Manteca a recount. Live from moscow to the wild this is a tense National Wild commit to the program from the whole team my name sauce to taylor well to start us off this hour of course off to a tense and often acrimonious wait joe biden is on course to become the 0. 40 president of the United States but donald trump appears adamant that the election was raked to read to ignore suits in the coming week. Spence one breaks down how the situation came about. Joe biden has officially become the president elect for the United States it was saturday when that announcement was made by a number of media organizations after biden secured more than 270 electoral votes enough to put him over the top he spoke in wilmington delaware tonight alongside the 1st Vice President of the United States come all the harris 1st woman ever to ascend to the position of Vice President heres what harry had to say in introducing the new president bay have elected a president who represents the best and. A leader th
A big upgrade. We will find out what makes it stick out in that big social media space. Plus, petes got a fast pitch on one medical device maker he says could be a home run. We will tell you what it is as he lays out the big case thats medical miracle mystery chart. In a special bonus hour of fast money at 6 00 p. M. Eastern time, we are taking your burning trading questions. Tweet us cbs fast money and you might get them answered here live on the show in the next hour we start with that monster rally on wall street today the s p up more than 1. 5 and the dow jumping over 400 points as you can see there the nasdaq also up nearly 2 leading those markets Higher Energy stocks, financialis and the small caps as well investors appearing hopeful a new deal for stimulus is town the pike markets still down significantly for the month. Does todays action give you a reason to perhaps be more optimistic and for that perhaps, guy, i will turn to you first. Welcome its always wonderful to have you
From todays apple event we start with a major selloff in the financials the biggest driver in the market with the xlf falling more than 1. 3 citi dropping 7 today under pressure that regulators could crack down on the banks Risk Management systems the stock is now down more than 12 in the past two sessions guy . Dan nathan has been talking about this for a while one of the things weve said is todays banks are much different than ten years ago theyve become utilities you have to look at them differently and you have to factor in valuations much differently. Ill say this quickly about citi right now at 45 the stock is now trading 63 of tangible book, assuming that tangible book is accurate thats levels we last saw probably in the financial crisis these are trough valuations in terms of the price of tangible book i think Warren Buffett told you everything you need to know about us banks hes obviously paring down exposures in banks i think that tells you a lot as well in terms of citi, its
Development on a tiktok takeover Julia Boorstin has the latest. Sources confirming to me that bytedance is continuing to explore options with the committee on Foreign Investment in the u. S. About a restructuring of the company that would avoid a full sale of those u. S. Operations. Now, my sources tell me that long before President Trump set a deadline for tiktok to agree to sale of its u. S. Operations or have the threat of being shut down, bytedance was negotiating about various options. One option being discussed is a restrucking in which bytedance would maintain ownership stake but wouldnt have any control over u. S. Operations one u. S. Company could take a Minority Stake and be an operating partner, say, have microsoft or oracle be tiktoks cloud operator and manage the u. S. Data in a way that u. S. Regulators could feel comfortable with everything im hearing is still very much fluid and my sources say it is unclear what the president will approve certainly an area to watch soun
Mary lou im afraid. Lemonis listen, listen. Listen, come on. Mary lou im afraid. Lemonis my name is marcus lemonis, and i risk my own money to save struggling businesses. Were not gonna wake up every morning wondering if we have a job. Were gonna wake up every morning wondering how many jobs we have to do. Its not always pretty. Everythings gonna change. Everything. But i do it to save jobs, and i do it to make money. This. Lets go to work. Is the profit. Chuck lets take a look at this because this fits well. Mary ellen yeah, this looks great. Lemonis swim by chuck handy is a familyrun Swimwear Company focusing on plus sizes. Mary ellen how does that look . Chuck yeah, i like it. Lemonis chuck founded the company in 2010 when his wife, mary lou, complained that plussize swimwear was hard to find. Chuck i love the cut. Its very slenderizing. Lemonis chuck was one of the leading salespeople in the swimsuit industry for decades. But when he started this company, he appointed himself a des