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 moment.

and we're awaiting comments on president-elect jooe biden. and later, the biontech ceo will be here to discuss their groundbreaking results showing their vaccine with pfizer is more than 90% effective. thanks, welcome once again to "power lunch. i am john fort check out some of the tech heavyweights apple holding up after announcing its own line of chips for computers and names like amazon, facebook, microsoft all under pressure at this hour. and on the flip side, take a look at what's leading gains in the dow. it's walgreens up 8%, boeing up

5% for more on the divided market, let's go over to john pisani >> you hit it right. it is essentially out of growth and the rally in cyclicals/value, not always the same thing but cyclicals and values are continuing. john mentioned walgreens they're going to be an administrator of the covid shot. walgreens and cvs moving that's a very specific story by bu si but cyclicals like aerospace -- boeing has been a huge mover in the last few days, 3m, oil stock is another cyclical/oil stock doing very well. chevron was at $70 banks are flattish to slightly down a little disappointing that the banks aren't participating a little more particularly with a ten-year approaching 1%.

what's not doing well? all those mega cap names that john mentioned this name really got clobbered at the close microsoft, facebook and amazon are all to the down side the same thing with software and other tech names there like salesforce and adobe they're down again but we want to watch what is happening in close. how do people own these stocks they own them through thematic etfs so cloud computing etfss, the social media etfs, the solar etfs is getting clobbered and lithium and batteries is play on elon musk, they're getting clobbered. very big volume in these today why do i mention this is the way a lot of people

actually own a lot of these tech stocks, through these thematic plays and big outflows in that particular area of the world kelly, back to you >> thank you, bob. >> let's bring in the deputy chief investment officer the richard bernstein adviser. welcome and what do you mean by risk >> i think there's a tremendous amount of runway you're seeing in the market today. it goes well beyond growth and value. it speaks to a lot of the leadership that bob was talking about. e people are investing in disruption and innovation. these are crowded, sexy names. there's a lot of room for the market to take hold. while there's a tremendous amount of runway here, things in markets don't go in straight lines. if you look at the very intonear

term, we know over the next three, four months are you're not going to get a lot of visibility into the near-term trajectory of the recovery, it's likely going to get a lot worse. you have to keep in mind there may be bouts of loss of recovery but looking out a year or two, there's plenty of room for that recovery to dpgain hold. there i'm starting to hear more and more talk about maybe it could be the roaring 20s, maybe we could have light in our eyes and a spring in our step thinking about getting back to normal sooner, especially as bad as the co-vivid numbers have been lately. for the market, if it's looking out a year or so, is the market going to see through that, breeze through it and say, no, we're sticking with the reopening plays because that's

going to be the story over the next 18 months >> certainly i think if you step back and foreshadow what the performance of the market will be over that six to 12-month time horizon, i think you'll see a continued leadership of the names take hold. in the meantime, i don't think it's going to be a straight line, i don't think it's going to be smooth and steady and i think it's going to be very difficult at points in time for the market to look through the vast amounts of pain out there we're talking about global deaths right there that are at an all-time high and we're very early in the season. so it's one thing to have -- i forget what your term was, bright and bushy tailed eyes when things are okay, but as more of your friends are losing their jobs and more of your family is at risk, you're just starting to so the u.s. follow europe in terms of increasing

lockdown we just have to be prudent and mindful. you can still be an optimist but still carry an insurance card. >> let's get really specific what are the names or sectors that are your top ideas right now? >> yes, so we're a macro firm so we're less focused on the names and more focused on the exposures. i think that here the big message you're getting from the markets, the big shot across the bough this week is really in that big cap tech stocks it goes beyond big cap tech, as i mentioned. it's really this disruption, sexy, high growth names, i think that that leadership is probably done here. just if you think about the near term cyclical outlook and you pair that with a long-term secular headwinds, i think there's a lot of reasons to be gearing your portfolios toward the rest of the market so really tech makes up 30%, 40%, depending how you measure the market you want to own the rest of the

stuff. specifically i think the best risk rewards are things like industrials, not just in the u.s. but also looking outside the u.s. and i do think the energy material story has some legs here. i think a broad, diversified play on cyclicality, values small caps and really a change n in leadership is the way to go >> finely, what about the dollar and things like gold, like bit coin, we seen bullish comments a lot of it does go back to whether the dollar weakens over the next few years here for all the reasons we could talk about. deficits, everything that the fed is doing do you have guys have to take a view on that one way or the other? or do you find things like gold or other similar asset classes attractive for other reasons >> i was actually watching that interview with druckenmiller and

pretty much 90% of what he was talking about is stuff we've been talking about as well not to say one of us was early or late to the story, i think we were just both in complete agreement. if you look out over three to five years, a combination of a weakening of the dollar or raising of taxes i think probably you'll get a little of both i think you'll have to consider that i don't think that's a necessary component of the types of investments that i'm talking about but i do think that you have to be prepared for that so i think that the global aspect of what we're talking about makes a lot of sense and looking at things like industrials and energy materials should benefit from that trend >> all right >> dan, thanks very much dan suzuki joining us today with his thoughts on the market >> let's talk about apple holding another event today, no new iphones but still a big deal

because it's making a major change in the mac. josh lipton has the latest for us >> that's right. a new line of macs just officially unveiled and these are different with a main processer that's designed by apple rather than intel. so this is a new big brain in the mac, an integrated chip that apple is calling the m-1, it will power a new mac book air, which is faster than 98% of pc laptops sold in the last year, the price $999 apple flounc apple introduced a new mac mini that will cost $699, and apple unveiled a new 13-inch mac book pro with the longest battery life ever, studio quality mics the price there $1,299 apple says they're available

next week. investors right now paying a lot of attention to that mac it's a bright spot for apple revenue jumped almost 30% to a record $9 billion in apple's fiscal fourth quarter. back to you all. >> josh, we've been focusing on apple and its share price. it's obviously worth keeping an eye on intel, which is not selling off on this announcement but has been having a pretty horrible year. does this kind of kick the dog when he's down it basically is a splashy way of apple saying we're making our own chips and we're not using theirs anymore >> if you speak to analysts who cover intel, what they'll say is that apple isn't -- apple isn't critical for intel at this point but it's not trivial either. it's not insignificant i talked to some analysts who say by their math, apple probably represents mid single digits of total revenue. that's revenue that's not going

to be flowing to bob swann's company at a time it's facing a lot of challenges. >> josh, we were talking this morning. this announcement from a technical perspective is huge. there was a lot of curiosity around what kind of performance claims apple was going to make and then what the pricing would be it seems like apple leaned way into this. the price came down on the mac mini but they're holding the line on pricing on these laptops and they are claiming particularly on this mac book pro that you'll get the kind of performance that we've never seeb o seen out of arm-based laptop, right? >> i was talking to a long-time apple watcher. he noted two potential risks r here one is you've really got to get developers excited they need them to be enthusiastic, convince them to put money, time and effort into building new apps. there were a lot of claims made today but certainly now you'll

see industry analysts take these machines out for a test drive, consumers as well. ben's point is they better live up to those claims they have to be on par or better than those amd-driven pcs. >> joining us to discussion the potential impact on intel and the rest of the chip stocks is managing director and senior semiconductor analyst for bernstein. stacy, i think this is a huge deal as we were just talking about with josh, we've never seen the performance claims based on a laptop that apple has made today. if apple can actually deliver on this and usually they do, what kind of a sea change is this going to be for the pc chip industry >> yeah. so, you know, arm pcs have been

attempted for quite a few years, probably all the way back as far as 2012. they've never lipped ved up to hype on performance or had the software ecosystem to go around them that is what apple is offering today. they this is one thing apple can do they develop. if they can prove this can work, this may be very interesting because it would be finally in existence proof that this is an alternative architecture within the pc space can go a toe hold we see what the adoption is. it seems that apple is confident.

they're rolling almost their entire laptop platform over to this >> what we tend to see with the platform shifts is the real challenge with software and development ecosystem. if the adobes of the world have to rewrite large amounts of software to execute on a different chip platform, they got to take a calculation and say is the performance benefit going to be so great that my customer base is going to go to this new platform and i'm still going to make money? how does the math work on this do you think based on the work involved and the performance premium that they're promising that it's going to be worth it >> well, they've already got some major developers. you mentioned adobe. they talked about adobe, who actually is recompiling and rewriting their apps to write on the apple silicon. and there's rosetta 2 that would

allow nonnative apps on a software layer that's in between. this has been around for a while. typically you take some kind of a performance hit. it seems like they're looking to overcome the performance deficit. if they can make everything seamless for their users, there's no reason why this can't get to be a widespread option. the mac users are a big customer anyway >> a lot of times with these product, there's a trade-off between battery life and performance. their pitch is, okay, it's thinner and lighter so maybe the performance isn't really that competitive on the highest end but it sure is pretty and you can carry it around.

apple is arguing you can have it both ways, the battery will be twice as long and performance really high. what kind of pressure does that put on microsoft to amp up there and on intel to really deliver >> this is the thing so going into this, we knew this was coming, as you said earlier. i'll be honest, i expected to see the air, maybe the mini. i thought maybe the pro would come with the next round with apple delivering the pro solution right now, this tells you it's almost their entire notebook portfolio moving over to this. i think the only notebook they have is the 16-inch mac book pro. while everybody is modeling this, i don't know that people were thinking about such an abrupt shift it sounds to me based on this, if it's all transitioning over, this entire chunk will be coming

out of intel's revenue starting next week, it sounds like. intel's numbers were already going to be under pressure i think the numbers next year are too high to me is suggests there may be further downward pressure. while i think people are starting to think about apple coming out, apple talked about a two-year horizon i think it's going to put some pressure on things >> it also looks like nvidia's move to purchase arm when you combine nvidia's graphics horsepower with what harm can apparently deliver if apple delivers on performance claims, potentially a threat thank you. >> thank you >> i could hear the two of you guys talk about that all hour. it was fascinating >> coming up, news of the week, news of the year, biontech's

covid vaccine. much more identify p"power lunc after this before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan.

shares are up almost 5%

today and more than 200% this year meg tirrell joins us with the company's ceo. m meg. >> dr. ugur sahin, thank you for being with us today. >> my pleasure being with you. >> i think it's pronounced biontech is that right? are we pronouncing your company name right >> you can pronounce it biontech or biontech we it not dictate how the company would be pronounced. >> see we're all right 90% efficacy you are a relatively young by o biotech company founded in 2008. what was that moment like for you and the folks at your company? >> of course it was a wonderful

moment because we didn't expect this high efficacy rate. scientifically of course it is in the range of something which could happen, but with regard to the aspect that this virus is unknown and we don't know escape mechanisms, we don't know how hard it will be to address that, an efficacy rate of over 90% is incredibly positive and we are therefore absolutely happy with this outcome >> vaccine experts have told us they still have a lot of questions about the data doesthe vaccine prevent severe disease? does it work as well in the elderly as it does in younger people obviously the information available right now is limited but what can you tell us about those details? >> so it is important, the questions are indeed important we need to correct that these

are relevant questions we expect to have a full data set with our primary analysis, which requires about 164 infection cases in about two to three weeks from now and once we have this full data set, we can explore the data and investigate how the case is, how the protection in the elderly population is, how the protection is in the younger population is and if we observe severe cases in the control group. this information will come you and mature in the next two to three weeks. >> ugur, it's kelly here

if it's biontech, why not capitalize the o and the n can you explain what you are contributing in this partnership with pfizer and what investors should think about the success here, meaning for your future prospects. >> yes we are a next generation company. the technology behind this vaccine, the messenger on the vaccine and the vaccine candidates have been developed in germany so we started this project in january 2020, identified, started with more than 20 candidates and we are -- we provided the vaccine candidates, we took care of the manufacturing of the clinical -- batches for the clinical trial

and we are experts in immuneology so we investigated the immune responses for this vaccine. pfizer executed the clinical trials in the united states. we executed clinical trials here in germany and of course pfizer was responsible for execution of the phase three trial, which provided now this end point analysis >> doctor, my understanding from talking to another doctor yesterday is that this particular vaccine needs to be stored at very cold temperatures and not all facilities have that infrastructure already in place. is that the case and how much lead time do you anticipate, if so, it will take to really get the kind of storage capability in place for this vaccine to be distributed smoothly

>> so this is indeed the transportation has to happen at minus 70 degrees and the vaccine is transported it can be stored at special freezers these type of freezers are available at most university sites. so in the pandemic situation, the vaccine will be ensured by the excellent logistic platform of pfizer, ensuring that the vaccine can be shipped in special dinecontainers at minus0 and start at vaccination centers. then the vaccine that can just be taken from minus 70 and could be kept in the normal freezer 2 to 8 degrees for five days

so this is the supply environment for the early pandemic phase we are doing a number of stability studies and those studies will show us if the vaccine could be stored at minus 20 and stored in the fridge. >> i wanted to ask youabout th fact that you've had such a successful phase three result. you actually were studying this application more in cancer than in infectious diseases of course you had a flu program also with pfizer that allowed you already to be working together when you decided to team up on covid-19. could you tell us what is the fongs for this technology in terms of responding more quickly

to pandemic threats in the future and also for treating other diseases >> yes the message on the technology is very -- for vaccine development, one usually have to produce the vaccine in and purify the vaccine, which can take several months, up to six months of time messenger rna comes with the advantage that this is which does not encode any infective material, it is an unstable -- this is genetic information is delivered to the human body and the human body makes the vaccine

ant a a antigen. we brought four clinical candidates in and started clinical testing we were able to produce 10,000 of vaccine doses to ensure a supply of the phase three clinical trial and now we started already to produce vaccine for emergency situation. it is a technology -- >> i'm sorry to jump in for a moment we appreciate you joining us today, the ceo of biontech but

president-elect joe biden is speaking right now he's talking about health care and responding to the arguments the supreme court heard about the affordable care act today. let's listen >> 100 million people with preexisting conditions in our country and hurt the americans who have come to rely on the affordable care act. to a time when people could charge women more for health care than they could charge a man, simply because she's a woman. to a time when pregnancy could be considered a preexisting condition. it will take away free birth control and contraceptive coverage for women this is all happening at a moment when our country is suffering through a pandemic that has claimed more than 238,000 lives. and we all know that if the affordable care act is struck down, communities of color will be hit particularly hard

black, asian, hispanic and native american, because they are at a greater risk of preexisting conditions from asthma to diabetes to lupus. and they are also three times as likely to contract covid-19 and twice as likely to die as others now, i know we all know that we just had an election in america. an election where health care was very much on the ballot. our country had a clear choice in this election each and every vote for joe biden was a statement that health care in america should be a right and not a privilege. each and every vote for joe biden was a vote to protect and expand the affordable care act, not to tear it away in the midst of a global pandemic and joe biden won the election

decisively with more votes than have ever been cast in american history. it amounts to 75 million voices and counting, calling on the supreme court to see this case for what it is, a blatant attempt to overturn the will of the people and the president-elect and i cannot let that happen and now it is my honor to introduce president-elect joe biden. thank you, kamala. good afternoon, everyone

this morning as was stated the united states supreme court heard oral arguments on a case of great importance to the american people. this case represents the latest attempts to do what they've repeatedly failed to do for a long time, in the courts, i don't think, court of public opinion, over the last decade to eliminate the entirety of the affordable care act. twice the supreme court has upheld the land mark law in 2012 and 2015 and the congress expressing the popular will of the american people on the bipartisan basis has rejected numerous attempts, numerous efforts by president donald trump to erase the law as well now in the middle of a deadly pandemic that has infected more than 10 million americans, near live one in every 32 americans, all from a devastating consequences to their health, these idealogues are once again

trying to strip health care coverage from the america people the brief asserts, the entire aca thus must fall, end of quote. health care is an issue that has divided americans in the past. the truth is the american people are more united on this issue than they are divided. the american people want to keep the affordable care act in place, eight out of ten independence and two-thirds of republicans want to keep the aca protections for people with preexisting conditions, which would be eliminated if this lawsuit were to succeed. this doesn't need to be a partisan issue

it's a human issue it affects every single american family we can't subvert the growing consensus of the american people based on an argument put forward in the brief seeking to invalidate the law that even many conservative legal scholars, including in the national review considered to be, quote, ridiculous. let's be absolutely clear about what's at stake. the consequence of the trump administration's argument are not academic or an abstraction for many americans, they are a matter of life and death in the literal sense. this argument will determine whether health care coverage of more than 20 million americans acquired under the affordable care act will be ripped away in the middle of the nation's worst pandemic in a century. over 100 million people as the vice president-elect pointed out, over 1 million people with preexisting conditions like asthma, diabetes, cancer could once again be denied coverage,

whether complications from covid-19 like lung scarring or heart damage will be the next flood of preexisting conditions that could be used as an excuse to jack up premiums or deny coverage altogether. for millions of survivors who have struggled, won and fought the coronavirus, fought against the loss of their life this argument is going to determine whether women, as was pointed out, will be charged higher premiums just because they're women or seniors who will see their prescription drug costs go up or kids who can stay on their parents' plan until they're 26 or whether annual lifetime benefits will be reimposed. so someone could walk in and say die in peace, you've run out of your coverage. this isn't hyperbole it's real. as real as it gets when a family is faced with the awful news of a child's diagnosis of leukemia or a mom

forced to battle against breast cancer, an accident that leaves loved ones unable to live the life they've always known, it stops your heart, it stops your heart. wrenches your entire world right off its axis when that happens and many of you know that from your own personal experiences. believe me, i know the feeling and too many american families do as well in that moment, the very last thing on your mind, the very last thing that should be on your mind is whether you can afford the treatment the affordable care act was created to put a stop to that inhumanity it was created to ensure that families thrust into the worst nightmares of their lives could focus not on money but on the fight that really matters. obamacare is a law that every american should be proud of. that's why people with preexisting conditions are protected in this country.

it's a law that delivered vital coverage, as i said before, for 20 million americans who did not have coverage. it's a law that reduced prescription drug price costs for nearly 12 million seniors. it's a law that saved lives and spared countless families from financial ruin so this effort to bypass the will of the american people, the verdict of the courts in the past, the judgments of congress in my view is simply cruel and needlessly divisive. regardless of the outcome of this case, i promise you this, beginning on january 20th, the vice president-elect harris and i will do everything in our power to ease the burden of health care on you and your families, i promise you that as i said, i will protect your health care like i protect as if it was my own family we've been unfortunately significant consumers of health

care that starts by building on the affordable care act with the dramatic expansion of health care coverage and bold steps to lower health care costs. my transition team will soon be starting its work to flesh out the details so we can hit the ground running, tackling costs, lowering the price of prescription drugs families are reeling right now you've interviewed a lot of these people around the country as you've gone all over the world, all over the country, enduring illnesses, faced with risky choices, losing their employer plans in drove. over 10 million have already lost their plans they need a life line and they need it now. they shouldn't have to hold their breath, waiting to see if the supreme court is going to wrench away peace of mind that we've come to now rely on? so we're going to get right to work, i promise you, addressing

the issues that families are talking about around the kitchen tables this morning. making sure that they can get in bed tonight with a peace of mind that they deserve and fulfilling our moral obligation to censure that here in america health care is a right for all, not a privilege for a few. so come january we're going to work quickly with the congress to dramatically ramp up health care protections, get americans universal coverage, lower health care costs as soon as humanly possible that's the promise i make to you. we're going to fight for your family's health coverage the same way we fight for our own family's heath coverage. we want every single american to know if you're sick, if you're struggling, if you're worried about how you're going to get going to get through the day, we will not abandon you that is a promise. we'll not leave you to face these challenges alone we're going to get through this.

we're going to get through it together and we're going to build a health care system that puts you and your families first and that every american can be proud of i want to thank you all for listening. may god bless you. may god keep you safe in this covid environment and may god protect our troops now i'm told that we're going to have -- you're going to take five questions >> that is president-elect joe biden addressing the supreme court's pending decision on whether it's going to invalidate the affordable care act, also known as obamacare let's bring in eamon javers now. eamon -- hold on, the president-elect is still on the stage. eamon, let's go to you kind of parallel universes happening, certainly in washington right now, one where

the president-elect joe biden and vice president elect kamala harris are talking about the affordable care act and another where president donald trump is not concedingand has multiple claims of fraud and is suing to stop the vote certification in pennsylvania give me the sense, eamon, of what's really going on in washington and how much of this speech is about the aca and how much of it is about projecting presidential authority >> well, look, john, you put your finger on it. that event we just witnessed was designed to, one, send a message to the supreme court about where the incoming president of the united states is on the aca and the impact it has on millions of americans, particularly those with preexisting conditions, particularly those with covid now, who might have preexisting conditions going into next year. there were seven different signs

on that stage that said the words "president-elect" on them. not very settle messaging there in terms of the vish use and also in terms of having the president-elect appearing at a podium and doing the job the american people elected him last week to do and sending a message about what his key priorities are. yesterday they announced their covid task force, today he's talking about health care for americans. coming at a time when the president, who was defeated last week is still not accepting those results, issuing baseless claims on twitter and having nothing on his public schedule at all. >> the president retreats to his twitter account as the president-elect does the job of

transition >> thank you and still ahead, with vaccine hopes rising, billionaire and ll taurant owner tilman fertitta wiell us how he's prepping for a bleak winter ♪

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all right. president-elect joe biden is taking questions from the press. let's listen in. >> i'm not in a position to make any decisions on those issues anyway as i said, one president at a time he will be president until january 20th it would be nice to have it, but it's not critical. and that said, we're just going to proceed the way we have we're going to doing exactly what we would be doing if he had conceded and said we won, which we have. so there's nothing really changing >> reporter: but not ruling out legal action >> i don't see a need for legal action, quite frankly. i think the legal action is -- you're seeing it play out, the actions he's taking, and so far there is no evidence of any of the assertions made by the president or secretary of state

pompeo >> reporter: thank you democrats are on track to lose a handful of seats in the house of representatives. that could make it harder to pass legislation with just democratic votes i'm just curious, how does that impact your plans to are what priorities you think you can get through this congress, especially if the senate remains in gop control and during the lame duck, will you be coordinating with speaker pelosi on how she should be negotiating with republicans >> i've spoken to the leader and i've spoken to the minority leader in the house, and one of the urgent things that need be done is people need relief right now. right now. small businesses, people who are about to be evicted from their homes because they can't pay their mortgage, unemployment insurance. you know, what's going to happen is you're going to see what people don't realize is the failure to provide state and

local assistance, you're going to see police officers, firefighters, first responders laid off i think the pressure is going to build. but the fact is that i would hope that the president at least has the -- the sensitivity and knowledge to know that a lot of people are in real trouble right now, between now and the time we get elected -- until we get sworn in so it is my hope and expectation. i'm sure that the majority speaker of the house as well as the minorth leader are working right now through the priorities they have laid out. >> do you plan to be active in those negotiations working with speaker pelosi to represent democrats on the table >> we have been talking and they know my views and i support what they are doing. >> my second question was about the senate do you plan to campaign in georgia before your inauguration

to help democrats in the two runoff races there as they try to slip the senate how important is a democratic-held senate to your ajen did >> obviously, it would be much better if we had a tie in the senate, which means we -- making the vice president incredibly important, much more than she already is we are going to do anything we can to help. >> -- >> i don't think so. i take mcconnell at his word i understand he said that he will make it clear who he's prepared to support and not support. that's a negotiation that i'm sure we'll have. look, one of the things that i would do as president-elect and when i become president is lay out to the republicans as well as the democrats who we intend to name for each cabinet

position i hope we are going to be able in a position to let people know at least a couple that we want before thanksgiving. and we will just work this out look, i am -- i am not a pessimist, as you know and i think there are enough republicans who have already spoken out and i think there will be many more -- not many more. there will be a larger number once the election is declared and i am sworn in to be able to get things done. i think they understand. for example, i can't imagine they are not being a willingness on the part of republicans that are going to be significant pressure to deal with health care their own constituencies are in that position. so i'm not -- i think we can get a lot done >> thank you >> one last question from -- >> sir, what do you say to the americans that are anxious over the fact that president trump has yet to concede and what that

might mean for the country >> well, i just think it's an embarrassment, quite frankly the only thing that -- how can i say this tactfully i think it will not then president's legacy i think that -- i know from my discussions with foreign leaders thus far that they are hopeful that the united states' democratic institutions are viewed once again as being strong and enduring. but i think at the end of the day, you know, it's all going to come to fruition on january 20th between now and then, my hope and expectation is that the american people do know, d understand that there has been a transition, even among republicans who are people who voted for president.

i understand the sense of loss i get that but i think the majority of the people who voted for the president -- a lot voted for him. a significantly smaller number, but a lot voted for him. i think they understand that we have to come together. i think they are ready to unite. and i believe we can pull the country out of this bitter politics that we've seen for the last -- last five, six, seven years. >> just to follow up on a previous question, how do you expect to work with republicans if they won't each acknowledge you as president-elect >> they will they will. thank you all so very much thank you. >> all right that is president-elect biden in an event to speak about health care, taking many questions from the press, probably the most notable response he gave is that he said the transition effort will go ahead without federal

funding that it can but he said it would be useful to get daily intelligence briefings our last few minutes of the show here, we want to squeeze in our guest. tillman fertitta, who has been standing by. appreciate your patience give us your reaction to the vaccine news what are you thinking about your business now >> well, it's exciting to know that in '21 that we will start getting the vaccine out and hopefully this whole mess will be over with by '22. it is still tough right now. we are not in the leisure season right now, we are in the convention and conference and real business travel season. we have all taken a dip in the entertainment and restaurant and hospitality business right now because we are not having the conferences and conventions. but we are all excited to move on with this it is interesting what's going on with the presidency you know, all of us want health insurance.

people don't give credit to president clinton who put in the portability act which lets you be an employer that now has to take it where you can't have a preexisting -- you can have a preexisting condition. this really happened with president clinton, and everybody seems to have forgotten, which was so good for all the individuals so they could change from job to job. >> yeah. so, i think perhaps the most important question to ask you and other business owners and operators right now is how does the vaccine news change your plans to bridge this really bad kind of covid moment that we are in to what we hope is a much better scenario next year? are you actually kind of more severe or more cautious because you know it is one last big dark winter before we get through this thing or are you hey this is exist engs, we need to keep bringing people in our doors and need to

stay open? >> i think that i am okay. even the governor of new jersey just said at 10:00, no more f and b -- food and beverage -- service. i don't mind if they are doing things that way, where they are being reasonable or when they say you are not going to go above 50% occupancy where we can stay afloat in the restaurant and hospitality business we have do bringet down a little bit. but i don't think we are going to see a total shutdown. i think the president-elect has gotten great advice on that, that we can't take another shutdown but when there is a stimulus, we need to do it for all businesses and all employees, don't crime thate nate against an employee because he works for a big business give to it the employees, don't give it to the business. let's take care of all the hard

working people out there that makes your industry work is this reading between the lines there, even if they are owned by a billionaire. i. >> of course. >> i wanted to circle back to what you were starting to say about politics, you seem to be striking a conciliatory note about the election outcome i am curious what you think about everything we have learned about what the white house and congress could look like >> i love a congress -- i don't care if it is a republican president. i love split government. i think it keeps everybody in check and you don't have people like schumer saying we are going to change the world if we get the senate, too. i would be saying this if the republican had a republican president coming forward i like split government. when i look over my life, things seem to have always been better with split government. i makes people work together and the democrats and republicans need to work together right now

i think joe biden with his history in the senate for 47 years, and knowing all of these guys -- remember, republicans and democrats used to not be far apart. it's kind of what district you were in, what state, and that's what i am going to run as. all of this dividedness just happened in the last few years so hopefully, they will at least split the senate races in georgia and we will have a great next four years with everybody working together >> it's like feeling the good feelings, the good vibes i'm getting that impression. tillman, thanks. >> absolutely. >> next time i want to be able to ask you about basketball and a whole lot of or thing as well. tillman fertitta joining us. a check on the markets the nasdaq underperformance is the story. >> that's the story. the dow upper inially 1% the stock we were talking about earlier, kelly, apple, is one of

those stocks that is positive. it is up about a third of a percent, near its highs of session. >> right even the hospital names having a strong seg here in light of what they heard or didn't hear from the supreme court on the obamacare front today. again we just heard from the vice president-elect harris with his thoughts on that as well. >> president-elect biden yep. >> let's hands it over to "closing bell." >> welcome to the "closing bell," everyone. i'm wilfred frost along with sara eisen another split session on wall street following yesterday's blistering move higher for the dow. the major averages heading in different directions as we approach the close what's driving the action. money flows out of stay-at-home tech stock exchange like zoom and amazon apple is higher after holding a product announcement this afternoon. some of yesterday's biggest win e airlines, cruise shocks, travel and