with me is if i have to have my driver's license. >> enough of the vendors you go to have the terminal to do it? >> i'm not going any place these days, only the grocery store. >> kelly, thank you very much. see you tomorrow, folks. thanks for watching. don't take your eyes off that screen "closing bell" starts right now. >> ty and kelly, thank you very much i'm wilfred frost. investors await updates on that back and forth stimulus negotiation. major averages are picking up steam as we head into the final hour of trade. driving the action, higher start to the session turned south around midday. encouraging comments from house speaker pelosi about stim talks sent stocks back into the green. more in just a moment. divergence in snap exploding on the back of earnings, helping

out others as well, like facebook we're keeping a close eye on bond market as the ten-year yield and 30-year yield hit the highest amounts in a month, back over 0.8%. 59 minutes left in the session, kayla. >> coming up on today's show, wil, we are counting down to a massive afternoon of earnings with reports ahead from tesla, chipotle, las vegas sands and csx. we'll bring you those numbers and exert analysis as soon as they hit the tape. plus shares of room baa maker, irobot, have been on a tear this year taking a big leg lower today on the back of what appears to be a strong earnings report z just some profit taking we'll ask the ceo about today's move and what he's seeing from the consumer as that company's performance remains strong let's get to the big stories we're watching today mike santoli is tracking the

market action. ylan mui on stimulus talks and following the money. looking at a huge pool of aid that has not been spent. mike santoli, start us off with where we stand in the market right now. >> kind of another indecisive day. for the last two weeks we've been knock around the same area. rallying up to this point in the last three days where we did actually see some selling come in also this morning around those levels, toochlt we'll see if that matters. i don't think there's anything magic about that level unresolved picture here. yes, we're moving around on the stimulus negotiations. little uptrend remains in place. first at these levels back two months ago it's not as if two months ago we were here because everyone said we would have absolutely $2 trillion worth of new stimulus a lot going on, including overbought conditions coming into the week. i want to look at the macro factors here, though dollar index down again today, pretty much at its year-to-date

low. a fraction above there it's gone inversely to treasury yields ten-year note yield as we've gone down in the dollar index. that's generally a risk type story. people thinking there's a global industrial recovery coming along, maybe fiscal stimulus on top of that. if you look at industrial metals versus precious, copper is made something close to three-year high, wo-year-plus high. this is on a five-month basis compared to gold you see here copper really outperforming gold, especially since back early in the summer that's usually also a pretty decent sign in terms of the macro situation. back and forth with equities, i don't think it's necessarily telling you there's an outright growth scare going on and some stress in the system it's mostly about what's the next incremental catalyst that can get the market to move one way or the other as we wait for the election, of course, guys. >> mike, i know we've seen rises

in yields a couple of times and they've faded rather quickly the long end of the curve, is it starting to suggest that we do expect growth and, with it, inflation to pick up next year >> i think yes would be the answer and that's the message anyway. of course, we're talking about within a relatively contained area, right? steepening of the l curve. yields are going up. inflation expectations are rising, but only to levels you might consider more normal as opposed to those considering maybe the risk of deflation. those things are all constructive as opposed to a restraint on where stocks go it's a decent message. we're making a lot of moves on the ten-year note. yes, lows were .6. in the old days these would be very, very marginal, absolute moves even if recently it means they've broken out of the range. >> mike, thanks for that up about 0.3% on the s&p as we stand. stimulus negotiations still top

of mind for many investors house speaker nancy pelosi and secretary treasury mnuchin began new round of talks last hour ylan mui has more on what we know at this stage ylan >> wilfred, mnuchin and pelosi are still on the phone their call was scheduled to start half hour ago. earlier today, pelosi said she was adamant another round of stimulus would be on the way at some point and she blamed senate republicans if this ends up getting pushed back until after the election now, republicans have been luke warm, at best, at the idea of another $1.9 trillion package. today, white house chief of staff mark meadows was on capitol hill to give senate republicans an update on those negotiations he told reporters that they've compromised four times now and the progress that's been made so far has been because the president has been making concessions and he says the next two or three day also make the

biggest difference right now, the senate is scheduled to adjourn after it votes on the nomination of amy coney barrett to the supreme court. guys, mcconnell is going to be very reluctant to keep his members in washington in the hopes of voting on a potential deal, which means keeping them off of the campaign trail. guys >> increasing focus on what would happen in a lame duck session. we'll see if anything gets done between now and november 3rd thank you, ylan. a huge pool of money from prior stimulus efforts that hasn't been spent yet. steve liesman has more on that story. at least the senate is trying to reauthorize some of it, as recent as today, although unsuccessfully. >> yeah. that's in the skinny bill where they take 200. let's talk about where the money s first, fed governor warning of impact on employment, spend in the broader economy without new fiscal aid that warning comes with hundreds of billions of dollars of covid

aid unspent, which translates into trillions of dollars not loaned into the economy. the committee for responsible for budget finds 130 billion to the loans to small business, 259 billion unallocated from the treasury to the fed. that should have led tolots of lending and $100 billion from other programs that are unspent. why not just redirect this money? because it would take an act of congress for example, the congressional deadline for lending the ppp money has expired and would have to be extended for the money to be used by the same congress that can't agree on a new aid package. mark goldwent says it makes sense to take the allocated money and spend it why hasn't it been spent in some areas officials didn't find the need.

others charged the fed programs, for example, were badly designed, leading it to lend billions instead of trillions. the money sits idle with politics standing between real aid and real people. >> at least in the ppp program, one of the obstacles is that the rules say main street businesses can't apply for more than one loan so they're barred from going back to the well to get that money. that's another change lawmakers have been trying to make on the fence specifically, the chair and treasury secretary have been asked many times in testimony about the reasons why that main street lending program has not been better utilized and they said look, even if the trillions of dollars don't get loaned, at least the existence of that facility kept the market from spinning out of control in march and april. and that's enough. do you buy that argument, steve? >> only for a slice of it. obviously, your report something excellent on this, kayla when it comes to the corporate credit, yes. the fed stepped in

they announced this big program and suddenly the corporate credit market exploded like 1.5 trillion extra lending out there or borrowing capacity that happened so that was true when it came to the main street lending facility, that's where the real issue is, kayla, as far as i can tell, which is that they've loaned only billions and that program can do trillions. and the question is, look, the fed is saying we're doing as much as we can, and powell and mnuchin both said take that away, essentially, if you want to do something else with it other than what we are doing we cannot give grants. we have to give loans. if you want to grant it or put it in a ppp program where it won't be paid back, have you to take that money away. >> steve liesman, thank you very much 50 minutes left of the session slipping a fraction. dow is just in the red still up .2% in the s&p and nasdaq gm charging into the ev market with its new all-electric hummer so-called super truck, is that enough to help it compete with

tesla and other red hot ev makers

gm adding power to its roster of evs with its new hummer costing $112,000. mark royce spoke with cnbc about his prospects on electric vehicle profitability. >> i've gone publicly and said this from our ev day, since day one. our electric vehicles will be profitable, end of story. >> this all comes as we await tesla's earning due after the bell joining us to discuss from "the wall street journal", and phil lebeau we hope they will be profitable at $112,000. what does the price point -- how does it compare to what else is out there on the market to comparable type vehicles >> i'm not sure what else is out there that is comparable right now. cyber truck at some point but we

don't know exactly what the pricing will be there. and the high end of the market, if there is a part of the auto market that has supported electric vehicles, it is the high end now let's point out that 112,000, that's for the limited edition first run of models that will be coming out toward the end of next year subsequent to that or following that, you will see the price come down to basically 100,000, 90,000 and then 80,000 by 2024 a lot of people at home will say 80,000 is still a lot of money for a car. i'm not sure how many people will be out there looking for that you look at the features that are involved and what they throw into the hummer, i think there will be a market there for this. and i think we will find buyers. the question becomes how much volume we don't know what that will be until we see how it's received over the next couple of years. >> what do you make of the price point? >> yeah. i think almost a decade ago the model s tesla was all electric

that really caught people at gm off guard, that there was a customer base out there willing to spend 100 grand for an electric vehicle previously gm's strategy had been this idea if you want an electric car it was probably because you were cheap and wanted to save money on gas. tesla changed the mind-set this was no longer just about fuel efficiency or economy it was about having the hot new car and strategy here from gm seems to be leaning into that, going for the high end, going for luxury going for cutting edge. >> tim, it also assumes that the number of people -- we're looking at the market share for electric vehicles, 1.3% estimated for this year. and assuming that there is demand for $112,000 electric vehicle in addition to the demand for tesla, it's assuming that that audience base is growing. is it growing by that much >> well, if the 100,000 level

probably not that's where this could be potentially harmful or a little bit of a risk for tesla. in the auto industry, we've talked for years about automakers coming out with tesla killer, the vehicle that would rise up and be the product that would knock tesla on its rear. it hasn't happened i think of this more as a tesla nibbler. it could come to market, find an audience and nibble away at that marketshare, nibble away at one of the profit centers that tesla has, as it tries to come out with all these other vehicles. essentially gm is coming, and coming after, you know, something that tesla took for granted, that hundred thousand dollar market. >> phil, we're also waiting for tesla numbers, of course, later tonight. >> yep. >> what are the key things we're looking out for? >> as always with every earnings report it's not necessary lit numbers. we expect that tesla will report a fifth straight profitable quarter and is on pace for an

annual profit, which would be the first time they've reported an annual profit we expect the most interesting thing will be in the conference call it always is you never know if you get bombastic elon or muted understated elon it's beenthe mute d, understated elon the last few quarters it will be interesting to see what he has to say about the near-term market but over the next couple of years in terms of tesla's growth projections. >> all right we will leave it there for now tim hagins, phil lebeau, thanks to you we'll talk more tesla after they report earnings next hour. ripple effect as investors gauge the impact of the department of justice's lawsuit. bank of amicera says another tech skrient could get wrapped up in the fallout. we'll explain, up next

the justice department's anti-trust lawsuit against google drawing a sharp rebuke from the company but one industry is cheering the move. seema mody has those details. >> hi, kayla that is travel the doj lawsuit, he says, is long overdue but nonetheless welcome and a step in the right direction, following comments from expedia ceo peter kechlt rn, saying we don't have an ax to grind except we don't think

it's equitiable. in other words, if i search in google right now best hotel in london, the first results will be from google's own travel portal while results from other booking sites that pay google are ranked much lower, hurting their ability to drive organic traffic to their sites, resulting in higher advertising spend. kaufer admits if it weren't for google, trip adviser would be a much larger business the question is, will they push google to change their algorithm? >> major revenue extreme for apple may be in jeopardy as a result of the anti-trust lawsuit against google justice department says nearly half of all google search traffic comes with a deal from apple to make google search engine a default on all apple product products, including the iphone apple is paid between $8 billion and $12 billion, according to the department of justice.

bank of america predicts a disillusion of the deal will come with a hefty price tag. firm estimates the payments can account for up to 10% of apple's total earnings per share 10% of earnings per share, 15% of apple's total services revenue overall, mike. that's part of the business that does command a slightly higher multiple probably, flipping around the agreement covers 36% of all general search queries in the u.s. for google. i guess we were aware of this sort of deal but not quite how big it was sbrand relevant it w to both companies. >> we knew they were intertwined in this area i wonder how risky it is to apple. the reason google pays it, that's what that is with worth to somebody. in terms of the doj's thrust of their case on google, it's very much in peril to what happened to microsoft where it's going

after the lock google had and microsoft had. in microsoft's case preinstalled software and what they were bundling into that it's interesting in terms of that being the wedge that doj is looking at and it's also a real test to whether this is a natural monopoly volume of searches you do, the better search is people found it difficult for decades to replicate or come up with something comparable to google search. >> overall, mike, strong day for alphabet much more because of the numbers from snap, bringing up all those advertising names. facebook up 5% too. key reads on restaurants, autos and the rail industry after the closing bell we're counting you down to earnings from tesla, chipotle, csx as well with all the numbers and expert analysis as soon as they hit check of bonds yields moving high, particularly on the long end of the curve ten-year back above 0.8%

back anyway couple of minutes. 5g just got real. 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.

and sweetie can coloryou just be... gentle with the pens. okey. okey. i know. gentle..gentle new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

welcome back time for our daily coronavirus tracker. new york's new covid-19 cases rising above 2,000 for the first time since may this, as governor cuomo announces he is easing some lockdown restrictions in hot spots in new york city due to reduced positivity rates in those areas. united airlines is testing a global health app called common pass on flights between the u.s. and uk in an effort to reopen those borders. the goal is to show governments that they can rely on someone getting tested in one country and then present those credentials in another country shares of astrazeneca taking a dip after a volunteer in the vaccine study has died spokesperson from the university of oxford, developing the vaccine with astrazeneca say there have been no concerns

about the safety of the clivengal trial, end quote, after an assessment of the case. wilf >> time now for an cnbc update with sue herera. >> the cdc is redefining what it means to have close contact with someone infected with covid-19 previously, 15 continuous minutes within six feet was required but now a total of 15 minutes over a 24-hour period will also count as close contact. supreme court nominee amy coney barrett served for nearly three years on the board of a private christian school that the associated press says effectively barred admission to children of same-sex parents a spokesman for the trinity schools says it does not unlawfully discriminate. new jersey's governor phil murphy has gone into isolation he found out one of his senior aides tested positive while he was at a news conference and immediately shared the news. >> i will now, unfortunately,

have to take myself off the field. i can't ask president trump not to come to bedminster and do a fund-raiser. i have no symptoms and tested negative on monday. >> he will continue being tested on a daily basis wilf, back to you. >> thanks so much for that major public pension fund. leslie picker has that story for us hey, leslie. >> that's right, wilf. apolo over ties with disgraced f financier jeffrey eppstein a spokesman with the pennsylvania public school employees retirement system said a decision came after a discussion with apolo last week when a report surfaced that black paid eppstein $50 million. the report in the "new york times" shows the payments were made in the period after e pstein was convicted for

soliciting sex from a minor. upon the termination of black, they hired an outside law firm to investigate his professional relationship with eppstein apolo had never done business with epstein the newly launched apollo investigation. they remain in open dialogue with investors psers has less than a billion dollars invested out of apollo's billion dollars according to a person familiar with the matter. a small fraction of that aum but still a large investor for those pennsylvania retirees. stock down about 10% since "the new york times" report last week up more than 5%, though -- or about 5% today, guys. >> leslie, the key thing here is that this is saying they're not going to commit more money as

opposed to they're withdrawing money. i guess we wait to hear what the result of the new legal counsel investigation is that will be the most crucial moment to focus on looking forward. >> exactly and i'm not sure exactly where within apollo's many funds it has its money invested often times they have certain lock-up restrictions that prevent investors from redeeming, based on different aspect notice news they may be subjected to that lockup i'm working on figuring that out for everybody. but it's certainly interesting, especially in light of all of these issues surrounding esg, lps in private equity funds especially are paying attention to some of the reputational stories in the news with regard to the funds they're invested in as it pertains to esg issues. >> leslie, leon black was the founder of apollo, co-founder, helped to take it public very much a key man at this firm. >> yes. >> so far many of the defenses

have been any relationship he had with epstein, any money he paid epstein for advice or services was a personal matter and not affiliated with the firm but leon black is apollo, to some degree. to what extent in the year 2020 is he still such a key man, such a critical figure for the operation of this firm, as large as it's grown? >> yeah, that's a good point and key distinction to make. black is not necessarily accused of any wrongdoing in his association. now he is involved in the litigation, especially as it pertains to their relationship down in the caribbean, but he's not himself accused of any wrongdoing as it relates to apollo itself, he is the chairman, ceo, on the earnings calls, running essentially the day-to-day of the firm he's still very much associated with apollo, very much the figurehead of that firm. so that is, i think, why we're starting to see some association even though apollo had never done business with jeffrey

epstein, the firm says the fact that black is so closely associated with apollo, the firm has kind of become more embroiled into this issue. >> leslie, i know you'll keep us updated as you learn more. leslie picker iscovering that story for us. when we come back, shares of roomba maker irobot sinking today despite posting strong earnings we'll talk to the company ceo about those results when "closing bell" returns first up is this exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf

of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance.

the annual enrollment period is here. the time to choose your coverage... ends december 7th. so talk to unitedhealthcare and take advantage of a wide choice of plans... including an aarp medicare advantage plan from unitedhealthcare. it can combine your hospital and doctor coverage with prescription drug coverage, and more, all for a low monthly premium or in some areas, no plan premium at all. take advantage of $0 copays on all primary care doctor visits, all virtual visits, and preventive dental care. plus $0 copays on hundreds of prescriptions. and with renew active, enjoy a free gym membership. so call unitedhealthcare and take advantage of the range of plans we offer, including ppo plans that let you see any doctor who accepts medicare, without a referral.

enrollment ends december 7th. call unitedhealthcare or go online today. [sfx: mnemonic] shares of irobot are under pressure today, despite an earnings beat and strong demand. shipments of roomba vacuums and mops topping 1 million units in q3 and irobot products were among amazon's best sellers during prime day this year fourth quarter guidance came in short of expectations and the company warning on gross margin headwinds next year.

up so far. analysts are chalking up the fall in the stock after a strong earnings quarter to some profit taking because the stock had been up so much going into this report what do you make of the response by investors after what you reported yesterday >> well, it's a little disappointing, you know. things had been going well for us when we posted extremely strong numbers so from my perspective, the company executed well. we're looking at a very strong q4 the way we account on selling, you have to average q3 and q4 to get an accurate picture. it was a good news story maybe it was profit taking but certainly we have a lot of momentum behind us moving into q4. >> you've acknowledged, colin, throughout the year that you've been somewhat surprised that so many people have been buying roombas, as they wanted to keep

their house clean and as many retailers distribute your products have been closed. do you think there are enough people who still need vacuums, still need irobot products that will be buying them into the holiday this is year >> oh, absolutely. penetration rates in household marketplace is still just around 10%. so what we're seeing of a wholesale disruption of how people vacuum. future of the floor care is roomba and a hand vac. and there's a lot of space to go the acceleration we've seen this year in demand has come from what started out as work from home and now has turned into something of a reevaluation as to how many people choose to work and the rise of importance of the home as a place, as a workplace. so, we're still at the early days from the perspective of what robots are going to do for

our homes and relatively early days still. >> we were looking at a wall graphic of your three main types of products, vacuums chief among them you mentioned you think there's more scope for penetration just of those products. how many of the household products are you working on to add robotics and automation to is this just the tip of the iceberg, these first three produc products, are there a handful more to come in due course >> we're just about to the vision and promise robots have for the world. so really what's happening right now, we've got a great foothold with robot vacuuming, with robot mopping and as customer are shifting how they view robots,

from appliances to actual replacements for floor care and partners in home care. the most interesting part of the industry right now is addressing how you make a machine be a better partner with the owner of that machine how do you give the owner more control over what, where and how the robot works? because that needs to be solved in order for us to give more higher value work to the robot with our latest robots can you say clean around the kitchen table and the robot knows what to do. that level of precision is exciting and certainly we have a long way to go. >> what about your route to the market how reliant are you on big sellers like amazon versus growing your direct-to-consumer route as well? >> there's definitely a synergy but as the robots learn more

about the home so they can be a better partner, so they can understand what the kitchen table is, it creates an opportunity for us to transact directly with the customer so that used to be a fairly small part of our business it grew 155% in the third quarter. and we see it as a major value driver for the stock on a go forward basis. we think that once you come into the franchise, once the robots start to figure out how you like to clean your home and, really, what your own personal preferences are the fact that robots can deliver on that promise with the trust required to make it all work, you're going to stay with us for a long time and be a customer not only for roomba but for other things to come. >> unless your dog has something to say about it. i know that they're not huge fans of these products i know that from firsthand experience col colin, finally, you're staring

down china tariffs are you going to move your production to malaysia before that happens >> we're hoping to get it done by the end of this year. unfortunately, the pandemic has slowed down our ability to move into malaysia. so that's going to move into '21 before we getit done what we're saying is by the en of next year, we'll be effectively fully moved into malaysia and be able to avoid the tariffs. they are going to come in and create some margin headwind for us next year, but it is finite and there's an end in site. >> colin angle, thanks so much for joining us. >> my pleasure. >> social stocks jump on the number one ranked food producer analyst joins us to tell us what consumerare oks loing for now. those stories and many more when we take you insight market zone, next

sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

welcome back 14 minutes left of the trading day. commercial free coverage of all the action going into the close. cnbc mike sant oli here to break down the crucial moments of the trading day and ritz wealth management josh brown. mike, that slippage that we've seen as we approach the close. again, no real clear reason for it some headlines about stimulus but either way, three major averages in the red and down about 1.25% so far today. >>ing sloshing around the same area this is the fifth day in a row

where we've had a decline from the morning rally into the close. it suggests that the rally is in a hesitation mode right now. we're probably talking too much with the very near-term catalyst of the stimulus talks. in the absence of everything else, regular push/pull of earnings underneath it's not surprising that the market fixates on these things. we're still working off the fact that people got a little overexcited going into that late september, early october rally and we're trying to reset that mood and positioning. >> josh, what do you make of the fact that some of those popular momentum names like square, like others are seeing some pretty significant drops today? they're not able to carry the market. >> first of all, hi, kayla it's good to see you. >> good to see you. >> i hope you're keaching positive, but testing negative okay. >> testing very positive toward the negative these days. >> okay. good today is one of those weird days

where it refuses to conform to a narrative. it makes me and mike santoli upset t makes our job much harder to understand what's happening. you do have a lot of money coming out of that work from anywhere momentum cohort, the moves like everything from square, teledoc, zoom. they're all down but paypal is up 5% and that should be in that group. not conforming to any specific narrative. the netflix thing, just pulled a lot of demand forward. it's very idiosyncr a. tic. there is no read through google, we got a kick out of that one twitter and snap are the big story today. it appears advertisers are thrilled to have an option not named facebook in social media and have other platforms that are now getting their acts together so, twitter is a stock i used to own. i'm out of it. i'm watching it go up.

i regret not being in it c'est la vie it's still below, kayla, the ipo from 2014, unbelievably. it's still below snap is now worth 12 billion more those seem to be the big stories of the day weakness in biotechs, home builders somewhat notable but not concerning just yet. >> and amazing to see that move in twitter, despite the br brouhaha surging, as josh just mentioned, after snap beat earnings julia, what did snap say and what is the rest of the sector doing? >> well, kayla, as snap shares have gained 28.5% today, the rest of the sector is powered higher with those gains. pinterest jumping the most, up

10% on upgrades from goldman sachs and bank of america. that stock is up nearly 9% both of those analysts saying snap's better than expected user and revenue group bodes well for pinterest, which reports earnings on the 28th snap results indicate strong demand for e-commerce as well as self service ads twitter gaining shares twitter shares up about 8% facebook shares up 4% on snap's indication that the demand for targeted digital advertising that those social platforms provide is strong. back over to you. >> mike santoli, what do you think about the move in social we've seen on the back of snap's really strong earnings report? >> it's sort of remarkable snap itself, getting up to over $50 billion market cap it's almost as if the -- we're marking to market what a company of this type is worth in 2020, right? it was almost no doubt it was overvalued at the ipo a few years ago around $26 billion

right now in this market, the valuations we're putting on these stocks that have improved themselves, and snap is saying a quarter of a million -- >> is this paul? >> we have $20 of revenue annually for users 2020 says $50 billion while a couple of years ago it was seven. i'm not saying it's worth what it is right now. people are willing to give a company like that credit and saying the digital advertising has grown bigger than we thought before. >> can i say one thing on that >> go ahead. >> real quick, really important. why is facebook up 5%? this is great news for facebook. this is exhibit a in every one of their coming court battles and congressional discussions. they can point to snap and say what do you mean we destroy competition by imitating people's products or threatening them or intimidating them in selling to us? look at snap it's a $50 billion market cap.

stock went up 30% after reporting its last results we don't ruin competition in social networking or on the internet so i think this is very positive for the story that zuckerberg and sheryl will be telling. >> stock up nearly 5%. meantime the food industry seeing a rally up nearly 2%. some of the biggest winners include arch daniel midland. beyond meat a big stock mover. for more for what he's watching, let's bring in jp morgan food analyst for retailers, number one food producers analyst on this year's institutional investors all america research team congrats on the number one ranking. >> thank you thank you for having me. >> before we get to some of those beyond meats and impossibles, clearly a big theme this year has been people cooking and eating at home more. do you think that holds into

next year, when we do go back to normal or not? >> are we going back to normal next year? i don't know i think it's too early to say. what i am confident in, though, is that at least part of the world has permanently changed. so if i were going into work five days a week, maybe i'll go four days a week and eat at home one of those days. even when this is all over -- it's obviously heading in the other direction. even when this is all over, i think there will be permanent changes that will benefit the food column. >> at the beginning of all this in march, the worry was could these companies make enough and could they get them to consumers in a seamless way. do you think any of those questions about the distribution and the supply chain still exist? do you think all these major companies have mastered that at this point >> i think you'll see -- certainly, things are better, right? we're not in a period where consumers are stuck in a state of panic like they were late

february, early march, i guess we are still seeing certain pockets during holidays. so, for example, i'm sure during the upcoming holiday season, bake mixes, broths, things like that, will be tough to get i'm sure some supply chains will not be fully able to meet demand for that by and large, that huge spike in demand is behind us, at least for now. >> what's your preference between beyond and impossible? and do you think some of these new entrants into the space are going to kind of really derail the huge growth they've already seen >> you say my preference, which one do i like eating more? >> and recommending stock wise. >> impossible still is private beyond, we have an underweight rating on. it's really valuation driven i'm a big fan of ethan brown and his team they're doing phenomenal things. stock is ahead of itself

there's room for impossible and beyond and others to do extremely well there's no reason you only have to have one brand for all plant-based meats. >> which do you prefer eating? >> i plead the fifth on that i like them both. >> ken, tell us what you think these companies are doing in the way of marketing new products? hiring research scientists and launching some of these new products sin credibly difficult in a normal world much less in a pandemic do you think new products coming to market will be more difficult? >> so far, it has been, yes. mainly, you know, for two reasons. first, consumers are really going back to the kind of brand that they grew up with, feel comfortable with those are usually the big brands second if you're a grocery store, a food retail er, you wat to be very focused on your top items. make sure you have those in stock. for example, if you're out of cheerios, someone is going to go to the other store down the street and especially in the world

where click and collect, e-commerce has become much more important. it also has become more important for big brands to be in stock as well so all in, i think we're in a period for a little while here where innovation is a little less important but certainly it's still important to create news around stories and new products still have a big role in play. >> company still big winners month to date. we'll see how they perform from here ken, it's good to see you. >> thank you you, too. >> ken goldman from jp morgan. tesla is the big highlight on a very busy after-hours earnings session phil lebeau is here with a preview. what are we expecting? >> hi, kayla we are expecting another profitable quarter from tessla shares moving higher this afternoon. profit of 57 cents a share with revenue coming in at $8.4 billion. three things to look for in this earnings report and on this

earnings day it's this a, are they on track for an annual profit this year? most believe yes, after posting what's likely to be the third profitable quarter of the year what's happening in china in terms of the demand, and what will be the tone from elon musk during the analyst conference call he has been somewhat muted and subdued over the last couple of theng them as opposed to a year and a half ago when he was making highlights during that conference call. this is the fifth straight quarter that tesla is likely to post a profit. guys, the numbers come out shortly after the bell we'll be focused on them and then on the conference call that comes up at 5:30 >> thanks, phil. josh brown, what are the odds you think we get this report at 4:20 eastern time? xxx. >> he has his lucky numbers.

i have to tell you, if you ask me which stock could add 20% from its current price, 20% to its market cap and share price from right this moment, i actually wouldn't say tesla is more likely i would say general motors gm is doing everything they can could convince the street that they are about to go all in on electric vehicles. you can mock them. can you laugh. you can say oh, wow, 20 years too late, whatever all those things are true, but they're still going for it they're still playing footsie with these nichlt cola people. meantime they have a lot of their own technology and the stock price is reflecting that. 41 is resistance this is a way more exciting setup because it's so cheap. and if you're wrong, the out is obvious. if i'm looking for like the next automaker to milk a 20% move, i'm look at gm and i'm getting paid a nice dividend while i wait, hopefully if they reinstate that for the second half of this year or early next year.

>> we'll see if that thesis holds up in a few minutes time, josh stick around two minutes to go in the trading day. mike has more on the market internals. just a couple of minutes to go before the close, mike what do you see? >> kayla, a little negative. heavy under the surface. downside billion and a half to the upside there's been wear and tear under the surface but not too dramatically so. i talked about those momentum stay-at-home theme names today, and they are on the downside etsy, zoom video, peloton. not exactly a story line attached to this netflix remind iing you they'll have a tough report next quarter. maybe weighing on the index here high 20s as people clench up ahead of the election. 2867, pretty much same story. >> all three major averages are in the red, down .2% for s&p, .3% for the dow, nasdaq

down .25%. russell down, 2.6 on the s&p that's the real clear winner today. facebook, snap leading the charge there staples just in the green. other sectors in the red, energy leading. at bell, kayla, down .2% on the s&p 500. [ bell tolls ] >> welcome to "closing bell. i'm kayla tausche in for sara eisen with wilfred frost and mike santoli roughly down 14 points for just about a percent. a barrage of big earnings, chipotle, csx, las vegas sands and whirlpool are ready to

report we'll break down those numbers as soon as they are out. josh brown, ceo of ritzholt wealth management is with us mike santoli, what do you make of the action oscillating between gains and losses for much of the day? >> market has been spinning its wheels intra-day all week, going back into last week, spending time it seems at the lower end of this trading range over the last couple of weeks, which might be a little too close for comfort. on the other hand it just hasn't broken down. we have no stimulus deal you have all kinds of excuses for why, in fact, it might fall apart. it hasn't yet. i would also just point to the gain in treasury of the weakness in the dollar and the firmness in credit spreads as suggesting it's not as if the market is worrying in a very intense way about economic weakness or lack of this recovery path. it just seems it's indecisive on exactly the next move. it's been a little bit of

slippage every single day as rallies get sold. >> tony, do you think that slippage continues into the election >> i do. i think we're in a period of heightened uncertainty look, covid cases have been rising, certainly in europe and in the united states that's a concern for the market. you know, we have this push and pull on the fiscal stimulus. it's been debated for months now. hopefully, we get some resolution soon there. finally, the election always leads to volatility going into the election and once we get a result almost no matter what that result is, i think the market will appreciate the certainty of it. so we need a couple of things. fiscal deal. we need vaccine data, some positive data on treatments and then finally just a resolution in the election. i think that will allow the market to go higher. >> josh, i mean, every single day we're hope fful, we're fearl of stimulus and yet again today we have the chief of staff, mark

meadows, saying nancy pelosi is not negotiating in good faith. you have the senate majority leader telling the white house don't be manipulated don't fold before the election at what point do you think the market will get religion that this is not likely to happen, at least any time soon? >> i don't know, because i also feel like it could be like a we all give up on and then all of a sudden both parties realize this is stupid. why are we going into an election with -- this is good for both parties on some level it's bad for both parties but it's also good if they do it that mentality could switch and one of the parties could come closer to the other and they could announce something i don't know if you want to be like overly bearish. here is the setup in my eyes first of all, industrial stocks, emerging market stocks, yield's higher the smarkt saying this covid stuff is going to get a little bit nastier, but we're not

shutting down. people will go out and about, and about go their day it might be, unfortunately, more people getting sick but we're not going to do the same playbook as march/april. that's what the treasury yields are telling you. ten-year is the highest as we've seen in early june it's looking to threaten 91 basis points, which i would say is resistance. that's meaningful. eem out performance versus u.s., that's meaningful. caterpillar, it's telling you we'll go into this economic cycle stimulus or not. that's where my head is at then you get a vaccine then maybe you get another vaccine with serious treatments. these things are lining up nicely and i don't want to be overly pessimistic although, of course, i'm concerned like everyone else. >> the things that are lining up nicely, josh, but tony, meantime we're still getting reports like on monday that we had 58,000 new cases of covid in a single day that's up from 42,000 a week ago. even if the economy is not going

to lock down like it did in march and april, what is the right amount of risk what is the right amount of pricing in that the market needs to do for how those numbers hit people psychologically >> yeah. so the market is a foreign-looking mechanism. the market should always be looking out six to 18 months in the future i think that's where things look better in terms of both vaccine data that we should be seeing in the next month or so as well as potential treatments and then, you know, as josh just pointed out, i think you see better hospitalizations, meaning the people who are exposing themselves to covid are a little more thoughtful. those people who are older, those people who have pre-existing conditions are being more careful those people who are younger are being less careful and you're seeing more of a makeshift toward the young and that's why i don't think you're going to get the same shutdown as we did in the spring. and then that's where i think

the fiscal stimulus is important. >> csx earnings are out. frank holland, hi, frank. >> shares of csx up 1.5% in the after-hours trading. the company missed on revenue but beat on eps, 3 cents above estimates. also announcing $5 billion to its stock repurchasing plan right now against shares of csx up about 1.5% after a miss on revenue but a beat on eps. back over to you. >> thank you so much for that, frank. mike, where do we stand on this one, relative to those other cyclical industrials that josh has been mentioning? >> it's been strong. it's been bumping up against its highs. two-year chart, it hit a high of 80 bucks, including most recently so the economy for moving stuff around, so to speak, has been very good. and the question is whether it's already in the market. our guys kind of run ahead and really love to transport but they're also in a two-year

downturn before this unlike the rest of the market, which just fell off the cliff in february and march it's a constructive story. it seems like the numbers came through enough. >> we've got another earnings out. whirlpool is out and i believe leslie has that for us. >> wilf, i most certainly do that stock now up 5.7% in after-hours trading after a beat on both the top and bottom lines. they reinstated their guidance, upped their dividend on the eps side, they reported 6.91 on an adjusted basis versus 4.20 that analysts were expecting. on the revenue side also a beat. $5.29 billion versus $4.76 billion that the street was expecting. now, top line growth north america, if we want to be a little picky here, that was a bit soft down 1.6%, which the company really attributes to covid-related supply constraints, despite what they

say is an elevated backlog ceo mark blitzer noting in their statement that the company is, quote, well positioned to capitalize on the structural improvements in housing and consumer trends. a reminder, guys, whirlpool markets its namesake such as kitchenaid, maytag, a whole host of other appliances. here is something you don't see every day, especially in 2020, is guidance. whirlpool is reinstating guidance and projecting fu full-year eps to come in between 17.50 and $18 a share, well above the street's estimate of 13.71 a share. also sees revenue down 5% to 7% compared to last year. but that's less than half of the decline that wall street was expecting there. as i mentioned, they increased their dividend to 1.25 a share guys >> leslie, thank you that stock up more than 9% we have earnings from las vegas sands that are hitting the tape. con tess camera brewer has that for us what do they look like,

contessa >> revenues of 586 million, that is a beat on both top and bottom lines. let's get to the property evido, important metric in gaming property earnings, it looks like they beat in macau with a loss of $233 million. in marina based sands the consensus was they would see a loss of more than 7 million. instead they saw a gain of 7 million. and las vegas sands is a beat as well this company has continued to pay its employees. there have been no layoffs in las vegas sands. the operating loss of $610 million here is understandable, coming into it we'll expect to hear on the call some real insight into what we're seeing in terms of ramp in visitation in macau, things have gotten easier to go, yet they're still not seeing the expected ramp hopefully, we'll get color about

what's happening now in this particular quarter the stock up .3% at this point. >> contessa, thank you for that. tesla is out as well phil lebeau? >> a beat on the top and bottom line for tesla the earnings per share at 76 cents a share. you see the stock popping right now. that is well above the expectation of 56 cents a share. the street was expecting 8.35 billion. couple of metrics we're getting, as we're starting to pour through the release. the operating margin 9.2%. that's going to be lower than a lot of people were expecting, but you've got to go back and really look at what goes into everything when they look at their operating margins. again on the top and the bottom line, this is better than expected from tesla with an earnings of 76 cents per share the street was expecting 57 cents a share. back to you. >> phil lebeau, thanks for that.

mike, i'll come to you on tesla. we've had the deliveries already but the profitability coming through better than expected as well. >> absolutely. so, you know that, qualifies as a relatively modest move for tesla, but definitely positive there was a bit of a fear hovering over it we also had announcements out of the company about changing the policies on returns, things like that, that maybe made people wonder if, in fact, they were trying to set things up for a weaker quarter that's not the case, obviously boasting about the free cash flow production over the past four quarters and things like that right now the model seems to be working. of course, still always that reliance to some degree on the regulatory credits that's been the story for some time. >> josh, a fifth quarter of profitability consecutively for tesla. do you think the s&p 500 will take another look? >> well, they have to. but, you know, the committee has been hesitant because this is

not a story of a company making money selling cars it's a company making money in other ways on their way to making money selling cars, and i have no doubt that it will get there. but they just really aren't there yet. so, maybe the committee can look at it, but not take action the most interesting thing i'll be listening for on the call tonight, they've talked before about their ambitions in insurance. they've got all this data they're collecting on their drivers, more so than any other auto manufacturer. they're in a position to determine who are the safer drivers versus the less safe drivers. if that's a project they mention again or an analyst asks them about, that's what i'll be listening for, because it's a fascinating way for them to diversify the business and if they do this well, it could make a ton of money and insurance for their driver. >> why do they want to take business from progressives that make ten times earnings? i never understood why this was interesting for tesla. >> arguably, they would have a

lower cost structure than the large insurance companies. it also gives them the float, the premiums coming in ala berkshire hathaway to reinvest in businesses. berkshire figured that out five decades ago. >> yeah. >> that idea and if elon musk had inbound premiums on insurance from his own drivers that he knew better than any insurance company and he can reinvest that on colonizing mars or whatever he wants to do, that's a more interesting version than what progressive is doing. >> we'll keep an eye on that more discussion to come. i want to pivot back to to the industrials. are we seeing a glimpse there of the stronger underlying economy that perhaps you were alluding to earlier, tony >> we're definitely seeing economic improvement that's coming through in

earnings generally you continue to see certain companies benefiting from the work-from-home movement, investments in your house, et cetera and, you know, these are trends that i think we will continue to see. so as investors we need to keep our eye on these. >> we're going to get to chipotle earnings now. kate rogers joins us now with those numbers. kate >> hey, kayla. really strong huge read for chipotle eps, a beat at 3.76. adjusted analysts were looking for 3.47 revenues also a beat $1.60 billion for the quarter compared to estimates of $1.59 billion. same store sales increased by 8.3%, a beat over analysts projections of 7.3% for the quarter. digital sales a standout number, growing 202.5%. it's the second quarter in a row

where digital has grown. it tripled, we should note and half of digital sales came from delivery in q3 34 new restaurants, 26 of them have chipotleans, performing really well. it's overtaken wing stop as the best restaurant stock performer for the year tomorrow we'll hear exclusively from ceo brian nichol, who will join us on half time report. tune in for that conference call kicks off at 4:30 we'll bring you any details we get. >> stock is down about 5% in after hours. trade has been a stellar performance so far this year coming into these earnings more discussion on chipotle coming up. thanks to josh brown and tony despirito for joining us how much higher the ocstk could really go, back in 90 seconds. - we did it! (crowd cheering) - [narrator] wherever you start, snhu is where you can finish. (crowd clapping) (crowd cheering) - here we go. - [narrator] and it's it.

- [group] yay! - [narrator] you did it, high five! - southern new hampshire university. - [man] that gets a hug. (laughing) - look at that! master's degree, i did it! - i did this for my children. i am very proud of myself. - [narrator] finish your degree at snhu.edu. 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.

before we talk about tax-s-audrey's expecting... new? -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. great to see you both. thanks for joining us. mark, i'm start with you we had the deliveries and clearly the profitabilities come in better than expected. what did you make that have? >> on the top line it looks good devil is in the details here we'll be focused on the composition of the profitability and then, of course, what the growth trajectory is for the fourth quarter it's really about digging into the details on what has driven

the profitability for this quarter because as was mentioned before, tesla makes money on selling co2 tax cuts and they're not making money on developing and manufacturing and marketing cars that is not a sustainable business model it's a bit of a melting ice cube they have to prove and show progress in the core automotive business. >> on that point, mark, when we see more ev autos from the more traditional companies like gm's hummer that they just launched and we've heard more about in the last 24 hours, will it impact tesla's ability to sell those credits? >> it will because as manufacturers sell more evs, they generate more credits to meet the regulatory, the co2 and regulatory requirements over time that income is going to go away to put it in perspective, i

think through the first half of this year, tesla reported about 220 million in gap income, operating income when you look at that, they recorded during that same period over $780 million in revenue for selling these tax credits. so, you know, it's really around looking at the margins i heard their margin came in at 9%, a little lower than everybody was expecting. it's really around looking at their model sales in china going forward, they've been flat for this quarter those important because supposedly they make more margin and looking at their trajectory model y sales. model y with the model 3 the cost space is pretty good and they get a higher average selling price. it's around looking at those details in the composition. >> at least between now and the

end of the year, dan, the company has upheld its year-end delivery target of 500,000 vehicles, a key metric that investors were watching for. how important is that? and what about your price target, do you think it should be higher than that? >> it's a linchpin i ultimately view this as a major step in the right direction. i almost would call it a masterpiece given the backdrop look what happened in china. that could be 150,000 units first year out, 500,000 for the year it's all about the p word, profitability. you're seeing that ramp into next year. in my opinion that's how you get the 500 base both cases could be $700 china continues to be the heart and lungs to the story they did not disappoint today. i expect optimism on the call. >> able to join us as well from market best, top holding in all three of that firm's funds tasha, good to see you

thank you for joining us what do you make of this print here and the improving profitability? >> yeah. i think, you know, strong automotive growth margins x credits are certainly going to satisfy some concerns on the earnings side, but i think, you know, the long-term story with tesla here, which is really what you have to pay attention to we're long-term investors. we saw all these amazing announcements battery day. they're cutting the prices on their vehicles they're just making it even harder for competitors to keep up and i think that's just going to continue to keep happening here with the competitive dynamics. so tonight on the call, we're really looking forward to hearing more about self driving and their autonomous plans we think that's the largest market opportunity ahead of tesla. it could displace about 8 trillion worth of enterprise avenue in the equity markets

today. this is very disruptive. it's key to be a leader here and we think tesla is. >> in addition to a leader, mark, elon musk is also master of the tease are texas factories going to come online? we'll have a future facility in tulsa, compact vehicle at some point in the future. tesla story as it is right now, how much of it is based on these future plans and how much of it is based on the operations of this company today >> well, as you know, the market is forward looking i think they're looking at the growth and when you look at the growth that they've had, plus the fact that the products coming online, whether it's the cyber truck or their semi truck, these are all incremental products for the company. and you overlay that with the fact that they're working on the plant in europe and in germany they're going to be opening the plant in austin, as they're in the process of building that i think it's a story of growth and the key is showing, in my

mind, that they can make progress and money on the core automotive business. and also at the same time these new business models, as was mentioned. they're going to have more information on drivers than any insurance company. the full self driving just came out with a new version and they have over, i think, 600 million of crude revenue that they potentially could release as customers upgrade to that i think, you know, when you combine that with the fact that the retail base is about 30% of the makeup of the shareholders, they're looking at the growth going forward. and i think that's the story here it's not based on, you know, traditional, fundamental valuation metrics of today. >> tasha, the self driving aspect is something you're particularly bullish on, right >> yes, i -- >> sorry, bob, for tasha. >> oh, sorry. >> yes, we think this is, you

know, and mark you said it well. this is an important thing to look out for we think this is the next biggest change in the auto industry the price of personal mobility has not changed in over 100 years and is about to change with autonomous technology it's truly ground breaking it won't only change how people get around it will change how goods get around tesla is using its cars as r & d centers. they have more data than any other player in the space. i'm really excited to hear about this fsd data rollout means for tesla and what those incremental steps will be to launch the tesla taxi network it will have much better margins than the core auto business does today. in top of being the leader in electric vehicles, tesla can be a leader in these future ought o autonomy taxi networks. >> thanks for joining us. >> you bet. ylan mui has the latest.

>> we are getting a readout from the treasury secretary and house speaker nancy pelosi after their phone call this afternoon. her office said it lasted for 48 minutes and they are now moving closer to being able to put pen to paper to write legislation. she also said that they are narrowing their differences on health issues like testing and tracing, but that they are now working on the issues of schools and safety the two are going to be speaking again tomorrow as they appear to be inching closer to a deal. guys, even as senate republicans expect skepticism over the price tag of this package. back over to you. >> interesting considering funding for schools was one of the areas where, at least in prior rounds to these discussions, they had a lot in common we'll wait to hear more. ylan, thank you. mike santoli looks at why the upcoming presidential elections may not be that important to the market. and as a reminder, you can always watch or listen to us live on the ogon the cnbc app

we'll be right back. (♪ ) keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. claim your seventy-five-dollar credit when you post your first job at indeed.com/promo

it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you. get 5g included and save up to $400 dollars a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile.

shares of chipotle falling after the company reported earnings, down close to 6% after hours. q3 earnings beat estimates on

earnings and revenue up 8.3%. we'll dig into the numbers with rj margins compressed in the quarter. is that why you think shares are down right now >> i think there's a couple of reasons. margins might have been part of it there's a lot of incremental expenses that go along with covid. that may be weighing on the stock. i also think the market may have gotten ahead of themselves for estimates with the quarter, beat of 8.3%, we had whispers even higher, excitement about those digital numbers even with pullback, less subsidies for delivery partners this quarter on top of that, investors may be looking for a unit count number, accelerating unit growth that wasn't in the report tonight. that may disappoint investor zpls are you disappointed by

that same store sales growth >> no. i think that's a good number, especially given everything that restaurants have been through this year. chipotle has done everything right through the pandemic, operating their stores, getting marketing on board for digital delivery i think that was a solid number, slightly ahead of what we were looking for. i think it will carry momentum in the coming quarters i get worried with valuation here i think the market is getting ahead of themselves. it's almost to the point where the restaurant has its own fang stocks at this point with wing stop, domino's, papa john's and the like but they're doing a lot of things right. >> does chipotle need another big menu announcement? carne came back, announced queso. do they need the equivalent of an all-day breakfast to help reinvigorate the menu? >> no. i think what they've got is good i think the ceo has committed to

a couple new additions each year i think you'll see more innovation out of chipotle in the years to come. it's too early to think about breakfast. surely that's an option down the road right now the big thing that the market is looking for is the acceleration on the unit growth. there's going to be a lot of market share up for grabs in the restaurant industry and chipotle is better suited to take advantage of that. how many units can they have this year and the years beyond roughly 6,000 units down the road the market wants to see substantial evidence of that before getting a next leg up on the stock. >> we will learn more from that call appreciate your time and expertise today rj hottovy wilf are investors putting too much weight on the outcome of the election we'll have a look at the historical returns into and out of an electi. > chore on today's big

move closing bell back in a couple.

pretty pronounced here over the last several years, in terms of being a long-term swing factor however, investors do tend to

freeze up. goldman sachs shows you since 2004, each election year the market environment in each of those years quite different 2008, we were melting down 2012, reasonably strong year same thing with 2004 and yet in general, right here around the election date, you see the fun flows converge around zero as a percentage of overall money. in the fourth quarter you have that result. whatever the result is they've been various, unexpected and you have some kind of flush of money into funds. what that typically does is perhaps give a little bit of a tailwind for relief rally. sometimes it means investors have been a little late to grab on to a market trend that had already been in motion by the time we do get that election i doubt it will be too much different right now, even if we don't get a huge rush of funds into the market. >> although looking at that chart, mike, you see in 2008, we didn't hit the bottom in the market until about four months after the election. >> yeah. >> in 2016, famously, the

markets imploded on election night. but then rallied considerably after that >> yeah. >> so what is the right time period for these fund flows and for investors to be making those decisions? >> in general, the rule is probably don't let some big known event get in the way of whatever your longer-term plan is 2016 is fascinating. the market really was seized up in advance of that election. they kind of saw it was going to be somewhat close. conventional wisdom said trump win would be negative for the market downward shock on election night it harmed almost literally nobody unless you were trading futures. massive tension release after the tlaeks carried through all the way through 2017 so i guess another lesson is, be humble about predicting what the ultimate result of any election is going to be for the market. >> mike, thanks so much for that. coming up, a new initiative launching today that delivers a road map on how to increase

black equity in corporate america. all smiles for investors in align technologies we're back in a couple of minutes.

incomparable design makes it beautiful. state of the art technology makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing. at your lexus dealer.

time now for a cnbc news update with sue herera. >> here's what's happen thath hour considering legal action to hasten the reopening of the industry in that state the head of the theme park trade group made the comment after california health officials laid outlet guidelines that could keep theme parks closed well into next year in southern indiana, an early morning explosion destroyed one home and damaged others no one with was inside the house, and no injuries have been reported fire officials say the incident is under investigation and in boston, look at that face a baby gorilla has been born at the franklin park zoo, and he's big, weighing in at six pounds, three ounces the zoo says baby gorillas normally weigh three to five pounds he was delivered by c-section. 39-year-old mom kiki and her

unnamed son are doing just fine. so sweet that is the news update this hour, guys i'll send it back to you, wilf. >> adorable for only so long before -- >> well, yes, they do get big, yeah. >> sue, thank you. coming up, diversity and representation take center stage, new initiative lauvenlging lauvenlg i launching to help diverse diver. before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

welcome back tesla shares gaining after ho s hours, topping analysts estimates across the board chipotle stock dipping despite an earnings beat fast casual chain seeing digital sales more than triple for the second consecutive quarter those shares down 6% of course, strong year to date, though csx missing on revenue, but beating on eps, announcing a $5 billion addition to its repurchase program and whirlpool shares are up 3.5% themselves beating on both lines, pi istating its guidance and upngts dividend. more on those movers after this short break. ♪

♪

shares of las vegas sands are higher after reporting better than expected results let's get back to contessa brewer with more details on the company's quarter. contessa >> kayla, chairman and ceo shelden allison announced even though golden week maybe had not met analysts' expectations in

macau and the week that followed, just these last few weeks in october, has certainly seen a broader ramp as they've been seeing more visitation. analysts asked, are you on track for a cash flow positive quarter? he said if this keeps up, that's what they're aiming for. good news for them the stock bouncing 5.5%. kayla? >> thanks so much for that 3%, that's the number of african-americans that hold executive or senior level roles at u.s. companies with 100 or more employees according to the latest date from the equal employment opportunity commission this is one area that management leadership for tomorrow hopes to address through today's launch of its new equity certification initiative the nonprofit black equity at work certification will establish standards for what good equity looks like and work with employers to create a plan that will help them reach black equity for more, let's bring in john rice, founder and ceo of management leadership for

tomorrow and joseph davis, north american chairman of boston consulting group bcg is one of the launch employers that have signed on to participate in the black equity at work certification. very good afternoon to you both. thanks so much for joining us. john, i'll start with you, if i may. what exactly is this certification? tell us a little bit more about it. >> right first of all, thank for having me, wilfred. it's a pleasure to be here let me give you a little bit of context. with the racial unrest and the powerful corporate statements standing against racism in all forms it was an aha moment among corporate leaders to bring a heightened to leadership continuing to grapple with what does good look like and how do we get there black equity at work provides the answers to those questions first, it establishes a first metric based comprehensive standard for racially equitable

employer practices that allow folks to manage to those practices in the same way they focus on everything else and then second, you know, this initiative meets employers where they are today we provided an on-ramp that's a organizations because it starts with submitting a racial equitable plan that has the same level applied to every other part of their business once that plan is approved, organizations can elect a one or two or three-year path to becoming a black equity at work organization we have iconic employers across a variety of sectors who say they want to lead in racial equity they want to progress and bring others along

organizations that include amazon in the tech sector and viacom and service organizations like pnc bank, so we have got a strong caudry of organizations that's why i think it's a new day. >> why has bcg signed on and do you think this certification is something that all companies will need to have moving forward? >> thank you for having us we have had a great relationship with john and mlt for a number of years this is just an enxtension of that bcg, it's the right thing to do, deeply embedded in our values,

but also it is the right thing to do for a couple of other reasons. a lot of research shows that diverse teams leads to more diverse answers and with the talent strategies, you need people from all backgrounds and talented black people. investors are saying what is your racial equity plan. we team with clients on this topic. we help them think about it internally, are there practices such that they are inclusive and have an equitable culture. and of course i think companies should be giving back to society with talent, money, et cetera.

it's important we team with companies and they understand the value of diversity so we are very proud to partner with john and we will be bringing the topic up. >> john, starbucks is one of the biggest companies that made headlines. they gave themselves five years to have 30% of their workforce identify as minority what is the right time frame for companies participating in black equity at work how much time do they need >> it depends where they are today. that's why we provide an on ramp which is a starting point of a comprehensive plan and giving them the flexibility to elect the time frame within three years to move the needle to get certified. if you think about the way we

approach our overall business, how we develop strategy and execute, we think about it in three to five-year timelines we define success in three to five years glad to hear starbucks is doing that we hold ourselves accountable to an approach that will move the needle that's the kind of rig gore the black equity at work certification is bringing to this organizations like starbucks who are taking meaningful steps can bring together in a cohesive strategy and execution plan based on our five pillar framework that includes not just representation, but also includes work environment, compensation equity, racial just business practices with suppliers and advancing racially just causes in the community

they are working goals around representation are important. we have to step back and make sure that we are looking at this who wholistically. we hope organizations can move faster, but we are providing flexibility because we know it takes some time to move the needle on. >> it's important work and often happens behind the scenes. we are appreciative to you both. thank you for joining us much up next, your wall street look ahead another busy day of earnings the key names to watch when "closing bell" comes back. even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing

or to give the gift of stock ownership. schwab. own your tomorrow. schwab. before money, people 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.

let's get another check on today's after hours movers green across the board with the exception of chipotle. tomorrow we get results from coca-cola, southwest airlines, mattel and others. my thinking about what we have seen today

with whirlpool raising its dividend and ctx with the buyback. do you think this time of caution is over? >> i think it will be a case of haves and have-nots. we raised so much and they have slowed the buyback pace. that will be on pace assuming the economy stabilizes it confirms a lot of trends the market has been trying to play which is this bull market in big appliances in homes and stuff. that has been working for a while. tomorrow intel, disastrous reports a year ago texas instruments with good numbers today. we will see if intel has a counterpoint >> another mention of the

yields 0.82 on the session. >> they got a lift in the early stage with the beginning of the curve, but it seems like they are captive on the stimulus news i did note that the consumer finance companies were weak today. >> lots of companies making announcements. fast money next. we will all be all over that blowout. tonight's trader lineup -- a barrage of big name earnings hitting the street we will break down tesla, chipotle, crx and others and bit coin breaking out to its