Transcripts For CNBC Closing Bell 20240711

Comfortably. Hawkish headlines on china and weak Economic Data both weighing on market sentiment. The dow is down 300 points yearly it was down 350 about 20 minutes ago. We have 59 minutes left in the session. Big show coming up four. A true 2020 winner, et ceteray stock is up 250 this year we will talk to the ceo Josh Silverman about the holiday crunch and whether his companys momentum can continue. And arthur blank, cofounder of home tee poe, owns the Atlanta Falcons and atlanta mls team as well lets focus first on the stories we are watching today. Mike santoli is tracking the Market Action into the close meg tirrell has a vaccine update and phil lebeau has an update on nikola, that stock down020 today. Mike santoli first to you and the markets. A mild shake of the tree. Indexes backing off. Some of the stuff that was up the most this month is down the most today seems like a little bit of trimming there are probably unbalanced portfolios there you have we are roughly capped we were a little bit higher than we were right there. Capped at where we have three weeks ago. Every monday for the last four we have had encouraging vaccine news the market has taken it well if we back off from here you are going to hear talk that it was maybe a failed breakout, needs to rest. We are not there yet though. We have to wait and see. Look at the Risk Appetite plays on a month to date basis and how they performed recently. Here you have the ipo etf. That hasnt stopped. It is up less, but it is still heading higher today tesla, the airline sector. The high beta stocks within the s p 500. The fastest moving, most cyclical once. Softening recently as they sort of digest the catch their breath we also had a big deal this morning. S p global agreeing to purchase ihs market s that quietly amazingly strong sector of the market look at similar stocks and how they performed over the last year these are kind of data networks. They have very much proprietary data the market loves the platform. Toll taker type revenue models that they have msci is another Index Provider it is something very much like that for the insurance underwriting sector. Market access is an electronic bond Trading Platform. Then you have s p global right there. All up 30 in the last year as the s p is up more like a 15 type number. It seems like it is strength being on strength and really these duopolies ole gol gonelies getting stronger in the sector. Profit taking after an unbelievably strong month is to be expected. It has been quite a few months in a row now even if the outperformance was smaller in the prior couple of months. It bottomed months ago. We have got traction on the more cyclical side of things for a while right now. It has been more noticed in the last few weeks thats one of the things you have to have on your screen which is very much the 2021 economic revival story has been embraced very much by the crowd at this point. You have to wonder exactly how much of that improvement is already getting priced in. We never know for sure but you are not really telling the market anything it doesnt already know if you decide today u know what, some of those cyclical groups they look like they could do better next year it is already in the market. Mike, thanks for that. More positive news on the vaccine front this morning this morning on a month of course as always meg tirrell has the latest on that front for us. Hey meg. Wilf, moderna presenting the final efficacy results from its covid19 vaccine trial 94. 1 efficacy as the end result there. They also saw a number of severe cases in the trial all of them were in people who did not receive the vaccine. 100 efficacy against severe disease. We also got an update on novavaxs planned trial in the u. S. Thats being pushed back a few weeks to start potentially in december it was originally as early as october. It was pushed to november and another bupushback we talked with modernas data that they saw and presented today and novavaxs data and what it means to them. When i learned the data the most notable thing was severe cases. If we can prevent severe cases it means reduced or no hospitalization and no death i believe that would be ideal for this pandemic. It is good news for everybody that the protein thats being used as an antigen to stimulate immune response is the right protein to use so, guys, moderna heading toward the fda, filing an emergency use authorization application today. Their date for an Fda Advisory Committee meeting is december 17th as for novavaxs vaccine, it will probably be a few months before we know if it works as well guys meg, there are so many races going on in the vaccine front from time lines to effectiveness, et cetera what about the side effects . Do we know much about how bad it is, how tough it is to take the vaccine . And who is leading on that front at the moment . We have a good sort of direct comparison between pfizers and modernas vaccine. They use the same mrna technology underlying them when you look at grade three severity events, ones that can effect your ability to do the day to day activities, you see both of them have rates of fatigue and headache modernas vaccine elicited slightly more of that. Almost 10 felt that grade three fatigue after the second dose. Muscle ache at 9 . Joint pain and headache at 5 . Versus if teague and headache at 4 and 2 for pfizers vaccine what a lot of folks are saying is that these vaccines to make you feel bad the next day after you get the shot for some people it might be Strong Enough that you might not go to work there is conversation about do you need to stagger this if you are giving these vaccines to Health Care Workers making sure you dont make a lot of them feel crummy the next day at the same time. Ultimately feels like a small price to pay give me one of them as soon as they are ready, ples meg tirrell thank you as always. Nikola cess stock is tanking after gm announces they would not take a share of the company. The stock price is subtling this is a negative surprise it is definitely going to hurt nikola more than it hurts General Motors that was expected al along remember, gm never was putting any money into nikola as part of the agreement that they reached back in september. The new agreement, gm has no equity stake at all. Three things stand out with the new agreement. General motors will supply Hydrogen Fuel cells to nikola which will be using those in their Hydrogen Fuel powered semis they are developing right now. Gm does not take an equity stake in nikola. It was going to be a 2 billion equity stake before. Now they have no ownership of nikola and nikola is dropping plans to have General Motors build the badger electric pickup a lot of people put down deposits for a badger truck, they said it looks exciting, sexy they have to refund those deposits thats 6. 9 million. Really, this was more of a distraction and once Trevor Milton was out of the picture it was clear the badger was not going to be built. The focus for nikola, the Hydrogen Fuel cell semi. They have test models now. More next year going to beta in 2022 then Start Building them in europe and in arizona in 2023. So nikola will come out of this deal without gm having an ownership stake and really with people saying okay you are focused on the Hydrogen Fuel cell semis and potentially the electric powered semi trucks in the future but is this still the same is there still the same investment optimism out there . Thats why the stock is down more than 25 for much of today. Gm also taking a little bit of a him. But guys this was always a deal that was more important for nikola than it was for General Motors you can see that reflected in the way the stocks are trading right now. Certainly true, phil. I guess on one level you could say that gm never perhaps did anything wrong in that it still was able to pull out of the deal without having to commit capital, et cetera. Right. Does it confirm there is some egg on the face of gm executives for having made the announcement they were going to get into bed together in the first place. I think they knew right away once the hin denberg report came out. They did due diligence, they knew everything that was going on at the company. This was the easiest way for them to get out of that arrange member and still have a customer in nikola. Who knows if the Nikola Hydrogen power semi will amount to anything three years from now it could have a lot of orders, could have customers. That adds scale for General Motors this was probably the easiest way for gm to get out of what was really an agreement that just didnt it didnt start well now they can at least say okay we have got a customer here. Phil lebeau, thank you for joining us nikola down 26 as phil was explaining. Up next, an ecommerce stock thats screaming higher. Etsy has been a stayathome winner in 2020 what is next for the company as we enter peak Holiday Shopping season ceo Josh Silverman is with us after the break. You are watching closing bell on cnbc. Its been a tough year. And now with q4 wrapping up, the north pole has to be feeling the heat. Its okay santa. Lets workflow it. Workflow it. . With the now platform, we can catch problems, before customers even know theyre problems. Wait. A hose . What kid wants a hose . fireman . Says hose. It says horse not a hose cedric get over here now our people can collaborate across silos, from across the globe. So hows the new place . Its a 4 bed, 2. 5 bath igloo. Its great yeah, but you have to live in the south pole. Sir. Wait, are you sure . Yes, were that productive now. You hear that . the kids get twice the presents about time 2020 gave us some good news. Whatever your business is facing. Lets workflow it. Servicenow. 46 minutes left of trade welcome back cyber monday expected to shatter records today. Adobe analytics predicting sales to reach as much as 12. 7 billion. That would be a 35 increase from last year on line retailer etsy trading near all time highs today. The stock has been on an absolute chair joining us is etsys ceo Josh Silverman. Welcome back to the show. Thanks for having me. How is it going your stock has been a monster. It leapt almost 10 on friday. What does it look like we havent updated our earnings since we announced our q 3 earnings what we said then was the Third Quarter was a tremendous quarter for etsy with gross Merchandise Sales up over 110 year over year to put that in perspective, ecommerce is growing somewhere between 35 and 40 , which is an unthinkable number prepandemic and etsy growing at 115, 120 year over year means we are gaining huge share against an ecommerce landscape thats growing massively. I think thats because etsy stands for something really different at a time when there are so many people who are trying to sell you the exact same thing for maybe two cents cheaper or ship it one hour faster people are yearning for something that speaks to them, where they can connect with another human being, where a product is made just for them injecting a little bit of special in their life. Thats what etsy is all about. Your stock is up right now. It was down earlier. We have had this pattern of vaccine mondays on wall street where we get thankfully good news from a pfizer or a moderna. Today moderna applying for emergency use authorization. And some of the stayathome winners like peloton or zoom on etsy sell off. Is that the right takeaway, 245 your business ultimately cannot keep up at this feverish pace when we have a vaccine and people can go back to shopping in stores . First i want to acknowledge that the pandemic has been incredibly hard on people all across america and all across the world, and we cant get past this soon enough we at etsy are desperate to get past this. I am sure the rest of the world is as well but this moment has really highlighted the strength of the etsy model, the agility. So at a moment when a world all of a sudden needed masks, et ceteray sellers were able to start making and selling masks, within hours of the cdc recommending that people wear masks. In fact, in just the second and Third Quarter, et ceteray sellers sold 600 million worth of masks thats a product category that effectively didnt exist, you know, and all of a sudden it did. But etsy has done so much more than masks n. Fact, nonmask sales were up 92 year over year in the Third Quarter and thats the everyday thing you need to live its Home Furnishings. Home furnishings are up over 125 year over year. In fact, et ceteray sellers sold more than 2. 4 billion worth of Home Furnishings jewelry, and apparel are up 50 and 60 year over year and of course things like personalized gifts for the holidays these are things that you are going to need every year in a pandemic, not in a pandemic and i think what people are discovering is there is just a better way to shop connecting with the actual person who made the product and having it sent just to you is just a better way to shop. And we are really pleased. The proof is in the pudding about the how many people are coming back again and again to shop on etsy because the purchase is so delightful for them. Josh, as for personalized gifts for the Holiday Season i was fascinated with some of the data your team shared with us ahead of the interview that chess sets have soared. Absolutely. Everything at that has to do with nesting if your family is skyrocketing searches for chess sets are up over 35 week over week. That category things like toys and games are doing great blankets are selling really well right now. In fact, blankets are up searches for blankets are up 80 week over week, which goes to though that things like gifting are really important during the holidays but also just the opportunity to get together, even if you need to be outside and stay warm. Etsy has the kind of products that you need. Thought you were going to say, josh, that there was a direct queens gam button netflix link to the chess set. What about the consumer overall, josh wilfred yeah. I thought you were going to go with the custom pet portraits which grew 38 which it turns out is outgrowing the chess sets and equally surprising everyone always loves their pet, more than their favorite netflix shows it seems overall neither has been i was tempted to bay chess set but i dont know how to play it would be literally a gimmick. Josh, let me ask, broadly speaking how you strong you feel the consumer is. There were questions coming into this season because stimulus was so many months ago that we would have a weak Holiday Season overall. Do you think you are benefiting because of the themes you talked about the on line aspect as opposed to a strong cyclical consumer. There is two things, ecommerce and etsy. Ecommerce first there is over 10 Million People out of work in the United States. We have a real economic crisis it is really important that government step in and help. We believe that it is overdue that we see more government stimulus its really important. Yet e mers has done well why . Probably because people arent spending money on travel they are not spending money dining out yet they still want to connect with people they care about even if they cant be there in person they are needing to nest at home and spend more time with their family so you are seeing that in terms of ecommerce spending continuing to be very strong, you know, in spite of the Overall Economic trends. Then on top of that, et ceteray is growing much faster than ecommerce and i think thats because people in this time want to shop differently. They want to support Small Businesses maybe they are buying fewer thing but they want those things to mean more thats what etsy is all about. Josh when you say that you are taking share, who are you taking share from . Do you consider amazon a part of that competitor picture . Well of course amazon is the habit. It is the place that everybody goes to as a default many people go to as a default you know, large etailers like amazon are great to buy things that are very cheap and arrive very fast. And you use them and you have forgotten about them two seconds later and then they are in a landfill i think there is always a need for things that are going to be cheap and arrive fast. But more and more i think people want an alternative to that. When they want that product to mean something to them, when they want it to feel special those occasions happen all the time of course they happen for things like gifting in fact, personalized gifts is the number one search term on etsy in 2020, even more than masks. But i think a lot of people are wanting to inject special into their everyday as well i start my day with an iced coffee ever day. Instead of bying disposal Plastic Straws on amazon i bought beautiful hand blown glass straws and every morning when i am drinking my coffee i think about the artwork that this glass maker made and it injects a little bit of joy into my day. Hand blown glass straws is a new one. Josh how much of your growth is due to the fact that more artisans and creators joined etsy because of the pandemic, looking for opportunities and stuff to do. It is true that we have seen a huge number of sellers come and find the etsy platform for the first time there are now 3. 7 Million People making and selling products on etsy the number of new sellers doubled in 2020 versus 2019. Thats because etsy is the easiest place to start and grow a business for 20 cents, you can start a business and start selling on line you dont need to sign rent sign a lease and pay rent for retail space you dont need to buy a lot of inventory in advance and have it sitting around you dont need to worry about warehousing and logistics. For people who are really creative entrepreneurs there is no better place to start than etsy josh, thank you for joining us always good to catch up with you. Especially right now the stock is up 2370 over the last 12 months Josh Silverman for more on opportunities on investing in ecommerce cnbc pro has a price on wall streets ten Favorite Retail stocks going into the Holiday Shopping season a piece on that. Excuse me. Etsy is on the list. You can see the rest over at cnbc. Com pro. The dow is down 1 the only sector trading positively right now is Technology Biggest drag, energy and Financials Oil prices are weaker today. We are awaiting a decision from opec on supply cuts. Negotiations are always complicated but this year each more so. We will have an update next. And arthur blank, the cofounder of home depot, a retail legend will sit down with us and talk sports, retail and more opec leaders virtually met today discussing whether to extend those Production Cuts and no deal was made with the group leaving for night to get back together tomorrow Brian Sullivan has more on the impact on prices brian . Yeah, prices didnt move a whole lot in the commodity market but in the stock market they certainly did i am sure santoli will hit that later in the show in the market zone. No deal was made what they are supposed to do is this january 1st their current Production Cut deal for 7. 7 Million Barrels a day off the market ends. There is a debate whether they should extend it for three more months in other words delay a production increase. They could not come to a resolution today so the meeting carries over to tomorrow then they have got the opec plus meeting. Look at the xle. Down 4. 4 . You look at the oih. Thats the service stocks. These are the stocks you go out and if you are going to drill a well these are the companies you hire they got hit even more down 4. 8 today, guys. Some of the big name stocks i am not picking on these three but they stick out, eog. Continental resource asks transocean offshore all getting walloped the point is this energy has been the hottest sector for the month of november because everybody expects opec to carry on their Production Cuts, extend them if they cant get a deal done, because the uae is unhappy or russia doesnt want it or kazakhstan tries to veto something which could happen the markets get jittery. You saw a little bit of that today. The meeting rolls over to tomorrow morning as well hopefully for the traders sakes opec will be exteblding those cuts by another three months this is not a world that needs more oil, wilf. I was just going to ask, brian, if you could walk us through the deliberation even further. Why would some countries be opposed to the cuts right now . How does the fact that oil prices have climbed back to the 40, 45 region, which is break even or around there for u. S. Producers change the whole equation the vaccines help change it, sara you guys talk about it you asked etsy what are you going to do when people dont need masks anymore opec is looking at a postcovid world. I know it is not here tomorrow but we can see the finish line at least it is going to be a bad couple of months but the vaccines are on the way. There we go. Look at oil production, too. U. S. Oil production peaking out at 13 million. Down about 3 Million Barrels a day from that. Heres the problem and the answer to your question, sara. Saudi arabia has been gaining market shares. Some countries are taking bigger hits than others i mention the uae. Everybody we talked to, all the reports, the uae thinks maybe they are absorbing too many of the cuts these countries have huge social costs and budgets that are based on the price of the hydrocarbon. So a uae one of the core of the core members, if you will, says maybe well we are taking too much, you need to either pay us or let us produce more oil while iraq and other countries like that they continue to cheat because it is all they have got. It is basically like everybody is in a room, sara, like the brady bunch, and they are all getting equal scoops but ultimately, you know, greg is going to want more and they are going the fight it out. Thats pretty much what is happening with opec, albeit virtually. Good analogy. Brian thank you. Energy is the worst performing group by far in the s p. Down more than 4 for those stocks time now for our daily coronavirus tracker. The u. S. Adding 200,000 cases in one day. First time we have done that ever, that was on friday november has seen the virus spread at recordbreaking levels the u. S. Adding more than 4. 2 million case this is month alone, higher than the total number of cases since the start of the pandemic in any country in the world besides brazil and india. Health care workers in the uk may start getting vaccinated as soon as a week from today. The Financial Times reporting that the uks medical regulator is likely to give the green light to pfizers vaccine on monday meantime in an attempt to encourage travel london baysed he is jet will give customers access to testing options. Many European Countries like germany, spain, and italy have made testing a requirement to enter the country. 75 quid is more expensive than most easy jet fares in normal times and now i would imagine. But either way, still something that might make demand return for some of those airlines. Time now for a cnbc news update with sue herera. Hello everybody heres whats happening at this hour brick and mortar retailers werent the only ones to suffer weaker sales over the thanksgiving holiday barrons reports supermarket chains saw their sales fall an average of 20 from the same day last year n. North dakota, air force nurses are now training to join the staff at six hospitals in some of the nations top covid hot spots. A total of 60 nurses and other medical personnel have been deployed. In brazil, deforestation in the amazon has hit a 12year high the government says 2. 7 million acres of rainforest were destroyed just last year and a long trip for what has become known as the worlds loneliest elephant he has been on his own in a pakistani zoo since his mate died eight years ago today he was flown to cambodia and will live in a wildlife sanctuary. Singer and actor cher was instrumental in his rescue she was even on hand to welcome him to cambodia. You are up to date thats the news update this hour wilf, i will send it back to you. Sue, thank you so much. We willcity you next hour. Still ahead, Jason Fuhrman on how president elect biden newly announced Economic Team will impact policy going forward. As we head to break heres a check on bonds yield on the tenyear note fractionally higher,. 85 as you can see no major moves overall back in a couple minutes 24 minutes left of trade up next, former council of the economic advisers Jason Fuhrman to discuss president elect bidens Economic Team. What it means for policies that wall street can expect well be right back. Sales are down from last quarter but we are hoping things will pick up by q3. Yeah. Uh. Boss doug . Sorry about that. Umm. What. Its. Um. Boss you alright . [sigh] [ding] never settle with power e trade. It has powerful, easytouse tools to help you find opportunities, 24 7 support when you need answers plus some of the lowest options and futures Contract Prices around. Dont get mad. Get e trade and start trading today. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. President elect biden officially announcing picks for his Economic Team today. Among the nom lease is janet yellen for treasury secretary. Neera tanden for the office of management and budget. And cecilely rouse for chair of the economic advisers. Following the announcement, yellen put out her first tweet ever saying the country faces challenges but she is looking forward the rebuilding as treasury secretary lets bring in Jason Fuhrman thanks for joining us. Thanks for having me. Do you think that the biden team overall and janet yellen in particular will be firmly committed to stimulus . And do you believe they will be able to deliver fit the senate stays republican they will absolutely be committed to fiscal stimulus for the economy. They will understand that if you help the people that are struggling the most, that is actually the best way to get bang for the buck macro economically they dont get to pass legislation because they will be part of the team to influence congress to do that. To the second point of that, i mean, is it going to be a very tough needle to thread to get stimulus over the line during the course of the entire fouryear term if they get something related to covid over the line, would they struggle for Something Like infrastructure down the line first of all relief is needed right now. This subject wait for president bidens signature. It is Something Congress should pass now second your question is exactly right. Rebuilding the American Economy is not just short run relief it is a multiyear project. Infrastructure is definitely a part of it there are things that you can do administratively that dont require congress and i think janet yellen, along with the rest of the team will have huge credibility on what this economy needs to grow thanks jason. One question people are asking on wall street is how many trillions are we talking about it is one thing to do a few trillion in stimulus to get through the covid crisis, unemployment, Small Business that sort of thing when you Start Talking about clean energy jobs. He talked about reforming the Education System the Health Care System infrastructure projects. What kind of bill are we looking at oh, i think you are looking at some very substantial investments. We are in a world where Interest Rates adjusted for inflation are negative now they are expected to stay negative i think the market is screaming out that we need to do more. And its worried that we are going to do too little i think this is a team that understands the risks of doing too little and is determined to avoid it. Jason, do you think the banks as a sector have reason to fear the new Economic Team . No. No i think there is going to be help for Financial Regulation, tougher Financial Regulation can sometimes prevent the Financial System from blowing up as it did 12 years ago but janet was a regulator at the San Francisco fed, obviously oversaw all of it as chair of the board of governors and the fed. She has been around all of this. Yes, probably some rebalancing not a lot to fear. You talked about the risks of doing too little what about the risks of doing too much we are looking at a 3 trillion deficit for the fiscal year 2020, which is three times what you saw during the Obama Administration during 2009 at some point doesnt that matter doesnt that become a risk factor for the economy economically the right way to look at it isnt the amount of debt would have but the amount of debt service we have. That is historically low right now. Even according to forecasts which have Interest Rates rising faster than expected that debt service should remain moderate over the next decade i think we have a lot of financial space. I think we should use it woll. I dont think you should spray it an randomly, you should be making investments in infrastructure and education. Jason, any of the nominations will any of them find trouble getting approved, consent . I really hope not this is a dream team these are people that are very, very capable, all of them. They are not going to have 100 agreement with the views of the republicans but the president should have his people if they are qualified and they certainly are. Jason fuhrman thank you for joining us. Thank you. Up next we will take a closer look at vaccine stocks and the recent disconnect between gold and bitcoin when we take you inside the market zone. A reminder, you can always watch or listen to us ven e li othgo on the cnbc app. Its down to the wire, the teams been working around the clock. Weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. [sniffing] is the salmon wildcaught . She only eats wild caught. [cash register beeps] uh, i need a price check on honey. Dont get mad. Get e trade and get more than just trading. Investing. Banking. Guidance. With 13 minutes left in the trading day we are now in the closing bell market zone. Commercialfree coverage of all the action going into the close. Mike santoli here as actuals break town these crucial moments of the trading day and today jim la camp is back as well lets kick it off with the Broader Market down 317 points right now on the dow. We have been lower after the lastity trading day after a strong november. The s p and nasdaq on track for their best monthly performances since back in april when the s p surged 13 dow is on track for its best month since january 1987 and the russell 2000, small caps on track for its best months ever mike, have we used up all the vaccine optimism i think specifically on vaccines in terms of it being a shortterm bullish catalyst, yeah, probably so. But it is completely the backdrop for everything going on right now all month eve before november when it comes the people positioning for a sharply resurgent economy in 2021 in the early part of 2021 the bigger question to me is what the kind of back and forth is before we get to that point what we have to go through. For a few days now we have had the nasdaq 100 outperforming the market is doing a good job supporting itself rotating around as the overbought cyclical junky stuff circles around we will see if it can keep on track there. Up nearly 2 for the russel do you take some profits in the shortterm almost regardless it tells you what the conditions are, wilfred. Look, if you have had this kind of an run you are probably going to be in an overbought position if you look at where all the markets are compared to their 15 Day Moving Average you would have to argue that the markets are overbought secondly, what bothers me more is the sentiment out there the Investors Intelligence numbers, the news writers, the individual investors numbers, they are all bullish and they are at levels that have historically led to subpar returns. I think the market is going higher i think we havent yet priced in the risks that are right in front of us. We still dont know what is going to win georgia we dont know what a stimulus bill will look like or when we will get a stimulus bill we dont know if this election on the president ial side is going to drag out and turn into another bush gore. There is a lot we dont know the market, being that it has had this big run, given that sentiment is frothy, i think it is a dangerous place to get too aggressive it doesnt mean i dont like the market in the longer term. I think we are subject to a correction 5, 10 would be normal and healthy. Lets talk vaccines right now. Modernas shares surging after the Company Announcing it will apply for emergency use authorization after new data confirm its vaks on is over 94 effective. Novavax is also trading higher despite announcing they plan to delay their late stage vaccination trial for the second time ronnie thank you for joining us. Great the see you. Whats your idea of when herd immunity will be reached in the u. S. We spoke with a professor of oxford last week for the uk which clearly has about a fifth of the number of people to vaccinate. He felt spring was achievable. I think the same thing is true for the United States we typically vac that it about half the population every year around the fall time for the influenza vaccine. Think about emergencycondition and a full National Effort to vaccinate i dont think vaccinating the u. S. Population in three to six mondays is too much of a stretch. It is more like at what point will the fda feel it is safe enough to give the vaccines to people who are are in the less high risk groups people who would get it in the emergency use authorization would be high risk people because of their jobs or because they havend lying morbidities. Underlying morbidities. As for the stocks themselves, i know you dont cover modern a. M. Office market perform on pfizer, astrazeneca, Johnson Johnson, all in the mix. Now that we have proof of concept on the mrna technology does that open the door for potentially more faster vaccines for a moderna or a pfizer . Absolutely. The question is we need to see the full picture of the safety of the vaccines and other other vaccines are able to achieve before we start market share. Obviously when we talk about vaccinating the entire world population, it helps the pfizer thesis quite a bit what would help more would be if this 94 or 95 is limited to the vaccine approach as opposed to every vaccine against covid having that. Astrazeneca suggesting that might not be the case. L and b might have high efficacy the novavax and the Johnson Johnson results, once they come out then we will know. Do the vaccines stop asymptomatic transmission in a way that the astrazeneca vaccine seems to it is hard to do. I am not sure that is the case what we know is that not only are those people protected but in neither the moderna case nor the pfizer case although they were able to detect some virus in the nasal passage of the people under the treatment that were measured none of them got significantly sick the testing for the vaccine is sensitive. It is possible they had a little bit of vaccine i am not sure it means they were ineffective to their relatives. There were almost for sure lower in their ability to infect others my point is there is still data outstanding on this issue. Got it. We will await that eagerly thank you, ronny good to talk to you as always. Thanks. Jim la camp how do you view the vaccine either as catalyst for these stocks or for the entire market . It is definitely a catalyst for the entire market. There is no question at all. It is a catalyst for the group, too. If you look at the biotechs they have really been moving. The pharmaceuticals after really not participating early on in the year and even with the vakccine related stocksthey were not really moving. Now you have numbers that speak to high efficacy i think the stocks are going to be in favor. I think a lot of the stocks in this group are going to be in favor. Certainly it is helping stocks the entire stock market because we are all based we are all base right now this rally on the in the stock market on the thesis that the economic recovery is coming and we are looking ahead about six months out i dont know how long it is going to take to get the vaccines into everybody. The economy is a barge it is not a speed boat it is not going to turn around immediately. But certainly we have optimism in the markets and for the economic recovery. Even Small Businesses are a little optimistic right now. The question is will the hard data turn down really too quickly for us to turn back around quickly because a lot of the hard data is now starting to roll over. Bottom line this is all positive not only for the group, but for the specific pharmaceuticals and for the stock market of course. Bitcoin has been rallying this year today hitting an alltime high for the first time in three years since december 2017 Tyler Winklevoss who created the Cryptocurrency Exchange gemini along with his twin brother cameronin talked with cnbc about where he sees bitcoin going from here. It will disrupt gold. If it does that it has to have a market cap of 9 trillion. We think bitcoin could price one day at 500,000. A 18,000 bitcoin, it is a hold, if you dont have any, it is a buy opportunity because we think there is a 25x from here. A fascinating point clearly if you look of late, it looks like bitcoin has been a beneficiary of safe haven traders as opposed to gold albeit the size of the moves are very different in opposing directions yeah. I guess the slight pushback one could make to that point is there are still very many cryptocurrencies out there even if bitcoin is the focal one and the argument of gold being a safe haven as a stand alone safe haven commodity. You have to set aside the notion of safe haven what you are talking about is noncorrelated assets or nondollar exposure. Something like that. Safe is too much of a value judgment on what you are getting either for gold or for bitcoin to be specific about what he was saying, bitcoin disrupting gold. The entire value of all the gold ever mined right now is 9 trillion supplanting entirely what gold is worth today we can say whatever we want. It is a made up thing. People decided it is an asset. It has value now because collectively we have assigned value to it just like gold i dont know if you want to pin it to specific price targets based on eliminating the accrued value of this precious metal that has been around thousands of years. Nothing to get people bullish like price action like that when it starts running up, 171 lets hit zoom video, out with earnings after the bell today. Deirdre bosa with a preview of what we should watch the street is expecting work from home to continue to fuel zooms results eyeing Revenue Growth of more than 300 . It would be the Third Straight quarter of tripling growth shares are up 600 this year but they have softened in recent months as the reopening trade raises important questions about the sustain. Of such growth and as investors start thinking about those difficult comps we will see next year back to you. We will watch that one closely. Deirdre thank you. We have got just about two minutes to go in the trading day. Mike what are you seeing in the market internals they have been pretty heavy a sharp skew to the downside in terms of volume. It actually improved recently. More like 75 to the downside. The average stock is down close to 1 in the s p it is the big caps Holding Things up. Nothing too severe or a washout. Looking at Risk Behavior and cyclicals, utilities essentially flat it shows you people want a highly geared portfolio. Then the volatility index has been quote normalizing getting back down to 20 level hovering around 21. I mentioned before it is a heavy call buying speculative upside bets that is actually inflating it more than it otherwise would be. We have got 30 seconds left in the session woulder down 287 points on the dow, just shy of a percent so we are off the lows which were down 450 points s p down half a percent. The russel which of course has had an unbelievably strong month is down 2 today heck and health care the two specific sectors, banks and energy at the bottom energy is down 5 3 itself after a strong monthly performance. At the bell, sara down. 4 on the s p. 8 on the dow just positive on the nasdaq composite. May be ending on a down note but we just wrapped up the best month for the dow since january 1987 welcome back, everyone, if you are just joining us to closing bell. Ill sara eisen with wilfred frost and mike santoli look at how we finished up the day and the month on wall street dow down 266 points a loss of about. 9 . Still up 11. 75 for the month. As i said, best since january 1987 for the s p 500, it was lass very strong month. Tone bess since april because april was such a strong one coming out of the depths of the coronavirus. We are closing up almost 11 for the month even though we ended down today almost half a percent. All sectors lower except for technology the nasdaq remains the star. Did better today hit an alltime intraday high earlier. Closed lower it is up 11 for its best monday as well since april. And the russell 2000 wins the month. The small caps really having a huge rally on all the vaccine optimism, what it is going to do for the economic recovery. Down almost 2 today as you can see some of the winners for the month of november lost a little bit of steam today. But for the month they closed up 18. 4 . Best month ever from their inception back to 1984 for those small caps a lot to talk about this hour about the market coming up also we will talk to home depot cofounder and Atlanta Falcons owner arthur blank his outlook for the Retail Industry and coronavirus surging and what it peeps for the nfl. Judgment la camp is still with us mike from welsh Asset Management joins us. Mike, is this a preview what have we can except in december after a strong optimistic month of buying cyclecally beaten down groups Like Airlines and small caps which dominated november . We had a ton of mean reversion occur and enthusiasm to anything tied to an economic recovery historically it has been very tough to fight an already strong market through december. These are just general tendencies the issue, i think is just exactly how much each had buy in to the notion that we are up and away in recovery mode in a strong fashion next year that just gets much more to investor positions and investor attitudes and things like that which look a little bit extended right here but its very difficult to gain that because when the market itself is displaying this very strong behavior, thats the understandable response sometimes when you have a very strong Fourth Quarter it is not until january, february, that you start to have some retrenchment and maybe taking care of some of those exis cess . When we have a strong november like we just had do you get tempted to take some profits for the rest of the year absolutely. I think one thing investors oftentimes dont do is when they have winning positions names that have gone up a lot look at some of the names that have been skyrocketing. You have to take profit. I know it is counterintuitive to sell the names that have done the best but it makes sense to take profits so portfolios dont get heavily weighted on the names that have done well. That strategy rebalancing is critical when you have this kind of runup in the market stho but if it is, like everyone says, michael, that we are in the early stages here of a major cyclical recovery and thats why they are buying groups like materials and Energy Stocks and industrials, then shouldnt we be at the beginning of this cycle . Yeah, even if we are at the beginning, sara, i think it is really about individual positions within an overall portfolio strategy if you have 20 positions in your portfolio and five have done spectacularly well, if you carve off some of that profit, keeping in mind taxes. We have a tax year ending soon so you have to be careful and moving into some of the positions that you still feel comfortable with maybe some of the cyclicals that have not done as well that type of repositions allows you to sell whats gone up the most and buy that which you still have confidence in that has not gone up as much thats how you reposition or reball an in this kind of bull market. Jim la camp, what about repositioning u. S. Equity markets into overseas equities all of the markets globally have had a strong month but year to date the u. S. Is outperforming the rest of the yorld. I think we have to separate out year the date at the moment here wilfred because whats really happened is it has all gone to the covid calendar not to the actual chronological calendar once we started some economies stimulate the economy, once we started the see some business recoveries and we started to see the dollar roll over, and that was during the summer then we started to see the International Markets do better. At the same time we saw the u. S. Do better. It was mean rotation, group rotation, mean reversion theme going on all over wall street. But if you look at since september whats done better, actually the u. S. Has not done better than a lot of the rest of the world. So yes but the key is the u. S. Dollar it is going to drive a lot of themes, it is going the drive energy it is going to drive the International Markets. And it is going to drive wherever we think we are going in terms of value stocks like the financials a lot of people are saying oh, you are sayingry mean reversion, should we go into financials maybe. But look at the tenyear treasury it still hasnt really confirmed the market too much. It is sitting there in the mid 80s basis points normally with a market rally like you have seen in november you would see those test reyields stard start to go up. That really hasnt happened that money. I like the industrials, chemicals, material and energy, probably within that scope better than i like the financials beyond that, i do like the internationals and i think you can rotate into these areas now. But i wouldnt give up on tech i think you have to have a barbell approach with the mean reversion and the economic recovery themes. But also with technology you are still going to see great earnings there. Lets get to bob pisani for a summary of todays action and more to the point all of novembers action. What a november one of the great months in the last decades up 10 everything was up. Some things up a lot more. I want to show you some of the dow leader the value play danks did welcome well, goldman sachs. Oil stocks like chevron from up 30 . Am exup 30 . Value overgrowth and small cap over big cap the laggards werent lagging that much. Just flat compared to Everything Else home depot, proctor and gamble, Johnson Johnson but you will up here. It was a goldilocks month. Banks outperformed but a good month for the big mega cap names everyone won goldilocks scenario, all the sectors to the upside. December is traditionally an up month. It is up 73 of the time the average gape is 1. 5 it is one of the best months of the year here is the simple problem when youget a november where there are huge gapes, above 5 and we are up 10 in november generally december does not do so well. Because it generally pulls forward all the gains here whenever the s p has risen 5 or more in november usually december has subpar gains. That makes a little sense but who can complain when we had the month we had in november bob pisani thanks for that. Jim la camp you mentioned the importance of the dollar what is your view for the dollar next year. A lot of it depends on how this election in georgia goes if it goes to where we dont have a split congress we are probably going to get a much bigger stimulus bill if we have a split congress then the dollar should probably stabilize. Bear in mind we are not the only country in the world that is stimulating like crazy we dont own a patent on a Printing Press they have them all over the place and they are using them. Thats probably one of the reasons bitcoin is going up so much i think the longer term trend on the there are a has turned slightly negative. I dont think it falls out of bed but if you get a democratic sweep based on the georgia elections, et cetera going s i weaker and drive investments schemes to the scenario we talked about before. It would be good for international stocks, materials and chemicals and industrials. There is some benefit to having a weaker dollar. I dont prefer it but there is some benefit. Got it. Zoom video just releasing earnings deirdre bosa has been going through it what can you tell us. Still going through it but it looks pretty good on most accounts i said going into this expectations were extremely high beating on both earnings per share and earnings revenue coming in at 9 cents a share versus 76 cents expected revenue come in at 77 million that is up 367 year over year the Second Quarter that it has seen growth of more than 300 in terms of that top line however as you see shares are down nearly 7 because the expectations were so high. Even guidance looked pretty good Fourth Quarter, earnings and revenue guidance, better than expected and just to note to see how far this work from home darling has come, sara and wilf, full year revenue expected to be above 2. 5 billion it started the year by projecting less than 1 billion in sales just picking through this as well, one other point that i want to mention, most lucrative customers, they more than doubled from more than a year earlier, saw that in the Second Quarter as well. The stock is up more than 600 year the date. Important context down 7. 7 . Michael yoesh cammi, any other stock might celebrate this kind of news, especially those guidance numbers, which look a lot better than expected but i guess the runup what did they have to post to have the stock continue to go higher . 400 i mean, you know, its crazy frankly when you have a stock with a run quite like this it is not surprising it would sell off. This is really a blowout number. Look at the eps, how much greater the eps was on top of that Forward Guidance. Normally stocks goes down if Forward Guidance disappoints i think it is profit taking at this point when a stock is run up this much there is not much you can do it is still up i dont know how many hundreds of percent it has been a home run for investors. Michael and jim thank you very much. Great to see you. Coronavirus cases soaring across the country and up next, we will discuss what it means for sports Atlanta Falcons owner and home depot cofounder arthur blank on how the agleue can ensure cases stop spreading so the season can finish we are back in 90 seconds. Just wrapping up our best month for the dow in decades best for the s p since april mike santoli is over it. He is looking ahead to 2021. What are you watching. You think you could argue the market itself has got its eyes fixed on 2021 as well. Alternative path for gdp into next year from black rock. Green is what actually happened. The decline in gdp then this rebound. This is what black rock thought was going to be the path of gdp back lets say six or seven months ago we have done a lot better. They thought it was going to come back more slowly. Finally, this is if we get more severe winter lockdowns. Thats going to moderate out this growth. Not much back sliding by their math into early next year. Then you have a resurgence still beyond what was expected in april. Its happy story people really do think this Spring Loaded resilience is in the economy. We will see if it pans out look at analyst expectations for corporate earnings this is the percentage of analyst revisions to the upsichltd basically a 20year high according to citi. More than 80 . It shows you people were behind thinking what corporate profits could be this was january 2018. We had a gut check this the markets. A lot of things look like this going back to that level of excitement we have to see if it is going to filter through to the numbers. Even if it does, maybe it is already largely baked into a lot of stock prices. Guys all right mike thank you. Retail confused traffic plunging this Holiday Season as consumers shop from home instore traffic falling 52 buttion line sales up 22 versus last year. Joining us now,home depot cofounder arthur blank he is also author of the new book good company and owner of course of the Atlanta Falcons. Much to discuss. Lets start with retail. Arthur it is great to have you on the show. Thank you sara. Mike just played out a strong case for the optimism thats out there in the economy certainly that would bode well for retail and consumers to have a cyclical recovery after a vaccine some of the problems for retailers are more structural in nature and they were plaguing them before the pachld whats the outlook for the sector who wins and loses next year the people that are going to win are those that will be fully connected to the people they are serving, their customers thats finding ways to make the instore experience unique, to make sure that human relationship is established n. Our own case our pga tour super stores our golf business has been incredible this year. People coming in for golf fittings and lessons and apparel and whatever else. They love being outside and playing the game so we have seen a tremendous amount of positive activity in golf business. We do think it is going to create a challenge for us as many people have gotten used to shopping ecommerce and a variety of other ways. I think actually it could be a way to expand the universe, if you will so it gives the retailers a chance to apply new knowledge, new techniques, new ways to reach the customers they are serving and yet still offer the instore experience. People still love being connected to other human beings, connected in the store getting product knowledge, being able to feel and touch the products they are big. I would agree, particularly come april or thereabouts when we have these three Vaccines Available to us in some significant numbers and on through 2021, i think thing are going to be very positive. Just to hit on the company that you cofounded, home depot obviously doing very well along with lowes, walmart, target there is a feeling that these companies, these retailers were seemed essential and therefore they were allowed to stay open they are also in the sweet spot of what people are buying receipt now which is stuff pour their home and they are eating the lunch of all of the smaller mom and pop shops and putting essentially a lot of independent businesses out of business is that a Fair Assessment of what is going to define retail in the coming years. You know, sara thats it is really funny because i have been listening to that since 1979 when we first opened up our first four Home Depot Stores in atlanta. Today the company has 2,200 stores i think there is always a place for a well run well operated small independent store in really almost area of retail they can provide unique services, a unique touch unique services to a community that even a large store as great as home depot is cant do i would say in 42 years that hasnt changed i dont think it will change now. Those people who Pay Attention to the relationship side of their connection to their serving will continue to be successful. What about at a corporate level . What advice would you have for someone running a totally different business from retail, wlits banking or anything else, the importance of Human Interaction in establishing the values across a company and whether work from home maybe has so many benefits but could be a big drawback of not being able to get the values across to all employees. Well, i think it is i do think the expansion of being able to connect electronically and with technology is certainly very powerful. And i think it offers a lot of efficiencies that are not available otherwise. Having said that, though, you know, just the way human beings are wired, their preference is always to be connected the other people, their families, or associates or the companies they are shopping with or whatever. So it is up the retailer in this case, there are other companies outside of retailing for companies to establish a presence thats telling the individual customer that it is important to get out and visit and spend time in the case of a retail store or whatever Service Operation it may be in terms of manufacturing, it is not going to change because people have never gone out to a manufacturing plant and felt that operation though they would probably find it interesting, they generally havent done that. So that wont change really, i think the economy is going to be in a great position when we get these vaccines in place and we get them widely distributed. Which is what we have to do and i know we will do. I think that will come by the spring of 2021 and not obviously not in the biggest numbers initially. But as we get into late spring or early summer i think we will have enough vaccines out there that will be very effective in terms of taking away the fear factor which does exist today. In the meantime, arthur, the pandemic is worse than ever in this country i wanted to ask you about the nfl. Because its still trying to deal with this problem i think the ravens reported another positive case for the eighth day in a row. Yeah. Overall, dumpg the nfl is going to finish out the season should they have gone to do the bubble like the nba did, which seems to have been more successful in terms of containing this. As far as the nfl the commissioner Roger Goodell and the clubs have done an outstanding job. The medical advise we have gotten at the league level, from the cdc and other Public Health officials have been great. We got in all of our games to date this last weekend we had all games scheduled were played. It meant in some cases moving some games around but i think thats always for the safety of the players and safety of the staff and the coaches and what have you so i think as we approach the last five, six weeks of the regular season and oninto the playoffs it is going to take, you know, a greater degree of adherence to all the disciplines that we know are necessary starting with face masks you see that more than Television Watch one of our games on tv the players when they are on the sidlines not on the field they are wearing their face mask. I think the league has done a great job. I think the case of the double for the nfl is a little bit different because our season really starts you know in the first of september regular season games and plays all the way through december and january and on into early february for the super bowl so i think the time expansion to put everybody in a bubble for that period of time would have been very difficult with their families and what have you i think by the large the league has done a great job and is committed to finishing out our schedule this year. Arthur, my final question, you know, with your book out and reminiscing as it does over your career i wanted to ask about something which i heard briefly acknowledged by jamie dimon but i dont think detailed by you. Is it true back in the late 90s after he left citi that you tried to make him ceo . I did he was and we got very close during that period of time so that was that was a blessing for me under any circumstances. Jamie had a shared set of values which we describe in detail in the book good company. Jamie described all those, lived all those and he had too much investment in the Financial Institutions to make the change but he considered it for six months he would visit me in atlanta we would go for runs, eat out together, spend time together it was great connection. Spiritually and philosophically approach to business and what it means to our associates. But we have maintained that relationship i was excited to see the business round table, he has the 192 Largest Companies in america today, they have actually anointed and supported now a values based approach to business not just profitable. But doing the right things for the right reasons and living with the consequences in terms of Community Involvement and giving back and making a difference in the people they are serving and who they are connected to jamie is a role model for me he is a great friend and a role model for me and he was kind enough to author nice words for the book and i appreciate it. Arthur, thank you, we appreciate the time. Thank you sara. Thank you very much. Up next on the show, zoom earnings just out. The stock volatile afterhours it was sinking down 8 it now cut the losses almost in half down 4. 4 . The numbers were better across all fronts including guidance. Wl lk more about what to do, whether you should buy this dip, when closing bell comes right back in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Dont settle for silver 1 for diabetic dry skin 1 for psoriasis symptom relief and 1 for eczema symptom relief gold bond champion your skin gold bond 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. The teams been working around the clock. Wire, weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. Welcome back shares of zoom down 4. 6 , parring some of their loss after reporting moments ago. The stock up up sharply, up 600 or so so far this year it had big expectations. It did beat the estimates. Down 5 as we speak. More on that when we come back breaking news ahead of testimony in the fed tom Steve Liesman has it. The treasury and Federal Reserve releasing testimony from secretary mnuchin and jay powell the secretary will say americans are getting back to work but our job is not complete until every american that wants to go back to work goes back to back. He notes that half of all workers have come back who lost their jobs in the pandemic goes on to say very critical of the shutdowns going on. Continue to impair remarkable progress he says and causes great harm to american businesses workers he says a target fiscal package would be appropriate urges congress to use the 455 billion in unused funds that you will remember are being given back from the treasury from the c. A. R. E. S. Act powell will say however the economy continues to recover from the depressed levels of the Second Quarter but the pace of improvement has moderated noting that good spending is vong but Service Spending remains low on the overall economy he says the economic the Economic Outlook is extraordinarily uncertain. Further, let me just pull this up here. Is extraordinarily uncertain, and the fed will return the unused portion of the c. A. R. E. S. Act funds. He says demand for main street loans may increase with the spread of the pandemic and fed actions having looked 2 trillion of funding. He said the fed is interested in using the full range of tools to support the economy. We will be watching closely to whether it hints there will be more stimulus in the shortterm from either of the two institutions they represent. Steve thank you. Zoom shares down about 5 in afterhours trade after the Company Announced Third Quarter earnings despite beating on revenue and eps. Whats your first take on these numbers, which seem pretty strong i guess just a reflection of how strong the share prices have been coming into today. The move feels like a overreaction there is not much to pick gnat the print. The numbers were really good, especially Large Customer momentum six figure customers they added a record amount they add more six figure customers this quarter than they added all of last year i think expectations were a little high. Maybe there is worry about Gross Margins which were impacted by the amount of usage from education, k12 in q three it looks like a buying opportunity to me. How do you factor in a vaccine and what that means for zooms business and for this multiple i think thats a great question thats i do a lot of kind of thought process of what does the future of work look like zoom feels like it is get being sustainable benefits the way we work i think wont go back to normal post vaccines i am optimistic about a return to normal by summer of next year i think given that people have adjusted to even a hybrid work strategy, zoom enables that. You know, you think about businesses who are saving money on especially business travel, and there is opportunities to use zoom and you know do that. And at the same time i think as offices reopen there is a nice replacement opportunity for businesses to unplug some legacy systems like cisco web ex especially in these meeting rooms and modern and bring it to zoom i think the benefits are going to be sustained even in a post pandemic world. Got it. Rischi thank you we will see what the Earnings Call brings. The stock is down 3. 5 after earnings coming up next on closing bell, facebook rolling out new features to help users hold food drives and fundraisers. Why the company is stepping into that space can it help them with their own image. Facebooks vof pp roduct will join us when we come back. Cloud. But we didnt stop there. We made a cloud flexible enough to adapt to any size business. No matter what it does, or how it changes. And we kept going. So you only pay for what you use. Because at dell technologies, we stop. At nothing. Its got all my favorite shows turn oright there. Boom, i wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Welcome back time now for a cnbc news update with sue herera. Hello iris aa hello everybody. Heres whats happening at this hour parts of indiana getting the first big snowfall of the season roads are getting cleared but accidents are happening nonetheless. The lake effect snow accumulation could top half a foot the navy warship that burned for four days in july is being decommissioned the snaef says it would cost up to 3 billion and take five to seven years to fully rerequire the uss bond home richard off the North Carolina coast three people were forced to abandon ship after their boat started to sink they grabbed a life raft dropped by a Coast Guard Air crew and used it to get to another boat that ultimately brought them to safety. And formula 1 driver row man grossjean suffering only minor burns to his hands in this fiery crash. It happened in the first lap of the bahrain grand prix and is one of the worst formula 1 crashes in years a short while ago his team said he will be released from the hospital tomorrow. He suffered only minor burns to the front and back of his hands. Unbelievable. It was un it was cut in half i mean, the car was cult in half. It is remarkable, though, the measures within those designs to protect them even when the car snaps in half and burns into flames honestly unbelieve. He said the halo, which is the kanl that goes around him saved his life you are right, wilf. It is one of those rare times when you can encourage people to watch the clip because he didnt get hurt it was scary enough even when you know he didnt get hurt. Still ahead. Facebooks Vice President of product has been with the Company Since 2005, she will join us and talk about facebooks new announce men about its charitable initiatives. Should auld acquaintance be forgot and never brought to mind should auld acquaintance be forgot and Auld Lang Syne well take a cup of kindness yet for Auld Lang Syne next customer please. Welcome back facebook closing out a solid month of gains for the stock despite ending slightly lower today. The tech giant kicked off its season of giving campaign which encourages people to give back during the season. Among the initiatives is drives, a feature through facebooks Community Help hub and allows u. S. Users to collect food clothing and other items for those in need. Facebook plans to take part in the campaign by matching up to 7 million in donations for giving tuesday joining us for a cnbc interview is naomi glite what is todays announcement the matching of the funds and the expansion of the platforms on which people can donate and raise money. Thats right. Thanks for having me tomorrow is giving tuesday giving tuesday is a day when everyone comes together to support great causes we will be matching 7 million for u. S. Nonprofits starting tomorrow at 8 00 a. M last year the Facebook Community raised 120 million on giving tuesday alone. What position is facebook now in relative to some of the other big charitable on line fundraising platforms like just giving and others . What does facebook fall in terms of total money raised per annum . Since we started the social impact team five years ago, the Facebook Community has raised over 3 billion for personal and nonprofit causes and over 1 billion of those dollars have actually come from birthday fundraisers which is people donating their birthday to charity. Naomi do you feel like you have a tough job trying to sell people on this, this idea that facebook is trying to do right and you can do right on facebook when so much of the Media Coverage and so much of the headlines around facebook are dominated by scrutiny around disinformation and vitriol and hate speech and stuff that does not make you feel and do good . I have been at facebook for over 15 years and every day i am still inspired by what i see from the community on our platform we have actually seen donations go up despite this being a really difficult year for so many people. We are seeing people give whatever they can. And every little bit counts. We have raised over 100 million for covidrelated fun raisers. The amazing part is that over half of those donations have been 25 or less. Naomi you announced the 7 million of matching. What about on the page where is people are fund raising . Are profits being made by facebook with advertising around those pages or not no. 100 of every dollar given to charity will go directly to that charity. Facebook actually covers the Payment Processing fees in order to facilitate your money going directly to the people that need it most. You mentioned you are part of the covid information strategy that has been going on in facebook how much progress have you made when it comes to squashing disinformation and how much do you have ahead of you on that front yeah, when it comes to covid, facebook is really focused on three areas. The first is the Public Health response the most important thing we can do there is connect people thou authoritative information. Thats why we built as you mentioned the covid information 1234er it is one place people can go to to find out all the latest and most reliable information about the pandemic we have actually directed 2 billion people to the center actually mark is going live for the third time with dr. Fauci this afternoon to hear more about the latest vaccine developments and how we can stay safe this Holiday Season. Facebook is partnering with highprofile people for giving tuesday. Tell us about those names and the campaigns. We have so much going on this Holiday Season, giving we have Community Help, which you mentioned earlier. That is something that people can use to give their time, their talent, their treasures. Its not just about giving money. Thats what we launched to support starting a food drive, donating blood at your local blood bank you can also buy gift cards for your local businesses that are really struggling right now. We have a buy black friday Holiday Gift Guide so you can support Small Businesses in general and especially blackowned businesses specifically naomi, thank you for joining us to talk about some of those initiatives. We appreciate it thank you for having me up next on the show, weve got some news that just crossed regarding a spac, a new one. View, a Dynamic Glass company which makes smart window glass and other things Just Announced a spac this hour we will talk with the ceo right after the break. [ whispering ] whats this . Oh, are we kicking karly out . We live with at t. It was a lapse in judgment. At t, we called this house meeting because you advertise gigspeed internet, but we cant sign up for that here. Yeah, but im just like warming up to those speeds. Youve lived here two years. The personal attacks arent helping, karly. Dont you have like a hot pilates class to get to or something . [ muffled scream ] stop living with at t. Xfinity can deliver gig to the most homes. View inc, the latest start up to go the spac route, the smart Glass Company will acquisition to become publicly listed on the nasdaq, valuing at 1. 6 billion the ceo joins us fresh off making the announcement moments ago. Thank you for joining us what is it that do you its a daytoday window that weve taken for grant forward a long time. We need the glass on the window to stay connected to the outside, we need the walls to stay disconnected from the outside, except at times the window brings too much glare or light and we use blinds or curtains to close that what we have is like transition lens for building, automatically changes when the sun is bright, every window has its own micro controller, all of that forms a digital skin of the building, the largest of the building much like the body, its a connected Digital Network to keep people comfortable, save energy, and make buildings very efficient. I know youve raised capital over the last few years, why the spac route i get its a gold rush and everybodys doing it but not all spacs are created equally could create scrutiny. Nikola is 20 stock once was 80 stock i wonder if you worry they will face more scrutiny because maybe Financial Disclosures off the bat dont have to be as transparent as companies go public the oldfashioned way. This is a product and company that will disrupt the entire industry start Huge Movement towards smarter buildings and were in this for a very longhaul to make it a global product to make people change the way they think of building a and real estate, we are 12 years into it billions invested. And taking a product thats been the technology of Science Fiction for a long time and made huge investments to get the product perfect. We have a massive manufacturing plant thats going to take us to 1 billion in revenue. We made those investments. We have a Customer Base big tech companies, airports, hospitals, multifamily, we are really poised for growth and cr corp two also sponsored by fitzgerald with a lot in real estate and were very excited to work with them because the next stage of our journey is massive Global Growth and in the Real Estate Market will give us access to owners how much more does smart window cost . It cost about 50 percent more in commercial building than regularfully installed window but for the owner it generates much higher rent than the cost implies but for the tenant get more rent but more useable space and save on energy and maintenance and employees will have great experience and be much healthier when experiencing this product think about airconditioning when first introduced 50 years ago was a premium but now we dont know without it. Just like that, our customers once they experience it they cant imagine the World Without blinds ever begin. Its true you cant imagine that but right commercial real estate right now is not boom time seems like a tough time to be betting on that being built and growing. Yeah, were growing this year in spite of the pandemic and will grow quite a bit next year with all of the back log, more than half our customers are existing customers and doing New Buildings all the across north america and were going global if you think of the buildings were building now are not going to be occupied until past the pandemic, when you think of when we deliver our product, but importantly, the pandemic and actually all of the big factors, if you think of the Real Estate Industry its goi ing through a big change already and the pandemic will accelerate things it will be tech connected and healthier and Peoples Awareness around health has just gone up with covid, and importantly, its highly sustainable so the Movement Towards Climate Change will be very good for us going forward. Good points and thank you for joining us, well keep an eye on the company. Thank you very much thanks for having me. Up next, stepcuh rry hoping to take on nike and jordan brand. When closing bell comes back under armor officially you avalanc launching the curry brand, the new line in collaboration with nba superstar steph curry, features clothes, basketball, golf wear a pairel and will expand to include running and womens apparel, dont miss our interview with the ceo tomorrow well talk about the strategy and chasing after potentially the jordan model, which nike owns had 3. 6 billion in sales last year, tough to compete with we have thaint view to look we have that interview to look forward to and more. We will also look at the current moment in terms of the parts of the economy that have been pretty strong were in the mode of coming a long way in a hurry. See if theres much left in the shortterm. Closed half percent on s p 500 and nearly full percent on the dow both up nearly 11. And 12 percent for dow were out of time on closing bell. Fast money starts now. Im melissa lee. This is fast money. Todays trader lineup tonight on fast, we are breaking out the bitcoin bug as the cryptocurrency soars to an alltime high. And bold call from a friend saying bit skoin bitcoin headed to 50,000. Plus were tracking shares of zoom, that stock down the company call is about to kick off