and welcome, everybody, to power lunch. along with kelly evans, i'm tyler mathisen

stocks are falling president donald trump lashing out at speaker pelosi. plus gilead higher the fda approves remdesivir. that news coinciding with a record number of daily cases in the united states. we've got the latest on those two front. and later, just 11 days until the presidential election. which candidate is wall street throwing its money behind? we're following that trail as "power lunch" starts right now tyler, thanks. as you mentioned, the markets are turning lower on comment from president donald trump and secretary mnuchin about stimulus let's go to ylan mui >> the negotiation between the democrats and republicans appear to be faltering once again

the treasury secretary and nancy pelosi had been on the phone almost daily trying to hash out this deal, but i've gotten no indication that they spoke on the phone yesterday or that they're scheduled to speak again today. and at the white house, mnuchin said there's still a lot of ground for the two sides to cover. >> we've offered compromises, the speaker on a number of issues is still dug in if she wants to compromise, there will be a deal we've made lots of progress in lots of areas but there's still some significant differences we're working through. >> reporter: meanwhile president donald trump once again painted pelosi as the biggest roadblock to an agreement. >> i actually think nancy would rather wait until after the election i'd like to see the people get the money. i don't think she wants the people to get the money before the election >> now, the white house says it is still waiting on some documents from democrats and that it's still all hands on

deck guys >> ylan, it's clear there's no time, i would imagine. we talked about this there was a little, little bit of time to get this done before the election make. i made the reference to monday they're going to confirm amy coney barrett then but there's basically no time to get deal done now you've got people speculating about what can get done in a possible lame duck session depending on the -- but we may not even know the outcome of the election for a couple of months' time how do you expect that to affect the likelihood of how we get this deal? >> it's really uncertain, kelly. what you're starting to hear pelosi hint at is walking back the expectations of when this could be done. you heard her talk today even after they reach a handshake agreement, they still have to write the bill, they need a cbo score and need legal to look at it she's packing in all these

things that would need to be checked off before there's any kind of vote to draw out those expectations even if there is some sort of bre breakthrough over the weekend as the relevant chairmen of the various committees look lieu th the details, there's still a lot of work that goes into the actual passing and crafting of legislation. there is just no time left for that to be done before november 3rd. >> thank you, as always. i'm sorry, go ahead, ty. >> i was going to ask you on a follow-up message, does the deal get easier after the election or harder >> well, one thing that we know at least in the very short term it's going to be the same people at the table so in a lame duck session, we would still have mnuchin and pelosi as the two main people trying to hammer this out.

i think it's who is going to be in white house come january 20th or 21st. so all of that remains to be seen but the players at least in the short term aren't going to change that is one reason why there's been some skepticism around the potential for a lame duck deal however, congress is going to need to act on some type of legislate to keep the government funded there is that vehicle that could provide urgency for lawmakers. it's going to be the same people at the table, guys >> all right ylan, thank you very kelly. >> let's check out some of the earnings pain today. shares of intel are tanking by about 11% and american express is also lower after disappointing results. now, 25% of the s&p 500 reporting, earnings down 17% from year ago, revenues down3.7% let's go to bob pisani

>> the dow is outperforming the s&p today. by and large earnings are coming in much better than anticipated, although they're down 17% from a year ago look at the earnings situation amex and intel are down. but we've had some big beats here, cleveland-cliffs, illinois tool, capital one killed it. the prices aren't moving it's been the way all throughout the earnings season so far if you look at the numbers, we've had a quarter of the companies reporting here they've beat i don't knen by av numbers. these are big numbers, way bigger than you normally get and yet the prices aren't moving that much. look at the s&p 500. we topped out the day before earnings season started on october 12th and since that, it's been essentially slightly down to side ways. we're not getting a lot of juice out of the earnings, even though the numbers are better than

expected even among those reporting, price gains are minimal. if you miss, heaven help you, you could be down 3 or 4%. some of these big companies that missed this week, there weren't many that missed, union pacific, kimberly clark, ibm, netflix, all down notably it could be very, very tough right now because it's hard figures what the price is with the election going on. all microsoft, google, apple coming you we'll have the industrials as well 3m, caterpillar and general electric general electric is down today but a great week overall guys, back to you. >> thank you very much, bob. a big week for earnings as bob just mentioned as we close in on the election, fading stimulus homes. wh -- hopes. what does this mean for the market let's talk about it. ron is a cnbc senior analyst and

dan suzuki, deputy chief officer at bernstein investors dan, i heard bob mention that some of the outperformers today and in recent times have been some cyclical stocks, industrials, cleveland cliffs and others do you agree they are well positioned in this rebounding economy, v-shaped, k-shaped, square root shaped, do you think that's a sustainable move higher for these deep cyclicals >> yes, tyler. thanks for the question. absolutely i think they make sense. if you look at the history of cycles, right, you want to own the defensive growth names when things are slowing down. but it's clear even though as bob was pointing out, things are still miserable on an absolute basis, directionally things are getting better, the corporate's profit recovery is still ongoing.

you want to own the beneficiaries of that recovery historical cycles may have included technology because historically been a cyclical sector but in this case you saw the big tech names were actually the resilient defensive areas of the market you want to own the companies that have gotten beaten up the most that are seeing that recovery i think industrials, materials, these types of companies are clearly showing that they're geared to this recovery. >> ron, dan sort of summed it up there in a nice little package directionally things look good but on an absolute basis, they are miserable. would you unpack that thought a little bit and let me know whether you agree with that and whether good earnings surprises may help individual stocks but they may not actually help the market as much as they do individual names >> yeah, i would say fundamentally i agree with dan but in real life i think that maybe some of the recovery stocks are more of a china play

given that they're growing 4.9% annually and their production and consumption has rebouncuoreo p -- rebounded to prepandemic level. i don't think we're in a v-shaped chick recovery. i think it's a w and a k the w represents the pattern and the k represents the distribution, where those who are doing well continue to do well, particularly in the absence of relief and stimulus and those doing poorly, in terms of individuals and companies are going to struggle. certainly we've seen the tactical trade where people have made the decision to get away from mega cap stocks and move into the underloved and underowned areas and that makes sense whether it reflects a burgeoning economic recovery is an open question ron, i'd like to you put on your educator hat for a minute here and take the viewers through the idea that stocks

move on -- we're talking about expectatio expectations, that a company beat the expectation for earnings growth in a quarter and that's good news but then when you look back and you see that year over year we're down -- earnings are down 17%, in the end, in the end stock prices rise when earnings grow we're not really in a period of earnings growth compared with where we were last year. how does it all shake out? >> no. well, not at all i think there is an area of vulnerability for the stock market you know, michael was on earlier this morning, the hedge fund manager and said investing in equities is based on discounting future cash flow and properties. we're down 17% year after year initial estimates were down 25%. we're beating much reduced expectations it's not like companies are coming in above revenue expectations or cases of companies like intel or with

respect to id yiosyncratic issus at chipotle, they're missing in some metrics so the stock falls hard you're still going to need some relief in stimulus for the economy to start moving back towards trend growth that would deliver increasing revenues and profits. so until we get there, i mean, i personally think we're going side ways for a while. and in the absence of relief and stimulus and in the face of what might be a capital gains tax hike next year, the market could be vulnerable going forward, irrespective of what the earnings do. >> dan, last word to you in the portfolios you oversee or your company runs, what are you tilting towards or what are you leaning away from or lightening up on, if anything >> yeah, absolutely. so in one hand we have a lot of exposure to those cyclical areas that are seeing that economic recove recovery in the portfolio. but clear as relook forward,

there's two big head winds growing in speed and magnitude in terms of covid cases specking up and stimulus showing down we think you want to have a bar bell with those cyclical names also with some less cyclical, high-quality areas like health care, staples and even goldman >> dan, thank you very much. ron, you, too. >> kelly >> tyler, the u.s. reporting more than 77,000 new coronavirus cases yesterday. it's a record for any time during the pandemic. and it comes on the same day the fda approved the first drug to treat the virus. meg tirrell is here for us >> that drug is remdesivir it is the first drug to receive full official approval from the fda. this drug is only available for hospitalized patients because it's given by an infusion.

and it did show in an nih study that it shortened recovery time for those hospitalized patients. you've seen gilead's stock up earlier today, though it's given back those gains just last week we saw a study from the world health organization that threw into doubt the benefit of remdesivir, at least in terms of being able to save patients' lives in the hospital and so you are seeing a bit of controversy among the medical community today. dr. eric topol sweeting about the approval how can remdesivir get a full approval when there are such mixed data? does it work early late any time so much unresolved, he says. nonetheless, analysts are expecting that this drug will bring in more than a billion dollars for gilead in the second half of the year given the case numbers and given that it did show that benefit in shortening recovery time. but it's not expected to be a major growth driver for gilead

over the long term back over to you >> while you're here, we also wanted to ask you about the president's timeline for a vaccine itself take a listen to what he said last night >> you also said a vaccine will be coming within weeks >> yes >> is that a guarantee >> no, it's not a guarantee but it will be by the end of the year but i this i nk it has a gd chance, there a two companies. >> which companies >> johnson and johnson moderna is doing very well, pfizer is doing very well and we have numerous others and we have others we're working on with other companies, in particular europe >> my understanding is they already have vials rolling out of their factories in belgium. where are we with pfizer and j & j at this point? >> when the president said we're only a couple weeks away, i

assumed he meant seeing the data from the trials. we could see the data from pfizer next week, as early as october. moderna is close on pfizer's heels. the companies have said in the data are good and the safety data support it, they could be filing for emergency authorization at the end of note another thing that surprised me is the president said johnson & johnson first in answering that question because that trial remains on pause as they look into an unexplained illness. i have heard from head of operation warped speed he expects the fda will give it an imminent hold because he says the information he's seen is reassuring but that's all up to the fda. thank you very we always appreciate it. ty >> all right, kelly and meg.

coming up, restaurants in big cities are struggling to keep up and comply with capacity limits as we head into the winter season we will talk to the owner of junior's cheese cake he's been with us before he'll talk about keeping his business going and what should happen with the ppe money in his view and it's shaping up to be an historic election for a number of reasons so who is wall street betting on to win? we've got the latest as "power lunch" continues

welcome back, everybody. we have a news alert on astrazeneca. we were just speaking about the progress of various vaccine trials and now the fda told astrazeneca it can restart its covid-19 trial in the u.s. it wraps up a week-long examination of two issues that emerged in the trial astrazeneca is higher by about 0.6% as it's given the green light to renew phase three trials >> we were just talking about it with meg there a couple of minutes ago. she saw that as a stumbling block but also sort of predicted they would give them the go-ahead at some point to move forward. anyhow, the candidates bickering last night over cash the president saying that joe biden takes more of it from wall street, even though he got into

that game, he could outraise biden in an instant. eamon javers has the fund-raising facts >> the president is certainly right about one thing, which is that joe biden has more wall street money than donald trump does not clear whether donald trump could outraise biden if he so call chose to try to do that take a look at the big number. this shows you how much money the securities and investment industry have given, $58 million to joe biden compared to $14 million for donald trump that's 2019 and 2020 to put that 14 million for trump in context from wall street donors, pete buttigieg, who is one of a number of democratic candidates running in the democratic primary never even made it to the general election. he raised 2 million from this same group so not too far off of the pace of donald trump, who was running in the general elections

that shows you how badly the president has been outraised there. the president is not out of the woods yet. he does have cash coming in. they said he had an enormous night last night in terms of online fund-raising bringing in 26 million in one night. eamon, stay right there if you will big wall street donors are shying away from the president in the final days of the campaign brian schwartz says their silence is driven in part by trump's response to the coronavirus outbreak brian, what do you mean by that? >> well, you know, we've been talking to people in and around wall street who have been close to former donors and financiers of the president's campaign and his inaugural about a year after he won in 2016 and they basically are telling us that for the most part these conservative donors are not really interested in helping the president because they were not impressed with how he handled the coronavirus pandemic, they

don't think he's going to win this time around maybe they're wrong but they don't think he's going to win this time around and even those who gave early on in this 2020 election cycle are from what we here are not going to give again because they just went impressed with how the trump campaign, as it was dubbed by themself as the death star, went on to use those funds. those how we stand with 10, 11 days to go until election day. there's no sign that people like bob mercer, some of these other people who helped trump from wall street are going to come back this time around. >> let me put out there, brian, a name and the mathisen theory it goes as follows: that wall street is brilliant at hedging they probably know they have much more risk of damage from a

biden administration where does their money go? they hedge it. they arbitrage it and put it into biden's coveffers to protet themselves and get their phone calls returned in a biden administration they're betting on the jockey here, but they're doing it because in part they know that their risk of a second trump administration is much, much lower. wh who would like to take that and tell me i'm all wet? >> go ahead, eamon >> brian, go ahead >> i think that's exactly right, tyler. when you talk about what's going to happen. at the risk of looking past election day, which is always dangerous to do because anything can happen, if you do see a biden victory here, wall street is going to want to have a seat at the table, to your point, and there's going to be just a massive struggle between the progressive wing and the establishment wing of the democratic party during the course of the transition to shape the biden administration who gets all those top slots in

the west wing and in the cabinet and across washington, d.c. that's going to be a massive fight. wall vestreet is going to want o make sure some of their folks, wall street dems, end up in the big jobs spreading the money around is a way do that. there will be a massive fight between progressives, centrists, you've got pro business democrats, african-american democrats, environmentally focused democrats. all those people are going to be fighting to make sure their folks get in those top slots >> brian, do you want to take a whack at that ball >> yeah, sure. i think that's 100% true and then there's the other side of it which i think maybe people in the finance and investment sector on wall street, they're just tired of some of the things they're seeing from trump with the governance by tweet, that they see their stock portfolios go up or down based on whatever the president may say. normally the president has the kind of power but trump weelds

-- wields it all the time it's true there's clearly going to be some movement by wall street executives trying to get in the biden crowd but there's also this feeling of, well, at the same time we've given this guy a chance, donald trump, but maybe it's time for a change >> brian schwartz, eamon javers, thanks and cnbc will be hitting the road all next week brian sullivan will be driving through many of the key battleground state as only he can drive. he's going to go up into the upper peninsula of michigan, folks, some of the most important counties in the race to the white house this isn't just a state-by-state contest. it really can come down to the number of counties and how counties vote. four years ago just a few areas turned the entire election and we'll show you the counties that may matter most this year. we'll tell you the stories that

matter most from the ground. following brian sullivan, big run through the battleground states all heading up to the election tune in all next week. and i get to keep talking. still ahead, intel having its worst day since july it is far and away the biggest drag on the dow today, down double digits after its earning reports. >> plus the very first magic mushroom ipo compass pathways has doubled since its $17 debut a month ago. it uses ycdecspsheli to treat mental health disorders. the co-founder and ceo will join us we'll be right back.

all right. welcome back to "power lunch." intel tumbling after reporting a 7% drop in its sales in its data center, which makes up a third of its total revenue bob swann discussed this on cnbc earlier today. >> the enterprise business was pretty soft. so let me put the data center performance into context

for the year the data center group is up 23% year to date and the operating income is up almost 26% so the data center business itself is having a fantastic year the implications are the first half as we expected was much stronger and we anticipated a softer second half >> all right major competitor advancedmic micro higher today let's bring in your trading nation team. you just saw her, nancy tengler, we didn't mean for her to go away craig johnson of piper sandler let's begin with you, nancy, because you're in my screen right there. you are an owner of intel and i'm remembering the grand funk railroad song "mean mistreater." it's been a mean mistreater to

you for a while. >> how the mighty have fallen, tyler. this is what happens when you try to turn the queen mary had two bad quarters, there's likely to be another one i think for me the most troubling issue is not the numbers. the numbers weren't that bad, the company generated 75 million in revenues so we know they can pay the dividends. the real problem is the manufacturing issue that doesn't seem to be getting better. that said, this company reminds me of either ibm or apple when tim cook took over everyone could tell you what was wrong with the company, it was just a handset company i do think what investors have to ask themselves is the opportunity cost, is it worth it there are plenty of other good places to be we don't own this in our growth strategy but do own it in our

income strategy but we are going to take a look at it because enough already >> that is a beautiful comment right there. i love that. it has a nice yield. sounds like if you own it and are willing to look three to five years, okay but if you're expecting something quick, go know way >> what happens in the short term after a down day like today in. >> the trend is still your friend with intel at this point in time, even though nancy is a little keen to give up on it a little bit if you look at the trading nation aspect of this and traders, you have support at 47, 45 and then 43 from a long-term perspective, there's only been 18 times going back over the last 25 years where you've seen a 10% drop in intel shares you ultimately see the stock trades higher about 2% five days

later and 3.7% higher 30 days later. look for a bounce here in the shares you got pretty good down side support and the long-term trend is still your friend >> craig, nancy, enough already. for more "trading nation" head to our web site and you can follow us at twitter thanks for being with us we appreciate it >> kelly >> enough already. up next, we're going to speak to the owner of junior's cheese case, alan rosen and where he stands with ppp loans. plus a magic wilson stock. we'll speak with the ceo coming up ok, just keep coloring there...

and sweetie can you 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. at cdwwell we've made our happy,office pet friendly.s. [ bleat ] [ cooing ] maybe a little too pet friendly. well you know cdw can design a mobility solution with light powerful devices from lenovo to make your people more productive in or out of the office. anyone have any questions before we go? that's great cause i really need to get out of here. snake people are freaking me out. hey sheryl, you have a sec? -nuh, uh. for work place productivity you need lenovo, and it orchestration by cdw. people who get it.

welcome back, everybody. i'm sue herera here's your cnbc news update at this hour. a michigan judge has reduced the bond from 10 million to $100,000 for one of the men arrested in connection with the plot to kidnap the state's governor. the public defender seen argueds kle client was not responsible for the plot as he visited a hospital today, french president emmanuel macron warned his nation may have to live with the coronavirus until at least next summer and said right now, quote, the pandemic is strongly accelerating, end quote. today france became the seventh nation to report more than 1 million confirmed covid-19 cas cases. >> and on a much lighter note,

here's how animals in a zoo near chicago are celebrating halloween, a pumpkin, naturally. they're fun to play with and quite delicious. some of them are filled with yummy things like fruit, spices, bones and bugs nothing better than a pumpkin filled with bugs guys, i'll send it back to you >> all right, thank you very yeah, i love the bugs, too >> yeah. >> they absolutely know -- that bear knew what to do with that pumpkin. >> absolutely. >> thanks, sue >> oil market closing for the day. >> hi, tyler the oil prices are falling and accelerating into the close. you can see down about 2%. brent down, both lower for the

week, breaking now a two-week win streak energy the worst performing sector down about 1.1%. so both chevron and exxon are among those components in the red. chevron last i checked was down about 1.6%, almost 1.7%, exxon down about 2.5%. one thing getting a lot of attention from investors today is last night's debate and these comments from democratic presidential nominee joe biden, saying that he wants to transition away from the oil industry to renewable energy take a listen. >> it has to be replaced by renewable energy over time over time. and i'd stop giving to the oil industry, i'd stop giving them federal subsidies. >> and those comments seemingly not sitting well with investors. we'll see how this shakes out over the next two weeks, if prices continue to fall or reverts back to the up side, kelly. >> thank you very much >> turning to restaurants across the country, they're having a

hard time dealing with limits on capacity the problem is even more acute in big, expensive cities kate is here to break down the cost >> illi -- his burn rate for masks is up at ilili costs have gone up across the board and outdoor dining will become dicey in the months to come >> once the outdoor is totally dead with the winter, i'm very concerned about the little breath that we have left in our lungs might be completely suffocated because people are apprehensive about sitting

indoors. >> during the time, massoud said he's off as much as 65% from where business was back in 2019. beyond that rents are of course expebsinsive city and said regulations were already hurting his bottom line. we've heard similar stories in san francisco and as restaurants open, limited capacity may not be enough to save businesses and restaurants. >> thank you very. as restaurants in new york city continue to work with successful and strict restrictions. i wanted to bring back the ceo of junior's cheese cake. he says business is still struggling alan, welcome back and thanks for the cheesecake you sent me by the way

it was really great. >> thanks, tyler >> one of your four stores is open it understand it's the one in brooklyn how is it going? >> we're doing well in brooklyn. it like a tale of two cities, whether it new york city compared to the suburbs or downtown brooklyn compared to new york city. in the city they're going out to eat mondays, tuesday, wednesdays they're not out during the week. so brooklyn, because we have a strong takeout and bakery business, the occupancy outside and the seating on the sidewalk, we're at about 50% of our revenue. >> so what you need it would seem to me in other locations would be a return of workers to businesses in new york city and particularly in a place like times square where i think you have a location, a return of touris tourists >> we have two locations within four blocks of one another in times square

we get about 50% of our revenue as a company from those two stores we need tourism, we need office workers to come back to their offices and please go to work and we need broadway and anyone who ever takes going to a broadway show for granted after covid-19 and this much time, i think we're all going to appreciate it a lot more when it comes back >> how have you dealt with the regulations about occupancy? do you have a bone to pick with the governor >> i have no bone to pick, as someone said some people are still unwilling to dine inside and i get that. the weather been very favorable, people have been allowed to dine outside. our restaurant in brooklyn has 420 seats. now we have 105. that 105 is so spread out that people feel really safe and comfortable. it's more like 12 and 15 feet between people it's such a big restaurant the problem in the city, i could

open next week, there's no one there in the center of new york city >> yeah. we'll pick up on the ppp on another time, alean. let me ask you about something that came up at the debate last night and that was mr. biden's plan to raise the federal minimum wage to $15 an hour. what would that do to you? >> we're already there anyway. junior's as a company has never really been a minimum wage payer. we've tried to stay ahead of that so we're already at 15 in new york city. he's talking about the federal wage our wages have been going up year over year every january we've managed to be more efficient in business. obviously the tip credit when you own a restaurant which is full-time waiters and waitresses get paid less but they make more because of the tips they get and we give that environment to work in restaurants are going to be on

the precipice of failure for the next several years getting over covid-19 and getting back their business is going to be difficult enough >> keep lan. thanks >> i will. and i will keep baking, too. >> i know you will >> we were off session lows down about 200 points we're downbo aut 80 as the market tries to claw back into positive territory we'll talk to a kcompany that uses psychedelic drugs to fight depression stay with us so what'd she say? it's the wrong person. it's a guy named carl. but he's very excited and on his way. word-of-mouth advertising. it's what they did before commercials. it's not complicated. everyone gets our best deal, like the amazing iphone 12 on us. some things are good to know.

like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know. if you have medicare you may be able to get more benefits without paying more through a medicare advantage plan. call now to request this free guide. learn about plans that could give you more benefits from humana. a company with nearly 60 years of experience in the healthcare industry. humana offers a wide range of all in one medicare advantage plans that include medical and prescription drug coverage. plus valuable extras that may include the silver sneakers fitness program and mail order prescription coverage. with humana you'll have lots of doctors and specialist to choose from and peace of mind, knowing you're covered for doctor's visits and hospital stays. plus routine physicals and preventative care all for an affordable plan premium and in many areas no plan premium. you'll also get zero dollar co-pays on

telehealth visits, unlimited inpatient hospital stays, plus an annual out of pocket limit for added peace of mind. humana even rewards you for making healthy choices like staying on top of preventative care. many plans also include, dental, vision and hearing coverage. and when it comes to prescriptions, in 2019 human's medicare advantage prescription drug plan members saved an estimated 7,800 dollars on average on their prescription costs. so if you want more from medicare, call now to learn about humana medicare options that are good for your health and your wallet. a licensed humana sales agent will walk you through your options, answer any questions you have and help you enroll over the phone. plans with a zero dollar monthly plan premium are available in many areas. call now and we'll also send this free guide. humana, a more human way to healthcare.

welcome back to "power lunch. rick santelli here live. what a week it's been for data single family starts best in 13 years, strong permits. existing home sales, best since 2006, initial claims under 800,000, continuing claims are down over a million on the week. today's high yield basically the same as yesterday's. if you look at a one-week chart, can you see the staircase pattern somewhat broken but it is a friday, there is profit taking if you look at what's going on on the spreads, they're affected, the ten-year against twos one week, you can see it's level off. looks similar to the ten-year chart. and the dollar index losing its

momentum, get beiting back to a 27-month low much of that strength is going into the euro. kelly back to you. have a good weekend. >> you, too, rick santelli compass pathways is clearing the way for the use most import year the ceo of compass pathways next ♪ ♪ ♪ ♪ ♪ ♪ ♪ 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]

there have been a flurry of ipos and spaces this year, but none quite like comp wrasse pathways the biotech company backed by early investor peter thiel aims to treat depression through the use of psych del i go mushrooms. citron research called it a generational stock and quote the most important ipo of the year, they gave it a $100 price target and all five analysts who cover it also have a buy rating. joining me now, the chairman, ceo and founder of compass pathways, george williams. welcome. >> thank you. >> where do we stand on silo sidebarin, at the heart of this working with people with expression. >> first, i think it is important while there is enthusiasm from some communities about being a psychedelic

organize decision for company our focus is on transforming mental health care i think it is particularly salient at this time suici our key ingredient is the active ingredient in magic mushrooms. we are currently in phase 2b we are pleased we received breakthrough therapy designation from the fda to help excel right our research and interactions with them. and we are also working in eight other countries doing clinical trials >> right my understanding is that the focus on fast tracking covid trials is actually holding yours up somewhat? >> we haven't had any experience as to that at all, actually. the fda has been incredibly responsive, as have other reg will iters around the world. in terms of helping us, and i know other developers of other

medicines to deal with the pandemic and ensuring the clinical research progresses at the fastest pace to be. >> understood. i thought that covid put some of your trials on hold and pushed back your trial date. >> covid did: we did, actually in march, again, we have trials on beth sides of the atlantic n. march we did pause but we have many of our sites back up and running again. and that's been working out quite well for us. and the regulators have always been very supportive and accessible, even with, to your point, the backlog of qucovid reason related activities. we are anticipating to be complete with our trials at the end of next year and be able to report out on phase 2b, which is a dose finding study, again in 20 sites, nine countries that will really give us the path forward to phase three, and then

hopefully, patient access. there are far too many patients who just aren't helped with what's existing right now? yeah, depression is a hot topic this year in particular given everything that has happened with the coronavirus i know peter tooel is a big holder and supporter of our company. george, thank you for joining us today, keep us posted. george gold smith with compass pathways. >> thank you so much take care. more wild swings today as markets react and maybe overreact to every word out of washington "power lunch" will wrap it up as we get ready to make the turn to the closing bell don't forget you can always watch or listen to us live on the go on the cnbc app we'll be right back. 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. don't get mad. look limu! someone out there needs help customizing their car insurance with liberty mutual, so they only pay for what they need. false alarm. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ united states can't easily get to a doctor or afford the treatment they need. that's why goodrx has built a leading consumer-focused digital healthcare platform. we wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. as a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford.

but before we sign i gotta ask... sure, anything. we searched you online and maybe you can explain this? i can't believe that garbage is still coming in. that is so false! frustrated with your online search results? call reputation defender today to join tens of thousands who've improved their online reputation. get your free reputation report card at reputationdefender.com or call 1-877-866-8555. the rx crafted by lexus. lease the 2020 rx350 for $409 a month for 36 months. experience amazing at your lexus dealer.

welcome back, everybody. as we wrap up what could be a down week for the dow, let's look at two of the components of the dow that are leading it lower right now. if you swept them out, you would probably end up roughly where nasdaq and s&p are, and that is essentially flat intel down 11% american express also down there, about 4%. those two dow components probably make up i am guess being two thirds of the dow's loss today kelly? >> well, on the plus side, take a look at what the roeja banks -- regional banks have been doing, up about 10%

silicon valley bank is one of the best performers in the s&p rates, earnings strong as well there is a bright spot, if you want, for the economy. >> that is a good thing. we will take bright spots wherever we can find them. have a great weekend, kelly. >> you too, tyler. thank so much. thanks, everyone, for tuning in to "power lunch" today "closing bell" starts right now. >> kelly, tyler thank you both very much. "closing bell" starts right now. wilfred frost along the with sara eisen the dow and s&p 500 on track to snap a three week winning streak stimulus negotiations taking on a some better tony today, the treasury secretary saying there are still significant areas to work through and president trump saying he doesn't want to bail out democratic stakes. intel and american express t