any aid coming before president-elect biden takes office we don't know. j.p. morgan says some lasting scar tissue can be found in higher business dead and hobbled state and local governments. >> dafrdvid, thank you it is 8:00 a.m. at facebook headquarters in california and 11:00 a.m. on wall street. "squawk alley" is live ♪ >> good friday morning welcome to "squawk alley."

i'm jon fortt. the dow is down .5% with walgreens and boeing leading to the down side. the nasdaq still slightly in the green. looking ahead to a huge week tech investors need to be watching cloud, software, devices, and fitness in cloud, the period beginning next week is a time of peak demand for amazon even more so this year. in software, retailers going to need targeting tools from companies like adobe to bring shoppers in and keep them loyal. devices, pcs and con soles are going to keep us watching the likes of fit and in fitness in we can't hit the gym after all that pie, are we going to hit the peloton? that's the question? >> that's a good question. or my personal favorite, a club row class. it's a good question, john particularly as the opportunity to go to a physical gym, that is diminishing as we see cases rise across the country and more restrictions or, you know, partial lockdowns. but as you lay out the themes,

i'm thinking of some of the companies that have spent the last, you know, seven, eight months positioning themselves for this moment. whether that is louisiaululemons foray into connected fitness while e-commerce is expected to get a big boost, spending overall expected to be down. so with lack of a new stimulus, are people in the mood for the big ticket items like a pel totn or bike or tread or iphone >> those are good questions. let's continue this conversation joining us now, jeffrey senior tech analyst brent bill and senior internet analyst john blackledge whose firm is out suggesting the e-commerce surge is going to continue through this holiday season. happy friday this is the period for cloud

where the infrastructure gets tested even more so this season. are there opportunities for various players to even gain share base ond how they perform here >> well, yeah. i mean, on the cloud side, you have the big three and, yeah, no, it will certainly be, you know, the next couple months will be huge for these platforms. so, you know, we expect good growth for all of them and one thing i point out which we had in the report yesterday are monthly covid-19 consumer trackers e-commerce spending is elevated. so in october, 35% of respondents suggested that the e- commerce spend was up versus the prior month. and that's been consistent since the pandemic started and then as you pointed out, with cases surging in the u.s. now, you know, the e-commerce platforms are really well positioned kind of going into the peak holiday season to your point,

john and also with brick-and-mortar foot traffic still likely being down so, we expect -- we expect the e-commerce platforms to drive a lot of volume in the cloud >> rent is the old saying goes, christmas comes but once a year. and so if you're looking to have the p.c. or the console, you got to sell it during the period we have to think about the apples and pcs, how important is this particular period in this particular year? >> it's huge you look at the microsoft xbox sold out demand is off the chart. they're not going to get demand set -- demand will be there but the supply won't be there until probably spring or summer in it terms of inventory so they're idling back expectations in terms of when we can get devices in our house obviously the power and the mobile gaming and the cloud will continue to help offset some of

that the microsoft remains in a really good position obviously, azure cloud will continue to power a lot in the experience and again, supporting a lot of the e-commerce volume we're going to see going into this holiday season. >> john, talk about who stands to win spending overall this year expected to be lower e-commerce, of course, is going to get a big boost do you think the consumers will be in the mood for the bigger ticket items like the pelotons and higher priced max? >> oh, yeah. on peloton, really since the pandemic started seen incredible lift in demand and, yeah. so they expect -- they're running usually for peloton, you order it and it comes in three to seven days w the pandemic, it is five to ten weeks to get bike as we're talking about with the surge in case in the u.s., you know, the demand will remain

very high. it should be a huge quarter for peloton and, yeah, i think they said it will be next year -- next calendar year when the order to delivery time will get more normalized. so, of course, huge demand there. obviously, also on the device side, you did have prime day ae earlier in the fourth quarter. the echo devices, you know, the google home, those will be probably pretty big ticket items this holiday season as well. >> something i noticed is affirm's numbers showed that a lot of folks are actually buying pelotons on credit that was in an era where we had fiscal stimulus, a lack of that now. does that mean that people are going to go out and spend as much on the products even through e-commerce channels? >> we don't cover peloton. i can tell you that all of our

collective communities all getting them shorter days, the cold, the rain here in california so i think ultimately as an outdoor biker, i've been against having one given our area here i can tell you there is an incredible surge in demand from what i can see anecdotally some of the survey work, again, we don't formally cover them we cover the software and internet names. >> john, speaking of -- >> speaking of software, it seems like especially in this period, you're going need tools that do retargeting, that keep those customers loyal, that diagnose issues with your website or with the platform is that an area that investors should be thinking about who has value going into 2021? >> from a software perspective, yes. we cover shopify, wicks.

you look at the platform plays, they're in incredible position we continue to see surge in demand for the survey work adobe's experience cloud continues to do very well. and, again, our team recently upgraded shopify based on what is happening as a backbone to helping these companies get online it's not just amazon it's many of the other stories that we cover in software that are benefiting >> indeed. both of you guys so smart. either one of you can answer all the questions. brent and john, thank you. >> thank you >> thank you >> meanwhile, jon, facebook and apple are trading jobs over data privacy. josh, i guess you call this goliath versus goliath >> yeah. certainly. this is a war of words between two tech giants. it really comes down to a new feature that is part of the ios 14 operating system. it's called app tracking

transparency it gives users the choice about whether apps can track them for ad purposes. and importantly, it's also limiting the sale of information from the apps to data brokers. some privacy advocates like this feature. they earn courage apple to implement it the feature has been delayed until next year. so that developers have time to update their systems apple defends the feature and xplandz w complains why it's important and takes a shot at facebook saying facebook executives have made clear their intent is to collect as much data as possible to develop and monetize detailed profiles of the users and disregard for user privacy continues to expand more of their products now facebook says this new feature is going to negatively ae affect the ad supported business model and responded with its own blistering letter. they said that apple is using the dominant market position to

self preference their own data collection use the same data. they claim it's about privacy, facebook says, but it's about profit of course, you hear really does come down to data. what is xlecollected and what i done with it they can minimize that collection and that is a key advantage when marketing the products and services. >> jyeah, josh this is a cold philosophical war going on between apple and facebook for quite a while we've seen apple come out with these technologies like differentiated privacy that allows them to not even really collect data in the first place to then have to anonamize it they don't know specifics about the users. facebook is collecting the profiles

i wonder does this explode out into the open when the antitrust heat comes on and we get people testifying >> yeah. that will be really interesting to watch what do you have as you point out, jon, you have simply different policies, different ways of approaching this issue you know what i mean tim cook can know a lot about josh lipton. when am i not on this device but they have structured the policies differently the system differently they're selling hardware, not advertising. that is an advantage here to your point because, yes, apple can say we may collect data but we can minimize that data and anonemize that that is a different policy different business models at work here. >> data is the new gold, right we'll see you later in the hour. don't go anywhere.

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welcome back let's get to kate rooney >> hey, thank you, jon joining us now, craig vosberg, mastercard's president of north america. thank you for being here >> great to be here. thanks for having me >> sure. the deal and google pay, i want to start with this spending data out from mastercard this week. we got black friday a week away. the survey shows people plan to

spend a little bit more and shoppers are turning to online and contactless. what should we expect from consumer spending this holiday season >> well, it is that time of the year and what we're seeing is interesting information both through the quantity ative information and the equally take theive information that we added for the first time this year to really understand consumer attitudes towards spending as we head into the holidays what we're seeing so far in the numbers is october is where we have seen the holiday spending begin. october has been a pretty good month. retail sales are up about 4.1% year on year for the month of october. although, with quite a bit of difference in categories of where people are spending their money, spending much more on things related to the home, furniture and hardware and home furnishings, groceries, obviously less on things related

to travel. but interestingly when we hear consumers express their attitudes towards spending for the coming holiday season, we're seeing -- we're hearing consistent themes. one is an aversion to handling cash this is something that we saw arise in the early days of the pandemic it continues to be the case 60% intend to use less cash. we see a greater adoption of contactless payments and, in fact, nearly two-thirds of consumers that we've surveyed said they plan to do more shopping this holiday season at merchants that accept contactless payments not surprisingly, we'll see strength in digit shopping october, 50% increase year on year and more 80% of consumers say they intend to continue shopping heavily through e-commerce as we head into the holidays one thing i will call out --

>> really interesting. >> if i could add one thing. we saw it's no the so much pandemic related, it's consumers this years are expressing a desire to shop with their conscience and we're hearing consumers say overwhelmingly 75% that they intend to shop more with small business in their local community to support those local businesses and to support minority owned and businesses owned by women so that's an interesting social aspect to expected shopping behaviors this year. >> really interesting. especially on those digital trends i do want to ask you about the deal that closed this week mastercard bought a start-up for about $1 billion visa announced a similar deal to buy plaid which is a competitor to finicity. how did your deal get through and the visa deal is stuck in limbo still with the doj >> well, we were very pleased earlier this week to share the news that we had received approval from the department of

justice to proceed with that acquisition. as you noted, we shared yesterday that we since closed on the acquisition and we're thrilled that finicity is rt paragraph t is part of the mastercard family it's a really important development in the evolution of mastercard and the role we can play in the open banking phenomenon you know, open banking in the essence is about empowering the consumer with his or her own financial data to use that data to get access to the kind of products and services that they most desire. innovative, creative products to meet their needs that may come from a fintech or a technology company it may come from a more mainstream financial institution. but it's a path way to enable things like greater access to credit for consumers a pathway to enable people to do things like improve and enhance their credit scores. pathway of getting access to financial management capabilities and tools and one where we see a real

opportunity for mastercard to serve as a trusted intermediate airy in the exchange of that very important and sensitive data much in the way we serve as a trusted intermediary in the payment ecosystem. >> as kate mentioned, the visa plaid deal is extremely similar. it's much larger why do you think that that one is under so much more scrutiny by the antitrust regulator does visit to do with visa's larger share of the debit card market >> well, i think that question is best addressed by the department of justice. they have -- they've released some information related to their findings i think any additional insight around what is driving that decision is really best to come from them. >> craig, i want to go back to what you were saying about small business because we've seen some big box retailers like walmart and target just this week thriving in this omnichannel environment,

a mix of physical and digital. but smaller business that's maybe don't have the planning capacity or the capital to do that transition, how are they doing? what do you see through your network that technologies that smaller businesses are adopting already and maybe the ones they need to adopt to do better in a season like this >> yeah. i think one thing we've seen over the last number of months is the importance of extending the channels that any business has to sell its goods and services and we've seen a real migration of small businesses to move online to get access to more customers. whether that's local customers or giving them access to customers that extend beyond their communities. that's an area where mastercard has leaned in through commitments we made to help bring small businesses online through something we call our digital doors program. to enable smaller businesses to compete more effectively and capture some of the sales that

are so important for them to ultimately grow their business but in the near term to survive the difficult times that we're in that's really about giving them access to electronic payments, giving them access to the tools they need to protect themselves online you know, moving online brings new risks to businesses, small businesses in particular they may not be well equipped to address those risks related to cybersecurity threats and fraudulent payments and that sort of thing. and mastercard is bringing a suite of tools to the market to enable small businesses to participate in that important channel but do so safely and securely at the same time. >> craig, we'll have to leave it there we really appreciate your time craig vosberg, mastercard's president of north america jon, i'll send it back you to. >> kate, thank you as we head to break, let's get a check on the markets can y you can see the dow is down .5%. nasdaq getting a little bit.

but first, jane wells is live from a turkey farm in california jane more of those turkeys going to get to live this year? >> um, these are christmas turkeys, jon, don't tell them. they have a little bit longer. it takes months to raise the turkeys. but thanksgiving changed and now the traditional business plans for turkey farmers has flown the coop meac sopheweheco wn co bk. (♪ )

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with thanksgiving a week away, jane wells is taking a look at how the pandemic is affecting farmers. jane, over to you with the best live shot of the day >> thank you, sara rocking the hairnet again. these are turkeys and they're the ones that they have remaining for christmas. it's just been a crazy year in the turkey business. commercial demand dropped off. grocery demand spiked during the pandemic and now americans are deciding they want smaller birds

for smaller thanksgivings. they sell a couple hundred thousand a year to places like whole foods. the they have a special petite line of only 6 to 10 pounds. those sold out and now it's being hit with an onslaught of online orders. >> we're also seeing just the very last minute nature. no one really made plans seven kind of waking up, you know, a week prior to thanksgiving saying i think we're going to do this >> here's the biggest boy. >> now she spent seven months raising 200 turkeys west of here to realize she would have to slaughter them early to be smaller. so she d she kept three for show she posted the weights online. most in the 10 to 12 pound range and then crossed her fingers zblfr i posted those weights at about $11.50 by 2:00 p.m., they were sold out. we sold all of the turkeys in

two hours which was completely counterintuitive to what i was thinking for months before >> now lower weights mean lower profits. but they're hoping to maybe at least break even and retail level, what we pay at the grocery store, farm bureau federation, turkey prices are the lowest they've been in ten years. they're using them as lost leaders to get you to come in and buy everything else for thanksgiving assuming you're going to have a thanksgiving jon? i don't know i just wanted to do that >> i like them alive almost as much as i like them on the plate. jane wells giving us an economic look at the holidays coming up thank you. we'll explain investing next this is decision tech.

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welcome back, everybody. i'm sue herrera. here's your cnbc news update at this hour. the main airline industry group says carriers need another 70 to $80 billion in aid to survive the pandemic

the group also lowering the estimate for next year's recovery it now hopes 2021 air traffic will be 50% to 60% of 2019's level. in india, confirmed covid-19 cases have surpassed nine million. new delhi's main crematorium is packed and hospitals are nearing capacity election day may be over here at home but many americans are still feeling stressed a study finds 27% of respondents said the stress levels increased since november 3rd and only 17% are feeling less stress. and here's something few people get to celebrate. that is queen elizabeth and for instance philip enjoying their 73rd wedding anniversary and opening a card from three of their eight great grandchildren. we wish them all the best. that's the news update this hour i send it out to you. >> sue, thank you for that our next guest says forget faang.

it's now about mount sas, adobe, amazon and shopify joining us to discuss, byron deeder and josh lipton a lot of the discussion we're having these days is around value names and the reopening trade. so i just wonder, is too late for the sas trade as multiples have run up and markets are questioning the valuations and we do look forward to the vaccines and reopening eventually >> you bet thanks for having me on. the cloud stocks have had a fantastic run, absolutely. the industry is up about 70% in total this year. and the amount sass in particular is up over 100% but this isn't a short term trend. if you look over the ten year arc, you see the stocks have massively outperformed over the extended period. and it's because of the fundamental replatforming that is happening in tech and within software specifically. when you get back to a work in place environment and the va being seens rollout, people are not going to go back to the on

prem systems and legacy applications the shifts are permanent and we absolutely believe we got many years ahead of this replatforming wave and the faang stocks that enjoyed the push of internet and mobile are largely plateauing and cloud is picking that up as a growth driver for tech >> right i certainly wouldn't argue that cloud has a long way to run. but just in terms of expectations, you know, workday last night reported earning that's disappointed investors. this is a prime cloud enterprise play here. they said that the coronavirus is still going to sort of hit their subscription revenue so what should investors perhaps be keeping an eye on for some of the names in the shorter term? >> yes so there will be a separation there. certainly been covid-19 beneficiaries. the collaboration of stocks in particular the zooms, the slacks, those types. and then there are covid-19 laggers serving industries and airline transportation, hospitality, those sort of

sectors or workday those are tough replatforming implementations to do during a covid-19 time or during a slow economic push. so you'll see different stocks in the different buying cycles as a basket, you see continued meaningful performance this group is growing through this time. what you've seen is multiple compression over the last few months because you've had such massive outperformance by the companies. that they're actually no longer trading at the multiple highs. they're trading at value levels near the peaks it's because the businesses are doing so dang well that the multiples have actually pulled back in this time period >> they will understand why you included twilio or shopify why not include the zooms, service now, snowflake how did you narrow down the basket >> the beautiful thing is there are two dozen great names that

you can consider own right now out of the 54 pure play public cloud stocks specifically there have been some that have this outperformance due to the vud push you mention, you know, zoom, snowflake, biggest ipo of the year in lockup and still has set willing to do. you know, you could add alibaba to that on ain't national list or a number of domestic entities what we were looking for is those that have had steady performance and massive times ahead. you look at this group, the mt. sas group, they're up 30 x in the last decade. yet, you look at the mix of applications and infrastructure. it's a mix of the hyper growth new challengers. and the slower growth incumbents that are growing well into the double digits. and throwing off meaningful free cash flow. we think this is the best of the best f you're going to pick some names out of the group this is a very representative basket of the overall ecosystem but also the steady outperformers who haven't enjoyed a natural acts

from the tail winlds and going stable into the years ahead. >> byron, i want to switch gears here a bit to another subject you're going to have some thoughts on as a venture investor which is this ipo filing bonanza we're seeing. what is driving that activity, byron? do you think it continues into 2021 >> there's massive market demand you've got this phenomenal backlog of high quality companies. many of which are worth a billion dollars plus waiting to go public. you have this air bubble in the summer from covid-19 you have this election anxiety that many companies were trying to avoid and you've seen some people trying to thread the needle in between the windows with the ipos this summer with snowflake and then you have a wave of filing that's are trying to get out before year end. i really think it's going to be early next year where we're going to see the flood of these confidential filings be revealed and in particular for the cloud industry with the names like stripe, pro corp and hashi corps, those are the ones that people are going to focus on for

the 2021 class >> if i try to knit pick on this list, it's with including amazon amazon was part of faang already. if you got microsoft for cloud representation, you've got shopify for e-commerce representation y keep amazon around >> it's one company that made the trants isition beautifully we argue that represents a majority of amazon's total market capitalization right now. what they're doing on the infrastructure side is absolutely foundational. and so we went back and forth. but fear that it's insincere to pull them out even though they made this transition beautifully. and microsoft very credible challenger in in the infrastructure as a service arena. there, are you know, a dozen folks going after that globally. google's credible here but really it's become a two horse race at the top with amazon owning the mass market and the consumer type business applications and microsoft with the azure platform really making a fabulous run at the enterprise work loads

>> byron, just a quick one on all the s-1s, what is the most compelling company what is going to be much bigger, let's say, a year from now from when they go public? >> airbnb is the company that i continue to love i think they've had these massive covid-19 headwinds and it's a short term phenomenon but long term that business and fundamentals of that business are spectacular. and i'm certainly eager for the stripe ipo but all the chatter suggests that may be late next year at the earlier and so i think we're going to have to wait a little while longer for that one. >> stripe would be a big one we've seen the payments, public payment companies on fire this year byron, thank you josh lipton, thank you strup is bu another look at zoom video and slack. both get ag boost today. up 6% in both cases. zoom's particularly in focus ahead of what is going to be a busy week for them as well

many families can't gather in large numbers. they'll be socially distant. but perhaps zooming together wel rhtac don't go awa

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afrpg angela miller may from the chicago teachers pension fund, managing $10.7 billion joins us now. angela, good morning i want to take a step back with you and look at the bigger picture. the broader markets. under such challenges this year and continuing with the controversy after the election but powering higher, how important does tech continue to be in this dynamic and how much of it is just optimism about hopefully coming out of this pandemic >> i think the markets are really broadening. i think this week we started the week really flirting with 30,000 in the dow and then coming to the thought that now the cases, you know, risen and the death tolls had risen to over 250,000. and we're dealing with really the lack of transition for the president.

it's an impediment to having the vaccine. and the vaccine is really out there. and we're looking at, you know, the markets are really looking past covid-19. and looking to the future and pricing that in. and i think that the tech stocks are starting really, you know, we talk about last time value. and having exposure to value managers and i think, you know, value pushed in a little bit this week and growth kind of, you know, pulled back. and i think, you know, the tech stocks really overall are going to perform but i think the market is broadening and more stocks are coming into play i think that's a good thing for the market on a long run >> well, now let's focus in on some of the social issues that you try to bring into play in your investments you say you're in the process of understanding thou measure the impact of that in your portfolio. especially when it come to long term value what are you using for

measurement? >> well, right now we are just in the very first stages of looking at esg we look at esg really as a tool to provide us with more information on how to really evaluate managers and this racial pandemic as my colleagues described it really made us more committed to diversity but it makes us also rethink how environmental, social and governance issues really overlap and are connected. and, you know, from this aspect of it, you know, we're using, you know, sasby and other tools to kind of measure esg scores and looking at those things across all of our companies and across all of our managers

we're trying to understand it in a more wholistic way and looking at esg factors not only as a means to manage risk, but also as a means to create long term value. and i think, you know, it's really just additional data that helps us to make better investment decisions and incorporating extra metrics into the investment process, you know, really can only lead to produce, you know, positive results for us >> right now we're looking at an image of asset allocation at the fund i just wonder how you're thinking about this especially as we see digital transformation take place amid the can peoplic. there is big questions out there, for example, what happens to commercial real estate if work from trend -- work from home trends are here to stay at least partially. >> well, you know, i think we're

thinking about office and what could happen if we stay at home. hopefully we don't but we're looking at our core real estate portfolio and we're starting to, you know, pair back a little bit in office and, of course, in retail. and looking at how we transition over into more needs based retail, more industrials we're overallocated to industrials right now. and i think you know just my thought, if we are at the beginning of distributing the vaccine, how does industrials play into this how does logistics play into this the storage, the actual transportation of the vaccine itself so i feel like there are a lot of opportunities also that are coming about as well as, you know, us just pivoting in the portfolio to the noncore space

and the opportunity space. >> all right angela miller may of the chicago teachers pension fund, chief investment officer there thanks for being with us happy friday >> thank you still to come on the show, how limelight is adapting in the time of covid-19

it's been a busy week for hk stocks with vaccine news giving some of the names a boost. dohm chu explains how they've been an underperformer. >> if you look at health care the past year to date period, it is an underperformer by 3% or 300 by about 3% or 300 basis points versus the overall s&p 500. within the health care sector, that's where things become industry every group within health care is positive but the gains are being led by an interesting group. now, the folks over at wide charts, a data analytics company, looked at an equal weight portfolio of all of stocks and the best performing industry group within health care, that sector, is the medical diagnostics research and testing companies. we're talking names like metler, toledo, dexcom and the

underperformers, the most lagging part of the industry group has been the actual drug manufacturers. even pfizer with the great news about its vaccine and emergency use authorization application has still underperformed and is actually pretty much flat to slightly down for the year the drug manufacturers, the big names there despite all the news that we've seen, john, have actually been the worst performing industry group within health care. these are equal weighted port grohls but an interesting look at where the actual outperformance is within that group in health care back to you. >> thanks, dom as we head to break, check out the best stocks of the week on the nasdaq 100 tesla leads the pack by more than 20% docusign a distant second, up 8.5. back in two minutes.

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of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare. lime launches its first generation scooter in paris this week joining us to discuss is lime ceo. wayne, thanks for being with us

today. you guys are approaching ebit profitable explain how covid headwinds turned into a tailwind >> absolutely. thank you for having me. it's been a tough year for transportation and certainly for lime one of the things that's been incredible is as cities sheltered in play, we saw our revenues come back much faster because riders are looking for a safe way to move around. our scooters and ebikes are open air, single passengers our revenues came back much faster and we improved our labor and operations and made hard cuts in our hq side. we're geographically diverse and it allowed us to weather covid

better as various areas had covid spikes those combinations allowed us a very profitable q3 this year >> i remember when you guys shut down entirely for at least a few weeks there. and back in april you guys raised money from uber and in exchange you got uber's e-bike and scooter business what does your valuation look like now, assuming that your business has recovered, as you say. >> you know, we're going to let the market decide the valuation. what i think is interesting now is people are taking a another look at micro-ability. people are saving the rebound and revenue that we're seeing and they're really believing the future about this space. we're the biggest player by far in the space we saw a competitor in europe that got a billion dollar

valuation. we're three or four times bigger than that competitor it implies our valuation is in for a major rebound. >> we're talking about a certain sector of the population moving out of cities. that's your space, is cities we're talking about people not wanting to touch stuff other people have touched. i imagine your products would fall in that category. are you changing fundamental things about the way your business operates in light of the reality that we're still going to be? >> we're doubling down on this vision to serve all trips under five miles we found covid is largely transmatran transmitted human to human and

largely transmitted indoors. every study shows ebikes and escooters are among the safest ways to move around. and if anything, i think the big focus globally around this climate crisis, you saw california announce the end of gas cars by 2035, this push for electric vehicles, we are the biggest electric vehicle operator in the world today and every one of our vehicle is low carbon, low weight a big part of this major realization on carbon will be a move towards more microability >> there's a report that your rival bird is looking at going public have you guys received niche interest from blank check companies? >> our business coming becoack means we're getting a lot of calls every single week. we're focused on executing our

plan we'll see what the future holds. >> wayne, thank you very much for being with us today, wayne ting, lime's ceo as we look to next week, we see the nasdaq and tech outperforming this past week we have seen that. not so much thong amazon is the only one in the green this morning. i'm also looking at peloton, an amazing week, up about 9%. we started the show talking about some of the holiday trends that are going to affect tech. we'll see whether the go to the gym after eating pie crowd goes on >> heading into the holiday season, amazon is the best performing faang of the year

is there more room to run there? >> google is up about 13% in the past month let's get a check on the markets today before we head to noon take a look at the action on the dow, s&p and nasdaq. you see, nothing's moving a percent but the nasdaq is hold willing on to a slight gain. let's get to the judge welcome to the "halftime report." a top street strategist with a very big call on stocks. why they are poised to surge and by how much. you'll hear from him we'll debate the call with our investment committee