If its covid19 vaccine is effective. Jim, i know that citi news popped for you. Yeah, i candidly mike and donna are friends of mine and friends of my executive producer so i have to reveal that because i say its not about friends its about money this is jarring for those of us older than mike who is 60 but he did work there for 38 years, not retiring until february, but how great. When i spoke to him this morning, how great, jane fraser coming in. The Glass Ceiling in banking maybe a is finally cracking and its a great legacy for mike a period where net income increased from 7. 5 billion to 19. 4 billion, tangible common equity 12. 0 to 12. 5 and returned 80 in capital during mikes reign all those numbers havent necessarily led to great performance a of the stock but they are great numbers mike is a much loved figure as is donna, his wife and i regard them as a team and i know he wants to do many, many things in life and this is a soul searching time, he appointed jane last year, he made it clear that this could happen, but for those of us who know him were thinking, wow, were jealous mike has rethought his life, wants to do something big, maybe we should all think like that. Congratulations to jane, congratulations to mike, congratulations to donna he is expecting a grandchild, also great thats all interesting color, jim. She does run the consumer bank, a 16year vet. She will have not only the business to contend with but theres other headlines this morning about citi asking how many employees want to come back to the office and if they do get some response on that, sounds like they will limit inoffice capacity around 30 . So she will have those logistics to worry about, too. Were getting a lot of talk about how people come back, Darius Adamczyk talking about he wants people back. I think this is one where we all want people back but we are faced with the notion could people want to come back both because theyve rethought their lives but also because of Health Concerns a lot of people act as if this thing is beat. I lining to think lets wait until we get a vaccine before we Start Talking about coming back. Mike a soul searching guy, id like to see what jane says about coming back. This is revolutionary and we cant deny it. When ben retired over at clorox and appointed a woman i said maybe this is the beginning of the recognition that its important that women get top jobs as a father of two daughters who are asking who are the women that run companies its all one hand that you can name so maybe this is a really good sign mike, thoughtful man. Yeah. Yeah not just that, but adding to the board as well. Right. So thats going to be key to watch. It would be great news if we could start to broaden out diversity of leadership. As for the reopening here, jim, of course, nfl tonight i know we will talk about Indoor Dining in new york beginning at the end of the month and your concerns about capacity inside, once you couple it with the outside, there is a look at arrowhead where capacity, jim, 22 . We will actually get some fans watching the game live its interesting. The eagles are letting no one in 22 , its really an issue, i dont want to be too crass about it, but its an issue of the bathrooms. Are the bathrooms capable of handling it. I got this from theres been a number of studies about thats the real weak link i know that all of us who are waiting for the vaccine find that some of these things as maybe questionable, particularly because what happens under the sanitary conditions. People want to get back, they dont want to miss the game, they have to hurry people, they have to get back, halftime i just find that lets hope it goes well. Carl, i think its okay to do what the phillies do which is have a lot of cutouts, it looks pretty exciting. Yeah. Well see, jim theres a lot more chatter about the way in which infection new case rates not only come down in new york, tristate, its down 95 and hasnt spiked again. I mean, the concern now continues to be college. Do you think it was time for cuomo and de blasio to finally open up indoor well, yeah, but when you do 25 instead of 40 which was what we were opening as an owner of a restaurant and coowner of another it just doesnt work look, theres it doesnt work when we lose the outdoor space because of the cold, i dont know how to stay open. Unless you just want to lose money until a vaccine and its im hanging on meg tirrells words more than im hanging on cuomos words because you cant take the beating we have just taken a beating and, look, i fortunately have good luck and good fortune, there are many people who are very close to the edge this is the push over the edge when it gets cold. Goldman has a new survey of small businesses, jim, 10,000 they survey. 65 think their business will survive. A third say they will lay off if theres no more additional rest could you packages from congress and, of course, the senate will hold a vote today on the slimmed down gop proposal. Need 60 votes on a procedural, it will be tough to get there it looks like. It looks like its dead on arrival. Ppp is so necessary just to be able to get a bridge i had kupa software on today, its the Hospitality Industry they predict it could drop off as much as 50 i wish they would just target the industries that cant make it we are a mexican restaurant, so is chipotle, we dont have chipotles Balance Sheet they will survive. We cant survive look, we will do well by our employees, but we have to see. 25 and theyre talking about having no people at the bar. We are a bar weve been closed i say we, everybody on the block, everybody around, manhattan has reasons why you want to go there as destination, brooklyn not that many. This is nationwide you look at darden stock its been a rocket. Yum stock has been a rocket. Why . Because they are going to survive. We are going to return to a period where theres only going to be a few restaurants in the country and thats what we have to accept. Theres casualties, its not like the government did it, its not like the regulations, the government didnt create the pandemic but in new york the government is responsible for tremendous amount of dislocation. Yeah. Yeah its been interesting, jim i mean, weve talked of course for months about the shift from mom and pop to public companies, not just in restaurants, but this travel and all that, and yet, you know, yesterday we had ual add some new trans oceanic routes, today jetblue is adding a couple dozen new routes and pulling planes that are temporarily parked not to say were getting back to pre covid levels but it is directionally positive. I think the airlines have done a good job of late making sure everybody wears a mask. They will be testing now i have the abbott apps which will allow me to be able to in a few months waive it and you will be on the plane because you have just been tested i have no fear of flying, id rather fly than be in a lot of buildings, but people have to wear masks and people should wear gloves. I think people even should wear goggles the airlines are no longer the incubators as opposed to cruise ships which are struggling with that and restaurants i have stopped going to restaurants because every time i go the tables are next to each other and these are things that we all know are conducive to getting sick i love the fact that the numbers are down, but, carl, you and i both know cold and flu season is coming up and we dont know what thats going to be like when it comes to covid i get the reticence and reluctance of governments but i also know that there are going to be casualties and the restaurants are probably going to be number one of course, dgx to your point about testing is up 4 premarket, raising their guide looks like testing volume has recovered faster than we think maybe testing can act as somewhat of a bridge until we hear more from some of these trials. Testing and masks i have the honeywell mask. Happy anniversary, honeywell, but thats what caused these numbers to go down there is a group of ideal logs who thinks these things havent mattered and testing hasnt mattered they may believe in things that are not empirical but were making progress. I got tested yesterday here, its great, we get tested once a week the viral load is such that the first 24 hours you can go i have it to other people and it comes on rather quickly, but you need to get tested and tested and tested to be able to get yourself out of the workforce so you dont infect other people. Thats why i have a mask contest, giving away a Million Dollars only a few more days for 15 to 24yearold people to get involved because we need people to not enjoy masks, thats impossible, but at least recognize that thats whats made things better yeah. Kind of empirical. The other question is kind of whats happening in europe france hospitalizations one month high. Yeah. Icu in france highest since june so hopefully we dont replicate whatever is happening or appears to be happening in the uk and france. Yeah, and madrid bad. I mean, i think that they let up soon and theres italy did not. Italy is locked down i have two businesses in italy theres nothing. I mean, you cant get there. They will turn you right back. You go there, they will send you right back but madrid is a real problem, uk is a problem were better than a lot of these places now but of course we went state by state and everybody can check the New York Times every day, its the colleges that im worried about. And im worried about people being sent home and being trojan horses everybody has to be on their toes i see someone making fun of me talking about goggles flying why make fun of people who are trying to protect themselves thats stupid. I want to live kind of rational. Your competition on masks has been great. Thank you. Anybody that wants to know more can follow your twitter feed. Thank you. You mentioned astrazeneca and our meg tirrell this morning does have more on what the ceo said this morning about the trial and the pause. Good morning, meg. Carl, well, that pause does remain in effect after that unexplained illness and one participant in ast zen can as covid19 vaccine trial in the uk, the ceo of astrazeneca speaking at an event this morning saying that if they are able to restart their trial and depending on when he believes they will have results by the end of the year and could potentially file for approval so a vaccine would be available around then or early 2021. Now, with he also noted that they are still awaiting the official diagnosis for this woman and the trial restart date is unknown the decision about that is in the hands of an independent Safety Committee here is how he put into context this kind of event in a vaccine trial. It is very unusual more vaccine trial to not stop like we did its very common, actually, and many experts will tell you this, the difference with all the vaccine trials is the whole world is not watching them, of course, so they start, they study and they restart what happens here is not uncommon. So sore joe saying the whole world is watching these vaccine trials and that is true which is why eyebrows were raised when information about what caused the a private investor call arranged by jpmorgan which was reported on by stat news where pascal revealed that the participant had received the covid19 vaccine not the placebo. This doesnt mean we know that the vaccine caused this event but it was a detail that we didnt have among others with he should say jpmorgans analyst has written up a synopsis of that call which we have, we still do not have a transcript of that call. Meanwhile, of course, there is skepticism about vaccines in general and the pace at which theyre being developed. Kaiser poll out today shows 80 of people they polled dont expect a vaccine will be approved before election day and, guys, if one was approved that early, 54 say they would not get it back over to you. Meg, this seems like total amateur hour made it sounds like, look, its really possible this could be an event. I pulled out of the moderna trial, canceled. I just think that when they had the lead, no you it sounds like theyre going back. This gentleman breaks the news, jpmorgan conference, id like to see about reg fda problems there. Meg, what is it about this decision that has total amateur hour written all over it the decision about the communication . Yeah, the communication i mean, this is the most Important News when it comes to vaccine, im going to get it from a jpmorgan conference and select dissemination i get it from stat i get it from you . The story is different in each case we need 30,000 people for these tests and suddenly people just say, wait a second i mean, i cant think of a worse im trying to debate a worse way to handle this but i havent come up with it yet. I think you hit the nail on the head, jim. I mean, pascal said it himself this morning, the world is watching these trials and so while i have heard the argument that the information he shared on the call was not material, i mean, if you look at the stock price yesterday, they held this call at 10 00 a. M. , the stock had declined the day before and after hours by as much as 8 it had already recovered significantly way before 10 00 a. M. So, no, the call did not move the stock, but and other people say the information, you know, were treating this as such a huge event but some experts say trials are always stopped. So we should not be treating this as a huge event until we know more about it thats the devils advocate argument if youre going to share that information and its going to then get out and it is so closely watched it might increase the fear that people have around this trial and the transparency of the communications and anything along those lines is damaging in this environment right now meg, im trying to remember if azn was one of the Nine Companies that said they would vow to stand with science and if you had any color not just on trial results by the end of the year, lets say, but also the possibility of an eua in the nearer term. Yes, astrazeneca was among the companies to issue that what they called a historic pledge earlier this would he can to put safety first and hold the scientific integrity above all else in developing these vaccines so quickly. I didnt hear him comment on the possibility of an emergency use authorization here in the United States he was giving end of the year as the timeline they were expecting. Previously the timeline for ast jen can a was as soon as october, they were really out in the lead with these trials so its potentially pushed back a little bit but he didnt comment specifically on the regulatory accelerated pathway. Okay. Something to watch big news this morning, as early as people woke up. Meg tirrell. Take a quick break here. A lot of individual names to get to, z scaler, jcpenney, tiktok plus uptrades of names like spotify, Bed Bath Beyond and glil yad when squawk on the street comes back you should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. 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He owns he starts his Conference Call with quoting emerson, talking about how you dont want to follow a path, you want to blaze a path this is typical of gary, a bigger thinker than many of the analysts hes saying its about taste those of us who are members of the rh club know that what he has done is create for those of us who dont have taste, taste hes got it going, hes going to england, hes going to france and, get this, carl, hes going to have a yacht that you can rent, i will inquire about that tonight, maybe get some maybe get mike core bat and donna core bat to go down, take it down, hopefully you can get in it. What i loved about this quarter more than anything else in the world is the fact that gary said he could get to 5 billion in rev. Now hes going to 20 billion. He is the biggest thinker in the industry he is no the constrained by being an omni channel, hes got everything going its incredible that you could in a time of covid with a nonessential company do these kinds of numbers my hats off to gary, he is very different from every other retailer oh, boy, is he good. Yeah. Yeah upping their longterm view on margins, jim we know he was well ahead of the curve on supply chains out of asia and theyre already so wellpositioned for consumers who not only have saved a ton of money by not traveling but are spending a i lot more time in their home. He says its indefinite how long you contrast Darius Adamczyk from honeywell, dimon from jpmorgan, this he all expect jamie thinks we are all going to go back. Gary is not making that bet. Gary is saying, listen, your house is going to be your office, your house is going to be your life and its got to be better than it is. Hes talking about the exit from urban to suburban, second homes. Gary is a very big thinker, most of the people in retail are trying to figure out how to close stores to grow, gary is thinking about how to open stores to grow and he blew people away. Im glad you mentioned the operating margins, margins in this business have historically been terrible but thats because its not a business. This company is not a furniture retailer this is a company that has taste and allows you to be part of that taste every time i buy something from my wife lisa buys something from rh i send a picture to gary. Gary always comes back and he knows, i mean, anyone has been to the i dont even know if you can go to the outdoor where he is in terms of opening up the new hotel, new guest rooms downtown in the meat packing district, but gary inspires and the stock is inspirational. We have a better return than every one of the faang stocks including i think today amazon and he bothers to mention that, too. Gary is a warriors fan sorry. No, those are definitely growthlike numbers right there for the last couple years. Real deal. What an amazing story we will talk m