the street great to see you always appreciate your perspective and look forward to talking to you again very soon meantime, want to thank melissa for hanging out with us this morning, as always hope to have an opportunity to see you again very soon. joe, nice to see you, my friend. squawk on the street begins right now. make sure you join us tomorrow. >> good monday morning i'm carl quintanilla with jim cramer, who is back, and david faber. welcome to earning season. pepsi kicked things off this morning as the market weighs covid worries, florida's single-day record with pfizer winning fda fast track copper, one-year high. jim, welcome back. it is great to have you. we have a lot to tackle this week. >> last week, i tried to take time off

you can't when the nasdaq is running like this. a 7% gain in index, you almost have to realize everybody's price target has to come up. it's baffling and confusing people who are not in the stock market but making a lot of sense to professionals who realize oh, my, god to chase. >> yeah. banks will get jp morgan tomorrow there's a lot of discussion about the commentary will matter more but also the idea that because of where estimates are, you could see some upsize to prizes another upside out of bsf. >> jp morgan, the whole group is insane goldman sachs goes from 190 to almost 210 it's almost as if people said, find me something that is not crazed my issue will be loan losses and possibly dividends and i think a lot of the chatter -- i listened to wilf this morning but a lot

of the chatter is if people are getting more stimulus and money is being pumped in, why should these companies pay their dividends? i personally think there's no problem but that wells fargo dividend news shook people up. >> hey, carl sorry, yeah, just trying to do my data feed here while you guys have been talking. jim, on banks, we were talking a lot about them last week of course, coming into this week with the earnings. what is it going to take for them to be a real buy, so to speak? >> one of the things that must happen, david, must, is that there has to be differentiation. the world of etf, to me, makes it so it doesn't matter whether gorman does a great job at morgan stanley or whether sthou salman blows it out because goldman should have amazing trading. if we don't get differentiation,

if we are anchored to wells fargo, people are going to regret that plus five buy at jp morgan will jamie come in hot will he? or david, will he just say, you know what? i can't forecast i don't know >> don't you think that's more likely >> yeah i do. >> he usually speaks to a level of reality and reality would seem to be it's going to be very difficult. the banks are going to have very strong debt and equity capital markets, record quarters and trading to your point. we also know reserves are going to go up what are they going to say about the mortgage >> unless markets, small business not a great time to get in them. morgan stanley is less with e-trade less and less involved possibility for loan loss. goldman before marcus was a dry cleaner, goes in, comes out. bank of america is a great bank

but they've got a lot on the line given the fact that they've got a lot of consumers who knows what scharf can do he kitchen sinked the whole thing. he still has the ability to say this is not my bank f they trade together then we really -- there's no -- you don't even need to do any work. it's just the fed, the fed, the fed and that's not the way i like to do business. >> i was looking back at what diamond said on april 6th, jim we have run a ann extremely adverse scenario, which assumes down as much as 35% during q2 and lasting through the end of the year we hope we won't get anything close to that. >> no. the big issue will be, do people stop paying rent, mortgages? i have seen people who -- actually, people of moderate wealth who are saying the banks are giving me forbearance. what bank? would some bank call you and tell you, you don't need to pay? you can address this, david, but

i think there's a laissez faire approach i have a tenant in a building. you can't evict people no matter what you do. what do you do if you're jp morgan, bank of america and you say, david, you know what? i can't go after people who didn't pay because it's not the right time how do you handle it >> i'm not sure. in terms of forbearance all the way up, is what we would potentially need maybe we'll get to that point. we all watch closely in terms of what's being paid, in terms of residential rents, commercial rents, percentagewise. it's not great, jim. >> no. >> it's not as bad as many had thought. certainly not on the commercial side, or hasn't been to date your point is a good one, particularly when there's debt behind that. and the question becomes, can the landlord pay the interest payments that are due if there's nothing coming in?

>> carl, we've seen this remarkable franchising of america. a lot of the restaurants are franchising. you know what? there's a certain point where they can't pay the fees and these franchises are all borrowed money and it's been a fantastic business why does chipotle go up constantly i think it goes up because it's store owned. the company owns the stores. and the differentiation may be, you know what? we're defaulting let other people continue to pay. and i've seen this over and over again. even the starbucks of the world. wait a second, we're not paying that rent. chipotle is trying to cut the re rent be careful this stuff all ends up at the bank that's what i'm worried they have to talk about. >> yeah. last week, of course, piper went to 1450 on chipotle, jim, lot of discussion about direct to

consumer again and in terms of the franchise, how much that knocks the model in terms of medical news, we go florida with 15,000 plus over the weekend. more than being offset, of course, by this fast track biotech news how are you seeing it, jim >> people ought to go and read the article, the interview with albert borlach everyone is excited about everything these days. you have to understand that he says, listen, it's basically -- it's free. to some extent he said we're not going to give it away to governments we're going to charge governments a very nominal value. we're kind of throwing a billion at it. and if it doesn't work, we're going to write it off. i did not find this as reassuring as others i love the timeframe i also do not like, hey, you know what? we're going to make a lot of vaccine. if it works, great if not, we're just going to write it off that's not what you want to

hear and it could be a big write-off. i'm accuse oousing a new term for pfizer i think they're rolling the dice if the fda rejects it, we'll have to write it off and call it a day. call it a day? i don't want to -- do you want to be part of the 30,000 people who might be calling it a day? david, would you take that little virus i'll give it to you. if it doesn't work, just call it a day over there >> no, that's probably not the route we're going to go, or not the route i would want to go to your point, you do need large scale trials where you can prove the safety of the drug over the vaccine amongst a very large group because when you're giving it to potentially what may end up with hundreds of millions if not billions of people, you want to make sure you're not giving them anything, jim. >> right. >> on the vaccine, antivirals that are available now and

hopefully ones that will be available soon that will act earlier, an onset of the virus, jim. it doesn't appear our mitigation efforts are going particularly well in certain parts of the country. >> no, and they did throw dr. fauci under the bus. we had commentary about this this morning look, if you have the science and you're trying to interpret the science, hey, you can get it wrong. but, obviously, he's under pressure from the president. one thing that i have seen is creeping into the numbers for the first time, carl, is that people talk about when we get to voo vaccine -- it's not if, but when carnival cruise, you'll love this, the piece basically says that carnival cruise is a winner with covid winner. >> you're referring to the -- >> i find that a little strange. >> yeah. >> it looks like they're going to launch -- they'll have a german launch of the ada brand, limited sailing. >> yes. >> i don't know.

all aboard. >> yep and on friday arnold donald said they would shrink 15 ships to 19% of capacity. it seats 50% upside. i mean, it's -- but they say bookings are within historical trends. >> they're great prices. i looked at bookings i told you i was going to take a cruise in february one thing i would say is that these analysts are always ship percentage crazy if they can say certain ships are coming off, if they shrink the fleet well before covid, it was because they were adding to the fleet. now they're talking about cutting back on the fleet. adding to debt, adding to shares as much as it's fun to look at the prices, which are amazing -- and david, an alaskan cruise basically they're giving it to you. but that makes me question why i want to go. >> i'm not seeing the two of us

on a cruise any time soon, jim. >> no? >> cruising, we know, is a way of life for other people and they love it and can't wait to get back to it. >> go to a mall and if that's okay, we'll go cruising. >> we missed you last week we watched the market continue to hit new highs in the case, at least, of the nasdaq, and the s&p, of course, creeping closer and closer to flat on the year despite the rising caseloads in texas, in florida, south carolina, arizona. we can go through a long list, unfortunately, of states at this point. does that just keep happening, or do we get to some level i don't know we were talking about this last week, carl 100,000 cases a day. is there some level you start thinking about closing up again and the impact that would have, or is that simply something that is not going to happen, period, and therefore the market is only going to pay scant attention to the number of people who are

getting this virus >> i don't think anyone is prepared are you going to let the dallas cowboys come to new york when you're not supposed to let people come from texas what do you think about the idea that tampa bay is going to come here to play the mets? there's an unbelievable disconnect between what's going on in the real country and what's going on in sports. if any of the football players, have they been to -- what do they do, test them at half time? they have instant pcr? i just continue to believe that the commissioners and the owners are full of hope and hope should not be part of the equation. i love hope. it's terrific. but no fans, obviously but do the -- does the health of the players matter or do they want the money so badly -- does everyone want the money so badly we can say 15-day disabled for covid? is that where we're going? i don't think no one wants to

mention the dirty little secret, that people get really sick, even if they are 28 years old. there's just this idea that if you're 28, it's like a cold. and i don't know when that stops, but if i were in florida right now, i don't think i would be thinking, wow, god bless you. >> it's not a sneeze. >> we're getting a statement just now, jim, from washington, d.c.'s nfl team, confirming what we know from reporting over the past couple of days, that they will retire the name and logo upon completion of a review. so, jim, you're right. money is a motivator there's no doubt about that. >> yeah, look, no one wants a season more than i do. season ticket holder of the eagles, but it occurs to me that we're not going to be able to go and, sure, the tv money will be there. but, david, you've got a boy going to college. >> yeah. >> how many football -- the football schedules, one by one,

are being wiped away. >> yes tlaerks not going to be a football season. there will, however, be practice never hurts to practice, jim. >> practice? >> yes. >> practice? >> practice. lots of practice endless practice and maybe, who knows, they'll be able to have the season in the spring we can always hope. >> talk to iverson about that. >> guys, we'll take a break. it's great to have jim back. new target increases on ebay this morning alphabet, apple, amazon and initiation of disney at goldman sachs. they start with a buy. disney world reopened over the weekend. we'll talk about how that want and what the future means. ensquawk on the street" continues. w. jim could you pop the hood for us? there she is. -turbocharged, right? yes it is. jim, could you uh kick the tires? oh yes. can you change the color inside the car? oh sure. how about blue? that's more cyan but. jump in the back seat, jim. act like my kids. how much longer? -exactly how they sound.

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welcome back david, on friday we were talking about m & a heating up and we've got a deal in semis. >> a large deal in semis there's been talk about a big chip deal. we got it. it was announce this had morning, some reporting on it late yesterday maxim, if you want to do the math at home it gets you to an over $20 billion deal based on t the equity there we'll see what analog does, of course, jim, in the early going. $275 million overall cost synergies over time. yeah, there it is. by the end of year two

and adjusted eps, 18 months subsequent to closing. we'll be talking to adi ceo later this hour, jim what's your take on the deal itself of course, we can see the premium being paid, resulting in maxim start price. >> analog bought linear wirks i thought would be a tough deal i spoke to the company when they did that, they really combined the companies in record time what's extraordinary about this deal, when people say the market is overvalued, maxim was only up 4% it was at its high, though and when you see companies that get bit at the high, they don't have a great quarter this next quarter was going to be even worse. it says be careful if you hate this market. vince saw value in maxim, batteries, car batteries, value in health care lot of value in internet of

things there's a competitive world in the analog, between analog devices and texas instruments. this puts them in better position in terms of what i call industrial america technology. if autos come back this thing is a horse. >> and, i mean they can now compete with the likes of texas instruments when it comes to r r r & d spending. >> they always say three years, it will be under two years. >> you mean integrate the two companies? >> intergreat the deal with profit when will we raise monies? it will be two years from now. one of the most important things, we'll talk about this with tess la battery management they'll own the ev, electric vehicle, drive train all we do is talk about, much of the time, everyone when you're on vacation, they talk about

musk well, ev is really just musk, but ev is going to be everybody. that's a good business for them. they also do -- maxim has this great health care business anybody who is try iing to figu out if they have covid uses a pulse oximeter and that's maxim that's a very good business, great health care business and even though they are going through a sequential decline because of covid, the company is still getting a bid. >> they raised third quarter fiscal guidance, carl. >> biggest of the year so far. we'll touch on disney after the break. stocks up 3% ♪ ♪

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let's squeeze in a mad dash about eight minutes from now, opening bell for the week. pepsi is the name you want to focus on, jim? >> i find it extraordinary once again. people think that the market is overvalued then you get to the pepsi quarter and what happens the ceo hits it out of the park. why? because we're snacking more. it's what you do at home their whole business of snacking

is on fire now, the quarter started off strong then it got very soft. and then it ended very strong. obviously, they're worried right now about florida, california, arizona, texas but this is a big lockdown beneficiary. and i keep stressing that if you can get the supply chain down, they hired 5,000 people to be sure you got -- quaker is only up 4% of revenues, 8% of profits. it's up 23% revenues, 53% in profit once again, you stay at home, you cook, you do all these things incredibly strong. e-commerce, 3 billion. people don't want to go. they want to have it come to you. so i was very excited about the quarter and, obviously, the market is, too once again, if you have a product that you stay at home with, winner, winner, laze

dinner. >> add more protein with it if you're going route sticwi uk ths.

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video from disney world with opened saturday with mask rierms, reservation requirements and low capacity they say parks will recover. >> yeah. look, one of the problems we have with parks, offer and over again, are social distancing you can't put as many people in a place. i would cringe if i ran disney,

because the whole profit there is the line. this goldman piece is brilliant, because it uses a term we first thought about netflix, when it was a $50 billion company not a $240 billion company content is king. this is about cord cutting it's not about the wonderful world of color. >> that does figure into a lot of the analysis that we're seeing from various people who follow these companies, jim. the numbers are staggering, as you might expect it's interesting, because if cut the cord these days, youtube tv was 49.99, or will soon be $69.99 you're not seeing people then go to those over-the-top services that basically create it for you in a different way you're seeing them leave and

come back. so we'll have to wait and see how it all shakes out. it's interesting, because the price comparison may not be there as much for some of the other -- those players, such as youtube tv and many of the others that we're aware of that have created these universes over the last, whatever, five years. they need sports, like so many other companies. if sports come back, it's a win. espn is interesting, because if you go to the website it's all fight club, fight club, fight club then there will be something that remembers ted williams. i don't know i mean, a throwback. the whole site reads like a

throwback. and that was a throwback i don't know i want to go forward i don't want to throw back. >> undervaluing on disney. we'll watch that game as we get the opening bell here, guys up 24% in the past two weeks. >> another survey said look, the numbers will be better than expected netflix is one of those stay-at home stocks. other than amazon, the best stay-at-home stock i remember when we were incredulo incredulous, shocked it passed the value of cvs cbs has everything from i aye love lucy to the masters, like no other, and march madness.

netflix has what we want at home when people get together what are you watching on netflix? they don't talk about what are you watching on tv >> either having a distance conversation in person, more likely over zoom or this thing called the telephone, you're asking people what you're watching netflix certainly being foremost, approaching a $250 market value, to your point. to your point, jim, i've been

having trouble with my fax this morning. i want to make sure this is right. $311 billion market? >> yeah, yeah. carl, this is -- >> not ohm that, bloomberg has an index of billionaires, which they estimate billionaires' net worth and say elon musk has surpassed buffett, a higher net worth than warren buffett. >> he had a better year. he had an inkred icredible plans ability to perform and the stock price to erform, carl. i'm forgetting -- i know he has gotten the first part of it in terms of investing an enormous amount of shares but he's getting rich while the shareholders do. >> yeah. that's the kind of deal we want.

september 22nd, we're all going to have to take -- it's a national holiday, because that's battery day. people are talking about a battery that goes for a million miles that is correct lasts a long time. whether it's a car company or vehicle that ends fossil fuel. maybe he has a battery that is the answer to filling up and charging could be remarkable. >> that sure is. >> that's approaching the 2000 bull case. >> right. >> although he kept the underweight the last couple of weeks. >> yeah, that's fun. talk about 3% to 4% penetration, but he was talking about this,

400 worth for china. the new thing, it kind of reminds me of dustin hoffman in the graduate, india. kind of like plastics. suddenry is a new frontier musk is fun. he enjoys himself. you don't see ford having a great time, right? hey, the bronco, wow no i want a car that drives forever. if there was a place to go. >> i did this the other day but it's worth doing trying to find things that are still larger than it i can only come to facebook, apple, amazon, then it's rarefied air at that point j & j is still larger than

tesl tesla. >> that may not be the case. >> how do you back into that forget dominating evs. >> okay. do they dominate that extends far beyond the automobile? >> yes. >> i don't know if there's any thoughts about solar city. i don't know. >> people are using numbers like $25 a share, carl. they're using eps. if they do the kind of breakout, some say you know what it is a very inexpensive technology company versus nvidia

nvidia is so good. >> that's another name we talked a lot about in your absence, jim, as their market cap surpassed intells. >> it's a parlor game. we can look at intel and nvidia. the reason it's surpassing is because it's a better company. the end markets are the edge the data center. he said let me tell you what i've got planned five years from now. when i talk to nvidia, it's like talking to hanna barbarra, it's like the jettisons. >> you've been saying that for years. >> i have. >> you don't name your dog after a company unless you're a believer. >> a lot of your critics on

twitter will come after you for various things but on nvidia, you have been dead right for a long period of time. >> thank you. >> you're welcome, jim. >> just made my day. i'm glad i'm back. >> from 35, 40 feet away. >> that's all true zbl. >> i was going to say, jim, of the winners you stuck with, i'm thinking starbucks, costco, facebook, nvidia. >> don't forget shopify! >> i have losers, too. this is not one of those moments where i would not look as good, frankly, if it weren't for the pandemic these companies are pandemic stocks before this were great growth stocks now, with the exception of tesla, they're pandemic themed look at facebook that's where the ads are going, even though there might be a boycott. i don't think that will be meaningful amazon i don't know i've not been to a store since

march. i don't know about you guys. but i -- there isn't anything i haven't been able to buy on a.m. ston it is incredible karl, i don't know if i'm going to go back i don't know if i'm ever going to go back. >> we were talking about the new street high on amazon. today, goes to 3700. on the whole about mix, jim, growth prospects in india, despite the walmart plus news that tried to make some waves last week. >> room for everybody. top-line acceleration, amazon web services, they actually picked up more retalers even though amazon is their competitor

boom did i buy bubbly on amazon you bet i did. in i going to into a supermarket, just go in like that's -- hey, i'm here. no i don't want to do it anymore, not when i have amazon they bring it to me, unless i need something that day, and i don't. >> the ones we've been speaking of, netflix, amazon or tesla, jim, they've gone hyperbolic tesla is up 200 bucks. i want to bring it back to m & a, we have a large deal, talking to the ceo of analog devices shortly. i've been mentions these special acquisition corporations everybody has gone i'm surprised jim hasn't started one yet. of course, he has, along with his restaurants. might as well be doing this,

because everybody else is. today the latest one from shin shoo and charles druker. multiplan is a company being acquired by or merging into churchill capital three. michael klein. this is an interesting deal. the symbol is ccsx, up about 15% this morning this is a company that's fascinating. it has access to a data network that is unparallel in terms of health care performance, delivery its customers are ensurers and the basic ideas they save the ensurer money by telling them what bills are out of line from the hospital and from others right now they are only out of network in terms of what they do the growth of the company has

gone from pe firm to pe firm to pe firm. finally now going public 1.3 billion comes in from churchill from the spac. they also raise another 2.3 billion from other investors, pimco, oak hill, del, fidel iit. it's a convert valued at 11 or so billion another spac this time, the deal happening. it has been fascinating to watch these. they've been operating at seven times, how strong the company has been, seven times in terms of their lerchl at this point for the last 17 years. churchill capital. three acquiring that along with these other investorors bringing them into this public entity

would assume shareholders will go along with that carl, back to you. >> all right, david. we mentioned analog devices and maxim up here at the open. they also raise their current quarter guide. we'll check in with the ceo of adi on that deal next.

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joining us now very nice to have you with us this morning, vincent. let me start with the basic question, which is why is this deal good for your shareholders, good for your customers and employees? >> good morning and thanks for having me. we focused on building the -- our customers are asking us to do more and more in this particular view, squal will matter. we get more technology, more talent and we get more products, quite honestly, to sell as well. i tend to view these

acquisitions, these mergers as good for customers driving long-term profitable growth through innovation shareholders on both side also get to share on the upside in terms of the increased equity value as we combine the company, make it grow stronger and make it more efficient. >> roughly 69% owned, so to speak, current shareholders of maxim. give me an example of what this will enable you to do with your customers or what you will be able to offer those customers that you haven't been in the past when this -- when you have integrated maxim. >> well with, let me give you two particular examples. in the area of for example, radar systems, maxim brings a very important technology that helps to move the information

around the car in a very verks high fidelity, very high-speed way. that's a piece of technology that adi doesn't have today. it combines very well with adi's strength and entertainment another area where maxim has particular strength is bringing the core power technologies that are really so important to making sure that the energy gets to where it needs to in these processor-dense data centers and that's a place we don't play today. adi has other technologies in data centers together, we can take on more of the challenge in the business of increasing complexity for our customers. >> it's jim. always good to see you. >> thank you, jim.

can you tell us what in your mosaic was -- >> we're a b2b centered company with a lot of diversity. what we saw, jim, this quarter was growing strength in our industrial sector, of course, along with health care those businesses are very, very strong you know, automotive still remains on the weaker side and so that is the benefit and the great strength of the diverse business we've been build iing. >> what is most exciting is this space business that you have this is something that i think maxim extends to health care, data center.

it's a real business for you. >> it's a real business and was catalyzed five years ago with very, very high frequency communications technologies, to which we've been able to partner a lot of the signal processing we can bring -- it's still a relatively small business for adi today but we see tremendous growth prospects. >> your ability to compete with a fairly competitive set of companies. >> yeah. so, we are unique. we, as a company, first and foremost we play at the cutting edge so we are a leading. that's always been our proposition. we bring great cutting-edge

technologies to enable our customers to realize their innovation ambitions you look at lt, look at maxim. they share that dna with us. ins increasing in terms of innovation complexity, where customers are asking us to solve more and more of the problems for them, i think this speaks to that beautifully we have 10,000 engineers that we can point at, you know, all the spaces that we care about in b2b and consumer and everything that will emerge. i think from a scale standpoint and ethos standpoint, it's a great match. >> and finally, vince, you know, i'm curious about the choreography of a deal during a pandemic typically deals require the two principals to get together and talk and figure things out i don't know if you had a

previous relationship. i know that often can be the case within the same industry. give me a sense as to how this worked over the last few months, because of the constraints around travel and around face to face >> first, we have been admirers of each other. we're cousins in the same industry and the whole dialogue took place virtually. that's unique as well in the landscape of m&a so you know, there's a lot of respect, and a lot of belief that the combination can really bring tremendous value to our customers and our employees as well as shareholders, and if we sell for our customers and employees, our shareholders will be happy for us. >> you were able to do it all over zoom or whatever you were using? >> we have known each other for many, many years we've met many times this was completely virtually

dialogued. >> i think that might be a first. >> it might be a first >> vincent, thank you. appreciate you taking time with us during, of course, a busy day with the large -- >> you're thank you. thank you for having me. >> the all time high on the nad 'lch and nasdaq 100. wel talk about that along with stop trading with jim in a couple minutes save hundreds on your wireless bill

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on all 2020 lexus models. experience amazing at your lexus dealer. what would the morning be like without mentioning apple in my fair analyst on the stock for morgan stanley raises the price target to 419 because trade-ins. it looks like the trade-in policy is d the whole part where they finance you and you want to trade, it's underappreciated she says given the fact there's going to be a huge number of order phones and a new cycle coming up, she says buy it. do we have a 2 trillion company coming here? it's possible.

that would be extraordinary. it wasn't that long ago we were talking about how amazing it was to have a trillion dollar company. this is part of the amazement that david talks about the amazement that you could have a company that's $1.7 trillion. >> yeah. i know, jim. we got a digit times report. we always throw cold water on supply chain checks, but they do say mac books could be up 20 quarter on quarter and last week the buffett stake in apple accounts for 22% of berkshire market cap that's amazing >> wow think about that talk about not being diversified. he would say wake a second, i'm burlington northern, i have a pipeline network and precision cast parts, geico. i know there's a lot of pieces to the puzzle but the apple, i went to the dairy queen and saw the kids on their apples, maybe the best security analysis i've seen >> talk about diversities. they're also diversifying their

manufacturing base the latest news is a billions, fox spending a billion to expand in india they're getting away from china. i shouldn't say getting away diversifying so they don't have to rely on china >> that's very smart india is still underpenetrated that's a good idea it's been a very knock off business in india. there's a lot to like in apple people have to understand trade-in started the move. people were not paying attention to it. i urged tim cook to talk about the value of a customer. they are lifetime because 90% continue to love the phone talking about really the end of the phones that are competition. really interesting the end of competition >> you guys, it's been fun to compare market caps with you this morning whether it's tesla or nvidia or salesforce, jim, which i saw

overtook orricle >> they invented the cloud i'll have mark benioff tonight we're unveiling the next tech contest to find a wearable mask everybody will be feel comfortable in i think this is going to be an exciting project million dollar prize money from x-prize. >> jim, we are grateful you are back >> it's so much fun. by the way, i was in quarantine, and not great. because your wife puts you in the pool house thank god i have a pool house, but netflix. the quarantine i watched epstein. look, when you have 24 hours to kill for six straight days, there's a lot of netflix you discover

>> we'll see you tonight on "mad money" 6:00 p.m. eastern time. good monday morning. welcome to "squawk on the street." i'm carl quintanilla with david faber and morgan brennan stocks in the green. s&p at the highest level in about a month as a lot of the big momentum trades continue to work riding hopes of health care breakthroughs as pfizer gets fast track status. let's join bob dahl and talk about where the markets are headed from here happy monday good to see you. >> and to you. monday is green. >> sorry >> i said it's money and it's green. the screen is green. >> it is monday and it's green that's right we are starting to get used to this high frequency seasonality weather. watching the case loads over the weekend which tend to be lower maybe that feeds optimism, but how optimistic are you about the country's ability to handle some of these cases

>> i think the jury is out we would have flairups i still think we have not seen the second wave which is possible later in the fall, let's say. this is just a flairup of the first wave, and you know, with the riots a problem, south of the border a problem did we open up a little too fast we're learning to live with coronavirus. the lock doup was not to eliminate coronavirus. it was to take pressure off the health care system and allow time for therapeutics in fact that's all happening we're going to get the flareups from time to time all over the place. it's going to cause i think some consternation eventually for the market >> so you don't think, in other words, the market realizes we can deal with this with a scalpel rather than a sledge hammer if the market were to come to

that realization, wouldn't that mean broader participation in stocks >> well, it sure would if we can get through all of this, but i've got other problems, too i have a valuation level on next year's earnings. it's not particularly cheap. i got some worries about the election and more broadly geo political issues, and because of the coronavirus flareups and in general, i don't think it's going to be a straightup other side of the v. we've seen a v so far. we've gotten back about a third of the jobs we lost in two months i figure it will take the rest of the year to get maybe another third back after that, i think it gets harder so i don't think we're going right back up to where we were from an economic perspective and that at some level the market made us say let's take a pause. >> what does that mean from a market standpoint? earning are kicking off this

week there seems to be a big expectation that q2 was the bottom, the worst. i think infinitive is calling for a 44% drop in profit for the quarter. if that's baked in, what are the key parts of this season for investors to watch and what does it mean in terms of a potential recovery in the second half or should we just write it off and look 2021 >> a lot of great questions. first, i think the market does not square about second quarter earnings it knew they were coming the question is how much will the third quarter be up versus the second quarter and to your point, what will 2021 look like? i don't think we could get above 3,000 on the s&p unless people were focussed on next year so i think the key issues will be guidance. you know, in the march quarter reported in april and may, people took a pass

you don't have to know what guidance is. but i think the market is going to be saying you got to give me some clue where things are going for your business for the rest of the year into 2021. i think that's what's market is going to be watching for can you give me some guidance and what is it >> so that's the equity side >> i'm sorry, morgan bob, if i'm in a consumer business, how do i give you guidance california, texas and florida are having rising case counts, significant, flairups, as you say, and they're the three largest states in the country. they're a huge amount of gdp how do those two things work together >> well, for starters, that's why i have caution it's a big percentage of our gdp. i'm not saying every company is going to be required to have guidance, but lots of companies took a pass in march because they had no idea how deep this was going to go, what's the

recovery going to look like? now a lot of them should know more if you're a restaurant company or airline, i get it, you don't have much to say in the way of guidance you can just talk about was may better than april? was june better than may and for most businesses that is the case that's why we had a three-month recession. that's the bright side it's over. february, march and april. they were the three down economic months since then the economy is doing better. we're in recovery mode >> we have seen the defensive posture in the bond and treasury market i'm looking at second half predictions. it looks like you think yields are going to move higher in the second half. why? >> yeah. to me there's an inconsistency that's to say how can the stock market be plus 3,000 plus going higher we look at earnings and a better economy, and the ten-year yield, 0.6. now, look, i know the fed is

anchored at zero at the short end, but we saw that run, call it six weeks ago from .6 to .9 and then we retraced almost all of it. i'd like to see and i think consistent with what we're talking about is .7 and .8 and .9 i think before the end of the year there's a chance we'll see a 1% yield on the ten-year >> bob, election sort of a brewing debate about whether or not a biden win or dem sweep is positive or negative for stocks. where are you? >> i think dem sweep is negative for stocks i think the market can live with a joe biden presidency if the senate stays republican, but a democratic sweep puts a lot of questions out there about tax rate increases both at the corporate level and the individual level and the whole kind of behind the scenes reregulation. a president as we saw with

president obama and donald trump can do a lot on the adding regulations or retracting regulations without approval from the congress, and joe biden presidency would probably reregulate some things the market won't like that >> uh-huh. and then finally to hop on your point about yields copper today highest since april of last year i mean, orange juice, gold is obvious. where are you on inflation >> i think it's coming back at some level at some point but not yet. to me it's a 2021 question we're in the tlhroes of a recovery from. somewhere down the line i think inflation will be higher than it would have been otherwise. copper, there are five things i'm watching for the market and since the crash, and that is copper copper is the commodity that is most correlated with global gdp.

and the copper is doing well, says we're going to get a global recovery i agree with that. >> the trend is starting to be unmistakable we'll see you soon as always, thanks >> thank you yeah we're seeing lots of dynamics in the commodities market, too. when we return, a single day record of reported co-vid cases in florida not enough to keep people away from disney world. so how did this weekend's reopening go we're going to break that down with disney shares under pressure st wh ayitus now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express.

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welcome back to "squawk on the street." it is time now for our etf spotlight. a look at the first trust nasdaq from ticker ftsh up more than double digits since mid april. helped along by one of the larger holdings, pfizer with a 7% waiting in the etf. getting a boost this morning as the fda approved fast prtrack ss us for vaccine candidates. pfizer is up 4%. more on that news straight ahead. s the meantime, stay with u with major averages in the green.

electric vehicle maker set to go public with an acquisition. it's a move similar to the one nikola made last month here to explain at the company at the center of it is phil who joins us with the company's ceo. >> thank you, david. let's bring in the ceo offiske automative how quickly did the deal come together and give us sort of a blueprint, if you will, in terms oh of how quickly you plan to utilize the funds of more than a billion dollars that you hope to raise from this ipo.

>> hi, phil, good to see you absolutely it came together really quickly. we started looking at speck deals a couple months ago. i feel like this is the best way in the automotive world. when you're raising that much capital, it's hard to do it privately. i think it's the only way forward. we were approached by a lot of specks within the last months probably because of the excitement in the market we really saw apollo as the best for all the stake holders. we finalized a deal extremely quickly. apollo was very fast, very professional we think it's the perfect partner for us a strong financial partner with great relationships all over the world. and we expect after this announcement that we would sort of go live, if you want, some time in september, october time frame if everything goes well. >> let's be honest here.

fisker has no revenue and no product until 2022 why should investors invest in this company and say this is worth putting down a couple thousand dollars because we believe in the future of electric vehicles? >> i think we're doing something completely different than anybody else i think that's why we attracted a lot of prominent investors like black rock, et cetera they saw us coming up with a completely different business model. we are rethinking how the automotive industry should work in the future. i think there's so much inefficiencies i think the automotive industry is concentrating on the wrong things >> let me stop you give me two inefficiencies, two things you're going to do different than every other auto maker including tesla. >> we have about 20 million vehicle over capacity today in the automotive world it's inefficient

there's no reason for a new manufacturing plant. the pillar of traditional hardware being number one. there's so much time we've come up with a business model to bring vehicles to market in 29 months by sharing hardware with other oems, and we are well in plans to do that and finalizing them. those are two important inefficiencies where today and in the future we'll have to spend a lot more money on software a lot more money on the consumer itself, the digital experience, and that's where we are putting our money. of course, emotional design is important. esg is important for us. we have, for instance, a board with three women, a diverse board. i think there's a lot of other areas where we want to concentrate on than traditional auto makers too to do, and we'll see a revolution >> the future is electric in the automotive industry. nobody is sure if that means 10, 15, 20 years from now.

and let's be honest. the king of the mountain is tesla. how do you convince people the ocean, which is the vehicle we're looking at is every bit as good as a tesla right now? nobody in this auto industry has been able to knock tesla off that mountain. >> i don't think you need to knock tesla off a mountain they've done a terrific job and they opened up the market to really show that electric vehicles can be desirable and work better than gas cars. this is a huge market. first, the fisker ocean is not a crossover hatchback. it's a good-looking suv. that's different from everything you see in the market. secondly, we have a unique lease model where you can lease the vehicle and give it back any time we have a completely different value proposition, and we are aiming at making the world's most sustainable vehicle i think young people who today are coming into or maybe in two

or three years are getting into the market are going to look also about what the company does to help the world become a better world, a cleaner world, and that's something our brand stands for i think -- we have many attributes, i think, where we're different from our competitors >> it's david faber. in listening to you and trying to understand the company, i'm still trying to understand what would you view as your core competency is it the design or the innovative lease program again, i guess, what will distinguish you in the marketplace? >> think about us as the uber of automotive uber didn't buy their own fleet. they didn't hire their own drivers. we are offering a flexible lease to give back your car after a month. there's no new car to do that. you have to sign up for 36 months we think the young generation of buyers don't want a commitment of three years

that's a before big part of the consumer experience. the user interface and design, i think that's where the real key is to the future in automobiles. i don't think the young people in the future are going to talk about the name of the brakes five speed or six speed manual those are old days a young person today, the first drive of their car independent of parents is probably not in a manual coup but in the backseat of an uber they have mobility at their fingertips we have to react to that that's why we're different our business model is about e-mobility as a service, providing emotional sustainable vehicles but not about manufacturing, not about a new manufacturing technology and that's not what this is about. >> right okay but, back to sort of phil's initial question on executing on the vision, you've raised 500 million through a pipe and another 500

million, how much is it going to last you given how much you're burning? >> i might be the only one who has started a car company before we created a business model. a lot of collaborations are either done or on final making we actually with a 1.1 billion of the money we have, we took money on the c-round a week ago. we have enough money to get all the way to starter production. we don't need to raise anymore equity until we start production >> i'm glad you brought that up. you're no stranger to the republic automotive market cost taxpayers almost $140 million for bankruptcy what are some of the lessons learned and why does now feel different than a couple years ago to be trying another ev venture again? >> i think the lessons learned, forget about how the car

industry works today and we started and tesla started and everybody, it was just fisker and tesla at the time the number one goal was an electric car we came out a year and a half before tesla battery supplier went bankruptcy we were to early out and today, what i want to look at is what is real to the future of mobility, what do people want and desire what do they care about? i think we are seeing a complete change in consumer habits. that's what we're reacting to. i believe emotional swrevehicles important. i think we can be the leader in design people buy cars emotionally. if you buy a car over $30,000, you're buying it for emotional reasons. you know, it is an emotional purchase emotion is a big part of it. that's definitely the one of our

strong brand pillars so is the sustainability but yeah, it's -- the auto industry is a tough world. we've found a way to be -- to use a lot less capital and one of them is we're not building our own manufacturing plant and wasting a couple billions on that >> maybe i missed it how much will the ocean cost >> we'll start just under $40,000. we also have a flexible lease where you can lease for $379 a month with 3,000 down. like i said, purely flexible give it back any time. full warrantee for anybody who needs it we lease it over eight years and own the asset. it's reoccurring revenue over eight years on an asset. that's a different model than the one-time sale that the industry is living on today. >> where do you plan to build the ocean and do you have a battery supplier yet >> yeah. so we will announce a few of these things very soon in the

near future in the next weeks and months we're finalizing negotiations. it's a little too early to announce it. but it will be announced very shortly. >> so you're asking people right now to invest in this company even though there's a whole slew of unknowns out there right now? >> yeah. i think the investor sees this is a new business model. it's viable in the sense that we are cash flow positive already in 2023. i don't know that there's any other business plan from any startup car company that's cash flow positive in the first full year of production and deliveries we're not here to create giant vertical integrated companies. i think that's per se. it's the old days. we have to look at a different future with a higher profit margin, more versatility it's a whole new future. it's different you can't go with this old business model it's too inefficient >> henrik, ceo of fisker joining

us first on cnbc i'm sure we'll talk with you more, and now that you've announced plans for going public, carl, this is what i've talked about last week the nikola effect. a lot of interest in this market right now in pure play electric vehicle companies, and that's what we're seeing with fisker. >> yeah. that's an understatement thank you so much. stocks are up 1 % this morning as we reclaim 3217 let's get to sue good morning here's what's happening at this hour the first federal execution in 17 years has been delayed again. just hours before it was set to be carried out a u.s. district judge issued an injunction to allow legal challenges to continue against the government's lethal injection protocol washington's nfl team is retiring the old name and logo following intense pressure to do so many see the name one of the oldest in the nfl as a racial slur the team says it's still working on choose as new name and new

design you can go to cnbc.com for more on that story. in detroit protesters blocked school buses on the first day of summer school over concerns about the safety of students and teachers during the coronavirus pandemic >> in hong kong, even protests like this one with blank signs will be banned going forward hong kong leader is retightening her virus restrictions gatherings of only four people will now be allowed. that's down from the previous limit of 50. you are up to date i'll see youga ain in an hour. "squawk on the street" continues after this

welcome back to "squawk on the street." disney world reopening over the weekend despite a surge of 15,000 plus cases in florida over a 24 hour period. julia has more julia? >> morgan, that's right. as florida sets a daily record of coronavirus cases for any

u.s. state, disney welcomed thousands of visitors to the start of its phased reopening of disney world after the closure of the domestic parks cost disney an estimated billion dollars in this past quarter disney's parks chairman in an interview from the park told me people were following the rules and were wearing masks when i asked whether he's considering reclosing the park due to the spike in virus cases he didn't say anything about closing, but here's how he responded. >> we've designed a process that can flex, and we've put all the right protocols in place as you might know, we have reservation systems. we can control what the environment inside of the magic kingdom where i'm standing right now feels like again, we're confident that we can operate in this new world. >> disney would not say how many people it admitted to the park there were reports of a bottle neck getting into the park, but the ground did not feel crowded.

they're pleased with bookings later this year and into next year goldman sachs anticipating a rebound in bookings initiating coverage of disney with a buy rating and a $137 price target saying it expects the parks and studio segments will fully recover post co-vid and synergies with direct to consumer are underappreciated. two more of their parks, epcot and disney studios are set to open later in the week as is disney land paris. >> i wonder how much a reopening plan for disneyland is going to hinge on this one goes in orlando. >> well, look, i think there are other parks that have opened around the world disney world is much more important for disney's bottom line than disneyland in southern california i think this is a really important moment here, and i think they are planning to move forward with everything on wednesday including with disneyland paris, but they're

watching the numbers and demand. they're watching whether people are following the rules. but it would be my guess they would ramp up and then contract the number of people they're letting into the park rather than closing it down completely again. >> thank you for breaking it down it's a good place to start with our next guest as florida continues to enforce restrictions on dining, bars, other aspects of the reopening, maddie and scott are the co-owners of the bullet bar in downtown orlando among other establishments they join us now thank you for being with us. >> thank you very much thanks for having us >> all right so just to start, in terms of what we're seeing in orlando and really throughout florida, and maddie, i guess i'll start with you, you had to close your restaurants, your businesses down you were able to reopen them and now they're closed down again. correct? because of the co-vid case

count? >> that's correct. >> so how long can you go with your businesses closed like this >> i mean, usually it's hard enough for any bar our size to miss a weekend without any revenue. obviously we missed three months starting back in march we were able to reopen beginning of june, june 5th, i believe we had about two weeks of us being open and revenue coming in now we're shut down again with no word on when we can reopen. it's extremely difficult >> yeah. and scott, i wonder what you think when you hear a report like that on disney being able to open some of the parks and disney world, whether you feel like that's something that could offer hope if it goes well in terms of you being able to reopen or whether you see it as the government picking winners and losers right now

>> i see both sides of the story. disney comes out and does it right and gets creative as they always with with some procedures and policies, maybe we could all benefit from that. as a bar in downtown orlando, we own several, it's tough out there to see one of the largest theme parks in the world opening and for a couple hundred person bar is still shut down >> did you take ppp money and if so is it something you're working off of ror you looking to the federal government to hopefully provide additional lifelines right now? >> we would love an additional lifeline we took ppp money for our venues we are fortunate enough to get it at the outset i guess the whole early bird gets the worm didn't apply because a lot of the rules have changed since we got it. we were operating under the original rules that is hurting us at this point. but ppp money is running out

i expect another large unemployment spike with all the ppp money running out in this environment. >> scott, i wonder what you think of the florida's governor handling of the crisis, and the federal guidelines the guidelines have shifted and changed and in some cases been unclear. what you as a business owner would feel most confident about in terms of being able to reopen and have a sense and be able to give consumers a sense of confidence to come back to your establishments >> right i think we understand there's not a right decision in this process. i don't think we should pretend there is a correct absolute. what we would ask is more communication. you know, we've been shut down twice so far within hours of when we were supposed to open. we have inventory that's spoiled. we've had tens of thousands of hours of inventory in our venues for four or five months. the communication is nonexistent.

we would love to see a weekly call or some sort of updates or some sort of tracking they could provide to us along the way to say hey, if we see these numbers getting better, we have a better chance to open right now we might get a call on thursday that we're opening on friday or it might be six months. we don't know. that's the problem >> yeah. maddie, finally, i want to get your sense of what it is like on the ground in orlando right now. certainly we hear about surging case numbers here where i'm based in new york, for example, but what is the feeling? what is the sentiment? are people going out are consumers out and about or do you feel like fear is setting in in. >> it's tough to put your thumb on it. my take is we're ready to get back to work and ready to open some staff haven't worked since march. the places that are open because they serve food are, the demand

is there, and unfortunately those places get overrun by too many people because not enough places are open. and again, you have places like gyms and beaches open. and we're probably the only ones that are left closed i think everybody is ready to get back to work and open back up >> thank you for joining us. good luck as you navigate this >> appreciate it thank you all. >> meantime, stocks taking a tiny leg higher. s&p 3216 and the ndx, the nasdaq 100, 11,000, aaln l time intraday high. we're back in a moment a highlye lexus suv at the golden opportunity sales event. lease the 2020 nx 300 for $339 a month for 36 months. experience amazing at your lexus dealer.

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zblanchts win by the presumptive democratic nominee joe biden may not be bad for the stock market. find out more on trading nation. more "squawk on the street" coming up.

despite a record number of cases, the most popular destination for those still traveling is florida we are joined with mind blowing data stay with us - [narrator] at southern new hampshire university,

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shares of pfizer moving higher on news this morning. meg has it for us this morning >> hi, david pfizer and the german partner getting fda fast track d designation for two of their four vaccine candidates for covid-19 they're going to select one of these to go into phase 3 human trials fast tracking shows this is a priority for the fda to expedite the review process they say it's based on early clinical data. we know that coronavirus vaccines are getting fast tracked but the street is seeing this as further confidence in this program pfizer saying that they plan on potentially starting a phase 3 as soon as later this month. that puts them neck in neck with

moderna in getting to the efficacy trial moderna also as the fast track designation. other companies also planning on starting larger trials this year all of this signifying progress. we need to get the efficacy and safety to know which ones and whether they're all going to work >> meg, with so many candidates now moving into final stages of testing right now and you're talking about these tests where you're recruiting up to 30,000 candidates per vaccine, what does that process look like? are there enough people willing to sign up to do this? >> this is what government workers and companies are focussed on right now, figuring out where to run the trials and how to recruit patients and how to recruit the folks that are

most vulnerable to the worst effects of the covid-19. we've been talking with folks running the trials in different areas about how they're going to make sure they include the most vulnerable people in these studies. this is going to be a major challenge. the government has a website where folks can go if they want to express they're interested and we can make sure that investigation is available for folks. i can tweet it out but certainly, this is going to be a huge challenge running all these trials at the same time. >> yeah. it's so fascinating. meg, thank you for bringing us the latest news. shares of pfizer surging on it consumer discretionary names are leading the way. tractor supply, amazon, again, lowe's and dominos hitting all-time highs today we're going to take a quick commercial break stay with us

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getting some case load data out of florida this morning. 12,624 is going to be below sunday's record but still the second highest one-day gain. although travel to florida within the united states still remains popular. that's according to new data from trivago the ceo joins us this morning to talk more about that good to see you again. >> good morning. >> so florida, the number one domestic destination for vacations? >> absolutely. florida has been popular in the recovery and continues to be so >> as of when is that data fresh? >> we've seen a consistent trend

until mid of june with a recovery of the coastal destinations, particularly florida as the most popular but a significant increase in intrastate travel. since mid of june the willingness to travel and perceived safety of travel has come down first in the affected state and recently also broadly, but still, florida is still number one destination >> mexico the number one international destination. what do you attribute the selection of those areas, mexico and florida other than classical seasonal trends. i'm wondering if you're seeing anything dint in terms of motivation for travel. >> you're seeing a consistent picture around the world all of us have been -- have been in lockdown for a long time. and the number one destination or the number one trip has been pretty much every, coastal areas or nature, leisure trips

they are both mexico and florida on top of the list the second thing that is consistent, not only in the u.s. but also globally is that there is a return of the road trip so people want to control their transportation and go to their y independently. we spoke to you two months ago they are inspiring the short-term trips that can be performed more spontaneously do you have a update on us and how much have consumers clung on to the idea? >> it's notly, unfortunately, but it is a priority for will be a big theme for the months to come and also for the years to come. >> how about the advertising

piece of this for the platt ffo have you seen that come back or recover in a meaningful way. >> we started very early to advertise ourselves. to be honest, a bit more in europe where the overall is more stable, and overall there is more travel that has returned, but in the u.s. we have also run some very few tests. broadly speaking we feel only comfort to advertise significantly for traveling when we feel it is safe and very stable >> i wonder more broadly what you have seen in recent days ae we have seen coronavirus case counts continue to increase. has the demand continued to hold up overall has demand and traffic

continued to hold up or are you seeing consumers get more hesitant and pull back >> the demand has not held up. you can clearly see that when there is a significant improvement in the health situation and also clear communication from the government that it is safe to travel there is an increase in demand and you see it also in the other direction with the deterioration of the situation you see a significant drop in activity, and it goes both ways and we think it will be a bumpy ride for the months to come in an up and down, but it is important that the government is clear in their communications as we also see that the government is seen as an authority that is trusted to communicate whether or not it is safe to travel or not. >> we talked about eutravel,

not including americans on their list of travelers safe to come in, but within the eu, i'm thinking of all of the businesses that are exposed to tourism trying to get something of the summer back are you seeing activity there. >> there is a return of travel in europe. now also more recently in the uk, but it is still pretty dominantly roadtrips also driven by car and in the last couple weeks some increase in air travel it is still a small part of the market it is smaller than in used to be >> i wonder just in that space, the aviation spags, the calculation coming back, is it the ceiling for 2020

>> st will depend on the situation and whether or not you will continue to stay safe and the case numbers will continue to stay low. the autumn is really the and no case numbers i expect there will be some return of troop troop but that will be the key driver >> that is a treasure-trove of data, thank you. >> the 7th wealthiest man in the wor world, and i can look at a stock chart, robert, which tells me he

is getting richer pretty quickly. >> you had the -- it is over 70 billion, it is one billion more than warren buffett. he is now the seventh richest in the world. musk and buffett started the year with about a $60 billion gap. but buffett is down $20 billion and must is up he got a big package in may, it is now valued at 1.8 million if they have a six month market cap of 150 million, and this morning their market cap is up in about two weeks if tesla stays where it is or goes

easier, he will get another two billion or so from that pay package. the rivalry here is bezos and music. it would be a tesla stock price of $4200 guys, back to you. >> the numbers are eye big, whether or not he put it's back to tesla or is buying shares or continues to put money into spacex and work on colonization of mars or something else, there is a lot of anticipation of tesla having a profitable

quarter. and you have quite a number of strategists that have come out and said this name technically looks very overbought. and you have the shorts coming out as well in very, i think, heavy volumes, too >> he added 14% already today. most of his net worth is in the stock itself not sure if he would actually sell any stock along the way socially funds some of the other things. >> yeah, he doesn't, right it is mostly wrapped up there. we know he is a risk taker so far sister going his way, that's for sure. yeah, well we're going back to another story about disney and this time it is hong kong disney >> that's right -- issuing a statement saying it will be

reclosing it's disney part saying as required by the government and health authorities, taking place across hong kong, they will temporarily close from july 15th saying the hotels will stay open. increasing cleaning and sanitation, just after disney world reopened so a lot of focus on whether or not the increase in cases are going to impact those openings, back to you. >> julia, we talked about disney being nimble and operating in the different worlds that the parks exist in does it mean anything for the

other parks? >> i interviewed the charts, i pressed whether or not they are considering reclosing the florida park should they continue to see increases in coronavirus cases. they really ri lie on capacity restraints to address these issues >> they talked about disney this morning, but the we'll see you later. in the meantime, good monday morngs, everyone we're coming to you from various locations. pretty good market action. you have the nasdaq 100.

amazon, 3300, a new street high, the trend is your friend as they say. >> you can't forget analog devices. that is a big, big deal. there is a lot of big things going on it is quite a bit higher you see some follow along impact the broader markets, as you mentioned, also in the green been that let's bring in the cofounder and managing director of sun group good monday in