that's my final trade, splunk. >> goldman, a bank stock that's actually up. jimmy, is that you >> yeah. i've got goldman, not up much. should be up much more citi and jpmorgan crush the earnings, crushed them in fact, stocks aren't up more which says a lot more about the markets. >> appreciate it everybody "the exchange" is now. >> thank you, scott. here is what's ahead on "the exchange." alphabet soup. why some investors are missing the signs and two setbacks in one week in the battle to find a covid-19 treatment should investors rethink the leaders in health care and who they are betting on? we'll discuss. and hackers exploiting robinhood, walmart redefines black friday, and some ports are busier than ever that's all ahead today, but let's start with the markets this hour. dom chu has more for us. dom? >> reporter: we've gone from

modest gains to piece ent decent-sized losses in the span of an hour or so, coming on the heels of treasury secretary mnuchin basically cold a little bit of cold water on the deal of a stimulus package before the election we were down 31 at the lows so you can see cheating towards the lows of the day so far the nasdaq continues to be the real outperformer or underperformer, down 1%, and those stocks continue to be a huge focus a lot of attention being paid so far in the course of this year to the difference between growth stocks versus value stocks and the outperformance there we thought that over the course of the last month or so you might be seeing a little more activity in the value side of things beaten up energy, industrials, materials. well, it hasn't really played out that way over the course of the last month, you can see here growth stocks as measured by this etf up 5.5%, 1% for value so that kind of gap there has really yet to close it continues that trend of

growth really outperforming value so far in 2020, and then the stocks of the day. watch what's happening with goldman sachs and wells fargo. goldman sachs is actually up about a percent on the day and wells fargo down 5% but check this out they can't seem to get out of the ranges they have been stuck n.wells fargo for sure stuck in the low range. lost half of its values this year but the financials that some people say are key to that value rotation, not performing as well as you think that they should today on a big day for bank earnings. goldman did outperform in terms of its expectations for earnings kelly, we'll keep an eye on financials back over to you. >> if i had to be stuck at a range i'd rather be at goldman's than wells' this year. >> the up one. >> appreciate, it sir. >> yeah. dom, thank you very much. as we mention, stocks are reversing course and heading lower as investors digest messages about the economy today president trump delivered remarks to economic clubs across the country promising, quote, we'll continue our v-shaped recovery and launch a

record-smashing economic boom. meanwhile, democratic nominee joe biden argues the recovery is k-shaped and it's leaving people behind and while the great shape debate continues, the real fight consuming d.c. is over the future of stuck list here's what treasury stemt steve mnuchin said at the milken global conference said today. >> we then started talking about an airlines-only bill which we had a lot of bipartisan support for. unfortunately, the speaker was not willing to move forward with an airlines-only deal. we continued to have discussions and try to compromise on a broader package. i will say from our standpoint the all-or-nothing approach doesn't make sense >> for more on this alphabet soup of a recovery, i'm joined now by michael darda, chief economist and macro strategist for mkm partners great to have you back listen, primarily, you were leaning against the conventional wisdom right now that this is a two-speed k-shaped recovery.

tell me why you don't think that accurately describes the rebound here. >> thanks for having me on well, i just look at the data, and i don't understand the description using a "k" when you have the unemployment rate literally plunging you know, five months ago the unemployment rate was 15% and now we're under 8% that might be a lot of things, but a "k" it is not so it looks had more like an upside down "v" for the employment rate and even for the employment, private sector job gains for september were over 900,000 if you count the revisions. and so i think what's happened here is the consensus continues to key off of the very slow recovery from the global financial crisis in 2007 and 2009, and this is a different kind of a shock, and it's been a different kind of recovery >> the reason you keep pointing this out is because it has investment implications, so what's your advice to investors if you think that this is the

real signal? what do you think they should be doing differently? >> well, that's a good question. i mean, i think the equity market, is you know, already it's largely discounted, this v-shaped recovery that we're seeing and it is a "v. there could be some additional upside left in the equity market this year, but we're starting to get, you know, pretty close to our target for the year that looked totally absurd back in may of 3600 for the s&p 500. so i still think there's some, you know, modest upside from here, but i do expect the recovery to continue, even if this deal doesn't come together, it would be better if one did. i'm not arguing that, but there was a lot of fear that if we went over the fiscal cliff at the end of july that the recovery would totally reverse we'd people have some guest that made tra prediction and yet two months into the so-called business cliff we've got small business confidence that we got last year. the hiring had plans index back at pre-pandemic highs and

overall consumer confidence, the expectations component which is the forward-looking measure, also at a post-pandemic high in september. very unlikely if this economy was going to sink because of the lack of a fiscal deal. >> that's interesting because, of course, that's what is being hotly contested right now. i mean, mike, it is obvious there's a two-speed kind of recovery think about how we should describe this. there's a very different world for the professionals like you and i who can telecommute, work from home and keep going as opposed to those whose jobs have disappeared in sectors where they may or may not come back. >> correct. >> how would you describe that, that if it's not a "k" or if it's a "k" that's not relevant kind of on a macro level, or is it a "k" being papered over because there's been so much government support this year how do you account for the fact that there's clearly two different types of rebound going on here? >> oh, no doubt about it there is still a lot of pain and

suffering out there, and we should not downplay that all that have sasaid, there wasy aggressive action taken with the cares act and we held personal income above its pre-pandemic level even with a massive shock in the unemployment market where the unemployment market went from 3.5% to 15% in a month, never seen a shock like that, not even in the 1930s, and so, you know, we should acknowledge that there was an extraordinary shock and an extraordinary policy response to that shock, an appropriate one in my view. and so i guess, you know, that's what i would argue certainly not to downplay the hardships that are still going on out there, but no recovery, "v" shaped or otherwise throughout history has been perfectly symmetrical so i think we need to refrain from throwing out letters and the redefining what a recovery is just simply to make headlines which i think

we've got a little bit of that going on, and it's the political season so there's certainly a lot of politicking going on as well sometimes, you know, it doesn't really elucidate what's happening with the business cycle. >> mike, quick final question. i just want to sneak this in because you mentioned your s&p target was 9500 and we're mow that level right now what comes next? >> 3600. so i think we can still continue to grind higher. obviously if we did get big disappointments, whether it's fiscal or monetary policy or news on the pandemic the market could likely, would move lower i am encourage that had two months into the so-called fiscal cliff we're not seeing signs of an economic collapse just the reverse we also have had some recently worse news on the pandemic, not, you know, not the move up that we saw in july with new cases, but at least a modest move higher in the u.s., and it's certainly much worse news in

europe the markets have held on here so that's quite encouraging as well in the fed, you know, maybe had a bit of trouble with its messaging at the september meeting, but i'm encouraged recently that inflation expectations in the bond market have been picking up over the last few weeks, not today, but over the last few weeks, and so all if i think it's a more optimistic story rather than a pessimistic one. >> all right michael dard ara, thanks for cog and making your case thank you. joining me from mkm partners today. the port of los angeles just reported its best september and its best quarter ever, despite getting hit hard earlier on by the pandemic, and jane wells takes a look at what's driving the snapback jane >> reporter: hi, kelly, yeah this is part of the nation's largest container port complex and i want to show you in this particular terminal there's three ships here they are stacked to the gills with containers. there's one ship here with the equivalent of 18,000 standard

container units, 18,000. i'm at the apm terminal, largest in north america, and september volumes at this port set a record thanks to overwhelming pickup in imports, overwhelmingly from china. the month overall was up 13% from a year ago. almost 900,000 standard units came through here. retailers are restocking inventory and manufacturers are finally starting to order components, and based on the number of ships already at sea october import volume growth looks to accelerate week by week october could see almost 1 million standard containers at this port. that would be one of the best months in the port's entire history, but it's not enough to make up for a terrible first half >> we'd really have to hit it out of park in the fourth quarter, but i think we're going to come in about 4% to 5% below last year, and when we look back to march when we were staring into the abyss doing about half of the amount of cargo that we're doing right now, i'll take that for the time being.

make no mistake. this is one-way trade though h.imports from china, the container units up here, they have more than tripled exports continue to go down. okay what are we buying, athletic apparel, and kelly, one of my favorite charts. pelotons look at the number of pelotons coming in container units here during the pandemic. import genius says one week ago today, just on that one day, kelly, there were 38 standard containers full of pelotons coming to america. merry christmas, happy holiday back to you. >> wow, i can't even believe they can track at that minute level. jane, that's why we love this. a good part of this like you say is restocking, and that's going to fade as the economy inializes, but, still, it tells us that there's some demand out there. where are we kind of going back you? mentioned the china trade especially going back to before the trade wars >> yeah. we have some numbers i just want you to kind of watch

the activity here as i talk about it september imports compared to september 2017 were up 21%, so in that three-year trade war, imports are still up double digits exports, the latest certified numbers we have are july, and july 2020 was down 19% versus july 2017 so part of that is the trade war may or may not be working, but also part of of it is the pandemic, july and september, dips in july, a spike in september so it's a combination of the trade war and the pandemic restocking happening now if that makes sense. >> yeah, it does, and it's a microcosm of the trade gap that's at record levels. imports are coming back faster than exports jane, thank you so much. as ever, jane wells out of the port of los angeles for us today. coming up, new problems are propping up as companies race to find a vaccine and treatment for covid-19 should investors change their thinking about the sector?

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welcome back elittly is pausing its covid antibody drug trial over safety concerns it makes it the second-related covid trial to be paused this week after johnson & johnson paused its vaccine trial on monday meg tirrell just spoke with the ceo of eli lilly whose shares are town 1% today and joins me now with more. meg? >> reporter: hi, kelly it wasth it was great to talk to david ricks about this situation from eli lilly and we got more information from the national institute of allergy and infectious diseases which is actually sponsoring this trial they told us in a statement late last evening that this is a trial being done in hospitalized patients and they noted what they saw, quote, was an overall difference in clinical status that was observed in the people who were taking the drug versus those in the placebo groups. what the heck does that moan well, we talked with lily ceo dave ricks about it, and he said he didn't have any more information than the nih

provided, but here's what he did tell us. >> failure is the normal thing we run up against. if this drug isn't working in hospitalized patients it's good to know that so we can stop and focus our efforts where it is working. that's how we feel about it it, and i think the difference here, of course, everyone is paying attention to the clinical research this is a normal process we're in right now >> reporter: this is the process working as it should, kelly. lily is also pointing out that this is the only trial of their drug in hospitalized patients. they note that those patients have been infected longer and may have more severe symptoms and this trial is also different because patients are receiving the drug on top of other therapies, including remdesivir. they point out importantly that they have multiple other trials that are ongoing and have not been paused due to any concerns and those are all in patients in earlier stages of the disease. those who are just diagnosed who have mild to moderate disease or even in prevention, kelly, in the nursing home setting for people who might have been

exposed so they are just pointing out, you know, this is the normal process we'll have to see what happens with this drug, and i will tell you people can catch more of this interview tonight on "nightly news. miguel almaguer from nbc news was there doing the interview with me so more to see. >> that's fascinating. again, if it works for a broader population before hospitalization, you know, that's still a big breakthrough. what's the latest, meg, with the j&j vaccine trial that's also been paused? >> reporter: yeah. so j&j's trial right now has paused enrollment. they tell me no updates yet today and when we talked with the cfo they said it would likely be a few days before they sorted through the issue to figure out what it was this is not an fda-regulated clinical hold that we've seen for at scene "k's" that's been under a hold for more than a month. right now same status, just pausing enrollment. >> all right meg, thank you very much meg tirrell, we appreciate it. do the pauses in the charges

change the leaders in a race for a covid treatment? how does it change how investors should view the sector joining me is chief equities strategist at federal reserveries. good to have you here. you've been warning people not to let your hopes run too high with some of these pharma stocks, but the names we're talking about were generally perceived as safer because they have other drugs obviously to offer, so where's this leave investors, do you think? >> kelly, thanks a lot more having me. yes, i think there's obviously a lot of trial and error going on with respect to, you know, a variety of covid-19 treatments and vaccines you know, there's been so much progress that you could argue over six months, sort of unprecedented progress, and there's also going to be setbacks as we've seen with at scene can a, johnson & johnson and eli lilly so really my standpoint or my view on this whole sort of like spectrum is consistent in that i think there are still, you know, many more

questions than answers there are many of these programs that are simultaneously being researched, and we sort of have to just wait and see what happens. >> yes so tell me from an ear to the ground point of view, i mean, it sounds like, again, we're listening to the ceo with a grain of salt but it sounds like the lily halt isn't necessarily that big of a deal it doesn't necessarily mean that this wouldn't work to treat people the way that the remdesivir treatment helpe president trump get through covid and so forth, and at the same time we just don't know what's going on with the j&j vaccine trial, so of those two which do you perceive to be more serious? >> it's such a difficult question i don't really perceive either to be ultimately too serious i think we're talking about one patient that has been identified in the j&j trial that's a trial that's 60,000 patients for eli lilly we don't exactly now, but it doesn't sound like

more than a few patients have been identified by the niaid on that one so nothing is that concerning we could see the next headline for j&j be positive if it turns out that the patient in their trial that's under scrutiny was more of an anomaly than not and same for lily so it's really day to day i think the thing that is like really intriguing about all of these trials is that it's under -- all of the clinical trials that are going on are under such scrutiny probably the most we've ever seen, at least in my lifetime, and i would argue in the lifetime of a lot of other people following this industry just given how prevalent covid-19 has become and we're talking about it every day, so i think the fact that these trials are being viewed, you know, so, you know, intently is a major deal here and is probably resulting in the news being more heightened than it

may otherwise be >> yeah. 100% jared, real quickly before we go i mean, i'm wondering if investors are thinking now about betting on treatments more so than the vaccine for all of the reasons that we've talked about before vaccine pricing and general availability and political pressure is betting on a treatment that can sometimes even act preventively maybe a better option right now >> i was thinking about this the other day. you know, i think the regeneron antibody treatment, there's a host of other treatments, remdesivir that you discussed earlier on the program, you know, there are probably going to be several dozen call it treatments that are going to be approved in some form or another within the next year does that take the pressure off having to find a prophylactic vaccine that works incredibly well i think probably are i mean, i think clinicians are able to treat these patients after they have gotten sort of like mild to moderate symptoms and then most of those patients can recover either, you know, in

the hospital setting for a couple of days or better yet at home, i think we're probably going to be in a situation where like the treatments wind up being, you know, maybe more significant than the vaccines themselves, you know it's probably going to take a few months for us to get there, but it's totally possible. >> yeah. it's another one of the twists and turns that we've been on all year with this pandemic. jared, thanks for your time. we appreciate it jared holz of jeffries. as we wait on better treatments and ultimately a vaccine for covid, the government is still deadlocked over a second coronavirus relief package which could include another round of payroll support for the nation's airline workers. as part of a new documentary, cnbc's shepard smith smoke with sierra nelson, the head of the largest flndants's union about the need for more relief money >> there are plenty of people who think spending more taxpayer money on the airlines is the wrong thing to do because it delays the cost-cutting

decisions that airlines need to make to those people who say spend your own money we've been bailing out the airlines for long enough, to those people what do you say >> air travel demand is at 15% this is not a normal time. if they came to flight attendants, for example, and said we need you to cut your pay. we could give away all of it, and it wouldn't solve the problem, imagine that. 750,000 workers working for free would not take care of the problems in the airline industry right now. >> and for an inside look at the u.s. air travel system and what's at stake for the workers and travelers who depend on it, catch the new documentary "shepard smith reports, air travel in turmoil" premiering tonight at 8:00 p.m. eastern on cnbc. still ahead here on "the exchange," used car prices are soaring but help could be on the

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welcome back to "the exchange." let's get a check on markets which neared session lows after there was discussion about speaker pelosi's lack of support for an airline-only relief bill. that was when the dow was down about 217 points

we're down 134, half a percent right now. the nasdaq is still lagging by a percent decline today. in terms of your sector leaders, they are energy, industrials and materials today so a little bit of a rotational feel discretionary and communication services, those are your laggards right now let's get to sue herera for your cnbc news update. >> hello, everybody. the g-20 suspending debt payments for six more months for the most vulnerable nations. that move allows poorer nations to spend more on health and stimulus programs through june 2021 as they continue to fight the pandemic the original suspension was set to expire at the end of this year portugal imposing tougher restrictions to try to contain the spread of covid-19, including stricter limits on indoor and outdoor gatherings. prime minister antonio costa says that he'll submit a proposal to parliament seeking to make mask-wearinging mandatory in public spaces. here at home, pilgrims pride reaching a plea deal with the

u.s. government over charges of chicken industry price fixing. if that agreement is approved, pilgrims pride will pay a $110 million fine and no further charges would be brought against the company. in southern india, severe flooding has collapsed homes and killed at least 15 people. record rain washing away part of a highway as well. you're up to date. that's the news update, kell i'll send it back for you. >> thank you, sue, very much, our sue herera. capping the s.a.l.t. deduction has been one of the key drivers behind the municipal rally. seema mody joins me with a look that the impact a biden presidency could have on the muni market. >> reporter: the cap on local and state deductions introduced in 2017 pushed investors to find alternative ways to shelter their income, and that fueled

demand from municipal bonds. if a move of uncapping s.a.l.t. comes with a higher tax rate that could increase the value of the tax-exempt bonds blackrock less optimistic writing that the uncertainty around fiscal policy and the penneding presidential election have left investors reluctant to put more money to work in the muni market. weave seen a record number of issuances in the month of september. hilltop security says they are concerned there may not be enough demand from investors to meet the increase in supply, so the election uncertainty certainly having an effect on muni market which has become a $3.8 trillion market kelly? >> yeah. seem, a, thank you very much we appreciate it seema mody with the state of play. meanwhile as new covid cases

continue spiking across the nation, investors are pouring into ppe, personal protective equipment names. one under the radar stock is mine safety appliances, ticker msa, and they produce specialized breathing equipment. shares are up 25% in the past three months and more than 70% off of the low of 83 bucks back in march it's trading at a multiple now of 30 times next year's earnings and investors apparently betting it will get a steady stream of business as the pandemic rolls on tech titan apple is trading at 32 times earnings and msa has a market cap of around $5.5 billion but has certainly become a pandemic play. coming up, walmart's black friday, drop box goes full work from home and ikea and panera take steps to go green all that and more in rapid fire right after this yeah, that's half the fun of a new house.

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vote yes on 15. let's catch you up on a few stories that should be on your radar. it's time for rapid fire

joining me are phil below, dom chu and frank to break down the headlines. if you thought one black friday isn't enough, don't worry. walmart is planning three starting november 4'd, one a week through thanksgiving and each one begins online two or three days before it continues in stores. despite today's mild losses the stock is on pace for its first four-week win streak since february dom, what do you make for the future of holiday shopping here? >> hopefully it's not the real future of holidaying show. hopefully it's just this year and next year in future years we get back to something normal i will first say i can't remember the last time i've been to a physical black friday because as you know i'm often working on black friday, usually in the morning hours and what not, but i would say this. this is a great way of massive retail in america with massive brick-and-mortar food print actually trying to adapt way it does business and we know a lot more folks will be spending time

online these days to do shopping and for that reason it makes sense of the one thing i find interesting is the commonality is electronics will be the big thing. always has been for the black friday sales. >> phil, i don't know what it means to go back to normal myself is. i mean, certainly i don't know if the whole kind of like scrum in the physical stores is even still with us, so it seems like that's changing anyway we're all -- if bill griffith were here would be saying i've been doing my holiday shopping on amazon for the last five years and not looked back. how do you shop in your household? >> as someone who covered this way back in the day 30 years ago, working in wichita, kansas. the black friday sales when they open the doors, it's nuts. it's like you're crazy and even though we're supposed to have social distancing, i don't think people -- if they get the opportunity to storm in and to get a particular large-screen tv or something else, they are going to still do it i know that they are saying we'll promote social distancing.

we'll have the carts that are sanitize i hope it works, but, look, black friday is one of the days where a segment of the population goes wacko on that day, and that happens when the doors open. >> i used to enjoy it myself y'all get up early, maybe have a hot chocolate or something and go participate whether you need something or not robert frank, the whole point sen tiesing people to the store is buying at walmart amazon started t.walmart is doing the specials online first. what does that tell you? >> phil is robert. the whole notion of black friday is wacko the only thing worse than black friday is three black fridays. i mean the flat-screen hungry hordes that storm into the door and the parents fighting over the last hatch-a-mole. let's get rid of it and go online most people are used to the 30 boxes at their door a week from amazon just make it another 10 or 20 for christmas, and i just think the whole thing was not holiday spirit anyway, and i think we should move it more online

>> yeah. it's so holiday spirit to be hovering over your laptop waiting to click for some deal going to prioritize people with the best broadband i guess anyway don't miss walmart's ceo doug mcmillan on "squawk box" tomorrow to shed more on the whole flack friday strategy. next up, drop box is going all virtual. san francisco-based company will stop asking employees to come into its offices and will make remote work the standard practice, even after the pandemic ends and when asked why this is better than the hybrid model, the hybrid can lead to tissues of things like inclusion or inequity regarding performance or career trajectory robert, i take his point, but it's just as big a potential setback if you are all virtual and there's never a chance to sort of serendipitously meet people i know they are trying to come up with solutions for that. >> what's interesting about this

interview is they recognize what i've been hearing a lot within a lot of the wall street banks and bigger companies here in new york which is that you can say, look, it's hybrid. you can choose to come in. what was happening is that the employees who chose to come in were being perceived if not were getting better treatment and perhaps better opportunities than those who were staying at home, so you had this competition where the companies would say, look, stay home it's fine, but the reality was in the workplace, there was a sense of sort of favorites, people that were in the office in front of the boss getting better opportunities, and so that's why they were very conscious here at drop box of saying, look, it's remote first, not hybrid, and, therefore, they are not going to be the special classes of people that get treated better if they are there. >> yeah. i mean, dom, this is unique right now because it's a pandemic the people who can come can't. it's not their choice and then there will be a permanent people from people who are choosing to

work from home permanently and there's trade-offs what are your thoughts >> i think this paradigm is specific to the covid pandemic and once we get things like a vaccine and things get back to normal that we get back to going back to the office i would say this, kelly. the reason i find these stories interesting, and i have for every one of these rapid fires that i've done involving these work from home stories is because i'm one of those people and every one of our listeners and viewers on sirius xm knows it i've been in the office since march 30th, right, commuting to and from the office here i feel as though there has been a different view of people who are in the office versus those who are at home. i would also say that those people working from home, our colleagues here at cnbc, are doing so very effectively, so i'm not exactly sure if there really is a case to be made that somebody is viewed differently or perceived differently or think they have more opportunities because they are in the office. >> right. >> i've been in the office i feel like i'm on the same footing as many of my other colleagues like you are right now at home, kelly >> yeah. i was talking to some neighbors

around the corner, and one of them is at a virtual company where he works totally virtually and another changed jobs and they are planning to work from home i mean, people are changing their lives around this. it's not going anywhere, so it's interesting to see how each company tries to deal with it. the pandemic is using used car prices through the roof and we want to get phil lebeau's opinion on this. the consumer price index jumped 6.7% last month, biggest gain since 1969, after a 4.5% gain in august the average used price for a car is a decade old and is now more than $21,000 phil, what the heck is going on. >> it's a combination of things. first of all, because of covid-19 and because people have decided either they are not going to use mass transportation anymore or they have decided, look, i feel more comfortable having my own vehicle instead of using uber or lyft, whatever, therefore people have gone out and seen a surge in demand in

the used market. that's one factor there. the other factor is that supply of new vehicles, particularly certain models like pickup trucks and suvs while it has rebounded and it is back to the levels that the automakers would like to be at, there was a long time there where they either had no production or limited production, and that meant you had a really tight supply out there. bottom line is this. prices are going up especially for those models that are in very short supply on the used market if you're looking for a particular pickup truck or suv, you're going to have trouble finding it, and that means when you do find it if that dealer is telling you you're going to have to pay 35 or 38 or whatever the price might be you're paying it you are not negotiating down it's just a matter of supply and demand, and right now there's so much more demand than supply >> i wonder how long does it last, dom? it's just tough because if you need a used car right now, you're paying -- you're paying through the roof.

>> so, it's funny. i've received a number of kind of bids or offers, if you will, from folks out there who want to buy one of my, can a i have an older model infiniti, 2005. >> is it for sale? >> it's not for sale. >> people walk up by your neighborhood and give you a price. >> when i fill up for gas in new jersey, one of the guys who owns the gas station keeps asking whether or not i'm willing to part with my car the blue book value on my car is maybe a couple thousand dollars. it's worth it more for me to have that used car than get a couple thousand dollars out of it the car still runs, and to your point when my wife eventually starts going back to the office, if she does, she has told me she wants to do so in her own vehicle and not take mass transportation, so she will be one of those people who takes my used car and then uses it for a commute that she never had before but she will be doing so in her own vehicle going forward. >> well, and as phil is pointing out, it's been really good for some of these dealer stocks and all these used car purveyors

let's go from used cars to used furniture. ikea is rolling out a buyback program next month where the company itself will repurchase some of your used furniture in an effort to stop excessive consumption and promote sustainable living as of right now the program is only going to be in 27 countries outside the u.s. and the swedish retailer will offer customers an ikea refund car in exchange for their used furniture with the value depending on the condition of the item. i think this is genius all the second hand marketplaces anyway why not have the company itself get involved >> it's genius and also really generous i mean, if you look at what they are offering, so the most beat-up furniture, if you've had an ikea shelf or furniture that's really beat up, you get half, 50% of a credit. if it's in pretty good shape, you get 30% off, so they are really buying them back on generous terms i don't know how they are going to afford it, what they are going to do with this furniture once they get it back.

will they rehab it and resell it but a better idea is someone to come to new york city. manhattan streets right now is one big furniture shop because so much people are moving out that just on my street right now there's probably at least four sofas and ten book shelves that are in good shape that somebody could buy so i think the whole business of reclaiming, repurposing and reselling furniture whether ikea or new york city it a good idea but the question is how will they make money given that they are buying them back at pretty good terms. >> right phil, a lot of people are saying that they are surprised that ikea stuff would still have that much value in, but i've got to tell you, again, on our little facebook groups, there's a lot of used ikea stuff that is a decade old that seems to be fine and it's already as bald and that's a huge selling point. >> right my question is are you going to put it into a vehicle of some sort and take it to the ikea store that's nearby? because if you're taking it apart, i swear there will be as

much cussing taking it apart as there was putting it together. nobody is going to want to do that, so i think it's interesting. i'm not sure how many people are going to say, yeah, i'm going to take this back i'm going to sell it to them for a credit i applaud them for trying this i just think it might be easier for you to turn to a inin a and say you want a book shelf? might just be easier for people that way. >> that's hilarious, especially in europe where there's no pickup trucks. yeah, bring us back your as bald furniture. they will never get it there that's why there's such good terms. phil lebeau and dom chu and robert frank joining us for rapid fire. coming up, how robinhood and other trading apps have become att commodities on the dark web. th's next when "the exchange ""comes right back before money, people traded goods.

tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale.

welcome back the trading boom this year has

brought with it an unwelcome opportunity for hackers looking to exploit it. kate rooney joins me now with more kate >> hey, kelly. hackers are turning to the dark web where brokerage account loggins are for sale for as little as a few dollars. your average person can't access these sites without special software, but security analysts gave cnbc a tour of the dark web. we saw dozens of portfolios listed from t.d. ameritrade to vanguard with balances from a few thousand to half a million but accounts on stock trading app robinhood were listed with the highest price tag. analysts say that premium is likely due to perceptions that robinhood would be easier to hack, and criminals are thinking that if they buy those credentials they are more likely to cash out. robinhood telling cnbc there have been a limited number of hacks on that platform this year, and they are rolling out new security practices just this week, including two-factor authentication and encouraging

stronger passwords kelly? >> you know, it's interesting, kate, because even as hackers are going after these accounts, robinhood, users themselves on robinhood were having issues accessing their funds lately what was the deal with that. >> reporter: so we spoke to fou robinhood users who say their accounts were hacked they had their portfolios drained in some instances. i talked to a guy in portland who says he couldn't get anybody on the phone he drove eight hours down the coast so he could talk to someone in person. the consistent theme was if they did get hacked and there was an issue, they weren't able to get anybody on the phone, which robinhood says is by design. they do most of their communication over email. >> which is fine, as long as you can get somebody to get right back to you on an issue that important. with so many of these start-ups who are going phone-free, maybe they can rethink that. kate, thank you very much. we appreciate it kate rooney with the latest on

some of the vulnerabilities there. meantime, it's help wanted at fidelity they're looking to hire several thousand workers in order to help with the demand for trading this year. this as there's been a surge in online activity. fidelity looking to add about 4,000 new workers in the next six months the roles will be u.s. customer-facing and it comes as other asset managers have been forced to make cuts amid the pandemic franklin templeton announced plans to trim its workforce and fidelity says millions of new and existing customers continue to open investment accounts, even with all the economic uncertainty. it reported a record $3.3 trillion in assets under management as of august. coming up, city dwellers looking to get out of town have given get-around a big boost during the pandemic. we'll hear from the ceo about that and the latest fundraising round right after this

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getaround has seen business surge in the pandemic and it just secured a new round of funding.

jul julia boorstin has the numbers >> reporter: getaround announcing a $140 million funding round. the company says 6 million users have rented cars in over 300 cities and has now raised over $600 million a source tells us the valuation is north of $1 billion last year's valuation was reported as high as $1.7 billion the new spac is investing in this round joining prior backers softbank the ceo sam zaid told us that after covid started, revenues plummeted 75% and then they dramatically turned around. >> since then, as people were able to move around and they realized that getaround provided a safe and contactless experience for getting a car, we've seen from our pro-covid baseline, what we saw in terms of revenue before going into the covid lockdowns, we've seen the

business double over the ensuing months and so worldwide revenue is actually twice as high as what it was prior to covid. >> reporter: getaround's main competition is turo, a similar app that is in over 5,500 cities in the u.s., canada and uk alone. it has raised $5 million at a valuation of aefr $1 billion. >> the car sharing market has been growing consistently year on year and there's very much a ren renewed and strong interest post the covid related restrictions and lockdowns. with respect to the competitors, we see us going after different segments of car sharing. there's not a one size fits all solution >> reporter: the car sharing market was estimated at $2.5 billion last year and it's projected to grow to $9 billion

by 2026, according to a report from global market insights. >> julia, thank you very much. appreciate it. that does it for "the exchange" today. coming up on "power lunch," it's the airline index higher today, but down about 46% on the year an analyst joins us to talk about how long the turmoil could last i'll join tyler mathisen and we'll see you after this quick break. our retirement plan with voya gives us confidence... ...we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement. some things are good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know. if you have medicare you may be able to

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along with kelly evans, i'm tyler mathisen and here is what is on tap for a busy wednesday stocks are under pressure yet again today. the dow down more than 100 points as treasury secretary steven mnuchin and speaker pelosi are at an impasse on additional stimulus. we will have the latest details on where those talks stand plus, it is a bank boom and bust goldman sachs beating earnings expectations the stock up about 1%. but bank of america and wells fargo, they are both sharply lower after their reports and we will tell you what