and some questions about how big a stimulus conceivably would be given the strength of the overall economy as we end a very strong week for the markets. right now at least on a bit of a down note. over to you. >> all right david, we'll talk to you later thanks in meantime take a look at live shot of maricopa, naez where we expect a new batch of votes from arizona's largest county any moment we'll update you on those numbers as soon as we get them good friday morning. welcome to "squawk alley". as david says a little bit of a give back after the best week for the markets since april or june depending on index you're looking at job growth is the story. mcconnell's comments about stimulus, obviously, bear into that we wait for the count out of arizona, nevada, pennsylvania and georgia. >> that's right. here's where we stand this

morning. biden leading the vote talley in both pennsylvania and georgia. and as carl mention ad new arizona count will be coming out of maricopa county shortly here's where things stand in pennsylvania biden now with nearly 7,000 vote edge a winning for biden in pennsylvania which carries 20 electoral college votes along with arizona should he hold that would secure him the election. in georgia, biden now holds a more than 1500 vote edge georgia election officials announcing in the last half hour that there will be a runoff in senate election. we'll see about a recount. we'll see where the vote talley ends as we await the latest the from arizona, it's worth noting that president trump has been closing the gap with each round of new vote counts. the question is by what proportion is it enough to catch up to biden. in terms of the electoral college the race stands at

753 -- sorry, 253 for biden and 214 for president trump. that according to nbc. frank holland is in philadelphia with the latest in pennsylvania. frank. >> reporter: good morning. we just got brand-new numbers from the state, the count of mail in ballots received here in the city of philadelphia and statewide. counting of these mail in ballots received by election day, important distinction that so far giving joe biden the lead in a state which has 20 electoral votes. here's the latest numbers. here in philadelphia 95% of the mail in ballots received by election day have been counted 23 ballots mail in ballots by election day have to count overall majority of votes here in philadelphia 80% have voted joe biden. it's thought that his mail in ballots poll to that same percentage here's the correct number right here statewide if you want to look at

that number, 95% of the mail in ballots received by election day have been counted. now 124,000 left to count. as you mentioned biden has a 7500 vote lead here in pennsylvania it's assumed especially since the president discouraged his followers to, from sending in mail in ballots the majority of that's mail in ballots for biden. the president telling his voters it would be better to go the polls and vote in person it's a very tight race too close to call. but joe biden appears at least at this point with the mail in ballots received by election day the to be counted to be growing his lead in the keystone state that has 20 electoral votes. the important distinction these are the counts of mail in ballots received by election day. state of pennsylvania remember mail in ballots that are received by 8:00 p.m. on election day authors counted first. any and all ballots received from 8:00 p.m. election day and today are segregated kept separate and counted

separate as of right now joe biden is growing his lead here in the keystone state that has 20 electoral votes. trump campaign has tried to block the county of any mail in ballots received after 8:00 p.m. on election day. trump campaign has sued to give more access to opening and counting of mail in ballots that have been counted that were received by election day we'll follow that story and bring the latest numbers again as soon as we get them back over to you >> this could end up being closer or a lot less close meanwhile contessa brewer is in georgia with the latest in that race >> reporter: john, the former vice president's lead over president trump is now 1579 votes. there are some 5,000 outstanding ballots from four counties we just leaned this from georgia's secretary of state and they say that there's the potential for 8800 military ballots to arrive.

they would have to arrive by 5:00 today to be counted, but the state then has one full week to count those outstanding military ballots, provisional ballots, the signature cured ballots that they are working on right now to make sure that voters have their votes counted properly the secretary of state says that with a margin this small, there will be a recount. the state law says that if the race ends within half of a percent, a recount can be requested. let's look at the biggest county right now that may matter to vice president biden or to president trump. gennett county has 2,500 or so outstanding ballots. there was a software glitch on election day that forced them to re-adjudicate some of the ballots. that's why gwinnett county has

taken more time. biden with a 58.3% lead over president trump's 40.4% in gwinnett county. we may get those today again, after 5:00 we could get another rush of ballots. thousands of ballots that come in from the military overseas has the potential to swing this race one way or the other. but, again, those have to arrive by 5:00 p.m. john >> all right, contessa, thank you. runoff and recount, a lot going on still in georgia. meanwhile, investors closely watching the movement in election returns and while president trump vows to continue to fight for votes, his top economic adviser larry kudlow attempting to school some of the rhetoric last hour on "squawk on the street". >> i think there will be a peaceful transfer of power i think the markets have been remarkably calm and resilient

and bullish these past six months going back to what the third week of march or so. look, i think, you know, this is a great country. this is the greatest democracy in world and we abide by the rule of law. and so will this president >> all right i guess we'll see. joining us now global strategist at jpmorgan asset management and also the chief strategist atmel lo -- at mellon investment ben, you talk about what we should expect after the election what does after the election mean at this point because technically the election has happened but we're still counting votes and there will be recounts and lawsuits. how much of that uncertainty will continue to affect the market >> well, my advice would be to, as you said, to look beyond the election, to the extent that's possible and to think about the

underlying fundamentals here and there are a number of important drivers to keep in mind. first is that economic momentum has been stronger than many of us expected, it was much stronger in q3 and appears as you saw in labor data this morning that that continued into q4 so that's one. second, is a hypothesis that the feedback effect from the virus into outcomes into restrictions and growth is just less powerful northeastward those links are less strong than earlier in year that remains to be seen. but that's our working hypothesis third is that monetary policy support is ample here. the fed didn't show its hand yesterday but in our view there's still some more qe in plain to bring the fed's monetary policy stance in line with central banks and with its own forward guidance on rates policy so the combination of growth

which is exceeding expectations and ample monetary policy support in itself without heroic assumptions about fiscal policy is pretty good and justify a pro stance growth here >> this new batch of votes from arizona is market moving at least on the margin. biden had a lead of 47,052 votes. that's narrowed now to 43,569 votes. the biden campaign held a press conference or a call yesterday that suggested they did expect that margin to narrow. in fact, it has just a touch at this point nbc news still calls arizona too close to call and we'll watch some of these results. it's obviously one factor given where georgia and pennsylvania and even to a lesser extent nevada stand

ben, i know it's not the front burner, but senate control is a question and will be a question potentially for investors for weeks going into january about big issues and i just wonder, that's going to collide with year end selling decisions i mean how much of that is on your radar right now >> yeah. i think that's a really excellent point. if you want any evidence, look no further than the yield curve. you've seen a lot of yield curve volatility over the last month or so and a lot is reflecting the balance of monetary and fiscal policy and what expectations are forgoing into the new year you know, we don't expect that type of uncertainty around the balance of fiscal policy versus monetary to go away and part of that reflects the runoff elections in georgia and so that will be with us for about a month or two it's a reason why you're not making, you know, you're not

swinging for fences in terms of growth versus value in this environment and as we look at the global constellation of equity allocations we're lookin for growth and cyclicality each one has their flaws as a standalone allocation but as a combination you're getting a decent balance of exposure to those sectors doing okay and resilient to that volatility in the yield curve that's a feature over the next few months >> alisha, we look at the indexes today the dow and s&p 500 did briefly turn positive now pretty much flat still a lot of uncertainty in this thing president trump taking legal action in a number of states you got him tweeting this morning and talking about election fraud what are the markets telling us that we think we can push through this, that we won't see any major disruptions in the

next week or so? >> i think the uncertainty was priced into the market last week actually before election day that's the outcome we saw the vix go so high close to 40. the market accepts the uncertainty, accepts the process, it's drawn out. we'll have statements that may suggest volatility but that ultimately the market right now is pricing in a biden presidency and a republican senate. there is some risk to the republican senate only because of the runoff election in georgia. but for the most part the market positioning here is for lower yields, higher growth in tech and essentially back to what we did in the spring and summer which is the growth stocks will power through with lower yields. ultimately, where you invest sector wise has a lot to do where you think the yield curve is going as ben said and where yields are going we get the stimulus regardless whatever this conconsistently jays of outcomes we're getting

stimulus, it was very positive to hear that the senate is willing to take this up in the lame duck session. so we also are positive. the fundamentals continue to be positive even the though there is concern about the air pocket possibility of a fourth quarter. we're not there yet. the data are still better than expected >> alisha, president trump did a lot by executive order and the former vice president biden has been critical of many of those things how much your looking at some of that's particularly having to do with trade and can you make some assumptions or at least some moves expecting some of that to unwind >> that's a great question as we know trade is completely controlled by the executive branch i think that a potential biden presidency would incorporate allies, for instance on the trade issue. the tariffs on europe come off pretty much immediately. i think the tariffs with china may be harder to take off.

investors should think about this only because the tariffs in end did get china's attention and there is also pressure within the democrats not to be so quick to turn -- take the tariffs off. ultimately the conversation with china will involve with allies which will be somewhat more effective for the trade constellation. trade is one of the areas that biden can affect without congress >> we'll see if that is an opportunity that he has. votes still being counted. ben, alisha, thank you >> thank you >> we have a big show still ahead on "squawk alley" cluing former senate majority leader. don't go anywhere. ♪

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election with a few battle ground states continuing to count. we're pleased to welcome tom daschle. knows a thing or two about senate control and mechanics of voting along with candidates he's on the board of advisors. great to have you. welcome. >> great to be back. good to see you as well. >> what do you think i mean we can go anywhere with this the most interesting stories at the moment do you think it's about a would be the georgia runoff consequence or something larger about what the president is saying about election integrity? >> i think is that most

important thing is election integrity. what we've seen is a remarkable turn out 160 million votes. over 16 million by mail. dedicated people in every single state doing their loyal best to make sure every legal vote is counted. all very transparent with cameras in every room. so i think that's the miracle of our democratic republic is in wide evidence to the american people all over this country and the orlando for that matter. that to me is a story that has to be continually emphasized as we go through these difficult times. >> i want to ask you, lindsey graham is on the tape this morning. he says if we keep the senate which i think we will and i become budget chair i want to create a dialogue how we can address the debt a lot of people have seen this pivot coming but i wonder the fact that we're hearing about it from graham today the is that an indication of where he sees the overall race going >> well, i think we have two

outstanding runoff races in georgia and so there's a lot of uncertainty yet about who will be in the majority but i hope lindsey graham may be telegraphing as well there's an opportunity for some bipartisan consensus. we got to have a covid relief bill we got to address our overall budget and the priorities within that budget over the course of the next year. the only way that will happen with a split congress and a new white house, if that happens, is by working together. compromise does not have to be capitulation it's the oxygen of our democracy and we need it now >> tom, if we're looking at a biden presidency, how do you think that he would potentially work with mitch mcconnell? it would be different? how would it be different than the last time we saw mitch mcconnell under an obama-biden administration >> the that's a great question you know, the one thing i know for sure because i witnessed it myself foreclose 240 years is the relationship that joe biden

and mitch mcconnell have had it's been a relatively close one. even given their partisan differences. i think they start at least with an opportunity to open the line of communication i hope that's possible given the very narrowness of the majority, however it turns out, there's almost an essential requirement that the parties work together and that we fine some consensus trent lott and i were in that position in 2000 we had a 50-50 senate. the only way we could move forward and congress assert itself and be a full fledge player is for us to have a consensus required to have a congressional position >> tom, you're talking about consensus and the senate was certainly structured and designed to be a great deliberative body. many argue at this point it's broken and turned into more of a blunt instrument i think there are more concerns of that given what senate mcconnell is saying about

cabinet positions. do you think there are ways to fine tune or fix what has shifted in the senate over the past few years >> you're absolutely right it has become dysfunctional. you have a different set of circumstances today. now instead of a republican president you have potentially democratic president and even though the democrats are in the minority in the senate right now and may remain so in next congress they are not going want to filibuster. they want to try to move forward and try to figure out ways to move legislation that may have come through the house so the circumstances are different. let's hope it creat as new environment. you're right we got to be concerned about the level of dysfunction i would argue it's unprecedented and that has to change >> tom i have to ask you about the candidate base we showed you some of the biggest names and. they continue to surge on the back of the election but at the same time i can't help feel skeptical. i remember i was reporting from canada when canada went legal

nationwide there and it's been a bit of a disappointment. growth has been hindered by regulation, by licensing how do you make sure the same thing doesn't happen in the u.s. >> i'm very excited. as you may have also reported i think there was five or six states that had battle issues involving kids a including my home state of south dakota they all passed. if you go back to states that have already done this, there's little or no interest at all in repealing what they've done. there's a great dale of enthusiasm for what they accomplished you're right we got to deal with regulatory issues schedule i is still a challenge at the federal level and that has to be addressed i think we have a call, leader, from the nbc news decision desk. i'll wait for the graphic biff mention it out loud. we're watching a variety of races including in arizona guys. do we have this or not

all right. there's arizona. mark kelly the projected winner per the nbc news decision desk widely expected victory over martha mcsally with a difference there at the moment at least 91% in of 103,000 votes. i mean are there lessons here? the differences, not necessarily in arizona, leader, but some of the splits between the top of the ticket and the senate races. what the do the various parties take away from that? >> i think in all cases what we've seen is a very divided country and divided ideologically, geographically. democrats increasingly, there are blue dots in a sea of red. we're seeing transfers in political influence and direction. arizona is a good example. turning from red to purple, and florida is probably turning more from blue to purple even to red. so you're seeing these changes

but at the very same context you're seeing just enormous tension between the left and the right and between urban and rural and i think we're going to have to find ways to find reconciliation here. arizona is a good example. we have a lot of other states that fit that category too closely divided country today. >> but would you say over the long term, you look at georgia, arizona, it didn't work out for the democrats in texas this particular cycle, but it continues to get talked about. do you believe the purpling of america as it's been called is an irreversible trend? >> i think it's too early to tell you look at the vast sea of red in the midwest all the way from canada to texas. there's still a lot of work to do to go from red to purple or blue to purple i think there is, without question, as we've seen over the course of the last 20 years historic and somewhat of a

transformational shift that's going to continue with demographics and with things changing constantly. but clearly it's going to be a while before we see this divisiveness that's so playing the country today terminate and move on to greater consensus >> leader, thank you for your wisdom on this, even with the news of the daybreaking as we speak. good to see you again. hope to talk soon. >> carl, we're getting some updates on potential stimulus from both pelosi and mcconnell >> reporter: senate majority leader mitch mcconnell today speaking in kentucky, pointed towards the job numbers and said it's a sign that the economy is coming back and, therefore, may not need as much help from washington he, again, called for a very narrowly targeted relief package and he said that that is something he does want to turn to before the end of the year. meanwhile house speaker nancy

pelosi speaking in washington said that she does want the white house and republicans to come back to the negotiating table. but she said that the focus of the lame duck session in congress is going to be on passing another large government spending bill. not a stop gap measure that would take place when the government runs out of money on december 11th but something broader and more comprehensive that's her focus in months ahead and that could be an area where you could see some perhaps money for addressing the coronavirus funneled into that to provide a vehicle for some of this compromise we'll have to see how it shakes out. both side want to come back to the negotiating table. >> thank you now let's get a check on the markets as we head to break. major indices, all fractionally lower. the dow down by just about 56 points we'll be right back. stay with us this is decision tech.

find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. >> this is a case where they are trying to steal an election. >> we've never seen anything like this in american history. >> tense out of ballot counting sites. >> this is not right >> where is the evidence of the fraud? you haven't presented any evidence of fraud. >> president trump has made his stance clear stop the count and are any of the lawsuits sticking >> it's not clear whether this suit or any of the others could affect the final outcome >> the facts, the truth, the

news with shepard smith week nights 7:00 eastern cnbc let's get an update on the vote count out of pennsylvania biden now leads by 9,027 votes a state where president trump had a double digit lead earlier in the week. actually a state that went democrat six times before trump won it in 2016 we'll keep you updated on those races next as "squawk alley" continues. stay with us ♪ ♪ ♪

welcome back, everybody. i'm sue herera here's what's happening at this came hour. georgia's secretary of state updating the status of the ballot count in his state. he says a recount looks increasingly likely. >> good morning, everyone. as we are closing in on the final count, we can begin to look towards our next steps. with a margin that small, there will be a recount. >> biden's lead in georgia has expanded slightly to 1,579 votes. however that's still well within that half percent margin which would require a recount. new election numbers from arizona, joe biden's lead has

narrowed to 43,779 votes 92% of the expected total of number of ballots have been counted. you are up to date i'll see you all again next hour jon, back to you >> speaking of arizona let's focus in more on that race jamie wells is in phoenix with more >> reporter: john, right now you're looking at a live picture outside of the election office in maricopa, arizona and a rally with record breaking heat in support of the president we have some results that comes out to 50,000 more ballots joe biden received 46% of these new votes while the president received a little over 51% experts suggest the president needs to get more to surpass joe biden. let's take a live picture inside the election office here to show you where the ballot counting is

going on officials are calling this sharpiegate, fake news those are complaints by some republican voters their ballots with sharpies were rejected. not true says the county in that room you have both republicans and democrats working together to finish this process and we'll get more of those vote numbers in about seven hours. there have been nightly priests or rallies here supporting the president including an appearance by outright radio personalate al personality alex jones joe biden is just below 50%. there's about 44,000 votes separating the two that's interesting, guys, because that means the libertarian candidate with 43,000 votes could start to look like something of a spoiler in the state. one last thing nbc news has declare democrat mark kelly the winner in the senate race here and that's flipping john mccain's old seat blue back to you. >> jane wells.

now let's get to seema >> today we have election results pouring in, ongoing stimulus talks and a covid case count surging in parts of the u.s. let's start right there, glen, because you did see significant improvement in your third quarter results compared to second quarter but your thoughts on these lockdowns being re-introduced and what that could mean for the state of travel and your fourth quarter numbers. >> thank you for having me you're absolutely right. september was looking more optimistic we went to a low, down 85% and started coming back up in the third quarter. we're only down about on average 37%. so things looked okay. but then things started going south as those viruses started to increase and as governments started putting in restrictions, the numbers started to go the wrong way. in october we were down 58% and

last night i talked about the previous seven days. newly reported room nights was down 70% in certain parts of the world it's worse >> if lockdowns are re-introduced here in u.s. it will accelerate for homes over hotels home rentals one of the bright spots for your company alternative accommodation listings ahead of an airbnb ipo where you're neck and neck in terms much listings. >> it's interesting how in second quarter, accommodations vary was 40% of our total accommodation. in the third quarter it was only a third of the total amount of booked rooms so it's interesting that people feeling more comfortable as the danger of the virus seemed to recede people felt more comfortable about getting a hotel. now, of course it may reverse as

the virus goes up perhaps we'll see more people looking back at alternative accommodations from our company we have both. we off terrify most of both. that way customers can make their own choice of what they want do you want a home or hotel? >> a decision now coming up, 18 days away from thanksgiving and families across nation who still don't know what exactly should they do. should they get on a plane the to be with their family as this covid case count continues to rise you have a unique lens as for booking for the holidays what about demand? compared to last year. >> very hard to know because what we call the booking window how far in advance someone will travel, you know, when they book is short so much we're seeing people booking a lot of their travel within just a day two days lots of people say i'll hold back, not make a decision, no way. now they know there's a lot of supply they don't have to worry that there won't be room on the plane or room in a home or a hotel

but, of course, thanksgiving always a very busy place to travel and the problem is, of course, the the airlines have pulled back a lot of ply. so i'm not sure if people are making the right decision. if you want to travel perhaps you do want to make sure, start booking. >> glen, i want to go back to what you just said on alternative accommodation. the proportions of those bookings declined from q2 to q3. what does that tell you about the future of travel either during this stage of the pandemic that we're currently in or afterward it's something we thought to be true over the last few months is that people want homes or vacation rentals they don't want to go to hotel rooms. they want to get somewhere in their cars they want more control over the process. they don't want to get on a plane. did that change in the third quarter? >> there's a little variation. you're correct again, at the beginning of the

crisis people were concerned about being close. that's why the home business did so well. as things got safer about the things, perhaps that made people feel more comfortable about going back to hotels look at those numbers. even though the share was 40% for homes for accommodations went down to about a third for the summer, in fact more people are still getting hotels so the there's still a lot of feeling i can go to a hotel. it is safe people are doing that. the trend today for a very long time, people like to go to homes sometimes instead of a hotel that trend has been increasing year-over-year what this pandemic did it brought future demand, future share increase for the alternative accommodations area and i think that will stick. once you tested it out, you tried a home and like it, you may not do it but certainly going to be something you'll

consider >> i wonder to what degree you see or know about hotels changing the way they do accommodations because of this i hear about people perhaps planning to drive and see family but not wanting to stay in the same space with older relatives, just as a precaution and willing to meet with people outside which is more difficult but not impossible as things get colder. are there hotels making these kind of adjustments, if so are they marketing that? >> i think you're absolutely right. in fact, we're doing our thanksgiving, thanksgiving dinner will be thanksgiving lunch in new york area it will be cold. we'll be outside many people are saying look i'll come and visit but won't sleep in the house i'll get a hotel to make it safe so there is a lot of that happening. i haven't seen marketing for that happening yet certainly people are thinking that way >> once this election is over,

your message, glen, to the white house, legislators as it pertains to stimulus, and the dire state so many hotel owners are currently in >> well, absolutely. it's a terrible situation right now. we need the stimulus package as soon as possible last time we talked i had been so hopeful that there was going be one soon. the fact is that people are still being laid off problems for the hotel industry is just as dramatic now as they were two months ago. some say they're even worse and getting worse. you see what those virus numbers are. that means less travel that means less jobs i would say to the speakers, speaker pelosi and mcconnell and to the white house, please, absolutely get-together. you know cooperation is not capitulation cooperation is what drives us forward. we need a stimulus package we need it towards the travel

industry we need to help. out all those people suffering i really look forward to actually going forward and showing what can to be done and that is put a package together and pass it. >> those discussions continue. i appreciate you sharing your views with us. always appreciate your time, glen thank you for joining us today glen fogle, ceo of booking.com >> let's get an update on nevada biden has doubled his lead there taking the difference to a total of 22,076 votes. we'll take a quick break and wait for more out of pennsylvania in nevada that state has suicide the losing candidate only twice since 1908 dow has nearly erased 200 point loss don't go away.

>> check out shares of uber continuing to surge this week despite wall street revenue estimates and reporting an 18% drop in sales year-over-year this morning shares briefly went above that ipo price of $45 a share. a year and a half after that debut. they had fallen below that mark since then but up six and 1/3. we'll take a closer look at the quarter straight ahead so don't go away. (♪ ) you need to hire i need indeed

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let's the take a look at pennsylvania here as we continue to northern the count with as much frequent cy as we c-- freqa we can his number is now 8867 frank holland has more from philadelphia frank? >> reporter: hey there, carl the counting of mail in ballots, that count continues actually happening right behind me in this building at the philadelphia convention center as that count continues joe biden's lead here in the keystone state continues to grow it shrunk but has grown

throughout the day at one point the president had a double digit lead here in pennsylvania a sharp reversal from a day or two ago. let's look at the philly numbers. in philadelphia 94% of mail in ballots received by election day have been counted. 23,000 of those ballots are left to count that's 80% of the city's votes excuse me 80% of the votes who have voted for joe biden that trend is expected to continue only grow joe biden's lead here in the state we look at the for you counties outside of philadelphia where biden has gotten 55% of the vote or more. there are still thousands of mail in ballots received by election day left to count the president discouraged his supporters from mail in voting pushing for them to vote in person it's logical biden would get half or more of these votes maintaining or growing his lead. statewide 95% of ballots received by election day have been counted now 123,000 left to count. secretary of state has estimated

that count will wrap up sometime today. now it is an important distinction between ballots received by election day and ballots received after election day. here in pennsylvania mail in ballots are legal if received after 8:00 p.m. on election day and by today at 5:00 p.m the president sued to block the counting of those ballots after election day a court is still weighing that out. while biden has a lead this race is still far from over meanwhile you can hear behind me there's a demonstration,/dance party going on few trump supporters people wearing sweat shirts saying count every vote. a lot of people feeling biden may have this race in hand john, back over to you >> tranquilize, thank you. the wait as they continue to count the votes. a look at the top gainers on the nasdaq 100 for the week. biogen leading the pack. a quick programming note

cnbc's evolve summit is back next tuesday november 10th great lineup ahead including ibm's leader r. kelly new blood joins us this. you can register at cnbc events/evolve. more "squawk" ally after the break. we're back in two. plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for each and then, you're still responsible for 20 percent of the cost. next, let's look at a medicare supplement plan. as you can see they cover the same things as original medicare, and they also cover your medicare deductibles and co-insurance, but they often have higher monthly premiums and no

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uber shares hit agnew 52 week high. ceo paints a brighter outlook for the company. the markets that are opening up faster one way or the other, whether because of the health situation or society, things are coming back. we looked in new york city new york city has done a phenomenal job of keeping counts down relative to the rest of the country. and in just october, for example, our volumes in new york city were 63% of pre-pandemic levels which is materially higher than they were in rest of the nation >> so nor we're joined by our lead tech analysis mark thanks for being with us. as noted earlier on in the program, he has been able to get

uber back to its ipo price $45 what is uber five years from now, while they are getting closer to that adjusted profitability, they scaled back ambition in price and autonomous driving even in ride sharing can it still be sort of the amazon of transportation as the company painted itself before it's ipo >> you're right. it's been a long strange trip for uber this business the stock has gone through a roller coaster finally back up quite some period later and the business has fundamentally changed. the most interesting thing to me is last year the bookings from their rides business or mobility business was three times bigger than that from their eats business or delivery business. this year and probably going forward equal in size. that's the covid impact on this business they both won and lost big from covid. but overall aspect continues to

get stronger we like it >> right but ride sharing was closer to getting profitability far closer than delivery. do you think they get to adjusted profitability how do they get there? >> you're right. great question there's nothing that solves profitability than 100%. that's what they are finding in the he wants business. they thought eats business or delivery business would reach break even next year you continue at those kind of bookings growth rates and still seeing that in the december quarter. that's how you get there ten markets globally that are at break even or greater. >> revenue is not profitability. you have to spend a lot in this field to get those kind of numbers. how are those two related? >> there are some fixed costs in this business. you are seeing consolidation in this business. uber acquired close mates. other companies have been

acquired consolidation is across the board especially when you go public investors are going to insist on cutting back on commissions. that's what's driving the path to profitability >> i want to take a sharp turn with you, mark, and ask about zillow group and its results also open door that business that zillow has got. on the one hand real estate market seems to be doing well but still losing quite a bit of money. >> you are right about that. two things going on with zillow. their core business after a slew much tweaks and modernization changes that's now growing north of 20% we haven't seen that kind much growth out of that segment in several years. this ibuying business which is a huge risk, major pivot by the company, one of the biggest pivots i've seenin public markets in years, they bet the farm, they bet the farm on

ibuying. when open door went public they showed there were positive economics in that business you could make money on each house transaction. that was initially a catalyst for zillow we think we'll see zillow show positive economics beginning next quarter >> mark, thanks fork with us we'll talk to you soon again >> thanks. all right, guys. obviously we continue to watch the vote count which continues in all the major battlegrounds that are still not called. one more update from nevada as we close out what's been a very busy three hours the nbc news desk saying nevada is still too close to call, although fobiden has a 20,000 vt lead there the vote there 20,550. at this point leading john in pennsylvania, georgia, arizona, nevada the news of the morning, obviously, is about the recount that's likely according to the secretary of state in state of

georgia and the count counts continues. >> we'll see what the final margin is there. it's so unusual to have such a lopsided proportion of votes coming in late in an election like this. but that's what happens when you have mail in >> we'll see what happens. can't turn your head for a moment here as the dow don't recover from early losses. let's get to the judge we'll follow all of it thanks so much our breaking news continues now. welcome to the "halftime report". i'm scott wapner watching stocks which had a remarkable week. joe biden taking the lead in pennsylvania you just heard the updates the from carl. looking to win that state's 20 electoral votes clinching the white house for him. we'll get to the investment committee in a second. right to eamon javers with the very latest on where things stand now. >> reporter: yes, scott the official electoral college talley right now still where it was yesterday