name now >> you got a name? >> toll brothers >> there you go. joe? >> playing in the home thesis, best buy >> quick, doc. >> bloomin, blmn, restaurant stocks >> and there's facebook. thanks, everybody. we'll see you soon kelly? hi, everybody, welcome to "the exchange. here's what's ahead today. reopenings and vaccine data was a driver in the nation will there soon be news on a vaccine? the country becoming a market cap it's what toyota sells in two months we'll have more. news for optimism. there is optimism about spending in the stock market. he'll join us to explain dom chu is here to talk about

the action dom? >> you're seeing a move flat on the day. we've seen gains and losses for most of the industries the dow industrials at highs today. we're up about 206 points. better data on jobs, private payroll specifically, some better data on a manufacturing environment in america, helping to propel some of those gains. meanwhile you have increasing trade tensions apparently with china coming up again, so all of those play in the trade overall right now. take look at these because fedex shares soaring today. those earnings results really helping to shape up the transportation stock here about 12% of the session so far. that was at one point helping to propel some of the dow gains transportation etf ticker. fedex a huge stock to watch, a best performer today and we're watching what's happening with facebook. the social media giant is taking some steps to go over its response to its platform, what

it's doing in terms of its message. the stock subpoena aboutis up at now. remember, we've seen volatility with facebook stuck in a range, but we'll see what they can do to help the advertising boycott and propel those highs higher. meanwhile, we're watching everybody in social media. kelly, back to you >> dom, thank you very, very much let's talk about the vaccine. with results from pfizer today, gains of about 4.5%. meg tirrell is here with all the details for us meg? >> these are very early data, the first from human trials we're seeing with a pfizer vaccine bioentech. they tested 45 participants in this trial and we got results on 24 in two low-dose groups. they said all 24 of these healthy participants in the trial generated what are called neutralizing antibodies. those are the important ones

because they block the virus from being able to infect the cell they said the levels they observed of those neutralizing antibodies were about two to three times higher from people who recover from covid-19. they said the most common side effects were pain at the injection site, fatigue, headaches, and they did do better with a second shot at a higher dose of the vaccine we talked with michael dolston about the vaccine and what comes next >> reporter: while these are early observations and before we can be absolutely confident in the direction for what we're hoping to be a phase 3 going into a large data set that could be the foundation for emergency use authorization in the fall and a potential approval shortly thereafter, there are, of

course, more tests we need to pass and more data we need to generate >> and they're heading quickly toward a phase 3 trial in the second half of july, and here is how these trials are lining up, kelly, in the united states. mode moderna says it plans to start a 30% participatory trial this month, johnson & johnson closely on their heels, astrazeneca. they could have use of a vaccine if all goes well this fall kelly? >> the results found in elevated antibody level might be a dumb question, but are we sure that will protect people against getting covid is that part of these trials yet or not >> that is not a dumb question, that is the question and we just don't know yet and pfizer and bioentech acknowledged that in the manuscript they published online what will be needed are these massive phase 3 trials to tell if these vaccines actually

protect people from getting the disease. and we will see a better understanding through these trials of what levels of immune response are needed in order to be protective. >> and also, so you said these antibody levels in people who received the vaccine were about two to three times higher than others, than the placebo this reminds me going back to what the guidelines that were just laid out earlier this week were for a vaccine, which found that, correct me if i'm wrong, had to be at least 50% higher in terms of the antibody levels than what kind of an ordinary person would have. i'm still curious if that 50% threshold is a relatively low bar. where are they setting that bar for for this vaccine relative to others, granted this trial appears to have cleared it by a pretty wide margin >> so the guidelines for approval are not based on antibody levels in the blood, because we don't know what level is going to be protective. so this guideline is for something we haven't seen yet, and it's just for preventing infection or preventing disease.

so once they run the phase 3 trials, they'll have a placebo group and a vaccine group. what they need to see is 50% less infection or disease in the vaccine group than the placebo group. so we have to wait for those results before we have any idea, so that will be what we'll be looking for in those trials. >> okay, great, so not really just the antibodies but people's reaction overall meg, thank you for walking us through. we appreciate it meg tirrell with the very latest that vaccine boost did push the market in positive territory today, but stocks are struggling to hold these gains now. why not more excitement over these developments joining me now to explain, brian belsky is at maritime markets and mary ann martin. it's good to have you here should we be excited when we get big vaccine news like this it's far more important than treatment news, i would think.

>> it is, kelly, and i think there is so much misunderstanding with respect to vaccines and anti boibodies and things like that, and we have the advantage of pandemic calls with our expert. the antibody thing is a big deal because i think there is a real misunderstanding there, but i think there is perspective that needs to be put forward with respect to the fda has done an unbelievable job if you think about how fast typically a drug goes from trial to actual approval, it's on average 18 to 24 months, and that's actually pretty fast. to think about how the incredible speed of getting this drug out, or potential drug, is unbelievable, and i think that's what the confidence should be. with respect to the market today, kelly, you, again, have to have some perspective we had the most unbelievable quarters we've had in 20 years, so there could be a bit of a slowdown there, but i think the main focus of the vaccine going forward will be about

credibility and getting people more confident about living their lives and getting out there. >> mary ann, do you echo that and does it become a binary attitude about the vaccine, because it kind of overrides all of those trends? >> yeah, i think -- brian and i are both from hockey towns and we see the shots on goal that are out there for vaccines and some other important treatments, the therapeutic. i think those are very, very important vaccines, number one as for the data, we have to watch that in the meantime we have to ignore some of the headlines and look at what's going on with things such as manufacturing index, inventories being very low, other things that will drive the economy in the meantime >> marianne, i see you like high yield bonds, so it sounds like

you're kind of bully positioned. i imagine the fed has a lot to do with that, and how comfortable would you feel maintaining that kind of positioning? >> again, we're looking at those two things hand in hand, and i think it is a very positive outlook for high yield bonds, because we went to that, you know, extraordinary spread of 1087 basis points of high yield bonds against treasuries, and then it's narrowed back by about 40% so far i think we can expect that to narrow further, and i think that's going to be a big driver of the earnings while you're collecting a lot of income >> brian, i'll turn to you you like tech, communication services, some discretionary, some reads, but you're not a big believer in any of the big market myths about tech being a bubble, the market being too expensive. you have a 430 s&p price level by the third quarter of 2021 i could see 3400, but what gives

you the confidence it will reach it that quickly? >> again, marianne used the hockey analogy, so i will, too we've been skating back and forth in the market playing defense, and i think the people negative about the market, kelly, frankly missed the whole move to be clear, we published on march 23rd and said the market would rally 40 to 50%, that we'll see unbelievable gains on the upside as money comes back to north america now we have a spike in the saifr savings rate, and almost $20 trillion sitting on the sidelines. we want to own the best company in the world, which the best company in the world is the united states. so i think this about being a growth or value investor is bunk that's why the nasdaq has been so resilient that's why financials, especially the big money banks, are going to be so expensive, and the equipment and device in

biotech names in health care you absolutely positively from a demographic want to be in health care and tech especially >> all right we'll leave it there enough hockey talk for today, brian belski and mariann marianne montagne. thanks for being with me, guys we're going to speak to some of the most prominent real estate investors in new york city and tesla is bigger than boeing and nike. can this keep going with tesla up another 3% today? we'll explore. "the exchange" is back in two. if you've had the coronavirus, you've got a lot of fight in you. and you're in a special position to help us fight back. the plasma in your blood can literally save lives. but we need to act fast. please donate plasma now.

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welcome back to "the exchange." the 2020 presidential election is just over four months away. and those states most critical to the election are seeing an uptick in covid cases. how do voters in these key places feel about reopening the economy? kayla tauchi is here with more kayla? >> covid jumping two spots to become the second most important issue for voters it was fourth place a couple weeks ago and now it stands just behind the economy in these six states that will decide the election, the number of likely voters who reported serious covid concerns jumped

nine percentage points in just the last two weeks that's having an impact on activities that people are viewing it safe and also the precautions they're taking, especially in the states across the sun belt where we have seen cases in hospitalizations rising in those states a larger share of respondents are wearing a mask, avoiding crowds and social distancing while the number of people overall working from home has fallen, they are wary in every single activity we asked about, from going to a bar from attending a movie to taking a flight some fear their businesses back-pedaling on states that opened too quickly, but voters placed most of the blame on president trump who, in four months of conducting this survey, is shouldering the highest share of blame in a survey we just conducted in the last week. kelly? >> kayla tauschi with those

results there. new york city plans to halt the plan to reopen indoor dining but it will not slow down reopening as scheduled and my next guest owns more than 10 million feet in manhattan and parts of the tri-state area, including parts of the empire state building i'm joined by anthony malcolm. he's ceo and chairman of empire state realty trust it's great to have you back, and i guess we'll just start with are they paying the bills for july >> this is the last final update for the next quarter, but at the same time i can tell you from the last time we spoke, our rents continued to improve july rents aren't actually due until literally the 1st, however, i can just tell you steady improvement over our collections prior to this point. >> what do you think of the mayor's decision not to open indoor dining? how does that affect you, and what's going on with the observation deck which is such a

big part of the empire state building's revenue >> so let's hit the observation deck first it is closed, but i'll tie that into the second point which is indoor environmental quality this has been a major focus of us throughout our renovation of all of our buildings in the past decade the fact that indoor environmental health is absolutely critical. so we have put such things in all our new spaces, including the observatory, such as mers 13 filters which kills off viruses, including coronaviruses, and the most important thing, ventilation. at our offices on west 33rd street, we replace the air in our office completely once every hour that's what happens at the observatory, and the difficulty with a lot of this indoor dining is that's not the way that those air-conditioning systems and cooling systems are designed >> yeah. >> some have very large tight-end central systems, they

just recirculate the air >> it's interesting because governor cuomo brought up the same issue and said he wanted restaurants to have these kinds of filters that can kind of capture, in your case, as you said, kill some of these coronaviruses. if you're a restaurant, is this financially feasible >> it's interesting, our restaurants at the empire state building have this already, the mer 13 filters we were focused on this before when it was an issue of indoor environmental quality: asthma, volatile gas-causing materials to install, it's not a big burden to incur indoor ventilation is harder, so that needs to be part of the design chain. you have to clear out what's circulating in the air, and on the other hand, bring in fresh air, which is more of a

challenge than many are planning to have. >> i imagine a lot of these restaurant owners is trying to figure out if that investment is worth it for them or just close up since we had you on, we talked to jonathan heck who thinks that they may brave this storm. you have older buildings that are more apparel oriented. i'm sure it's not the easiest thing to focus on, but jonathan licht is concerned >> our buildings are older, but they've been modernized in the 20th century we spent over $20 billion to see that in new york city. that's why we have this ventilation in our observatory, in our building lobbies and in

the retail components of our buildings, number one. number two, we greatly transformed our tenant makeup. linkedin is our largest tenant followed by other tenants. some of them have exposure to the government industry. what i would say is you have to look at the longer term. we have a huge balance sheet in march. we have over a billion dollars that gives us the opportunity to grow and expand. how are we going to create value over time, and how are these landlords positioned over the longer term against the greenhouse gas emissions bill where we are leaders in this markets are made by people going long, people going short, and my view is very simple. we're built for the long term and we feel comfortable about our position >> there is also one long-term train of thought i thought was interesting. you aren't a big believer of working from home because you think people tried it before, it hasn't worked, and all the trend stories of how this will be the new normal are off the mark. you don't think it's going to be

different this time? >> there is a great article in the "new york times" that came out on sunday that specifically addressed this all the different companies that have tried this from ibm on have always gone back to bring people into the office. the other thing about work from home, it's incredibly discriminatory people feel isolated and abandoned, socioeconomic on the bottom of the stack trying to work your way up it's very prejudiced against minorities and the whole black lives matter it's amazing that people will say we're going to take these people who are strivers an we're going to take them away from where they can learn, away from where they can form teams, away from managers and making progress, very discriminatory for working parents. you lose the validity of valuation. people under 30 want to be in their offices and they want their bosses there, not off in the hamptons, not in the c catskills, not in colorado i think it's a great story for people to write about. over time the statistics are already coming in.

people working from home are starting to fall off as far as productivity the fact that businesses want to offload the cost of having an office on people in their homes and keep their team away from building culture to me is unbelievable it won't last and it won't work. >> very, very interesting. anthony malkin, mau for cothank coming back and sharing your thoughts coming up, can the s&p 500 hit 4,000? director larry lindsey says it's possible he joins us to explain what would get us there tax season is two weeks away and there is a chance to earn refunds. hexcng iba ibout that ahead. "t ehae"s ckn a couple - [narrator] at southern new hampshire university,

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welcome back let's check in with sue herera for our updates. sue? >> the number of job cuts are still more than quadruple their levels u.s. companies hitting a total of 1.2 trillion throughout the second quarter mostly due to the pandemic a new study from yale suggesting an official death count from the coronavirus might be higher than what's been reported the study finding that the number of excess deaths between march 1st and may 30th was 28% higher than the number of covid-related deaths during the same period. and tokyo disneyland reopening today for the first time in four months but with some new safety measures among them visitors showing symptoms or who have a temperature of over 99.5 degrees fahrenheit are examined not to enter the park and you also have to wear a mask new york city hosting a

star-studded virtual graduation for the class of 2020. new york natives and celebrities jennifer lopez and alex rodriguez giving the keynote speech you are up to date kelly, i will send it back to you. >> sue, thank you. sue herera tax day may have been extended this year, but the new date is fast approaching it's july 15th this year there is a new bonus for filers here's sharon with an update of what you need to know. sharon >> july 15th is not only the new tax day, it's also the last chance you have to make some key moves that could save you money and perhaps help you mach a little extra put up to $6,000 in an ira or 7,000 if you're 50 or older, and depending on your income, you could get a tax deduction. if you have a high deductible health plan, you still have time to cash in on a health savings account for the 2019 tax year. you can put in up to $3500, and

if you have individual coverage, and up to $7,000 for a family plan and those contributions are tax deductible here's another reason why you want to file your return by july 15th, and that is if you do a refund, you will be paid interest so that refund check from april 15th to the date of the refund that rate was 5% through june 30th, and now it's 3% until september 30th this is a rate that changes quarterly. now, the average refund this year is $2700. if you figure that you get that refund by the end of july, you could earn about $30 on that money. but one thing you should know, that interest payment will be taxable. kelly, back to you >> that interest payment is taxable? come on! i thought this was fascinating that they would pay -- of course it makes sense it's our money, they're keeping it longer, we should demand that interest, but it honestly hadn't occurred to me, sharon, and it may not be that big of an amount but it's a nice little fill-up,

right? >> it's a nice little fill-up. any little bit of money at this point, it is really great to receive it yes, you're going to have to pay tax on it at your ordinary income tax rate. that's not something that probably you expected, but probably didn't expect to earn any money on that refund in the first place. so a couple dollars won't hurt >> no. so much to know in there this time around. sharon, thank you so, so much. we appreciate it it's great to see you. sharon epperson. coming up, former nec director larry lindsey says there is more out there in the u.s. he will explain. and unemployment help eaahd. we will have those details next. d car vending machines and buying a car 100% online. now we've created a brand new way for you to sell your car. whether it's a year old or a few years old, we want to buy your car. so go to carvana and enter your license plate, answer a few questions,

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welcome back to "the exchange." let's get a check on the markets and some of today's big movers with dom chu dom? >> we have the dow and the nasdaq that have seen gains and losses today, but the s&p 500 has managed to stay positive pretty much all day long at the high, the nasdaq was up 28 points. they're at about 18 now. it's gains in stocks and utilities and real estate that are doing the best today in the meantime, you have energy sectors like energy materials really on the lagging side of things now, if you take a look at some of these stocks to watch, you start out with capri holdings which is down by 3% right now. its 2021 fiscal year will be impacted by the pandemic, though it's seen some positive trends around stores, those holding at

3% meanwhile you have general mills lower despite postings of better than expected profit and sales helped along by brands like cheerios in the lockdowns and pandemic then we'll end at did you knunn bradstreet got as high as $20.85. you can see those shares up about 15% in trading right now back to you. >> what was the story with fedex, dom that was a monster >> a monster and some of that positivity really carrying through with regard to whether or not people are seeing some positive trends in shipping, not just because of the covid-19 pandemic, but whether or not they can carry that momentum into the second half of the year as well. of course, we've all been getting more and more packages, but we'll see if those trends continue with fedex. i know i'm getting a lot of packages >> oh, yes i see that truck around a lot. thank you, dom speaking of stocks, just closing out the second quarter with blowout numbers suggesting

investors are hopeful about the recovery but is this as good as it gets for the market my next guess says the s&p 400 could be on the way. my next guess is lawrence lindsey of the lindsey group and also adviser of president george bush larry, it's great to have you, and you don't usually make big market calls why this one >> well, i just did some math on what's happening to the money supply, and we know that when you have a rapid expansion of the fed balance sheet that the main effect is afid prices, so i did an extrapolation to see what might be expected to happen to stock prices if we continue to expand the balance sheet at the rate that's been announced >> you're talking about a 4,000 value as kind of an exercise by the end of 2021.

are you worried about the next couple of months i hear more and more talk about the cliffs we might be facing when the extra unemployment benefits right out, when the ppp program runs out, just the issue with more states closing business back down could it be a rough slog to 4,000? >> oh, absolutely. i mean, we don't exactly live in a risk-free world. that was the ultimate understatement, i think. so we definitely have concerns with the virus we have concerns with the election ahead, and we have a whole raft of possible geopolitical concerns. so this is not a risk-free environment. the markets so far have shrugged that off we'll see if they continue to. but my calculation was basically in response to the market and money market increase. >> i want to target on something you said which might catch people by surprise you're actually bearish about

president trump's reelection prospects right now, and the line that struck me, you said, trump has until approximately the end of the july 4th weekend, that's this weekend, to right the ship or he might win badly is he righting the ship and what happens if he loses? >> no one is thinking about what happens in that regard because it really is the decision of the president, and i think he has to weigh a lot of options but i think he has to be much more decisive about how he differentiates himself from the vice president i think that the biden campaign is following exactly the right strategy, which is not to expose the vice president there is usually two questions in a reelection campaign, time for a change or four more years, and the public usually, but more in this case, say it's time for a change, but the second

question is, how is the change compared to what we've got in his public -- very, very rare public appearances, i think most people conclude that the vice president really will have a challenging time, both mentally and physically, carrying out his duties so in that case, keep the vice president in the basement. the only thing people focus on is trump and that is to biden's advantage. >> you mentioned this at the same time investing in the election do people need to we are about a biden victory or the prospect of a democratic sweep >> first thing, markets have to be concerned about the markets in 2020 and beyond

the economic stimulus is not a one-year deal because it will be very difficult to dial that back without hurting the economy. so i think we have -- we're going to have an extended period of extremely easy monetary and fiscal policy, and one of my biggest concerns is a reemergence of inflation as a result we're not exactly sure what the vice president is going to do, but if one reads what it said, there is going to be a really extreme reregulation of the economy. people mostly focus on the tax changes, and of course, they will be adverse. but it's going to be the reregulation that's really going to hurt corporate profits. >> and i guess you would just say it's in the longer run so we could have a stronger market in the near term, and it would be, i guess, further out we face some of those headwinds. what about a weaker dollar as well a lot of people had been betting on gold lately and that it been

touching new highs does a weak dollar pose a threat to the economy at all? >> the dollar is going to weaken it may weaken very quickly if the vice president were to win, for a whole variety of reasons i think you have even greater fiscal and monetary expansion under a biden regime so, yes, the dollar is likely to decline, and all kinds of assets go up when the dollar goes down, and interest rates stay very low and inflation begins to creep up i think a prudent portfolio would be heavily invested. >> finally, larry, what would your one piece of advice be for the president if he hears everything you're saying and if running on the economy isn't going to do it

given everything you've just described, what would larry lindsey say? >> i think, you know, he's running against what is essentially a cardboard cutout figure again, it's a very, very smart strategy but he's got to then define what four years under that other option might be. and it's going to be very different from what people expect, and the president has to now define vice president biden, and it's very easy to define trump. he's also got to define his opponent and point out to people that even though they don't like him, they may not want what is on offer, either >> interesting larry, thanks for joining me today. i know we covered a lot of ground appreciate it. >> always a pleasure, kelly. take care. >> larry lindsey is the former director of the nec and with the lindsey group. as we await the june jobs report to find out the state of

the economy, millions of americans who are out of work have exhausted their state unemployment benefits by now, but there is more help available to them. rahel solomon is here with details. >> reporter: a program called extended benefits has triggered on it provides an additional 13 to 20 weeks of unemployment benefits for those who have exhausted their state unemployment these benefits have been in place for half a century and typically a state in the federal government split the cost, but as part of the cares act, the federal government is picking up the bill and labor economists, kelly, say it is a good thing because the unemployment picture is so dire that even states with the lowest unemployment rates in the country are in need of the benefit. >> when you see a state like nebras nebraska triggering on for the first time in years and years and years, and they enter this recession with a relatively tight labor market, you've got to be real worried about just how widespread the devastation

is from this fire and our failure to control it. >> and the extension of benefits is directly tied to a state benefit. kelly, if you're in a state like florida which has the shortest window for unemployment benefits, the cap for extended benefits is even shorter even though it was triggered longer in the great depression, they triggered on too quickly, according to critics this time his concern is when the program triggers off he's afraid it will trigger off, especially if we see the unemployment picture remain the same to the end fortunaof the yd even into next year, kelly >> the cliff might not necessarily come when those expire but when, which varies by state, when those additional, those supplemental benefits expire >> yeah, and we're just now starting to see, if you can think about the 13 to 20 weeks,

we're just now starting to see the extended benefits trickle on and people start to receive those benefits, right? theoretically, if you're at the end of your state's unemployment window when coronavirus struck, and you got an additional supplement because of the cares act, and now we're starting to see we're a few months past that point and extended benefits trigger on, it remains to be seen as to what happens. >> rahel solomon, we appreciate it coming up, tesla takes the crown. the company becomes the largest automaker despite filling more than 40,000 cars last year what is the move and can it last that's next on "the exchange." we're going through a really tough time right now,

all around the world. and covid-19 is still impacting so many people. if you've survived it, then you're the heroes we need. the plasma that's in your blood can literally save lives. but we have to act fast. so please donate. you fought for your life. now, let's work together to take down covid-19 to donate plasma go to thefightisinus.org welcome back to "the exchange." it's another banner day for tesla. it just hit yet another all-time high, and this time taking the market cap crown it's at 165% for the year. it's up 430% nearly for a low.

we're at 206 billion, making it the biggest automaker. how impressive is that it's not only bigger than every other automaker, bigger than disney it would take ford more than two months to deliver what tesla delivers in a year i'm joined by dan ives and phillip le beau. thank you both for being here. dan, do you think there is a catalyst for it crossing this 206 billion mark >> i think what we've been seeing, especially for the last six months, has been a real embrace by traders, and you can

make an argument whether these are momentum traders or true believers, but clearly they're embracing the idea that tesla has the cleanest past, if you will, to a wave of the future with their electric vehicles you can debate whether or not we'll see electric vehicles take off as many have predicted over the last five or six years if you're a believer who says, yeah, i think electric vehicles are coming, this is your best option right now >> if you own tesla, do you take your profits, or does this keep going? and if so, how much more can it keep going >> when the stock continues to go higher here, we talk about the scarcity value i think if you look at what's happening in china in terms of the market, you're seeing a spike. that's going to be key to these delivery numbers you put it all together, bulk case $1500, and i think tesla

right now, what they're starting to look at is teflonlike demand in this covid market we think china is worth 3 to $400 per share to the story. >> and you also think this weekend, or what happens in the next few days could be important, because they'll report those delivery numbers, correct? what are the expectations there? >> the expectations coming in are really looking at about 70,000 but i think if you look now, whisper numbers and all indications we're seeing in the u.s. and europe and china, you could potentially be seeing 85 to a 100,000 number. those views were almost impossible if we look a month ago, but right now it's the drumroll to these delivery numbers, and i think that could be the lynch pin to even move the stock higher >> phil, what would you echo on that front deliverywise? it does bring to mind this comparison, which we hear all the time, about how few cars

tesla sells versus how many other automakers sell, and nobody seems to be wanting to own or invest in one of the traditional automakers these days >> if you're owning or investing in the traditional automakers, kelly, what is your hope for moving that stock higher what do you believe would be the catalyst for the future? let's take general motors. do you believe it would be gm becoming a major player in electric vehicles? there is some indication it could be a major player in electric vehicles, but it has one foot in the present and hopefully one foot in the future right now i think investors are looking for clean play clean play for vehicles is with tesla. nothing against the gms, fords, everyone else, they make some fine products. but in terms of catalysts for those stocks, i think people are looking around and saying, what is the catalyst? >> phil, here's the thing, though you look at the ford f-150, for instance, the whole series, not just the f-150 >> extremely profitable.

>> absolutely, and ford stock is under $6 today >> right the argument you will hear from people is, that's great, but beyond the f series, beyond some of the suvs, what is it with ford what am i buying where do i think ford will be in five or ten years? do you think ford will be substantially different as an automaker? it could be. but there are a lot of question marks there. so you're taking, to a certain extent, a leap of faith that that $6 is going to triple in three years or four years, whatever time frame you pick there's no certainty there >> dan, i turn back to you we have a 1500 bull case is this an automaker valuation piece of research here is it a technology company, is it a hybrid? what are the multiples and what are the peers you're comparing it to? >> that's a great point, and i think that's the key if the street treats tesla, and i believe for good reason, as really a technology, disruptive

technology player, and it gets that multiple, it's that scarcity value in terms of ev, and even some of the parts, when you look at the battery side, a million-dollar battery could be on the horizon so i think i it does this tradee an automaker, but a technology maker. i think even when you look at cybertruck, we think it shows the pent-up demand for musk and tesla. >> absolutely. maybe that's where the f-150 loses a bit of its luster. i was going to say i'm excited for battery davis year, i don't even remember knowing the date the last few times around. dan, phil, thank you both, on a big, big day for tesla we appreciate it. managing reopenings. there's a lot to deal with, staffing, inventory, protocols and more we'll speak with the ceo of zen

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welcome back to "the exchange." want to show you shares of pinterest, after facebook confirmed the plan to shut down hobby, a rival app shares of pinterest is up 5% even though the dow just turned negative meantime new york city is set for phase three of the reopening except for restaurants indoor dining will no longer be allowed to resume until, as governor cuomo said, the facts change with the stakes so high, it's a race to adapt to the new normal.

joining us is the cofounder of zen-put. vlad, you're offering the software for free right now? >> yes, when covid started to hit the country hard, we decided to come out with an offering to give grocery operators the ability to manage a lot of our covid impacted protocols and things they're managing. so we've seen tremendous success with that, starting to converge people back into the full suite of everything we offer today >> yes, let's talk about inventory. you think you're reopening, then you're not, you have no idea what demand is like. you have to figure out a whole different type of inventory for the menu what do you seeing happening with the restaurants and how are you trying to help them >> yeah, i think there's two fronts on this

on the one hand there's a lot of -- you have folks that are reordering food, inventory as they need to when they're coming back into an opening scenario, 5, 10, $15,000, and i think there's a lot of concern, the sect of open those up, the food traffic may not be there and all of a sudden you're left with a lot of kniffin to iron your hands that you might have to to say out the door we spend a lot of time with our operators focused on agility and adaptability every sing the municipalities, every state, every region is doing something different, and it's challenging to keep up and communicate to different locations across the country. >> i can't even imagine. dunkin', chipotle, sweetgreen and all the rest of them

>> historically for a lot of our customers, the way they would operate and communication, a lot of the food safety procedures, the covid procedures, they would be mannelly done with a lot of phone calls, a lot of text messages in all of our cases what is happening they're now using our mobile applications. the general manager throughout the day is getting notifications of work that needs to get done they're able to drive and focus on food safety handling procedures and sanitation procedures in a much greater way. >> one final question, you mentioned, we all know this is true, the demand side is all over the place, totally unpredictable now. some people are getting more orders in the middle of the day than they might have anticipated, different kinds of orders do you think in general restaurants will responsibility by dramatically shrinking their

menu menus i won't you if that menu response is going to be a big thing. your quick service restaurants, youths fast-food restaurants, and they're having to rethink of packaging as well, and i think any of our casual dining customers or casual dining segment, you could walk into a restaurant and have a relatively long menu. that's not going to work in an environment where you have to scroll through a phone to place an order we're seeing trimming down you mike focus on two or three entr entrees. >> vlad, good to speak with you. >> of course, thanks so much don't go anywhere,

billionaire tillman fertitta is back, and he is frustrated about the state of business in america. he joins us right after this short break. ♪ ♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey

we'll have the fed minutes in a couple minutes. meanwhile, stocks cutting early-morning losses on vaccine hopes. and better than expected employment data. all the major averages are mixed, as we await the release of the minutes russell down about 1.2%. check out pfizer, folks, sp