>> go boston college air products actually. the stock was up 30% into the print. it was an inline number. very good revenues, pricing power. still like the story i'm buying the weakness today. >> joe, lastly to you? >> monster beverage, long. >> all right good stuff again. we salute our veterans those who have served and those who continue to. "the exchange" is now. . thank you, scott, and thank you for that tribute that was fabulous stuff. hope everybody caught that welcome to "can the exchange," and ahead this hour we're talking about a reversal of the reversal tech turns around. the high fliers are taking off again and the value plays are selling off today. we will look at why this is happening and what's next. it's not a great day for tech in china there. the government taking aim at their own tech giants, what they are doing and why not and the implications for u.s. companies. plus, lyft eats, disc your office space and the return of the dividend payer

it's all ahead let's begin with the markets with dom chu and the play -- by-play. >> i can't say where there's many times when getting back to a semblance of normal would make people feel such a level discomfort as what's happening with the market right now. the reason i say that. yes, it's green across the screen, fractional and big gains with the nasdaq, once again returning to its cat bird seat outperforming all other aspects of the market. it's been the predominant theme since early on this spring in the pandemic lows but the reason why it makes feel people less comfortable is that there's been a great narrative of a rotation into value-oriented stocks that may be only played out for a few days so take a look as we drill down into other parts of the market right now. there's a certain thing developing with regard to the overall picture for, say, large-cap, mega-cap technology stocks as well, other things like that as we'll show you here mega cap technology. the ones that were sold off dramatically during the course of the last several weeks have now bounced again today.

apple up 2.5% and microsoft near 3% gains and amazon near 3% gains and facebook up 1% as well the mega cap technology stocks have once again emerged on people's shopping lists so that's a return to normal. whatever happened to the rotation, and then the covid-19 pandemic is starting to take hold again take a look at zoom video, wayfair and chewy. over the course of the last week to date period so far, massive moves lower here 21% losses for zoom and 18% for wayfair and look at the right-hand side part of the screen we're starting to see buying activity what does that tell you? maybe a little bit of worry. yes, markets run, but discomfort is the name of the game. we'll see if that lasts the rest of the afternoon i'll send things back over to you. >> dom, thanks so. today's actually the first time the nasdaq is in positive territory since pfizer's vaccine news and the stay-at-home gnomes from etsy to service now, all of

those plays that dom was just explaining, they are leading the way while financial, energies and materials and industrials are all on the red, as you can see son the screen as the country facing rising hospitalizations and a harsh covid winter, is the rotation from the past week at risk joining me now is chris sac really with the independent adviser alliance and dan genter is with cio genter capital management chris, which side of the debate were you on anyway, the buy value or the stick with growth >> well, from where we stand growth has worked so well for so long, and we think that a lot of those growth needs will continue to mean great companies with great business models and there's plenty of room for those to continue to run we're seeing that today with poem not giving up on them however, we believe now is a time to start lightning up on those names in the growth sectors and looking within the industrials and within the materials and -- excuse me,

trials, materials and financial sectors for those opportunities for companies left behind through the real we'll get through the covid crisis and the announcement of the vaccine on monday was light at the end of the tunnel this provides a very good risk-reward going forward. we do believe there's an opportunity to move some of that money out of growth into value at this time >> right but, chris, let me show you the tweet that we got from scott gotlieb just an hour or two ago. it's pretty discouraging you know, he says hospitalizations are rising quickly, and this is i think where it gets really important for investors. he says we need to start discussions about how we preserve health system capacity explaining that it's going to be harder to back stop this time around for hospitals because covid is so widespread so when he says we need to start discussions about how to preserve health system capacity, are lockdownscoming? how many days or hours are we away from the governors getting

back up there on their dais saying we've got to impose these measures again and if so is your rotation trade off for a few months time? >> well, there's no doubt, that you know, covid is here with us to stay for some time to come and just because a vaccine shows promise doesn't mean that that epidemic is going to go away clearly this is going to be with us for many months and, unfortunately, maybe for another year even from now so it's not like you can just blow the all clear and say everything is going to be fine however, just because things aren't going to improve immediately doesn't mean that those stocks that have been beaten down don't have an opportunity to come back to where they were before look at the earnings depressed throughout the final lockdown pier yes, it's possible we go through some type of lockdown scenario again. i wouldn't necessarily say that we're going to go through the same lockdown as this spring hey the lost governors will resist that and even as governors who were favor the first time want to do it

differently where we saw a broad brush across the entire state. now you're like him to see countywide shutdowns, if any, or you're likely to see it happen in just less of a capacity as it did in the previous times. i wouldn't say that necessarily hurts the investment thesis, but you're right, it could make it a little bit harder. won't be a straight line up from where we ended earlier this year. >> and let me, dan, turn to you and goldman is echoing that today in their daily econ -- their kind of daily macro note saying, look, we're seeing open table data from early noce showing a larger did i klein in indoor dining activity in the states with the higher case growths. we are, in other words, seeing the economy get hit where covid is getting worse tell me kind of what your advice would be for investors throughout this period where we know there's a magic bullet vaccine around the corner but in the meantime we'll see potentially a small rerun of

what we saw in march, aren't we? >> i think you're right, kelly and the fact that the election is over doesn't mean it magically disappears this is a real company and the companies hurting had the most have having to do with leisure, have anything to do with outdoor dining, cruising, any kind of recreation, arenas, sports, et cetera, if you have any type of crowd gathering and that crowd gathering dictates your earnings and your revenue you're not in a good position and stocks are reflecting that. a lot of other areas investors will have to go to to rotate there's certainly nice ones in the e opening trade. when that happens, people are starting to fish there and nibble off you have a lot of area, especially, i don't know, there's a big contrast with regards to what people feel about energy now is the time to go in we're only down 10% from where we were pre-covid. down 40 and now we're only done ten and a lot of companies out there severely discounted to

that price so i think investors can start that transition and the best place for our investors is to go to places with high dividend plays because these will give you in a zero interest rate cash flow. >> so you have things that you would recommend to people and are you concerned that we'll see as we saw in the spring the dividend players underperform the market during the selloff? you know, again, if we go through a small redux of those again, will that be enough to offset double-digit declines >> as an investor what they have to do is look through that because trying to predict what you have in an individual volatility in a short period offtime as we know is almost impossible so what i want to do is hedge my bet. be in a number of stocks that we

mentioned, most of our favorites, trading at between 9%, so.5% multiples so certainly the value is there, and if i can get literally yields only be taxes at 20% and there are yields that are averaging 6%, 7% on many of these companies, it's just a great way for me to ride this out we've already seen maybe it's a false start, but we've seen investors wanting to push more towards the value envelope just because of what we see in valuations, and i think people will -- like we're doing, take some profits off the table for tech, some of that rotation and if i can get a good cash flow. it's a nice time to put your toe in the water for that. >> understanding if we don't go through the scenario i was describing. >> reporter: we were just talking about the covid. let's get the layette. the case count continues to

climb with texas alone with more than a million cases meg drill is here with more at this hour. meg? >> reporter: we're really in a new bar in terms of it case numbers we're seeing in covid right now. every day since november 4th we've seen more than 100,000 new cases every day in this country, 103,000, the day we closed the is million milestone today seeing is 30,000 new single day record and the rate of growth is still accelerating. that is at 119,000 cases per day. look at hospital ices as well. you were talking about scott gotlieb's tweet about that yesterday 2.8 more people were hospitalized and that's the most in one day 62,000 people in the hospital right now. we're looking at levels when you look at deaths that now we haven't seen since mid-august.

more than 1. -- 1,300 yesterday in the united states, so, kelly, it's a bad situation let's look at the hot spots. the areas where things grew the fastest, iowa, north carolina, wisconsin and imknow really, we're seeing the case cote everywhere and you're seeing health experts worry because back in the spring and or the couple ker could shift resarsed if you needed to, when when fenway park cut out to -- to take all of these patients >> y i recall i was doing agrass roots fwrm we have tents and we have extra ways of creating space

do you know if that's the case for a lot of these other places, and if that's kind of a safety value here >> you request swing you can get more stuff but you can't get nurses and doctors and that's the nom. >> great point meg, thank you. coming up is positive news on the covid-19 vaccine enough to push retail through the tough holiday -- plus a potential crackdown. why investors are so scared and what it could mean for u.s. tech giants sigh with us right here. before we talk about tax-smart investing, what's new? -audrey's expecting... -twins!

♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

welcome back 2020 has been a wild ride for retail after getting slammed at the beginning of the pandemic, the s&p retail etf is now up nearly 95% from the march lows, and names benefitting from stay at home, especially athleisure and casual wear. lululemon is up 160% over the past eight months and dick's sporting goods is up 285% off of its lows, but with the

potentially viable vaccine in sight, my next guest says some of this year's darlings are now at risk. let's welcome in the managing director and senior analyst at wells fargo securities ike, before we talk vaccine, does a day like today with all of the concerns about the spread of covid make you think it doesn't matter that we have this positivevaccine news in the meantime it's going to be rough out there. >> yeah, no. thanks, kelly. it's going to be rough in the near term. look what's happening in the united states, but look overseas a. there's shutdowns and lockdowns going on in europe, so absolute lit near term is going to be tough, but i think investors are looking past that at this point. now that you've got some kind of clear path to vaccine distribution, it really helps investors look at my space which has really underperformed this year in terms of opportunity for recovery next year remember, you cited some statistics just now. the xrt is up 20% since the covid, you know, covid really began a problem in february, but

my group, the consumer discretionary group which is more soft lines, is down 20% so you've had e-commerce names up triple digits. you've had the essential retailers, the home retailers, think wayfair and think home depot have done great, but the majority my space is down and down a lot so i think that's how you have to start thinking about recovery into '21. >> fair enough i think, again, to kind of frame this in the big picture way. your advice to investors is stick with the rotation. stick with the vaccine news. stick with what we think and hope we're going to know about 2021 and if that's the case you're actually saying annoyed names like lululemon that have been one of the most loved names this year and one of the big winners and maybe start to look at the names like t.j. maxx and alta can you flush that out a little bit. >> yeah. look at a name like lulu it's up a lot, up 35% to 40% a day. really quality names like tjx

and alta markets leaders down 20, it 25, lulu plays exactly what worked into 2020. it was a covid winner in the sense it's high commerce, a lot of commerce and a lot of athleisure with yoga pants on. i think next year it's going to be a shift think about handbags, wear to work, think about evening wear, and so all that stuff really plays into this. lulu's multiple has gone up 15 turns during covid tjx and ross stores have gone down five to eight turns to put that in perspective. i really think my group will be all about mean reversion the next six month. >> are you saying i can't wear these awesome adidas slides when i get back to the office i don't even know what that is like anymore high-heeled shoes. what are the other names that

you think people should definitely pick up here, and how much might they have to stomach as we move through the next couple of years in terms of selloffs are these names that people should buy today or do they wait for the next city or state that comes forward and says, hey, you know, we're shutting it down >> look. it's hard for us we have 12 month view. hard to may the day-to-day and week-to-week and covid case news, but i absolutely think when we talk to our investors and clients we are explaining that they should be positioned for recovery, and the way to be positioned tore recovery is to go more into those names that are flagged in 2020 and are set up for a reopening into '21. think about the market share is going to shift from e-commerce to stores. that hasn't happened in 20 years. that's going to happen in a big way next year. certain categories will come back with a vengeance. again, we talked about handbags and where to work and names that carry those characteristics are

very cheap right now on the other side we talk about e-commerce names or lulu or some of the other athletic names. they are not only going to see less upside and their multiples are peaked out not that lulu is a bad business. it's a great business and a great brand but there's more upside in other names in the space. >> and that's even if there's some people who permanently or semi-permanent lip work from home >> i think so because i think it's all about second derivative right now. not like you're trying to buy a lot of the recovery names that we're talking about. even a normalized valuation, valuation does matter. these stocks are still very cheap relative to a normal economy, so the other thing that's interesting that we should talk about is things like savings rate that's double what it was pre-covid. people are sitting on discretionary dollars and i think you'll start to see those come out, and those dollars, not that people will stop wearing

adidas sneakers and yoga pants from lulu there's other categories that have lagged because people have not bought those other categories for 12 or six months. >> fair enough we really appreciate the specificity on all of thee plays. thanks so much for joining us. >> thanks, kelly coming up, dividend payers underperform the market during the decline, but one strategist says they are now poised to take off. we'll tell you why and how best to play them plus, one sector that's rallied 25% in a week and investors reversing are course today all those details ahead. don't forget you can watch up live on the go cnbc app. "the exchange" is back in a couple at calvert, we know responsible investing is hard.

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welcome back to "the exchange." let's get a check on the markets right now. the dow high was 172 points today but we've halved that, the s&p is up nearly 1% and the nasdaq is rebounding nearly 2% today, and that tells you it's technology, discretionary and real estate in the leadership for the sectors today. materials and energy, those are your biggest laggards. here are some of the individual movers this hour data dog sharply lower despite beating on earnings and ref new. jpm downgrading the stocks to overweight citing valuation concerns ddog down 11%. still, it's up is 50% since the march lows shares of are on an upgrade on expectations that yelp will

recover faster than the broader travel industry. yelp up 1% today and shares of fair isaac, the maker of the fico credit score, beat on top and bottom lines and higher mortgage generation was one of the pops today let's get to sue herera for our cnbc news update. >> here's what's happening at this hour. take a look at this. this pretty picture is what eta looks like up close. in video shot at sunset by airborne government storm hunters over the gulf of mexico. this is what it looks like on a ground on a florida d.o.t. traffic camera showing the sunshine skyway bridge which crosses over the lower tampa bay. it's been closed due to high winds even thought the storm is more than 100 miles away as a result, there is a life-threatening storm surge warning for a long stretch of florida's west coast with eta which has weakened slightly to a tropical storm expect it to move closer to the southwest coastline tonight

before coming ashore somewhere around tampa tomorrow. and the u.n.'s atomic energy agency reports in a confidential document seen by the a.p. that iran continues to increase its stockpile of low enriched uranium, well beyond the limits of the international deal abandoned by the united states you are up to date that's the news update, kell back to you. >> all right sue, thank you very much sue herera. investor money has been flowing back into commercial real estate plays this week giving the reit sector a huge boost though that's on pause today but take a look at kimko realty, the stock up big still playses a big dividend realty trust up 23% over the past week. it's upped pressure today, but it still pays a dividend of about 4.5%, and finally regency centers, ticker reg, investors

flocking to this one during the rotation it's getting hit as well today, dividend over 5% investors torn between the positive vaccine news and the rick of more shutdowns as covid spreads in the meantime. let's get a trip on plantier, investors cheering the election outcome and likelihood of a divided government saying the company won't have to worry aboutries dupgs to any of its government contracts and we'll learn more as they post their first results as a public company after the bell tomorrow. office real estate record and chipotle going fully digital that just ahead after we come back from this quick break ♪ ♪

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♪ heart monitors that let your doctor watch over you, just like you watch over your best friend. another life-changing technology from abbott, so you don't wait for life. you live it. welcome back to rapid fire let's catch you up on a few stories that should be on your radar today. here to break down the headlines are deidre bosa and dominic chu and seema mody we love when rapid fire comes back it's like a sense of normalcy. alibaba, a mixed celebration

today with sales doubled to $56 billion, a bigger tally than black friday here, but new chinese regulatory concerns have hammered baba and other tech giants this week taking out more than a quarter trillion dollars a of market value. der dhra, i don't see what investors are so concerned about. looking through the stories, i see a lot of talk about algorithms, and i don't know that that's kind of it what am i missing? >> do you mean evidence of sort of monopolistic power, that sort of what you think is maybe they might have a hard time pinning down i don't know, kelly. the numbers over there are just so much larger than anything we're used to here we talk about wechat, alibaba and metuan, jd.com and in the case of we chat a billion users. the chinese government may have to prove, they may just do what they want, are monopolies but it

could hurt you look at alibaba and kencent, two major ambitions in cloud and they are going faster than even our cloud companies. this represents a huge front yes, huge growth for them, so i can kind of understand why investors are worried. also, think about what we've gone through here, right our regulators and lawmakers are looking for evidence of antitrust, of monopolistic powers from our tech companies they have to prove it first. the fear is that in china they don't have to prove anything they can do whatever they want as we saw. >> exactly l.dom, to me the ant group story, saga, whatever you want to call it, i mean, that's where if i were an investor and thinking about my operations in china, that's where i would be concerned. they take the biggest ipo ever and basically shelf it and yesterday they were letting had people sell their shares even without -- i mean, the heavy-handed treatment is pretty shocking and -- and, you know, kind of amateurish, but at the same time they are the ones in charge they can literally do whatever

they want. my point is the hand lind of ant group a signal of how china wields its regulatory power, each more so than any concerns it might have about the size of its or monopolistic behavior of its largest company? >> here's a take for you actually maybe not amateuristic, right, it's actually professional and the reason i say this is china is still regarded by many people, even though it's the second biggest economy in the world as an emerging market. each though it's second biggest out there, what can you look at with regard to the and group situation, the overregulation of this perhaps move here with chinese big tech is they are signaling the government to the markets there and everybody else out there in the world that they are a mature economy with a government that can regulate some of these runaway typeps can. deidre brought up the point in the u.s. where we're targeting the big tech companies as well maybe this is a way that china is showing everybody that we're doing the same thing we feel as though this is going to be a huge issue for a lot of

investors going forward, the dominance of big technology. remember, when it comes to super computer and technology it's china versus the u.s. and this is maybe china's way of showing that they will try to play on the same level as the united states is. >> kelly, the shift is notable, right, because these were the tech darlings, a and over the last year the government rolling out restrictions and there's so much concern about who is in charge the datesa and lens that they have into customer data, that's certainly a concern here. >> seema, you don't think they shoot themselves in the foot, right? the whole narrative about the u.s. going after the big tech giants, a big piece of the criticism would be why would we shoot ourselves in the foot and why would china do anything to undermine the companies

? look at deidre's interview earli earlier and we love alibaba, that's the point china won't undermine its advantage there, right >> such a revealing interview that deidre had in the last hour and in a way china is trying to strike a balance of creating a framework for these companies to operate in so they don't stun growth for some of the new companies that are coming in by the way, here's another hot take not all the regulation that china sim posing is bad, yeah. i will say it. the video game restrictions they put in place because they were concerned about the chinese getting addicted to video games during the pandemic. put in these restrictions to help with mental health. who knows if that actually is working. >> thank you. >> i thought that was an interesting one to put in place. >> why weren't we doing that here in the u.s. >> thank you, seema, so important to note that not all of these restrictions are bad especially when it comes to ant group and people getting credit that should be maybe getting

question look at jaccoma's comments about the banking system that may be a reason why they are trying to rein in these companies because they have gotten so big and can't control them anymore >> the government wants to make sure they are the -- saw that with ant and might be seeing that again let's left on as i want a piece of the food delivery guy kind of sell like a dig at uber i guess. shares are both taging, they are up 40% and 60% after at pass am of prop 22 in california allowing them to keep workers as independent contractors. since january you can see lyft continues to trail it's down 13%, dom, while uber is up nearly 60% what do you make of it >> so the economics here are going to be key, right, so the thing that i've heard from many small business owners, pes legs inthe restaurant side of things

is how onerous the fee structure is, especially when it comes to companies like uber or post mates or grubhub, any of those delivery type of companies for uber or lyft, this will be a huge experiment as to whether or not there's a real future economically speaking, investor speak, for food delivery in the wake of an idea that you're not going to have ridership kind of driving the main crux of these particular companies going forward. if lyft can somehow make inroads here, the growth trajectory there could be big because it's right now nonexistent and underappreciate there had so when it comes to irish versus lyft, the food delivery thing could be a paradigm shipmenter as long as at pandemic contains or continues on it current trajectory of limiting a lot of the restaurant exposure for in-person dining >> no, it's a good point all dedrag, i wonder in the long run

if this is going to be a profitable endeavor for them a struggle for uber pre-pandemic how much capital does lyft want to throw at a very limited space? >> what a difference a year makes. remember when investors wanted a path to financial displanned these companies were the worst offenders burping through billions of year uber burned through $1 billion last year alone. food delivery is severely unpopular. ride-sharing is now getting there, but now both of them are going out and pushing further into these unprofitable very, very competitive industries. i just can't believe we're sitting here talking about growth at all costs once again after, you know, everything that we talked about last year, unbridled growth, growth at all costs, certainly has changed, and maybe it bodes well for jordache's upcoming ipo. >> that's true, and the fact

that investors are rewarding them for it but not punning them for that today. topic three, there's a sly and demand problems in many offices. peter grant, my own company. glut is biggest in san francisco, los angeles county and this is the highest marmg in california since 2005. i -- there's been a lot of stories in the new york city about how you can -- i'm thinking someone come in optimistic and sublease that back out at a higher rate. is there anine year where they are trying to get more tennants

in and this piece of value sheds right on the growing distweekt between the realtime data you just laid out and what we're seeing on wall street, optimism around a vaccine sending all the office reits up 25% so far this week and this data is showing that they are really in a lot of trouble right now trying to figure out how to fill up these empty offices, and you take a look at a market like new york coming into the pandemic oversupplied, not just when comes to offices, but commercial real estate, a hotels and well, and now with hudson just increasing that number, certainly a challenging market going for a. >> yeah. seema, the shopping mal nearer eye parents was n--

>> distressed buying in general, and i think you're seeing simon properties, among other players look at these types of opportunities who had that money to put to work because you can't put up a good deal in this environment. >> before i let you go, did anybody else obviously think we work when they saw the story, talking about the ash straj story about subleasing i'm just worried about or thinking about what it means and maybe this is an opportunity for someone out there. >> yeah. we'll bring back wework and quickie and the list began o >> chipotle -- after it its onsales, tripled in the latest location first location with the new design in new york you can see the sign there the digital kitchen. there's no ordering line

customers have to. now, dom, this is an obvious move that makes a ton of advance, and i'm thinking about all the people that can't use this location, other people or people who aren't tech savvy or you name it. remember all the and all these cities passing rules saying you can't be cashless. is chipotle different because they are so discretionary or does it make it obvious because it will segment out a certain part of the population >> the regulations and laws will have to try to play catchup a little bit with what's happening right now. yes, i'm very sympathetic to those situations like you said. you don't want to close off your doors to folks out there, but as long as chipotle still keeps physical restaurant type of locations where you can actually still go and order and wait in

the lane and do whatever you're going to do. that's fantastic i've done a lot of -- when i go specifically that you there there and are waiting in -- hey, this could be a fantastic move i want tab i'll being to in there, get a water, my my rice chicken versus steak, you ronald -- and why that makes it seamless on chipotle. >> thanks so much for this edition of "rapid fire." still ahead, dividend names are getting hammered this year, but the tide may be turn according to one strategist. the bright lights of broadway have been dimmed for eight

months now and no shows means no health iurce fnsanrom actors we'll hear from a tony nominee about the shutdown just ahead. for over 30 years, lexus has been celebrating driveway moments. here's to one more, the lexus december to remember sales event. lease the 2021 rx 350 for $419 a month for 36 months and we'll make your first month's payment. experience amazing at your lexus dealer.

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you can rely on the people and the network of at&t... to help keep your business connected. welcome back moments ago new york governor andrew cuomo saying bars, restaurants and gyms will now close at 10:00 p.m that will start on friday as covid cases are on the rise again, and it doesn't bode well for broadway which has been dark since march. for an increasing number of broadway actors, it doesn't mean they are out of a job, they are also out of health insurance leslie picker is here with that story with one person in particular. >> that's right, kelly millions of americans have forfeited their employer-sponsorled health insurance after losing their jobs in the pandemic this is a crisis that has hit the broadway community particularly hard. we took a look at how the shutdown is impacting health care on the great white way.

it was just last year that kaitlin kinnon was performing on broadway snows it's time to dance ♪ >> that role earning her a tone nomination and now the 28-year-old is living at home with per parents the coronavirus pandemic forcing all broadway theaters to close leaving thousands out of work. now she faces a new threat, losing her health insurance. >> i'm out of work as an actor i don't have that kind of money so insurance is v-e important. >> reporter: if you are on broadway, you're part of a union that guarantees health insurance only if you work a certain number of weeks each year. and with theaters dark until at least next summer the head of the union says that up to 300 members are lose coverage every month. >> you don't necessarily need to be a first class mathlete to understand that people will fall off and they won't be able to requalify. >> kinnanun has built up enough

weeks to keep her insurance until april. >> if i didn't have insurance, my health care costs would be insurmountable it's not just like oh, i'm spending money on things that make my life easier. no, it's i'm spending this money on things that truly keep me alive. >> she is a type one diabetic and says her doctors have finetuned a health regimen over many years when she loses her insurance, she will pursue a marketplace plan through the affordable care act assuming the aca is still in place. on tuesday the supreme court heard arguments in a case looking to overturn the law. even on a marketplace plan, she says her coverage will likely change >> i'll have to start over from scratch and that's really scary. >> reporter: in the meantime, the coffers of her union's health plan are running dry. before covid hit, it had $120 million in reserves. it's forecasting the reserves could be down to $30 million before broadway reopens.

>> i think it's hard to describe how terrified people are how desperate they are feeling. >> reporter: for kinnonun the uncertainty over health care has made her rethink her career in theater but to her it's her calling. >> it's important to us, so to ask just go do something else. it's not that easy it hurts the. >> now the actors' equity union is looking for a cobra subsidy to be included in the next package allowing members to maintain their health insurance without paying the $1,000 a month fee that cobra currently requires as we've discussed many times on our network, that still remains in limbo kell >> and another reason, something else to have on our minds as we think about the negotiations a heartbreaking synopsis of what many people are dealing with and in this case, leslie, there's

side hustles a lot of people had to make to make money to sort of supplement what they were doing as actors and the very things, you know, waiting tables, driving uber, whatever it is, i would imagine that's become a lot more challenging, too. >> yeah. we spoke with dozens of actors and people in the broadway community who have, who has, as mentioned, lost their side hustle as well so it's increasingly difficult for them to make money in this current environment. some of them have turned to -- she's turned to teaching classes, voice classes and theatrical classes online. it still doesn't quite make up the difference from what she was earning as a professional actor. others are turning to things like nannying or serving as a trainer. again, it's just not the same for people who really see this as a calling and being on broadway and working in that community. >> absolutely. leslie, thanks for bringing us that story. still ahead, the pandemic has been weighing on dividend

stocks and dividend payer oversold compared at the highest level in a decade. are they poised for a comeback we'll tell you what to look for after this break at fidelity, you'll work with an advisor

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welcome back to "the exchange." in times of crisis, dividend stocks usually outperform. not this year. payers are down 40%, not payers, 30%. this has continued during the market rebound my next guest says the trend is about to change. here to explain is chief u.s. strategist at ned davis research it's good to have you. make your case >> i think there's a couple things going on here number one, the number of stocks are cutting dividends has appeared to peak that usually peaks around the end of recession, which most in congress think are happening also the part of the cycle, once you get seven, eight months into a bull market, that's when you normally get to a phase where the dividend paying stocks start to outperform again, whereas the beginning phase is really about high beta names and mean reversion. and then what happened before during the bear market is that a

lot of the dividend-paying stocks, they underperformed then you combine that all together and you have dividend payers that are the most oversold versus nonpayers than they have been in the last decade. it's a really good combination of where we are in the economic cycle, the stock market cycle and then a technical mean reversion play as well >> is it just almost a coincidence, ed, because the sectors that have been hit really hard in the pandemic tend to be the more dividend-paying sectors? in other words, you think about the financials and energy and things like that is it so much that it's because of the dividend or just happenstance what does that tell us, again, if they're poised to do well further on in the rebound? is that because these are named well geared to the reopening >> yeah. so, whatever you're looking at, that historical cycle, you definitely need to look at what it means for this cycle. and some of those sectors that you alluded to certainly would

benefit from a reopening and that's probably over the next several months the bigger question in terms of dividend payers outperforming as a group versus nonpayers, if you get the reopening and you get those oversold sectors doing well but once you move past that, that's when i think maybe the transition should be to some of the more historically traditional dividend sectors like consumer staples or maybe even utilities as the bull market matures. >> can you give me a quick name? >> unfortunately we can't talk about individual names but i think when you're talking of the near term, we would prefer the industrial sector, versus, say, the energy sector because we want to focus on balance sheets in particular, deck equity ratio or cash flows, those are really good factors that do well at this point in the cycle. and not to say there couldn't be

some good energy names or financial names that fit that bill, but you're probably going to find some better -- some easier pickings in the industrials and material spaces. >> interesting history would say maybe even with rising rates they could do well for this phase of the recovery ed, thanks so much for joining us that does it for "the exchange." stick around for "power lunch. the dean of stanford university medicine school will discuss the ongoing vaccine and surgery of covid cases right after this quick break. 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

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