hiring people because there is nothing going on we're hiring people because we see lots of demand for people to learn about the space and get in the space. >> we'll watch and hold you to it mike, thank you very much. >> thank you, guys >> talk to you soon. >> becky >> all right, guys thank you. good to see both of you. we'll see you back here tomorrow morning. right now, time for "squawk on the street." bye, guys. bye, beck. good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jame cra jim cramer and david faber the faa clears the max to resume flight couple that with some final pfizer vaccine data, 95% efficacy, and more blowout retail earnings from target. our road map begins with the max. set to fly again the faa giving the green light to boeing after a 20-month grounding. shares are climbing ahead of the open. >> plus, target's earnings, they

crushed, lowe's falls short. both retailers see big gains in online sales and curbside pickup and the energy sector is coming off its best week ever more than 16% gain last week the ceo of chevron will join us in this hour, we'll talk about is in store for chevron's business and the sector. we'll talk about all that with michael wirth. carl >> can't wait. boeing is the story of the morning, jim 617 days on the ground you got baird going to outperform with a 306 target today. i guess we'll talk about not only how they get this back in the air, american will launch it on the 29th of december, how they market it to consumers. >> i think that there is a tragedy timeline we had it with chipotle, we had it with -- a long, long time ago with jack-in-the-box, taco bell.

people tend to forget. the media doesn't forget, but the individual who flies is thinking, well, i want to take southwest or take american they're not going to ask as they would have a year ago is this the max. and then i think also boeing can phase out the name max it is a well tested plane. i know there are people who say that they'll never want to be on it but if they want to travel, they're going to be on it. i think there is a lot of demand and i do think that with -- we couple this with the vaccine news, you start saying, you know what, let me go back something i want to go somewhere we don't say, you know what, i want to book something but is that going to be the max because people just aren't that discerning david, the -- the average time that people think about something that is a tragedy may not be as long as we think, even dating back to 9/11. >> that's true i think, yeah, well, these days in particular our memories,

don't know -- there is so much coming at you, you forget what happened yesterday, let alone the tragedies that happened well over a year ago. but certainly i can remember those peaceful days when we would lead the show every day with the travails of the max, long before the pandemic, of course boeing was suffering from the fact that it had been rey moved from service, and the continued questions as to when it would be potentially at least okay to go back into service, jim so much happened since then for the company. not the least of which is the dramatic diminution of air travel worldwide and continued questions even when we get back to so-called normal of what the business traveler is going to really look like and what that is going to mean for demand for boeing's jets the company started, by the way, before the max, they had 15 billion in debt. before the max problems. now they have 63 billion. >> i think the bottom really came when they did that sunday night offering >> 26 billion. >> 26 billion, which was a lot

of people felt could not be done i think that -- i'm going to credit -- i'm going to credit jay powell for that. >> remember that, in fact, i think i was first to report on that and that was a big moment, overall. the bond market giveth and sasav saveth. >> people don't understand the bond market is behind carnival cruises. norwegian is offering stock. people stopped traveling and, carl, look, it is going to take a little bit of time before people just say, you know what, i got to hop on a plane. it is obvious they're hopping. and gary kelly, who just famously came on the show and said you got to have some place to go, might find that there are places to go yes, you can't -- you're not going to milan paris is off the table >> where are you going, jim? >> where am i going? >> i'm curious, anywhere in the united states? >> florida >> florida >> yeah, my wife's moving to

florida. >> okay. i was just looking at the covid cases there, only 7459. >> this morning? >> yesterday 20%. seven-day average positivity rate. >> that's pretty good, right >> 20% no california is 5% >> but there is some people in the country who clearly are trying to get the highest score. i call them the covid sniffer, people who believe nothing works except for getting it. and if you get it over 65 and die, well, that's your problem >> i didn't mean to change the conversation it is not clear anybody is going -- there is travel taking place, but not much and the question what does business travel look like how many people are going it feel the need to go -- there will be business travel, but will it ever return to what it was in 2019? >> well, bill gates would say no, he told andrew yesterday at deal book, business travel

probably gets cut in half given the ease with which we have become accustomed to doing things remote. jim, as you're talking, speaking of places to go, carnival is canceling all u.s. embarkations through the month of january to january 31 as for the safety of the airplane, the faa administrator talked to phil lebeau this morning, said he would put his own family on it and said the crash scenarios that we saw those two times are impossible now. take a listen. >> i'm very proud of the work that the faa team has done on this airplane. i'm 100% confident it is the most scrutinized transport in history and it is ready to go. less than an hour ago, i rescinded the grounding order put in place in march of last year we have got -- this is not the end of this safety journey there is a lot of work the airlines and the faa and boeing will have to do in the coming weeks and months but we are entering a new phase

with respect to the 737 max. >> so, jim, you can buy a ticket now from miami to new york on american on december 29th and that will be on the max. ual out now saying they do plan to fly it in q1 as well. >> look, i think again, book a plane, i don't think you'll say to whoever you're saying -- unless it is a live person, it is a company that actually has bots, well, what is that one is that a 737 max? no, people can do that, they're going to go. and just to clarify why is my wife going to go to florida, get away from me as she has most of the year, she feels that the cold is going to make it so that more people are going to get covid. she is not going to go to a packed bar, which apparently florida has a lot of, but, david, there is something to be said of the cold as being a major extender of this -- of

this illness and i think thanksgiving is going to be something to behold in the sense we have the ticking time bomb people, the young people who are asymptomatic. >> no doubt. no doubt jim. i'm reading a note here from, again, i get the global covid-19 update and analysis of it, further significant spread to the coast over the course of november, risk of co-infection with seasonal flu remains a key variable heading into the northern hemisphere winter and reproduction in the u.s. is 1.15 right now. epidemic doubling time 48 days their estimate by the way is we could have 18 million cases before the end of -- i believe before the end of the year >> david, 18 million, let me give you the devil's advocate. .45, no different from the flu, you're not going to -- people aren't guying at the same rate. >> not dying at the same rate. a lot of people being hospitalized shouldn't repeat those things,

jim. >> i said something -- speaker nancy pelosi to try to get the debate open about how horrible it is, what the president said to her and i was pilloried. >> you short-handed it. >> i did it wrong. i apologized a gazillion times people still hate me my cross to bear i think what matters is that the healthcare workers are overwhelmed. they don't really have a great spokesperson for them. >> no. >> the woman in south dakota, but there is a sense that we don't really care about them, and you know what, you can keep the number of deaths down, but you got to get a bed field hospitals? is this going to be like the burning of atlanta in "gone with the wind". >> i hope not. to your point, if hospitals do get to the point of max capacity, and they can't take people they otherwise would, your death rate starts to go up because people are not going to be getting the treatment they otherwise could.

>> yeah. >> and we said many times we know,0 how to treat the disease far better in the hospital setting. there are things that can be used, drugs as well, the steroid, but if you're going to get to the point where you can't have people who -- no more beds, you got a problem. >> you got a country that is so good at this that has more than a billion people, that is crushing it in the economy, putting people to work, having a great time, and eunice yoon was there. the pictures of china reminded me of just -- everyone having a super time, making a lot of money, buying some of our products because they had a picture of starbucks, but that piece was both uplifting, carl, and eunice is so good, and also, like, how do we -- we became a fifth rate power because of this and they're taking it away it is contact tracing. i -- when i went to -- at

david's recommendation, they took my temperature. in china, they do contact tracing, they know who you are every minute and we don't allow it we have a live free or die plan that the latter choice is in play i don't know, carl. >> we have personal and individual freedom, jim. and that's -- that has an effect on mitigation. it does bring us to the pfizer final phase three number though, jim. 95%. side effects relatively tame here, 3% had fatigue 2% headache. they say they'll ask for emergency use authorization within days now, jim fda panel meet s on december 8t through the 10th we could be jabbing arms before the end of the year here. >> i'm ready i was getting about 20 headaches. this say nice reduction in headaches. i think if that's all you have to get, i mean, anyone who

suffers the shingle s vaccine or gotten the flu from the flu vaccine, 50%, i think just jab me, will you >> without a doubt >> jab me. >> bring it on bring it on for all of us. >> i'll jab you if you jab me. >> i'll do it. i'll do it, yeah this is the good news. and it is nice to end on >> you got bad news? >> no. 95%. moderna is 49.5. pfizer is 95%. these are effective, they'll be available in -- to some extent soon and we'll get started, carl. with the vaccination of our population and can conceivably get to the other side of this. >> join me i'm trying to get in every trial. i will not be denied this time by the way, carl, they don't know who you are tried mckesson, i'm jim cramer, didn't do this, but you have the image of who the heck is that? senator cramer from the dakotas? it doesn't matter, it is just --

just taking the people they want to take. >> guys, as david said earlier, big hour still ahead we'll talk to mike wirth of chevron. we'll talk about some of the retail numbers rolling in from target, e-commerce once again a standout and we'll keep a eye out for dow 30k, the opening bell in 17 minutes. don't go anyway. ♪ for skin as alive as you are... don't settle for silver ♪ gold bond champion your skin

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as we fautalk to consumers, they're looking at when is this virus going to be behind us, when will there be a vaccine, what is going to happen with the economy, when do kids go back to school and none of us today have an answer. if i can package up certainty, it would be the top selling item i sold at target today we got to be really flexible and adapt to the current and changing environment >> that's brian cornell, ceo of target and that is the focus of our mad dash what do you think of the quarter? >> wow i mean, i think this was so impressive that i think people are going to stay with target. it was magnificent and the digital comparable store sales, 155% i don't know how you do that that's because it was shipped. one day, i went to dillon reebok, and i said, i don't have

a bell we'll call shipt two hours later, really nation belt alexa, send david a nice tie, nicer than he's wearing. that can be done, pretty much any tie. i think people have to remember that brian cornell pulled off -- oh, stop it -- brian cornell pulled off one of the great terms, doesn't get enough credit. >> to his point, no certainty, not giving us any guidance, calling it highly fluid. >> i think he's going to crush the holiday season it is fun, you go in -- >> fewer people going to be going in though? >> doesn't matter. use shipt. >> right they'll be relying on digital strategy >> i don't go in anymore i don't go in anymore. >> you don't >> i don't i'm a total shipt user.

>> will you go back after the pandemic >> of course i'll go back in i'll go aisle by i'aisle. i love going aisle by aisle. i have to say, the existential crisis of kohl's has been solved by great merchandise. >> kohl's? you were negative on kohl's yesterday. >> well, they did better come on. >> what about the other name -- >> i'm negative on the panthers, but mccaffrey came back that would be positive. >> we didn't get to lowe's we will. >> lowe's is not -- not as bad as it looks. stop selling lowe's. it is like selling walmart yesterday at 149 >> we have mike wirth today? >> we do from chevron lowe's down sharply. and mike wirth coming up and an opening bell coming up. >> how did you get wirth >> jamie dimon comments from the conference with andrew. >> has gandhi and then -- >> go oz es on and on. >> ted williams, cryogenic, has

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dow makes another run at 30k this morning we need about 217 points to get there. futures suggest we'll be a little short, but boeing alone will add about 100 points. we'll get that opening bell in nine mine. dot ay. this is decision tech.

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mentioned with jim, of course, we have been mondayering ja monitoring jamie dimon's appearance with andrew ross sorkin listen to his comments about -- at the very least messy transition going on right now. >> we're asked to help before the solution so ceos should work on collaboration and work on jobs

and skills and all the things that help make it a better society, not just the thing that help their own business. that's one more thing. we need a peaceful transition. we had an election, a new president, we should have unity. we should support that, whether you like or not what the election outcome -- >> well, we had some issues there but you heard him, should support a peaceful transition regardless of what side you're on, said mr. dimon he continues to have that conversation, when we continue to monitor it is not like -- whether you like it or not, it is based on a system of faith and trust. >> i've been following their top strategy, he's raised certain issues about the prospect of this not being over so quickly, the challenges and it is a unique thing to have endless

challenges and possibly the notion of the president not leaving the white house. and, you know what, every time i mention that, people laugh at me but why? why is that funny? what makes him -- why is he vulnerable why can't he just stay there who is going to -- the federal marshals i just don't see who is going to get him out of the white house why should he leave? what does it matter to him >> i'm not sure i understand the yes, why should he leave on -- >> who is going to get him out if he thinks -- >> the secret service. >> the secret service, they're all sick i'm not kidding. we are getting -- there are people in the legal community saying that as long as the challenges are still on, he will say that he has every right to stay there look, he's a unique figure in american history remember when, like, andrew jackson turned the white house

into stables, bought horses. >> i don't remember it, but i have read about it. >> he's on the 20, for heaven's sake, right? and maybe trump's bucking for being on the, i don't know, the 73 i do think that this is -- we are making way too little of what's going on. >> you believe that, all right. >> i do. last night we were -- >> i know last night michigan. >> that was tough. >> not certifying the vote in wayne county for a period of a few hours before they aversed themselves and did the president firing mr. krebs >> right wasn't that significant? >> feels significant that's right and, of course -- and continuing to completely deny what appears to certainly be a victory by mr. biden of 306 electoral votes >> they don't have -- no one has a plan to say he's got to leave. no one has a plan. >> yeah. >> i'd like to see the plan for how he has to leave, just in case he changes his mind i don't see the republican

senators breaking ranks. i think we're making far too little of this i think the man is firmly believing he ain't leaving. >> we know he is probably the most litigious president we ever had. in the past, there was a settlement, you pay a fee, you move on, you claim victory in some strange way there is no way to do that after january 20th. >> no. he's got giuliani, of the sacha baron cohen movie going to pennsylvania >> i don't know, what, they lost 26 times so for or lost. >> i think -- it depends how you look at it, most people go with 1 in 25 or 0-25-1, if you look at the one case on the number of ballots affected clearly, jim, it wasn't -- >> fraudulent assertions to judges who basically said where is the evidence and said i don't

see any. >> we had jamie dimon on that's why i mention this. michael sembil has reminded us this thing is not over he's a lot better than i am trying to figure out whether it is over or not and he's done a huge amount of work. and there is no evidence that the president feels any reason to vacate the white house. >> he's president for another couple of months, and i think most people still fully believe that when that day comes on noon on the 20th of january, he'll vacate the premises. >> i think it is more important that he believes it. i don't think -- i watch him on twitter. i think he's kind of adamant >> that's true carl, it is interesting -- >> out of curiosity, while we're on it, if january 20 comes and he literally refuses to vacate, what is that worth to the market >> i think that's going to be -- i don't think it will be that great a day for the market

but the robin hood, okay, the people -- the younger people, looks like they'll come public and the younger people will say this can't last forever. so let's go by some royal caribbean. >> i thought you said let's go on a cruise. >> they have the good sense not to do it yet i just think, look, this is the view, he's just continually talking about the possibility. and i just think that i am echoing some of the facts that he's put in my head, because he is the finest and he advises jamie pretty closely, david. >> yeah. >> he does. >> i'm glad you brought it up. >> look, i wouldn't bring it up. >> i think it was cbs, i this ty was cbs this morning who said even though he's tweeting that he won the election, falsely claiming, he's acting look a president who is already getting ready to clear out his desk, if you look at things like the firing of chris krebs last night. but, that's a back burner

discussion for now because boeing is up better than 5%. >> well, look, this is a -- it is really interesting, carl, this is an obvious thing people have been saying for days that this is going to happen when it happens, the obvious does not necessarily bring out sellers. we always have a market, david, where you sold the news. here we have a market where people buy the news. it is an odd market. it is a market of the obvious. >> all right well, sorry, getting out of shot there as i reach for lowe's -- >> what are you doing? >> reaching for lowe's earnings. >> i'm talking about boeing. >> i want to get ready for lowe's, it was responding to what -- some perceived as great earnings we could stay on boeing for a minute >> no. >> you mentioned during the mad dash you thought it was overdone down less than it looked like it would and it is already coming back >> 30% same store sales.

they spent a fortune helping the workers. i think we admit that's something that is good, a good investment marvin ellison is turning around the -- what was really a terrible omni channel, and this company was acting -- the sellers were acting as if there was no press release they saw the number and said sell marvin ellison is turning this company around and if you want to bet against him, i think it is a fool's errand >> all right to be fair, it is up nicely, it is at a very good run. >> yeah. >> perhaps not as strong as -- roughly in line, walmart is up 24% for the year >> i thought walmart was terrific lowe's isn't going to be as much as the er guyother guys we're kind of done with the selling of walmart too many people raised the price target, carl, these raising price targets is another thing i find is captain obvious. like, raise the price target, buy the stock.

there is a lot of young investors who i think see good news and they buy and the older investors are index funds. think don't know how to sell anyway, right? >> i thought it was interesting, mcmillan on the call yesterday, and i'm quoting here, the company is changing and shaping its business model the way we make money today and the way we make money in the future will be more multifaceted, whether it is marketplace or advertising walmart plus fulfillment and other things to come on the future that's mcmillan. it is no longer about just being a retailer it is about being an advertising media delivery sort of colossus. >> this is the beginning of the recognition that the brick and mortar is warehouses all over the country, more warehouses than amazon, doing a lot of good things, this is jet, which they bought, no longer jet, he makes a ton of sense, i think that walmart is giving amazon a run, but there is room for everyone

in amazon. there is some recommendations today, amazon, saying what they're doing, forward stuff but when we look at the ones, what i call watch, walmart, amazon, target, costco and home depot, we come up with companies that are being very, very original and home depot is the one not doing that well because people female, weel, we're doneh home office. >> okay. >> because we're going to go back and i think that's a false premise. no one is going back >> no one is going back ever or nobody is going back the next couple of months >> maybe they force us to go back. >> nobody is going back anytime soon listen, we go through all the companies. really it is still going to be june, july of next year. companies with distributed workforces, now people are all over the place, kids in different school districts there is a reason why you got those dates toward the end of june and part of that is as you point out, and then the larger question is how much of a workforce will continue to be

distributed, so to speak, and work remotely even after thankfully we are through this. >> one of the best stocks of the year says it is going to be a choice that people will choose and that's something, carl, that i am shocked in the old days, if they told you to jump in a lake, you would say, okay, which lake? the one in central park? now it is like jump in a lake, it is, like, boss, are you kidding me i'm not coming in. the workers are telling the bosses, it is a whole new game it is kind of subversive it is like the nba >> jim, i -- we're going to talk about a little bit later, regarding the draft and everything else. i do want to get you on tesla while we have time, jim, because jonas finally goes to overweight at morgan stanley. to 540 the only -- to only value tesla on car sales alone ignores the multiple businesses embedded within the company

>> it was like his brother that did that >> did what? >> tesla piece >> jonas brothers. >> i get it. >> he's talking about the ecosystem, and now the software is not being -- where was all this stuff at 300 and 200 and 100? where was it where was it >> yes not only that, jim, but reuters really quick says that gm will roll out an expanded ev strategy and spending plan tomorrow, reuters says, so it is going to get interesting here next few weeks and months >> well, i just think that there is so many i had lordstown on last night, we had riveon coming >> i know. worth talking to mike wirth about, right >> can we get wirth on can we get mike wirth on from chevron? >> yeah. >> let's ask him. >> like andrew sorkin can get people, you got someone?

>> he just knows how to get me shares of chevron are up, they had a strong week. the vaccine data from pfizer and moderna helped energy stocks and the market over this last week or so. joining us now as we said is michael wirth, the chairman and ceo of chevron michael, good to have you. and nice to see you on "squawk on the street" for a change. i would love you to weigh in, actually, longer term, of course, just the conversation we were having, we have it so often in the morning, whether talking about tesla, or riveon or neo, as small a market share as they have, ev is coming, maybe not ted, maybe not tomorrow, but soon how does the chevron prepare for that eventuality >> well, we have seen evs coming for quite some time. our company is headquartered in california california had a zero emission vehicle mandate going back 25 years. so this is a technology that has been emerging, we certainly see in the developed economies,

continued progress but it is important to remember a couple of things number one, only 25% of a barrel of oil ends up in light duty vehicle transportation so 75% in other uses and then the demand growth is driven very broadly around the world, particularly in the emerging economy where people don't have vehicles today. our central planning case includes hundreds of millions of electric vehicles up from single digits today in the next 20 years. so we certainly have an expectation that we'll see these companies succeed. we'll see electric vehicles penetrate into the economy and yet even inspite of that deman for our products is still expected to continue to grow >> when we talk about your company and others do, they talk about your balance sheet, which remains the strongest of your peers, nobody talks about your dividend being in any risk, portfolio rationalization was largely completed prepandemic.

but at the same time, not like your stock is going up over a period of time, it is down 27% this year despite what many say is being the best in a bad neighborhood any hopes for reversing that, you start to see a stock price up for the year? >> well, we recognize that our sector has been under a lot of pressure, many others have through the pandemic we were facing some of these pressures prior to the pandemic. it is a large and relatively mature sector of the economy that is a slow growth business frankly the industry overinvested for growth, particularly here in the united states, and hasn't created strong free cash flow and strong returns. and i think investors had been clearly signaling they expect better performance out of the sector you mentioned some things where i think we're different. i boil our strategy down to four simple words higher returns, lower carbon and we're working on both of

those, and making good progress. and i think it is a long cycle business, and as we stay with the fundamentals and grind our way forward, to higher returns, and to lower carbon, we will continue to offer a good value proposition for investors. >> how important is it that you communicate that lower carbon theme to an investor base that perhaps you don't have right now, but may want. we talk so often about money that is now under an esg mandate, growing and growing and seemingly not coming towards you. how do you change that exxon and their last release, michael, i made note of it, talked about breakthrough technology they can scale that removes carbon dioxide directly from the atmosphere. is that what it is going to take for you guys to sort of find new shareholders >> well, i think, look, we have to deal with higher returns, lower carbon means we have to do what is good for shareholders and what is good for the

environment. and you can't overindex on one and not the other. that's not sustainable and so we're working hard to do both there is a couple of things we don't think create value for shareholders number one for us to exit businesses that we're good at, very good at world class at and enter businesses where we have no competitive advantage. that's not good for shareholders and it is also not good for shareholders if we sell assets to reduce the carbonfolio and d others that may not operate at the environmental standards that we do. we intend to be part of a lower carbon energy system in the future we're working to reduce the carbon intensity of ur operations today to increase the use of renewables and made recent announcements on diesel, base oils that we're bringing into the market now. and we're investing in breakthrough technologies like the ones that you mentioned from

one of our competitors we need to find things that are commercial and scaleable that can be part of the solution. but we have to balance shareholder returns and shareholder interests with what is good for the planet that's our strategy. >> well, mike, it is always great to see you i think you're the most thoughtful of the majors i want to ask you, there is some really interesting land that is developing up in the arctic national, where the polar bears are, hundreds of thousands, so you don't really need them all and the president is offering this, there is a lot of land in the permian, how about an opportunity to drill baby drill in the national wildlife arctic preserve the refuge. >> we are in favor of responsible access to land for responsible development. and so, you know, that's conditioned upon the right kinds of environmental practices in place and -- >> can you call it idiotic,

please do you think it is idiotic why don'to ju you just call it ? no one is going to get mad at you. >> we have a lease in alaska there is only one well drilled in the alaska national wildlife refuge and we were 50% partner in that well. >> how about a statement, saying, look, this is 234not wht we need. we have plenty in the permian. that's a terrific place for our children and grandchildren, you think like i do. this is how you think. i think the people -- you care more about the environment than any of the oil people. this is such a great opportunity. the guy is going to be out of there unless he decides he's going to barricade himself, you know the new president will say it is not such a good idea how about standing with the new president and saying, you know what, there so much land in the lower 48 that we can drill, we don't need to be among the polar bears? >> well, jim, we got a global portfolio of opportunities and so we'll make a decision about where we drill, based on the entire set of opportunities that

we have. and certainly our permian position is very, very strong. we're committed to protecting the environment. i agree with everything you're saying >> there you go. all right. how about green hydrogen you have the ability, you do refining, you are scientists, you have long history of science, and i don't know if people know the ceos of chevron, they have always been scientists can't you be the guy who produces in 2030 the green hydrogen that elon musk thinks is foolish sell? you would be the guy, you would be the guy i trust. >> i hope we are the company that does that i'm a chemical engineer. our company is run by engineers and scientist and we're working on hydrogen. we see a lot of promise in hydrogen we were part of the hydrogen highway in california decades ago. we opened a hydrogen refilling station in south korea that offers fuels and we're working on both blue and green hydrogen technologies to find a way to generate hydrogen economically and with a low carbon footprint.

a lot of work to be done you're battling the basic law of thermodynamics and physics in doing this, but we're very optimistic about hydrogen as part of a long-term mix, a lower carbon energy system, which is what we expect and what we intend to continue to be successful in. >> michael, finally, jim mentioned of course the arctic national wildlife area, and what would be a change we expect in a couple of months from the biden administration coming in hopefully nobody shows up to bid on that land, more specifically to what your expectations are under a new administration, which is going to have more restrictive measures that it pursues for your business. is it a concern? >> we have been around for over 140 years, we worked with administrations from both sides of the political aisle in this country and many different philosophies around the world. and we look to find common ground everywhere that we operate. and governments around the world

care about their economies, they care about employment, and they compare the environment. and we look to find a place where we can find common ground on policies that support those, and certainly today, in this country, we have got an economic recession that we're in, this we're looking to come out. we got unemployment that is higher than anybody would like it to be, and we got concerns about the environment. i think we can work our industry is a big contributor to all three of those dimensions of the united states. and we'll seek common ground with this administration, just as we have with all that came before it. >> all right, and very quickly, price of a barrel of oil, many say you're break even roughly in the 44 or 43 do you think oil will stay above that >> you know, predicting oil prices is something you would think our industry would be good at, but i learned we need to stick to the basics. and so the price of oil in the

future would be lower than it is today, i can't tell you the exact trajectory we got some positive news on the horizon with these vaccines. and so in the short-term, we're facinginge ining a rough few mos we're going to stay focused on a strong balance sheet, supporting our dividends and maintaining our div deidendividend, there sr of dimensions we have differentiated ourselves versus the industry we have done m&a at a low point in the cycle and had good assets we'll stick to the fundamentals of our business and not chase a price belief, but we're going to focus on the fundamentals that drive value. >> got it. we didn't get to the noble deal with m&a we appreciate you taking some time looking forward to having you back michael wirth, chairman and ceo of chevron. >> good to see you, david, jim >> he's a -- >> back above 299.

not quite to monday's highs. to rick santelli hey, rick. >> hi, carl. this morning we had a robust housing number, housing starts up 1.53 million. what i want to point out real quickly, single family starts continue to just toil ahead. highest level since 2007, 13 years. look at intraday of 10s, you can see we have come off the lowest yields after the release of that 830 housing starts and permit number, pretty good. rates moving up a bit. we can to day chart shows we have been drifting lower and if you opt chart up to august 1st, this encompasses everything. on the 4th, the all time low yield close. half of 1% .50. the highs in the first week of november at 96 on a closing basis. so you can see we're more towards the upper end of the range and have a push with the lower level ever if you go to the euro versus the dollar, hovering close to best levels since the end of august carl, jim, david, back to you.

>> all right, rick, thank you very much. most sectors in the green this morning with the exception of utilities and healthcare basically flat vix below 23 we'll watch that closely dow is up 145. "squawk on the street" is back after a break. ourselves. let's get checked for those around us.

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i agree. i'm not worried but focus on the job at hand. we've got to get the vaccine out. right now, we need to have people safer you are seeing a skyrocket not just america but every part of the world. this is childish behavior on the part of our politics we need to help the citizens of america. >> a frustrated a jamie dimon talking about the stimulus log jam. he says if i was the one running the negotiation, i would walk

out with a deal even if it cost me points. he said he's never coveted the job of being treasury secretary but he would help out whoever has it >> he says he is a patriot first. he does represent a common sense view of hiring people. people at work kind of things that i think we all respect a lot of his views we listen to jamie, he makes a lot of sense he has his detractors. certainly a breath of fresh air, which it comes to politics, which apparently he will never enter. >> it doesn't sound like it erisda the always the future nasdaq has gone red. we are back after the break.

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it is not clear cut but nasdaq does have a slight reopening trade in place the laggards include some vio,de act vision blizzard.

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the answer to migraine an analysis of hydrogen and who is going to win in hydrogen. david, is it brilliance that drilled in the national wild life refuge? >> i don't think so. >> going to be a great show, i cannot wait. >> jim, we'll see you tonight. mad money, 6:00 p.m. eastern time good wednesday morning welcome to "sqwawk on the street." markets were hanging on to some opening gains early on from a slew of companies including boeing and target. tesla as well. our road map begins with 95% effective. pfizer does say its vaccine is safe with the company seeking to gain fda approval within days.

>> the faa clearing boeing 737 max. >> target and tjx out with earnings preparing for black friday just a little over one week. >> guys, we'll start with the pfizer final phase three data. helping us understand what they said with the news of the past 24 to 48 hours this at home test, which i know you mentioned as well. >> the news is coming fast pfizer has its final look at the phase three trial. the numbers shake out at 95% efficacy the reason that is updated from last week when they say 90% plus is because that was an interim look they have enough cases to take that final look and that is 95%. they saw 170 cases

the way that's split out is 162 of those cases were among people not vaccinated only eight were people on the vaccine. they only saw 10 cases of severe covid-19 and nine of which were on placebo 94% efficacy they saw in older people over the age of 65. they said they surpassed the milestone for safety that they need to seek fda emergency use authorization. the vaccine appears to be well tolerated. they did see side effects like fatigue and headache after the second dose. those can be intense but pass quickly. they plan to submit to the fda in a few days. getting news from two people familiar with the fda, they have asked the outside panel of

advisors to hold december 8, 9 and 10 to discuss both pfizer and moderna vaccines that is a key meeting. this group of advisors needs to meet and give recommendations before the fda can give a green light to the vaccines. we are getting some is sense of timing in terms of what we might see with these coming to market. >> interested in the comment that the technology that they've used here might be more easily adapted for future mutations of the virus. how important is that? >> it is important it is pretty exciting to see how quickly they design these mrna vaccines something like 42 days from when nih and moderna work together on designing the first batch and getting it to have a batch ready for human testing.

you can design these approaches extremely quickly once you have the information about the structure you are interested in. that has obligations for mutations you might see for coronavirus. they are also looking at it for seasonal flu both moderna and bion tech have applications for the flu >> compare the two both incredible to see effectiveness at 95% is moderna also two shots the same way and is the side effect profile a little bit worse than pfizer's >> yes so they do have minor differences even though they are the same technology. pfizer is two shots given three weeks apart. moderna is two shots giving four weeks apart. for some is people, you could have intense feelings of fatigue

or headache. it looks like pfizer's mightily slightly more well tolerated we'll see more as they get their applications in and the advisory group meets. i've heard it compared to the shingles vaccine that is relatively new and can be difficult to take. experts have questions if people feel so down after getting the shot would they need to miss a day of work. they are working those things out. >> we'll rely on you, meg. thank you. boeing is another big story this morning the faa clearing the 737 max to fly again. speaking of people who followed the stories closely, phil la beau big day. >> the faa says, yes, it has

officially ungrounded the 737 max. remember, the first 737 max crash happened in southeast asia happened way back in october of 2018 that was more than two years ago. much of last year, there were investigations and hearings uncovering damaging details about the development and approval of the 737 max. earlier this year, it completely exploded when there were text messages and e-mails from former boeing engineers about their relationship with the faa and the ceo was forced to stop promotion and cut more than 12,000 jobs. the faa has really moved things forward. head of the faa went for a test flight here is the faa earlier today on

"squawk box. this airplane, the work we have done with the design changes and training changes that will be made to the operators and that pilots will be -- the training that pilots will be undergoing makes it impossible for the airplanes to have the same kind of accidents that unfortunately killed 346 people >> so how many 737 maxes are there? 450 have been built and parked outside the plant in washington and a few other places awaiting delivery 385 were already in service around the world those will have to be modified and pilots undergoing training the bag log now at 320 looking at airlines with the max

easy in their fleet. american planning to fly it for the first time the end of december i think december 29. united planning to bring it back to service in q 1 and southwest says it will be in q 2 that it plans to put the max back into service. that will be the focus now how the airlines put it into procedure including pilot training and get them back in their fleets. >> that will be a lot of work in its own right. thank you. phil lebeau on the max let's bring in gordon, former continental airlines chairman. >> nice to be with you >> gary kelly of southwest just wrote an employee letter that said they have a directive with regards to the updates and pilot

training can you help us what needs to happen at the carrier level. >> there are so many moving parts. that's what makes it difficult you've got the reduction of forces by covid pulling down the schedules. pilots bid their jobs by seniority. there is a reshoveling going on. now we have the inter put of the max that will be another varable. that's why i think united is waiting until q 1. it is a difficult integration to get people trained and put them in the right place where they belong it is a great day for boeing and the airline. >> how is it possible miami brings it back to new york-miami in basically a month >> they've got a base there, and

qualifications, i'd be guessing taking it from a 777 down to a 737, which might be the case of a united you get paid by seniority. so the senior people go to the bigger airplanes these are coming in from the bottom, which is where many people are bumping down to the bottom from a big airplane we have a few varables and those being put into service by more senior pilots. >> yesterday, bill gates said he expects business travel to be cut by 50% even in a post pandemic world i'm curious your thoughts on that >> that is just too big a number the world is getting back to

normal herring about the vaccine gets us going towards normal. you can't take a meeting in tokyo because it would take two weeks a shift to get there >> it is a huge number and would have big implications. getting you back to the max. what are the bigger take aways from beginning to end for you and for the industry certainly boeing that had the

accidents and their training in this whole debacle as well boeing, i got to tell you is one of the world's best companies and will remain so airbus can't make enough airplanes to fill the world demand it is getting back to normal normal was an explosive economy. plus the blamed loss of the airport was an economic hit as well >> any passenger who doesn't want to fly specifically on the

max will find another way to get to their destination do you an miss tate a lot of resistance >> no. most people never see the airplane unless they picked up that little card in the seat pocket in front of them to see what kind of airplane they are flying, they have no clue what plane there on the majority don't the 737 is the world's workhorse and probably the most reliable airplane there was it will go back to being almost 100% >> we've talked about this day for a long time. amazing how much the world has changed in 20 months

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>> the unknown right now really is how big is the spread and how quickly is it going to move

forward. that is a big frustration. >> these tests, we can do a flu test in 45 to 60 minutes and have an answer for doctors and patients this test right now, on average takes three to five days from the time it is requested to the time the result is delivered and that's just unacceptable >> that's atlantic health systems ceo back in midmarch commenting then how tests took a number of days eight months later, we are seeing a similar timetable. >> thank you for joining us. let me start with you. give me the state as you see it where you operate and in the

american hospitalization what are you hearing from your peers? >> it is interesting thinking back to last march, we are seeing the virus surge a lot back in the spring where it was isolated it is brought in new jersey. we have seen admissions go up in the last few weeks today, we have about 170 and three weeks ago, we had 20 so clearly the virus is back to you as well, in new york,

things are not going right in new york and new jersey but they are going better in a number of states right now >> we've seen more of a doubling and less in the new york region. less concerned about what will happen in the weeks to come especially if we are not successful and communicating with families that thanksgiving holiday has to be different this year we have to think differently for the holiday season coming up we are thinking differently that the governments have to step in and put more restrictions in place and tried to limit family gatherings do you expect to see more in terms of public health measures

in place. >> we expect public health measures will ramp up in the region and the governors of adjoining states are prepared together with the plan looking forward to the leadership at the state and federal levels public health measures are all we have right now. we have mildly improved outcomes it is still a very deadly disease and we have to take this cautiously and use levels of clierns. >> what do you make with regard to moderna and pfizer and their efficacy levels?

>> we have seen a seasonal shift. extraordinary and gives us a sense of life at the end of the tunnel >> i wonder we saw the fda levels of tests you could take at home. is there a broad hope there could be a big part of the equation there is a concern we have that home tests will be related to the sensitivity that a number of patients that are found have the disease and the number of patients that don't have the disease. home test is never quite as good but the screening measure can serve as an important role with the number of outbreaks in our

communities. >> what are you hearing? we've talked to a number of hospitals and the theme has been, we are on our own. unlike the spring, they are able to benefit is that not going to be the case at this time >> that is a concern able to bring nurses and therapists in. over the summer, we are able to work hard during the search in the spring we brought on additional staff and continued to focus on the safety of our team members we'll work through this in a manner that is a little more organized than it was in the spring and i was rounding last

night at one of our hospitals spending time in our icu our staff members are really engaged on this but a little fatigued and that factors into the area of staffing >> we hear the health care personnel are going to be the first to get thevaccine. purchasing 80 sent grade freezers that would include health care workers and

vulnerable populations deciding and working closely together with local and state governments to make sure we have proper distribution to train our staff and engage in the massive enterprise. >> we are all hopeful the data will be approved by the fda and will find them acceptable. we are hopeful by next year and we can't overemphasize that keeping our health care work force healthy is an extremely

important aspect providing care to our communities >> thank you both. thank you. our etf spotlight looking at xlk continuing its march higher up nearly 30% for the year currently trading about a third a percentage point lower the group's biggest lowing cutting its rate to 15%. half of apple's 30% commission we'll take a look. david hhansson whose tweet started this fight back after this. ♪

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welcome back, i'm sue herera in reno, nevada a wild fire has threatened several homes authorities briefly cut power to 7,000 customers as a precaution. president trump has fired the nation's top elections security official chris krebs whose agency found no election situations had been manipulated. protests

lawmakers are expected to enact a bill that will allow mask mandates to slow the outbreaks in swizer land, all normal icu beds are now in use. hospitals have now increased their capacity so far, the system is no overloaded you are up to date i'll send it back to you >> i hope the system stays that way, not overloaded. turning to today's retail earners. well above estimates where they rose, yes, 155% in the third quarter. on squawk earlier today discussing consumer behavior >> we talk to consumers, they are looking for certainly when is this virus going to be behind us what is going to happen with the

economy. when will kids go back to school none of us today have an answer. if i could package up certainty, it would be the top selling item i sold at target in 2021, we have to be really flexible and adapt to the environment. >> i think we all would purchase a box of certainty, if we could. our guests who join us now, thank you both for being here. i want to start on this idea of changing consumer behavior in the pandemic and the stickiness of that. target gained $6 billion worth of market share this year. do you believe the change in consumer behavior is enough to keep target at the market share.

>> what we are really excited about is target curb side pick up that is a safer shopping experience and also less is more people are doing smaller trips and target and walmart being multicategory is helpful these are aggressive now so safety is america's easiest place to shop. reinventing the store. all these key things zooming, cocooning and home electronics. that was a big gain for target they are well-known for homes and their private brand too.

>> wasn'ting the bigger picture. how much is this trend that pulls forward when they start to move to the end of the year? >> benefitting all of these large retailers as a pronounced and sizeable shift going out to eat and traveling the u.s. consumer is in the pattern of bingeing on goods because we are all stuck at home that is likely to reverse in a

post pandemic world. to your point, home depot is doing largely the right thing. whether resetting their stores, growing e commerce or addressing that all important pro customer that is going to benefit them as we see a reversal of the shifts overtime with respect to home improvement in home depot and lowes. i do think there are structure changes that will benefit them such as consumers moving into larger homes or more suburban and rural areas and spending more time at their homes it will put more scratches in the florz, dents in the walls and those will need to be fixed leading to the benefit of home depot and lowes.

those are sftocks we like a lot here >> i heard reports of what they are talking about the k shaped christmas where the wealthy deploy a lot of the savings they've had from not traveling and lower income faces evictions. does that mean up scale benefits and discounts get hurt >> carl, what the big focus needs to be is focus on value. the the every day focus at walmart, planet fitness at $10 a month. that is value. the stimulus is something to watch. the lack of that has been a negative factor. luxury goods have been robust.

what is happening in luxury goods. we upgraded coach, a return to logo and classics. people are spending at the high end. particularly as the stock market has slowed certainly a strong high in the economy. that's a global factor too we like louis vuitton and canada goose. people return to luxury and revenge spend. >>. >> like in the spring how are

retailers expected to handle it. are you already seeing shortages again? >> they've been able to respond accordingly and are able to make all of these navigate stronger and learn an incredible amount and apply those down the road. they'll be tested but make them stronger >> those will be tested throughout 2020. thank you for joining us >> thanks for having us. speaking of emergency support, the emergency debate

now for the treasury steve has more on that >> disagreeing at the moment whether the treasury programs should be extended fed chair jay powell making comments about the program advancing to muni and corporate bond programs and loans to medium sized businesses. saying, quote, we came in when the markets would reopen and when the right time comes, i don't think that time is yet or very soon, then we'll put those tools away but so far, secretary mnuchin has to approve those and has not said which way he'll go. saying the decision will be made as we get close to december.

the programs have served as a critical backstop and are a long end to back them central bankers generally don't like what they call cliff effects or abrupt changes. there's an argument for ending the programs the other side is that markets are now coming up. they don't seem too concerned at the moment if they do, we'll get a test soon about how much progress was made in the recovery and if they are able to stand on their own it seems pretty quiet now. >> agreed. that is pretty strong.

when we see financing m&a, that sounds good right now as well. >> right take a look at shares of nikola this morning they are up sharply. you may wonder why let's look at gm's website it was such a lie flier and then plummeted on appearance of business model the key question is would that deal with gm to manufacture the badger truck, would it still be in place there is the website gm goes through that and included in that with all their different efforts is this, we signed an agreement with nikola to engineer and manufacture the nikola badger using our battery system and to be the supplier of fuel cells globally except in

europe share holders haveak t tenhat as a sign that gm is still committed to the agreement we are back after this

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tesla has remained one of the best performing stocks there are still some critics find out why on trading nation more skrooe"sqwawk on the stree" coming up.

welcome back to "sqwawk on the street." stocks are now mostly higher keeping the nasdaq on some territory right now. the financials are the big outperformer even on a day we see u.s. treasury deals interest

rates slipping a little bit. a mixed movement here. large banks and regional banks outperforming. rounding out the leaders also prudential and meet life as well i'll send things back over to you guys >> thank you value back in vogue today. the upcoming season and the nba's first virtual draft. a lot more on the way. before we talk about tax-smart investing, what's new?

-audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

their new $45 million verizon 5g performance center with the goal of using technology and analytics to increase player performance, comes as the nba prepares for the first virtual draft tonight. joining us this morning is the owner of the phoenix suns, robert sarver. it's great to have you with us. >> good morning, carl. thank you. >> we've got a lot to talk about, the draft, chris paul but this 5g center, i'm curious, i mean it's a partnership with verizon and it's really one of the first hard examples of

practical 5g use, i think, that at least we've talked about on this program just describe the technology, what is new and how you think it's going to change players >> yeah, absolutely. i mean, we've had a long-time relationship with verizon. it's mostly been focused on fan performance and corporate sponsor activation and now we're pivoting to players and we're going to be focused on improving players' biomechanics and their performance. so as i sit in this facility today, you can see behind me we have over 150 cameras and sensors around the building to monitor every movement of the players and the ball >> when we talk about 5g, one of the big selling points, of course, is a lack of latentcy. does that play a role or is it broader than that? >> it plays a role because what the 5g does is allows us to put

a number of applications together, but do it in real time so we get instant feedback to our coaches and to our players our players like data. it's much better to sit with them with objective data rather than a coach's subjective evaluation so the more data we have and the more timely it is, for example, it lets the coaches know how five players are playing together, how the ball movement is immediately and we're calling it kind of unofficially the lab, the verizon lab inside, because it's a work in progress and we're going to continue to try to get better and develop in addition, verizon is going to use this facility to work on some other things that they want to try to improve and experiment with, including potentially how some of this technology could be used >> that's fascinating. we've long said that the nba in

oh va innovates best the draft night, virtual, do you think it's going to feel much different or are there things that we're able to do now with tech that's going to make it feel a little more seamless than if we had to do this five years ago? >> yeah, i think so. as you saw with our league in the bubble, we tried to use technology and some changes to our broadcasting to make it more entertaining, the draft. it's an exciting day i think one of the coolest things for me about the draft is seeing how it changes the lives of 60 young men who have put in their blood, sweat and tears and worked over the last 12 years to get an opportunity to go into the nba. >> robert, leslie picker here. i wanted to get your perspective on kind of a return to normalcy, a return to 2019 levels as it pertains to sports and entertainment and also at southwest value partners you own

real estate properties in florida, california, south carolina, tennessee, just to name a few how are you forecasting things at the moment as we weigh news on the vaccine front, people's yearning to get back into the sports stadiums as well? what does the outlook look like from where you sit >> great question. we were just talking about that at the nb aboard of governors call yesterday obviously, very encouraging news with the efficacy of the vaccine with two of the pharmaceutical companies. but it's going to take a little bit of time. so this year it's definitely going to be challenging for our sport. we rely on fans in the building for concerts and for basketball. so we'll have to work around kind of where our medical experts say in terms of how many fans we can get in the building. but i think the league will pivot and be more creative on how we deal with our broadcast and digital and social media as you know, our game is shown in 215 countries in 46 different

languages. last year between all mediums of being able to convey video of our games, we had a billion unique users around the world. and so the league is getting creative this year on how to use those digital and media assets in terms of business in general, from the banking standpoint one of my hats, i've been surprised how resilient the economy has been, how resilient they've been through this i do think having light at the end of the tunnel helps for that in terms of hospitality, as you mentioned, we just opened a brand new 640 room grand hyatt, which is our signature development in downtown nashville. the encouraging part is the future bookings. if you go out into the spring and summer, there's a lot of pent-up demand but for the hotel industry it's really been a story of two different types of products. you have the urban product that is very tied into convention center business and heavy group

business and that's been a big struggle and then you have the suburban market that is able to access your transient visitors and in close proximity for driving. and that business has been significantly better and pretty encouraging. >> robert, it's david faber. you know, a lot of us watched and enjoyed the competition in the bubble, but the ratings for tv were not as good as perhaps some had hoped >> right >> are you concerned at all, as this continues at least and we don't get back to normal with people in an arena that ratings will continue to suffer? >> i'm not sure those two were really related we looked deeply at it and had conversations with our media partners they think it was a little more of a one-off for a number of reasons. number one, it was a convergence of a bunch of sports getting back together at one time. secondly, a lot of our games were played during the day when people were working.

and thirdly, we had a presidential election and the airways were dominated by the presidential election. so i think we'll get back to normal in terms of the media and then we're shooting for the 21-22 season to be a regular full season and i think by that time everything will be stabilized and our trends are good our demand for our product is still very high, especially in our key demographics in the 18 to 40 range. so we're feeling optimistic that the tv ratings are going to bounce back. >> well, i know, speaking of demographics, i know the fans are going nuts over paul, so congratulations on that. good luck tonight and thanks for the time, robert good to see you. >> absolutely. nice chatting with you folks "squawk alley" will start after the break. don't go anywhere. dow is up 100.

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