And welcome to power lunch. Im melissa lee. Check out this rally right now all 11 sectors are in gree green. Taking a look at some of the stocks were watching. Salesforce is under pressure for the second day in a row, down about 7 in the last week as it gets set to report earnings after the bell and reportedly to make a deal. And we have exclusive data on how the bitcoin boom is boosting this payment stock first lets get over to bob for more on todays rally. Hey, bob hello, melissa. Good start to a traditionally good month we got talk about a new stimulus plan, janet yellen on the air and, overall, 11 sectors all on the up side. Bank stocks leading the way but technical stocks also. No dig selloff in tech that was also a november play there. Theres energy you have your value play with banks, energy up you have your growth play with tech, cyclical with industrials up and even more defensive groups, Consumer Staples on the up side as well. This is what i mean when i say the goldie locks scenario, everybody in the pool. Mega cap 10 again. Nobody selling it off. Other parts of the market are rallying we got a great day going for apple, amazon, all of the use mega cap names there we have new highs in the semiconductors. The market loves it when you have lists littered with semiconductors xilinx with a new high as well everybody is exciting about cloicl closing at new highs its up three quarters of the time thats a good month overall. Just bear in mind the important thing is when you have really good novembers up 10 , traditionally december tends to be a little subpar it pulls some of the juice away from the santa claus rally well see but its a great start to the month. Such a nontraditional year. I wonder how much we can rely on those things that you mentioned. Bob pisani, thank you. The s p and nasdaq at record highs after a blackbuockbuster november joining me is Kathy Entwistle and burns mckinney, portfolio manager. Good afternoon to both of you. Good afternoon. Kathy, is it just the season for buying expensive things at no discount . Were not seeing a lot of discounts in the stores. The m a looks expensive. Do you just buy the market here . We are absolutely looking for opportunities we do think theres going to be volatility going through to the end of the year based on covid, the uncertainties in the market with the economy potentially shutting down or closing down for a small period of time so what were doing is were trying to buy on dips and dollar cost averaging on the market the market feels pretty positive right now. Were encouraging clients to be participants and not stand on the sidelines. And if youve already been participating, whats the case this is more of a buying opportunity than a selling opportunity . Well, what weve been telling our clients is that stocks certainly are not cheap, as was noted. I think its instructive to note that the market is up 12 since the beginning of the year on really flat forward earnings and the stocks werent that cheap to begin with. So were not telling investors necessarily to pull back from equities, but they should probably expect a little built more muted returns going forward. That being the case, probably countless on Capital Gains and right now is the time to focus on dividend payers Interest Rates are probably set to be lope e lower for longer a thats the type of market where dividends can make up for a lack of Capital Gains in the coming months kathy, is that how you protect yourself these days . Do you resort to the dividend payers or is this Something Else no, i think dividend payers are great and the yields right now are still pretty good. We have to look at the cycles and trust the cycle. Basically when you look at the business cycles, were coming out of a recession n any time we come out of a recession in the past, value paying, dividend paying and small caps and mid caps. Were trying to focus on that as well we are very positive on 2021 in the markets. And we see probably a 10 plus return, so we want clients to be invested in the equities burns, what does it mean to be cautious, to be conservative as an investor these days . Teslas getting ready to enter the s p 500. Who knows what kind of impact that is going to have. The s p has been so driven by mega cap tech names. Is there a different strategy you need to employ if youre going to be careful now . One way of thinking about it is think about what you try to build with a good football team. About two thirlds thirds of yor are in the trenches and maybe a third are going to score a touchdown for you. When you think about an equity portfolio, those blocking and tackling can be done by companies that have stable, recurring a recurring, predictable earnings. For your touchdowns, were not really in the camp that we feel we should go into those epicenter stocks, those that have been really hit by the pandemic when you can, if you can find Industry Leaders and secular growers trading on sale, thats a way to go. Or just look at stockspecific stories, the type of companies that dont necessarily depend on Economic Growth to appreciate. You were talking about buying on dips, kathy are you talking about some of these names that have dipped because of the pandemic and the resulting economic fallout or are you talking just otherwise strong names that might just take a breather every now and then. A little bit of both. I think its just an opportunity for clients who have been nervous about the markets since march really and the uncertainty of covid and, you know, second stimulus package and have we gone up too much at this point, is it too late did i miss it . Those are all the kinds of questions that were getting were in it for the long haul. We want our clients to be invested long term if youre already invested, great, were adding to positions. And if youre not, were getting clients into the market. I look back to war war i, sp d war one and what followed that, the spanish flu. What came after that was the roaring 20s, people getting back in circulation, spending their money. We all remember what happened after the roaring 20s, too, of course yes kathy, burns, thank you very much minor details president elect biden pushing for any relief package as Steven Mnuchin testified in front of the congress about the economy lets bring in Steve Liesman the president elect has chosen the treasury secretary and the current treasury secretary today all agreeing on one thing, the need for congress to pass new relief for the economy. Heres out janet yellen characterized the Current Situation after being formally introduced by president elect biden as his pick to be the new treasury secretary so many people struggling to put food on the table and pay bills and rent its an american tragedy and its essential that we move with urgency yellen and other members of the Biden Economic team signaling they will focus on minorities and women and those hit hardest by the pandemic. Earlier in the day treasury secretary Steven Mnuchin called for congress to allocate unused funds to the c. A. R. E. S. Act to new relief and fed care jay powell warned of dangers ahead for the economy. There are a lot of Small Businesses at risk of going out of business during this winter, which could be a tough new month. And at the same time were getting new about vaccines so there really is in the medium term upside risk here mnuchin took tough questions about his controversial decision to end five medical emergency lending programs and he insisted he following the letter of the law. He said earlier that he would be reviewing or happy to review the bipartisan 908 billion for relief that is now making the circuit in congress right now. Melissa. Steve, powell in q a said theres a big difference between short term and medium term but for right now its going to be a very, very tricky situation. Do you think he made the case in front of congress for action at this point he didnt really give any numbers here no, he didnt, melissa. And you ask a really good question because its kind of funny that everybody agrees on the same thing but they cant get there so the question is do they all feel like we need relief badly enough that theyre willing to put aside their differences and compromise on the issue of immunity for businesses from lawsuits related to covid by their employees on the opposition of republicans to state and local aid. They all agree on the need for more money they just dont agree on compromising its just hard to know if they think things are going to get bad enough you and i had a nice, interesting chat yesterday, melissa, where i said if the friday number is negative and very bad and up said, yes, and the market sells off, that might be what lights a fire under congress to compromise we got new records today. Steve, one comment you made to me a while ago about yellen and powell and how they are in complete agreement about the need for stimulus but they might not be in agreement when the hard part comes and thats when the economy heats up there is some expectation there will be inflation copping somin are rather than later. Is there reason to believe these two could disagree when that medium term comes and things heat up . Sure. Its Monetary Policy that the fiscal and monetary side come together when there is need for stimulating the economy. Thats when they come together and agree on policy. When things get better, they should necessarily go their separate ways. So theres a time they will part in terms of their duties and responsibilities to the economy. They wont always see eye to eye. We wouldnt need two different agencies or groups if they always saw eye to eye. The fed is pledging to remain low for a very long time so i dont know if its win a year but i suspect it may have be longer than that, melissa. Steve livesmesmans are thanku coming up, we are watching shares of vaccine maker moderna reverse midday, now down about 7 well have more on that. Plus, paypal is riding the bitcoin wave as a top analyst said its about to pay off for that stock and what lryar fink just told investors about the crypto phase. Thats all next. I have an idea for a trade. Oh yeah, you going to place it . Not until im sure. Why dont you call Td Ameritrade for a strategy gut check . Whats that . You run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila maybe a couple throw pillows would help. Get a strategy gut check from our trade desk. Before money, people tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Helafter the yearya knwe just had, . The usual gifts are just not going to cut it. So we have to find Something Else. Good luck what does that mean . We are doomed. laughter thats it. I figured it out were going to give togetherness. That sounds dumb. No, santa, were going to take all those Family Moments that make the holidays and package them. Oh, you are getting so big woahh its down to the wire, the teams been working around the clock. Im not sure its going to work. Itll work. I didnt know you were listening. Hmm. laughing that works. Bitcoin has climbed back to record highs in the past month old school investors have embraced it. Lets bring in seema mody. At the council of Foreign Relations this morning larry fink acknowledging that bitcoin has caught the attention and the imagination of many people its still untested. Pretty small relative to other markets. And he says it is seeing big, giant moves every day but its a thin market. Can it evolve into a Global Market fink said possibly he noted having a Digital Currency has a real impact on the u. S. Dollar, making it less relevant, not for americans but International Holders of dollarbased assets. He did also raise a question that i think many economists and embassy tifs a executives are wrestling with. Are there other ways to efficiently transact overseas as well as here in the u. S. Fink really joining a prominent number of highprofile voices, melissa. The move were seeing in bitcoin and currency in general is activating a discussion. Seema mody, thank you bitcoin is just about as record high a rewards credit card will give you bitcoin instead of cash or miles. And mizuho claims bitcoin is boosting engagement. Dan, great to have you with us thank you great being back going into bitcoin and allowing users to trade bitcoin, this is all about engagement what have you found in terms of how much more engaged users are because of bitcoin its a great question the survey we did, we surveyed almost 400 people. Surprisingly almost one fifthfo them already traded bitcoin. So this is a huge number 65 of them actually want to use bitcoin as a currency. But the key thing is not the bitcoin revenue which is minimal, its the higher engagement turns out those who trade bitcoin are more than three times more likely to engage with the paypal app you use more product, use it more frequently, which enhances p paypal is this cause and effect or coincidence . The people who trend to trade bitcoin tend to be more digitally savvy and willing to engage the app in all the different ways that you outline . Is if because you trade bitcoin they are using the app more . We actually thought about it, is it a selfselective group we asked what percent of you saw your own personal engagement increase and 50 said that they saw engagement go up versus only nine that saw it now so the uptodown ratio is huge. Its not just a selfselective group. Those people that start trading bitcoin use the app more often and this creates the fly wheel of more revenue, et cetera, et cetera, which is going to be very, very visible starting in q4 and into 2021 what are your expectations in terms of that incremental dollar and how much a bitcoin trade could add in incremental dollars in usage in the other parts of the app . Okay, so what we did is we actually looked at, for example, square as a competitor square cash app has been allowing bitcoin for a long time square general rites 3 or 4 pr user thats not the big deal. The big deal is the engagement for every point of higher engagement, remember on average, paypal users engage about 40 times or year. For every onepoint increase, if you go from 40 to 41, its 2 to 3 of Revenue Growth if you move by two points 40 times a year versus 42 times a year, thats 5 to 6 of higher revenue next year. Next year theyre facing ebay drag ebay is moving to managed payments we think this drag will be offset or more than offset due to higher bitcoin engagement and i dont think thats fully appreciated by the street. But, dan, how much of this is because of that dopamine effect of these folks bought something thats been going up quite a bit for much of the year i mean, if bitcoin takes one of its flights downward for a bit, is that engagement going to tail off . I think youre raising a very interesting thing. The more bitcoin goes up, the more people trade on it. Weve seen this with square two years ago when square became a, quote unquote, bitcointrade remember, they didnt even open venmo. Thats on happenihappening next. They didnt let people use it to trade or current scy next year so theres more coming next year thats not here this career. There is an element of this being sort of a peg on bitcoin but i think the benefits outweigh the risks great to speak with you any time. Markets and Many Americans are focused on the light at the end of the covid tunnel, a vaccine. Right now the cdc is meeting to decide who gets the vaccine first. Well tell what you theyre likely to do the mystery chart, this high flying stock is up 50 since the start of the month the name and the trade next on power lch un. We love our new home. Theres so much space. We have a guestroom now. But, we have aunts. Youre slouching again, ted. Expired, expired. Expired. Thanks, aunt bonnie. Its a lot of house. I hope you can keep it clean. At least geico makes bundling our home and Car Insurance easy. Which helps us save a lot of money oh, teddy. Did you get my friend request . Uh, ill have to check. doorbell ringing aunt jonis here for bundling made easy, go to geico. Com. Hello . New projects means easy, you need to hire. Gers. 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. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Welcome back power lunch. Virgin galactic shares taking off again. The stock is up more than 60 in the past month your trading nation team, tom gordon and mark tepper mark, you say, and i quote, this is just one of these ridiculous robinhood names thats pure speculation. Just because its trading at 250 times next years revenues how do you trade it . Id have egg on my face its a pure speculation, pure hype stock it amazing me that this thing has a market cap of 7 billion and will do less than a Million Dollars in sales this year the valuation is absolutely crazy. These flights are priced somewhere in the 250 to 300,000 range. My question is who can afford these . And then what is the total addressable market, the tam. What i keem sp saying is i h a lot of clients with a net worth between 5 and 10 million and i couldnt imagine any of them requesting a distribution to pay for a trip from space if they did, wed have a tough conversation i think the tam is for people with 10 million or above and it goes from 2. 4 down to 1 million and that changes everything. The most interesting part about this country is not space travel but high speed, pointtopoint travel, hyper sonic travel, which is supposed to go eight times as fast as an aircraft but thats a long way out. Virgin to no touch. You like the stock whats the best argument for why virgin should still be chased by investors. Well get to the technical calls in a second. I understand the valuation is astronomical, pun intended, but it seems to be rewarded visionary ceos high for this i think theres two argument for virgin galactic, Space Tourism and commerce they claim to have 900 deposits on hand, 700 of them are refundable if everyone took their first ride, thats about a quarter billion in revenue right there on the commerce side, i think this is where the valuation is coming from. I think the key is in a statement from nasa, which is interesting regarding their investment, which has expansion of state, im quoting, through sub orbital testing. Did up guys know that space is only 60 miles above earth surface . The logistics of commerce would be much more efficient if youre traveling sort of above the atmosphere the chart is breaking about 27 1 2 i own it, stops below 27, circling back. Can you imagine ordering something overseas, hanging bitcoin and that product being delivered from space to you . We may be headed toward that in the future i dont know if i want to know but high hopes nonetheless for more, head to our web site coming up, the meeting to discuss the roll out of covid19 vaccines plus, a salesforce earning in a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Welcome back heres your cnbc news update for this hour. The white house is planning whats being called a vaccine summit next week the vaenevent will be two days before an fda Panel Considers the first covid vaccine. They are inviting federal and state officials and representatives from pfizer, moderna, walgreens, fedex and ups. Some executives are irritated theyre being pressured to attend an event they see as mostly political the Trump Campaign is asking the Wisconsin Supreme Court to throw out thousands of mailin ballots. They claim various alleged defects at least 44 cases have been filed by the Trump Campaign and at least 27 have been denied, dismissed, settled or withdrawn with no court finding, even one instance of fraud. And louis hamilton will miss this weekends race after testing positive for covid19. Its his first absence since joining the circuit in 2007. Back to you. Thank you, rahel solomon. The market is up about 30 points, the s p hitting alltime highs. The dow wrapping up its best month in 33 years in november. It is a clear bet on the postpandemic economy. Boeing up and the 737 max getting clearance to fly again American Express is up 30 in november on hopes travel will pick up and people will start using their credit cards more and Oil Prices Rose on expectations on increased demand for more on what novembers biggest winners could signal heading into 2021, go to cnbc. Com pro the oil market is closing. E lets go to dom chu. Right now u. S. Ben mach brent crude, a is decline there the decline is blamed on opec and partner countries, it has reportedly postponed a planned meeting for today until thursday this week. The aim is to possibly looking to build a stronger consensus, if you will, on the optimal levels of kufcuts needed to bale the prices oil is still up over 30 just since the early part of novembers lows. So oil still on a tear at least near term. Back to you. Thank you the centers for Disease Control meeting right now to determine how the covid19 will be distributed once it becomes available. Lets go to meg tirrell for who will be first in line to be vaccinated meg . John, this is a really big day. The Cdc Advisory Committee is going to take its First Official vote this afternoon for who is going to be at the tippy top of the list once they are cleared by the fda this is an outside group of advisers this began just now at 2 00 and theyre going to be discussing this allocation and these priorities until just before 5 00 when they are going to take that vote. Really this is phase 1a, just who will get those first doses of course at the beginning, supply of these vaccines will be incredibly limited the first shipment of pfizers vaccine will be 6. 4 million doses. And pfizer and modernas together will have enough doses for 20 million in december and 25 to 30 million per month starting next year for that reason they have to choose who is at the top of the list the cdc has laid out essentially four groups who are really priorities for them. In that is of course health care personnel. There are 21 million americans in that group. Adults over 65, there are 53 million and specifically People Living in Nursing Homes, there are 3 million of those folks in the u. S. Essential workers, 87 million. And highrisk adults to have other underlying heath conditions, more than 100 million. Of course there are overlaps between those groups this Advisory Group is leaning towards Health Care Workers at the top and perhaps neursing hom residence as well. The Trump Administration wants people over age of 65 at the top, two and then where do you put essential workers . In terms of the total number of doses available is 20 million for 20 Million People and theres 21 million Health Care Workers so theres not enough to give it to every Single Health care worker out there. Exactly so decisions will have to be made within Health Care Systems about who is at the top of that list i want to ask you about moderna. Early this morning we saw an amazing run in the stock it went up to 178 and then went back down. Right now its down by 12 do you have any intelligence on the turn and here . Its really weird, melissa. There is no news, no fundamental news that i have heard about today from moderna that would drive the stock lower. Ive been talking with jared holt at jefferies about this he point out if you put up m moderna along with other vaccine stocks moderna is giant after its runup but the biotentechnical stocks, novavak, curevac are all down up to 13 Bigger Companies like pfizer and j j are not trading on vaccine headlines. So it seems like theres Something Else going on. Meg, why dont you stay there. We want to get move on what to expect from the cdc decision this afternoon let bring in our guest from University Medical center, a cdc adviser. Doctor, great to have you with us as meg outlined, there arent ne nearly enough doses to cover all the health care professionals. In your estimation, who should be first in line in. It will be one step at a time, mel iissamelissa, we wone enough for everyone and Everyone Needs two doses. So divide it in half were going to in each Medical Center decide who should be first among the first. Thats likely to be people working in emergency departments, intensive care unit and First Responders and then well expand it out to the other health care providers. And also people working in Nursing Homes and as meg said, one of the discussion points today will be whether the actual residence of Nursing Homes ought to be included in this as they call it phase 1a step a thet a time as more vaccines come out, well be giving it to more people. Are you also taking into consideration how many points of contact each potential person receiving that vaccine would have so therefore the people with the most points of contact should theoretically be at the tippy top, as you say, of that line. Well, each Medical Center is going to do it actually in their own specific way but the point is, the folks who have the most contact with people who do have or might have covid clearly will be at the tippy top, as you say, of the spear. Meg, i would imagine that there is a political aspect to this as well you had mentioned that President Donald Trump is saying that hed like Nursing Homes to get an allocation of the vaccine, but also to make sure that communities who are hardest hit by this pandemic also get their fair share yeah. Melissa, its been really interesting to hear about whether there is sort of political element to this and suggesting a group of people over 65, not even just those most vulnerable People Living in Nursing Homes but all people over 65 should be one of the Top Priorities another argument, of course, as you were just saying is communities that are hardest hit by this virus, they should be a top priority a lot of these essential workers who dont have a choice but to be out in the world doing their jobs and keeping our economies and worlds running really, they should be prioritized is another argument so this is really just a lens on our society and what we believe is most important here, who we need to protect when we have limited supplies its a fascinating and heart wrenching discussion you want everybody to get protected as much as they can as soon as possible dr doctor, to that point that meg was making, when you consider a person over 65 who lives alone, has a good amount of space, perhaps doesnt have a lot of medical concerns. How do you balance the need for that person to get access to the vaccine versus an essential worker in a higher risk category, maybe only in her 30s who perhaps has diabetes how do you at the cdc which category is more urgent . With difficulty i wish you would have been able to be flies on the wall in the many, many discussions the committee has had over the last several months weve had focus groups of normal people out there telling us what they think, weve had medical ethicists in making sure that populations of color and lower socioeconomic means have access because, after all, theyve been hit disproportionately by the virus. All of those things have been discussed very, very extensively. At a given point you have a limited amount of vaccine, you have many more people who are potentially eligible, youve got to make some decisions i dont think theres any right decision or wrong decision. Some people like a red ford, other people like a blup che ch butch we ha but we have to make decisions. Its time for the politicians to be quiet we ought to let this be down by Public Health and medical and theres a lot of skepticism. Well have to reassure those people and give them good information to make good judgments on this themselves politician, in my opinion, should support Public Health and the science. I hear cheers, doctor, for your last points we appreciate your time. And meanwhile, as covid cases climb and vaccine rollout becomes a reality, hospital stocks are higher with names like tenet health soaring nearly 30 . Many are expected to be better prepared to manage capacity this time around. Coming up in power movers, a pandemic winner gets crushed one stock looking prettier today and a stock you havent heard about in a while is soaring. As we head to break, take a look at the nasdaq hitting an alltime high da chore on the markets coming up range of conditions. Lets get fast, accurate results. Introducing letsgetchecked Health Testing you do at home. Know your health. Know yourself. Now, get 40 off at letsgetchecked dot com its different because i have to talk to a computer. I get like 6 emails a day. Olivia please turn your screen on. Okay, lift the. There you go. Mondays remote, tuesdays at school. Its the other way around. We might not be able to solve everything. But we can help make sure students and teachers can stay connected to learning. Its why at t has connected more than 200 Million Students to brighter futures. 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. Time now for todays power movers, starting with zoom video. Numbers for the quarter are good but there are signs it i investors are looking to the other side of the pandemic and check out shares of blackberry, up 30 today on deal with Amazon Web Services the companies will Work Together on software for connected vehicles jon. Now to the bond market. Rick santelli tracking the data. The data doesnt explain whats going on in the intra market look at the tenyear t note, were up in the early parts of november once we get through that, we will be testing the 119, next area that was the highs right after covid hit. And the psychological issue of 1 is looming and it certainly seems as though they have a head of steam seven basis points today alone while all this is going on, talk of stimulus killing the dollar it isat the lowest level since april of 2018. Rick santelli, thank you. The markets worst kept secret expected to be made official soon well have more details on the salesforce slack deal next on power lucnch. 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 lunch. The highly anticipated salesforce slack deal expected to be announced today after the bell according to david fabers reporting. The half cash half stock deal with value slack at a premium making this salesforces largest acquisition by far i asked andy jasy in an interview about the prospect of these two teaming up. Both slack and salesforce are really significant important Strategic Partners for aws and we have really strong relationships with both of those companies who prodominantly run on top of us we have built a number of things where we have worked together to embed each Others Services in one another. If you look at our Video Conferencing service which is chime, amazon chime that is embedded in both slack and in sfoksr salesforce. We have an agreement with salesforce where we sell connect together alongside their Service Platform those are partners and we will look to build products alongside them to continue to grow the business for both of us. Will cloud consolidation make it rain for investors . We will see. With us now is john freeman of cfra john, if i am reading this right, salesforce paid about 30 times revenue for tableau. If slack goes at around the price where it is trading now it would be in that ballpark. Does that make sense what does that say about the market that we are in . I think, yeah, i think it should be a little bit less, i think, than 30 times sale. I was thinking 30 anything getting close to 30 billion was going to make me a little squirrely about the deal but i do think its i do think its still attractive. Because, remember, salesforce can now sell slack as a fell assuming the deal goes through as a fully you know, as a fullfledged prokt and cross sell that to existing customers. I think thats powerful. I think salesforce can generate a lot more sales with slack under their belt than slack could on their own i think it is a good fit strategically and also just i have a lot of confidence in salesforces ability to execute acquisitions like this because they certainly are Getting Better and better at doing bigger and bigger deals. They are becoming as proficient as cisco perhaps in the 1990s during their m a heyday. It is a competitive advantage now for them. How are you measuring that . Especially when i look at slack i dont see necessarily a fundamental technology that spreads across, you know, salesforces entire suite of offerings. It seems like more of a herotype app that allows collaboration both within an organization and across organizations. Is that wrong . Right no, thats exactly right and so so salesforce has been trying to get some sort of you know collaborative and messaging, like really solidified that part of their portfolio so that the different users of their different applications some of them are not even sort of you know customer related anymore you know, obviously salesforce has expanded but they want to be able to have all of those people communicating, could be late on different projects regardless of what they are using. I think thats kind the idea whereas what salesforce had before was chatter which was more of a feature than, you know, than sort of a stand alone app for messaging and collaboration. Yeah. It couldnt be effectively used by people you know not in the salesforce . John who are not salesforce users. I get you not inside how many fights is too many fights now this draws them into even closer combat with microsoft meanwhile they are trying to fight with [ no audio ] you are going to have they have to do it through acquisition. Slack is sort of best ofbreed for collaboration. Okay. Eristlia wche. T is also defens the aasn,hi has their product for collaboration. You dont use it for software development, but development, but [ no audio ] should auntance be forgot and Auld Lang Syne well take a cup of kindness yet for Auld Lang Syne next customer please. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Markets sitting here pretty much at record highs john. I am watching sem conductors they are the ultimate cyclical sector, up 3 this week. A lot of positive out of a conference yesterday amd and today thanks for watching power lunch. Closing bell starts right now. We areally go thank you jon. Welcome, everyone. To closing bell im sara eisen here with wilfred frost. Stocks are jumping to start off the month of december recovering yesterdays losses lets look at what is drivening the act. One hour left of trade movement on a stimulus deal. New talks and proposals are helping lift market sentiment. Pfizer and modernaq authorization in europe. And factory data coming in better than expected in china. S p, dow
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