It is a blue shirt. It is because they dont know how to do the lighting because it is darker outside now. Ive got the blue and it shows up every day here in the bunker im envious i want blue but im unable to perform. Sad. Lets show everybody what we are seeing for the end of the week here. We have a bit of a mixed picture. The dow looks like it would open down the nasdaq looking to open higher as well the first down day and on pace to snap the first twoweek streak amazon closing down 2 and a quarter of a percent a little bit of a rough ride there. This next story will keep on giving i hope it stops reading. The more i read about it, both sides are locked into things the other side wont agree to one comment about the tech wreck. I know, i know the house is not burning isnt going to do anything for anyone. This will unralravel completely it is nutso on the upside. It seems like it is less accepted moving up then down 7 it is like oh, my god, will the sun come up tomorrow President Trump, dont you agree . 100 . President trump is expected to decide on tiktoks fate thats the question. Will he decide on something that is miles away from what they require. Hell sign off on something we expect sources say bytedance are planning an ipo of global tiktok oracle would take a stake less than 20 sources say walmart will also take a stake we are not talking about the algorithms or any other intellectu intellectual property transfer or any of that stuff that is crucial. Those banks they filled in, i dont think they filled it, did they some fill in. The whole idea is that theyll put everything on u. S. Servers and oracle will be able to, quote, see the code. The question is whether that is going to be good enough . I dont know the answer. Lawmakers expected to unveil the bipartisan deal. Well get an update later in the show about where things stand. News from Goldman Sachs finding two employees who tested positive the two work on different floors and they believe the exposure came from cases outside. And jp morgan also confirmed they have an employee with the virus. As many firms are preparing to bring more workers back to the office well have more on this story at the 8 00 hour. Then youve got the New York School situation thats been delayed now another week that, i think, is more a situation with teachers. They are saying we need to bring people back to the office. Then you have these cases and they are isolated and it races questions. I believe goldman so much has some kind of testing good news on one end those are the biggest banks that can afford to do the same thing with testing not everybody can afford to do that well have dr. Scott on his point is, you know, once again about the schools that we are opening some restaurants that are in doors. Somehow the guidelines are there to do that did de blasio, they feel comfore with that. We want restaurants open to go and buy. That can come later. What seemed to be down low in a list of priorities 100 we think at this point, weve had randy on the show. He runs the Teachers Union in america. In new york in terms of whynew york city will push the time line back. I believe the unions want more p everyo pe and other materials there are not testing protocols and things youd want. The questions then are the restaurants doing the same i dont know you could see worst kaesong ca Case Scenario happens. I worry about my kids. It is the scariest thing in the world when kids get sick the real worry is when the 50plus teachers get it from the kid. A feelgood story for me my beloved draft kings looking here and i was like, i kind of like this. Then it said, you cant do this. You cant do this. It knows all the time. I have to wait to get through the tunnel because of the gps on your phone. Gaming is higher. Hiking the price target to 85 citing the momentum on mad money last night talking about the rise in legal sports gambling in the United States. You really had to go out of your way in the past to place a bet whether illegally with a book maker, offshore, which you are at risk of your credit card getting stolen the idea that someone casual can do it legally will lead to a bigger market. Stocks leading up andrew, im no spring chicken. I never had a bookie in my life, never made a bet in sports thats what hes talking about i dont know what the market potential is there is a lot of people, i knew guys i would watch them and think, you got a problem. Usually from all these nfl games with them and this a small amount of money. A 5 bet on an nfl game and then it is like, my god, they fumbled. You are engaged he would place all his bets and wed have lunch. He would come to the bar on monday morning there was an envelop that passed that was the old way they did it he enjoyed his sundays ive wiped the slate clean. Im optimistic you probably didnt see but joe burrow and the players youve got baker passing to odell for a touchdown. All good even though they lost. Naturally, the person in the New York Post said take the bangles in the under, you saw what happened it was the browns in the over. Typical of the kind of advice you get if you take it well move on and talk tech. On the other side of the break, well talk more gambling. So the tech share pull back. Small caps surge later, dr. Scott gottlieb will weigh in on the latest vaccine time lines for the leading drug makers well talk about schools in new york city and businesses opening up around the country. Squawk returns in just a moment. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Do you remember when it was like september love was changing our minds chasing the clouds away i like this song. It has been a tough, tough september for big tech apple down 14 microsoft down around 10 . Chief investment strategist and cnbc contributor how much more do you have to go . Some people think this is a big dip and some thinks it the beginning of the end if you look at the total Addressable Market for these companies, it is incredible. Internet of things is a total Addressable Market thats a huge number sas cloud, wearables in the next two years will be 55 billion. Retail commerce will go from 3. 5 trillion last year to over 6 trillion. Can we see a continued pull back of course. Apple and salesforce are still up 49 zoom is up almost 400 nvidia you do want a pull back. You want to barbell it those stocks are unloved i dont think it is the beginning of the end for tech but i do think there are opportunities elsewhere. Talking about the unloved stocks what is the top of your list the reason you want to own some of those is because retail is Getting Better inhousing and auto manufacturing has had a vshaped recovery i want to own deere number one, they have a ways to go they are the ultimate cyclical in terms of ag and farming the bottom line is margins have upside ups i like a lot as well business to consumer has been strong youll see an improvement in business and for the mix and margins. Ppg is still down and thats a housing place. Back to ups do you like fedex . Same space but youd take ups first. Ups has an interesting story with a new ceo, carol tome who comes from home depot. There is a ton they can do in terms of cost cutting. They posted a 600 basis point. I think there is more upside to ups because it is sort of a turnaround story they are both going to work. I own xpo. Logistics in general is one you want to be involved in. It hasnt gotten into those markets yet. Volatility has come down. I would expect going into the election youll see some volatility i think youd want to use that to be accumulating blue chip companies. Like the ones i just mentioned or maybe if you see pull back in tech, youll get great opportunities. I think you embrace it you have to think longer term. Looking for opportunities then quality balance sheet, great cash flow. Market teams and share, those are all the markets you want to look for into volatility it is great to see you on this friday morning. Have a great weekend you too thanks for having me coming up, we are closing out a fairly busy week for ipos with Companies Like unity. Pretty cool. Bring your game to life. Interactive content. Priced where it initially values the company out of the gate at 13. 7 billion. Up next, well talk ipo strategy after snowflake more than doubled. Well look at the haves and have not nots when it comes to getting a good price for your ipo. Ill be in the chair es servingw we made it for all branches and all ranks whether they served one tour or made a career of it. We also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. Become a member today. Get an insurance quote at usaa. Com quote usaa. What youre made of were made for find a stock basedtech. On your interestsote or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Good job, michael does. Ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a financial advisor. She is aig proudly supports all the professionals taking care of our Financial Futures. Here we are. Im in a different setting andrew, im in the chair i know you are playing along with me. Im in the chairs too people say, whats the point . We call it a show. If you dont want production value. Watch nightly news sometime. They go here and there if you dont want that, watch cspan we are trying. Whether it is working is the question it looks great here i am. I cant see the real Andrew Ross Sorkin owning those chairs. I see the game of thrones chair. With a look at the latest ipos snowflake is not the only debut to have a big first day and then pull back. Berkley holdings, lemonade for the average investor, how smart is it to buy at the ipo. We can talk about that the after market has been mixed. If you can get in onthe price. With the latest plays, you couldnt bring an airline or a cruise line public a lot of it is that Interest Rates are very low you have to start with investors and returns when investors are making money already on the public, the returns when they are very good on this space then the market holds up on the returns. Then the issue ens weve seen in the last few months. Is it record issue ens. Then is it going to continue sure. You want to make sure the returns look good. You can hold off ahead of the election well get a typical soft spot. If we are continuing to see the strong returns, we expect the best return for 2014 where alibaba went public. The head of steam will look like the activity we have seen in 992000. Is it fair the way weve looked at it work out. When i was in the business, i couldnt get 100 chairs most of the time then the general public is down on every one of them is that a flaw on the system really, there is two parts to this market. If you are an insurantitutional investor you wouldnt chase snowflake, i dont think. These stocks find their way into valuations in the market, which is why we put together the index because if you buy ownership, it took s p two years to include facebook in that index these are on the returns of the categories our number one holding is zoom who would have thought when zoom went public a year and a half ago, it would be the company it is today these companies will have to beat expectations to justify snowflake today is trading at 200 times sales. I dont think im going to live long enough to see sales close enough to justify that valuation. Those sales for snowflake will have is to be super. Well see some really good reporting come out to justify where it is trading. Other ipos come out a Packaging Company for the Food Services industry. A broken ipo already it trades at eight times ebita below any of its peers in its packaging group. Regular investors are not going to get shares. They have to figure out when to buy in the after market. Thats why we put together this product. It is easier to own a basket of these. It tamps down the risk of having failures and emphasizes very large ipos that tend to be the risky ones. Thank you some of the really exciting names are coming up. Un y unity is going to be today i dont know thanks, kathleen we appreciate it well milk a little more of this chairs segment here. Should it be done differently . We like it, it is exciting so many people seem to end upholding the bag. We are all convinced there is a better way somebody would have cracked the code and thought of a better way. They would have figured out for some reason, this is the better way. You will have these discrepancies. I dont know thinking about the snowflake ipo and whether the underwriters did a good job they should get paid only or a certain amount based on how close they get to the goal if the goal is that they are up 20 or up 30 within the range they get more or less if it is wildly high or wildly low. I dont know. Selfishly, we like ipos and we like covering them. We are over here sitting in the chair because we are performers. So we do like ipos to recover. It is exciting when it happens they are a fascinating milestone. As of the story, it is fascinating. It is not all play money either. We need to be careful in this environment. Youve either got ipos or twoday fed meetings, so bee careful. Coming up, well talk about some new questions about the cdc coronavirus testing guidelines after a report saying they were published against scientist objections and a look at yesterdays s p winners and losers we got no free pass. Everything we have, weve earned. The unmistakable lexus is. Get zero percent financing on the 2020 is 300. Experience amazing at your lexus dealer. But inside. Theres advanced research, modeling and refinement. Constructing funds that dont simply follow an index. But explore new terrain. Helping you fill portfolio gaps. Connect to client goals. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. A lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. Good morning welcome back to squawk box here on this friday morning. The dow looks like it was in the red. Up two cents, if things open right now. Maybe one point. Youve got the s p looking to open up six points higher. The nasdaq looking to open 60 points higher. Soft bank is now selling u. S. Cell phone distributor bright star the japanese groups latest move to raise cash. Bright star now the vice chairman of that company and helpedtake over wework delta looking to reduce the amount of pilots on furlough and facebook is being sued for allegedly spying on instagram users. A report that says the app appears to be using the cameras when the app is not in use claiming the apps use is intentional and done for the purpose of collecting valuable user data. Throw one other thing into the mix. Did you see the news that potentially one of the ceos in contention to run tiktok is kevin sistrom who founded instagram and what kind of battle royal that would be he was on a couple of months ago because hes working on this covid website that is track. Founded instagram and left and is unhappy with Mark Zuckerberg and now in contention to run the biggest competitor that would be a story. Just so i understand, they compete directly i know my kids use a little tiktok but not anything like they do with instagram what would the rational be there . Tiktok is the new instagram unless of course instagram is able to overtake tiktok in terms of the younger market. One of the things instagram has put in place is reels and that is effectively a tiktok competitor remember, instagram put stories in a couple of years ago, that would be a snap chat copy cat. They are copying instagram on one side and snap on the other the question is whether a person like kevin would go to tiktok to make a go of that. Very interesting to watch. Even younger than the people doing instagram . Amazing. Think lots of lip syncing you can do a little millymanilly no. I was thrilled to use my flip phone when im not near a quarter to make a call i like my walk man you are not on tiktok . You are not even a big instagram user, are you . Im on instagram. I think i have a tiktok account. No way. I havent done any dances yet. We should do a squawk dance. If we did a dance for tiktok, i think we could get a lot of followers. I was worried you would start moving what none of us need to see at 6 00 in the morning lets move on. Testing guidance from the cdc issued last month was published against scientist objections the guidelines said it wasnt necessary to test people who dont have koeftd symptoms even if theyve been exposed to the virus. At the time the department of health and Human Services wrote the guidance and dropped it into the website avoiding the agencys strict scientific review process then the white house came back and said it was reviewed another one of these examples of differenting view points implied for political reasons. Joining us now is dr. Scott gottlieb he serves on the board of illumina and pfizer. We keep hearing listen to the scientists we fail to mention, scott, that science over the past six months, some of it is 180 degrees from what we thought the science is sometimes an art and sometimes changes. It has been difficult and will continue to be difficult look, there are scientists on the Coronavirus Task force and the department of health and Human Services if those scientists inside hhs has a different view inside. They are free to draft an opinion on that, they should put it out they went out presumably on the cdc and the implication that they would sign off on it. That the government represent the guidance in a draft it would agree with theyve go