you for that our next guest says forget faang. Its now about mount sas, adobe, amazon and shopify joining us to discuss, byron deeder and josh lipton a lot of the discussion were having these days is around value names and the reopening trade. So i just wonder, is too late for the sas trade as multiples have run up and markets are questioning the valuations and we do look forward to the vaccines and reopening eventually you bet thanks for having me on. The cloud stocks have had a fantastic run, absolutely. The industry is up about 70 in total this year. And the amount sass in particular is up over 100 but this isnt a short term trend. If you look over the ten year arc, you see the stocks have massively outperformed over the extended period. And its because of the fundamental replatforming that is happening in tech and within software specifically. When you get back to a work in place environment and the va being seens rollout, people are not going to go back to the on prem systems and legacy applications the shifts are permanent and we absolutely believe we got many years ahead of this replatforming wave and the faang stocks that enjoyed the push of internet and mobile are largely plateauing and cloud is picking that up as a growth driver for tech right i certainly wouldnt argue that cloud has a long way to run. But just in terms of expectations, you know, workday last night reported earning thats disappointed investors. This is a prime cloud enterprise play here. They said that the coronavirus is still going to sort of hit their subscription revenue so what should investors perhaps be keeping an eye on for some of the names in the shorter term . Yes so there will be a separation there. Certainly been covid19 beneficiaries. The collaboration of stocks in particular the zooms, the slacks, those types. And then there are covid19 laggers serving industries and airline transportation, hospitality, those sort of sectors or workday those are tough replatforming implementations to do during a covid19 time or during a slow economic push. So youll see different stocks in the different buying cycles as a basket, you see continued meaningful performance this group is growing through this time. What youve seen is multiple compression over the last few months because youve had such massive outperformance by the companies. That theyre actually no longer trading at the multiple highs. Theyre trading at value levels near the peaks its because the businesses are doing so dang well that the multiples have actually pulled back in this time period they will understand why you included twilio or shopify why not include the zooms, service now, snowflake how did you narrow down the basket the beautiful thing is there are two dozen great names that you can consider own right now out of the 54 pure play public cloud stocks specifically there have been some that have this outperformance due to the vud push you mention, you know, zoom, snowflake, biggest ipo of the year in lockup and still has set willing to do. You know, you could add alibaba to that on aint National List or a number of domestic entities what we were looking for is those that have had steady performance and massive times ahead. You look at this group, the mt. Sas group, theyre up 30 x in the last decade. Yet, you look at the mix of applications and infrastructure. Its a mix of the hyper growth new challengers. And the Slower Growth incumbents that are growing well into the double digits. And throwing off meaningful free cash flow. We think this is the best of the best f youre going to pick some names out of the group this is a very representative basket of the overall ecosystem but also the steady outperformers who havent enjoyed a natural acts from the tail winlds and going stable into the years ahead. Byron, i want to switch gears here a bit to another subject youre going to have some thoughts on as a venture investor which is this ipo filing bonanza were seeing. What is driving that activity, byron . Do you think it continues into 2021 theres massive market demand youve got this phenomenal backlog of high quality companies. Many of which are worth a billion dollars plus waiting to go public. You have this air bubble in the summer from covid19 you have this election anxiety that Many Companies were trying to avoid and youve seen some people trying to thread the needle in between the windows with the ipos this summer with snowflake and then you have a wave of filing thats are trying to get out before year end. I really think its going to be early next year where were going to see the flood of these confidential filings be revealed and in particular for the cloud industry with the names like stripe, pro corp and hashi corps, those are the ones that people are going to focus on for the 2021 class if i try to knit pick on this list, its with including Amazon Amazon was part of faang already. If you got microsoft for cloud representation, youve got shopify for ecommerce representation y keep amazon around its one company that made the trants isition beautifully we argue that represents a majority of amazons total market capitalization right now. What theyre doing on the infrastructure side is absolutely foundational. And so we went back and forth. But fear that its insincere to pull them out even though they made this transition beautifully. And microsoft very credible challenger in in the infrastructure as a service arena. There, are you know, a dozen folks going after that globally. Googles credible here but really its become a two horse race at the top with amazon owning the mass market and the consumer type Business Applications and microsoft with the azure platform really making a fabulous run at the enterprise work loads byron, just a quick one on all the s1s, what is the most compelling company what is going to be much bigger, lets say, a year from now from when they go public . Airbnb is the company that i continue to love i think theyve had these massive covid19 headwinds and its a short term phenomenon but long term that business and fundamentals of that business are spectacular. And im certainly eager for the stripe ipo but all the chatter suggests that may be late next year at the earlier and so i think were going to have to wait a little while longer for that one. Stripe would be a big one weve seen the payments, public Payment Companies on fire this year byron, thank you josh lipton, thank you strup is bu another look at zoom video and slack. Both get ag boost today. Up 6 in both cases. Zooms particularly in focus ahead of what is going to be a busy week for them as well many families cant gather in large numbers. Theyll be socially distant. But perhaps zooming together wel rhtac dont go awa when i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. 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Welcome back as covid19 cases continue to rise, stimulus remains delayed and the disconnect between the real economy and the markets seems as big as ever our next guest is focusing on esg investing particularly the social aspect to help guide her decisions. Afrpg Angela Miller may from the chicago teachers pension fund, managing 10. 7 billion joins us now. Angela, good morning i want to take a step back with you and look at the bigger picture. The broader markets. Under such challenges this year and continuing with the controversy after the election but powering higher, how important does tech continue to be in this dynamic and how much of it is just optimism about hopefully coming out of this pandemic i think the markets are really broadening. I think this week we started the week really flirting with 30,000 in the dow and then coming to the thought that now the cases, you know, risen and the death tolls had risen to over 250,000. And were dealing with really the lack of transition for the president. Its an impediment to having the vaccine. And the vaccine is really out there. And were looking at, you know, the markets are really looking past covid19. And looking to the future and pricing that in. And i think that the tech stocks are starting really, you know, we talk about last time value. And having exposure to value managers and i think, you know, value pushed in a little bit this week and growth kind of, you know, pulled back. And i think, you know, the tech stocks really overall are going to perform but i think the market is broadening and more stocks are coming into play i think thats a good thing for the market on a long run well, now lets focus in on some of the social issues that you try to bring into play in your investments you say youre in the process of understanding thou measure the impact of that in your portfolio. Especially when it come to long term value what are you using for measurement . Well, right now we are just in the very first stages of looking at esg we look at esg really as a tool to provide us with more information on how to really evaluate managers and this racial pandemic as my colleagues described it really made us more committed to diversity but it makes us also rethink how environmental, social and governance issues really overlap and are connected. And, you know, from this aspect of it, you know, were using, you know, sasby and other tools to kind of measure esg scores and looking at those things across all of our companies and across all of our managers were trying to understand it in a more wholistic way and looking at esg factors not only as a means to manage risk, but also as a means to create long term value. And i think, you know, its really just Additional Data that helps us to make better Investment Decisions and incorporating extra metrics into the investment process, you know, really can only lead to produce, you know, positive results for us right now were looking at an image of Asset Allocation at the fund i just wonder how youre thinking about this especially as we see Digital Transformation take place amid the can peoplic. There is Big Questions out there, for example, what happens to commercial real estate if work from trend work from home trends are here to stay at least partially. Well, you know, i think were thinking about office and what could happen if we stay at home. Hopefully we dont but were looking at our core real estate portfolio and were starting to, you know, pair back a little bit in office and, of course, in retail. And looking at how we transition over into more needs based retail, more industrials were overallocated to industrials right now. And i think you know just my thought, if we are at the beginning of distributing the vaccine, how does industrials play into this how does logistics play into this the storage, the actual transportation of the vaccine itself so i feel like there are a lot of opportunities also that are coming about as well as, you know, us just pivoting in the portfolio to the noncore space and the opportunity space. All right Angela Miller may of the chicago teachers pension fund, chief Investment Officer there thanks for being with us happy friday thank you still to come on the show, how limelight is adapting in the time of covid19 its been a busy week for hk stocks with vaccine news giving some of the names a boost. Dohm chu explains how theyve been an underperformer. If you look at health care the past year to date period, it is an underperformer by 3 or 300 by about 3 or 300 basis points versus the overall s p 500. Within the health care sector, thats where things become industry every group within health care is positive but the gains are being led by an interesting group. Now, the folks over at wide charts, a Data Analytics company, looked at an equal weight portfolio of all of stocks and the best performing Industry Group within health care, that sector, is the medical Diagnostics Research and testing companies. Were talking names like metler, toledo, dexcom and the underperformers, the most lagging part of the Industry Group has been the actual drug manufacturers. Even pfizer with the great news about its vaccine and emergency use authorization application has still underperformed and is actually pretty much flat to slightly down for the year the drug manufacturers, the big names there despite all the news that weve seen, john, have actually been the worst performing Industry Group within health care. These are equal weighted port grohls but an interesting look at where the actual outperformance is within that group in health care back to you. Thanks, dom as we head to break, check out the best stocks of the week on the nasdaq 100 tesla leads the pack by more than 20 docusign a distant second, up 8. 5. Back in two minutes. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. With original medicare youre covered for hospital stays and Doctor Office visits, but you have to meet a deductible for each and then, youre still responsible for 20 percent of the cost. Next, lets look at a Medicare Supplement plan. As you can see they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance, but they often have higher monthly premiums and no Prescription Drug coverage. 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There is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. Humana a more human way to healthcare. Lime launches its first generation scooter in paris this week joining us to discuss is lime ceo. Wayne, thanks for being with us today. You guys are approaching ebit profitable explain how covid headwinds turned into a tailwind absolutely. Thank you for having me. Its been a tough year for transportation and certainly for lime one of the things thats been incredible is as cities sheltered in play, we saw our revenues come back much faster because riders are looking for a safe way to move around. Our scooters and ebikes are open air, single passengers our revenues came back much faster and we improved our labor and operations and made hard cuts in our hq side. Were geographically diverse and it allowed us to weather covid better as various areas had covid spikes those combinations allowed us a very profitable q3 this year i remember when you guys shut down entirely for at least a few weeks there. And back in april you guys raised money from uber and in exchange you got ubers ebike and scooter business what does your valuation look like now, assuming that your business has recovered, as you say. You know, were going to let the market decide the valuation. What i think is interesting now is people are taking a another look at microability. People are saving the rebound and revenue that were seeing and theyre really believing the future about this space. Were the biggest player by far in the space we saw a competitor in europe that got a billion dollar valuation. Were three or four times bigger than that competitor it implies our valuation is in for a major rebound. Were talking about a certain sector of the population moving out of cities. Thats your space, is cities were talking about people not wanting to touch stuff other people have touched. I imagine your products would fall in that category. Are you changing fundamental things about the way your business operates in light of the reality that were still going to be . Were doubling down on this vision to serve all trips under five miles we found covid is largely transmatran transmitted human to human and largely transmitted indoors. Every study shows ebikes and escooters are among the safest ways to move around. And if anything, i think the big focus globally around this climate crisis, you saw california announce the end of gas cars by 2035, this push for electric vehicles, we are the biggest electric vehicle operator in the world today and every one of our vehicle is low carbon, low weight a big part of this major realization on carbon will be a move towards more microability theres a report that your rival bird is looking at going public have you guys received niche interest from Blank Check Companies . Our business coming becoack means were getting a lot of calls every single week. Were focused on executing our plan well see what the future holds. Wayne, thank you very much for being with us today, wayne ting, limes ceo as we look to next week, we see the nasdaq and tech outperforming this past week we have seen that. Not so much thong amazon is the only one in the green this morning. Im also looking at peloton, an amazing week, up about 9 . We started the show talking about some of the holiday trends that are going to affect tech. Well see whether the go to the gym after eating pie crowd goes on heading into the Holiday Season, amazon is the best performing faang of the year is there more room to run there . Google is up about 13 in the past month lets get a check on the markets today before we head to noon take a look at the action on the dow, s p and nasdaq. You see, nothings moving a percent but the nasdaq is hold willing on to a slight gain. Lets get to the judge welcome to the halftime report. A top street strategist with a very big call on stocks. Why they are poised to surge and by how much. Youll hear from him well debate the call with our investment committee