Good thursday morning. Welcome to squawk alley. Im jon fortt with carl quintanilla. It is cloud week on squawk alley. If you were betting against snowflake, wur oyoure out in t cold this morning. That stock up is 12 same for Cloud Security and authentication specialist okta were going to talk to the ceo to see if this thing may stabilize from here or go higher splunk, that is the sound of a cloud stock dropping 22 after missing Sales Guidance for the third quarterer in quarter in a row. All this happening as amazons cloud conference is in full swing. Salesforce announced the second Biggest Software acquisition ever and we started the week on squawk alley talking to ibm president Jim Whitehurst who came to big blue in what and is still thelargest Software Acquisition ever redhat driven by a hybrid cloud. Julia, investors are betting on further growth from already heady levels we can certainly see that in what is happening with snowflake this morning it is reapproaching the highs that some people thought were just impossible after the ipo. But, you know, these results were better than expected. Better than expected and in an environment where theres this idea that theres a leapfrog effect, an acceleration because of the pandemic. The idea that the change thats the pandemic and work from home environment are driving are permanent ones and there is this clear acceleration in the use of Technology Cloud is such a clear winner in that, carl it will be really interesting to see what comes from here but there is no question that q3 was a massive one for the cloud players. Yeah. And definitely some execution issues as jon points out with splu in. Splunk, john. Boeing got order for new max planes and mcconnell is saying this compromise on stimulus is moving in the right direction and to have some of the cloud names still do well in aggregate. Those show you that investors are looking past the pandemic to workplace practices that are going to last. Yeah. And speaking of cloud names, were going to start this hour with another squawk alley exclusive here during cloud week as microsoft announces two first of their kind Data Products for azure. With us now this morning is microsofts head of cloud, executive Vice President of azure jason zander good morning its interesting we have splunk suffering this morning. They deal in big data. You have this announcement that is going to help enterprise customers sift through their data and get better answers. Can you explain . Absolutely. And, jon, thank you for having me on this week, especially during cloud week. Appreciate it. Good to see you again. Yeah, were announcing two firsts of their kind products today and launching them azure and azure per view they are designed to be able to figure out how do we break down the sil yoes of data that every company has and get more insight out of them . Weve been talking a lot about data and the topics are about that and, yet, the growth rate just phenomenal in fact, were expecting to see more data in the next three years than we did in the last 30 and yet, when we talk to fortune 1,000 leaders, half of them still dont actually look as their data as a business asset we think its time to take control of that dat yacha and ts what our launch is about today what happened to the open Data Initiative . I remember talking to microsoft and Bill Mcdermott and this talk about being able to share data back and forth between enterprises and not being locked in has that moved anywhere . Yeah. Absolutely think that i core strategy around how do we enable people to get value from all of data whether its from us, from our partners and what were building sought a set of technology that can enable that. And as i mentioned, im super excited about. That were taking 30 years of Product Development in order to get things like analytics and perview together i think well continue to see more and more of that. Jason, what are you hearing from customers that led to the launch of these things weve seen some slowdown in spending on on premise technology, whether that is hardware or save the ware. Continued strength in the cloud. What is the flavor of the conversation that customers are having about where to spend and the results they hope to get this has been a very unique year we saw about two years worth of Digital Transformation in just two months at the start of the pandemic people work from home, school from home, et cetera youre seeing acceleration of usage of cloud for Mission Critical work loads. That continues to go if i look at the an lit uks product, perview, its directly based on that customer feedback. What problems do we need to solve . How do we get leverage out of the data and how do we continue to evolve our business in what are some pretty interesting and new challenging times . Jaur r. Jason, it was so interesting to speak about how the lights of Procter Gamble and starbucks and fedex are using this technology. What is the full breadth and type of customer you believe could benefit from this new service that youre offering the covid19 Vaccine Distribution is going to be a very exacting thing. This time in retail, theyre doing about 200 million item forecasts per day. Certainly so much value buried in that data that youre hoping your customers make sense of as you look at that Competitive Landscape and particularly competition with amazon web services, how do you think this will play into that competitive, you know, battle i think in particular, data and analytics has never been more strategic and just the fact that people could and should be making more use of that the thing they lacked is this capability. And what weve done is take 30 years of Software Development work and pull that together into synapse and into perview being able to do that allows you to take the islands of data, Data Warehousing, big data, sequel, no sequel and we threw that out and said lets do a cloud version of that is native and gives you access and by the way, lets do the Data Governance problem number one is i dont know what data i have and how do i meet rising compliance requirements we think we have very differentiated technology here thats why were launching first of their kind tech jason, let me talk to you about m a last year ibm bought redhat for 34 billion slack may be bought for 28 billion. Is it too many for you at microsoft to do more m a it is consolidation time do you view some of these moves from peers in the industry as catchup to folks the size of microsoft . You know, the key thing that were concentrating on is really what our customers want for digital tran Digital Transformation we feel good about the products we have and the differentiation that is in there weve never been more integrated as a product line, you know, before and so i take a look at teams, for example. Just this work from home school from home. The demand was just amazing for teams. We were able to meet that because they are a cloud work load being able to have a technology at the core all the data and analytics behind it is super important. Were going to keep concentrating on what our customers want we feel very good about our portfolio. During this time, is it time to beef up on the app thats run on top of the infrastructure it is time to look at the Data Warehousing . We see the success of snowflake and the ipo at least the first Earnings Report as a public company. Are those areas where microsoft can grow more profit as you continue to grow the cloud story . The ipo is super interesting. What it demonstrates, just the excitement level is there. That means people do understand how strategic this data and analytics space is, how it helps your business actually grow. The cool thing for us is weve been doing this data and at linicks product thing for three decades. We have that technology. You should expect well continue to keep meeting customers where they are well keep working with partners we really understand its about your data everywhere. And thats going to be super important. One of the big things were doing with perview, for example, it works for on premises and other clouds it works with other Data Technology at the end of the day, this data is not about one vendor or product, its about me perhaps as somebody who owns that estate, making sure i can make sense of it and keep it compliant i dont see you reaching for your wallet today with all the big spending going on in the space. Good perspective jason zander of microsoft, thank you. Thanks very much. Meantime, the ftc and state attorney general are coming for facebook a source tells us the company is anticipating an antitrust lawsuit from the ftc as soon as next week. That would be the second major suit filed against a tech giant this year. Sources familiar also telling cnbc that at least 20 to 30 attorneys general could join in. What comes next . Well take a closer look after the break. Dont go away. 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. F facebook could be facing antitrust lawsuit as early as next week. Thanks to our next guest for joining us glad to be here its been sort of this simmering pot of regulatory threat when it comes to facebook i wonder do you think next week makes that picture change at all or maybe down the road the interesting thing here is they custom airily Work Together with the federal Regulatory Agency whether it is ftc or doj to avoid duplication of work one question becomes why now you only have, what, 49 days before the change of administration and im sure whoever the new chairman is will have its own own perspective on this issue and other issues regarding technology so its a little bit unusual to do something this late into a term when you see there is going to be a change i dont know what motivates the stakes so i guess we have to just wait and see. Right there is a sense to some degree the administration wants to get licks in while they k others would respond by saying well its not clear that a biden add manition would be any more tolerant to facebooks practices, right yeah. You have to take a fresh look at everything dealing with the Technology Space and the ftc has been is an independent agency seven commissioners serve and theyre staggered. The administration changes of the agency so i would think that they would want to have their own stamp on it and its also a little bit unusual for an agency to take an action now this is going to be [ inaudible really high profile case so to lock in your successor into that including the time and energy, thats i would think that the ftc would want to be considerate of that as well. Certainly interesting timing here im wondering what you think the particular concern is going to be in both the attorneys general case and also the ftc case what do you think theyre going to take issue with and what do you think potential remedies could be people have talked about the challenges here and consumer is going to be. Especially whether you have an instance where you have [ inaudible the other issue is going to be how do you define what the market is . And is it going to be Online Advertising . Is that market in which case there are competitors out there like another one who has been sued by the department of justice. And new entrants all the time. The other question we raise about remedies, i know that there are a lot of people talking about breakout and i think thats putting the cart before the horse a little bit. In a sense that youre talking about acquiring other companies that might compliment you. And if thats the if people are talking about breakout, then you have to go back to look at people looking for some sort of divestiture. Thats going to be a very a very harsh remedy. And so you have to show that there is a reason that the mere presence of companies together is going to be anticompetitive and moreover anticompetitive to begin with yes its interesting certainly a high bar there interesting though we see facebook continue to make acquisitions and just bought customer, you know, Customer RelationshipManagement Software for its as it moves further into the shopping business and im wondering as we see the eu work on more regulation that could really regulate the way big tech thinks both about content on its platform and also about the antitrust issues, how do you think that more aggressive regulation in the eu is going to impact what happens here they have been a little bit more aggressive at regulating marketplace. And not only with rashd egard to consumers but regard to competitors. I think one of the challenges here is if you look at the tech space generally, its no the just facebook or google but its across the board. Its always so are we setting a new standard if so, what is it and how do we guide ourselves into what kinds of acquisitions in this space are okay and which ones arent those are really New Territory and spill over to other industries about the technology, rules about acquisition. So i think thats a pretty thats pretty big bite to take out of the apple and i think its one that probably whoever looks at running the next ftc is going to have to look at. Well see what transpiers in this weird transition period that were in when it comes to tech regulation. Thank you so much. Thank you for having me happy holidays bitcoin is above 19,000. It is close to 20,000 well have more on the cryptocurrency surge after the break. Dont go away. 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. 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. Do you have a Life Insurance policy you no longer need . Now you can sell your policy, even a term policy, for an immediate cash payment. Call Coventry Direct to learn more. We thought we had planned carefully for our retirement. But we quickly realized that we needed a way to supplement our income. Our friends sold their policy to help pay for their medical bills and that got me thinking. 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Kate rooney has that this years bitcoin rally is being driven by north americans and long term investors and more active traders three years ago data firm chainanalysis analyzes data to see how much people are buying the bulk of activity in 2017 was coming from asia this year there are more net inflows from asia to u. S. Exchanges. There are also signs that more High Net Worth individuals and Institutional Investors are getting in if. We heard from big names like paul tutor jones, bill miller and Stan Drunkenmiller but it is showing up in the numbers. Total accounts buying more than a Million Dollars worth of bitcoin and then moving it off of exchanges has skyrocketed thats up 180 from 2017 to this year analysts say that signals wealthy investors are loading up on bitcoin and then moving oit offline to stores more secure. It was the year of initial Coin Offering not the case this year bitcoin is moving in and out of individual accounts. They found more people are holding it versus trading it analysts also say theyre seeing investors now buying through some more mainstream venues like square and paypal and gray scales publicly traded bitcoin trust. The new demand affected supply of bitcoin investors bought an additional 2. 9 million bitcoin over the past two years which may be one factor boosting prices to an all time high this week. Jon, back to you for investors planning to cash in the bitcoin, could this years gains mean big numbers on the tax ledger we have more on that sharon none, you could face attacks if you used or owned bitcoin no matter how you actually acquired it or used it. The irs now asks about it right on the first page of the 1040 federal income tax form. At any time during 2020 did you receive, sell, send, exchange, or otherwise acquire any financial interest in any visual currency yes or no . And you better check the correct box on your return because if you and youre failing to report income, this most serious consequence could be a criminal investigation. You could be hit with hefty penalties and interest for failure to report. So check yes if you had any transaction with bitcoin or any cryptocurrency this year including a sale, receipt or transfer, even if it was for free or an exchange for goods or services or other property including another Virtual Currency when it comes to figuring out your tax hit, youll need to provide the irs with this. The basis in the cryptocurrency, Holding Period, and the fair market value at the time of the transaction. Now the Holding Period here is key there could be big difference in the tax bite depending on the time frame if the Holding Period is less than a year, then its considered ordinary income and that tax hit could be as high as 37 . Back to you. Sharon, this is so interesting. Do you think people investing and trading in bitcoin are aware of these taxable implications . I dont think people are aware of the tax implications. People are saying, what do you mean i have to pay taxes on this . They didnt xbekt expect it andy didnt know it was on the first page of the tax form that is actually new this year but what is important to understand is the irs is looking at the millions of bitcoin owners and the hundreds that are actually reporting bitcoin income on tax returns and theyre trying to make sure that they rectify those numbers if youre making money that, is great advice. When we come back, an exclusive with the ceo of okta after the break. Welcome back, everybody. Im sue herrera. The Supreme Court is ordering a lower court to reexamine california pandemic restrictions on Indoor Religious Services the lower court jektedrejected by churches saying theyre subject to harsher limits. There are 100,000 americans hospitalized for covid19. That is close to double the record set in april and july new deaths also set a new high with more than 2800 confirmed yesterday. In england, local authorities are reporting multiple casualties following a large explosion at a waste Water Treatment facility near the city of bristol the cause of the accident is not yet clear. And chinas lunar probe finished collecting moon samples. Chinese state media says the spacecraft lifted off from the surface of the moon and is on its way home if successing if, the first time that moon rocks already brought back to earth since the soviets did it in 1976 youre up to date. Jon, back to you sue, thank you. And now off to shares hitting an all time high earlier in todays trading session. Q3 results came in above the streets estimates the company also raised full year guidance. Joining us now is cnbc exclusive is the okta cofounder i want to start off asking about large deals. Splunk is ch is also operating in the data and cloud space said it saw seven large deals fall through. The stock is plummeting. You said you added the Contract Value greater than 100,000 what do you see Big Companies buying versus not . Like Big Companies like every organization see the potential of the cloud they see the potential that Cloud Technology can do for their workers, employees, to make them more productive and more secure. Especially in the times of covid19 when everyones trying to work remotely and theyre seeing what the cloud can do for the customers and help the businesses move online youre really seeing them adopt the cloud now. Tell us what okta identity cloud is going to do for you you announced that as part of aws reinvent its going to live in amazons marketplace, i guess allow customers more different bells and whistle thats they can purchase as a part of this identity and security in the cloud . Amazon is a juggernaut in the cloud. And the way i see the world in the future is theres going to be five or six major clouds that enterprises collect around so one of them is going to be an Infrastructure Cloud amazon is a leader they have over 40 market share there. They have the reinvent show this week theyre showing off all kinds of innovation were really excited to work with them on one particular innovation which is called amazon control tower that helps give amazon customers complete visibility into multiple account deployments on amazon and were a key part of that working with amazon. As you mentioned, were also available now on the amazon marketplace. Because as amazon has the relationships with large enterprises, theyre looking to build and choose technology that works with amazon and were right there. Certainly a valuable partnership. As you look at the Customer Growth you experience in the third quarter, you raise guidance for next year what is driving that continued growth especially as there is the sense that business is going to go back to some sort of new normal were very fortunate as a world now. Were in this covid19 crisis. And one of the inevitable things is it focuses on the organization and they have to be flexible in terms of working and were doing this work. There are fire walls and are based on updated network models. They have to get closer to the customer if you cant go to the store, that store better have an online store. There are trends and were hitting the fast forward button. And how people think about technology but its not going to back to normal we have to work different places and power to connecting to customers online these are true forever, not just a covid19 thing yeah. Certainly its unclear what the new normal is going to look like but a question though, todd, about the Customer Growth you saw in q3 is there a sense that that was in any way a pull forward from the Customer Growth you might have had say next year were we not in this position now with the pandemic its a good question. Like i said, i think when i talk to customers and we look at our data, were seeing the same thing motivating purchases they have to give employees the best tools they have to get connected to the customers. They have to have identity to do that identity is at the center of all the employee experiences online. They log into the various applications and its at the center of the Customer Experience online think about when you go to a website how frustrated you are when you cant remember the pass word or reregister the company doesnt remember that you registered before that is the center of Customer Experience and that is identity thats a problem we can help customers solve. And, yes, customers are doing it quickly and theyre doing it aggressively and thats whats benefiting our business. Todd, i had a question about talent retention and talent recruitment. Is it reaching a boiling point right now given the height and competition . Do you think m a is part of addressing that . How is compensation faring all those things right now talent is the life blood of our company. People are the life blood of our company. If you cant attract the best people and you cant motivate them to work hard and the mission, you dont have a chance and something we work very hard on people get excited about a couple things. The first thing is they get excited about helping any Company Using any technology thats our mission thats our vision. They come here to be builders and owners they can follow their own path in terms of what is best for the customer and what they think is best for the company thats how with he treat them. Thats very attractive employees, the best employees want to have that flexibility, that freedom and they want to strive toward that mission along with the company thats what excites people we had the market tap of that company less than half of yours, very different directionally as far as how its moving but you just moved the headquarters to houston, texas you operate in san francisco, san jose, you know, the seattle area, some of the most expensive places do you plan to stay in those locations with your headquarters if so, why we do were vebeing very flexible abo where we build out our workforce. It has nothing to do with the cities it has toefrg do with the factt were going to appeal to people in letting them work from anywhere and letting them be flexible and where we allow them to work and letting them contribute at a high level, that is our plan. We call it dynamic work. We want to build the best products and provide the best services to our customers. Score one for california. Thats a keeper. Todd, in a quarter for okta that is the street is impressed by. Thanks for joining us. Thanks for having me, jon check out shares of Tesla Goldman sachs upgrading the stock to a buy from neutral and raising the price target to 780 that stock up 3. 4 that 780 price target currently the highest on wall street well take a closer look after the break. Dont go away. [narrator] at Southern New Hampshire university, were committed to making college more accessible by making it more affordable, thats why were keeping our tuition the same through the year 2021. I knew snhu was the place for me when i saw how affordable it was. I ran to my husband with my computer and i said, look, we can do this. [narrator] take advantage of some of the lowest online tuition rates in the nation. Find your degree at snhu. Edu. Tesla shares are rallying on that Goldman Sachs upgrade which weve been talking about all morning. Year to date gains better than 600 dom is taking a look at that 780 price target is what the street is expecting. The average analyst target price monitored by analysts say its 406 just to give you an idea of just how much tesla has run up. Take a look at the driving forces behind that Goldman Sachs upgrade. Theyre talking about the battery adoption side of things. That is a key point for the upgrade. There is bullish commentary coming out for the particular analysts the next one, a little earlier on, alexander potter, again, piper sandler, after solid execution in the third quarter, tesla still deserves a must own status so positive kmen tacommentary te then they rounded out with something negative this is over at needham. We never saw a stock rise that fast that high without fundamentals tesla was a 75 billion company to start the year. 75 billion. We just showed you, 550 dlsh billion market cap if you look at the Biggest Companies in the s p 500 which tesla will be at one point in just the next few weeks, take a look at apple, you take a look at microsoft, you take a look at amazon, those particular moves there to put it in context, apple 2. 1 trillion. Microsoft, 1. 6 trillion amazon, 1. 6 trillion. Tesla will be the number six stock in the s p 500 if it were to go in today so, carl, an interesting look at that big Goldman Sachs call. There could be more upside ahead. If anything happens here with some of the big calls, but still, caution abounds when it comes to a stock thats run that fast remember, carl, 75 billion was the market value to end last year 550 billion now its been a huge ride. Yep as santoli said if, the market got this wrong, its one of the biggest mistakes the markets ever made. Incredible dom, thanks. Watch boeing as well massive move as ryan air agrees to buy new 737 maxes now 240 which more than is more than enough to take out the june high. Its adding 100 points to the rba ia do wee ckn moment 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. Amazon is in exclusive talks to buy podcast startup wondery. They value them at more than 300 million it is the last large independent podcaster on the market. Other podcast startups have been bought by larger players in recent years carl, this is that odd space, i think, where apple absolutely created and defined the podcasting market and then just seems to kind of walk away from it they promised some tools a couple years ago i feel like we never really got good tools meanwhile, this multibillion dollar industry has continued to evolve am wi apple is sort of shrugging. Knowing them, jon, they can always boomerang around. A couple years ago we used to talk about peak podcast and ever since, whether you look at hours spent, julia, or ad dollars, its just got vertical as jon says, the war now between spotify, amazon and some other players remains really tense thats right, by some estimates a billion dollars in ad revenue expected for podcasts next year. And whats amazing, guys, is i remember back the beginning of the pandemic there was a lot of concerns that maybe podcasts would be less appealing. They would be less useful for advertisers. People werent kmoocommuting anymore. Weve seen such massive growth in the space and a variety of people and different brands getting into this. You have spotify doing d. C. Comics podcast then you have all of the big names like michelle obama, Kim Kardashian who are also doing podcasts for spotify i think what is interesting for amazon in particular is they already have a place and are home with these devices. So they can feed us pod coscast that way speaking the podcast, dontness the evolve event today at 2 00 p. M. , 11 00 pacific. Looking atcnbcs union nool evoe event coming up today at 2. Looking at transfoinrmg this year you can register now visit cnbc even eventsevolve livestream. Stay with us t 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. Four years ago wired magazine i feel like i have to start off with the obvious question. Why leave a huge career at microsoft to go to this company that had fallen so much from grace . Yeah, i had obviously one of the best jobs in the Tech Industry i had long held the ambition to be a ceo and when i saw the opportunity at magic leap, i intentionally raised my hand i was very familiar with the tech augmented reality going back to my days at qualcomm so i was comfortable with it and to me it looked like an opportunity to jump in and help turn around. So, peggy, tell me about the shift youre working on right now at magic leap. This wasity signed originally to be a consumer facing company, selling gamers these headsets. Tell me about the intention of the shift and where its going yeah. It was very intentional. We were initially focused on the consumer, but the doctors will be in the enterprise space and were seeing things in the area of training, remote assistance, 3d visualization, so design teams coming to the in the space, augmented reality and the enterprise segments are largely going to be in areas like public sector, health care, teleco, those are the ones that will take advantage of this first when i see this, i think of google glass and i get worried and we never hear from those technologies again talk to me strategically about how long in that space and what ingredientwise it takes to reach that mainstream adoption that gets you higher volumes, lower costs and momentum thats a great question for me having grown up in the Wireless Industry after 25 years of qualcomm, id have to see that industry involved and the first use cases there for mobile phones were also enterprien enterprise they had the salespeople with their cars who used to have to stop to phone. Its the exact same thing with this technology. So we see Companies Finding today with the technology in its current state. And i think the trajectory the consumer will be all about, just as mobile phones get smaller and i see that happening over the next three or four years or so but right now the focus is 100 on air i know youre working to make more of these Enterprise Partners shihips and want to announce with us here today. We have a deal with farmer insurance who has been working with their developer, tailspin who came up with a training module for their training adjuste adjusters. And during covid, rather than business being disrupted, they were able to continue to train their claims adjusters using the device and tailspin training module thats one example of a company finding roi with the device. Recently in the Health Care Space we worked with brain lab to does 3d visualization of the brain and they worked with uc davis, who were just part of the Surgical Team that helped separate the conjoined twins they actually trained that Surgical Team with magic leap devices and brain lab mixed reality viewer i think we got to see some of that video up on our air that was great i want to make sure we get your perspective on this you this proposed rule by the nasdaq to require listed companies to disclose the diversity of their boards and im curious for your perspective both as ceo but also as a board member. Weve known that our corporate boards havent been diverse for years and nothing much has changed those numbers have not moved very much, and i think this proposal has real opportunity to change those statistics. I mean, im proud to be part of the black rock board, a company that takes diversity very seriously. They understand that having a diverse board will drive longterm shareholder value. Thats what we need more of. So i applaud that proposal peggy, we hope youll come back and talk to us more about your big changes thank you so much for joining us today. Thanks for having me, julia interesting stuff ive also got anyway eye as we approach noon, sauna is up nicely about 6 reaching toward the highs just after it went public asana can often get lumped in with slack it helps people to organize their work within the enterprise, especially technical workers. Its been a great week as i talk to some of the big players in the industry by the way, were hanging above 30k. Walgreens doing their part to keep us lifted and on the s p a lot of it is reopening travel play, american carnival, norwegian, united, boeing are the Top Performing lets get to the judge lets get to the half time report, im scott wapner. The play for your money. What does that mean for where we go from here we debate that with our Investment Committee lets go to the wall, take a look at stocks on track for their first positive week. Dows above 30 josh