todayine. blowout quarter, so i'm recommending keys, keysight. they support a great quarter. >> buy high, sell higher you're up. >> there you go, adgo, agricultural, corn wheat all at multi-year highs. >> that does it for us thanks, guys "the exchange" begins right now. thank you, scott, and hi, everybody. i'm kelly evans. ahead today, while washington battles over a new round of stimulus hundreds of billions have gone unspent from existing sources of funds we have the details and whether that money can still be tapped plus, with the stock up 400% this year, investors have a lot riding on tesla's results tonight. is the bar too high like it was for netflix? we'll explore and snaps, coattails, netflix wants 48 hours more, and disney battles california before all that lets get the very latest on markets this hour dom chu joins us for that.

dom? >> how many of us wish we had more time, not just 48 hours but more time in general anyway, the markets right now are in a holding pattern that's what we'll call t.marginal losses in the s&p 500, dow and nasdaq, as you can see there. just about a quarter to a third of a percent across the board here, but we were positive at one point today so a lot of that uncertainty playing out, but not a lot of reason to wholesale buy or sell so that's what we're seeing in markets. one place where we're seeing a good amount of positivity today is in the internet-related names. social media specifically. check out this first trust dow jones internet etf ticker fdn is off the highs of the day, off two-thirds of 1% small of the smaller social media ones are there as well helping to power this particular move remember from the lows up to here, it was up about 96%, and then it fell about 15% here and then up another 12% from there, so that's a move there for the social media stocks that we're watching as well, and no every

single one of these internet/work-from-home, stat-at-home names is doing positive today slack, the collaborative work software company is down about 7% morgan stanley puts an underweight rate on the stock saying competitive pressures could weigh on that company going forward. year-to-date though, still up 27%, but a sharp move lower here in slack those work shares, again, moving to the downside, something to watch there. not every single one of these companies does well in that kind of environment we'll see if that sticks kelly, i'll send things back over to you. >> a lot of people think 2020 is a missed opportunity for slack thanks very much, sir. with 13 days left until the election house speaker nancy pelosi says she remains optimistic about a stimulus deal markets are back in negative territory. ylan mui is here with more on that >> reporter: kelly, in just about an hour the senate will vote on a roughly $500 billion package targeted relief that looks very different than what

the white house and democrats have been trying to put together republicans have a little bit of heartburn over that nearly $1.9 trillion price tag that the white house has been floating. senate majority leader mitch mcconnell said that his package includes measures that republicans and democrats actually agree on. >> agree where we can and advance this legislation while we debate the rest the american people deserve action >> reporter: house speaker nancy pelosi will have another conversation with the treasury secretary at 2:30 p.m. she said that there is the prospect of an agreement today she said today that there is a prospect of an agreement, and she was also adamant that there will be a bill eventually. after that, kelly, she said it's up to the president and to mcconnell to try to get republicans on board >> ylan, i think everybody expects a bill eventually but nothing hat really changed

the timeline for this happening before the election is out window, right, so it seems odd to me that we're still acting as if there's time when the most likely scenario is we've got to wait until the election, the change of parties and then that could delay this for quite a while. >> yeah. one. things that please said in her interview earlier this morning or this afternoon was that, you know, in order to get something done after the election, they still need to do all of this work they still need to have these conversations and these negotiations she's now trying to put the blame on mcconnell as being the one that's holding had up a potential vote with the senate actually right now set to adjourn on monday after they vote to confirm the supreme court nominee. so unless the senate calendar changes and mcdonnel keeps senators in washington instead of allowing them to go out on to the campaign trail, there is just no more time left kelly. >> yeah. ylan, thank you very much for the update appreciate it. ylan mui in washington. we're watching treasury

yields which have been rising to some extent on the back of prospects for more stuck luce but also perhaps some better news flow on the economy yields are up across the bond including the five, ten and 30-year yield making big pushes over the last 24 hours ten-year, gasp, 0.8% you have to go back to early june to find a higher yield there, so what might all these moves tell us, and what do they imply for the stock market in our panelists to discuss there is the senior market strategist at wells fargo investment institute and barry james is ceoed a james invest research. welcome to both of you barry, are you focused on rights yields here? i don't think i've heard you there are a lot of people out there that have a strong view that rates are definitely rights, and this is, you know, the start of a big sea change in that regard. are you among them >> not really, and our golden rainbow fund we're half stocks, half bonds so it's pretty important to us, and what we've had is a drop from 1.2% to half a percent on the ten-year so

this rise back up to .8% is really kind of, you know, just normal and going to 1.2% would be normal. the key will be inflation. we're still at a case where there are negative real rates meaning inflation is higher than the rate that you're getting paid, and that isn't normal, so that would be normal for rates to -- to keep going a little bit higher and with rate being so low you want to be cautious because any rise in rates is much more effective in terms of hurting your price or your bond so be careful. we're saying stay lower on the maturity areas, and stay with high quality >> okay. i want to -- well, let me ask you right now before i move on does that affect any of your stock market investments are there areas of the market that you think are particularly vulnerable if rates edge up here >> well, obviously, those that are dependant on, you know, interest such as utility, maybe

some of the energy stocks, they might be hurt a little bit but it's favorable for finance stocks of all things because as you get a wider spread, as the yield curve, you know, gets higher, gets steeper, that tends to be very good for banks and the like so it could be good for the financial area >> all right samir, how would you weave into rising rate? how much of this is predicated on more covid relief coming dr. washington what do you make of the market here what should investors do with a couple of weeks of what could be a very noisy time between these tujsor talks and the election coming up? >> yeah, kelly, good question. the recent rise in yields is probably in the context of again lower for longer that doesn't mean that we won't drift higher, especially into the end of next year but at least in the near term we think there's probably an opportunity to rebalance out of equities and rebalance back into fixed income, and we appreciate the 0.8% sante very high yield, but

it is much higher than we saw throughout much of the summer. if there is some disappointment on the stimulus front, you'll see treasuries due up for a couple of reasons, one because of people downgrading their earnings expectations and it will hit what people expect from a slide standpoint in terms of being a lower deficit and less issuance which, again, would be good for treasuries. >> that's fascinating, samir, so you're someone who would be buying bonds at these levels given the way they have risen. how long do you plan on being in this kind of trade or investment because, you know, very few people are eager for a 0.8% yield, though granted there had could still be some capital appreciation meanwhile, you look at the stock market, depending on what sector you pick, you could can be up 60%, 70% this year tell me what your objectives are. how long would you be in a trade like this, and how much money do you think you'll make from it? >> sure. this is more over the coming months we think there's a couple of different risks underappreciated

by markets the main one, you know, the one we all keep talking about would be covid, right. cases are ticking higher two, you've got elections out there, especially if there's some type of dispute as to who is winning, you know, post-elections that will be a little bit of a risk brexit we're all tired of hearing about it, hearing about it for four years, that's still kind out there, and then lastly, you still have a very sluggish environment for the economy, and if the stimulus talks do get pushed down in the next year, there's probably quite a bit of downside for some of the more cyclically oriented parts of the market for the remainder this year we would be cautious as some of these events play out and that puts you in a position where you can take advantage of dislocations as opposed to leaning out over your skis. >> all right gentlemen, we'll leave it there for today. thanks to you both hope to see you again soon barry james and samir on markets. still down 67 points on the dow. meanwhile, let's talk about the impact to the economy. if there's -- if this stalemate

doesn't break on stimulus talks, that's one thing, but it turns out there are still billions of dollars left unused from the cares act package, among other things let's get to the steve liesman with more on the unused funds and whether they could be tapped to support the economy steve? >> kell, thanks very much. yes, there are trillion -- well, billions of unspent dollars from the federal aid package and that means there's trillions of loans that haven't been given into the economy. if you look at the center for responsible federal budget who we talked to today, says there's $130 billion in unallocated funds from the paycheck protection program, the ppp loans supposed to go to small business and there may be as much as $100 billion or more in a whole bunch of other funds there were many of them that have been unspent. well, why not redirect that money?

because it would take an act of congress for example, the congressionally mandated deadline for lending the ppp money, well, that's long gone congress would need to vote to allow the money to be used now, the same congress, by the way, that can't a agree on a new aid package. the so-called senate skinny bill, that directs about $200 of unused funds and add in $300 billion more democrats oppose it saying that bill would let the republicans off the hook for doing more like aiding states. make goldring from the centers for responsible budget says it makes sense to make money we've already spent and repurpose it the real policy question is do we want to spend more money outright now why hasn't the money been spent in in some areas the need for the whole enchilada, wasn't there. critics also charge the fed programs, we talked a lot about that on this show. we're were supposed to lend

trillions, but only len t-billions. >> steve, what prospect is there for changes, big changes to be made for the main street lending program, or is the fed likely to just let it keep going as is pretty underutilized >> that's a great question, kell, and mnuchin, secretary mnuchin and fed chair powell were in front of congress late last month i don't think the fed program itself can change. i believe they have arrived at a point where they feel like they are giving the loans they can give under the rules that there are. i think what is most likely to happen is either this money expires without being used or it's given back and used for small business and more in the grant realm of things or more in the -- in the ppp loan realm >> hopefully, yeah, because that's a lot of firepower that's gone unused. a big part of the kind of

original game plan that's still missing. >> steve, thanks so much. >> sure. >> steve liesman. still coming up on "the exchange," high expectations in the past three months earnings estimates for tesla have been raised are up 13 times. can they clear the bar we've got the details. and the nation's largest trucker night swift is seeing peak volume as it raises guidance what does that tell us about the u.s. economy we'll ask the ceo. and at love of interest for pinterest as they ride snapchat coattails. shares up more than 8% we're back in two. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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welcome back shares of tesla are a little higher today trying to break their first four-day losing streak since marnaz. also trying to avoid their first two-month losing streak since 2019 but for some perspective the stock has rallied 1,000% in four years if tesla were part of the s&p 500 it would easily be the best performing stock over the last year, year-to-date and six months today are expectations too high? joining me now is an analyst at bernstein, tony sakanagi tony, what are you most focused on tonight >> i think investors will focus on two things.

they already announced their deliveries for this quarter, so it's all about what tesla expects going forward. elon musk has said that the company hopes to deliver 500,000 cars in this full year, and so that's really what people are going to be keyed on does the company still believe it can deliver that number i think the second thing is automotive gross margins, excluding any regulatory credits. investors are expecting that to go up about 2% to, you know, almost 21% this quarter relative to last quarter, so those are the things that investors are really going to be focused on. >> so how would you describe the bar here in terms of it being high or low? on the one hand we've talked about the share run-up which has been extraordinary, but, on the other hand, they have had i guess you would call them a couple of disappointments. battery day was a little quieter than expected and the delivery number was pretty much in line, so where does that leave kind of

whispers, do you think >> yeah, absolutely, and i would add in terms of relative disappointments there was an expectation they would be included in the s&p and that didn't happen, and the stock has been remarkably resilient and so, look, i think expectations are reasonably high. i think they really do need to say they can do at least 500,000 units this year and maybe even project a little bit about, you know, elon has talked about 50% growth on a sustained basis going forward, you know. some commentary around can they continue to grow at the current pace into next year is important. now all that being said. >> yeah. >> you know, the valuation is fantastic. i mean, we have a company that is valued, you know, more than toyota, volkswagen, ford, mercedes and bmw combined and those companies make 34 million cars a year and tesla will make 500,000 and so we do have a, you know, a -- a stock that has a

lot of expectations built into it it's just a question of, you know, is -- is -- 500 is probably enough. the stock is not going to go up. if they say they are going to do 500,000. there will likely have to be something else, either about next year's growth or a profit profile that's improving materially for the stock to continue to work here. >> although elon musk has a way to come up with something exciting to talk about in that sense what do you make of the fact that that excitement, a trending topic on twitter is the hummer that gm unveiled last night. happened to be watching the game saw at ad. there's a lot of people watching sort of saying, okay, like this is kind of interesting, and it's an electric vehicle. gm shares are up pretty nicely this week. they are starting to act growthy again. what do you make of the competition tesla will face here >> well, look, it's -- it's natural to expect that as the ev market grows you'll have more

competition. it's important to remember that evs are about 2 million cars a year out of about 90 million that are sold, so they are a really small part of the market and tes had a has, you know, between 20% and 25% market share so certainly over time we expect, you know, and automakers have announced many new electric vehicle models going forward, and that's essential i think to growing the market tesla can't really be the only viable player. now, you know, but if -- if one thinks about it, tesla is 25% share today of a 2 million unit market and that market is going to 50 million units, tesla could, quote, lose share and have, you know, only 10% share or 15% shares, you know, 10, 15 years from now, but that would still mean they would sell 5 million or 7 million cars. they were in early, have pretty dominant share there's no one in the car market that has more than 10 or 11% share so i think their share

does go down over time, but importantly this end market is going to grow, you know, 20% plus per year for 15 or 20 years and that's ultimately why there's so much interest in the ev sector and why there's so much enthusiasm for tesla stock. >> and as you said you're kind of cautious about that enthusiasm as they have a 10 price target we'll see what they say tonight. thanks for joining me. appreciate it. >> thanks for having me. >> thanks for having me. coming up, tell me if you've heard this before. another street high price target on pelt crop shares are selling off today, down about 4%. we're going to look at the growing battle between the bike and the gym. and with stimulus stalled, election looming and the last debate tomorrow night, we'll speak with the street's number one d.c. policy strategist he'll tell us how investors should navigate this tricky period we're back in two. 5g just got real.

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welcome back to "the exchange." let's check on markets they are kind of splitting the difference right now we're up about 100 at the highs. down 100 at the lows dow down 34, but the s&p and nasdaq are both hanging on to positive territory by just about a point. let's check on the sectors with communications services, consumer staples and utilities among the leadership today interesting with utilities in light of the way interest rates have backed up lately. energy and discretionary, your laggards, energy down 1.5%

let's get to sue herera for our cnbc news update sue? >> here's what's happening at this hour, everyone. as pandemic restrictions tighten in parts of northern england, new covid cases in the uk have hit an all-time one-day high of close to 27,000. after the european union's chief negotiators barnier told the eu parliament today compromise will be needed from both sides, britain has now agreed to resume brexit trade talks in london just a few days ago prime minister bores johnson called them off accusing the eu of expecting him to make all the cop sessions needed for a deal here at home, a maryland man has been arrested and faces federal charges after he allegedly left a note at a house with a biden lawn sign on it threatening to capture and execute the democratic presidential candidate and his running mate kamala harris authorities say he was identified using video from a doorbell camera. and take a look at this.

this is an 85-year-old building in shanghai walking 200 feet to avoid nearby construction. technicians attached almost 200 leg-like robotic devices with wheels, and it got the job done. very cool. you're up to date. kel. back to you. >> a little cool, a little creepy and -- i saw what you did there. a lot of new news in that update there is. >> absolutely, it is a very busy news update. see you next hour. >> thanks very much. let's take a look at the dow transports guess what they are up 20% in the last minute, typically seen as a leading gauge for the whole economy, taking a break today, but one of the biggest players in the space is trucking company knight shift swift >> reporter: knight swift is a little bit tight-lipped about its customers but walmart is one

of many that use knight swift. it's forecast to grow 22% to all of sales in 2021 and retailers, they are expected to increase their inventory levels to response knight swift raising its 2020 and 2021 guidance and rao light now we've joined by the ceo of knight swift steven jackson. thanks for joining us. >> you bet, frank. good to be with you. >> the first question we have to ask, your stock despite a blowout eps results and you raising your guidance, your stock took a dip after the conference call and went to the positive sometime around noon. what do you think wall street learned about your results in the last hour or so that brought your stock up a percent and a half higher? >> well, yeah, we didn't have an earnings conference call the stock started real strong and then it -- it decided to go on a bit of a roller coaster you know, frank, we're focused on creating good returns and

building our business, and we trust that the scoreboard will take care of itself and we'll leave that analysis to people like you and others to determine the intraday moves, but -- but as you mentioned, it was a good quarter for us, and, you know, we're excited about the market as we see it today >> so truck rates and demand, they have really been trending higher in recent months. a lot of that is due to e-commerce how sustainable do you see that in 2021 and beyond do you think even if there's a vaccine or some other development in covid-19 that people will continue tobuy online and demand for trucking will be sustained? >> the good news is if we plan to buy and wear clothes andied food we'll need to move it on a truck so e-commerce is a good way of delivering the goods and changesing the full truckload but in the end the full truckload move is by far the most efficient move. it's much less expensive than moving things one palette at a

time as we do in the lpl or par tell manner, but as e-commerce builds density we see more and more shippers to find ways to concentrate the volumes and use full truckloads and even consolidate ltl shipments so that can have the effect of lowering their overall costs to move e-commerce goods which today if you're moving it a palette at the time is two to three times more what the traditional move or cost of a move would be to go into a bricks and mortar type of supply change so we're encouraged by consumer demand in any way that we choose to have it delivered or picked up in a store, so -- so clearly e-commerce is here to stay i think we've -- we've grown in our adoption of using e-commerce day to day, and so we view that as more and more customers using full truckloads for their e-commerce supply chain.

>> dave, it's kell here. can you just tell us what this is a sign of in terms of the u.s. economy i mean, truck is such a front lines way to figure out what's going on with consumer demand. like you said, a lot of it is e-commerce, but what's happening broadly here with the demand and is it sustainable? >> yeah. hi, kelly. i think, you know, we see a very healthy consumer it seems like the fed jumped in quick to help the consumers have money. there aren't a lot of alternatives right now for spending money on experiences so clearly hospitality funds have been shifted in other ways and goods seem to be the recipient of that, and so do see robust demand the other thing we're seeing is almost every supply chain was disrupted to some degree, some massively through covid-19 and whether that was produsks goods that were halted or just their ability to move things through the chain with the appropriate safety measures in place, and so what we're experience willing is

that inventories aren't nearly enough for where the consumer demand is today let alone catching up for where what was lost when we were in a just in time inventory with virtually no margin for error with inventories. >> no question. >> so the consumer feels health, and we see that. we see a lot of runway going into the next two and three quarters and well into 2021. >> dave, thanks so much for joining us congratulations on a great corner david jackson, ceo of knight swift. >> yeah, and encouraging words about the economy. coming up -- frank you, thank you as well. our frank holland there. could netflix's earnings be a miss simply because of timing? the company thinks so. down 6.5% and disney continues its battle with california and it could hit their bottom line. also out of stock we're going to speak with one company whose sales are up 90% year on year as americans look

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let's catch you up on a

couple of stories that should be on your radar today. it's time for rapid fire here with us today are julia boorstin, is dom chu and deirdre bows a. welcome to everybody first up, i just have to start here today because, man, what a story. netflix shares are selling off on the company's biggest earnings miss ever the streaming giant missed big on subscriber ads and came up short of estimates by more than a million users as the lockdown boost tapers off netflix did say it could have beaten subscriber forecasts if it just had a bit more time. its investor relations chief saying on last night's call, quote, saying if the quarter were 48 hours longer we would have come in slightly above our guidance forecast. shares are down about 6%, 6.5% today, but they are still up 50% on the year. dom, i take his point, but that's -- that's just not how it works, right >> i wish i had more hours in my day, more days in my week, more weeks in my month. there's all different kinds of benchmarks you can go towards but the point being is if you have these types of situations

where you're talking about the number of hours that you have to meet certain targets, i don't know what it means about whether or not the trajectory of your business is what it used tonight. now, this is in fact a mature company, right it's been around for a long time growing at hyper, hyper growth rates over the course of the past several years the concern is whether or not there's a slow keown in effect this is not about whether or not they will add subscribers. they will continue to add subscribers but it won't be like it was two, three, four, five years ago and maybe that's when people start adjusting the premium that you paid for it or the amount of valuation you put on the company like this yes, it's a big deal but i'm not sure netflix will be derailed just because of this. >> yeah, an deirdre, we were talk about this the other day. they had monster growth in asia-pacific and there's -- no one expects netflix to keep up with the kind of bulge that it pulled forward during the pandemic it's just a question of how big the hangover is going to be. >> yeah. that's why i think perhaps there's too much focus on the

subscriber numbers got to look at the long-term growth puck tour for netflix, and what i found most interesting about the results is that the cash burn is being stemmed. netflix is getting closer to profitability. hats some $8.4 billion in cash on its balance sheet at the end of the quarter and i have covered a lot and still do cover a lot of unprofitable companies so this is something i look for. i think that this leaves netflix's long-term trajectory or, you know, thesis in place. the fact that it's going to get there and that it will be able to produce content again yes, there are some, you know, pretty big competitors on the landscape. we talked about this last time, kelly, disney plus in particular which i think has, you know, longer lasting content but that profitability story i think is key here. >> and free cash flow that they are trying to be positive. quick last word on this, julia you were focused on the offerings. the company was quick to say we still have a full slate.

>> yeah, absolutely. netflix has said that they were not only among very first to keep shooting, but they won't see any delay in their content because they have been able to get productions up and running around the world kelly, another thing that co-ceos reed hastings and ted is around stressed that they warned there would be a slowdown from 10 million subscribers in q-2-expected 2.5 million in q3 this was, of course, lower than that, but the drum they have been beating is the idea that there was a pull forward they pulled forward all of the subscribers they probably would have added in the second half and pulled them forward in the first half of the year but i think kelly we also have to remember that q4 subscriberer additions expect them to be lower than what analysts and look for some really tough comparisons in the first half of next year. >> suggesting the cloud could hang over the shares for some time one to watch the original member of faang a lot riding on this

shares of pinterest, soaring after a couple of bullish calls. goldman and bank of america upgrading them from neutral. nap is having a monster day and citing that in their upgrade on pinterest. it's suggested advertiser demand strengthened over the course of the quarter and revenues were significantly above the street, said bank of america pinterest reports earnings next week its shares are up 160% this year deirdre, does this help big tech say hey, we don't have a monopoly, look at snap look at pinterest. there's plenty of advertising dollars to go around >> kelly, that's exactly what i was thinking of yesterday. i don't know how many times, but in the blog post, on a media call google mentioned pinterest as a competitor, a very, very small one but in combination with snap's blowout quarter and

result perhaps that argument is gaining a little bit of steam. i'm very skeptical but, sk okay the antitrust scrutiny of big tech, anything really helps at this point what i thought was interesting, too, in september the apple ios upgrade led a ton of users to pinterest to idea generation for how they could redo their home screen so it's interesting you have to think, too, with more people at home, is that driving more users to get on pinterest for this sort of idea creation, something like an ios upgrade? i thought that was fascinating and surprising >> that is a new up to me. dom, i know you're a big pinner. >> i am not. i have a mother-in-law who is a very, very active pinner up there. she does a lot of stuff on there, also a craft remember by nature and background, an art teacher and elementary school teacher in her former life yes, this is as good idea. both of these upgrades mentioned both of the thematic elements,

first of all, better user engagement type of trends and better advertising health in terms of the overall macro market this is a big deal because remember, advertising was cutback such a big deal during the covid pandemic, does this signal that this will be more of a return that these advertisers, companies and brands are actually loosening up the purse strings? if it is, then these companies might be better levered to that kind of a rebound than say some of the other traditional media companies out there. >> all right let's move along let's talk about what's going on with disneyland and disney world in this battle between california and florida in the company. if you want to go to disneyland you might have to wait until 2021 california released its opening guidelines for park and those with less than 15,000 capacity can reopen once the county reaches moderate covid levels but for disneyland cases have to drop below that level, i think it's just about one. disney slamming the decision calling it unworkable and universal calling it shapeful.

disney laid off 28,000 park workers just last month and blamed california restrictions for that decision. julia, i mean, it seems -- we've had senator warren and others attacking disney for these layoffs but it seems obvious that they are able to do business in florida and not california they are just responding to capacity restraints. >> that's exactly what disney says disney says we're using all these science-based method, held-based methods and preventing anything from spreading in florida they have taken all the efforts to change the way people move through the park, limiting the number of people that can visit the park in florida, and now they want to apply those same capacity restraints and same adaptations to the park to be able to open disneyland but looking at orange county where anaheim and disney, is how close to los angeles that, and there's just a question of when will we get to fewer than 1 per 100,000 people now, disney lapd wants to

operate when you have fewer than four cases of covid per 100,000 people they are not saying they want to operate when covid is running rampant, want to operate when there's a moderate level of spread but what they are saying is it's not up to us not our fault that we had to lay off those people. >> yeah, and the california guidelines for holiday gatherings are -- are something to read as well. listen, we're basically out of time, guys i'm going to call an audible and before we go, tell us your thoughts on whether people who get a peloton river going back to the gym again. >> here's what i would say i believe there's a paradigm shift happening right now. i believe there's a reason why humor bought the mirror. you can still be in a gym. i personally love going into the social aspect of gyms before but these days i'm not sure how long it's going to take even with the vaccine for people to feel really comfortable about sitting three or four feet away from each other in a spin studio if you do that kind of stuff. >> peloton shares down today

they keep getting upgrades, but, hey, even planet fitness is doing okay this year because i don't think there's a lot of overlap between planet fitness and peloton is down about 4% guys, we'll leave it there appreciate your perspectives as always julia boorstin, dom chu and deirdre bosa. fast moving show. coming up, institutional researchers say taxes and regulations are not the most pressing policy issues for the market he'll tell us what is right after this quick break i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪

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by my health insurance. and this is the aflac duck who helped me cover it. aflac. these are all the cab rides to my physical therapy. and aflac paid me directly to help. aflac. what he said. and this unexpected bill is from... the two-thousand-dollar specialist. thanks. aflac. when you're sick or injured, aflac is there. we can help with expenses health insurance doesn't cover. get to know us at (aflac!) dot com. welcome back to "the exchange." my next guest says failing to go big on fiscal stimulus could put the fed in a tough spot. >> congrats, and so tell me what you think the risk is to the

economy especially the today if we don't get a big package here. >> thanks for the kind introduction we think right now that's about fiscal in the following sense. that's because you've had policy kick considering in on every front. you've had credit policy and monetary policy and fiscal policy right now we're entering a period where we risk losing momentum because we don't have that fiscal engine flipping in, but if i flip around and look on positive side next year, if we get fiscal coming back, maybe in big fiscal, if we get vaccine, then we'll stick with highly accommodative federal monetary policy we could get a powerful acceleration of growth next year the risk is if you don't get that fiscal contribution then

the fed for sure is going to do more with its qe, and the fed's ability to amplify a positive shock from fiscal and vaccines is much greater than its ability to offset disappointment on fiscal and vaccines so we need it all to come together to give that really powerful boost >> you've kind of mapped out the next six to nine months but what about the next weeks when people call you and say i hear about riots and extended election outcomes and all this craziness going on what's your best advice for investors throughout this period >> well, look, i think that it's in a sense going to be important to try to filter out the noise try not to, you know, super exposed in very high frequency trading strategies that can get blown up, for instance, if we go

into a contest it had, you know, election outcome for most investors i think to be honest, the advice has tried to filter out as much of the craziness as you can and make your bets in terms of what you think is going to play out over that slightly longer horizon i would say if we do get a serious selloff triggeredby some election-related concern. that's probably, probably a buying opportunity, right, because under most of the -- of the plausible outcomes we are going to see a refocusing on economic policy stimulus under the new congress with whoever won the presidential election. >> well, that is certainly something i guess you who say somewhat hopeful to keep in mind it could be a rocky little bit thanks so much for joining us. we do appreciate it. >> huge pleasure. >> vice chair of rsi

restauranteurs are scrambling for outdoor heaters to keep their restaurants warm and in business. (♪ ) keeping your oysters growing while keeping your business growing

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welcome back with temperatures starting to drop, demand for outdoor heaters has never been higher as restaurants try to extend outdoor dining as long as possible alfreskro saw sales soaring and can barely keep up with heating demands. eric, welcome. >> happy to be here. thank you. >> it's amazing to me. you saw sales start to spike as early as may who was buying these in may? >> pretty much all of our customer groups, but particularly residential at the beginning of the spike >> so, who -- now, there's a couple of things going on here i've talked to people just trying to get patio heaters and were thrilled to be able to find one because they're in short supply there's also the commercial demand what would you say is roughly the mix of demand you're seeing these days >> i think our three customer

groups, residential, hospitality being restaurants and contractors, are all having great demand for patio heaters right now. our customer groups are the same the demand has increased in all of them. >> are there shortages are you out of supplies? >> i don't think anyone really foresaw the length of time of the pandemic in our industry, so the dealers weren't ordering extra, stock from the distributors and manufacturers and the distributors weren't ordering extra items from the manufacturers and the manufacturers weren't ordering extra components, so between that and covid shutdowns having slowed things up, it's created quite a situation with a lot of back orders. >> so how much does one much your lamps typically go for and what is the waiting period if someone were trying to get one right now? >> the biggest backorders are

with portable patio heaters. and pretty much all -- everything that we've got coming in in november, almost all of that is already allocated, so they would probably be looking at december. as far as the permanent heaters, many of which are manufactured in the u.s., i think we're looking at befoabout a month on average. >> of a wait so you can still get one, would also be something for people to understand by the way, i just have to ask, are yours propane fueled a lot of these are is there a hazard, is there a risk associated with that, the thing is going to blow up? >> well, as long as they are put together properly and, you know, tested for leaks, there's not really any hazard. the hazard comes when people are sloppy with gas. >> yes, which is true whether you're operating a grill or in

this case, an outdoor heater good luck in keeping up with business i know it's been a series of all-time highs for you guys. appreciate you joining us to talk about it. thank you, sir. we have breaking news out of washington let's head to ylan. >> senate democrats have failed to advance their targeted coronavirus relief they needed 60 votes in order to clear a key procedural hurdle. the democrats voted against this en masse and so it failed to go forward. >> was this a surprise >> no, this was expected outcome. it was set up as a messages vote for republicans to show where their priorities were. we'll see if this is another vote for senate but for now, this message does not go forward. >> and was this the second of

the two votes they had >> they took another vote yesterday on extending the payroll protection rogram. that vote also failed to move forward, blocked by democrats. these were two key priorities for both the administration, the ppp was a priority for the administration this was a priority for senate republicans. both of them not moving forward as the white house and house speaker nancy pelosi try to negotiate that broader deal. >> thank you. that does it for "the exchange" today. stick around for "power lunch. the ceo from cruise will join us to discuss their latest project. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years,

calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert. talk to your financial advisor about investing responsibly iphone 12 and iphone 12 pro are here on verizon 5g. whoo! this new iphone, plus verizon 5g... game changer. (announcer) with the coverage of 5g nationwide, and, in more and more cities, the performance of 5g ultra wideband, the fastest 5g in the world. whoa. i downloaded a whole movie in under 30 seconds. how is that possible? (announcer) pre-order today, and when you switch, get iphone 12 on us. i want this phone. (announcer) this is the 5g phone everyone wants on the 5g america's been waiting for. only on verizon.

good afternoon, everyone welcome to "power lunch. along with kelley evans, i'm tyler mathisen it is stimulus whiplash. first, stocks are mixed as we await the release of the federal reserve's aptly named beige book for a closer look at the economic recovery, steve liesman will stand by to dig through the big headlines and bring us