citi targets getting raised as oppenheimer, jeffries and wells fargo and then bank of america and jpmorgan both getting upgraded by deutsche bank as well so maybe a little bit of value in that beaten up sector taking a look at oil majors, a look at how they have performed relative to the s&p since their 2014 july 14 all-time highs and with oil locked around 40 bucks a barrel for wti, more talk about turning away from fossil fuels and betting on these traditional energy names may seem counterintuitive but analysts at the bank of america among others getting more bullish thanks to cost-cutting, conservative balance sheets. watch exxon-mobil and chevron and majors consumers stocks hitting fresh highs every day. certainly not the case for all of the retail and mall sector though take a look at this smattering of names, all under pressure

this year, but some analysts are giving them a boost in recent weeks with one common thread, and that is a possible extension of the economic recovery consumers, they would real rebe looking to get out of their houses and into theme parks, malls or just the open road. six flags, simon, marriott, harley-davidson, all with analyst upgrades so, kelly, perhaps there's a point where the prices get so low that they become compelling buys i'll send things back over to you. >> dom, thank you very much, sir. we appreciate it dom chu. let's stick with the markets and his theme on a day with some very good news for retail sales offset by a drop in manufacturing activity so in the hunt for bargains, how do you separate the future winners from the value traps joining me now brian belski, chief investment strategist at bmo capital markets and quincy crosby with prudential financial. welcome to both of you brian, before delving into anything top level i want to hammer the point that dom was making you know, tell me many so of the names that you would consider to

be, you know, possible value traps that you like, or are there any or do you stick, you know, the winners in this kind of market environment? >> well, kelly, thanks for having us, first off i think we have to come to grips with this notion that when growth is kairs, growth outperforms and coming off of a recession you typically want to go with growth performers and oh, by the way consumer discretionary has always been a sector had a that is done well just before the trough of the recession and coming out from the recession. we would still stick with three categories of growth overall, secular growth, structural growth and cyclical growth i think a lot of people want to play the cyclical growth players right now. some of our favorites would be the banks and big financials, especially money center banks and brokers, stocks like jpmorgan, bank of america, morgan stanley and goldman sachs, but from a goat perspective, i think you have to be really careful trying to play this value side. there's a notion of a value

trap and you mentioned it as we came out into this hit, and the way a value trap works is you look at a pe ratio you have a price on top and earnings on the bottom and so as earnings go down because earnings are actually not as good as maybe you thought with that value stock, the valuation actually goes up that's a value trap, so i think that there are select areas that have value trap opportunity and possibilities and that's why this whole trade in the vale has to be so important and really led by fundamentals. >> yeah. quincy, do you think that's where we are in this market? as dom mentioned the industrials are up today we'll talk later i mean, caterpillar at its highest level since 2018 you know, brian, he found some of the bank names that he would bet on so where does that leave you? >> well, you know, in the last segment they talked about american express that one has been lagging, that's an important one because

once you see business travel pick it up, albeit i don't think it will pick up dramatically until there is a vaccine, you're going to see american express picking up, and it works well. it's commensurate with business travel as are the airlines the that is taking a leap of faith that we will be vaccinated by sometime next year most likely in the third and fourth quarters and they have been beaten up, and they are living on, you know, borrowed time, being able to get some funding to keep going. i would also mention they mentioned marriott i think also the hotels. that also is picking up as americans go out, but, again, the vaccine is crucial for a true recovery. i would add that the consummate, consummate consumer discretionary name is for me disney it encompasses everything we do from sports to cruises that i know they move to streaming because we're still staying home, but the fact is once there

is a sense that we are headed towards a vaccine, maybe it's pfizer going from emergency use initially and then down the road we're got more companies coming along with a vaccine, disney gets the good. >> quincy, let me ask you this you've laid out disney, some of the airlines and hotels. are you saying to people that you shouldn't bet on these names until there is a vaccine because this could potentially be a multi-speed, multi-pronged process, and i also wonder how many of the gains might already be baked in if there's going to be a little bit of buy the rumor and sell the fact even though when we hopefully get that good vaccine news. >> i think, you know, it's very interesting. even as we were coming off of the march 23rd low i started to see interest in the cruise lines, for example and disney, from the global sovereign wealth funds, you know, who wait for a

long time before their positions start to manifesting themselves but also, look, there's a barbell strategy at work we wouldn't be completely in the names. we would be on other side with growth tech is not going anywhere i like the semiconductors and i like big tech. i know there's concerns over the justice department, over the eu, but, you know, you've got names like microsoft and then the semiconductors, we're seeing mergers and acquisitions activity not to mention 5g and a host of gaining semiconductor names. i would like there as well. >> yeah. >> but, you know, the barbell has been with the super serial names and mega tech. there's room in the area to include some names that will take longer to recover. >> all right finally, brian, tell me why, for example, a name like lululemon makes it into your basket, a name that has had a monster year already. you would think investing can't be that easy you just can't pick the winners

were and say, yuping hang on to them. >> yeah. it's not that easy, and full disclosure we've owned lulu for several years in our real life money portfolios for bmo and the reason is thematic investing, lifestyle investing and looking at consumer discretionary, a sector which has suffered dramatic surprise because of the big gorilla in the room, amazon, this is a company that fits a structural growth in markets and fits perfectly with the mobile society theme that we've talked about more several years and we think quite frankly this lulu is today's levies and going forward there's several other areas and names in structural growth like invidya or paypal or -- or secular growth like amazon, apple, microsoft, netflix, costco, that are going to continue to drive the market from the value perspective, you

know, a lot of these names had problems before covid. let not forgot, that and so i do think that there's going to be best in brand names like marriott, delta and boeing that are going to be survivors. i think you need to start thinking about that. build a survivor basket versus just trying to buy a value basket i think that that would be the best way to play it. >> yeah. stock picking, i know. but that's our favorite line, lulu or the new levis. that's true. it's ubiquitous. thank you both for your thoughts today, appreciate it. come up, we're going to dig a little bit more into big tech. the whole sector under assault with washington looking to impose new legislation we're looking at what's at stake and one name that could walk away unscathed and wells fargo says don't wait for the fundamentals to catch up why now is the time to buy caterpillar, up 3% the biggest dow leaders, cat leads the way with intel and

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welcome back the fallout continues for twit we are and facebook. the fcc announcing it's considering new rules on section 230, the key legal protection

for social media platforms and antitrust probes are looming over silicon valley. the house judiciary committee is making recommendations like stopping big tech from entering adjacent businesses or prior tidesing their services. which companies could be hit the hardest by all of of this and who could be impacted by this? joining me is jason bazinet, the managing director at citi. the who could be least affected by all the potential changes that are coming? >> well, there were four companies mentioned in the house report, alphabet, amazon, facebook and twitter and one missing was microsoft. apple was teamed up at least the number of times in it the report so that is the area they were focused on. >> apple was the only cup fairly mentioned in the report sumly in

the way the iphone has changed their lives. how big of a deal is this news that we got from the fcc yesterday that ajet pai is looking at writing rules around section 230. the what do you think is going on there >> well, i think the republicans are clearly a bit concerned of what they perceive as a bias with some of the social media platforms. i think the rub is that section 230 essentially gives legal, you know, immunity of liability to those social media platforms and if the government comes out and removes that you could actually see the paradoxal effect of more -- more censorship if you want to call it that or killing of stories as opposed to less. it's put the administration i think in a little bit of a quandary in terms of whatever they do with section 230 they have to be very careful because they could make it worse rather than better. >> well, i mean, it also depends on what you mean by worse. by all means, if the companies act more like traditional

publishing had companies, that's totally in their -- you know, discretion to do, the issue that i would ask you is they are suddenly liable as a result for all of the contempt on their platforms, how can they possibly exist anything like in their current form >> well, that's what i mean, you know if there isn't that legal protection then they will able cull more stories, right, so you'll end up with, you know, less degrees of freedom, if you will, in terms of what's allowed on social media so whatever the administration does in terms of the fcc they have to be careful. maybe go back to the fairness doctrine where there's a record of what's pulled down from the sites and you ensure it's balanced across the political spectrum, something along those lines. >> here's my deeper question so if -- and to your point they may pull down more contempt but we're not just talking begun a couple of links here and there from donnelly websites what about the content that i post or that someone else post

or the kind of vitriol that twitter and facebook can sometimes be filled with all of a sudden if they are liable forgot the post-sharing that's coming from any kind of news organization, i'm just talking about the harmless posts that people might put up about one another. >> yeah. i mean, this is why you can't really weigh in on this. i don't think the intent of the government is to sort of shut down social media as an entity, so there has to be some crafting of the legislation or changes in the regulations that sort of, you know, strike narrowly at the perceived issue without harming the businesses but it's -- it's a narrow -- >> you mentioned off the top -- yeah no i think this is tricky so you said you think apple and microsoft might be the least affect microsoft because it wasn't even included in the house's report who might be most affected then by the changes that are coming, and do you think the biggest changes would come on antitrust side, you know, is or on the

section 230 side >> well, the house report was real around antitrust and i think the big thing that matters most about this is any money manager that's under 65 years old has lived under a world where all of antitrust law was undergirded by consumer welfare, in effect corporations pursue m & a. they could pursue their strategy and it was allowed as long as it resulted in lower consumer prize or something that was better for the consumer what the -- what the house report hints at is they are rolling the clock back 40 years, more towards structuralism which is antitrust legislation which essentially says big is bad, and that is a radical, radical change it's something that the doj and ftc have pushed back against those are the two expert agencies that enforce our antitrust laws this has been kick around in academic circles for a number of years but, you know, this is the first report that's really come

out of one-half of the legislative branch that's begun to embrace some elements of a return to structuralism. it would be a very, very big change through that lens the company that would probably be the most impact the and the company most mentioned in the report is alphabet. >> the parent company of google. so my final question for is why haven't shareholders reanded in a bigger way granted, alphabet shares have not done great this year but big tech in general, it's not like reports come out and the back and forth this week with facebook and twitter shares were down 2% yesterday. that's nothing given the scope of what we're discussing why do you think it is >> what's the old wall street adage? being early and wrong are indistinguish al and i think the buy tide appropriately has looked at these potential changes and said whatever is going to happen, you know, it's still a period away. we need to see real changes in regulation

we need to see real changes in the laws, and i think that that's just not eminent so i think the buy side is probably inferring that whatever the house has recommended will likely get water down, you know, when it comes into an actual bill and may get watered down further before it even gets passed into law so that's why i think the reaction a has been somewhat muted it's just long dated. >> like you said, they all think they can get out in time, too. if that's the case jason, thanks so much. complex issue, but you broke it down and we're very grateful for that jason bazinet from citi group. >> coming up, jeffrey is telling investors it's time to bite into chewy as people are willing to spend big on their pets and a look at the government's surprising concern of where chinese money is being invested in the u.s we have a cnbc investigation you don't want to miss wee ckn cole 'rba ia up

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welcome back to "exchange. markets off their session highs but only a little. dow up 350 at the highs of the day. we're up 236 right now and the dow is the outperformer, up.2% and the nasdaq is lagging just a bit shy of 1%. we'll talk more about caterpillar in a bit and lagging right now you have energy and real estate. here are some of the individual

movers bed bath & beyond higher again shares areup again and they have doubled in the past month now a little over $25, 2.5% today. zoom is ending the week on a good note with a double-digit gain shares run nearly 40% in a month and now more than 100% for the year zoom is at 562 it, and shares of j.b. hunt are the worst performer in the s&p after missing profit expectations though revenue is above forecast the company's income taking a hit due to higher wages and tech spending jbht down 8% today let's get to sue her rare ark for our cnbc news update. >> hi, kelly good to see you. here's what's happening at this hour italy's daily count of new coronavirus cases crossed 10,000 on friday. it is the first time that country's daily tally rose above 10,000 since the pandemic outbreak began in a rare move the trump administration rejecting california's request for disaster relief fund those fund were aimed at

cleaning up damage from california's recent wildfires. the indianapolis colts will now reopen their practice facilities this afternoon, this after the team shut down its facilities this morning after four individuals inside the organization had tested positive for the coronavirus. the colts say the individuals have been retested and the tests came back negative. and take a look at this. after 196 days in the hospital due to complications from covid-19, this michigan woman diana hare got to go home. families and friends gathered outside the university of michigan hospital to wish her well we wish her a speedy recovery. that's the news update at this hour back for you. >> sue, that's the thing about this whole pandemic. you have some people that get and are literally asymptomatic and other people in the hospital for 200 days. >> yeah. almost 200 days, one of the longest in-patient patients from

covid-19 she has a long road ahead of her. has to have a lot of rehab and physical therapy and things like that, but this virus is a beast, indiscriminate beast it's just awful. but we try and bring the good news on it. >> all right sue. hey, absolutely. we appreciate it sue herera thank you, ma'am let's get to shares of pfizer and germany's bioentech right now. in an open letter pfizer's chairman and ceo says their covid vaccine candidate is being developed by both drug-makers which could be used for emergency use authorization application by late november they are scaling up production of the vaccine as well both companies will be able to deliver the doses they have already agreed to provide to governments around the world but bioentech's ceo says there will be a struggle to provide it more widely shares of both companies are up more than 3%. still ahead, chewy getting a millenial's upgrade.

private jefrt ies off to holiday and rapid fire coming up next on "the exchange" right after this.

welcome back let's catch you up on a few

stories that should be on the radar. time for rapid fire. mike santoli, contessa brewer and robert frank join us now welcome, everybody first up, caterpillar shares are at their highest level since january 2018 on an update to overweight wells fargo the street you go its levels to $220 and citing earnings from the home improvement and building boom. new home improve president projects, of course, have been surging during the pandemic. cat shares run 50% in the past six months mike, it's also interesting saying don't wait for fundamentals to kind of show up. you can bet on it now. they getting over their skis on this one >> exactly that piece of the logic jumped out to me as well. i don't know about over their skis i think it's more just a concession to how these global cyclical stocks start to trade which is as soon as you see the global purchasing managers index and leading indicators go up and manufacturing start to revive

around the world the stock anticipates it and the big argument is the have caterpillar shares already built that kind of environment already 25 times forward earnings and analysts say, yeah, it can get up to 30 as we wait for earnings to come through >> robert, i thought it was interesting. i mean, here's the name that people usually associate with infrastructure plays in the past it was the mining boom and today everyone is -- this call is predicating it on the home improvement i mean, literally on this equipment, kind of digging up new home construction and that's a newer thing for caterpillar here >> yeah. it was home improvement, but it was also energy and mining and look at oil prices i mean, they are strong remember, but it's hard to see a massive unexpected recovery in the energy sector that's not priced into this stock which already as mike just pointed out really expensive at 30 times forward which is what this analyst says it could get to i mean, that's like tech stock valuation for a company that

makes tractors and haulers and -- and, you know, things for industries that i don't know that a home improvement or home recovery is going to be enough to drive the stock to 30 times forward earnings. >> guys, look, the analyst is pointing out that there's all this time and effort being spent on the domestic picture and you're missing the whole point that the leading economic indicate, o, the commodity prices are increasing, that this is a global recovery picture and that that's where the focus should be now. >> true. and in that sense it's maybe good news for everybody and the industrials leading had the way today. cat is up like 7% this week and it's been hitting these kind of highs since 2018 on a rolling basis for a while so maybe it's ready to break out like you said, contessa, good for everybody. speaking of cat, let's talk about a different kind of cat, shall we shares of chewy spiking after an upgrade from jeffries.

digitally affluent millenials are adopting more pets and that trend has legs a recent survey from ameritrade found 30% of americans considered fostering or adopting a pet during the pandemic and millenials led the way chewy has been on a tear it's up more than 130% this year contessa, what do you make of it >> well, new adoptions and three-quarters of the people who adopted a pet during this pandemic, i call them pandemic pets, are younger than 44 years old. i mean, here's the analyst pointing out that humanization and premiumization, their word for it. >> what kind of dog is that? >> this is my dog. she's a dapple daschund but she was my first born, and she's my dogter i don't get chewy because i consider a trip to the pet store my big outing for the week.

>> a dappled datsun. we had a cat for a year. hopefully the kids will make that one last longer than that mike, what were you going to say? >> you wonder if people will have adoption remorse after this pandemic period. i don't wish this on everybody but after easter, you know, a lot of chicks and rabbits, you know, on offer out there, and part of this report -- part of this report was that 40% to 45% of new pet owners found it was more expensive than they expected to what i say what were the other 50% to 55% thinking which is it always costs more than you think >> go ahead, robert. >> the number one seller on chewy is a dog food called taste of the wild, high prairie dog food, and, kelly, i think this stuff costs more than the breakfast cereal that you love this stuff is $52 a bag so the only thing more expensive than

this stock at $28 billion market gap is the stuff they are selling. good for them the margins on a $52 bag of dog food must be crazy. >> by the way, i would say on the stock itself, it's a great example of a company that real rehas the luxury of not having to show profitability for the next couple of years to come because they have the right demographic and they are in a large and growing market and right now the market is willing to give you credit for just those things worry about the profit later. >> chewy shares up more than 10%% having more than doubled this year. up next, not quite the industry you would expect to get relief from the cares act but private jet companies are taking advantage of a tax holiday tuck in the bill that was meant to take a strain orthe industry during the pandemic. robert, this is fascinating because tell me how people are snapping up all of these ride

shares. >> normally when you take a private jet flight, as part of the cares act they gave a tax holiday for any air fair you bought in 2020 what they didn't realize is in the private jet world you can buy a jet card with 100 yards on them and there's no expiration date and what the companies are doing is selling massive jet cards with 50 or 100 hours on them and you don't have to take the flight in 2020 or can take it four or ten years from now so all these wealthy flyers are stocking up on jet fliers, tax-free, won't take the flights this year but years from now should taxpayers be subsidizing private jet flights that don't happen during the pandemic but should happen five or ten years from now it's been a -- how drier are

things for the private jet industry like if it gets bad enough, no one gets a private jet no one is crying, but, like, is it so bad that this kind of incentive can ensure a viable future or something? what's it like because i thought people were flying more in private jets because they didn't want to be in regular place. >> that's the irony here, kelly, is, that, they got all the money because the general aviation business supports over 1 million jobs and the private jet industry both for health reasons and because of the duel class nature of this recovery has recovered to 80% to 85% of normal capacity in the past couple of months, so commercial aviation is down to like 20%, 30%. private jets are 80% to 85% of back to normal so they recovered really quickly which adds to the questions of why they got this tax break but also the more than

$600 million that they got in addition to this in support from kaurz, ppp and all the other programs >> contessa, what would you add on this? s. >> well, is it well fairly for rich people? in why this just seems misplace, misguided, and i think that there's a lot of people who are hurting right now. the people standing in food lines listening to this story are probably wondering, you know, why do these guys get away with not paying taxes on what really is an issue for rich people. >> yeah. a luxury i know finally before we go lockdown safety requirements and production limits. it all means that producers are having to get pretty creative to find actors for their new commercials these days according to "the wall street journal" directors are turning to their own families for starring roles in ads now including in this recent add for pillsbury cookles. documentary-style ads were on

the rise before the pandemic, but this takes things to a whole new level. i kind of love it. just feels like something interesting to happen. when you can't plan everything to a tee. >> was that a kid just painting a real dogging it's kind of funny how it resonates in a different way, people are used to seeing so much amateur socially shared video. it's looks amateur and not high production value and back in the golden age of tv commercials everything wanted to look like a sitcom and news broadcast. it wanted to look like the tv that it's interrupting and i think it's a little more in tune with it being more necessity i chuckled when i rode the story because he was worried that he was going to -- had to eat 54

cookies in order to shoot the ad so he spread it out over three days >> any casting agents who are really good at the eye roll and sullen teenage face, i can give them my number. >> contessa, last word >> i -- i just don't want to see any story telling with zoom boxes on it. i'm done with that, over it. don't want to see it two, if you get really desperate, you don't even have to pay your dog. >> i know. let's get to see that guy one more time. >> a chewy commercial. >> we want contessa's dog in a chewy commercial she burrowed back under her blanket right away. >> so sweet. we needed that. >> did i win did i win rapid fire >> thank you all we appreciate it you can be the binner today. >> coming cup, a new cnbc investigation reveals new concerns about chinese acquisitions in a very unexpected area. we'll have those details

amon javers will have that story for us >> the department of justice has a concern abouchest ine money coming into the united states and where it's going we'll have all the details on that coming up on cnbc you may not expect the unexpected, but you can certainly take it all. the lexus es. wow, this rain is bananas. now available with awd. lease the 2021 es 250 awd for $359 a month for 36 months. experience amazing. at your lexus dealer.

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change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. welcome back tensions between china and the u.s. are on the rise as the two countries cancel visas, close each other's consulates and accuse each other of mishandling the covid-19 voyeurs and now the u.s. government has identified a new threat from the chinese coming from a place you might least expect, fertility clinics. eamon javers is here with more on that report. >> reporter: that's right. the u.s. government has used a secretive government process to actually stop a chinese company from buying an american fertility clinic, but why would

the government want to do that well, we went to the department of justice for some answers. >> john demers head the national security did i vilgs of the captain of justice making him one of the top pie hunters. >> your genetic information is most interest about who you are, what your vurkts are and what your illnesses have about in the postand what your family history is our investigation has four of a dozen fertility clinics in san diego have links to china. fertility clinics are hugely possible after the repeal of the one-child policy take the case of hrc fertility in clinic, one of its offices is

in oceanside, just a 14-minute drive from the front gate of camp pendleton no way to tell from its offices or website but the fertility clinic's ownership history is global and a extremely convoluted in 2017 management writes hrc fertility was purchased by -- a new entity took the company public on the new york stock exchange, so why a chinese company want to -- >> the coal mining subsidiary and it's dealt with and keeping all patient data within the united states and as for the clinic being located near a u.s. military base, the company calls that a meaning less coincidence but it's the kind of transaction

that can be concerning to the u.s. government. what if you saw the subsidiary of a chinese mining company buying an american fertility chain? would that be a red flag to you? >> well, without obviously commenting on any individual transaction, that's the kind of dissonance that would be very interesting to us. >> reporter: in a statement hrc told us in part the company complies with all relevant federal and state laws and regulations regarding patient data security. we take patient information and do not share with our parent and use third-party experts to confirm our third-party data in it's a bipgs rebel. >> what we're worried about the use they are making of the data. >> what could they do with it? demers says there's some

terrifying possibility >> the worst case would be, and i'm not saying that we've seen this, but the worst case would be the development of some kind of biological weapon. >> really. >> if you had all of the data of a population, you might be able to see what that population is most vulnerable to >> the former deputy national security adviser told cnbc cfius, the highly secretive commit diop foreign investment in the united states located in the treasury department, has already taken action. >> as the -- has the president ever bhokd a fertility clinic in the u.s. >> i understand that there's been at least one case. >> cfius can force companies to divest of their ownership if they believe there's a national security concern we do know that at least one company was blocked from being acquired by a chpts entity

back over to you. >> yeah. i mean, this is kind of terrifying just going back to what they could do with this information and the reality that right now it sounds like people just don't have any evidence that there's anything nefarious going on. i also wonder, eamon, whether it's part of your point, a lot of chinese fertility clinics, are there a lot of chinese using them >> on one and there's an enormous wave building over the past several years of chinese coming here for fertility treatment, but what the u.s. government is that in addition to that, any u.s. customers going caught up in this, haven't seen any evidence about that and

any sieve yutz concerns now is forecast why youed only data could a foreign company come in and buy boeing and now they are turning to the question of data? who controls it and where is it going and that's a much trickier problem. >> frightening fascinating. eamon, thanks for bringing that report to us today. still ahead, bikes have been a booming business and on the day he launched one pop-up shop capitalized on it. and remember, you can always listen to us live on the cnbc app. we're rook bagot change is all around us.

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. welcome back the transport is hitting an all-time high at the hope today. and the sector has been on a pretty bullish ride. the dow jones transportation index is up 21% in the past three months and the three biggest winners are fedex, up 71% during at that time.

it also hit an all-time high today. ups is up 36% and hit an all-time high on tuesday and bicycles have become one of the hottest forms during the pandemic, making it nearly impossible to find one these days my next guest launched a bicycle repair shop after he was being laid off and when his boss offered him his job back, he declined. ian, it's good to have you here. >> i appreciate you having me on the show >> when you started, was it just a way to get some income for a couple days?

>> i knew we were going to close and i didn't want to sit around and do nothing the fitness participants were kind of my first clients and it was sort of just one-offs, i'd go to their house and tune up the bike but then i was in neighborhoods and realizing the whole neighborhood could use a tune-up. so then i started doing neighborhood pop-up shops where i'd set up shop in somebody's dry way for the day and neighbors could walk up and get their bike turned up with a same-day turn around so that took off >> so $75 for a same-day bicycle tune-up. there's now 15,000 in the business and you're going to take some of the off season to come up with your business plan for next year. what happens if this bicycling boom was a one-time pandemic thing? >> it was the perfect time to

launch this neighborhood pop-up shop because everybody was home. right? rather than just working on a weekend, now we're home all week as the pandemic starts to quell, people will return to work i'm planning on pivoting, hiring on new employ's and offering workplace pop-up shops even if you're not home, you can bike your bikes to work, tune your bike while you're at work and have your bike back by the end of your workdays and also partnering with local businesses i think is a really good way to stay relevant. >> that's super clever tell me what happened with losing your job, what's going on in the fitness industry and would you go back? >> here in wisconsin basically it was a mandate that we had to close. so i lost my job it was this understanding that i would be able to come back i kind of just didn't want to sit on my hands for a couple months would i go back, i actually have

my bachelor's in kiniesology so i above movement, i love movement, i love exercise and i'd like to go back at some point. but owning my own business now, i'd probably start my own thing since i have a taste for this entrepreneurial spirit >> and was this the federal reserve time i tried something how nervous would you launching it at a time like this >> i tried a couple of small endeavors in the past, kind of a monthly subscription thing this was the first one i really kind of invested in. it felt low risk because i was laid off i knew in a couple months, hopefully i knew, that the gym was going to open back up. it wasn't like i just dropped and quit my job. so if that way i was grateful

for the opportunity to start my own business it seems weird to say i was grateful to be unemployed. it was a great time to do it it kind of just started slow and it organically built by itself and now i'm super humbled and grateful >> ian, thank you so much for joining us to tell your story today. we appreciate it >> thank you so much, kelly. >> ian oestheich is the back yard bicycle founder stick around for power lunch shares of gilead are lower after it been said remdesivir has little to no effect in reducing covid deaths i'll join tyliyler mathisen aft

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