many patients at risk and, of course, to put society backint a more normal operating environment. so that's why we have invested in these plans we're very thrilled that we're able to record with such a low dose of the vaccine 10 to 30 micrograms this promising data and that allow so rapidly, of course, to see an opportunity to get into these types of doses. >> well, dr. dolsten, we look forward to seeing more of the data as it comes out thanks again for being with us >> thank you good day for science and patients >> meg, thanks for bringing that to us. obviously one of the key interviews of the morning as the pfizer news broke just before the market opened and has helped us we're off the session highs of plus 206 on the dow. starting off q3, jon, starting off july covid cases, adp,

usmca, china, there's a lot in the mix today. >> there sure is as we start "squawk alley. glad to join you carl and deirdra bow is a also with us this morning major indexes still higher, though the dow's best performer over the last quarter was apple so, we can continue to watch that stock as well it's been interesting, deirdra, to see this move in apple over time that's where we're going to start. the dow's best performer again over the last quarter. in the midst of this platform shift right now, we have to see whether they can continue this momentum as we head into a holiday season where the headlines are questionable whether they'll be able to churn out enough of the 5g iphone based on production delays that they've encountered in the midst of the coronavirus >> absolutely. and it's not just apple, right,

guys tech had a big quarter at large. you've seen them lead the way once again, although alphabet little underperforming so you're starting to see more breadth in this market one of the major questions as we head into the second half of the year is will it continue to be big tech leading the way, or will we see other sectors continue to add on to gains? >> carl, this morning as i'm looking at the tech stocks that have some of the biggest position in the market just in terms of market cap and thinking about how they're performing during this, it's kind of a mixed picture, i guess, as you would expect right now but we are going to talk more about apple. the largest, one of the largest certainly, individual shareholders in apple is ryan cohen, he is the co-founder, former ceo of chewy. and he joins us now. ryan, great to see you now, put me straight here.

did you kind of sell your stake in chewy when you sold chewy to petsmart or did you sell out of a stake in chewy when chewy went public? >> we sold the company to petsmart in 2017 so before the company went public we were running a dual track process, but ultimately we sold the business to petsmart. >> and you used the proceeds to buy apple and wells fargo, i believe. one good bet there and the other one not as good. what has been your sense of apple's performance during this difficult time for the market? what do you think is the most important thing for that company in particular to focus on? >> i think apple is the strongest company in the world the most profitable company in the country. the business requires virtual no capital to grow. earning 50% returns on tangible equity people are glued to the products usage is growing over time it's totally changed our lives it's changed the way we shop

it's changed the way we bank, the way we read the news, play games, trade stocks, make travel arrangements it's truly the tech enabler. and it's what's enabled most consumer businesses to connect with their customers especially during this health crisis. i consider it the king of the jungle and they have a very sticky ecosystem as far as i'm concerned everything else is just an app apple is truly king. >> one way to look at this, though, part of your history as an entrepreneur that was staring down platform kings like apple amazon, for example, wants to move into the pet food selling space. they have been doing that. one could take your excitement about apple as evidence that, boy, if even ryan isn't betting on the underdogs here, why should anybody else. what do you say to that? >> in terms of betting on competitor, on which competitor specifically >> well, i'm talking about these

tech platforms i would count apple as one with its powerful app stores, apps, iphone and amazon with the logistics cloud infrastructure its built and facebook and social, google in search and cloud as well there are some powerful platforms as well and smaller challenges, the likes of chewy would like to argue they're going to grow faster than the big platforms are. but you're not betting on the small guys trying to grow. in this case at least you're betting on a big platform. so why should investors bet on the little guys? >> it's really -- i mean, it really comes down to the price you know, when i look at something like apple, i see a company that's trading 20 something times earnings relative to interest rates now the 10-year treasury is at 60 or 70 bases points so that's essentially 160 or something times earnings so you've got a company that's buying back a lot of stock it's trading at a reasonable

valuation. they're returning a ton of cash to shareholders. and so i like the price. i would look at anything at the right price, but when i look at valuations, smaller companies the valuations just aren't as nearly attractive going and investing in a large company like apple >> now, ryan, at a time when we're seeing so many new retail investors get into the markets now, your advice to them is don't pay fees choose a low-cost index fund but at the same time, you also say you've never been one to diversify and when you find something that you like you go all in, as you have with apple and wells fargo. what advice would you give to some of the newer investors in this market about going all in in one or two stocks i know a few of them. >> that wouldn't be my advice to the ordinary investor. the ordinary investor you can buy low cost index fund that attracts the s&p it's virtually free. and you'll do very well over time

i personally and like to go all in when i find things that i like, i'm patient but when i find something i believe in, i make really concentrated bets that's why i was successful with chewy. i put all my time and money into chewy. when i find something that gets me excited, i like to swing for the fences but, i wouldn't recommend that for the average investor in terms of having the temperament to deal with the volatility. i guess that's kind of the adrenaline that comes with being an entrepreneur. >> no doubt about that i'm curious on apple, we've got an couple different headlines this week that suggest they're under some pressure in terms of 5g iphone production as the suppliers have been impacted by shutdowns. just broadly, when you think of the company and you mention the sticky ecosystem, how much of your buy thesis remains about unit sales just brand new phone sales in an environment where obviously manufacturing is tough >> yeah.

i mean, i'm really less focussed on the next product release. obviously want all their products to be a hit, but i would say long-term the rel power of the franchise will be dependent on usage i think earnings over time will attract usage. we have seen that already through a lot of product refresh cycles, especially the most recent ones that the earnings are becoming much less cyclical over time. i think next year with 5g they'll grow double digit likely on top and bottom lines, but you look at wearables growing 30% year over year 30% of profits now this is a company that's gone from in 2012650 in earnings to double today so they're doing everything right. but this is much more than a hardware company and you know, over time i would expect the vast majority of the profits to come from services and hardware to play much smaller part of the business. >> and ryan, finally, there's a lot of talk about diversity these days

and its impact on companies performance. i wonder as somebody who is an entrepreneur, investor in one of the biggest companies out there, how do you parse this? on the one hand i hear from a lot of entrepreneurs, just starting out, it's hard to think about diversity. it's a matter of who you start the company with, who is around you, some people succeed in thinking about those things, some don't i think about a company like apple, some of the biggest innovation cycles it's been through, it's executive team wasn't very diverse. so while a lot of these companies talk about the need for diversity, i'm not sure that their actual history bears that out. how do you think about it, both as an entrepreneur and someone investing in companies, how important is it? >> yeah. we had a very diverse management team at chewy, over 50% or something of our executive team was women. we really look for the best person for the job and that's really the way that i think about the business

and so, that's how we built the company. >> all right ryan cohen, one of the largest if not the largest individual apple shareholders and co-founder of chewy. thanks for being with us. >> thank you thank you. phil lebeau brought us gm sales a moment ago now it's time for toigt. hey, phil. >> we only have the june numbers. the june sales numbers for toyota down 26.7%. that was weaker than the edmunds estimate of decline of 20.9% a little later on today we will get the full sales rate for the second quarter see where that comes in. also i want to show you this, earlier today, tesla passed up toyota to become the world's most valuable auto maker with a market cap of $209 billion so again, tesla, just ten years old, as a publicly traded company, it has surpassed toyota in terms of market cap

and is the world's most valuable company. don't forget, we're likely getting tesla q2 deliveries some time tomorrow, if not shortly after that deirdra, back to you >> yep, incredible milestone, phil we look forward to those numbers. thank you. still to come on the show, down on brad street set to go public the ceo will join us immediately following the first trade. big show is still ahead so don't awhe.

our next guest is driving diversity in investing with a gender-balanced fund investing model. west river groups michelle par joins us to talk about empowering the next generation of diverse leaders thanks for the time. great to see you. >> great thank you. i'm glad to be here. thanks for inviting me >> you know a lot of investors right now might be trying to figure out how can i incorporate my interest in helping promote diversity through a model that remains responsible to my own fiduciary goals. i wonder, how do you do that s it through numbers in targets or are you looking for softer inputs in terms of how you allocate that money? >> frankly how we think about it is you really need to think about diversity overall. you need to think about ethnic diversity. you need to think about racial diversity. you need to think about gender diversity. and then you also need to think about diversity of thought as

well as diversity of experience and how that all comes together. and frankly, if you do that right, and you really think about who's allocating the capital, those diverse teams, but also who is getting access to that capital, ideally you would be driving toward diverse entrepreneurs and founders as well >> as you take stock of the announcements we've gotten over the past month from very large companies, not just grants and initiatives but actually changing the way they allocate their cash, netflix was a good example from yesterday, does it feel to you like this is ephemeral or that we'll be seeing this trend extend into the end of the year, into the end of next year and beyond? >> frankly we have to see change we're at a place where clearly we have our pandemic, we also have everything that's happening with our modern civil rights movement, and there's actual empirical data that suggests that when you have diverse teams

and when you are driving a diverse agenda, you will actually have outsized returns so there's mckenzie report from 2018 that shows that when you have gender-balanced teams you'll see 21% more kind of above the average returns. and then when you have racially and ethnically diverse teams you see 33% above the average in returns. and so, it's actually good for business it's not just the right thing to do >> hey, rochelle, good morning it's jon fortt one of my concerns about how we're moving forward with this diversity conversation is it's very popular for companies to say that they support diversity, but i don't hear a lot of their thinking about their philosophy on it. my concern companies might be saying that it's popular but not really believe it. i think about silicon valley and the fact that if you look at the micro processer development, the

development of the pc, the internet, the smart phone, a lot of the companies doing that did not have very diverse teams leading them at the time i'm not sure they would -- if they were to go back in a time machine they would change the makeup of those teams. so if the way they have operated and arguably continue to operate doesn't incorporate diversity at the highest level, do they believe what they're saying? >> so, you're asking the right questions. and frankly it has to be from the top. it is the tone from the top. you have to have diversity at the board level. you have to have diversity across the management team and then that starts to filter through the organization you can't just give lip service to it. you have to actually walk the walk and you have to show it from the top down >> rochelle, how do you get diversity at the top especially in the earlier stages when companies are still building and raising money, covering tech from san francisco, a lot of the times i see that startups often

only add diverse board members when they get closer to a certain size or closer to going public how do you encourage that earlier on >> yeah. you know, so there's companies that are actually trying to figure out how to do that the right way from the on set, but there is actually opportunity to think about what that board needs to look like think about mixing it up think about gender diversity think about racial diversity and actually creating the opportunity as early on as possible but the next level down is also important. it's who is sitting around on that management table. you actually need that innovation and creativity and those diverse experiences to drive toward the better conversations. you know, when you think about who you're serving, you're not serving only one community you're actually often serving everyone, which when you look at our population, it is diverse. and so, why wouldn't your executive team or your board actually look like the population you're serving? that's actually how you should

think about it >> one last question about your own experience i know you're on the board a couple well-known companies including best buy when you find yourself in a group say on a board where you may be the only person of color, what's the best way to inform those other members of the board, let's say, that there need to be more of you >> yeah. so, it's interesting my whole career and my whole life i've often been one of the only if not the only i have the privilege of serving on some really great boards who have actually paid attention to diversity. so when you look at the boards that i'm on, we have pretty good diversity, whether it's ethnic diversity or gender diversity, but it is a conversation at the top we have to have a conversation we have to push on this with our teams. we have to push on this across the board and we have to push on it with our ceos i just happen to be fortunate enough to be on boards that actually have been thinking

about this for some time and have done a great job. but there's a lot of boards out there that really need to change the makeup of the board if they're going to actually drive long-term creative and innovative and smarter decisions moving forward. >> yeah. well, we're definitely on the lookout to see if that change is real and enduring and hope you'll come back and maybe talk some broader markets next time given your experience and a ton of investments thanks, richelle. >> thank you appreciate it. european markets set to close in just a moment let's get over to see ma moe da for a breakdown. >> hi, deirdra set to close higher on the first day of trade now trading in negative territory after posting their best quarterly performance since 2015 led by italy, france and greece which saw gains of 1 to 16% in the second quarter today in focus is that encouraging vaccine data from pfizer and its german partner

biontech up nearly 14% in may from the previous month which suggests the reopening of germany's economy has spurred consumer spending this is the largest jump in sales since the country started recording this data back in 1994 some of the bright spots online up 29% driven by demand for food, retail and household appliances though demand for clothes and cosmetics fell lastly, cruise lines could be negatively impacted by the european ban on americans. sun trust this morning points out that norwegian cruise line has the most to lose as a majority of its customers fly from the u.s. to get to their european cruise. carnival, though, could be partially buffered by its european central brands that really indicator to that european traveler. jon, back to you. >> thank you. coming up next, he's a founder of oculus. paul luckey weighing in on wt ha

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good morning, everybody. i'm sue herrera. here is your cnbc news update at this hour. in new york city, the mta is deploying personal protection equipment vending machines at select subway stations as part of a pilot program there will be a dozen vending machines deployed to ten subway stations that will dispense reusable face masks, gloves,

hand sanitizers and wipes. and pc international, the largest u.s. franchisee of yum brands, pizza hut has filed for bankruptcy protection. it is struggling with the debt burden of roughly $1 billion baseball's minor leagues cancelled their season because of the pandemic. the minors drew 41.5 million fans last year for 176 teams in 15 leagues until now, they have never missed a season. and seattle's mayor issued an executive order today to clear demonstrators from the capitol hill protest zone two days after a 14-year-old boy was injured in a shooting there and one person was killed. at least 13 people have been arrested in the first two hours of this police operation which we will be keeping a close eye on as it continues "squawk alley" is back in two minutes. this is decision tech.

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welcome back to "squawk alley. dunkin' donuts and white castle the latest to join the boycott pulling their ads from facebook. jon and carl, we're not seeing much of a reaction in facebook shares, but of course this adds to a quickly growing list. and what's so interesting about it this time is that, you know, it finally is having some affect on the share price of facebook again, these are advertisers who have been on facebook for some time pulling out and certainly, you know, wondering if we're going to see more people follow. >> i remain skeptical what this is all about it's kind of a convenient time with a lot of pressure on these companies bottom line. some are saying they're doing it for a month. some are saying they're doing it for longer some are just facebook some are social media wide we'll see what their message really is or if they're just kind of making a show of things.

i'm a cynical guy sometimes. i don't know >> no, i hear you. i think that's a critical question, how long does this boycott actually last. does it go on for more than just several months let's get to our next guest because he founded virtual reality headset company and he sold it to facebook six years ago. since then he founded defense technology startup anduril palmer, nice to see you again. thanks for being with us. >> thank you so much for having me on. i'm glad to be here. >> now, this morning you guys just raised another round of money nearly double your last valuation $1.9 billion and you guys are really embracing defense contracts at a time when big tech companies, microsoft, amazon and others, ibm, are moving away in terms of facial recognition where does this leave the united states and our biggest tech

companies in terms of next generation technologies? >> you're right big tech is pulling away from defense. that's why i started this company. for the first time in u.s. history, we're in a period where the biggest, most innovative tech nothing companies in the united states are not helping the u.s. dod they're not allowing us to stay ahead of our adversaries and help our allies. that's why i started this company. that's why i wanted to get really good people out of silicon valley and into national security, working on problems that the major defense primes aren't going to solve, working on artificial intelligence, sensor fusion, things that they've been working on but not necessarily their area of expertise and also getting those people out of the big tech companies which are not going to work on it for political reasons, ideological reasons, pr reasons, you name it >> now, palmer, we just mentioned moments ago that dunkin' and white castle joining that facebook boycott. i wanted to get your thoughts on this we spoke just about a year ago you said that removing

zuckerberg wouldn't solve the problems at facebook, but a year later the problems are still there and more do you think that zuckerberg and his leadership can fix them? >> well to be fair, what people are calling problems, there are different problems now and always going to be problems. i think zuk will do what is right for facebook he's a sharp guy whatever he does is the right thing to make facebook as big and powerful and influential as possible i thought mentioned when i was waiting on the line that this is impacting facebook's stock price. it's true a few days ago, was it last week, there was an impact but you have these other companies announcing their boycotts but facebook is up 3% today so far day just begun so, it's hard to see how much the market believes that this is a negative -- facebook is going in a negative direction. >> right palmer, you just said they're facing problems. they'll always be facing

problems so it sounds like you're down playing this a little bit. do you think that these aren't real significant existential problems for the future of facebook do you think they will get past this >> i'm fundamentally a technology optimist. i think a lot of people like to focus on the problems of -- this is not just facebook specific, this is all new technology people worried about comments. they were worried about rock and roll music, swing dancing, people were worried about novels and pointed out these problems, things they're were causing in society. generally in the long run they settle out, we figure out how to do it. that's one of the nice things about america is we're really good at moving fast when it comes to innovative new technology, but we're also pretty good at catching up with that legislatively after the fact and i think that's probably the right balance. so i'm not trying to down play and say these problems aren't real, i'm very optimistic about technology and it's very rare i look at a problem that's going on and think, god, this is unsolvable it's never going to be solved. it won't get better because every time in the past it has gotten better and almost every

technology has been a net positive to humanity >> hey, palmer it's jon so i think of you as sort of a classical thinker about silicon valley, particularly what you just say about being a technology optimist. i want to ask you about a couple of these trendy things that are happening right now. >> of course. >> one is being anti-facebook at least in the press release you're putting out the other is talk about diversity in silicon valley. i lived there for 13 years, saw it up close. it was not a place that was really genuinely focussed on that i think i can say during that period so, is this real and is it, do you think, a just fiable thing that corporations inside silicon valley have shifted their mindset around these diversity issues and are going to become something different than they have become in the past? >> it remains to be seen i think that already a lot of diversity problems whether

you're talking about underrepresented groups or underrepresented ied kolg or ideology you're not able to represent in silicon valley. we have an enor vous number of veterans in our company, higher percentage than any other i know of we have a lot of diversity of thought, a lot of diversity of background across the board. i think that silicon valley has been focussing on diversity but only parts of the diversity problem rather than looking at the whole picture wholistically. being anti-facebook, i'm not anti-facebook. i was fired by them. so that always colors things a little, but like i said, like you said, i'm a bit of a technology optimist. >> so to follow up on that, diversity of thought, part of the controversy around the way you were fired from facebook is the argument that because you hold conservative positions that aren't popular, there wasn't room for that. so that's what i want to also

zero in on here. how much of the talk in silicon valley about diversity of all kinds do you think is real how much of it do you think is productive how will we know if it's real? >> oh, man, i don't know how to tell if it's real. i will say i think a lot of it is performative rather than substantive. that's one of the reasons i moved out of silicon valley. it's got a bit of a mono culture, expensive place to live, it is hard for your employees to get by, it's hard to find get your kids into good schools. that's why i'm in orange county and started oculus before i sold to facebook. there's a reason i came back as kind of as soon as i was able. >> hey, palmer, you talk about being an optimist on technology. facebook's global affairs and communication chief nick clegg has a post that reads we may never be able to prevent hate from appearing on facebook sblier, but we are getting better at stopping it all the

time how would you characterize the ability of technology to accomplish what they're obviously under pressure to do >> oh, man, this is outside of my area of expertise i follow this stuff as a layperson, but i'm not much of an expert on content moderation schemes and auto detection and all that stuff i'm glad that they're at least trying their best to stop some of the things like terrorist groups and things that are really harmful to people, but i probably am not as well educated on you as this >> palmer -- >> that's hard to believe. okay >> -- yeah you know, then i want to get back to defense. but you did work with zuckerberg for a number of years when you sold oculus to the company do you think that he is genuinely willing to listen to critics and this shift that we've seen on the platform more of a crackdown in the last few

days is genuine and will last? do you think he's actually willing to listen to his critics? >> you know, i don't know what the reasoning is i can't speak on behalf of mark zuckerberg like i said earlier, whatever he does, it will be the right thing for facebook and i don't know exactly what that's going to be maybe it's going one direction maybe it's going the other but i'm sure that he has a much broader set of information to work with than i do. i'm sure he's going to maximally utilize that >> you have a lot of faith one last question because i do want to ask you about the defense space. as you aim to be a big player. i just wonder how you see this sort of divide, especially in those key technologies like artificial intelligence, facial recognitions, the divide between china and the u.s. given sort of the ethics and questions around developing these technologies here in the united states, does that give china anopportunity to pull ahead? how do you combat that at andril >> well, i think the united states has a pretty good track

record of using new technology ethically and responsibly. i'm not saying we're perfect we made a lot of mistakes. when we make mistakes in the united states, there's investigations that are launched and people held accountable. if you look at what china is doing, they have a little different scheme right now they're not as focussed on using artificial intelligence to control -- for warfare. much more interesting it to control their own population i think china sees their number one security threat as internal rebellion, as people being able to rise up against the state within their borders and i think that it's going to get a lot spookier once they turn their attention outwards and feel like they solved the perfect surveillance state problem sufficiently to start to turn that outside. that said, you're seeing china do a lot soviet countries did during the cold war taking their technology and giving it to other countries in asia and africa and saying, hey, here is technology that you want and we'll make you dependent on us for that technology

if china can make other countries dependent for for law enforcement infrastructure or racial recognition to track d dissidents china will be in a good place politically and that's a threat that the united states is looking at and that we need to counter in the coming years. >> palmer, it's always great to talk to you. thanks for being with us palmer luckec. >> great to see you guys bye bye. >> we want to check in now on an ipo. dun & bradstreet has begun trading. stock now up just a little over 13%. so, a decent opening in a market that has been a little bit shaky so far in this morning's trade, carl. so far the dow is slightly in the red. though the s&p and nasdaq are holding on to some gains

>> yeah. we were up 200 on the dow. as you said negative for the moment we'll take a short break here. we do have all-time highs on amazon, tesla, ebay, microsoft, paypal and square. we'll talk more about that in a moment don't go away. it's putting that hard asset is a insurance, you might say, against the paper dollar. that's why i bought gold. it's not for my insurance but it's for my daughter's and the grandchildren's insurance that i felt like that generational aspect of passing down gold is securing them a future. of course nothing is without risk, and that being said, i feel that by diversifying with precious metals that i am covering my bases. it's a hard asset. you can turn it back into cash whereas keeping a lot of cash in your bank account can really almost end up being nothing.

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over a billion dollars in transactions and more than a half a million clients worldwide, u.s. money reserve is one of the most dependable gold distributors in america. welcome back the president's strong suit has been his handling of the economy, but battleground voters are beginning to question his response eamon javers explains in our latest states of play survey eamon, that would be an important shift. >> yeah, absolutely. remember, this poll that we're doing every two weeks now looks at just the six battleground states where the president was able to win that electoral college victory back in 2016 can he do it again in 2020 this poll is another piece of bad news for this president. joe biden continues now for a second poll in a row to lead in all of those six battleground states, extending his lead from 3% to 6% overall in the battleground states. and why is that?

well, partly it's the virus and partly it's the economic collapse sponsored by the virus. you look at the numbers here in terms of whether the president is doing enough to help working americans. in these battleground states, 27% say they strongly agree with the idea that the president is doing enough to help working americans, but 47% strongly disagree that's a huge margin there of people who disagree with the idea that the president is helping working americans. and then look at the idea of whether a household is experiencing job loss or wage loss 75% of the people that we surveyed in these battleground states say they are experiencing in their household job loss or furloughs. 77% say they're experiencing wage losses. that's real measure of economic pain in the real world that's hurting real voters. and that's playing out, we think, in the president's approval numbers and then also look at the way people in the sun belt have started taking precautions

around the virus this is different from what we've seen before. it's a striking difference between the sun belt and the rust belt here if you ask people if they're taking precautions like social distancing 84% of the people in the sun belt say they're taking those precautions. just 76% in the rust belt. 82% say they're avoiding crowds in the sun belt. 77% wearing masks in the sun belt that might explain states like arizona, texas and florida where the president is hoping to have wins, you see the people in those states now really ramping up the precautions against the virus. that underscores the level of concern there and all of that could have a political impact going into november. but the big caveat is it is a long way between now and election day and a lot can happen, guys back over to you >> well, that is true, eamon, and can have a market impact as well we continue to watch that. thank you eamon javers perhaps the biggest earnings mover this morning is fedex

leading the s&p this morning up about 14%, approaching those february levels. their breakout quarter, 'lwel talk about it next stay with us 123450 ♪ ♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey

we're keeping an eye of shares of fedex this morning seeing its largest post-earning surge in more than four years. results handily topped our earnings and revenue estimates

ground shipments rose 25% for the quarter as ordering from home trend continues guys, that stock currently up almost 14% was trading as high as just over $163 a share it's at 159 now. and deirdra, it's interesting. the business to business portion of fedex operation was really suffering during the period, but the business to consumer portion, all that ordering from home really made up for it they were able to manage some costs thanks to reduced passenger volume on some flights. of course, lower fuel surcharges given what we saw happening with pricing there. and analysts are at least optimistic that some of these costs benefits they have been getting at least can continue. >> yeah. i think that story here is really about those home deliveries, right? they have seen a surge in those, but the economics aren't necessarily quite as good as b

to b delivery. so executives saying they're now going to be attacking those residential delivery costs and right as b to b shows signs of recovery. so perhaps some reason for optimism there but also -- it also goes to show the fact that they beat consensus shows how difficult it is for analysts and investors to actually predict what is going to come out of this earnings season, right, carl? >> indeed. although, i got to say, fundamentally the commentary today on fedex pretty strong cohen 167. we talked about with cramer in the 9:00 a.m., jon, no guidance as many other companies today followed suit. we're just going to have to get used to that, at least for the next three months. >> yep >> uh-huh. >> yep yep. >> well, another ipo to talk about dun & bradstreet opening for trade just moments ago and it has seen a nice pop at the beginning. that ceo joins us on the other side of this break there you can see up 15% in

those opening trades we'll get to him soon. stay with us need better sleep? try nature's bounty sleep3, a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty.

data analytics firm dun & bradstreet opened at 25, currently 2545, a 15% gain anthony jabbour joins us not via zoom, but from the stokes itself congratulations. welcome. >> thank you so much i'm thrilled to be here, and i wish all 4,000 of our colleagues could be here with me. we have such a storied history, and this is an important

milestone in our transformation. we're so excited about the future >> it is a storied brand, almost 200,000 clients, 90% of the fortune 500. we know it's a good time for public market analytics. how much of that fed the timing of the ipo >> what really fed the times of the ipo is where we were in the transformation of the company. we felt we had great momentum going. we went through a transformation first was getting new executive leadership, including a board, organization changes, and then changes with auer go to market we just felt the time was right for us we had fast fellowship with our employees. >> how would you characterize

competition in the space right now? >> the need for data and insights from that data is very large. to find ways -- that will drive actions and outcomes so i feel good built where we sudden in the landscape. >> it's jon. you mention it in the s-1, and talk about how you integrated a lattice, core action, orb intelligence what is the opportunity here in terms of the size of company the

experti expertise. that you're looking to acquire -- >> we have such a brought framer, and you can see on the three acquisitions, they are very different in many respects. one was leverages analytics from a sales perspective, a.i and the other was getting a digit at view of businesses through the orb acquisition. the last one was use cases so you think about how we help businesses out there, we also help themas an on-board client to make sure we're doing business with them we help them extend credit, and through co-action was collections capability so there's so much that we can do in this space from an m & a perspective and such a broad client base to grow from. >> you mentioned credit.

i can't help by wonder, given the economic situation we're in now during this pandemic, is there a set of data, or are there sets of data more in demand, more important to parse more intelligently, given that it's hard to know how healthy a particular business is, based on what it did months ago, given what's happening now a great question, it's absolutely true. our data and insights are more in demand, so at times like this, you have to be more right than wrong so being this much more accurate is worth more. so it is times like this where

the information you can get -- i apologize. >> no, that's okay go ahead, anthony. i was going to say in a post-covid world, less travel, less face-to-face meetings, less conferences, less trade shows, the need for data and annual lit ticks will be more and more important. the trend was heading there. the pandemic is just exacerbating it is that changing what trends can you tell us about? especially when more unconventional metrics like foot traffic is gaining more emphasis in the pandemic? >> it's another great question you are asking we have done a lot of work with government reaching in and trying to find ways to help all businesses during this very tough time we've launched 30-plus tools, white papers, free annual lit

ti littics to help? we are positioned from a trend perspective. it's really relies on that to understand the areas that's impacted the most. it's been a shift into the alternate data sources, and linking it to the number that's incredibly powerful. a unique fingerprint matching it so it can be leveraged and important for our clients. >> finally, anthony, we spend a lieutenant of time talking about the retail element, particularly in equities. i wonder how you feel about that consortium of traders, if you think it's significant v. classic institutional data analytics?

is the i know a number of retail and institutional have reached out. we have worked with both sets. i wouldn't say there's a difference from our perspective at this point. >> congratulations on the ipo. >> thank you so much appreciate your time today. >> nice to get a live shot out of nyse, a place we miss dearly. guys, by the way, tomorrow morning, 9:30 a.m., vice president pence with our wilfred frost. a lot to ask him about, whether it's the response to the pandemic, obviously usmca kicks off today, international relations and foreign policy be sure to join us for that. finally, jon, procter & gamble with a statement saying, quote, you shouldn't expect to hear more from us on facebook or any

other advertising platform with regard to the boycott. we've talked about large names, but it doesn't get much larger than p & g >> that's true and yet facebook up more than 3% this morning >> yeah, nothing is keeping facebook shares down, that's for sure let's get to the judge sizing up the second half. we'll debate that today with our investment committee as always joining me for the hour, joe terr november that courtney givens, kevin o'leary is the chairman of o-shares etf let's check where we stand right now. we have a mixed market right now. nasdaq is all right, though. that's a game of about 63 points courtney