nasdaq looking to open higher as well, s&p 500 looking to open about 25 points higher let me tell you, the bitcoin price looking to open, we'll talk about that next week. make sure everybody has a fabulous weekend we'll see you guys later "squawk on the street" begins right now. >> good friday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber has the morning off. futures are pretty solid as we're coming off the worst declines of the month so far covid cases in focus, earnings and arizona. road map begins with disney and s cisco, cisco's chuck robins will join us this hour. elon musk now questioning testing in this country. and nbc news projects the president elect biden flips

arizona for first time since 1996 and that's where we will begin this morning as the president continues his legal challenges today. president elect biden winning the state of arizona, that's according to nbc news decision desk overnight further cementing his victory in last week's election biden now holds 290 electoral votes, to trump's 217. georgia and north carolina are the ones that are still too close to call, jim but if you put those two together, even flipping those for the president would not be enough >> yeah, look, carl, this matters tremendously there was a lot of uncertainty in the last four days that perhaps the president wouldn't leave the white house, the legal challenges would go on forever, december 13th would come, 14th is the last day, and there would be no concession about the electoral college. and this kind of makes it so that it is less likely, plus the attack on fox, believe it or not, made people realize maybe there is a second life, maybe a station that will be owned by or

run by trump, so what is happening is if you take that off the table, and you deal with the fact that we have big case load, but the same time we have vaccine and don't forget j & j will be heard from soon, i think they have a billion ready, they have been working side by side with another company that makes it, so i think that we got a situation where maybe there say little more certainty, the idea that the president would vacate the white house is going to make it so that we feel that there won't be something that is such a wild card that we can't even bear to think about. >> right now all that said, navarro was on fox business this morning, and said we're moving forward here at the white house, under the assumption that there will be a second trump term i assume at this point, is that just trolling, what is that? >> i always enjoyed peter navarro. >> okay. all right. that says enough, i guess, jim >> no need, my mom always said no need to say anything negative >> yeah. so the worries that you had earlier in the week about

potential black swan, dark scenarios regarding transition are ameliorated in your mind this morning >> what happened is there is an apparatus. the apparat ous including the homeland security has spoken you want to send in the fbi, we're going to send in the national guard, you want to send in agents from a dark place, we're going to send in the state troopers it just happens there is a security apparatus that has spoken up. and i think that took the black swan off the table and then gave the president -- he's starting to think of some pretty interesting things to do i encourage him. i like him in the debate, thinking about challenging biden four years from now, that will be good. but the idea, vacating the white house, is becoming increasingly on the table on the table >> so, jim, why -- i heard you talking to andrew before the top of the hour about how to market is handling this surge much better than obviously it did in the spring almost fighting the news of the records that we did every day, and i wonder if you think that's

about therapeutics, vaccine hopes, it does appear and now according to many reports that the white house has been sidelined from negotiations, it is now mcconnell, pelosi, versus mnuchin pelosi and likelihood of a bill before january is slim. >> yeah, i don't think -- i don't expect the bill. look, i'm one of those people who thinks that if a virus doubles in ten days as this one did, from 74 to 140, then you can argue that we're all going to get it. there is just -- it is just happening too fast and what you're dealing is we have to have a j & j come out and say, listen, we're going to have a billion and we're going to have them in two months you just stay the course that's how the market acts the market acts like they have a wild card, we haven't seen the wild card yet. we'll have moderna, j&j is the wild card. i think that will make it so that people say, we'll get through this i had ford on last night ford thinks we'll get through it disney, they were -- saying

listen, we have the ability to make this safe, cisco, we have got covid, we're going to triumph over covid i do think that unless there are hospitals that are overrun, there is a belief that we can get to the promised land, because the companies themselves all -- that we had, the major ones, all seem to know how to deal with it it is impressive i asked jim farley yesterday, whether the assembly line will close, it is closed in the spring he's confident that the assembly lines won't close. how do you explain it? they see it coming and they're making plans >> yeah, that goes for food supply and grocers and all the things we worried about in the spring as the likes of conagra have told you on mad and the recent weeks so glad you brought up disney. because investors may wonder, is this a stay at home name with disney plus or is this an name with disney world? >> we'll find that out they got that december 10

investor meeting, but i think that everyone felt pretty good after this because there are some oddities that people didn't realize how about disney plus hot star, india, indonesia, i think what people are trying to figure out is, you know what, it is not just a verizon with 10% of the people coming from verizon, this disney brand resonates more than netflix. they didn't expect that the theme parks would be doing us well in an era of covid, disney plus is losing a lot of money. we'll see through that disney has tons of money and they're also making a lot of movies so you came away from the disney call saying, whoo, that's another dodge. i had -- i had cisco, two ciscos, sys is the largest food distributor in the country they're projecting there will be far fewerrestaurants going out of business than we thought. that's different than the cheesecake recommendation we got

today, 40% of stores will be closed but there is a path, carl, there is a path through covid to the vaccine and the stock market wants to go through that path. >> to your point, jim, in the interim, the disney plus numbers were amazing, 73.7 million paid subs, we were looking for 65.5 and you see, we'll talk to chuck robins of cisco, the other one, later this hour. here is what bob said about those sub numbers. >> the growth of disney plus speaks volumes about the strength of our ip, our unpoliticaled brand and franchise s our amazing conte creators, all part of the disney difference that sets us part from everyone else and when you look across our full sweep of streaming services, we have exceeded 120 million paid subscriptions worldwide.

>> jim, i'll tell you, aside from the numbers themselves, what struck me was this comment about mulan and the premium substrategy saying we have something here that has always kind of implications for disney's relationships with with exhibitors and the content pipeline itself. >> i think it is jump ball hulu, 4.1 million, hulu live tutu subs people are paying a lot of money for. sports, live, whether it be mulan, anything that they have in their pipe, and they have tons in the pipe, tell me people are dramatically underestimating how many subs they'll have 2022 as bob iger said when he did this, 2022 the year where maybe they break even of the he was saying 2024 is the year they broke out and mackke a fortune i think you have to accelerate that timetable i think 2023 is theier th year y make a fortune they're growing at a rate that

nobody thought possible they would grow this is the way people thought they couldn't find them, that's wrong, because the ip is as strong, maybe stronger even than they knew. one thing that you go back and forth with bob iger and realize that maybe we're all underestimating universality of disney, especially at a time when things are pretty lousy around the world >> right, right. on the last point on disney, jim, we talked about disney land and the ongoing battle that the company has with the state of california, which by the way has not crossed a million covid cases. chapek addressed that as well. quick listen. >> people have shown a willingness to visit our parks, which i believe is a testament to the fact that they feel confident in the measures we have taken and we're very encouraged by the positive news earlier this week on the progress of potential vaccines unfortunately, we're extremely disappointed that the state of

california continues to keep disney land closed, despite our proven track record. our health and safety protocols are all science-based and have the support of labor unions representing 99% of our hourly cast members >> so, jim, if this doesn't turn what does that mean? >> just that -- it is a flagship and everybody has been there knows that it is just an important icon but it is small enough that it won't necessarily hurt the numbers. but it does give you less confidence i think california is panicking. that was a shot across the bow i thought that was amazing california just does not have control over their situation so, please, don't bring that upon us i think disney is probably the most forward looking about these -- the next thing i think they'll be able to do is rapid test a lot of companies are going to a rapid test where you get something right there, and i think that will be next for disney, they'll be pioneers, they talk to everybody

they talk to abbott labs, anybody who does testing, they are in the face of saying what should we do not just going to be vaccine that will be another upside surprise i believe when they get together december 10 people will want to stay long, that stock, into the december 10 investor day, because i really think that what will happen is people realize, boy, are they liquid, they're in it for the long-term, and this thing does not belong at 140, it belongs much higher. i think this is just a terrific situation. >> yeah. had you menti when you mention testing, are you unnerved by elon musk's tweets seeming to question the quality of testing in this country? >> pcrs is, you know, i think pcrs is really, really strong. antigen test i do not trust. i just don't trust them. i agree with him antigen is really very erratic and i think that we should not feel -- take any confidence in antigen tests.

people that produce those will hate what i just said. antigen tests, no, pcr tests, yes. remember the nfl was team after team after team, glnow you get one, maybe two the nfl tests pcr evan seven days a week. pcr is a method that no one disputed but elon is right on the antigen. you can have wildly erratic numbers. i think he's right he's no longer erratic antigen is erratic not elon musk. >> we may love elon musk and we talk about him a lot, but this is the same man who back in march said that cases would go to zero by april which people have not forgotten. >> no, he is not -- i would say he's much more with president tr trump on that. he's been wrong. ventilators, not a big issue, he really thought this thing was going to run out i'm loathe to criticize him if only just because he's right on a lot of other things.

he got this one wrong. i think he'll be wrong on hydrogen i think hydrogen will be big, i think he's making mistakes, it has to be electric we cannot avoid what is happening with neo we can't do that, with fisker, any one of these electric is just going insane, remember, and nicola is hydrogen i think hydrogen is a great fuel it is green hydrogen, very expensive, very good i think that elon will be wrong by just focusing on electric antigen is way overstated as a good way to do things. they will hate me. they will hate me. i don't care i'm, like, i'm like sim injuam girouard, i didn't kill my wife, i don't care >> one thing, jim, you mentioned the nfl, nice to see the halftime show for the super bowl is booked.

we'll take a break here. there is a ton to get to today, including cisco. we'll talk to chuck robbins later on this hour, there is palant palantir, door dash and a lot more as we try to rebound from yesterday's losses don't go anywhere.

big news out of door dash. let's get to leslie picker

hey, leslie. >> hey, carl that's right they flipped their s1 to be public this morning showing pretty impressive topline growth revenue more than tripling year to date from 587 million in 2019 to 1.9 billion year to date in 2020 it is important to note they did acquire caviar at the end of 2019, but there is no denying that this company certainly benefited from the uptick in deliveries during the pandemic their net loss narrowed by 72% during that time to 149 million and posted profits in the second quarter of this year, but then turned back to net losses in the third quarter of this year now, how do they make money? a lot of people have this question, they do generate the substantial majority of revenue from fees paid by customers and commissions charged to their merchants for orders completed through their marketplace. they actually give an example in the s1 where a consumer pays, say, a 3290 bill

door dash keeps 490 of that, while the merchant keeps $20, a little over $20 and the dasher, the delivery man or woman, keeps $7.90 of that. in terms of market share, they have been very competitive here, they say that they now have about 50% followed by uber eats and grubhub. which is impressive considering they only last year surpassed their competitors to have the highest market share in the delivery market in the u.s now, in terms of risk factors, they're pretty standard here, ability to grow and compete, avoid interruptions in services, manage their costs related to their dashers. and another impressive number here was their dash pass they talked about 5 million consumers on dash pass, the flat monthly delivery fee of $9.99, so a lot of people are analogizing that to amazon prime. >> good it sto see you on the sw usually i see you at 10:00 nice that you're on ours.

>> good to see you, jim. >> the ceo is a remarkable man, great story, just yesterday showed me that redoubling the commitment to power of local communities, national, urban league, i love what they're doing, 200 million, but let me ask you, i saw that when they talked about on the call involving uber, when they said that they're going to go all in food, it struck me as being something as a restaurant that people don't realize how hard it is, but we're talking about a duopoly and that will be great for business this company could have unbelievable umbers, even though restaurants might decline by 40% so, i mean, what kind of factors are they saying in terms of the number of restaurants that might close, because of covid. >> you know, i'm still reading through the document i haven't seen any specific numbers or projections they have as it relates to restaurants that might close for covid, but

what is fascinating about this model is we're starting to see all of these virtual restaurants pop up, where they don't even need a brick and mortar store, they just need a kitchen, a menu, and the ability for someone to deliver that food to consumers. that's been really popular and that's something where a door dash or uber eats wouldn't suffer in that kind of environment, because this he eyn have their infrastructure, technology support, some of those initiatives. >> it is great to point out. some of us are stuck with rent that's the problem landlords. but, thank you for being on the show >> yeah. >> thanks, jim. >> great point, jim. on a week where chipotle opened for their first digital only restaurant, leslie, really quick on the big names behind it, softbank, sequoia, and some others >> that's exactly correct. softbank and sequoia both mentioned as principle investors in this company. and interestingly they'll have three classes of stock, something that we have become accustomed to with a lot of

these founder companies. class a has one vote, b has 20 votes, c has no votes with this first filing, we don't really get a sense of exactly who owns what and how much they are planning to own after the offering, but that will come in additional filings later on down the road >> leslie, thank you that's a big thing we have been waiting for it for a while, along with airbnb, next few weeks could be interesting, don't you think? you know these guys pretty well. >> we were caviar people from day one. and now you have that delivery, they bought caviar, i was afraid they would jack the rates up what tony did was cut them because he knew all the restaurants were suffering so, look, i'm not -- before he was -- it wasn't public, but he's cared and we all know how bad the restaurants are doing. so he made a real pledge. >> yeah, yeah. yeah jim, we'll talk more about that in a few moments

as we said earlier, cisco is the biggest s&p gainer in the premarket with disney there. you see some of the premarket movers under the up side we'll talk with chuck robbins shortly after the opening bell which is coming up in ne nus.ni don't go away. at calvert, we know responsible investing is hard.

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time for a mad dash on this

friday, jim's watching salesforce. >> yesterday, morgan stanley went from buy to hold. i said it was heresy so today, rbc ups its price target 275 to 285, says things are strong yesterday, i thought it was more of a valuation call for the group. this piece basically says the salesforce is doing incredibly well let's watch salesforce as the tale of the tape to see whether this market can rally after what was yesterday a very dismal day except for the last half hour where the market was very strong let's see if the last half hour continues and we revert to what was most of the day. salesforce will tell us. >> interesting you mentioned rbc, which remin s reminds me of another call the title of the report is you ain't never had a recovery play like me, a reference to aladdin. they say near term results will

be noisy reminds me of what goldman said about consumption, pent-up savings, all the things they believe will be unleshed in the middle of next year. they're talking gdp of 7 in q2. >> this did create a lot of creativity on the part of analysts morgan stanley says that number was the appetizer. that's referring to the analyst meeting. you mentioned the recovery play like me. my favorite was disney, it is a streaming world after all. which was up from barclays, how clever have they become? holy cow i do think that what is going on here is a belief that we'll get the vaccine, people will be clamoring to go to disney and the disney cruises by the way came up as something that they are talking about the hurdles that you have to go through and in order to make a cruise be safe that -- they're right for being vaccines got to have vaccines for the cruises. you really do. i think this is one of those situations where people say, next year this time, it is going

to be incredible, the comparisons will be really easy, buy disney, i reiterate this is a smart call, and that the company is financially sound, even though they did not do that next dividend. and it has got a great growth path for 2021, 2022. >> disney, between disney and i think one other name this morning, i'll -- if i can find it here, disney and cisco will add 55 points to the dow judging from the premarket really quick before we get to eye couple of individual names, goldman also sort of laid out the phases in which they think a vaccine will come to americans next year, phase one, first responders, phase two, teachers, people with co-morbidities then get into phase three, kids and, finally, they said phase four, which is probably going to be folks like you and me, who don't fall into those specific categories, but we're starting to see this fall into a forecast -- you think they're

guessing >> i think they're guessing. the public health authorities are saying the group we have to stop is the super spreaders, the kids come back for thanksgiving, and then we do people we have to protect, but you do not go with -- first responders, of course, but that it is the kids, if we can nip them, that's who causing these incredible spikes. so i think it is all up in the air, and in part because we have many different people who speak for our public health in our country, and that's causing -- sewing great confusion i say, listen, it has to be -- if j&j delivers like i think, we might be able to make it so that it is a polio vaccine, where everybody gets it. everyone gets it in a short period of time those of us who got the polio vaccine and polio sugar cube and we're a bigger country now, twice the number of people, but we all remember it was mandatory, you went to the high school, you got it period. if we show some gumption like that in this country, we'll get past this. i don't know whether we have the

willpower in washington to do what we did for polio. but that's what has to happen. >> yeah, you remind me of what bullard said this morning, he believes that this new spread household level spread requires what he called a new education initiative to change behavior, something that maybe you -- you could argue we should have already had. meantime, jim, ron klain, chief of staff to president elect, says that the president elect will have a covid adviser who works the white house, with direct access to him, and who will brief him daily so maybe the communication you're talking about manages to come >> look, klain is a seasoned hand i met klain years ago. you talk about totally different white house, you're talking about a white house -- or, look, some people say it is a swamp-filled white house they're taking this at the level, the president elect is so mask oriented. why? he knows it will help the fed --

our defenses are against this disease. it is masks, social distancing, but if you get together, you're screaming at a bar, and one person has it, all get it. that's what we -- we realize, it is not the hand washing, sure. it is viral load, people don't talk about it, it is aerosol, only two understand aerosol, it is about aerosol buildup and the people in the white house will recognize what is really causing the problems does it mean that restaurants and bars have to close sadly, yes done want to stop this thing, that's who has to close i don't want to lock down the country. >> right right. i think even dr. fauci yesterday said that might not be necessary, obviously cisco is leading the whole s&p, going back to levels of labor day. piper goes to 45 rbc goes to 49 and we'll talk to chuck in a minute. >> that was a very big surprise.

analysts were incredulous. many doesn't understand how that could happen so quickly. chuck robbins, forth coming about everything in his life, including the fact he's a falcon fan, which is really too bad, explained walk through everything to the point where people started realizing, this is what chuck promised so there was some disingenuous analysts ready to pounce and got nothing to pounce on they got nothing probably good time to go to chuck. >> yeah. >> all right >> shares of cisco are rallying as we just mentioned it was a definitive earnings beat, also i think more importantly a very, very good outlook. so why don't we bring in chuck robbins right now, chuck is chairman and ceo of cisco. always good to see you >> jim, carl, thanks for having me great to see you all to talk to you, anyway. >> chuck, a moment on the call, where i -- we were talking earlier about how companies are getting through covid, and you said customers have come to

grips with the fact that this thing is going to be with us for some period of time, and oddly because of what you have, chuck, that's good for sales for you. >> well, jim, you know, first off, i want to just thank all of our employees for all their hard work and their commitment to our customers during the last six to nine months. i think what we saw was exactly what we thought we saw in the summer, which was, you know, early on our customers spent a great deal of effort and time just getting their employees productive and working from home, and then they went into a bit of a pause, which was our last quarter, where they reprioritized what they were going to be spending their money on and i think they came to the co conclusion, this will end sometime, we don't know when, and we can't sit on our hands, so we have to start moving we saw some customers begin to do that, and, you know it was -- we saw improvement, it is not where we want to be, we saw improvement and i'll tell you

that the consistency we saw in the quarter from the beginning to the end is what gave us the confidence to have a bit of a different tone on the call yesterday. >> i think the tone and i want to wish kelly cramer the best, terrific cfo, moving on, there were things you said about large transactions showing up in the funnel robust pipeline, high teens growth in europe, federal spending even service provider was not horrible, chuck. it did seem like this is the quarter where it came together and you did say that it would be next year. you said that -- the enterprise 5g, have you pulled forward because of covid >> i think what we saw, jim, is we saw across the business, we saw our commercial business improve, which was the big thing, the last two quarters had been in the mid-20s negative and that's the small and medium businesses, enterprises we know have been most affected by covid. we saw that business improve, it went from negative 23 last quarter to negative 8 and the u.s. it improved even more, the

lions share of that business enterprise is very big deal driven, it was down a bit. i think it will bounce back. service provider, if you look at the u.s., it was roughly flat, and a big contributor to that was the web scale players. we spent the last five years working hard to re-establish ourselves there, i think we're beginning to see the fruits of that and the service provider business in europe was up high teens, and that was all driven by the web scale players as well and then public sector was starting around the world. so it is -- it was mixed, but there were a lot of green shoots i would say. >> one thing that mystified me, you talk about high def value, video in every conference room webex very secure. there is another outfit, zoom video, run by, i know, a colleague. you play fair. run by eric yuan they do business to consumer and do business to business. how are you going to be able to

blunt zoom video from taking your clients >> well, jim, couple of things, number one, i think the overall market has certainly expanded. and webex has done a great job, our team has done a great job of scaling. we talked about 6 00 million meeting attendees in the last month, versus almost double what we saw in march. so in asia what we're seeing now, even as they return to office, the usage of the platform is still increasing and i think, you know, if we give back to security, privacy and enterprise grade platforms, you got governments around the world that are running a webex, with webex legislate and patel who we hired, the product officer of box who has come over, he's redefined strategy for the platform. the future velocity is very impressive right now i think the other thing you reference is when do customers begin to go back to the office they're going to put high def video in every conference room because every meeting is going to be hybrid

and we haven't seen that yet and when you start looking at high definition video in conference rooms, we are the leader, tightly integrated with webex and we think that will continue to create a tailwind for that business >> wow, that's fascinating i wonder, i had to go back a while ago, last august of 19 you joined us, and talking about china at the time, you said in china, where they have optionality, they're favoring local vendors, we don't know if that's a short-term thing or long-term thing. do we have an answer to that question a year later? >> i think, carl, it is -- china is an interesting situation right now. it is certainly caught up in the geopolitics. i think that, you know, to some extent a new administration will see the different tone i think we'll still, you know, i'm sure that it will still be tough, but i think they will try to have conversations and find a way forward, where both countries can operate in a way

that is right for both countries. and, you know, i was invited to speak at the china development forum two days ago that was a good sign, we continue to be committed, we have been there 30 years, we're staying tough, and we're going to try to ride this thing out. >> chuck, there is some things i am trying to catch up on you made some acquisitions and i want to see whether bringing anything to fruit. the thousand eyes,s they were interested when they happened, but i don't hear you talk about them what have they done competitively for you? >> well, a lot of them are actually mind mill is being ind grate e integrated into our portfolio, is it is it is a capability within the platform the thousand eyes is in a platform called intersite, we

can provide full stack observability for the new cloud-based applications running in a distributed fashion all the assets are being utilized, they're being integrated and we're really pleased with the value that they're providing to our customers now. >> why don't you talk about them on the call? >> well, we talked about thousand eyes yesterday, and these are not massive from a revenue perspective. >> when you put them all together, you -- it made it so you have the competitive offering versus others i often feel on the call, it is commodity versus commodity but the acquisitions made it is so it is not commodity versus commodity. am i right >> let me give you an example, jim. we bought a company called babble labs, and it already has been deployed in the webex platform it takes care of one of the biggest issues that we have in this world we're living in right

now, vacuum cleaner, the lawn blower, the dog barking, it takes all that background noise out of the meeting session so that this whole notion of can you go on mute, please, can you go on mute, please, a lot of acquisitions are doing strategic things within platforms that we already sell and we're really pleased with that, how that's being integrated and what it is doing for the rest of our portfolio. >> can you do the docusign deal with zoom was great, can you do something that -- speaking of babble, language, whatever language i speak is immediately translated in russian or german. these are the things that i think i want in the new world where we're not traveling, chuck. we're not -- maybe we all realize and you can speak to this maybe we all realize it isn't so great to travel all the time you have a spear your proposition, you make it so we are translated, right on, and can close deals right on, chuck, we're not going anywhere and we'll save companies a fortune >> well, stay tuned, all of that

technology is coming we have a big event in december called webex one and you're going to hear a lot about innovation we're going to bring forward in that platform and there is a lot of what you just described that i think will be coming i know will be coming on our platform and giving you the ability today to do real time transcription of meetings to have assistants in meetings taking action items and then doing that language translation real time in the very near future these are capabilities that prepandemic weren't as important, but today we know as we look to post pandemic we're going to be in a hybrid work world and every meeting we have is going to have a remote attendee so we need to provide capabilities, teams are working really hard, proud of what they have done, the future velocity is at a pace we have never seen. and you're going to see a lot of those capabilities show up in the platform. >> get rid of the dog barking. it makes it so it is so amateurish under the outgoing president, it was always pretty punitive if

you decided i'm going to put a factory somewhere else or build a plant somewhere else, this says to me you need to throw more people in europe, maybe build a headquarters for europe that is important. you have something over there. under a biden regime, would you be less reluctant to be able to commit resources overseas if you think it can help your bottom line >> well, jim, let me clarify that the teams in europe was in the service provider space, i want to be clear, but, you know, the -- our overall supply chain is distributed across 14 countries today and we optimize it to distribute our products to countries around the world, and we're going to continue to do that so, you know, there are lots of policy changes that could occur that would make it more attractive for companies to manufacture more in the u.s. but today we do manufacture around the world our supply chain is massively distributed, and that's an order to -- we have to deal with risk, deal

with task, deal with product delivery and on time delivery and all those things come in to how we drive our supply chain. >> the supply chain, i that the a l thought a lot of people were betting against you on that. thank you for coming on "squawk on the street. >> thank you, jim. thank you, carl. >> good to see you back to you, carl. >> all right, jim, good stuff. watching rates today as we get headlines from bullard, to rick santelli hey, rick. >> hi, carl. as we sit at 89 basis points for ten-year note yield, we're up 7 on the week. as you look at two-day, you see that the big feature was obviously we're trading lower yields, higher prices than yesterday. but it is starting to reverse a bit. maybe part of that was a headline ppi this morning. a bit hotter than expected at .3. but it is more than that it is just as generalized notion that at some point with vaccines

and therapeutics out there, it is just a matter of when, and we know that we're going to have a tough time before we get there, but markets are always thinking ahead. look at month to date of 10s we continue to see that the month is shaped up to be virtually unchanged. we're about at the same place we ended last month, as we are right now. maybe a basis point or two higher this is actually a key area as we once again look like we want to regain the 90 basis point handle, 1% say bis a big psychological area now it is at 71 basis points, but when you put it against the kbw banking index, you can see why many pay so much attention to it, as you see on this one-month chart. correlations are very strong and finally, foreign exchange, we know that the chinese currency day in and day out, week in and week out is doing

better against the yen, doing better against the euro, doing better against the dollar. the dollar is having a pretty good week all and all. it is having one of the rare weeks it is up on the week, up on the day, and should we be able to get a close eventually above 93.5, many technicians would turn a chart and make it bullish with regard to the outlook. carl, jim, back to you have a safe and happy weekend. >> all right, same to you, rick. thank you. in the meantime, keep your eyes on shares of draft kings. three-week high today as they have better than expected results and they raise on the revenue guidance we'll talk about sports and betting with the ceogmorning stay with us

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made the decision to halt ant group's. days before ant was set to go public in china. jim, a her owing piece and notion that this could be moved in quite this way. >> people have to read this. this speech was seditious. i use that word rather than treesonnist. this was dissent and china doesn't do dissent china is not about to have rich people what an eye opener this was a man i thought was the pride of china and now he's the

skurg of china the chinese is not going to tolerate anyone that wealthy to speak out. >> the amount of wealth created by him and the prosperity he brought to so many chinese, how long do you think they can look that dark horse in the mouth he's created more wealth than anyone in the world. to attack him, saying we don't care about china's health. don't you cross us no matter what you do. a reminder that they are a communist country that does not tolerate any dissent whatsoever. >> the reason a lot of people on the street don't expect changes

as we approach china as we change administrations >> dow handing on to 29.3. back in a moment ♪ ♪ ♪ ♪ ♪

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let's get to jim and stock trading. price target boost general electric raised 20% talking gas powered turbines this is a very positive piece. vindication and i think this piece is right i had full roam last night it is a foot race. i'll take ford and eleven. you can have ge. >> this was six a month ago, 11 would be quite the game. >> i wish he didn't work 20 hours a day. if there was 25 hours, he'd work

24 tonight, carl. >> speaking of working 24/7. bill.com and grow generation, hydroponics to grow pot. literally the tractor supply of cannabis i don't know but it is legal here >> an amazing story. jim, we'll see you tonight have a great weekend mad money 6:00 p.m. eastern time welcome to another hour of "sqwawk on the street. i'm carl >> remember this is the november preliminary. this gets tossed at the end of the month. 77.0 we were being looing at the number around 82

77 is the weakest since august let's go through the internal current condition. now 85.8 about three points less in expectations you look at the future expectations, 71.3 looking at a number around 79 2.8% is the one-year inflation outlook up .2 from 2.6 the highest read going back to not that far ago august when it was 3.1 and 5 to 10 year up 2.6 that is the hottest since september when it was 2.7. inflation hotter actual sentiment numbers, definitely colder.

>> back to you >> thank you taking those numbers in stride trying to avoid three straight days of losses 160,000 koechd cases for the first time joining us now expected to be joined soon. >> talk about the general environment. we've had a market sensitive on a day-to-day basis about any time line change about a vaccine and a reopening of the economy the market will swing back and forth. how do you navigate and view the short term in terms of prospects at this point? >> that's a great point. covid-19 continues to resurge. starting to see areas back down

slightly that 90% efficacy is great news. the markets saw this as great news several questions about peer review that is something on the table if we are somehow able to get there and get a mandate across the board. we can start to see something on the other end. that doesn't allow potential for policymakers to redistribute and on the mark of seeing this as a positive there is light at the end of the tunnel it is positive for the foreign investors as well. >> the question is, is the market correct looking towards short term effects and slow down of the surge will we have the moment where the market will have a harder time doing that.

that plays out in the growth versus values trade we've seen going back and forth for weeks now. >> i'm sorry, yana there >> in short, the answer is yes as your guest was saying we had two significant clearing events obviously the election positive news on the vaccine very strong earnings momentum. i think when we look back 6 to 12 months from now, we'll look back at the marketability. and i think we'll be focusing on percentage of folks who have received the vaccine and not contracted the disease there will be a clearing sentiment for those with value in the market. that doesn't mean that russell

1,000 growth where have you seen the pricing in the marketplace and there is a ton of it. an average s&p 500 stock is lagging. we think there is a lot of value to be had. >> where specifically? what sort of sector is the name? >> a lot when you look at the marketplace now, you've had the lead in 4 out of 11. laggards have been in health care and industrials and financials also within the consumer discretionary space. up over 25%. the average stock is down. within the retail and specialty side of the ee kwaks there are some opportunities there. >> how about you we've seen growth versus value

if it is value, where is that value? >> what we are seeing. that time the people are returning to work. from growth over value perspective. in favor of the high yield bonds. we see those areas to continue in our core value and we have a long position as a confiscated risk factor and seeing that rotation as investors are taking a little morris being in portfolios in value and growth that has been quite frothy in almost a decade now. seeing them back now to not just value but growth and should allow some kind of upward pressure to receive the tactical

positions. receiving compensation for the risk there needed in the portfolios today >> i know the market is anxious to relieve itself of political risk we do have the georgia runoffs at least for the next several weeks. the likelihood is both that democrats take both seats. if they do act as a depressant of sentiment >> it is an added level of uncertainty. one of the reasons you saw the market moving before the election results came fruition is this anticipation of checks and balances for the most part, i think the market is hopeful that will remain any uncertainty on the political front remains. remaining with the status quo is

a good thing for the market. >> an extension of the policy request is whether the economy will acutely need going into next year. that key expectation for 2021 that we are not going to get to an extra push. looking at state and local government and one in eight worker actually worked for a local government. if you were unable to replenish those. you'd have a replacement of growth we started to think in terms of the likelihood of limited tax reform which is quite high the renewed chance of stimulus is actually quite high there is

two camps out there. we are in the growth camp and we'll see some growth stretched into 2021. mainly driven to limited tax reform possibility because we will have the split government in 2021. we see that as positive for growth we are overweighed risk at this point. >> market seems to be in position that way right now. thank you for your time this morning. >> thank you to this conversation, steve liesman has been looking at how the economy will he impacted by a covid resurgence what are you watching? >> yes, and i'll share that with you. the case of the surge across the nation, the u.s. economy will bridge to the time when a vaccine is widely available. this morning, ny fed president,

quote, the very large rise in covid cases puts a question mark on the ability of the economy to weather. consumers could voluntarily stay away from businesses even if there are no official lockdowns. businesses could be pushed over the edge of millions losing business and facing eviction earlier today on squauk saying it is it dejavu for him all over again in his restaurants >> we got up to about 70, 73% of last year's sales in september, and october as states have started to slide the u.s. reporting over 150,000 cases. i feel like we are right back at the beginning almost i feel like we are going to be

shut down. >> the chase credit card tracker has been declining steadily. now down 6.6% from a year earlier. maybe a sign chicago has a stay-at-home order in place, new york schools likely to shut down. the largest likely to worsen with colder temperatures one section, quote, there will be growth in the spring. goldman is sticking with the forecast of 5.3% i guess, carl, it is that part of the report the markets are focusing on. >> yes steve, thank you so much when we come back, we are watching draft kings today the mobil sports betting sefrg better than expected

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snu know what is really uncomfortable and annoying, when you die. this is not forever. >> that was new jersey governor yesterday on how he considers the benefits of renewed covid-19

restrictions as cases nationwide continue to hit record highs in chicago, a stay-at-home advisory that will go into effect on monday joining us now, dr. helene gail. and dr. omar, ceo of rush university medical center. thank you for being with us. dr. latiff, on the rush system how is the hospital and icu at the moment >> right now, we seem to be doing okay we have slightly increasing numbers. this can increase dramatically and very fast. for today, we feel good. we have the capacity and ability to surge and increase beds we have the experience of the past sort of to make sure we are ready to do that

we feel ready and we have a great sense of comradery of the hospitals and sharing across the system we could handle more patients. >> that is good to hear at least. what governor murphy said and mayor light fofoot is working on how much restriction do we need to keep hospitals from filling up how do you balance that with the health costs at the moment >> as we saw the first wave of this, we have to think about the public health aspects of this if we want to think about the economic aspects we are not going to be able to control the economic crisis if we don't control the public health crisis.

we know they work and in the first wave when people follow these restrictions the case numbers did decline we haveto think about a very aggressive approach now so that we can once again bring down the numbers, which is the way we'll be able to open up our economy we are starting to have good news on the rise in terms of potential vaccine and other increasing, et cetera. we have more tools potentially in the future. right now, in the present, as cases are continuing to go up, we've got to use everything we know works in terms of public health measures. wearing masks, frequent hand washing, social distancing, limiting to the very necessity of going outside of one's home and continuing the potential

we know what to do we just have to do it. >> doctor, you mentioned you have greater experience now treating this disease. what does that mean in a practical sense as you are seeing patients and the length of the stay. the reality is that the length of stay is going down but we also don't have a tremendous amount of evidence this is a new disease. it was new in november last year as we learn, we've managed to get better at how we treat people for example, we have steroids

now we know with the steroids and the antibodies, we are seeing change with how long people stay in thehospital we've seen cities all oern the world getting overwhelmed. we need to optimize our care to drive down the length of stay and get people home and keep beds open in the health care

system wall street firms and big segments at the early stage finalizing some of the development and plans being put in place >> sure. there needs to be plans put in place. that's why we produced the report to provide preliminary guidelines on the distribution of a vaccine so it would be prepared when available. we know the front runner of the vaccine, tit has some challenges and needs to be kept cold.

clearly, it is important to be prepared in advance of having that vaccine available we want to deploy it and have those things in place. >> i have a request for you because of the decades you spent at the cdc and how you've been watching the crisis response from faulty tests and mixed messages then to yesterday, saying masks protects the wearer. something we've heard for

months. >> i have great faith but i worry it hasn't been able to take the national response of leadership to deploy a vaccine effectively. providing the national guidelines with state and national and tribal authorities to distribute vaccines in an effective way. providing support allowing the cdc to take a role in the proer

duks we've got to give the cdc the support it needs to play its roll >> thank you we wish you the best in those chicago hospitals. >> taking a look at the semiconductor. >> up nearly 40% year to date. getting help from today issuing up bead current outlook. don't miss draft kings ceo coming up next ♪ ♪

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major league sports. a cnbc first, jason, great to have you on again. >> thank you happy to be on >> is this about the fact that sports seasons have been relatively interrupted or the exiting markets or maybe all three? >> i think it is all three certainly. the sports calendar has been packed a few hiccups but none that caused games to be canceled or severely disrupted was a nice

thing. helping to fuel a lot of response in demand of q 3, i think. >> can you talk about the cost >> we are very data driven we set targets at the net present value and the cost of recovering them. the cac. our team has been successful this year. >> there were so many states that hadn't been exposed to sports betting and people staying at home that had a real pent up demand for sports. we saw a nice response.

>> i'm wondering how the business is shaping up down the road in terms of the market spending looking at $203 million up from $60 million in the quarter you had an increase. for the near term. >> i think right now, we are in the customer acquisition and it will depend how many more states if we have a similar situation next year, we have states to go efficiently it is the customer

acquisition and we are still in the first inning or spring training of this >> good for you that sports are back. >> it still feels like sports are being canceled and there is testing and training >> if you think about how many players, coaches, staff have to be tested. it is really a logistic al challenge. baseball had some hiccups early

on they have a lot of smart people there if there were to be an interruption, we would view it as a short term thing. the important thing is that people get back to normal life we are hopeful they get on to playing games and it doesn't affect the long-term aspect. >> we talked about the cubs, giants, rockies, espn, pga, dechambeau are there partnerships you'd like to have yet >> we are always interested in expanding our partnership we

partnered with pga tours and we are happy with what we have now. hopefully there will be more deals we can do. we hope to find partners with the same vision we do. >> prospects have gone up and down please come back soon. it is good to see you. >> thanks for having me. >> time for a news update. here is what's happening at this hour. in georgia, the hand recount in votes in the presidential race has begun. joe biden currently holds a 14,000 vote lead the recount must be finished by

midnight wednesday new rise of covid in russia, germany and greece russia implementing new curfews. accounting for over a quarter of russia's new cases today leaders spraying foam outside a building protesting better conditions for health care workers in greece, government promising free covid vaccines for everyone expecting the first doses early next year. >> robert frank looking at how some wealthy people are trying to get the vaccine sooner than some others. back to you. thank you. disney shares are on the move. many parks still remain closed that stock up more than 1% we'll talk to a formeris dney imagineer after the break.

stay with us

a testament to the fact that they feel confident in the measures we've taken we are very encouraged with the positive news on the potential of the vaccine unfortunately, we are extremely disappointed that state of california continues to keep disneyland closed. the disney ceo talking the park reopening the ceo here and former disney imagineer. those comments have been all along and they feel california is being too restrictive it led the state of california to reimpose the measures

does that increase the stance that they didn't jump the gun on this >> i think disney's position is probably the right position which is that they are performing well and safely in florida, shanghai and up to a few days or weeks ago in paris their position is if we can still do it in those locations with the capacity and the measure and protocol, why can't that translate to southern california their demonstration is strong. i can see the push back. >> do we have good study there in terms of the demand in the limited capacity the parks are allowed to have right now. the fact that there has not been

incidents attached to those? >> exactly that is what is demonstrated here that is the challenge of any other state that wants to remain closed particularly the outdoor themed entertainment has to respect the fact that this is working well we've been working for a while the demand is growing. capacity is in place this is a great test site for what can happen if you operate correctly and respect again the disease for what it is and also understand how you can operate safely >> i feel the elephant in the room is the amount of layoffs disney has done including 28,000 in the most recent wave.

how much of that is helping the numbers and what happens down the road when the parks reopen >> the good news is that they will reopen. they'll reopen to where they were before. when central florida picks back up and we are getting 60 million visitors back. all of those people will be reemployed disney is handling it the best they can when employees are back, and when they are back looking for them to come to the parks again. easy to forget we were talking a little about the billion dollars disney had spent on park technology especially this week when ticket master is looking at a framework to use your smartphone to verify

you've tested negative within a certain hour period. i'm sure that will fold into the tech for some time >> you sure can. we shouldn't consider theme parks the only ones that would consider and any outdoor a taks, maybe even stadiums will have to look at this i think this is not only going to be domestic but will continue to expand around the world so technology is one of the solution now >> along with the premise suggested, there will be a fully backed up moment there including things like international tourism and all these things used to sustain

these parks? >> that is a difficult question. there will always be the things called a new normal. i have to believe because we are in this industry and we believe the theme park, the destination attraction business will return. it will return probably even greater. >> expected out there in the future wherewith he will look back at being back to normal or even ahead of schedule in some places of the world. >> disney stock fell over 1% when the pfizer results came out. do you see it like a light switch when we get a vaccine >> i think it has to go beyond the vaccine. thedifference most people don' recognize is that disney is an

entity of themselves they are still going to be dependent on the travel industry, airlines and such to get people back to these locations. right now, the majority of people going to parks are local and regional people, once they get back to those major numbers. 50, 60 million, you'll need the rest of the travel industry to come back to life. that gets a little beyond the idea that there is a vaccine that will resolve that issue a strategy everybody has to pay attention to there is a lot of players, not just disney themselves >> it will be fascinating as it moves along. we appreciate the time thank you. >> thanks for having me. >> been a wild week for stocks since we got that news on monday the top gainers have been some

of the year's biggest laggards including shopping center reads. kimco and diamondback. "sqwawk on the street" will be back in a moment >> on this veteran's day, our heart-felt thanks to veterans and their service. >> we honor our veterans and those no longer with us. >> to all around the world thank you. >> tune in about the issues our military veterans face daily

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we are not just on tv, we are online tradingnation.cnbc.com looking at the shift and what it pleens for big tech. not all bad news check it ought more "sqwawk on the street" coming up.

rising covid cases and restrictions mean people are stocking up on the basics again. look at these numbers. toilet paper up 23%. paper towels up 27%. frozen food up 19. not at the scream levels we saw in the spring, the numbers are rising groeshers and suppliers are telling me this time they are

better prepared. >> we've add the 45 additional manufacturing lines and added 25 to 30% capacity in platforms that are really tight. >> general mills said after the initial loading up back in april, demand has stayed strong. 15 to 20% higher across the portfolio. also telling me, if they say another spike, they'll be ready. smucker says pp and j sales up the surge having to work to increase inventory following shortages and supply constraints. tyson foods on the back of the meat shortages spent hundreds of millions on safety precautions like testing even creating a chief medical officer position in preparation of another wave.

and the groeshers themselves have also been stockpiling to prepare for this kroger telling me there are no shortages at this time they are starting to limit toilet paper, paper towel and soap purchases to two per visit now temporarily. they've had time to prepare and learned lessons. there is one big risky difference from earlier this year covid hot spots are more widespread general mills taking me its two biggest plants cedar rapids, iowa and tennessee both of those, bed baskets and working to keep those places open the question is for how long with the cases spreading across this country >> talking to ford last night

and the fact that they didn't think they'd have to shut factories again. we forget in march and april, no one had testing at scale or even the motion that this could be a pandemic i wonder if you think it is just not apples to apples versus the spring >> that's what i found i would also say the food plants had remained open even during the spring now they are in better shape as cases are rising, the head of the supply chain said from general mills, they need to ensure the plants are not the cause of the spread. they are seeing more people calling out sick and encouraging people to stay at home if not feeling well a lot of these companies are doing testing and social distancing what we are told is that in factories, that can be done. so far, so good.

that is the hope they've learned those safety lessons and a lot more inventories on demand hopefully that sticks as we are starting to see the numbers go up again one other interesting ti s they're buying more smaller turkeys. they hope that people follow the cdc guidelines to have much smaller gatherings they feel well prepared for that >> wow that's interesting it's really not that far away. sara, that's a great wrap-up of where we stand on supply yep. in the meantime, how will a vaccine be distributed and will the wealthy try to get to the front of the line onhart frank has more tt when squawk on the street is it back in two minutes. ♪ ♪ you make my heart sing

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s. the wealthy were the first to have access to covid-19 testing. robert frank is looking at whether the same will be true for a potential vaccine. robert >> this has become the fastest growing segments in all of health care. there are now more than 12,000

doctors working in various practices. now this is where sort of the subscription model where clients pay anywhere from 2 to $20,000 a year for their own private medical team and services. now during covid-19, the growth of the industry accelerated. doctors telling me their business has in some cases more than doubled since march as the wealth why i seek at home care 24/7 access to the doctors and, of course, the latest equipment and drug therapies the medical practices were also among the first to get testing kits this spring and rapid tests this summer. now some doctors are getting flooded with calls from new and existing clients asking for early access to this vaccine.

maybe even overseas governments will see how quickly they can get some doses for their patients now you guarantee regulators are going to be watching this very closely. they invested doctors back in march after reports they were hoarding some tests for healthy patients given the supply/demand imbalance of the vaccine, the fact that money is chasing this at all levels, you know there are going to be some cases where there could be some getting it early. >> beyond the ethical considerations here, robert, to me it seems like this is very different than the testing there are some real logistical challenges for the medicine to get the vaccine. it has to be stored at negative degrees celsius. i'm not sure that -- i don't know is the doctors willing to invest

and really get into that side of the business it's different from obtaining tests. is it going to be distributors like them or in pfizer's case directly with pharma i think the whole question of storage, transport, who is the contact point of sale, all that needs to be worked out what is clear is the businesses are seeing huge opportunities from new clients who see a chance to maybe get this vaccine early and existing clients and they're going to do everything within their power with the money they have to get it early. >> fascinating, robert the biggest logistical challenge the country ever faced we're about to watch it happen in real time robert frank this morning. take a look at the markets here. we're off the session highs. dow up 162 really only the nasdaq of the major indices is negative for

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good morning, it is 8:00 a.m. at door dash headquarters in san francisco, california 11:00 a.m. on wall street and "squawk alley" is live ♪ good friday morning. welcome to "squawk alley." i'm carl quintanilla jon fortt has the day off. stocks trying to have some positive news. the nbc decision