>> iff, recovering from a missed quarter. >> jon najarian. >> park hotels, phk, i bought it during the show. >> we're at the lows of the session. we just showed you the dow was down by a little more than 300 points value upset yet again today. that does it for us. "the exchange" begins now. >> thank you, scott. hi, everybody. i'm kelly evans and here's what's ahead this hour the markets are hitting new records this week. the same week that covid is with record cases and hospitalizations how long can this disconnect last we are going to dig into dha the covid spike is straining medical resources, especially in the south. what happens now we'll talk that over with one of the ceo of the biggest hospital systems in texas. bitcoin is higher, disney in the queue and the tax from working from home. records this week, dom, but definitely a pause today

>> it's a pause to start the day. we were mixed in the markets, but as you can see now, we're decidedly to the downside. led lower by losses in the industrials. near the session lows right now. at the highs of the day we were still down 86 and down 354 points roughly at the low. tilting towards that way right now. the s&p down by 1% 3537 the level there the nasdaq outperforming, only down by 0.50 of 1% the key performer, an underperformer in 2020 but an outperformer over the last few weeks. that's the banking sector, financials interest rates playing a part of that story look at the big surge we've seen just since the ends of september up to the highs we saw a week or so ago, we're talking about 45% gains for this particular etf that tracks the regional banksz. we're off 6% from those levels here watch the regional banks the economic recovery playing

out in financials like that. check out facebook, alphabet and pinterest. some outperformers on a relative basis today. why? morgan stanley analysts are out with a note saying they could see the digital advertising market grow markedly not just this year but next year in 2021 as well. those poised to outperform are facebook, alphabet and pinterest. watch the communication services stock, perhaps the reason the nasdaq is outperforming today, kelly. over to you. >> that's amazing. the regional banks are up 45% from their lows. that's huge. >> it's massive. and not just the lows from earlier this year. we're talking about the lows that we saw just back in september, around september 24th that's how markedly people have been playing this recovery story, especially with the banks, kel. >> yeah. dom, we'll see you in a bit. the dow and the s&p are just below the record highs they set earlier this week. this whole rally that dom was talking about as well came even

as our nation has also been setting a record for daily virus cases and hospitalizations is the mix sustainable here to discuss the disconnect, jeff mortimor. gina, this is an important question to ask. you can say, sure, the market is down -- the dow is down a couple hundred, talking maybe 1%. its resilience is the story. what do you think explains it in the wake of the hospitalization count, especially on the covid front. soon the death count ticking back toward record highs. >> i think the markets immediately thought this would be a temporary phenomenon. covid would have some, you know, disruptive impacts but those impacts would be more or less temporary. and i think as this second wave starts to hit, we're starting to really challenge those assumptions. some of these impacts are going to be more than temporary, at

least medium term if not long term even with a vaccine potentially coming, we still have to revisit how we think about pricing right now. we've let prices, pes, get really high, assuming eventually earnings would come back if earnings don't come back, then pes have to adjust. >> jeff, listen, i mean, we all can look ahead into 2021 and see the prospect of a vaccine, hopefully moderna's news is near as good as pfizer's was, but we can see that positive scenario we just aren't there yet what happens in the meantime are you concerned we'll see more officials in more states pursue even just targeted restrictions, you know, targeted dining and using gyms and those kinds of restrictions and that people will voluntarily restrict their movement as well in the way that could slow the economy and, perhaps, slow the market >> the i don't think we're in for the general lockdowns we faced in february and march of

this year. but i certainly think a targeted slowdown or shutdowns or mandates will be in our future, unfortunately. we know more about the virus today than we did back then. and certainly the impact that the generic shutdowns has on economic recovery can be substantial. but i think we have to prepare ourselves for a difficult winter, potentially, in the u.s. especially in the northern portions of our country. certainly a vaccine is all good news better therapeutics are all good news but i think what you're seeing this week may be a microcosm of good news on a vaccine leads you to value stocks because value stocks do well when the economy is surprisingly strong and a vaccine has the ability to turn that switch immediately and yet you're seeing days like today, oh, wait a minute, even with a vaccine it may take a little longer and we may face a difficult winter the advice we're giving to our

clients is make sure you don't get over your skis too much on those growth assets because eventually we think strong economic growth is coming but probably some choppiness in the near term before we get there. >> if you both can hold on for a moment we had 30-year debt going up for auction at the top of the hour given interest rates earlier we want to bring rick santelli in the ten-year this week you gave a d-plus, so not great how did the 30-year go >> barely better i gave it a charlie minus, c-minus, and i was in a good mood today these auctions aren't going very well, especially today considering that yields are starting to move up. the resistance is clear to make it through 175 on a 30-year. let's go through it quickly. the yield at the dutch auction, 1.68 that was higher than the one issued was traded so a little demerit for that 2.29 bid the cover a little light, 61.9, a little light on

indirect where it excelled was 16.9 on direct bidders 21% of the stock goes to primary dealers. when we look at these indirect bidders on the light side, it's not a big issue as it was with 10s but there's your foreigners, we want them to pay attention to foreign central banks and hedge funds, which are more direct i gave this a charlie-minus for good reason. it's going against the grain many traders are looking to be buying some of this rally that's starting to ensue in treasuries but they're not showing up at the auction. kelly, back to you >> fair enough, rick did the comments from powell move the needle one way or the other for the market >> they really didn't. they really didn't listen, we all want to know what chairman powell has to say of course, he's holding all the levers pretty much his comments shouldn't be shocking in any way. i still contend when the vaccine

comes, feds will have their hands full trying to keep up with the economy coming back at a time where we have many issues regarding supply satisfying big demand >> rick, thank you rick santelli with the auction results. gina, anything you'd add on that front? my closing question to you would be, what happens to a market if one of the officials in a highly populated states comes out tomorrow and says some version of, we're going back not to a full shutdown, but something like it. how many down points would that be worth >> well, be i mean, kelly, i don't think -- i agree that i think a full lockdown is unlikely, but i think the bigger risk isn't the announcements, it's that people will voluntarily restrict their movements and that will hold down the economy regardless of what announcement is made tomorrow i think you can't avoid it with the numbers coming out the way

they are we are going to see a slowdown and we'll see it at a time when we have no fiscal package on the table. so, no ability to help people float through what is going to be another very difficult time small businesses, individuals and corporations this is going to be harder than the last time because there will be no buffer >> well, i have to leave it there for now. apologies. thank you both we appreciate it today let's turn to housing now. two potential bright spots that we're seeing here. robert frank is looking at one in the manhattan real estate market diana olick is looking at another with vacations, and especially multigenerational properties diana, let's start with you. >> well, kelly, in the new work and school from anywhere culture, it should come as no surprise that people are choosing to do that from the spots they generally vacation. sales of vacation homes are soaring and we have a look at the hottest spots, according to redfin lake tahoe comes in at the top

of the list with sales up 80% through the third quarter of this year compared with a year ago. then the area around bend, oregon, the jersey shore, cape cod and bridgeport, connecticut. sales up in some of those places up 50%, over 80% the transplants are coming generally from san francisco, new york city and boston regardless of where people are now buying, they're buying big sales of multigenerational homes, that's homes with often second kitchens and entrances. no surprise between vacation homes and larger homes people are paying much more. the average sale price, about $70,000 higher during the pandemic believe it or not, 5% of all the buyers who bought homes during this time, never set foot in the house, never saw it. kelly? >> i believe that, actually.

one be thing we learned in our own home search are the ones that looked best online looked worse in person. a word of caution. you've got the vaccine news, you have interest rates on the rebound a little bit so that means mortgage rates on the rebound. the glimmer of hope that robert is about to discuss, in the urban markets because there's such bargain shopping going on, could all of that actually slow the housing market the expectations are still pretty high going into 2021 right now. >> yeah, look, demand is still very strong. that's just because of demographics of the millenials getting into the age where they buy homes. there may be a slight pullback realtor.com reported around the election there was a slight pullback in home sales and a definite in listings it's the mortgage rates going higher that's going to hurt this market if anything we might see a slight pullback as people say, maybe i don't

need quite that much home, maybe i won't be working from home next year, but there's still going to be very strong demand. >> diana, appreciate it. thank you very much, diana olick. let's get to robert frank with some surprising good news on the manhattan rental market. what's going on, robert? >> kelly, you put it well. a small glimmer of hope for a market that really needs it. new rentals in manhattan increasing 33% in october. that's the first increase in over a year. brokers say the fall in prices are finally starting to lure young renters back to the city rental prices falling by 19% that's a record drop and landlords are offering two months of free rent as an incentive. the average rent paid about $2900 a month. also good news on the sales side as well, sales contracts between november 1st and november 11th that includes the election news and that vaccine news. that increased 21% that marked the first year over year increase since the pandemic in march

now, manhattan has a really long climb back here, guys. there were 16,000 unrented apartments in october. that was a record. the vacancy rate in manhattan is normally about 2%, now over 6% you add in the potential rise in cases, the huge supply of real estate that's expected to come online this year and next in manhattan, and any comeback is likely to be very slow now, just for an example, this 2,000 square foot three-bedroom in the financial district was listed for $14,000 a month now down to $10,000 a month. but there are over 25 other apartments for rent in this same building, kelly. that just gives you a sense of even with a 19% decline in rent prices, there's still a lot of supply and a lot of choice for renters and buyers >> yeah, the new york post features millenials who can now live alone in the city because rents have dropped

that's how tight the market usually is are we seeing a similar rebound effect, robert, on the purchasing side of things? so, the rentals we're seeing a rebound, but what about on purchases? >> it's interesting. rentals are two-thirds of the market in manhattan, so the sales side is smaller and slower and surprises have fallen 19% to the rental side. on the sales side they have only fallen between 5% and 10%. what you have there is a game of chicken where sellers have not lowered prices enough yet to lure buyers back into the sales market we'll just have to see whether the sellers finally capitulate in the coming months but not really a sign of strength in the sales side we're seeing on the rental side quite yet. >> that's shocking, that prices have only adjusted that much that's absolutely the area to watch. robert, thank you. the dow was at the lows of the session, down 370, almost

400 points we'll have more on the markets. is bitcoin hitting the highest since 2018 stan miller both supporting it on the show. is the sky the limit now we'll explore. covid cases are rising everywhere, especially in the south. we'll speak with the ceo of one of the largest hospital systems in texas to see how well their health care system can handle the spike and if more restrictions are needed. >> announcer: this is "the exchange" on cnbc.

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welcome back covid has been spreading rapidly across the country with a record 142,000 new cases reported since yesterday. the u.s. at 10 million cases, 1.3 million just this month and nearly 65,000 people are currently hospitalized one of the hardest hit states has been texas it's the first to top a million cases, now 10,000 cases each day. joining me is dr. calendar, president and ceo of herman memorial health system, the largest in houston and one of the largest in texas doctor, can you put this in context? obviously a high population case will have the highest number of cases at some point, but why do you think this spike is happening now? >> well, we're actually seeing the infection move around the

state differentially what i mean by that is those areas that were initially spared the higher infection rates are now seeing those areas like houston which saw a high infection rate back in the summer have a lower overall rate probably the principle reason for that is experience with the virus drives behavior. those communities that have seen higher infection rates are more likely to wear masks, maintain appropriate social distancing and wash their hands so, we believe right now that the higher rates being experienced around some parts of our state are mostly related - >> the spring, when we had the lockdowns, the entire point was to flatten the curve and not overwhelm our national health care system all at once. as we look now to the situation you're describing in texas, do measures to flatten the curve need to be taken again by state officials? are you saying that people's

kind of own response is sufficient to keep this from spiking further? it feels like we're in the middle of this the numbers are only going to keep climbing here in the next weeks, to say the least. >> well, again, we think that experience tends to drive behavior we're certainly hearing reports that there's a higher rate of the population now in el paso that's wearing masks following the behavioral guidelines we recommend. we think that's the best approach as opposed to any additional lockdown measures we know we need to keep the economy going. in fact, during the period of lockdown back in the spring, we actually saw the health of our population suffer because people were unwilling or unable to come to our hospitals and clinics so, what we would really like to see is people willingly use these behavioral guidelines and help us stop or slow the transmission of the virus. >> and hopefully that's enough you know, how do you respond in the meantime so, like you said, you know, if

these are more rural hospitals, there's a lot of concern about getting more personnel there like we were talking about on the show yesterday there's only so many doctors and health care professionals to distribute when this is hitting so many different parts of the country at once. what are you seeing? how well are people coping with this surge and what happens if they get overreturn >> well, it's a huge problem in some of these communities. for example, el paso, which you mentioned earlier. they're stretched to their limits we certainly felt that same sort of stretch in houston and in dallas earlier in the year during the summer. and so it's a very uncomfortable feeling. as i said, the principle problem when we're at capacity or dealing with a large surge, is that people then are unwilling to come for care, are not able to come for care so, we want to avoid those as much as we can >> yeah quick final question there's been a lot of talk about how the pfizer vaccine needs to

be stored in incredibly low temperatures and a lot of rural hospitals may not have those resources. is that a problem you think we can solve by the time it's widely distributed or is this something we need to be ringing the alarm bells about right now? >> no, i think we can solve that problem. we've known for some time that these vaccines require ultracold storage and special arrangements for transportation as well as distribution and administration. we're not particularly worried here about those conditional requirements for managing the vaccines we think we can handle those. >> hopefully we get to that point sooner than later. doctor, thank you for joining me today. >> thank you have a good day. >> coming up, disney is reporting earnings this afternoon with all eyes on its streaming strategy stock is up 12% this month can they deliver on expectations we'll explore that

deutsche bank proposes a tax for those that work at home. "the exchange" is back in two minutes. ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. 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,

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and the nasdaq is down 91. all sectors are in the red financials and materials are the biggest laggards so we still have that anti-rotation feel here are some individual movers. shares of vroom are lower. their currentquarter guidance came below expectation shares are down 10%. sally beauty is lower on a revenue miss declining sales due to salon shutdowns in california, one of the headwinds for them also down 10%. shares of fox are also taking a leg lower today. axios reporting president trump may be looking to start a digital media company to compete with the network and taking aim on twitter saying they forgot what made them successful. fox "a" shares are down 6% let's get to sue herera for a cnbc news update. >> hello here's what's happening at this hour a helicopter crash in egypt has killed eight international peacekeepers,

including six americans. another american peacekeeper is badly injured. they were on a routine mission monitoring the long-standing peace agreement between israel and ee dwigypt. new daily covid cases in the uk are up 46% just from yesterday, hitting more than 33,000 the highest tally since mass testing began. the uk is also the first european country to pass 50,000 deaths. long-time trump adviser corey lewandowski says he feels great after testing positive for covid. seen here at a news conference two days after the election has been involved in the trump campaign's efforts to challenge biden's victory. and today the president-elect is thank willing pope francis for, quote, extending blessings and congratulations in a phone call the two had. you are up to date i'll see you next hour back to you. >> sue, thank you very much. coming up, it's bitcoin's big bounce wall street bonuses won't be the

same in 2020 if you want to see a concert, ticketmaster wants to see i your covid test and it's all coming up in rapid fire. plus, the propane problem. the industry is seeing demand spike as outdoor dining becomes the norm and this mystery stock is benefiting. the ceo joins us. let's take a look at the laggards as we head to a break intel, mcdonald's, ibm and walgreens all weighing but in the range of 2 to 3% at fidelity, you'll work with an advisor to help you build a flexible wealth plan. you'll have access to tax-smart investing strategies, and with brokerage accounts online trades are commission free.

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call or visit welcome back let's catch you up on a few stories that should be on your radar today. it is time for rapid fire. here to take on the headlines, seema mody, michael santoli and leslie picker. welcome, everybody first up, bitcoin bulls rejoice. the cryptocurrency's price going back above $16,000 for the first time since january 2018. this time it has some big backers who believe in it. >> its staying power gets better every day. i think the risk of bitcoin

going to zero are much, much lower than they have ever been before. >> i have warmed up to the fact that bitcoin could be an asset class that has a value to millenials and the new west coast money. it's been around for 13 years, and with each passing day, it picks up more of its stabilization of a brand >> so, seema, i mean, and i should point out, bill mueller has supported bitcoin for a long, long time, but let me read this tweet from raul paul, the macro strategist who said, once you have somebody with the heft of druckenmiller, the world's greatest and most respected money manager saying he's long bitcoin, it can't be overstated. it has removed every obstacle for hedge fund or endowment to invest i wonder if that explains why people are piling in.

>> yeah, i think getting this head nod from well respected, well seasoned investors like stanley druckenmiller is what this industry has been craving for so many years. they're starting to warm up to the idea of bitcoin's prospects. however, kelly, the risks around fraud and theft, those have not gone away. the industry is still -- and the s.e.c. is still trying to figure out how to tackle those issues and i think that's something to keep in mind as we see bitcoin here surge, breaking above 16,000 >> michael, what would you add to that? i mean, it's tricky because we've seen so many of these things where they become, you know, hot commodities and then they more or less collapse i'm thinking about the cannabis stocks a few years ago, i'm thinking about bitcoin the way it felt around thanksgiving of 2017 all those kind of moments. the most interesting thing about this, it's more like tesla it's had its spike, come back and showing staying power. >> it's kind of an echo bubble

what are we getting excited about? that it's down 15% from three years ago when the stock market was up 50% are we excited the value i think it's if it's just -- it's a tradeable instrument. it's a quasi asset class we can say it has value and we'll treat it that way. there's a lot of things that exist in that world, in that realm. we have derivatives upon derivatives that trade massive amounts. it doesn't mean they need to have a purpose beyond that what i find fascinating is the conventional wisdom a few years ago is not bitcoin but the blockchain, the solution in terms of a problem and bitcoin is this speculative play thing, so have it >> i would also add one more thing, which is -- sorry, for

every stan druckenmiller out there touting the benefit or at least warming up to the benefit of bitcoin, you have ray dalia giving an interview saying he's worried governments might ban bitcoin. you definitely have this debate ongoing. it seems to be as heat as it was three years ago. >> the answer to my question, before i even asked it, because i was going to say, are we likely to see endowments and institutions line up next. i think that would suggest maybe we're not quite there yet and probably the bitcoin bulls would say, great, that means i can keep buying. moving along the pandemic is hitting wallets on wall street year-end bonuses are expected to decline this year. johnson and associate says retail and commercialer bankers will be hardest hit. investment bankers could see payments drop up to 20%. banks haven't done particularly well this year they're the second worst performing sector, down 14%. leslie, can you dig into this a little bit for us and explain

not so much just what's driving the declines, but bonuses have been -- it feels like they've been shrinking for a while now they certainly haven't gotten any bigger rel ty to where they were maybe a decade ago. i'm wondering about the implications for the economies that rely on them as well. >> it's a very good question you're right, they haven't grown in years at this point and an environment like this one in 2020 where you talk to traders, you talk to people who work at these various firms looking at lower bonuses in a year that, you know, by every stretch of the measure it seems like, you know, has been disappointing for people it's hard and it's hard when you're working from home and trying to do the same job you were once doing in an office at the end of the day, finance is a business. if you're not showing the performance that you had before, you're not going to get paid for that performance so, that's what you see in the hedge fund world that's what you see in the private equity world where the returns arecoming in lower. it's become a difficult market to trade and, therefore, people aren't getting paid in the way they

used to maybe ten years ago or so and so i think the question for people now is, okay, it's been several years of this. is this kind of the way things just are now should i be expecting these lower bonus levels or is there going to be some kind of inflection where things get better >> michael, would you answer that one way or the other? >> i do think the ceiling is lower. probably it's a little less of an eat what you kill, sink or swim type of environment maybe there's a little more predictability to it as a tradeoff this year, sales and trading, certain parts of wall street have done pretty well. and for those areas like, you know, parts of investment banking, not so much m&a advisory, but trading-oriented, capital market oriented jobs will do fine the crash happened at the perfect time of the year it happened in the first quarter and you've had this massive comeback and massive issuance move parts of the industry are doing fine there's no doubt that it's less of a bonanza than it used to be. >> yeah, i agree with you.

i thought maybe that would point towards at least some offset from the other parts of the business in decline. kind of to the same point, because there's a lot of trading going on on my street, a research team at deutsche bank is proposing a 5% work from home tax for people who want to continue working from home after the pandemic they're saying remote workers have higher than average incomes, the new tax could raise up to $48 billion a year in the u.s. seema, how do we categorize this it's not something that starts with a need and arrives at a way to get there it seems to start with a premise that work from home is unfair and, as a result, someone should pay up for that. >> yeah, exactly it's an interesting idea i guess that's what we can call it right now, a way to raise funds for those who don't have the luxury or the option to work from home. you know, i think of a construction worker, health

workers as well. but i think then you have to get into this idea that there's still a lot of folks who can't go into the office because of health issues or parenting demands. i think this is an idea that we'll likely face some pushback, given those certain circumstances. >> michael, what do you think? it's interesting i do agree with you that it starts as basically a remedy for perceived inequality as opposed to any other version of fairness but people who are working from home are a little bit less -- putting in less societal cost in terms of use of roads and all these other things that you kind of draw upon if you're going into the office every day. so, arguably, they're saving society money at some level. it seems redistributional as opposed to really having, you know, a basis in what things cost to the overall world. i will be awaiting seema's 5% because she's doing this from home today >> i have to pony up, seema has to pony up

leslie, you're exempt. >> thank you that's lunch money right there >> i'm also curious, before we move on, leslie, $48 billion is not a lot -- for example, if you look at the c.a.r.e.s. act or the scope of the ppp programs or something to that effect, i mean, there's still money left over from those that could be distributed into the economy 5%, i'm actually surprised it wouldn't raise more than that. >> i actually think it could raise less than that because they say this would only apply when working from home wasn't a government recommendation and it wouldn't apply to the self-employed or those on low incomes. you think, who's left? they say they'll tax the employer well, if your employer is being taxed 5% on all employees working from home, some impz employers might do the math in new york or higher real estate places where commercial real estate is much higher and say it's cheaper for us to have employees at home. other places would say, if it's

going to cost us 5%, you better get back in the building >> exactly i bet the supporters of this would be mayors of san francisco, new york city, maybe an incentive to get people back here and get our cities going again. ticketmaster is reportedly working on getting fans back in stadiums for concerts. they will test each attendee for covid within a 48 to 62-hour window seema, is this feasible? >> until we get access to a vaccine making sure every person that enters a concert venue has been tested is critical, but i would say there's a lot of false negatives out there. we saw that with the cruise line that's operating a mock voyage in the caribbean, they were

tested and then got on the ship and they were positive back to this concert model i think this is a good step in the right direction but i have other questions about social distancing once you're in the venue and what type of venues they're going to use do i get to be on the floor, front floor when beyonce is playing at madison square garden or more open, outdoor venues in that seems to be a plausible idea >> i totally agree i think your point about the false negatives and false positives is exactly right alaska air said they would let people use their air miles to redeem for a mail-in covid test. but to show proof you have a vaccine or covid test, these things -- the sa -- the pcr tests are good put the others aren't that reliable. >> which everyone recognizes and you wonder what the demand will be are people going to feel comfortable if it's reliant on these tests. it seems to me, big picture, you

would hope these are all interim measures at some point you get to this destination where it's not necessarily as clear and present a danger who knows when that's going to be obviously these companies out of understandable desperation have to find some way of trying to reassure people. >> as my producer points out, she says, listen, this could be mega lines to get into these concerts maybe they'll find ways of prescreening who knows. it's bad enough already. thank you. coming up on "the exchange," shares of disney are lower ahead of its earnings after the bell today. it's also the one-year anniversary of disney plus the key numbers to watch are next take a look at the regional banks as we go it's still up 10% this week, 45% from the recent lows as dom pointed out. on pace for its best week since june truist, pnc, first third, those are all decliners today. at calvert, we know responsible investing is hard.

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disney is set to report earnings after the bell and 2020 has been a tale of two companies for them success in streaming and huge losses in parks, movies and cruises. the stock down about 6% this year last quarter disney announced a massive shift to prioritize streaming but it's still a tiny part of the overall business bring in senior analyst for cfr and julia boorstin julia, i'll start with you this strategic shift for them seems to be paying off with a stock price reaction you know, the investors seem to like growth even though, i'm sure, they have deep concerns about a lot of the current businesses what are we -- how do we expect them to toe this line today? >> well, disney did get a big bump on monday from that positive vaccine news, reassurance for the stock for investors that the company will be able to get its parks open again eventually, but i do think there will be a big emphasis in the earnings call today on the

digital future of disney, the idea they just did this reorganization to really emphasize that direct-to-consumer relationship. i think this will be really interesting to see what they say, kelly, in terms of what the potential is going forward, what they think the really addressable market is for their disney plus streaming service, considering they've already hit heir growth targets that were set for 2024 >> where are you on the stock that's trading around 135 today? and what about the points that dan loeb made about disney basically halting its dividend for now, using that capital to reinvest in these more promising areas? >> so, kelly, we're still wremg a buy on this stock. obviously, the company is cycling through the impact of the covid-19 pandemic, which has had a deleterious effect on the businesses i think this is a draw for them. we're expecting them to kind of

accelerate from here obviously, a lot depends on the vaccine development, but i think disney is going to be a prime beneficiary of that. as far as the activist news, you know, i was actually scratching my head knowing the company is already moving in the direction of direct-to-consumer streaming. now the question becomes, how much more are they going to spend in content from here on out. you know, which we expect more details coming up in december. all of that being said, i do believe if you kind of look beyond this issue of the covid and then the economy begins to reopen, i don't think -- and live sports is coming back these are all the key ingredients we need to see that will make for a very, very good acceleration >> yeah, so you've got a buy rating on the stock. i think most of the street is more or less neutral on it that's interesting, you don't

think they need to halt the dividend because they're doing those streaming investments one thing. content spend is one thing to look for but as you said, the upcoming investor day. what do you think is notable in terms of the results tonight, in terms of the metrics people will be looking for >> there will be a big focus on the streaming subscriber numbers. not just for disney plus but espn plus and hulu i think for the film division, the movie studio, the question is what they say about their plans to go direct to consumer this mulan release strategy where they charged an additional $30 for mulan for disney plus subscribers, the question is, did that work? are they going to be doing more of that or taking films that won't make it into theaters and put those direct to consumer without charging them more, which could be the direction they're going in and i think for the theme parks, the question is, how much is it going to cost them if their california parks stay closed for a while? and what are the startup costs if they have to rehire all those employees they furloughed, is

this an additional cost to get those parks and other parking around the world up and running again. >> great thank you both talking disney before we get results after the bell stock down fractionally today. dow is down about 350 so is dow we're off the lows coming up, we'll talk to the ceo of suburban propane about keeping up with demands and the products he can't keep in stock. >> take a look at energy the sector is back to falling. it's down about 2.5% we're back in a couple

welcome back with covid cases recurring nationwide, restaurants are curbing dining and restaurants are expected to extend outdoor dining restaurants in new york city could contain 1,600 barrels of propane a day as a result. take a look at propane distributor suburban pro tan joining me is the ceo michael

cervala. >> thank you it's good to be here with you. >> are you guys facing a shortage in my neighborhood people are stocking up for a shortage >> during the pandemic, there was a pullback in production in crude oil and natural gas. also exports were down generally as a nation we produced 2.2 million barrels a day of propane and we export about a million barrels a day and in the pandemic, they both shrank a little bit but overall the decline in production was not outpaced by decline in exports. we're at very good inventory

levels in the united states, above the five-year average for this time of year as we're heading into the heating season and we're sitting in a good position >> that's good to know are you facing any distribution challenges we're used to people loading you on propane tanks during the summer from their favorite hardware shop. is it a difference in terms of where the demand is coming from regionally as we head into the winter i expect you don't usually get huge propane demand from the northeast, for instance. >> for propane, we have a very balanced customer mix. we have about 50% of our custome customers, our residential customers that rely on us for heat, hot water, cooking, particularly in the northeast we have a very big presence and the rest of our customer base is commercial, industrial, agricultural and government. we have a very balanced mix and our customers really do rely on

us for heat. we're now entering the heating season we're beginning the heart of our heating season, december through february is typically our biggest demand period and then the back half of the year, which in fact this morning we just announced our earnings for the fourth quarter, the back half of the year is normallycount counterseasonal period we we're c skewed more toward customer uses we had so many customers that had to shut down or close for a period of time, that definitely had a drag on our commercial industrial volumes, but we were pleasantly surprised by the uptick in residential volumes as so many people stayed home and adapted to working from home

we adopted a 20 million improvement in our back half for this year. >> thanks so much for joining us we do appreciate it, michael stivala with suburban propane. >> stick around for "power lunch. the ceo of retro fitness will describe why he calls exercise a vaccine. don't go anywhere. hi, my name is sam davis and i'm

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hi, everyone welcome to "power lunch. i'm kelly evans. here's what's on tap stocks were lower across the board. the dow down about 300 points, leading declines today a 1% drop. nasdaq holding on to gains most of the morning but lower about 0.4% as well as the u.s. reports 140,000 new coronavirus cases in a single day, another day little record and as hospitalizations and deaths climb as well biden's task force calling for more lockdowns we've got those details. later, nike up more than 20% in the past three months and rbc says the stock has more room to run. the analyst behind this bold call will join us.