Is its been a broadening out. Now, the question is is there enough money to go around to buy 3m today and also buy lets just use lets just pick nvidia, okay and the answer is thats to be determined there is a lot of newer money coming into the market, we will be talking about splits later today and the nature of the alchemy of it all but the thing that im most excited about, david, is there are industrials doing better than expected we have to stay focused on that because when we think about 3m making a come back, think about where they were and that is the you know, that is the and theyre having some good numbers this morning, thats what stood out to me and it makes me think nat industrial leg must be included in any portfolio. Its only up 2 are you kidding me youre referencing yeah, thats the stock youre referencing 3m. We should just tell people theyre giving us Monthly Sales numbers, july was up i think 6 year over year, 2. 8 billion, organic local currency sales up 3 because dont forget that weak dollar helps them, net of divestitures and you like it obviously. 29 in health care, no at surprise there, but other businesses as well 9 consumer, 6 in safety and industrial, electronics were down 7 , jim. Big in ppe. The tell on this was that when they ended their last Conference Call steve tusa from jpmorgan said some good things and he had not said good things before. Thats when you need you know, you caught ten if you just went with him with his slight change david, does it matter what mr. Roman who runs the company is an exceedingly nice good guy that you root for does it matter well, sometimes nice guys finish first i dont know but he is and were always happy to have him. There are still those liability questions, jim. I know. They come up in every interview, they come up in every Conference Call that he has. I know. And one time they had it on footnote 64, but, remember, it was at least in the footnotes and while i was fond of inga due lean the previous ceo it was never talked about i started thinking that mike roman got a bad hand and he is augmenting the hand and i think that that should be applauded. He did say that july was starting to go well, putting out this release shows me the momentum is shifting and 3m is a buy, but in part, david, because the industrials are getting much more love. United rentals this morning have you seen the transports of late yep showing signs of life. That ppg number, remember, in terms pre announcement. Paint for cars, that was very strong. European cars mostly going to china, david, it did set a fire under one of your favorites, dupont i say that because ed breen has been a dealmaker, par ex lance and i know youve always followed him and i would like to think youve respected a i lot of things that he has done. Without a doubt of course, i remember ed from well trier to his taking over tyco and followed him for a long time as i know you have. Jim, coming bag to the macro we did jobless claims, they came in thankfully less than had been anticipated for better in a sense a bit, which is great, but the market seems to be shrugging off the possibility that we dont get something out of congress in terms of another another huge swath of money for relief, now, whether its a trillion or 2. 5 or 3 million3 n but you have to think that investors think something is going to happen there otherwise its hard to imagine the stock market keeps going up. I think i dont want to say its impossible to imagine because, again, the brunt of the pain is being borne on companies that dont trade so you see a 3m, 3m is a Big International company where things are turning, but when you see the local restaurants that are in federal shopping centers, david, when it gets cold its not a great time to eat outside. A lot of the restaurants in the country have been very, lets say, resourceful and theyre resourceful and when it gets cold, the Hotel Business we all love arnie sorenson, ceo of marriott, he was optimistic but off such a low base. I agree with you that it is hard to believe that this momentum can continue without another version of ppp i believe larry kudlow will talk about a Capital Gains cut that has been one of larrys arrows in his quiver. I question whether thats what this market needs, but i think he may go a step further and say, do you know what, it doesnt need anything and if the democrats wont give his team anything, do you know what, were fine because the momentum is back in the market and they do tend to think that the stock market is allied with how the economy is really doing and i think you and i know better. Yeah, and i look forward to you questioning him strongly about that. You will be in there, david every time i have spoken to larry you jumped in and didnt give me back the ball. It was 3 and 10, you got the first down and then you carried completely yeah, well, you know, the last time i talked to him was relatively contained and i did come back at him that was march, i believe, so its been a while for me and larry. Relatively contained, is that what you thought with all due respect, david i dont know if you recall i did give him an all due respect, yeah, i think i got a little i got a little uppity with him, so to speak, but he took it as he always does. He always does. The gentleman that he is. Lets move on, jim, to other stocks that were keeping an eye on, lets talk cisco because the stock will be down this morning, you had Chuck Robbins join you after earnings lets listen to what he said on part of his interview on mad money, just sort of his general take on where things stand right now. There is a lot of uncertainty around what happens from here, a lot of uncertainty about do we get this pandemic under control, i mean, some of the countries that have opened up around the world have now begun to slowly close back down a little bit because of reemergence of the virus, there is still a lot of uncertainty but we did see strength in our Service Provider business this europe and asia, we saw strength in the high end of enterprise in federal as we discussed. What do you make of it all, jim, the numbers and obviously from your interview with chuck two take a ways, the first is that while the highest end is good, the small and medium sized businesses is not that good and thats what we are talking about. They are not ordering. The second is its very rare that you have someone who is loved who is not the ceo who is powerful in a company. Kelly cramer, no relation, k. K. , cfo is loved, five years at the job, the street loved her, one of perhaps the most candid and intelligence cfo i have met in my time. I have gotten the privilege of getting to know her and her retirement stunned people. Stunned. Because shes true north, out of ge, by the way, just a loved person and you will talk to big accounts on the buy side and they will say kelly said its okay kelly said its okay and chuck is such a gem. Always very horizontal with kelly so that took people by surprise, but theres not a lot of business being done at the small and medium size and that matters. Remember, chucks business is enterprise not consumer. So you dont want to necessarily conflate the two, but it was down beat. Somewhat painful because chuck is another guy you hoot for and they just dont have the level of business that you want because of all the reasons that you and i talk about youre just theyre underfunded small and medium sized business and thats what i think is the achilles heel of this economy interesting Something Else was brought to my attention from the small by a couple of investors, jim, which was and i will read it to you, i want to get your take they were talking about software, Saas Software and said if you do the math where software in our portfolio was five years ago, what percentage was coming from subscription and saas weve certainly increase it had significantly. This is Chuck Robbins over the last four or five years without any major, major refer knew driving acquisitions so that would certainly help and we continue as i said earlier to look at alternatives in that space and you should assume we will continue to look at them, but we will also be disciplined. So some people talking about the possibility of them, you know, theyve been and acquirer through the years looking at Saas Companies perhaps not that large. Im not sure how thats being played in the market as a positive or negative but i thought it was worth mentioning. They are at 51 , about a year ahead of their goal for saas i was hoping they would buy data dog. I know i wish they didnt calling it data dog because thats like my dog that i named nvidia, they ought to they ought to like up their game, but i know thatchuck is always on the prowl. They do have a lot of cash i think the issue, david, is the saas stocks are still very, very high you would have to buy somebody private. Whats holding up better than anything and the ones that people are most concerned about in in market are the incredible multiple to Sales Companies that chuck would need to buy in order to augment that 51 . Hes way too disciplined to do that way too disciplined. Discipline is the word he used right . Right. More business. If you couple those high valuations with a disciplined buyer you dont typically endu with a lot of deals. Exactly. That comes in a lot of different shapes and sizes, speaking of bankers, for example, in health care, big pharma continues to want to look at biotech companies, with he know they will pay huge numbers for them, but they are so high right now that many are saying i cant get that done. Is this like a segue . Are we like a team we are a team Thermo Fisher is incredible. We are a team and you and i can read each others mind i think sometimes all these years of working together because its funny in the Thermo Fisher chi a jen deal which is off because chi a jen did not get what it needed, german company, dutch law, different than our own, they needed 66 of shareholders to tender, had raised their bid, it wasnt enough, they got 47 , a Big Hedge Fund was against it, a belief that other bidders would come forward to the point you were getting at there seemed to be Unrealistic Expectations of what thermo would pay which is you would argue what were seeing writ large in the stock market. Youre so right i go back and forth with mark casper, a big supplier and a good supplier of the kind of reasons that you need to measure covid. Hes saying, look, that theyve been playing a leading role in supporting the covid19 response for governments, customers, biotech but most importantly they are a disciplined dee employer of capital in order to create the significant value for shareholders david, you cant be a disciplined buyer if you get these hard to negotiate deals that are so expensive. I thought Thermo Fisher when it started this was paid too much and mark casper completely verified look at that stock if we have a chart qiagen its incredible Thermo Fisher is always worth looking at qiagen is up emerson is not buying them. They do have a business, some of their business at qiagen suffered as a result of covid look at that. You can never pick that because theres singlestock risk and our viewers are too dumb to isolate the company thats the number one medical Equipment Company in the country. Yep you know, back to qiagen for a second they do sell a component thats used in covid test so theyve benefited in that part of their business surprising to see that stock not breaking down this morning. I know. I will look into that a bit more finally, jim, before we hit a quick break here i did want to go to you on tesla which had an incredible day yesterday on the news of expected five for one split. There are other stocks that you mentioned yesterday that you think should similarly undertake such splits. I certainly think they might if they can get the kind of market cap accretion that tesla got remember, again, you are not actually creating any new value to splitting a shot you are just creating more shares. Its alchemy, i said at the top of my show last night that i am in favor of alchemy because there are a large number of new investors, 13 million strong at robin hood brought in by no commissions and they look exactly those stocks that are there, but they say i cant buy i cant buy that, its too high now, obviously, david, tesla the dollar price is too high but we remember the days when pepsico would report and they would boost the dividend and give you a three for one because its at 134 and people would cheer and splits used to be rewards, cheaper rewards than boosting the dividend or doing a buy back the big institutions took over, they have to buy more shares, they have to pay more commish and, david, the individual left. The individual is so back that i believe and you know i have to get his name in because of the Penn National gaming recommendation from goldman sachs. Here we go. Yes. Yes. The portnoy factor. David, i have no complaints with portnoy. Im aware all right. Thats twice i know you mentioned him in squawk box as well. Do you know what thats in difference to, right do you get paid on the mention . Im kidding. I get paid by the phillip roth estate. Portnoy complained do you know that one thats actually not that far. Up for sale by the way in warren, connecticut. Yes, i looked at it my wife and i looked at it we said we buy phillip ross place and we want to flip it american pastoral 2. Best book ever they call me the swede you are the best. Lev all right. We will get more on the speculative nature of the stock market and reminisce about the late 90s again when we talk about tesla. Do want to talk about apple on the other side of this and dont ing aitat b kudlow wille joinus b ler in the show you say the customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g, everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you preorder the new Samsung Galaxy note20 ultra 5g. Apple said to be writing a series of bundles that will let customers subscribe to several of its Digital Services at a lower monthly price. Theres a look at the stock. Sources telling bloomberg who is reporting this that the bundles dubbed apple 1 are planned to launch as early as october along with the next line of the iphone bundles will include video, news, music, fitness jim, not a surprise if, in fact, true cant tell you we havent confirmed, but not a surprise. When you think about it even amazon prime i think sometimes people forget it comes along with music and entertainment. Right i cant tell you how many times i told tim cook have you looked at making an acquisition in this particular space tim has always said that they will be studied, find out whats best for the customer, what the customer wants and then they will expand. Wo do you know what, david, if everyone had that strategy, i think stocks would be a lot higher because there are ceos who have confidence in themselves and their people. Tim cook has a tremendous level of confidence but still runs scared he started this, he is going to end up being a titan in this industry with some very good people someone to watch look at spotify, by the way, just in terms of what you can create that can beckon, apple can do that there are very good people on podcast for apple. Look, david, they are just really good at what they do and i think no one is really jealous of tim because he doesnt carry himself that way, but you have to be impressed with this, too. Yeah. You know, when it comes to the entertainment offering, jim, early on of course we were saying how, you know, it was not robust at all, the library was barely anything, but they had been spending real money on securing movie rights, tv rights, they have been spending. It will be a slow ramp but that seems to be fine from apples perspective. Yeah, theyve got plenty of time, but remember their true north is the customer and they want to be sure of what the consumer wants they are as focused on this as they are on what will happen in china and wechat they have the ability to be able to do a lot of things at once, multitask at once but this is something to watch and we will be talking about this as a force next year at this time. Meanwhile, though, you do mention china which you always have to consider particularly given the state of affairs between our country and that country and that possibility as remote as it might seem certainly not as remote as it once did during the heat even of the trade war, jim, that china does take some action against u. S. Corporations that do a lot of business in that country. I think that the president is keeping the heat on. I expect more negatives about china coming out next week you do . Yes, i do. Okay. Yes, i do. By the way, thats something we will talk to larry kudlow about who will join us in about 15 or so minutes from now. Hang with us on squawk on the street. We have an opening bell and a mad dash coming up 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 . All right. Here is a look at how were going to open. You can see it, six minutes from now. Nasdaq will open higher it appears and the s p lower. Announcer the opening bell is brought to you by nuveen. A leader in income, alternatives and responsible investing. All right. Lets get to a mad dash as we count you down to the opening bell three minutes from now. The company im told youre going to focus on, one you really have just loved, jim, i mean, really, youve thrown so much love their way for so long, i really dont know how you could do even more. Im changing my tune. No really . Ive hated this company ive hated th