From apple yesterday plus, jim, fedex and adobe to kick around from last night. Wow i mean, these were congratulations gentlemen and ladies calls because the numbers were so unbelievably good, much better than people expected. Now, this is rather amazing, carl why . Because there were firms that upgraded and pushed and raised numbers for weeks and yet they were dramatically exceeded, fedex because of e com, 96 of the growth is e com and adobe because its how companies are able to digitize quickly, particularly retailers, in order to be able to take advantage of this this amazing wave, this amazing boom of ecommerce to the home because of the pandemic so how can there be such a structural thematically strong story behind ecommerce and packages and growth and the targets that fdx has pulled forward by years and all the good news today on vaccines and therapeutics well, i think whats really convincing here with fedex is that theyre talking about how theres actually a weak economy in the Service Economy and that is weak and they say it really doesnt matter, we have this new material economy at home so, i mean, when i look at the retail sales, they seem weaker, but i think fedex and adobe are at the heart of e com and i dont think that those numbers pick up e com. I do think that when we speak to meg i hope shes talking about the possibility, david, this has always been a focus of yours, about the therapeutics i didnt hear anything today from lily or regeneron in my own reporting that made me feel that, david, that those are on the horizon or that they will get you out of the hospital quickly. Well, listen, they did miss on the higher dose, lily, they had an effect at the middle dose range which is good. That is another data point that does at least support the efficacy of antivirals in this disease, jim the manufacturing capacity of these antibodies worldwide im told even if you stopped all other drugs not enough to supply the need so youre looking more towards once again what i come back to which is that small molecule antiviral that merck is working on that weve got to keep a close eye on. Right well, i do know Regeneron Regeneron has highly potent neutralizers, i just think its september, carl, and the clock seems to be ticking for a lot of these Small Businesses excellent piece, excellent piece on squawk this morning about how the Small Businesses are being hurt so much when was the last time we traded a Small Business and the answer is we dont because theyre not public yep, the big blind spot that public equities have that we have talked about for a long time the president last night, jim, throwing out the three to four week timeline on at least the introduction of a vaccine. So i guess we have to sort of throw that in the mix despite what others in the industry and at nih talk about being in terms of the end of the year instead. Maybe its entirely possible that the trials are not in the thick of things in new york because our rate is so low and what you really need are people in hot spots theres only one active i mean, ive called all the drug companies, the only one active trial that i know i can get in is in the moderna trial, almost all the other trials are just not in new york, which makes me feel like that perhaps we in new york are after a terrible period are not experiencing, david, what the rest of the country is in terms of sign ups. 30,000, 40,000 people, you would think that some of the hospitals in new york would be giving you this like the j j everyone from j j apparently is going to take the vaccine. Right. Im looking at david, i know im supposed to be looking at the camera, but there are places where they must where so many people have the vaccine or are on trial, but they are sure not in new york. No. You know, thankfully of course we went through our very hard time, thankfully as well other parts of the country while suffering much higher rates are not having as nearly high rates of hospitalizations, youve also got a lot of these clusters associated with reopening of universities and colleges, younger people who are getting it, but at least maybe dont seem to be passing it on to a more susceptible population, jim. Big ten. By the way, you are not giving the vaccine to everybody who is sick. Youre giving it also to a lot of people who have nothing. Oh, yeah. Lets make that clear you look for people both who actually have been exposed to the virus but also most of the people youre giving it to havent been you want to make sure it actually generates a response. Whats interesting is the therapeutics are given both to people who are sick but also the people who are not sick who are family members now, that almost sounds like a vaccine in itself. Yeah. But to go and were going to hear about this when we talk about fedex, the complications of getting these drugs to people make me feel like while the president i think, yes, its possible there will be some vaccines, but i dont know if you want to be in the first wave if you are at risk remember, youre being given something that is novel, not unlike the illness, so, carl, i think that while i want everyone to try like its americans duty to take vaccines so we can get this problem solved, i do think that people who are at risk are not wanted in a lot of these trials except for the j j im sorry, age at risk age at risk. There are other kinds of at risk that they do, but you cant given my age get into a lot of these trials and i feel very young. Right right. And, of course, the saying is that the virus will drive the economy and, david, i know youve been watching the bank presentations this week, sort of the narrative that maybe reserves dont need to go up incrementally in coming quarters but you cant ignore what citi has done in terms of price action for a variety of reasons this week. You cant and im glad we can hit it now we want to watch the stock given the last two sessions. Now, part of it may have been an update outlook commentary that was when you read the analyst notes ive done a lot of this morning at least they call it modestly disappointing and thats those that are being negative you know, something of an increase in expenses, the mid quarter update at that conference generally in line with, for example, Piper Sandlers things, citi calling it a reboot citi now given control issues they did speak about adding to reserves in order to dbard against potentially a weakening economy but as well, jim, there was this news of potential oversight or more oversight in terms of Operational Risk deficiencies at the bank either way im curious as to what your thoughts r we see that it may be up in the premarket or may even go up when trading begins in 23 minutes, jim, but citi has suffered a significant percentage loss in two sessions. I thought it was very significant and also, by the way, incredibly really surprising given that they had c card tests and came out with flying colors. People thought that citi went through the c car and came out the best so the regulators seem to not know what theyre doing the big charge off rates in credit cards is something to watch for citi, remember they had a very big move in credit cards, but when the controls are weak what it makes it sounds like is wells fargo. Now, is citi wells fargo wells fargo really did so many things that were wrong, but this is not the time to buy the stock of citi, i think if you really want to be in a bank, which i dont think you should be, but if you want, you want to be in one that doesnt have a lot of banking exposure, building Morgan Stanley or Jpmorgan Jamie dimon has urged people to come back, come back, come back and what happened, covid. They got a case of covid on the trading floor. Covid is like cockroaches, man. It is it may have hurt their plan. Im not sure if the bank somehow was was it being penalized for everybody working from home . Did the stock go up when they came back to the office, it should come back down when they are leaving the office maybe it a follow on effect about concerns from citi and whether that will be affected by jpm their credit card portfolios your point is a good one citis performance still not as bad as wells fargo but its watching up, its down 44 over this year, wells is down 53 . Carl, what people are whispering is how are the regulators going to continue to get them away with that dividend now, regulators never talk directly about dividend, but when you remember that wells fargo they were under heavy pressure and i think that it is really unbelievable that a week ago earlier we just saw the retirement of Michael Corbat and this was not included in the release. Now, a close reading of the release some people could say did give a hint to it. A really close reading and you could have seen that theres some great regulatory pressure, at the same time sometimes you just get had guys, i want to end here if we are in terms of our first conversation today on facebook if we can hit that because, you know, people you can forgive people if their eyes are going to glaze over at the latest story about potential antitrust action against facebook. Perhaps that shouldnt be the case this certainly seemed to be one of the foremost topics of concern. The stock is not looking down much but im referring to a wall street journal story that says the ftc is preparing possible antitrust well, a lawsuit against facebook they spent more than a year investigating whether facebook uses its and this is im quoting here its powerful market position to stifle competition as part of course what we know is the broader effort by the antitrust, the doj and ftc split up the big four and are looking at them. Dont ignore this. This is potential enormous news if in fact it happens. No final decision has been made, this is the journal reporting not our own, this is according to people familiar with the Matter Commission doesnt always bring cases even when it makes preparations to do so. Jim, it is possible this is going to happen, the ftc is going to file suit to break up facebook look, i have to tell you that when i think about it i want the stock of instagram, i want the stock of facebook, i want the stock of whats app. This is not necessarily a negative thing for stockholders, but if you are running facebook you dont want to be told here is what the government says you have to do i think that they all fit in better than, say, an alphabet. I havent seen facebook steer anybody. I havent seen facebook make it so that there is just a collapse of competition if anything, lets just put it out there. If you get tiktok here and you get an ipo for tiktok and tiktok is an American Company unlike what the wall street journal says you have another competitor snap is more energized than it used to be we know twitter is better than its been. I personally have seen the wrath of twitter i do think that, carl, the ftc oh, what, sometimes its your time but the ftc may just, i think, be saying something thats later than what the facts are now. Dont forget ftc may not be including how much facebook is doing for Small Businesspeople, which is pretty incredible a lot of people say, including gary vanercheck. He is mr. Corbat e com and hes saying that facebook is the best value for anybody who wants to reach customers. Said it on my show i loved it. A lot of snickers this morning, jim, about this stop pay for profit campaign, but, you know, kardashians got 60 plus million followers, i think more than that on instagram and even though its only for 24 hours do you believe that this describing of sorts by celebrities is an incremental move on top of what we saw from some advertisers like nike we have seen this before. Whats interesting, and i know, david, youve seen this, too, its not like facebook has ever really made the great inroads in the consumer brands. Now, a lot of the companies that use them have actually had very good results these people are all obviously important, but some of them put the hate on somebody sascha byron kobe, thats something new. So long seems to stop Facebook Orlando bloom, right now Orlando Bloom, i havent seen his face or name in ages i dont know whats going on with him is he working anymore . What the heck do i know i just did a program with leonardo dicaprio. Handsome. Handsome . Whats it . Fsh has with stood every single challenge will. The boycotts from advertisers, remember that one . Yes. The top 100 advertisers not a huge part of them. The potential antitrust action things like youre seeing there, criticism from congress, from the president. That said, lets not forget, carl, this is a Republican Administration potentially getting ready to take action against facebook and we have an election coming up one would imagine the democrats would not be any less severe in their approach. Im on it every day and do you know what, i am going i am going to take a minute and not be on it that will show them statement. You made your point. Making a statement. Thats what Orlando Bloom is doing now, carnival row. He was one of the disney characters he was in the pirate movie. Sure. Yeah. Yeah great. Guys, theres a ton of news obviously on gm and boeing and we will get to adobe this morning. On the sale side calls tesla, cat, lenr. 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Sundays were made for football on xfinity. Thats simple, easy, awesome. Add the more sports and entertainment package for nfl redzone. Click, call or visit a store today to learn more. Investors continue to digest the news out of apples Product Launch event the Company Unveiling new watches, ipad, this bundle of services and other offerings as well at least two firms raised their targets today, needham goes to 140, they were at 112. 5, piper goes to 130 from 113, jim. And laura martin of needham does say that the economics of bundling are very powerful, especially for a company like apple. Look, i think that there is a big issue with apple which is every time they do something there are people who say its just incremental, its just incremental. Do you know what, inn kreksincr adds up and that is what apple is doing i got my bill the other day from apple, it feels very much like my cable bill now except for i have to look at it because it drafs me crazy because it is so big. I know you dont add a watch, but i do blood oximeter every day. Yeah. Why do i do it . There is this thing called the pandemic so i measure my blood and its a pain in the butt, i keep the max mow thing with me everywhere i go, now i dont have to. Incrementally i like that. Incrementally do i want the different sports, you know, the kind of like fit bit kind of stuff . Not me, but that doesnt matter. Yeah. Theres something for everybody here. The oximeter conceivably has i mean, is particularly important in the current environment, right, because it can be a sign of the virus you know, people take here is an oddity people take your temperature. Huhuh, its not that, its the blood oximeter thats far more important. Thing of the things i proposed to different people is we ought to have from iff a taste strip slngs we get up. Initially the doctors were split, they said taste wasnt bad. Now we know that taste is probably the single biggest indicator, taste and smell i like anything that makes it so i dont have to have one more device that i schlep around. Carl, i dont think people realize that this apple watch has now become one of the most potent forces and if they could somehow get my Health Care Records on it so that if im not conscious you could just look at it, i know theyre working on that, then i would feel like, do you know what, i have now got the holy grail for health care i think thats where theyre going. Tim cook has always said that he believes his greatest legacy will be health care and it turned out to be on the watch. Youre sure everything is accurate, jim . I mention that because i have been using the watch, appropriate one for my son, its a 3, ive been using it for open water swimming but the actual readouts im getting are not always accurate, my heart rate seems way higher than potentially, my splits on 100s are all over the place, when there is a current its longer even though i go the same amount thats unfortunate and not good that means there could be false positives, you get a blood oximeter at 91 i dont know the answer to that. I do think that anything that makes it seem like that youre doing okay and youre not is no good i have a problem when i swim, which is that the siri doesnt work because somehow the water gets inside of it. I dont know if you had the problem. You turn a little knob. The crown yeah. Yesterday it said i think youre working out and i came back i said, yeah, im working out. There you go, theres the interaction weve been looking for, carl. I dont want to say that the word word siri because ive got it and she went off on the other show i mention she understands spelling shes smarter than my late dog so were you moved at all by spotifys response and their concerns that this bundling might actually have some deleterious antitrust effects . Look, spotify ive been back and forth with them, i know how they feel. Let it go to court i mean, let facebook go to court for that matter. I think that the apple look, i think that the Apple App Store is the greatest thing ever because i never would find these sites otherwise and i do think that, by the way, just to go back to facebook, when you do these antitrust investigations, david, how many times has alphabet been investigated for antitrust . They have been investigated, nobody well, the europeans have certainly been much more aggressive than the u. S. , jim