>> off of the nike quarter, vf corps, covers that dividend. >> finally, jerry? >> i think everybody wants to buy chewy. pawz is better, you get the entire pet care industry >> thanks, everybody it's been fun. "the exchange" starts right now. thank you, skolcott, and hi everybody. here's what's ahead. market milestones. it's been six months since they hit their high in march and it's been six months since then where are they going are they headed down the new supreme court makeup would most likely be lighter on regulation most on wall street agree. we look at key figures that could benefit. nike did it, and the cleveland cavaliers ceo joins us to talk hoops.

nuggets with a nice win last night, dom we begin with the market, though mr. chu is here with those numbers. >> we can all tell kelly loves the return of live sports. and for good reason, we like to see those news and sports, things we want to watch live markets live are now in the red, but not by a lot one quarter of 1% for the dow, and the nasdaq continuing that volatility we're seeing as of late it's volatile to the upside and the downside off today by about 1%. as we dig into that trade on the nasdaq as well as technology and communication services, check out this etf that tracks some of the internet names out there we're talking amazons, netflix, facebooks. we did see a dip on some of those for this particular etf indicating the underlying holdings were showing a weakness a bit of a pop here. we'll see if that sticks around as a flatline. we mentioned some of those big stocks, amazons, facebooks,

apple apples 55% for amazon, 54% for apple. anywhere from 14, kelly, to 20%. so as we take a look at those trades, that's what i'll be watching for this afternoon's session. are those still in the shopping list i know that you want to do some drawing as well. >> i do. we're going to take over for you. >> i'm going to socially distance myself and leave it to you. >> we're going to pick up exactly where he left off and talk about am market milestone i mentioned. it's been exactly six months since those lows back here in march. it's been a pretty classic v-shaped recovery ever since the s&p and the nasdaq were back to record highs by nearly september, but we're starting to slide back down again. the big question on everybody's mind is whether this is a garden variety pullback or a v that's

turning into a w let's bring in simeon hyman and elliott herman simeon, i will start with you. is it just a garden variety pullback or something more >> i think we're looking at a jagged line, not a w september is pretty clear. first we had that stalemate with regards to additional stimulus, and we have a heightened level of political challenges. if you look at what's happened historically, if there is a clean sweep of either democrats or republicans, that's probably the thing that's going to give some pause to the market, because businesses may just sort of take a pause and say, well, this is a clean sweep, let's see what they're going to do, let's not do anything for a few months those are things that are weighing still, employment coming back a little quicker i don't say w, i say jagged line

upwards to the right >> sort of a sawtooth but the up trend remains intact >> carol, how would describe it? it seems obvious to me it would be the spread of covid, people kind of putting a halt to any of the economic activity they've been engaged in and throughout the winter just saying, better safe than sorry. >> absolutely, kelly, that is one of the big concerns. we don't think we're in a v-shaped recovery by any means we have seen recovery of corporate earnings, but those have mostly been because of economy expenses an economy cannot cost-cut its way to prosperity, right we we have a lot of risks coming in the next couple months that bring a lot of uncertainty to the path forward one of them, as you mentioned, what's going to happen with covid? we've seen some resurgence how does that look in the winter months when we all have to be inside, not only the fear factor

it might bring to consumers, but also are we going to see some partial measures of lockdowns, et cetera, what we're seeing in the uk and euro? we also have uncertainty of what do we get from the fiscal stimulus are we going to get anything to help support consumers, business owners, et cetera to be able to pass through this really challenging time, and then added to all this, we also have the uncertainty of the election. if we look at the volatility markets, they're expecting, you know, it to be about 50% higher, so high volatility not only for election day but a month or so after. u.s. and china sanctions have increased with tiktok and bytedance issues, and that puts a lot of uncertainty in the path of how would our global corporate business environment look, and how could this help or

hurt the global recovery >> i'm looking here, you guys are basically saying look at investments you think would do well until the next crisis, so inflation link bonds, gold, things like that simeon, i'll ask you as well if you're more constructive on the recovery, are you using these selloffs as an entry point? are you concerned that big tech is using them as pullbacks that still have two evaluations >> think of this in the more oversimplified way if you kind of went to sleep last january, you wake up next january, and let's just say the world -- or maybe it's six months later -- whenever you wake up, the world is totally normal so you expect in that environment stocks went sideways but they're sort of where they started. we're sort of flat right now, but to your point, that's not what the market looks like across the board for many of us, it's clear that tech just looks a little expensive. the question is where to rotate. in a sawtooth-looking recovery,

it perhaps is just not enough to make that rotation to value that really needs kind of that straight line unambiguous linear thing. we think there are opportunities, but to rotate more towards quality, strong balance sheets, consistent cash flow, growing dividends, things that will do well in a sawtooth, cheaper than tech but not quite a value trap, if you will. >> so splitting the difference and finding quality. we'll leave it there thank you both very, very much, simeon and elena this morning talking to us about these markets. the bond market where the five-year went up for auction. how did it go, santelli? >> it went really well it's straight up on eastern. kelly, 50 billion for five years. the yield, .275 also a record low yield for an auction the previous low yield was .288 from july. and all the metrics were above average, and it priced well

below the one issued when the market was trading so all green lights, a-minimus, and it really goes a long way to say why would anyone loan their money to uncle sam for .25 for five years probably because they listened to the uk and central bank issuing warnings when we finish up with 7's tomorrow, also a record size for 2's, 5's and 7's >> rick, i want to ask you about all the fed speak in the past 72 hours. from everything we heard from charles evans yesterday that caused jitters in the market about raising rates above 2% then he kind of clarified those comments today you had fed powell today on capitol hill saying we've done everything we can do to support the recovery that also causes concerns for people saying, wait a minute, are they out of tools?

what do you think the fed is trying to say here >> that the fed has gone overboard like many central banks, in my opinion, to provide all the stabilization that they can from the fact that they can lend but they can't spend. i think it goes a long way to also contrast politics to this you know, normally central bankers, especially our fed, kind of stay away from politics. they're kind of jumping in, they say we need more fiscal help, but i think at the end of the day, investors should be cognizant of the fact that the fed is friendly to the marketplace, if anything, overly friendly >> that's true if you look at the track record, they're trying they just don't always get it right, i guess rick, thank you very much. we appreciate it, rick santelli, today. let's turn to shares of johnson & johnson higher as the company says it's moved to phase 3 now of its covid-19 trial. meg tirrell is here with those details. meg? >> kelly, they dosed the first participants in this trial after what they say was positive results from an earlier study, and we should see those any time over the next day or two

this is going to be a massive trial. 60,000 participants across three different cocontinents starting at age 18, j&j wants to focus on diversity enrollment in the trial, and also participation of people over the age of 60. what differentiates this vaccine from the other three that have already started phase 3 trials is they are testing it in just a single dose. the others from pfizer, moderna and astrazeneca, they're testing two doses. j&j said they could see a result in 2021. moderna said they would see a dose in 2021, but it's going to take while to get up to enough supply for everyone. jerome powell says president

trump tweeting that it must move quickly. here's what the j&j chief scientific officer said. >> i'm very confident that they first want to see good data before they will approve we also have our own principles. we are presenting vaccines for more than 60 or 70 years, and we always state our own principles that the benefit risk has to be very stable before we bring a vaccine or medicine to patients. >> but, of course, kelly, the constant tweeting and talking about election day from the president, tying that to a vaccine, making a lot of people nervous about the vaccine speed, which we'll see in our cdc polling today. >> what's the latest with the astrazeneca trial that saw side effects, and have similar side effects been reported in these others >> such an important question. that astrazeneca trial has

restarted around the world, except in the united states. we are waiting to hear from the fda on whether they will be able to restart here and when they say that the regulators in the uk, for example, have said it's safe to begin again, but we don't have more details about it now, johnson & johnson has a similar technology -- not an identical technology -- but they say they have not seen any of these kinds of safety events in their trials, and they've tested this in 100,000 people because they've tested it in different diseases as well so they have a big safety database >> that's very encouraging i hope that remains the case meg, thanks very much. we appreciate it meg tirrell with the latest. still ahead, deregulation nation could a new justice on the supreme court lead to less regulation for corporate america, and if so, who could benefit the most plus the work-from-home trend has left many office buildings empty and that could be the case for years to come. we've got new details. the tesla tussle

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welcome back more republicans are lining up to support the president's decision to nominate a judge to the supreme court ahead of the election the talk on wall street and in the beltway is changes to the makeup of the court could lead

to a deregulatory stance here's national economic director larry kudlow yesterday. >> i'm going to assume that the nominee, whoever he or she may be, will continue a lighter touch on regulation. it doesn't mean no regulation, it just means a lighter touch, maybe more sensitivity to business, jobs and the economy >> and today we're getting news of proposed changes to section 230, aimed at holding platforms more accountable for their contents how does that fit into the framework of the internet in particular joining me is the policy analyst at new street research blair, good to have you. >> thank you, good to be here. >> the fed is kind of cracking down, kind of moving forward on regulation, it would seem, in that arena even while many other parts of the economy has a deregulatory focus

is that right? >> in a way. if you take the president and the doj seriously as a matter of law, it absolutely is at tension, and particularly it's at tension of what they've said to the fcc they've said you have authority here, and now what they're saying to congress is congress needs to pick this what i think the president is doing is a political narrative it gives him a platform to continually talk about how conservatives are being censored even though there is no evidence of that being true in fact, if you look at facebook, most of the most popular supporters are from conservative media so it's really more about political narrative. but the larger point is exactly right. the doj, for example, is about to apparently file a lawsuit against google, but that lawsuit will be very much a tension with what a republican majority court did in terms of antitrust in the american express case, and i

suspect that whoever trump no, ma'am natures would have agreed with that majority so there is a lot of different tension. >> that's fascinating. let's start with just the supreme court case of this, though, because arguably that is set for a generation here if a conservative fills the seat. what would we see in terms of what that court would mean for the internet for some of the telecom areas that you focus on? >> i think there are a couple different elements the first element is a question of whether state and local governments will continue to have any authority over the internet this is actually a very difficult question the interstate commerce clause was written at a time when a lot of congress, most congress, was actually within a state. and over time we've adjusted as commerce has changed and the states and the federal government have shared a lot of different jurisdiction even though arguably certain things are functions with interstate commerce, but the internet is a whole new ball game.

so you have different litigation on issues like privacy and net neutrality testing the laws. i would think they would eventually shut out state and local regulation, but it doesn't stop there there are a couple different cases, including the so-called chevron case, which gives deference to federal agencies, and then there's also the so-called delegation doctrine which says that congress can delegate to agencies the actual technical task of figuring out how to achieve the ends that congress is demanding. and what the court could do is reverse both chevron and the delegation doctrine and essentially eliminate regulatory power from the agencies s, so yu both get rid of the states and local governments and federal authority, and that leads to a very traditionally mandated deregulation >> it's fascinating.

in that void, what would you expect which companies would benefit the most i don't know if there are any that would suffer as a result of this, but what do you think that impact could look like >> it depends how you look at the world, but certainly there are some smaller companies that might have problems. there are certainly consumers who would say they might have some problems. traditionally regulations benefit consumers. but i think you would look at the carries would benefit, the dow platforms would benefit, but basically the larger companies in many ways would benefit it depends how they do it. it's difficult for me to see how this holds up as kind of a holistic theory of regulation. but the bigger point that i would make, i was listening to a panel yesterday with some health care experts who said unanimously, and they're from different points of view, if you get rid of obamacare in the

supreme court, what you'll end up with is medicare for all. i think that's an interesting lesson if you get rid of all telecom regulation, you are going to have some kind of reaction for example, i think it might inspire a lot of local governments to say we need to build our own networks if we can't be guaranteed the networks to serve our consumers by, for example, neutrality principles, we'll build our own. i'm not predicting that, i'm just saying that's the kind of thing that can happen. >> it's fascinating. like you said, this feels like where the real change is going to happen, even as we're watching the presidential election, which has a very different feel to it blair, thank you very much appreciate it. blair levin of new street research still ahead, another day and another high ipo goodrx is soaring. it's up 47%, but will it hold on

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taking care of our financial futures. welcome back to "the exchange." here's a check on markets as we approach half past the hour. we're kind of back and forth between gains and losses, and right now we're in the red, so the dow has been up and down about 150 points today, but it's down 65 or a quarter percent right now, and we're back to seeing the nasdaq as the underperformer so this is a different tape that we've seen so far this week. the dow is down 36 points, the nasdaq down. everybody else is lower. the weakest are real estate today, technology and energy as well which has been such a lagga laggard, down 1.8% let's talk about the individual movers, which we'll start with twitter which is at 1100 over

the year they're hoping for a subscription service from the company. twitter shares are up to about 46 and change. kb home is lower and a brighter outlook since they see sustained demand ahead stitch fix is sinking after posting a wider than expected loss despite adding clients and growing sales, a tough session here as investors rethink the valuation. stitch fix is down 60% let's get to sue herera for our cnbc update. a breaking story we thought we were moments away from a decision on whether charges would be filed against the louisville police officers involved in the fatal shooting of breonna taylor. right now we have the grand jury indicting one of those officers on criminal charges six months after ms. taylor was fatally shot by police, so it's one

officer. there were three officers facing charges. we're going to wait and see exactly what the charge is so stay with us, we'll have breaking news on that in just a moment the mayor has ordered a curfew beginning at 9:00 p.m. tonight. police in minsk are using water cannons and beginning to take to protesters in the street after lukashenko was nominated for a sixth term it has been called fraudulent by the opposition and amazon said it did not collaborate with echelon on the $500 fitness machine named prime bike the e-commerce giant has removed the product from its website it's asked the fitness company to stop selling it for more on the x-prime bike, i guess you could call it, you can head to cnbc.com i'll have more with breaking

news out of louisville, kentucky the sector riding a four-week losing streak and on pace for its losing month since march. curb m cushman & wakefield said they won't get back to pre-pandemic levels until 2025. you guys have gone through a few different scenarios. is this a scenario in which there is government support for the sector or not? >> thanks for having me. there is a lot of kuconcern, ani think the way you led into this is right there is a lot of concern over the future of office, so we talked to some of the largest companies around the world, and we know that this work-from-home trend is very real we set out in this study we put out today to try to understand what would be the net impact on the office sector over the next ten years, and so we studied the

cyclical impacts, you know, the covid-19 job losses, the structural impacts assuming a higher increase in work from home, and we did think about policy aspects to this and, really, there were two key findings if i could. the first key finding is office leasing fundamentals will be significantly impacted by this event, there is no question about it many businesses are reducing their footprint, so we would actually have a vacancy going to an all-time high but the second key finding is interesting. we didn't expect to see it the office does, in fact, fully recover. it's largely due to employment growth, office use employment growth >> so it does fully recover, but in the meantime it looks very different. you still think we'll have 50% more office space per person, right? >> that's exactly right. the work-from-home trend is here, and we assume that will increase, so permanent work from home will double due to this

event, and agile workers, which we assume to be people who work from home some of the time, in the office some of the time also increases. but over time, the growth as the economy shifts to this knowledge-based professional services economy, that growth offsets this work-from-home impact over the aggregate. but in the near time, off fl numbers from the sector. >> some good news, some bad news, you could say, depending on where you're located with the office industry. kevin thorpe, thank you, sir the street's latest tesla bull-bear deteba that and more ahead in this edition of "rapid fire." we're back in two. so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position.

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let's catch you up on a couple stories that need to be on your radar today. it is time for "rapid fire." here to break down the headlines, julia boris torstin, dominic chu and leslie picker. the jury is still out for the analysts there is a big split, a big debate today, baird naming tesla a big pick but deutsche bank is updating it to a buy yesterday one of the lowest price targets on tesla on the street is $58 on rbc. pipeer sandler, dom, is up to 515. >> i'm laughing because there is a reason why we often talk about

tesla, there is a reason why the news loves them, because they're a lightning rod of a company not just because of the ceo elon musk, the founder elon musk, but because there are so many different views on this company. what i find so curious about the situation, when you talk about the bull and the bear case, they're talking about the exact same things, they're just predicting completely different outcomes for them. the valuations of this company alone have people saying, hey, i don't even know how you can invest in this however, i would point out, if you take a look at how this stock is traded, there has been a huge amount of skepticism on the stock. back then it didn't translate into the valuations we're seeing now, and maybe the valuations are finally starting to catch up and that's the reason why you're seeing so much more chatter around this. i would point out the analysts don't often get it right, anyway >> in this case the aspersion just reflects that julia, i want to come to you on a headline we're getting out of

gavin knnewsom he has signed an executive order banning the sale of them you could argue it's because of the fires, but this is also a state that elon musk has threatened to leave. a very dramatic move here that would only apply to new cars, but certainly this is the biggest car market it's going to have wide-ranging impacts. >> yeah, absolutely. and what's interesting, kelly, that is 15 years away, but if you think about how long these cars are in development, that will not be too long before these car makers have to really think about what it's going to take to comply with that now, i used to have an electric car, and one reason i gave it up was because i had a limit of 80 miles of how far i could go without a charge i loved that car it was small and zippy and i

loved not having to get gas, but long term i can't stick with something that has an 80-mile maximum, so it will be really interesting to see how these car makers adapt i do think it's worth pointing out, something elon musk said, he said in 2023 we're confident we can make a very compelling $25,000 electric vehicle that is also fully autonomous. i think that's notable because it would be kind of crazy to have a fully autonomous car for $25,000 in three years, but also that really points to the issue of price and the fact that electric cars still tend to be significantly more expensive, and that's one reason why adoption has not been able to catch up with the government interest there >> your range of anxiety is exactly what the company is trying to address with these millio million-hour batteries we'll talk about some pinterest. they have a new feature called story pins that launches today they're the latest platform to

release a short video function for creators shares of pinterest are popping on this move today, leslie they're at 2.5%. the stock is up 311% on their low. it's not a huge market of the shares >> the market, they hear stories, they hear short-term videos they think tiktok, they think instagram, they think of areas that have caught fire pretty quickly of a consumer base that are looking to utilize video to share their stories. this one seems to be doing something a little bit different, as you mentioned. they're available forever. right now from the onset available on an invitation only basis, which kind of fits into pinterest's model of being a little more hands-on about the types of content that's on its platform we'll see if they can do something different, if they're still a willing and interested pair of eyeballs or enough eyeballs to really pay attention

to this. >> julia, this hardly to me seems to be a tiktok killer. this seems like an obvious move if i'm looking to pinterest for food ideas for my one-year-old, they might as well be in video form >> i don't think this is a tiktok killer, but it's worth pointing out that tiktok has encouraged some of its users to post more sort of pinterest type topics, such as recipes and crafts i think what we're seeing with pinterest is wanting to get creators more tools to engage with their fans. more engagement means people will stick around longer and be able to see more advertising i think it's also crucial to point out something that leslie just mentioned, they're starting out with just approved creators. they don't want people to post like tiktok does, they want someone to teach how to do a recipe or a craft at home to give those people more tools to make it more engaging and keep people using pinterest longer every day. >> i appreciate they're going to

curate things, but sometimes the magic is -- i might be a great video content creator, they don't know i wouldn't be. let's move on and talk about goodrx it's another good first ipo day here this time the pharmacy startup, you may know from all of its commercials, is debuting on the nasdaq, and still popping 45% from there much like the recent spate of ipos this stock is performing really well what is the appeal of a goodrx or does this have to tell us the ipo is hot no matter what company is in the mix? >> i think this story has a benefit from the fact that it fits into two really big themes that investors are focused on right now. their pitch to investors are, we strive to make health care more affordable -- who doesn't want that -- and then also we d things digitally in this current environment, those are two big themes that

investors want to see and see a benefit for. not to mention, goodrx is actually profitable. so while we do see a huge spate of companies coming down the pipeline that are tech companies, we get used to seeing unprofitable companies this is one that actually is making money, so that helps it stand out as well. >> dom, it's also -- i'm kind of curious about what goodrx is i've wondered this ever since i've watched these commercials i don't know if i'm the only one, but i see these commercials all the time if you watch sports, you can't escape goodrx commercials. but they're not an insurance company, so they show this app saying yeah, your $65 inhaler is $45. >> they figure out where you can get these value discounts from and they do it you're talking about a business model that is perhaps just like the other ones you see commercials for where people kind of take and allow you to figure out which car insurance is the cheapest for you or where you can find the best deals on

certain other types of products, travel, airfare. what i thought was curious about this whole ipo process was it was actually an ipo process, right? it wasn't a spac it was so refreshing to me to follow the goodrx ipo process and say, hey, it's not a special purpose company doing this these guys actually have a company, a product, they pitched it to investors, went on a pitch roadshow, got a pricing range and did it as their own business, not for somebody else. >> and they're profitable. they could have done anything. the world is their oyster. thank you, guys. let's talk about some nike because the shares today are having their best day pretty much ever after reporting a blowout quarter. they beat earnings estimates by nearly double digits they saw on-line sales boom by 82% in a move that digital business is really paying off. the shares hit an all-time intraday high.

the one most affected by the covid lockdowns. we've got about a 9% gain, i think, going right now, dom, but this is a stock that rarely moves ever as much as it did today when i think it originally popped about 15% >> i was kind of watching the headlines come out yesterday and i kept thinking to myself, there was a time we were covering this when we looked at the future orders by region, and that was going to be a big tell these days it's about whether or not these companies can sell online and then maybe double or triple their capacity. a move behind a direct kind of sale digitally for those platforms. the strategies many of these companies have have been so huge during the pandemic, nike obviously capitalizing on its brand a lot and being able to sell those products directly to consumers. you're seeing a follower in terms of under armour, maybe a dick's sporting goods or foot locker if nike is doing so much better on its own selling its own products to people, i know i'm a

nike club member, right, they pitch directly to me i don't need to go to dick's sporting goods anymore, i don't need to go to foot locker, so they're cutting out the middle man on so many fronts. i wonder if that trend stays intact in the next few years >> sure, and they've got the size for it. the stock is up 25% this year, 45% in the past calendar year. that's astonishing in this environment. >> and i think that what dom is saying really speaks to the fact that covid has accelerated so many trends. the acceleration of e-commerce, the acceleration of consumers buying directly from nike. if you're able to go to nike.com and not add something else to your amazon card, i think that helps that trend with the direct consumer relationship. this is behind the stock's jump today, we're not getting a lot of guidance from companies going forward. there is still so much uncertainty, and nike saying that for fiscal '20-'21, they expect sales to be up to high digits from low digits earlier

in the year. so to have those kind of projections really are notable >> and shares are still up by almost 10% today we can't go without mentioning dom's favorite topic, which is the spac. the spree continues, dom, i'm sorry. goodrx did it the old-fashioned way, but not these the biggest mortgages going public with spac it would be valued at 6 $600 million. rocket mortgage has bent a great ipo, but obviously the housing market is very hot right now, is to i'm curious how we should tie all this together. >> i think that's a great question biggest spac reverse merger we've seen in history. it happens to be a mortgage provider, and you almost get a little bit of a chuckle when yo see mortgage and spac in a headline and you say, this is 2020 what's interesting about this deal in particular, you're right.

this is a year when housing plays and the public markets have seen tons of amount of investor interest. going the traditional route for rocket mortgage may not have been the perhaps success story they envisioned it one day would be uwm took a different route by merging with a spac. they only gave up there 6% of their company in order to do this they're going to have almost a billion dollars to put to work to expand as a result of this reverse merger, so kind of an interesting structure on that front, but again, a lot of people are taking out mortgages to buy homes this company does much more on the origination side with regard mortgages, and so they benefited from that. and this was, as they mentioned in an interview this morning, this was a very quick way for them to access the public markets. >> mr. chu, the final word to you. >> two things stood out in this story. this was a deal valued at $16 billion. the spac was not $16 billion in

size they bought a small chunk of it, about 6% of it, and the retailer holds 94%. the other thing, too, about this whole process, i was speaking on twitter back and forth with bank analyst chris whalen, and he oin pointed out in some securities data, mortgage-backed issuance over the same time last year is now doubled. that's how hot the mortgage market is, so yes, those two things stood out if there was a time to strike, it was now for an ipo. >> why isn't rocket mortgage a better stock i'm going to leave that question hanging over us. julia boorstin, dom chu, leslie picker, thank you very much. the election is now just 41 days away, and some sports teams are joining getting people to vote we're going to talk about the cavs, abt e outhbubble, and what next season might look like. stay here. at morgan stanley, a global collective of thought leaders

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welcome back yesterday was national voter registration day and sports teams are getting involved in helping get people to the polls, in some places which means there are arenas eric chemi has the news. eric >> they're pushing to get new voters registered ahead of the november election. in cleveland the three major pro teams held a joint event to encourage citizens to vote similar gatherings were held all around the country exact numbers are still coming in, but we're told participation of the day was record-setting with big companies pitching in, too. the nba tells us at least 22 nba teams have signed on to allow voting at their a rerenaarenas in no other election year have we seen this level of involvement from the sporting

industries lebron james, steph curry and patrick mahomes are leading voting initiatives to get out the vote steve kerr worked at a phone bank to encourage people to register and vote for joe biden. it is a nonpartisan cause, but many famous athletes have made it very clear kbexactly who they're helping get votes for in this week's push that might turn off fans who hoped for sports to avoid politics kelly, back to you joining us now to talk more about sports and politics, the host of the cleveland cavs it's great to have you here. welcome. >> thank you, kelly. great to be here >> let me just start with, are you guys going to be among those using your arena to stage voting itself >> yes, on november third, we will be a polling location for ward 3 in cleveland, so

absolutely, our doors will be open as a precinct >> are you getting blowback from people who say the sport is becoming too politicized >> really, it hasn't been the case since we've been very clear to be nonpartisan in our activities, so voting -- in fact, the secretary of state, franklin rose, was here yesterday for national yesterday for national voting registration day he's a republican. he's been an advocate for voting as well. we worked in concert with him and his team along with our county's board of elections. so, we had a successful event with all three teams involved. with the browns and indians as well we had nearly a thousand people register to vote collectively between online and in person so it has been a nonpartisan issue and effort we've done this in the past as well in terms of registering for voting in terms of past years, too. >> well, i know this season is winding down should -- within kind of a week or so here, the question is now turning to 2021, when the next season might start i think adam silver, himself,

just hinted maybe we shouldn't expect it this calendar year what should you say? >> yes, adam has come out and said his best guess is the start may not begin until early january. really the effort there is how to optimize playing 82 games with a full schedule with as many fans as possible. and there's an amazing amount of effort of that going on. we're one of the states right now in the nfl browns had 10 pst capacity for their home game last thursday. we're starting to see fansle s coming back in sports venues in ohio we're optimistic and hopeful by the time we get around to our season those numbers will continue to grow that's really the effort and initiative of our league as well >> i just read a little story, i think it might have been espn, they were saying that the bub e bubbbubble and its sort of lack of anything else to do means players have been sleeping more, getting better rest. you know, we've not seen the kind of injuries we're seeing in

the football league even though you guys didn't have a preseason this year, really, either. do you think there's going to be some long-term lessons drawn from the bubble that make it more like a baseball regional setup or something to give people more of a break >> if there's one thing that happened this year, created just a laboratory of innovation all across the board so the nba's done a terrific job or executing with the bubble. what you're seeing coming out of it such as the play-in games, playoffs, use of virtual signage in the games and events, there's a host of innovations and concepts of that nature being utilized that previously weren't and creates an opportunity of what else might be out there heck, even the schedule timing effort we're dealing with right now is out of sync, what's been historically the case. it's a pretty exciting time we thing f think for the time and sports in general. amount of innovation going on

across the industry, all leagues internationally, is pretty mind-boggling. >> yeah. >> kpoowe're excited. >> do you miss lebron? >> you know, great to watch him and the lakers amazing, amazing basketball. and what he did for our city, you know, everyone will fondly remember forever. >> absolutely. it's still strange to me to watch him in the lakers jersey such is 2020 len, thank you so much for joining us today len komoroski. >> thank you. >> he's the president of the cleveland cavaliers. still ahead, if you're in the market for a 275-foot yacht, you're in luck billionaire ron perlman is putting his up for sale along with a slew of big-ticket items. what could be behind that move is next. remember, you can always catch us on the go on the cnbc app we're back in a couple you can't predict the future.

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billionaire ron perlman is in selloff mode auctioning off hundreds of millions of dollars of art, putting up his yacht, putting up his private jet for sale robert frank is here now to explain. robert >> kelly, it is a question being asked on wall street, the art world and in debt markets, why is ronald perelman selling the famous takeover artist has seen his net worth fall by half, $12 billion to $6 billion in just 3 years he's selling off companies or stakes if at least half of his portfolio. including a.m. general, the maker of humvees, scientific games, and now he's quietly shopping one of his private jets, his yacht and parts of his massive art collection that is valued at well over $1 billion. sothe sotheby's just auctioned off one of his

perelman, shares of revlon, that is by far his biggest holding. they've fallen over 70% just this year with over $3 billion in debt. perelman is saying this is all a planned downsizing in response to covid, he said, "i've been very public about my intention to reduce leverage, streamline operations, sell some assets and convert those assets to cash in order to steek neeek new investt opportunities. kelly, he says he's raising cash to buy looks like he's selling. we'll find out in the coming months just how much he still has to spell back to you. >> does he have major debt or loan deadlines coming up >> yeah, he's got a big one in october andy ied to do a debt deal with revlon that didn't go through. he's got some covenants coming due. i think by october/november, we'll see if he can meet those and sold enough. >> frank, thank you very much. robert frank >> thank you, kelly. >> you know what, i have frank

holland already on the brain thank you, sir that does it for us. i' jn anlloifrk holland after this quick break for "power lunch" today don't go anywhere. we'll see you in two e insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

welcome to "power lunch," everybody. i'm kelly evans. frank holland will join me in a minute we're at session lows right now, down 213 points on the dow up 175 this morning it's the nasdaq leading the declines down 1.7% right now. plus, johnson & johnson is the fourth company to start phase 3 of us coronavirus vaccine trials how many americans are willing to take a vaccine once it's approved we have details with j&j shares up 1% today. despite this broader selloff, n