it's a bowl. >> i think they can hit 100 million subscribers with diss hi truck haven't prfrm -- they are genius with blocking a movie with a princess. >> >> y. 6.4. >> that's not quick enough. >> this company is making. >> valley national bank corps. i bought stock and calls. >> that was quicker. >> objection thank you. "the exchange" starts right now. >> thank you, scott and everybody. and i'm kelly evans. welcome to "the exchange" everybody. here's what's on tap investors are fleeing the names during the pandemic and piling into recovery plays. the cma averages once again. should you make the move or chase it we'll talk about that. one more thing apple is kicking off another product event right now with big implications for the text

sector we have the highlight and the trade ahead and what to expect from a biden administration. our expert has throw things he says could get done. we'll tell you what those are. let's start with the markets the state of play looking very familiar dom chu has more on that. >> reporter: a bit more of a chew decidedly positive moves yesterday faded into the closing bell still, with the 57 at highs we were down throws are trendy lower in if you want to talking about that real retail that i snufltful of take a hock at the nasdaq etf qqq. look at that gap in performance. the last couple of days it down 2% for the nasdaq and up 2% for the russell. by the way, remember, the

invesco qqq etf is up 34% and the iwm up 4% so a huge reverse a. we'll see if that continues to play out. you talked about whether or not certain stocks are leading their way higher and lower the move between some of the recovery plays over the last couple of days our data team looked at boogie, stretch and -- over the last few years, the calm latif forgetting apple, the rotation playing out right now and the question is whether this is a short-term phenomenon or whether people go in the next coming weeks >> it's been a very, very move thank you. let's turn to apple's last big event of 2020 now under way with a focus on new computers

josh lipton s standing by with all the details. what do we know? >> we do expect maax computers will pros source instead of -- a israel and -- foshball they have 13-inch and 16-inch matchbook pro. the company reported are a record $9 billion ref, a number of there's two which go reasons that apple is make the switch. one is cost reduction t.saves money to design chips inhouse which can boost profit margins for the product, and, two, control over the experience t.mr. chairman. >> all right josh thank you. see you in 'moment

we'll be following this event for us let's bring flex nbc news report remember and cnbc count beautor ed lee i thouf, apple shifting to its own opens. what does it -- you are pointing it out okay the important thing it it margin that'sy will a leg of. it does mean that we will have to support different c pu u engines going on on a software one. that's a bit more cost and something else that they have to do it's not a pure margin gain as you might think so that's the other thing to be aware of >> ed, can you say that again. i just want to make sure that i caught you on why apple's profit

margins won't be quite as much as people are salivating over here. >> well, again, having it in house will provide margins on the device but from a software perspective they will continue to support the old engine on the older products it's incrementally more cost it's not as simple that they will get and harvest better mark purely from the new trip if there's a software cost associated with it. >> fair enough let me turn to you with the stock just under 118 where are you on it? what's your target price, and how significant is this event for investors? >> yeah. we continue to recommend the shares clearly there's been a rotation out of tech as everybody is aware of, but that being said, if you're more of a patient investor out there kind of willing to wait this out, we do have a buy recommendation and a 1 had a target price as this is -- probably not going

to have much an implication out there for investors. however, that being said, we do think that hey, listen, if-of-it will, allowing them to operate on the same type of on answered advice and providing more information across their ecosystem i'm curious as we're seeing pandemic plays to reopening plays play out in the pandemic, which is the stock that, and, yes, they got max sales this year as a result but the iphone is their bread and butter. is this the kind of stock that might benefit regardless >> yeah, i think that's a great

question the when you look at how the hock -- we're looking at a that will you're looking at this stock and how well the stork has performed. apple has benefitted as well on the iphone side of things because consumers are spending more and more on division the whole stay at home home tossly, what i think this sock is more in son kate. we'll see to the upside of the consensus estimates and the fact that they will benefit from the whole reopening team given the moves we've seen here in recent quarters, it's about some consolidation here. >> so, you know, ed, it's interesting to think about people being back on their

mobile phones. i mean, should we bring back quibbi and make another grow any other ale and they luis alicea one more thing, one kind of other thing that people are looking for. >> i like that reference that's awesome i don't think there's going to be surprises, you the question are they more iphone leaning or laptop leaning they will always be more iphone leaning. the chips that they are device, it sort of polls what you have on your inope owe caps reason your itlaem. i don't want to overthem lem i therous to it a -- it's actually double the sizest thor

sml. 60%, great margins, so as the sar, so does their businesses system and the pause in a -- it's such a new jersey -- it does represent this ecosystem so for every hospital or ig they get unflmp so you're buying into an ale identity is really what the whole thing is all about. >> yeah. by the way, columbo. that was such a great show i'm so glad my dad are had it on all the time how would i watch "columbo?" >> i don't know. >> someone should pick it up it's a great show, i love it. >> i know, please, nobody try to recreate it. there's no way you can capture the magic. >> actually, ed, we'll check back in with you, ed lee and angelo, thanks to you as well

talking us through some of the implications for apple's strong here we do want to get to a news alert in the bond market and a big week for the ten-year. the notes just went up for auction. let's check in with rick santelli how did it go, rick? >> reporter: it was not a pretty reaction, and that shouldn't be shocking to anybody. i give the auction a-plus. biggest ten at 122 billion but the issue is the vaccine move yesterday in stocks took out all the slack of where interest rates could go without hitting resistance and nothing is more psychological than 1%. let's go through it. everything was on light side, but pricing at .96 was right in line was light on bid to cover and light on indirect. the direct lightest since june and the dealers took a whopping 25%. that's the most dealers have taken since may of 2019. i think the way you want to formulate this is if we leapfrog

and can go over 11 on a close which was yesterday's intraday high, maybe we can keep the momentum going, but that certainly doesn't seem to be the issue at this point. i would have thought that everybody would have stepped up to buy this considering it's probably 1% or close to 1 it is yield resistance kelly, back to you >> rick, remind me which one represents foreign buyers, the direct or the indirect, because after stan druckenmiller's comments yesterday we're a lot more focused on the lack of -- of the treasury market this year and i wonder if we're seeing that in the action today. >> he's right because if it was one country or one large country that's going to be changing ought lots the death and at some it's it's going to be a saturate question because it's a good

credit with a good current de. the pictures keep getting rhett. >> fair enough thank you very much, arery, and the ten-year yield is sitting about 96 basis points in the wake of all of that. the dow and s&p are trying to stay in positive territory while had the nasdaq is negative again. investors are sadly turning things around. ceo portfolio manageient charles nye and he's head of the investment group at ariel investment magui, would you sthrt with thfrmt -- i think that's a snapback reaction to the covid vaccine news, and i think it's beginning to play out already. are i think the market will return to the save growth we've seen, certain parts of health care and certain parts of industrialses. >> interesting let me immediately bring charlie

in because i think he eastbound on the other side of this thinking the value move is overdone and will have legs. >> i agreement it's overdone already. just kidding, just kidding this is just getting started. >> wait a minute. >> this is just getting start. we've had, and it's very important for your viewers to remember we've had 100 years in which value outperformed growth. owning value stocks means you're getting more in earnings and assets than you are when you invest in a growth stock when had you invest in a growth stock you're betting on something that's never happened before to happen in the feature on an individual name by name bailsies when you own a growth stock you're hoping you'll be disappointed value has beaten gross domestic product except for the last ten years and in the last ten years we've had incredibly low unprecedented interest rates, and that makes the future cash

flows of growth companies relatively more attractive because the discount rate is so low. if we go back to normal interest rates which we're in the process of doing, value is going to beat growth by a lot, and we've had an unprecedented gap between growth and valuations. ten pe voints between the two, so we'rejust getting started and when the moves happen, they happen violently >> i can hear people screaming at his tvs going he's wrong. there's no way he doesn't get it. margy, why don't you give a voice to the other side that charlie just outlined and say why you wouldn't be nearly as positive on the value part of the market right now as he is. >> well, a lot of those so-called value industries have not had growing earnings over many years and so when you look at the future va lvt cash flow that you're getting into a company, we think value stocks really don't look over price they reflect that testimony of these sectors are in available

at best, possibly declining and other sectors reflect the dynamic nature of the change look at role of technology over the last ten years when growth stocks have so outperformed value stocks it's really a permanent change in ow the economy operates, how we all do business and operate as consumers, so we still think that the companies with secular growth will produce higher earnings, and they have certainly over the last many years, and so we still think growth stocks will be a higher rate of return so we'll get a slightly lower dividend and a lot of dividend stocks paying high dividends will cut the dividends when the earnings are there to support them. >> so let me get a couple of names. give me three names you would recommend if you did really quick. >> well, we think apple, for example, is a very attractive long-term growth stock we also like microsoft for the long-term growth a very, very high quality earnings stream and on the industrial side we like something like a honewell

because we think there are industrial companies that have a high technology portion in their business, and we think that they, too, will be able to be secular growers rather than the old-fashioned cyclical industrial banks. >> apple, microsoft and honeywell. charlie, you can't have a problem with those names, right? >> they are all wonderful companies. just not wonderful stocks, and so i remind people that in 1999, microsoft was trading at 40 times earnings, and over the next 12 years earnings doubled but the stock went down because the pe multiple went from 40 to 12 so all of those -- those companies are great companies. i wouldn't -- i absolutely would not deny that but what matters is what you pay for the stock. eventually they do -- it's not pictures on a wall they are legal rights to cash flows. that's what you have when you have a stock of the right now those growth stocks are just not attractive as legal rights to

cash flow. >> well, we didn't even mean for this to be a face-off. thank you for for articulating both sides of this debate that's playing out in the market as we speak. very, very much appreciate today. >> bernstein bullish following the election and have two names they think could really take off. they will join us to explain that ahead. plus, investors hoping that divided government will lead to the good kind of stale meat in d.c. but "the wall street journal" says it could actually empower both sides for action. he'll join us to explain coming up on "the exchange. at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces

and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

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

welcome back to "the exchange." the market is betting on a divided government and will lead to the good kind of gridlock the next couple of years but "the wall street journal" says that could embolden moderates in the house and senate and that could help president-elect biden with his agenda joining me is the columnist behind this story. great to have you back. >> thank you. >> when i hear embolden moderates i don't think that sounds like a scary prospect but what exactly do you think could be some of the legislative or policy items that get done here? >> well, it's not a scary

prospect the question is whether it's a real prospect. look, i'm trying to be optimistic here. you look at the alignment emerging from this election, you have the angry election, divided government, probably a senate under republican control barely,' reduced democratic majority in the house and probably a democrat in the white house and that looks like maybe a recipe for gridlock, but one of the things that can happen in washington when power is evenly divided is everyone is forced to move to the center and moderates in theered have more leverage because they can tip the balance. very finely balanced particularly if you have moderates in the senate who get together from each party and create a bipartisan team in the middle that forces leaders to move to that middle, and that's at least a possible outcome of this power alignment it means that a president biden certainly couldn't enact the progressive agenda that a lot of people in the democratic party's left wants but joe biden didn't want to get pushed that far left anyway so he can use this align

president as a check on the left wing of his own party p.maybe there's too much bitterness for this to work out that way, but that's certainly the way it's worked out in the past in washington. >> i guess my question is if it -- if that's kind of the impetus, where is it going, so, you know, it's pretty obvious, i mean, we've heard some of the talking points about what a big democratic majority would do if it's a purple congress, so to speak, what exactly do they want to get done? does that mean compromise on a covid bill of something in the range i don't know, high hundreds of billions, a trillion, what else would it imply beyond that? >> that depends a little bit on how assertive these people in the middle are, but, for example, it probably means you can have a deal, an infrastructure deal of some significance, of some consequence because there is bipartisan support for that. you can probably make that a somewhat greenish infrastructure bill, not as green as the green new deal, but both parties want to move in that direction a little bit, at least people in

the center do. did you can probably -- you can't enact the entire biden, you know, roll back the trump tax cuts plan but can probably work out something on taxes that's a little more progressive than the current structure, and there are some things like daca, you know, the dreamers, the young immigrants brought here as children by their parents. both parties want to find a common sense solution to that. it's out there to be done, so you can have things like that that happen. what canned happen, well, you can't have a giant rollback as i said of the trump tax cuts probably under that alignment. can't have a green new deal and you probably can't do any of the more extreme things that many so of the democrats have wanted lyrics for example, let's start to abolish the electoral college. one of the reasons i think that the markets have react well to this align cement that this is kind of a move and a small band in the middle alignment that markets tend to like don't like to be taken by surprise and don't like radical movements, and you won't get that out of this alignment. >> finally, do you agree with

everybody who is saying that this makes leader mcconnell very powerful because i guess i can understand their point on the one hand, but, again, it might be a lot of power to wield over doing not a whole lot. >> yeah. i think that's right, but what it does do it means senators like joe manchin of west virginia and susan collins of maine on the republican side, moderates kind of pushed to the side in the ideological battles now suddenly can come into play and the other thing to keep in mind here is that the mitch and joe show can be back on, you know in the obama years when there were problems, particularly coming to agreement on budget matters, president obama sent joe biden up to the hill and sat down with mitch mcconnell and the two of them being senate tacticians figured out a way to get something done can you have a revival of that, and that's -- that has been at least a productive lineup in the past. >> well, it's fascinating. you do point to several areas that investors could care about

where we could see some progress appreciate it. thanks for joining us today. >> thank you >> jerry seib with "the wall street journal." still ahead here on "the exchange," his name may not be on your radar, but he's one of the biggest names in the investing world and deal-making world. we'll speak to the founder of lando behalfo about his record fund-raising amidst a pandemic and what they thinks about technology these days. and we're monitoring apple's one more thing event and possible more announcements. the stock is relatively unmoved by the moves we've had today, and as we check on that, let's also take a look, there's apple shares fractionally lower on the session around 116 let's take a look at some of the retailers. these are much bigger moves. they are outperforming big time today. wall green's up 8% and levi 4.5% and nordstrom up 6% and nordstrom up 30% in two sessions that aotiofoyo's ratn r u. we're back after this.

hi, my name is sam davis and i'm going to tell you about exciting 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 prescription drug coverage. now, let's take a look a humana's medicare advantage plans. with a humana medicare plan, hospital stays, doctor office visits, and

medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2019, humana medicare advantage prescription drug plan members saved and estimated 7,800 dollars on average on their prescription costs. most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. dental and vision coverage is now included with most humana medicare advantage plans, and you get telehealth coverage with a zero dollar co-pay. you get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our

network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare. welcome back let's get to sue herera for our cnbc news update at this hour. >> hi, kelly hello, everybody here's what's happening at this hour the senate's top republican says if there is a new administration, the formal transition process will take place arguments quote, the appropriate time, end quote, and no one should be concerned that it hasn't started yet. >> until the electoral college

votes anyone who is running for office can exhaust concerns are about counting in any court of appropriate jurisdiction it's not unusual it should not be alarming. the. >> meantime, the leaders of america's three closest european allies all spoke with president-elect joe biden today to congratulate him. the in separate calls the uk's boris johnson, france's emmanuel macron and germany's angela merkel say they look forward to working with him on issues like climate change and european security and biden also received congratulations today from had a somewhat surprising source, turkish president erdogan who has had a strong relationship with president trump just yesterday turkey said it would wait for a final result before saying anything you are up to date i'll send it back to you, kell i'll see you next hour the. >> all right

sue. thank you very much. let's get a check on markets. the dow is up 275 points at the highs of the session today, and it is hanging on to gains as the sharp rotation that we've seen really going back to last week does continue. still, we're only up 96, a gain of a third of 5%, the s&p market is necessary negative by half 5% and nasdaq down is 1.4%. we have consumer staples, industrials and utilities the biggest leaders. surprising what some of the rate sensitive sectors are doing with the ten-year yield at 94, 95 basis points today and the laggards are technology and consumer discretionary let's check on some individual names after the lower than expected sales last quarter. the sales growth was the slowest since may 201. shares down 17% and the stock is up nearly 400% since the ipo shares are also higher it's teaming up with target. investors seem to like that. the company will open shops in more than 100 target stocks

starting the second half of next year and it will be available on target's website and shares of d.r. horton are higher after the company, the home builder, beat on the top and bottom line also raised their dividend and issued an up beat outlook for to 21 horton up 7% in what's opinion a very strong sector this year. coming up, with investors rotating out of tech, could health care be with a place to get into one analyst says yes and he's got names you should buy we've got some steps investors should be taking right now with their savings. and don't forgot you can watch us live on the go use the cnbc app we're back in a couple stay with us at dell technologies, we started by making the cloud easier to manage.

but we didn't stop there. we made a cloud flexible enough to adapt to any size business. no matter what it does, or how it changes. and we kept going. so you only pay for what you use. because at dell technologies, we stop...at nothing. ♪ but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

welcome back despite this week's big rally in the market the ticker clv is on pace for its worst weeks since march including zoom video and docusign and with so many people working from home software has been a bright spot in the business world there's been a flurry of deal-making in the space since the pandemic gan leslie pickers joins us with one

of the biggest players in the space >> you know the saying software is eating the world. that's actually been happening in 2020 with a record in q3 thanks to a point stock market and work from home tailwinds 466 transactions in the sector took place in the quarter. the third quarter, that's the one through september. the biggest of the quarter was intercouldn't fall's exchange of ellie may for $11 billion that was sold by toma bravo and plan view which makes portfolio and management work so wear was sold for $1.6 for tpg and tpa associates bravo is among the largest of the tech firms outsourced with more than $30 billion in assets and the firm has done more than a dozen transactions this year and despite recent pullback in public software stocks the founder sees no bubble and this is actually the best time for the sector in his two decades

studying me the industry joining me now is founder and managing partner at toma bravo thanks so much for joining us, orlando. let's expand upon this a little bit. you do not believe that software is in a bubble right now >> no. no software really isn't in a bubble, you know you have to step back and take the view that these stocks are not work-from-home stocks. these cops just did great in a work-from-home environment see, right now you have two big trends going on in software. number one, it's all becoming fast and cloud computing very, very rapidly that $6 trillion market value, it could mostly be sass. what that means is that the companies that are buying these products can now buy them from their operating extension budgets so all of a sudden the

industry multipliesed in terms of its available market size and second and most importantly the new solutions being provided by both the existing players and new companies in the industry are really solving thebig things the high cost of labor input into work flows, business processes and a way to communicate, trans, a, analyze information and those are issues being solved by companies and cloud computing which makes the industry and their multiples larger and because as you say because of these two reasons that software is becoming everything where no just the dream anymore. >> reporter: but in the current environment you see stocks get whipsawed with the ebb and flow of pandemic news do you think the public market investors are mispricing software right now >> i do. now, that's a general comment. one thing that has remained true

for us in 20 years of buying software companies is valuation inefficiency in many cases some companies are grossly overvalued and in many cases they are grossly undervalued. that overvaluation is more common when companies are having fantastic beaten rates, environments, even though their earnings could be negative or very small now, that's happening today as well it is very difficult for an investor to justify 50 times revenue plus valuations. when you really look at this index of thousands of companies and really look at their multiples versus their historical occurring revenue growth and look at the stays of the markets and the quality of the solutions and the they will they have providing their customers which is so much higher than had the pace they are taking and you extrapolate

that trajectory as long as they can execute. these are wonderful investments. >> orlando, it's kelly here, and to pick up on that and maybe if you could add context in the outcome of the election and now having the vaccine news. what does that to do set up potentially a lot of deal-making in the months to come and into next year? >> well, look, the private equity industry has also shown that it can work from home we have done many deals in this environment, both selling companies as well as a number of new ac -- number of acquisitions that we've done across our different funds. we rely on having relationships that go back many years and the understanding of the companies and our peers have been able to do the same. now, given the news that you mentioned the deal environment is going to rapidly accelerate, especially in software there is so much capital that

finally sees the value and resiliency of these companies, the resiliency of the recurring revenue and the ability to work from home and still execute under the business plan and now the acceleration of those trends that were already in place which some people just in general are going digital. through the pandemic ceos of major corporations accelerated their investments in the cloud hand in your products because they need automation more than ever. >> orlando, i expect you to be a big part of the acceleration in deal-making is you a laid how the considering you just raised a reported $23 billion in your latest fund-raising round. where do you see some of the opportunity to put that dry powder to work right now >> look, i really hope so, too, and we've been doing this for a long time, and every new vintage presents different kinds of opportunities and risks. here the opportunities are so much larger than we've ever seen and that's why we've raised the

capital that we did, and we're really investors of the fundamental microlevel, and we look for three big things in companies. number one, could you build a really large recurring revenue stream over time with the products and a the cape abilities that you have? in other words, is this company that's a true innovator that can be number one in their industry? number two, in order to get there does this "require a whole lot of changes where you do them in -- you can -- number three and probably the most important is do you have a management people and -- if you have all 13 in our $6 million market cap world, it really fits our profile. >> it sounds like the $23

billion will have plenty to work with in the $6 trillion sector thanks so much for joining us today. kelly, back over to you. >> and a pretty mean tennis player, too, as i understand it. leslie, thank you. thanks to our orlando bravo. >> the dow climbing 2% over the past three weeks how to boost your 401(k) and how to reach retirement goals. peloton stock started the day deep in the red and it's now up about 5 been the 5%. call this the beyonce effect we're back in a couple which ar

. welcome back we're monitoring shares of apple as they hold their one more thing marketing. right now they have gone back to positive territory joshly on joins us with an update

josh >> reporter: so, kelly, apple here just introducing a new generation of macs, and let me quickly walk you through them. a new mac book air, the most popular and they will rely on a brand-new main processor designed by apple instead of intel. they are calling it the m-1 so basically a new big brain for this machine it's going to mean so apple says better performance, better power efficiency and improved graphics, stronger security. faster than 98% of pc laptops sold in the last year according to apple no fan either, so a completely silent machine the price is 999 also introduced the new mac mini, the m-1 with the new processor. this version much faster and better performance the price there $699 lower than the previous generation and apple did you be veil a new mac pro, again, with the m-1, more

powerful and long rest battery life ever in a mac and studio quality mike and the price there is 12-99 order the available starting today and officially available next week. kelly, back to you. >> josh sdwrrm let's get to a news hey left on unit airlines in the meantime. phil lebeau, what's happening? >> take a look at the shares of united after five years united airlines is returning to jfk in new york city again, five years ago they will pulled out at the time and said look, we can't make money on these flights going from l.a. and san francisco so they dropped it well, they are coming back on february 1st when they dropped the flights they said they were losing money, scott kirby is now the show and was -- not a good idea, you are losing all your

corporation. why is it important? because when you look at who has hubs in qvc, europe talking about american, june, huge when it comes top corporate tramp in addition to keep its service out of newark. returning to jfk after a five-year absence from flights out of that halifax international airport. >> it's fascinating phil, it sounds, like you say, that this was something that the economy wanted to do, i don't know if we had anything on the economics or the if the pandemic had much to do with it or if they have to divest at all. >> this was scott kirby. when he was brought in as president and came over from american he was very clear in saying what a stupid idea to pull out of jfk in 20 have 15 and at the time unit executives were saying we're moving money on flights from l.a. to san francisco and what kirby said then which is he's making cooed

on now is -- those are the most uketive -- >> you're basically -- what the remember cyril wecht customers when they are saying now is we want the customer back. >> they had a good sign for new york city these day. phil, thanks so much phil lebeau with the rally there. market rally might be making you feel pretty good about your 401(k) balance right now a lieu now at three things investors could be doing right now in order to reach those goals. >> kelly, we reported with how 401(k) participants moved money around and they were their accounts that money mostly flowed from equities into -- >> as marks surged yesterday

some people money back into and do this with your market now review your allocation market's up and downs may have vetted impal so increase your couldn't bupgs and take full advantage of your company's can't pupgs and add more money if you can and if an honest commitment to goes into -- and operate your savings for -- this is a financial accuse to you need to worry about how much you spend remember than rest. >> shepper soviet republic, thank you very, very much. we'll get the tom two adds from

the pharma sectors the which one is it? we'll tell you after this quick break. at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly

with calvert. you are clear for landing. >> roger, roger that

welcome back progress in the fight against covid continues.

eli lilly getting an emergency use authorization for its covid antibody drug, which can help reduce hospitalizations, which are soaring right now. here's what the ceo said about their therapy on "squawk box." >> i'm so pleased to hear about pfizer's news yesterday. we hope that makes us obsolete i don't think it will. even in well-controlled respiratory illness, we still have vaccination and antibody therapy. >> my next guest is looking beyond the pandemic for buying opportunities in the health care case i'm joined by ronni gal. you see a name that has 30% upside but tech investors want a lot more than 30% up side.

>> 30% is pretty good and the companies also pay pretty nice dividends, typically 3 to 5 to 6% if you need to get a tripling but most of us will be pretty happy with percentages that beat the cows the cost of living by a few percentage points. >> absolutely. people need to sleep at night. tell me why in this sector in particular, what is your top picks and what general would you recommend in terms of the thesis here for investors? >> right so i think the sector, the pharma sector is up for a 15 to 20% rebound. the sector traded down, not even talking about going up with the s&p, also traded down but there's also fear it will sweep the senate and incorporate more

from the liberal wing of the party. now that we're looking at 52-48 for republicans, some of the blue states are also in the heart of the drug industry so gonzalez -- social security, menendez in new jersey, unlikely to vote for a resolution that will gut their hometown industries so without that, we're looking at reasonably a benign outlook for the drug industry, which should allow the companies to rerate the roughly 15 to 20% lost in the election so you kind of want to own the sector in terms of sticking also within

the sector, we really like abbvie we expect competition to take place but we do see a couple of really good drugs in their pipeline, which are essentially improvement on humira and then the company bought another company and as we go back to normal, that business will come roaring back and between those two we believe the company will have significant up side. >> your market perform on pfizer, bristol myers and eli lilly, why aren't you more bullish on them in light of this announcement today

>> it's great for all of us that they delivered the result in the fight against covid-19, those are really impressive results and i congratulate them. financially speaking, i don't see them as being a big driver we got a balance and a half for lily this year and the others we're not sure they'll do particularly well. >> ronnie, thank you very. that does it for "the exchange" today. the ceo of biontech. i'll see you right after this quick break with john ford

hi, my name is sam davis and i'm going to tell you about exciting 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 prescription drug coverage. now, let's take a look a humana's medicare advantage plans. with a humana medicare plan, hospital stays, doctor office visits, and medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2019,

humana medicare advantage prescription drug plan members saved and estimated 7,800 dollars on average on their prescription costs. most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. dental and vision coverage is now included with most humana medicare advantage plans, and you get telehealth coverage with a zero dollar co-pay. you get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare.

i took out this personal loan with sofi and it significantly helped me lower the amount of interest i was paying. sofi helped me pay off $23,000 of credit card debt. and i just couldn't have done it without them. welcome to "power lunch," everybody. the s&p frankly can't hold its gains here it's now down about three points we'll have a lot more on the stock split in a