>> smart move once again from microsoft. as you point out, technology is doing well today as the nasdaq continues to stay in the green even as the dow is down about 170 points, s&p down about a fifth of a percent that's it for today, kelly >> yeah. we have got the big tech ceos on the hill tomorrow. lots happening in that space the next few days. thanks for watching "power lunch," "closing bell" picks things up right now. thank you kelly and tyler. welcome to "closing bell." i'm sarah huckabee sanders we are with wilfred frost stocks trickling mostly lower today though there are pockets of strength beneath the surface. the major amples are mixed as we head into the final hour of dade with the nasdaq by far the best performer. what's driving the action right now. earnings season picks up steam, dow components, 3m and caterpillar are in the red despite reporting reports that

topped estimates coronavirus hospitalizations are rising in 36 estates the u.s. has had another record for average daily new cases over the past week. work from home stocks are up higher and airlines sink amd says it is buying a rival. we are sliding a just. fresh session lows on the dow, down 181 as we speak a huge lineup of ceos coming your way all on the back of earnings the leaders of twillia, chegg, kroks, and jet blue. all of them reporting earnings either today or late last night. more earnings after the close. the big one to watch, microsoft. we will bring you all the numbers and analysis as soon as those results hit the tape very excited about those let's focus in on the big stories we are watching today. mike santoli is tracking the market action. julia boorstin has details on

how big tech leaders plan to address concerns of congress tomorrow mike, the markets are touching fresh lows. >> lethargic, sagging, churning around the flat line most of the day. but no real intense follow-up to the selling yesterday. really on longer term basis the market has kind of brought itself back into some kind of balance i keep pointing out there is this willful we hashed around in during that september pullback 3,400 right now, halfway between the early september high and the late september lows. defensive action, people buying downside hedges yesterday. seems to be to get investors back into a neutral position before the election. look at microsoft. we have both obviously the results coming after the close also a lot of talk today of it

is a tech bubble again, like in 20 0 this is a long scale chart of microsoft since the late '90s. right in here is where that anti-trust suit from the government hit took a while to peak out took a long amount of time under that march 10th flat line. look at it compared to the s&p 500 over that span as well as the nasdaq 100 you see, it was under water for a real long time during this multiple compression -- the company was doing fine but it was overvalued then this moon shot. hard to explain how unlikely that is. 5% of the s&p back there, here we are 5.5% or so of the s&p finally look at the value. absolutely expanded over this last run nower with a little over 30 times forward earnings back then, 60 times forward

earnings hardly seems terribly demanding given what this market is paying for somewhat reliable long term growth in growth starved market. >> if you marked the ceo changes on the long term chart it would reflect a little bit unfairly. mr. nadella has done a great job. s&p 500 below 3,400 as we speak. >> you are flirting with an area where people are going to assay it looks like a breakdown or a double top i don't think it is make or break at this level. yesterday a lot of folks were saying if we get to 3,350 that's an air where it has to make a stan keep in mind we are only back to where we were at three weeks ago right now. there was a decent run for the first half of october that now

we have largely given back >> mike, thank you we'll stick with big tech. ceos of twitter, 568 bet and facebook are all expected to testify tomorrow before the senate commerce committee. we are getting a glimpse today of what they will say. julia boorstin has the details julia? >> reporter: we have obtained twitter's ceo jack dorsey's prepared remarks he says eroding section 230 could collapse how we communicate on the internet leaving only well funned and giant technology companies he says undermining 230 will impose severe limitations on tech giants ability to address harmful content. facebook's ceo mark zuckerberg saying in his prepared remarks without section 230 quote platform would likely sensor more content to avoid legal risk and would be less likely to invest in technologies that enable people to express

themselves in new ways he also says he believes congress should quote update the law to make sure it is working as intended saying he wants to work with congress to preserve freedom of expression while protecting society from broader harms alphabet's ceo is also testifying before the committee tomorrow reuter's saying he will say google approaches without bias all three are reporting thursday twitter at highs not seen since april 2015, up nearly 5% facebook up nearly 2%. and alphabet up just fractionally, guys back over to you. >> julia, who will you be listening for from the lawmakers themselves in terms of what could amount to anything consequential or impactful in the next congress? >> i would be very curious to hear with a they think the actual remedies are going to be, what types of solutions they are

looking for if they adapt these rules to hold the companies to a certain standard, what exactly that standard is going to be and how they are going to enforce it one thing we have heard a lot about from these tech giants is that they don't want to be put out of business or be forced to sort of sensor everything that's potentially controversial to really looking for some hints of where they might land on a compromise and who is going the determine what's considered appropriate or inappropriate content for sharing on these platforms. >> julia thanks for that tech is the best performing sector today. a number of big pharma companies out with earnings before the open and updating on treatments and vaccines for covid. meg tirrell has the update. >> the focus on treatments vaccines overshadowing the quarter. pfizer bisque knee in line, tightening its 2020 guidance everybody paying attention to what is happening with that

company's covid-19 vaccine, the company saying they haven't yet hit the first interim analysis had he their independent data committee would look at the data and the ceoing the me it is unlick low they will have an announcement about the data before the election based on that timing. eli lilly missed expectations in the quarter. you are really seeing that stock get hit hard on the back of that also the company announcing la guardia night that its antibody drug trial for covid-19 was stopped in hospitalized patients that's the nih trial that was paused a couple weeks ago. it looks like that drug really doesn't have benefit in that setting. however, lily saying they are confident it could be helpful earlier in the course of the disease. over to merck. a beat on the strength of its cancer drug keytruda also they are working on covid they are quieter about it but they have an oral anti-viral drug with results they expect in a couple months then they have

two covid-19 vaccines in early doemt. one that just started human trials and another expected to start season we should see the first results by the end of the year from merck. >> the update from pfizer in terms of its vaccine was that a big negative surprise for the market or largely as expected? >> it is hard to interpret what it means exactly, wilf essentially the time is drich by when they see a certain number of infections in the trial pfizer's ceo has been guiding for months that they expect to know whether this vaccine works by the ends of october people were disappointed not to see the data but it is hard to read into it what that means as far as how well the vaccine works. >> stock is down a little less than 1%. meg, trauhaurk. dow down 22 points nasdaq outperforming technology is the biggest

winner utilities, consumer discretion father and communication services all higher as well. still ahead in this show, a number of ceos after the break we will hear from chegg's ceo later this hour we will be joined by the ceo of twillio you are hear from the ceo of corroboration and jet blue as well ♪

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digital is he very hot describe what you know, and why you think the stock is down more than 10% i guess a few hundred percentage point run-up is a good context. >> there are few companies growing 64 year over year. it's the our seventh anniversary of being public. we are growing at 64%, 69% subscribers. ebitda is growing year over year our guide wants was not only upgradance but we had confidence to give guidance for 2021 well in advance that guidance is higher than people expected. i think this is a matter of we are up 100-and-something percent for the year and people are taking profits the growth of the company is extraordinary right now. our team is executing brilliantly.

we honestly feel like there is a whole new set of opportunities opening up to companies like chegg and we plan to take advantage of them. so we are very excited about the future. want the hear about where the demand is coming from. how much of it is -- is it teachers or students getting extra help on their homework that are already learning at home are you actually providing that curriculum for students that have to go digital. >> chegg does two things extraordinarily well, one is unique to chegg which we invented which was sort of on line on demand highly valued homework help. we help high school and college students really master their subjects we can do it at scale, and very affordably for students and have 90% gross profits on that product we are seeing demand for students in the u.s. going up substantially. we have been working on account

share i sharing efforts. for every one person paying for chegg, two people were using it. not a good business model. when students had to leave campus it was harder for them to share. we have been the beneficiary of that we built technology to block it and that's why when they went back to camp us the greta rate accelerated even more. the exciting thing is outside the united states. we built the content, the service, the commerce things when they were forced to leave catch us they discovered chegg for the first time so our international growth rates are at a level that even we didn't anticipate on top of that, we are now in 190 countries. so people think it would be really expensive because they compare to us netflix. we don't have to build content like netflix does. second, people thought we could only do it in english-speaking

countries. we can do it in 18 0 countries there is a real reckoning now of the fact that we need to accelerate learn asking earning. that's what our business does. it teachings you skills that gets you high paying jobs. beau of them are growing faster than we anticipated and now the market is bigger than we thought it would be. >> you surmounted the issue of password sharing you mentioned still having bad actors is that a different problem? something you are yet to fix fully? >> you are right what we said, though, maybe we just didn't do it clear enough, was that we started dealing with the bad actors a year ago. those were people finding holes in google play, and or they were hacking accounts and re-selling the account and the student didn't even know people were using the password we started to really deal that with a year ago this month,

actually that's why in q 1 before covid we were growing at 32% instead of 29% after covid, went to 35%, and now you see the 69% in terms of subscriber growth. we are hitting on all cylinders. but we did a really good job dealing with the bad actors first. and now with account sharing, ending it in a significant way now you see this extraordinary growth if use an dan, what's going to happen to all these kids that are now months learning at home, not in their social classroom situations, not learning from in-person teachers what do you think ultimately is going the impact on that on academic test scores and society. these are fabulous questions i no you are a mom of two fabulous kids so you have got to worry about these things you know, i think it is going to be different for younger age where is the classroom experience, the socialization, the discipline that comes with

that, the attention that teachers can pay is really, really, really important getting them back into the classro classroom, but doing it safely matters. doing it safely matters more than getting them back in the classroom because they will catch up on a lot of those things in most circumstances we deal at the collegiate level. in the collegiate level, you know, it turn out that students actually prefer a hybrid situation now because what most people don't understand, sara, you and i have talked about this, the average age of a student in the united states now is 25. it is getting older. they actually want the freedom to be in and out of classroom, which is why, you know, chegg is just accelerating because we are beneficial regardless of where you are taking the class i think for younger students, it matters more that they get back in the classroom faster. and look, you know, all the experts that we speak to really don't think that that's lickly gob to happen in a way the parents will feel safe until the

second half of nextier. >> dan, i want to pivot back to the disclosures around international markets. why now? why did you choose this quarter to disclose that international reach? what more is yet to come are we at the continue of the iceberg in moet counties or is it only ever going object a little bit of extra around the edges for you? >> why did we choose to say it now? two reasons. one we have been working on it for years and we have been saying in small doses on our earnings call that we are investing in it so people could ask questions and get comfortable with the concept but the reason we chose to do it now is because it is becoming a meaningful part of our business much sooner than expected w. covid, when they all went off campus they started to look at internet there is really no competitor for us outside the u.s we always looked outside the u.s. --not including china, which we don't intend to participate in as being equal if size to the u.s. just the english speaking

countries are 50% of the side of the u.s. it is possible that what we do outside the u.s. could become as big if not bigger than the u.s. academic support business. we are seeing a level of participation and more students take us, 190 countries, which we didn't anticipate, same gross margin, same conversion rates, same usage level what we have built is truly universal. we are going to end up having to talk about it over the course of '21 and '22 anyway because it is going to be sizable. now is the time to let investors know how much future growth that we have ahead of us. >> dan rosenweig things to on quarter and more the ceo of chegg the stock down about 10% wilfred as the broader market continues to lose steam. the nasdaq up more than half a percent. after the break, going green has been a notable upparticular in companies issuing bonds

geared toward environmental and social projects. what is driving the growth in green oc nt.stksex and the first of the major tech names are reporting this week we will tell you what to expect from those results stay with us back in a couple of minutes. - [narrator] at southern new hampshire university, we're committed to making college more accessible by making it more affordable, that's why we're keeping our tuition the same

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there has been a sizable uptick in companies seeking sustain nlt bonds. what's behind the bounce leslies that story for us. >> wilf, an interesting

threatened here, sustainable bond issuance absolutely surging this year, totaling more than $350 billion, nearly double last i don't remember's levels and an all-time record thanks to more than $150 billion worth of such bonds sold in the third quarter alone. a key drive are so-called green bonds, where the proceeds are used specifically for projects that are seen to benefit the environment. companies are tapping the sustainable bond markets in droves in an effort to boost their esg or environmental social governance profiles investors poured record funds esg companies this year. alpha sought to capitalize on this trend issuing $5.75 bpds argument of notes in september, green bonds seem to have the same total returns as non-green

bonds from according to the issuer but trade with less volatility. >> an interesting trend thank you. still ahead, shares of jet blue losing steam on the back of its earnings report this morning. we will speak to the ceo robert hayes whether he expects to see a pick up in demand. the ten-year yield become below .78% we started the week above .8 we'll be right back here on "closing bell.

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who's supkamala harris.5? harris says, "a corporate tax loophole has allowed billions to be drained from our public schools and local communities. no more. i'm proud to support prop 15." vote yes. schools and communities first is responsible for the content of this ad. welcome back we're covering a bit dow is down about 150 points we have retail news. sources telling cnbc's david faber, tiffani and lvmh are discussing new terms for their merger reporting they are close to a new deal price of 10 to 133 dollars per share. compared to the original price

of $135 per share. tiffani stock is higher by almost 5%. lvmh down a little bit wilfred, this was a pretty public outcry from both parties against the deal triggered by lvmh butresulting in dueling court cases. this would be a peace making deal. >> put the court cases aside and just do the deal time for a cnbc news update. >> georgia's secretary of state telling voters to not mail in their ballots if they have not done so already. instead, he's urging them to return ballots in person to avoid possible mail delays n. battleground state wisconsin, more than 320,000 absentee ballots have not been returned both republicans and democrats are telling voters to be sure their ballots arrive in time for them to be counted new york city's mayor deblasio

telling people to avoid travel during the holiday season to help contain the coronavirus he also said the city will aggressively enforce the state's 1-day quarantine rule for travelers coming from states with a high percentage of covid-19 tests. and christian coleman has been banned two years for missing drug tests the ruling means the sprinter will not be able to compete in next year's tokyo. we have got 59 minutes left in the session we are just off the fresh session lows we reached during the top of the show. up next, an exclusive interview with the ceo of twillio. we will ask him how the software company is navigating the pandemic and what's in store for the company in a post covid world. back after this.

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there is a sector heat map for you. we are lower by 150 points on the dow, half a percent or so. the s&p is down just ten basis points half the sectors green, half red. industrials, financials, energy. technology and community services lead. big tech tomorrow will be on the spotlight on capitol hill. ylan has news from oogle's ceo >> that's right. we now have the testimony of fach eye, the ceo of alphabet, he will directly answer the criticism from republicans that there is buy yas against conservatives on their platforms. he will say, let me be clear, we approach our work without political bias full stop. he said, to do otherwise would be contrary to both our business interests and to our mission however, he said that the ability of the company to provide information to a wide range of users is possible only

because of existing legal frameworks like section 230 which provides certain types of liability protections to the platforms. he also offers a thinly veiled warning to the committee and lawmakers in saying he would urge them to be very thoughtful about any changes to section 230 and to be aware of the consequences those changes might have on businesses consumers in this written testimony he does not go so far as to outline what some of those consequences might be but twitter's ceo jack dorsey in his comments did say that changes to section 230 could undermine the internet itself and entrench existing players and make it harder for smaller start-ups to compete we will see how all three of these ceo's -- facebook's ceo mark zuckerberg will be testifying as well -- how they answer questions from lawmakers tomorrow, i go. >> ylan, thanks. twilio shares moving lower following its q 3 earnings report last night.

they beat earnings expectations and saw growth of 53%ier overier. it is rallied more than 220% since the march lows despite today's move lowering. joining us now, twilio's ceo thank you for joining us how have you found it operating i guess sometimes in partnership, sometimes against these big tech companies have you felt it relatively easy to compete despite their size? >> you know, the amazing thing about the technology is that we have a global audience that is fairly unprecedented in the history of business, frankly, if society. it is exciting as a technology company to be able to address such a large market and to be able to serve so many customers. i think that's what everybody finds. that's what the large technology companies are able to do and also what creates so many opportunities for nearly every kind of company.

we have found that to be true as we have addressed the global opportunity in customer engagement. >> we talked in the past about some of your biggest customers in the sweet spot of tech growth in the last couple of years, uber, and hulu and shop phi. there is a list of them. on the call you said the latest bout of growth is coming from older seggor companies, the likes of health care and financials is that right? >> we have a very distributed customer base. we have over 208,000 active customers on the platform. as you can imagine that represent companies of nearly every shape and size, all around the world, big companies, small companies, new companies and old companies. in that you see the digital natives the disruptives in every strategy challenging the status quo and the newcomers who have to challenge the disruption with their own. all of these companies end up hiring software developers and

start building great digital experiences for their customers. that has allowed us to maintain a customer base that has all different kinds of customers across all different kinds of industries as all of these companies are kiet asking trying to win in this new digital landscape. >> i think of you, jeff, as the company that helps uber text and call me as a customer. but you are doing a lot of other services and expanding through m&a, it and has investors and analysts really excited about it what should we thinking about your company and the total addressable market >> our goal is to be the leading customer platform. what that means is b to c companies, every company, have to first start when we want to acquire customers, retain those customers and ultimately grow those customers, that job starts with understanding companies for b to c companies in particular understanding your

customer means taking all the data you have about customers that are in the marketing systems, sales systems, you have got data warehouses you have commerce stills, you have all the different systems that companies put in that each have a piece of data about the customer one of our recent acquisitions that we announced this quarter is called segment. the problem they solve is helping to take data out of all of the silo he is that exist and help you develop a single view of the customer. once you understand your customer you can engage with em. that's communications. that's what twilio does, from text asking voice and video and email. we allow companies to engage with their customers no matter where they are now a segment we coming from a place of true three understanding your customer by lib liberating all the date in the silos. ultimately, it is all in the ever of becoming the leading customer engage men platform. >> do you think customers are aware to the extent their data

is used and monetized today in a way it won't two or three years ago. do you think after the election the legislation could change the balance of power, the ball an of ownership for that data? >> i am talking about first-party data if a company knows you bought this pair of shoes and then they use that data to market to you similar shoes you might like that is called first-party data. that is clear how companies use thatity de i think had he you start talking about third party data and acquiring data from other sources and mixing that together that's what consumers are opposed to and what legislators should be thinking about having sane regulation around we are talking about first party data when you are on a website looking at men's pants and the next day you get an email asking if you want women's underwear, that is a company that hasn't connected your experience with what you seem to like. that's what we want to create,

just helping companies make wise decisions how they engage with you as a consumer. it just makes sense. >> yesterday, the european software giant s.a.p. issued a pretty dire warning when it comes to coronavirus saying it would weigh on speak upping all the way to the middle of next year clearly it was seen as chilling for the enterprise software spending space you get a good look at that as well are you seeing any signs of slowdown how long do that last? >> i don't think thinking about all software as one category is useful there is different models and different problems softwares are solving. we offer a communicates platform that enables digital communicates if you think about covid, covid has required a lot more of what tillio needs to offer. that has been a tail win for us this year as so many companies have accelerated their digital

plans. companies have had these digital transformation road maps for many years but as it relates to how you digitally interact with customers from a distance, safely, you think about those are the road maps that have taken on extra importance. we have seen new budgets opening up and new importance given to these projects as companies are migrating their contact centers to the cloud so workers can work from home or kmugsing electronically when physical in person communication can't happen that's why all the work forces that twilio powers have seen such an acceleration this year. >> no slow down? >> in q 3, we grew over 50% year overier at a $1.8 billion revenue run rate it is impressive for companies to be growing a the rate we are at the scale we are. i think covid and ourable to

help customers through the challenges of covid has been a tail win for our business. >> jeff lawson, thank you. >> thank you very much. >> ceo of swillio. still ahead on the show, a big deal for amd and the key metric to watch in microsoft's earnings after the bell. we go inside the "market zone" next the dow is down 158 points ♪ you can go your own way

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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. is sponsored by e trade. trade commission-free today with no account minimums. >> welcome back. 13 minutes left in the trading day. we are now in "closing bell" "market zone." mike santoli is here to break down these crucial moments in the trading day. and today we have got lindsey bell of allied with us

let's get things started with the broader market the nasdaq is the outperformer among the major averages trading higher for the third time in four days. it is up by .8%. quite a stark difference there between the nasdaq and the dow the dow close to its session lows again, down 180 mike, clear rotation, cyclicals at the bottom today, particularly energy, financials and industrials. sort of similar to yesterday in terms of what is leading the selling. >> certainly in the tone less in terms of the magnitude and urgency. there has been a back sliding in the move we sue in the bond and yields outperformance of some of the cyclical stocks of it is kind of a modest rethink of the environment and a pulling into neutral before we get into the election maybe before we get clarity on the path of covid cases and things like that but you know, i think it has kind of come more into balance

from being people positioned overbullishly for a fourth quarter rally right away now i think it's a little more kind of evenly split on both feet of the market. >> the rise in cases lindsey, along with that, rising hospitalization numbers, and questions about the recovery does it make you rethink any of your positions on sectors here >> i think for the long term, it doesn't. for the near term short maybe it makes it take a little bit of a pause. but these really have been questions that we have facing the last several months. the covid cases rising pits into investsor's concerns what the economic is going to look like i think some investors have tunnel vision, too, when it comes to the election and the uncertainty around that. it is only a wake week away but there are question marks about what could happen after the election if it becomes a drawn out process. ultimate will he what the market

needs to see is a decision made on stimulus, hopefully one that will support businesses individuals that have been hardest hit and that could get the market moving again. until we have more data on that and what the economic impact is going to be from the covid increase in cases i think we are in a wait and see mode here. >> we are inside the middle of earnings to that en, industrials are the worst. approximating sector on the market right now seema mody has a closer look at the stocks that are dragging down the group >> let's start with caterpillar a 23% drop in sales year over year, reflection of how the pandemic continues the hurt demand for large scale equipment, from bulldozers and excavators but there were encouraging takeaways. one construction the decline in global dealer machine quarters improved sequential for the question. on demand for surgical and dental supplies plus n 95 masks

brought in $150 million in sales per quarter before, now it is closer to $400 million but still a shortage when you speak to medical profession for this protective gear. >> they still need more. and consumers need them, too seema mody, thank. lindsey, usually industrial giants like 3m and caterpillar give good reads on the overall economy and often times goods forward looking views. did you get that from them is there underperformance today. >> what we are seeing from the industrial sector, the quarter hasn't been that great actually. they are about in the middle of the pack become 73% have beat on the bottom line. when you look out to the fourth quarter, you are seeing numbers come down, and there is only

three sectors across the board where estimates are being reduced. and that is industrials, technology, and energy so the industrials, they have also had a really great run going into this earnings season. caterpillar, 39% higher since the end of june, since the beginning of the third quarter while they beat and had some positive things to say, the stock had a good run and could be taking a breather here. i think that can be said for industrial names in general. it goes back to what we just spoke about. these stocks ran significantly going into the earnings period but we have covid cases rising, uncertainty around stimulus. all of that together leads to uncertain for economic activity going forward. don't bode well for these guys. >> mike some of these names, not just stimulus exposure but global case count as well. >> sure. and they have been beneficiaries

thatter going to get a resurgence globally in manufacturing. i think the numbers reflect a good part of that. caterpillar up 60% from the march lows i think the gun has kind of gotten positioned to a place where you needed to see more evidence up close. durable goods numbers were pretty good, better than expected that wasn't necessarily a reason to worry it is whether it will continue in a straight line from here through the fourth quarter. >> the dow and the nasdaq are 1.5% apar w. the dow down .75, and the nasdaq up .7%. amd bying rival chip maker xilinx in an all stock deal. shares of amd lower excite a earnings and revenue beat this morning. xilinx stock is rallying lisa su spoke the cnbc about the deal. >> what xilinx brings is

additive to the amd movement it is immediately akietive upon closing. it brings significant market expansion as well as profitability and free cash flow generation more importantly than that we believe that together we are define the fit of high performance computing. >> mike, lots of charts of lisa su's share price performance since she took over. extraordinary, up 2,000-plus percent since 2014 this deal comes after a good strong run in the broad chip sectors. are there fears out there today that you might be marking the top of the market for some of the tech names as opposed to a sign of a lot of growth to come with all the m&a we are seeing. >> the m&a is the sort of thing you see far along in one of these moves. i think they have been a big support for the bull case we are seeing right thousand. they remain that but now 6% off the highs in

terms of the semisector in general. looking like it might have friction up at these levels. it issing? to keep in mind. the market has tended the like acquisitions like this, strategic, a strong player using a built up currency to make one these deals, 4% decline on amd is not that big of a deal considering it is taking a bite relative to market cap. >> lindsey, is this a group you would still bet on it has been hot whether as an m&a activity or as a cyclical group that led the market. >> it has definitely been a hot sector, for sure, and the m&a activity is certainly something you have to wonder if we are getting to the end of the life cycle here for the group but this m&a that we are seeing is transformational. nvidia recently announcing their acquisition of arm holdings from soft bank. both of these deals to me look like they are not only trying to

be transformational but also they are looking for diversification, synergies as well as their ability to prepare for the future, the next trend in technology. both of these acquisitions kind of helping acquire for transform for the 5g movement that is coming down the pike very fast and newerious. >> let's hit microsoft earnings after the bell are coming. josh lipton with the key metric we should be watching. josh. >> sara, here's what the street expects from microsoft q 1 earnings per share of 1.54 on revenue, $35.7 billion. that stock surged more than 60% off its march low. microsoft adding fatherly $600 billion in market value over that time though now trading about 10% off its recent high.

a big number as always will be azure. he expects 49% but ascare will campaign market share from amazon rival web services in the years ahead. back to you. >> lindsey, one of the things i was trying to get twilio's ceo on, he did not back up what s.a.p. said yesterday warning on weakness of demand for enterprise spending for if first half of 2021 i think that will be a question for microsoft as well in their outlook. what do you want to hear >> that's a huge question for microsoft. they always have the office 365 transformation when we are thinking about the next quarter and into the future, the pricing increase and increased volumes are expected to help drive that going forward. so that's going to be an area we are going to focus on. i think when it comes to microsoft soft the key really has been azure and cloud business so the question is going to be

are they still taking share or seemingly to take share from aws going forward? has the momentum continued that is that going to will be like into the future obviously these guys have a big hand in the gaming space, too, which will benefit them in the holiday period. >> their numbers will cross shortly. two minutes until the end of the session, mike what are the internals telling you? >> the nasdaq is somewhat evenly mixed. on the new york it is more than two to one dechinaing volume yesterday was about a 90% downside volume day. that's often a washout number. if you get those in clusters, often it means a bit of a negative trend change. definitely the average stock underperforming the indexes at the moment we talked earlier about the shut down digital names working better, look at the enter stock etf, dow jones internet fdn this week outperforming, deskcally flat avoiding the losses

the bank etf eye tin year rising most of october is now down 5.5% and the volatility index is back up this the low 30s area it is trading rich compared to what the market itself is doing. it seems as if all the bets are about a decline in volatility but not until after the election right now it is not really giving kind of a clear wink to the market to say okay try a big rally attempt here today sara sara >> as we head into the close, the dow is down 200. it has beens being weighed down by the likes of boeing that stock in the two days of trade center this week is down 7.3% also hurting the dow, caterpillar and m off of earnings what is helping? technology all the fangs higher, salesphores, microsoft ahead of its report if you look at the s&p 500 right now it is the balance between stronger technology consumer discretion and communication

services the only three sectors that are positive right now. what is weighing it down industrials, financials, and energy if you look at the nasdaq, it is higher thanks to that strength in names like facebook and twitter and zoom video which is up another 4% today on the close. the russell 2000 of small caps down p.m. almost 8, it is hit harder as we have seen cyclical and value plays this week taking a breather and a back seat to the tech trade there is the close. well to the "closing bell," everyone i'm wilfred frost along with sarah huckabee sanders mike santoli our service markets commentator. we closed very close to the session lows on the dow. we were down 221 points, .8% s&p was down .3% the nasdaq outperforming, up .6% a 1.4% spread between the dow and the nasdaq that plays out in the s&p sectors, too, communication services and technology both up more than half a%.

industrials financials energy all down around 2% as sirrah said, the rotation out of cyclicals into tech played out today. oil was up 2% despite that the dollar was down a little bit. the ten-year continues to slide as it has done the last couple of sessions down to .77. coming up, first the ceo of corroboration weighs in on the state of retail amid the pandemic later jet blue's ceo discusses earnings and what the holiday travel season might look like this year plus, microsoft set to report earnings any moment now. we will bring you knows numbers as soon as they cross. it closed up ahead of the numbers. lindsey is still with us mike i come to you for the first comment. we mentioned towards the top of the show about that key 3,400 level, closing down below that and down 2% or so for the week now in the s&p.

>> it is retrenching below a 50-day average which in a bull market it usually doesn't spend too much time below it they tend to be decent buying opportunity. we did get below it in september. it is a key movement in the s&p. it is hovering year the area where short-term traders feel like they have to wait for the next break to have a sense of the intentions it is not surprising i don't think the market would pull much more into a little bit of a defensive crouch ahead of the election as i keep saying, starting today and especially after this week you start to enter a better seasonal period, it tends to have a little bit of a run with a tail wind seasonally and in election year patterns a little bit of a lift in the days preceding the election who knows if that happens right now because everyone has 2016 on the brain and there is no idea how to anticipate the response even if you could anticipate the results. if you look and the strength and weakness today

it is an old play peculiar are we dusting off the playbook from march zoom video up 4% netflix, facebook, the stay at home winners and everything exposed to the reopening like financials and industrials and small cap cyclicals all hit on the second wave is this getting ready for some kind of winter in a lot of different ways. that is the pattern. i don't know if it is from march as much as it is from june and july in june you had a run if bond yields, big reopening enthusiasm, all the travel stocks had a burst off the lows. then we segued away from that into okay maybe we are just going to do the stay-at-home digitate trades again. something like that although cyclicals are in a better sot spot right now they are through the earnings trough they have had traction for a few months i don't think it is going to be necessarily an either/or move but that has been the way we have traded this week.

>> gabriella sanchez joins us now. mike just saying that cyclicals are in a better spot at the moment than perhaps they were a couple months ago. are they in a worse spot than they were a up can have weeks ago with low stimulus hopes and a pending election >> good the see you wilfred. we are back today to this virtual world. we have photograph gotten we will actually get back to the real world but i think there is space for both we need to answer questions in order to get the cyclical stocks going, when will we get the election results when will we get a vaccine and when will we get more fiscal support? once we get those answers then cyclicals have lot of upside we can't wait to be positioned after we have the answers. then it is too late. so we want to be positioned already between the virtual and

the real world is this this headline just cross, illinois suspends indoor dining in chicago starting on friday it is not a facial lockdown but regionally these places could start to respond are investors offsides for this even though there were so many warnings about the secretary wave going into the fall >> you know, i won't be surprised the see more regional announcements like that, or city athounsments over the coming weeks as the covid case situation plays out, and until we do have better news on a vaccine. as far as investors positions i don't think they are caught offsides there is still a lot of cash on the sidelines that can be put to work here. so i think, like i said earlier, this is the investor being in a wait and see mode. they have a bit of tunnel vision right now looking forward to the election with the uncertainty surrounding that and there is a wlint of

volatility in the vix level which has risen over the last couple of days we expect it to be high going into election and in the months to follow. volatility will be a key component end in the mark going forward. i think that gives investors more opportunity once we get on the other side of the election and we can remember we are investing for the future, 2021 right now earnings estimates for 2021 are actually moving slightly higher. >> mike, i mean some of those fears playing out in the space of two days with the likes of the banks, but also the yield curve, the kbw banks index ended down % at its session lows wells fargo is now down 60% year to date. showing i guess the ability for those types of stocks to respond more closely to the headlines than perhaps certain other sectors? sure the fact that the tles treasury market didn't quite get over the hump there, if you look at the ten-year yield, that rise was halted almost right where a lot

of folks would have expected it to on a trading basis. a sort of down trend line all the technical reasons you would say okay fine i give it room the this point but now we have pulled back from there maybe it is range bound for a while and there is not a lot to get people excited about the bangs. there is a heightaned sensitive to anything that hints towards a relapse of a slowdown, whether or not anybody thinks we are going to have a full shutdown. in retrospect it doesn't feel like it was smart to panic out of the market when we got the sun belt surge in case that's why i think there is a push/pull in terms of investor attitudes in this spell that we are looking gnat the fall and the winter. >> how are you positioned around technology microsoft will go through the numbers root now we will get all the big names on thursday and right in the middle of testimony from their ceos tomorrow. >> for us, technology and the

whole tech complex is still a theme for the next decade. the way we are thinking about it is a lot of portfolios, given dispersion in performance this year, have gotten very heavily tilted towards that one theme in particular so we absolutely think it makes sense to take some profits in the space and balance it out with a bit more of the cyclical sectors. and that's true regionally as well the u.s., china, very geared towards the tech theme, taking some profit there, and rebalancing more cyclical regions as well including europe, japan and the rest of emerging markets it is not giving up on tech it is realizing we have a chance for catch up in the cyclical sector over the next year. >> lindsey, what's your take on the levels of the s&p 500 and the wakt we are back below 3,400. >> we are glow 50-day moving average. when i look at the market the

technicals have really been something the market has continued to fall back on over the last several months when the fundamentals or the economic picture has become unclear it seems like investors fall back on the technicals yeah, we are still below the 50-day moving afternoon for the last two days. it's only two days we want to see where we go over the course of the next week or so but we will be closely watching that level hopefully we can bounce behalf it and that will be a positive trend. but we will also be watching correction territory, which is about 3,220. that level is a negative tone for the market lindsey, are you getting the guidance you feed from companies? last time we didn't get any. that's why the earnings are all over the map but this time are we getting enough >> well, this time, you know, we are not seeing a lot of companies reinstate earnings guidance but i think it's what you have to listen for is, you know, any -- any nuances in the tone

of their voice we are starting to hear a little more positive tone although there still remains that level of uncertainty no be is too eager to reinstate guidance also, if they talk about thing like reinstating buybacks or reinstating dividends you can read into that a company is feeling better third quarter and fourth quarter earnings are moving up overall for the s&p 500. if i look at 2021, we are staying above 164, moving slightly higher there, too that's something we keep a close eye on especially this time of i don't remember it is that time of year you start to see the outyear numbers finally starting to move lower. things are looking okay a third of the way through earnings season. >> gabriella, a quick final question in terms of the election impact on the balance between growth and cyclicals as

we have a week left until election day do you think there will be a difference on how the market reacts depending on who wins >> not so much i think the one thing holding investors book is getting the result itself regardless of which way it goes. i think that would be a huge relief for investors, would allow us to know the rules of the road and allow investors to focus on the themes that are true regardless of the election outcome, which is that we are in the beginning of a new economic cycle and it is going to be supported. i think we need to get through that event and then we can go back to positive trends for risk assets. >> microsoft stock down 1% after-hours, mike, on the election and the stimulus front, i guess the whole stimulus thing has been put to bed now that the senate is not in session anymore

until the election did the market already price that in? >> for two weeks week shaking owl anybody who really thought this was going to be imminent stimulus i think that's what the market slide was about. it wasn't tremendous i think that is on hold. it is contributing to the general idea of high sensitivity to anything that suggests we need more immediate stimulus that's why probably the economic numbers are going to have higher stakes attached to them as we go ahead in the text couple of weeks snim going to bring initially some of the microsoft numbers. these comes offer faksa. revenue comes in $37.2 billion, earnings per share in at 182 the forecast 154 for that quarter just passed looks like a decent beat if intelligent cloud which everyone focuses in. coming in at $13 billion, the

estimate there 12.7 birthdays. the other beat come in prouttivity and business processes. $12.3 billion, the forecast was 11.8 dlds. just getting flashes of faxette so far we will be able to tiv into it after the break. this is adding to what was a strong session for microsoft. >> the whisper was around 172. if that holds any weight that's why this level of beat, if 154 to 182. that's why it wasn't that dramatic of a reaction the estimates bear low changed since february of this year for this quarter it shows you the stable of the expectation and the business maybe there was more upside priced in. certainly firmed up and the stock is almost 10% off its highs coming into this print. >> lindsey, how do you see

microsoft? is it a bellwether for other enterprise software companies? it is up 1.3% after hours on better numbers. >> i definitely think it is a bellwether for the software space in general software has been the best performing component of the tech space. so to see microsoft be able to move higher on these numbers, which were pretty good numbers as you kind of went through based on what we have seen so far. i think that is definitely a good sign. again it is going to be all about that outlook as it usually is, where cloud business is going, where do they see for pc and then gaming especially then, i think if we can hear anything more they can tell bus pricing power, i think that will be important, too. because these guys with the acceleration 24 adoption of technology and transformation into the cloud are in a position where they have thatability to use pricing to their power >> just jumping in, i'll add,

sara within the intelligent cloud business which as i said was $13 billion to the forecasted 12.7. azure was 48%ier over year based on the estimates i was looking at, that was forecast to be more like the low 40s year over year revenue growth but often focused on that azure revenue growth, coming in at 48% year overier microsoft up about1% in after-hours trading. >> and they will give they guidance they say on the conference call. we will keep on eye on it and talk who about microsoft and get analyst from analysts. thank you now gabriella and lindsey. up next, we will break down the report from microsoft. and later we will talk to the ceo of jet blue and we will rle him to discuss how his aiinis handling the spikes in coronavirus cases across the country. "closing bell," back in 90 seconds.

shares of microsoft moving slightly higher after reporting its earnings moments ago for more on the numbers, brent and jay join us. good afternoon thank you for joining us brent i come to you first. a on the headline numbers, b on the cloud numbers. growth of 48% year over year are you impressed? >> we are. another consistent story, right. two thirds of this business is recurring revenue. shouldn't be a surprise on the

numbers. the three big segments all beat, personal compute had the biggest beat what is most impressive is on the basically the commercial backlog, plus 18% greta, that was at 12% the last two quarters a tough comp at 35 a year ago. so they are showing in that backlog number the future reported signings that they got, which is, again a great number for a q 1. overall, really impressive you wouldn't expect anything else from nadella. they are consistently executing very well. >> jay, what's your first take if you could build on that by talking about the stock. it is only up half a percent after hours. the initial gut reaction, it was down a little bit. does that have to do with the fact it has had such a great run already? >> they beat revenues and

operating income that's important, too. operating income was better than we had thought we forecasted 4% growth for azure. a four-point beat, that translates into close to $200 million up upsaid every one point versus last year, which was 40 to $45 million. that's a good four-point beat in that all things considered i agree with brent that this is a very strong bradley based improvement in results on somewhat tough comps. i'm sure the windows business did well also considering the fact that pc sales were strong in the quarter one sign i would bring out that is not in the release but based on work we have done -- i think this is a very good sign -- microsoft has substantially been increasing over the last few months its open jobs after troughing the thbs back in the spring like a lot of other

tech companies they have been substantially increasing the number of sales openings, services openings, software engineering, the sales openings are quadruple the low from back in the spring. i think that's a good sign that they feel the need to now bring people on board in all of these critical functions >> brent, do you think microsoft will be the exception or the norm, kickly give, of course, the results we got from s.a.p. just yesterday >> s.a.p. is trapped offsides with the wrong business model, leadership and there is numerous issues going on there. i think s.a.p. is on its own island i think companies position around cloud and remodelling will have good numbers we are all stuck at home, using software to communicate and collaborate. and that is a key theme in the dollars that are being spent are increasing the fact that s.a.p. put up

those numbers in that type of environment tells you how far offsides they are from what customers need and want right now. microsoft will be more the norm to the companies on the right side this cloud transformation. >> we will see what the microsoft executives have to say on the call, brent and jay thank you for joining us with the first take on the earnings. still ahead, comforting shoes and flying blues we will talk to the heads croks and jet blue and mike santoli taking a look at today's consumer confidence report the hidden message it has to be the jobs market. we'll be right back. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will...

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now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. welcome back let's go back to mike santoli, who is taking a look at consumer confidence in the labor market. >> sara, as you know within that conference board conference data they ask are jobs plentiful or hard to get is this the blue line is the difference between those things when it is heading down the jobs are more plentiful that's a good thing. it is against the unemployment rate this continued lower the implication is that the unemployment rate should still

remain on a downward trajectoriy. it is not always one for one but you supports the idea that we have downside momentum in the unemployment rate which of course we are going to get after election day. up next, shares of crocs on the rise after a big beat on the street that stock higher by more than 300% since the march lows. plus they unveiled a partnership with justin bieber that has fans buzzing. we will speak with the ceo after that quick break (upbeat music)

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>> announcer: the path forward is sponsored by adyen. business, not boundaries. shares of crocs finishing higher for the day following an earnings beat before the bell. the footwear company also saying its digital sales increased by 35% from last year in all of its roy moores the stock has been on a tear since the march lows rallying by nearly 340% and recently inked a deal with none other than justin bieber which if you watch this show we have completely covered for you. joining us now for money on a cnbc exclusive is crocs ceo andrew rees. the expectations were high and you surpassed them we have been covering the collaborations is that what is making crocs cool again >> it is one of the important factors. you talked about in your introduction there the clap rigs we released with justin bieber

if you will be over the last 12 weeks we released 12 different collaborations with different entities around the world. justin was one of the biggest ones with his own in-house brand drew house, and that's an important factor but there is a lot of other things we are doing right relative to products, relative to distribution, pricing and promotion as well. it is one of the important factors. >> talk about some of those things you are doing, particularly as it relates to the kind of outlook that you gave wall street it wasn't formal guidance but i think you said double digit sales growth into the holiday season how do you see that happening? >> in q 3 we achieved 16% sales greta on a global basis, exceptional in these times as we look to q 4 we are fully expecting to faroe between 20 and 30%. that's obviously strong performance. as you mentioned in your introduction digital is a important part of that it grew 36 last quarter and

represented 38% of total sales when we are talking about digital we are talking about our own website and also our e-tail partners around the world. being able to reach customers and consumers wherever they are shopping from home is critical in terms of that growth, but we are also growing in wholesale. we have relationships with major wholity sale part e sporting good stores, family footwear change and especially athletic that has been strong they are seeing strong sale throughs, they are reordering and we are seeing growth. >> i am interested in the collaborations, whether they have helped make crocs cool again. do you see yourself as a trendy fashion bran or as something that's in fact the opposite, just comfortable for people to wear at home who don't care whatever about fashion and trends at all? >> i think it is both, wilfred so we are certainly on trend,

right? i think that's partly of our own making, and it is partly where the consumer is today. we have put ourselves on trend we have ignited the consumer's imagination with these collaborations one of the keys to those collaborations has been a very broad tapestry it can be a fashion design e could be a musician, it could be a store. it would be a number of brands we have corroborated with a lot of different people. we had a kfc collaboration earlier this year. on top of that as you look at what we did during the pandemic giving away shoes to frontline health care workers i think that appealed to a broader set of people then as you look at nature of our brand and the nature of our product i think we are right for where the consumer is today. we provide functional benefits, easy on and off, easy to clean, great value. we also provide emotional benefits, which is the

excitement that we bring to the table with our collaborations with our color and with our graphics >> just need to add a business show partnership to your list of collaborations and you have completed the full swoot suite there in we should talk about that. >> that might not help you appear cool. with high-profile celebrities like justin bieber does the pay off per dollar that you have to give with the person you are collaborating with, does it yield as much as it used to? how are the economics on that partnership? >> it absolutely pace off. it is a win sln/win, for us and for the entities we are collaborating with, whether an individual or a business as we look at the economics of the arrange. they make a lot of sense to both parties. the individual shoe, with us it pays off and it drives information to our website allows us to collect

information on those people and be able to develop a relationship with them and the breadth of those collaborations bring all sorts of different people to the website we did a collaboration this quarter also with bad bunny, a different population to the justin bieber population when you add the two together, it is incredibly powerful. >> i think that one sold out in what, 15 minutes, andrew the bad bunny. >> shorter than that, very, a very, very short period of time, justin bieber -- >> you know you are doing something right when you are on the secondhand sneaker wets for priced at a very high amount more than you charged the original shoe. my question has to do with production and how you are thinking about ramping it up given the increased demanded, where the crocs are made and what exactly they are made out of >> that was a factor as we went into covid nobody knew what to do.

we canceled our production and then we turned it to rannidly what that translated to this last quarter is we are lean on inventory but were able to build it dramatically and drive our sales growth we ended the quarter with 25% more inventory than this time last year in preparation of our future growth. in terms of where they are made, vietnam is your predominant manufacturing country. we are also in china, mexico, bosnia as well >> thank you for joining us. >> they are not rubber, right? >> they are foam >> they are foam resin. >> injected foam, yes. >> i thought that was interesting. okay wilfred. >> andrew, much appreciated great conversation. >> thank you. we have news on golf company callaway eric chemi has the details. >> callaway, the golf equipment manufacturing is buying top

golf, the entertainment venue good for social distancing it has done well in the coronavirus, it is buying the rest of the company beyond the 14% it already owned and that's a merger of two related golf plays, callaway buying top golf. made official in the last few minutes. "wall street journal" of course reporting on it earlier today. sara and wilf back to you. >> eric chemi thank you. time now to get a cnbc news update. >> here's what is happening at this hour. wisconsin has broken its one day record for new covid-19 cases and deaths with over 5,200 reported cases and 64 deaths state officials are urging residents to cancel travel and social gatherings and wear masks when they did go out. louisiana's ghorchor john bel edwards is suing to stop the legislature from ending the statewide mask mandate and other

pandemic restrictions. the organizer says he does not believe the government has the authority to require the wearing of masks. in newark new jersey curfews begin tonight for non-essential businesses restaurants and bars will have to close and stop indoor service at 8:00 p.m. a panel of health experts say people should start getting tested for coal rectal cancer at age 45, that is five years earlier than previously recommended. the american cancer society says colorectal cancer is the third leading cause of cancer-related deaths in the united states. you are up to date guys, sara, i'll send it back to you. >> sue, thank you. up next, shares of jetblue under pressure today after reporting results. could a holiday boost be on the e o gho is this we will talk t thcerit after this break at carvana, no matter what car you buy from us, you get the freedom of a 7-day return policy. this isn't some dealership test drive around the block.

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in bookings for thanksgiving and christmas. robin hayes joins us, jetblue's ceo. i wanted to start on the forecast for better holiday bookings is that sort of regardless of case count or as we see spikes this cases is that -- how much more of a spike in cases do you think would derail your hopes for the holiday quarter? >> yeah, no, thanks, wilf. i feel good to be with you again. i think what we shared in our earnings call this morning is that we continue to see a fair bit of interest for travel around the thanksgiving and holiday period you know, i think you got a lot of kids coming back from college, a lot of people are sort of seeing friends and family they haven't seen for a long time. so far, we have seen the booking curve go a little bit further out as we look at the thanksgiving period. in terms of case counts, you know, we have been in a rising

case count here for a couple of weeks. so far, we haven't seen an impact on bookings. >> you also said today that the industry recovery is not possible until we have rapid testing. can you just elaborate on that for us a bit is that in the short-term? or that even when we have a vaccine we will also need rapid testing? and how far away are we from having the quality of testing, the pace of testing that you are alluding to? >> a great question. our thinking really is as we think about 2021 and how the industry recovers, you know, it is going to be a question of, you know, you had a vaccine, you have had a covid test or the ability to rapid test preferably before your flight, but definite will he on arrival we think it is going to be a combination of things giving customers as much flexibility as possible so thiac get on an airplane and feel good about the safety of their trip and the

customers around them. >> in the meantime, robin,is' sara, we're not there yet. you were blocking off the middle seats. are you still promising people that you will do that when they book their holiday reservations? what is the calculus there how do you make that economic decision >> as we talked about before blocking seats is very expensive. we have really done it as one of the many thing we have done as part of the safety on the ground program to restore customers' confidence we are still blocking 70% lieu too december 1 we are selling some row where is people are flying together in sort of a group of more than two. our average load factors are still over 50% most flights are not full. and you know, we haven't made a decision past the 1st of december yet but people can travel at thanksgiving knowing their flight will be capped at below

70%. >> it is phil here i have a question about your daily cash burn. you are hoping to be between $4 million and $6 million in this quarter, the fourth quarter, when do you hit break even is it in the first quarter or as we see the case counts increase does that get pushed out a little bit >> it hard to tell, phil a number of airlines made redictions a few months back about the end of the year. we didn't do that. of course we want to get back to cash burn neutral as soon as possible we were generate being $22 million a day before we went into this pandemic we need to get to between $13 million to $15 million a day to get back to that cash break even point. right now we are closer to $7 million to $8 million. we still have a way to go, hence all the focus on flying to the geographies that are recovering quick, he focusing on the ledger

and visiting friends and family market some of the safety from the ground up measures that we put in place to make people feel confident about flying >> at the same time you are cutting capex by $2 billion by pushing out the delivery of new aircraft over the next couple of years. is your anticipation that when we got to '23 or' 24 that's when you you and other airlines get breathing room to take delivery of other aircraft? >> we have still got airplanes coming we delayed about 50% of our deliveries in the next couple of years. we have still got long range airplanes going so we can get wilf's flights to london up and running. yeah, we are bringing capex down we talked about this phil in three phases the first one is to stop the daily cash burn. that's where we focus right now. the second is to build back our margins. that's going to be something we focus on as we go into 2021.

then repair our balance sheet. by removing a lot of capex over the next couple of years we create the capacity the repair our balance sheet and get our long term debt pet ricks back to where they were before this pandemic >> it look like, rabin, you were going get some type of second round of relief from congress, nancy pelosi at one point said it was coming imminently there had been high hopes and now the senate is not in session until the election what are your expectations whether they will be able the come to sort of a bipartisan agreement for relief for your industry if we don't get it, what happens to you and the jobs and the rest of the industry? >> i think as we demonstrated the first c.a.r.e.s. package was about saving the industry. this one really is about saving jobs we have had really good bipartisan support i was down in d.c. a few weeks ago. there is a lot of support from both democrat and republicans to do this. you know, what we have lacked is a vehicle, a stimulus bill to

get this done. and so, look, i am still confident it is going to happen. it is happening later than wold like and that means there are people out on furlough directly impacted on that in terms of jt blue our crew members have been amazing. we haven't furloughed in 20 years, we are working very hard not do that. our crew numbers have stepped sprint cup taken a number of voluntary programs that allowed us to bring down our costs without having to resort to furloughs at this point? robin looking further out as industry capacity maybe comes down because of the pandemic, are there opportunities for you as someone that's been a bit of more of a low-cost airline in terms of history to take better landing slots, to expand what happens what you can offer in the airports that you operate out of, even change perhaps some airports you operate out of? >> that's a good point we have been doing that.

we opened up a new focus city in lax. we said worry going to grow that to 70 flights a day by 2025. we have been able to add more fleets to newark, which is something we wanted to do a long time we are also incredibly excited about our partnership with american airlines. you know, we have been locked out of growth at la guardia and jfk for a long time now. our partnership with american, if approved by the regulators -- it's under review by d.o.t. and d.o.j. at the moment if it's -- if we are allowed to proceed with that then that's going to allow us to have a lot more flights, reduce a lot more fares in the new york market and create a lot more competition both in new york, and boston as well >> i have one quickie on safety, robin. i know there have been a lot of studies showing the air filtration on planes is safe my question is on the jet

bridge is that a risk people tend to crowd and line up there. it is not filtered no hepa filter and often people have to wait for their carry-on bags. >> we are metering the boarding process to make sure we are not letting everyone in the jet bridge and getting on the airport. i think that's something we are well used to managing. the other part is as you get off the airplane as well people's tendency to stand up and want to get off quickly and manage that. i would say that's something that we have gotten much better at as we've gone through this. you know, for people flying jetblue 95% of customers tell us that we are doing a good job and they are willing to take a flight with us again in the future i think our people are doing a terrific job every day to keeping our customers feeling as

safe as they can and may going the point that flying is as safe as anything else that we do, going to the grocery store or a restaurant or something else that we do in our daily life. >> thank you for joining us. we appreciate the time. >> always. you guys, thanks very much, take care into robin hayes. our thanks to phil lebeau as well. up next, shop phi is turning to tiktok to help win the veisadrting battle we will explain the new partnership straight ahead 're ce environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

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tomorrow we have a parade of earnings on deck before the bell we will hear from boeing, and others and then after the bell we will hear from -- pretty flat after what was better than expected results it is down a little bit proving again that the bar for this season is pretty high. >> that's been the theme no great reward for good numbers. microsoft is where you didn't have the estimates beaten down that much. the market has been spinning its wheels, which i think is because of more forward and macro

looking. but springback that they are not going to meet the 2021 estimates. headline crossed the wires about france, that markets have been down. we are out of time here on "closing bell. i'm melissa lee and this is "fast money. tonight, election protection as we count down to next tuesday. plus chipping away at the next competition. is it a blow with xlinx takeover and what is behind the bitcoin boon