she's doing there, so well i wander what's going to happen to these birds bless their clucking hearts. yeah, bless their clucking hearts all right. so there are the industrials there are the industrials. a half point lower and s&p down about a quarter point. nasdaq flat, basically, up 11. have a great weekend, kell. >> you too, tyler. thanks for tuning in everybody, "closing bell" starts right now. >> welcome to the "closing bell" right now, i'm wilfred frost along with sara eisen. the dow, and s&p down, nasdaq clinging to slight gains treasury secretary mnuchin attempted to calm wall street saying the treasury and the feds still have fire power left to stabilize the market pfizer applies for emergency use authorization for his covid vaccine today. and jp morgan now expects

gdp to be negative this the first quarter of 2021. it is friday before a holiday week 59 minutes left in the session down a quarter of a percent on the s&p 500. no gobbledy gook coming up for the next two hours here either. >> coming up on this show, instead we are going to dive into the latest on the coronavirus and pfizer's push to get emergency use authorization for its vaccine with the fda commissioner and pfizer board member dr. scott gottlieb. plus, new york city shutting st. louis down the head of the teacher's union in new york will be here to weigh in. let's check on futures mike santoli tracking the margaret as always meg tirrell with the latest on pfizer's vaccine and bertha comes has the latest on what president trump just announced. mike santoli, let's start with you. >> not disturbed so far by the news last night about the treasury pulling the funds from the fed. if you look at the pattern here,

it is about a flat week as well. trading just below the highs we hit on monday. before that, the previous monday again, we are basically hovering around where we were a of the the highs in september her we used to talk about here this sort of phase where you would go sideways v a brek out, come back. this is a prolonged version of that so far, where you had this breakout above, and then down again. it is also tough to see here but thing are coiling up in this last ten days into this cone sometimes that means indecision, digestion. it can break either way. bond, yields coming back a little bit after they ran before .9% on the ten-year note last week, couple weeks back as well it leaves us still looking like it is an upturn but it is touch and go where it goes from here a lot of folks talking about 3/4 of a percent meaning it is a little bit of a different phase. this is again taking win out of the sails of the cyclical and value trade. but i wanted to look at the value stock outperformance

recently relative to the rest of the world because it really has been all one trade the pattern had been going from growth and the big moment up leaders into values, cyclicals and the laggards that also includes acwx, the rest of the world outside the u.s. the iae is s&p value and this is emerging markets you can see those guys are all clustered up here and the s&p 500 is actual a little bit of an underperformer rene. if you did the s&p growth it would look like that it is essentially just all one trade. that's one of the explanations, seccor mix, and being unowned relative to the s&p growth names. that's what's been happening throughout the world guys. >> just wanted to unpack the first thing you said, which is the market doesn't appear to be too paced about what the treasury did the treasury lets some key credit program that they put in place during the pandemic, emergency period expire at the end of the year. why wouldn't that be more worrisome, do you think, for investors, when it has been such a key back stop? >> first of all, the programs

were largely underutilized in fact, not a lot of actual asset purchases or loans were happening out of them. it was much more of a just in case typeset of programs i think it was still, you know, a psychological support for the markets, without a doubt but financial conditions remain so loose right now the markets themselves are willing to kinds of shoulder the risks of you know, strapped companies and all the rest of it the windows are open for financing. and the markets are trading relatively in a liquid fashion i think that because it was not happening in a time of stress and nobody really thought that those programs were going to necessarily be fully utilized, it is okay for now who knows if people also think it means the fed is going to have to utilize its own existing tools, where it be qe or just forward guidance or whatever that are friendly to the markets more than just these main street type lending facilities direct to the corporations. >> we will have to see looking forward to discussing that top wick paul mccully in

more detail later. turning to the virus itself. drug maker pfizer asking the fda to approve its covid-19 vaccine for emergency use authorization in the u.s meg tirrell has got the story for us >> we learned this morning that pfizer and its german partner biontech plan to submit that application to the fda today it would be the first to go through the regulatory process here in the u.s. minutes ago we learned that the application is in. we learned this in a video from pfizer's ceo here's what he said. >> it is with great pride and joy and even a little relief but i can say that our request for emergency use authorization for our covid-19 vaccine is now in the fda's hands. >> what comes next the fda will schedule a meeting of its outside advisers that

will meet to discuss all this data it will all be public. we will watch and learn what they are thinking about all this that's supposed to be in december could be the 8th, and 9th, and 10th we will to see if it is earlier or when they do it the cdc's advisory committee will have recommendations ready on the prioritization of the vaccine. we talked with operation warp speed's chief adviser about what comes after the fda greenlight here's what he said. >> as soon as the eua is approved within 24 hours, the vaccines will be in the immunization sites and people will be immunized. we will have -- as the month goes by -- within the month of december, enough to immunize 20 million high-risk individuals. >> guys this is going to be playing out over the coming weeks. this first vaccine and then moderna's probably to follow

potentially available in the middle of december back over to you. >> once we are in the moment of those 20 million or so people getting vaccinated, how much discretion on what those 20 million individuals are falls on the states versus on slaoui at operation warp speed versus the president? >> well, dr. slaoui and the president should not be involved at all the cdc's advisory committee acip will make the initial immunization recommendations they are expected to put health care workers at the top and those with underlying disease and older folks. there is some discretion about how the states prioritize essential workers and things like that. we will see how it works out through all 50 states and their allocation plans, too. it is bound to be a complex procedure. we will be watching it closely. >> meg

thank you. president trump speaking moments ago about drug prices. let's get over to bertha comes with more on his new approximately sees >> that's right, sara. a lot of this had been basically anticipate ltd it has been 60 days since the rules were proposed. now they are being timized one of them is a rebate rule which basically weeps out the negotiated discounts the pharmacies and the middle men negotiate. those roberts are used to bring down premiums. drug makers say that forces them to raise their prices the sticker prices and that's what is causing the inflation when it comes to drug provides it not really hitting the pbm companies hard, all the big companies own the pbm. united health, cigna but we are already getting bush pac. lindsey graham is going

explored the campaign for sustainable rx pricing said this is essentially a giveaway to big pharma because it doesn't really force big pharma to rein in their prices it basically says now the pbms can only charge a fixed fee. those pharmacy benefits, the insurers in particular are hit hard this week already, after news that amazon is getting into the mail order pharmacy business the other rule is on the most favored nation pricing that impacts the part b these are the more expensive drugs that are administered by clinicians ask the pharma groups as you can imagine are hitting back on that bios saying this is a fatally flawed regulation and to impose these price controls on the very researchers that are paving the way for these novel new vaccines is really misguided. and they say it's really going

to hurt these small bioteches in particular as they are trying to explore new drugs. we are still looking through the rule itself to see what the exact details are going to be on that pricing rule. but it is likely to also be litigated as well. back over to you guys. >> thank you very much for that comprehensive summary. as you mentioned, no massive reaction in the stock price this is friday afternoon. prodder markets are down near the session lows -- in fact at session lows now 190 down on the dow. .6%. in city's school system going full rely moat once again. up next the president of the united federation of teachers on when schools could reopen and how the city's economy could be hurt by keeping schools close. you are watching "closing bell" on cnbc. ♪ you can go your own way

it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you. get 5g included and save up to $400 dollars a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile. welcome back as covid cases surge across the country, many schools are being forced to dose close chose closures could have a

lasting economic exact on students ylan moi has a look at some surprising data. >> reporter: we know there is a direct line between how much kids learn and how much they earn once they become adults a model spearheaded by an economist found as of last week students' progress in math alone had decline by 3.3% compared to january. and when you break down those numbers by income group, the numbers are even more dramatic high income students are actually doing better than they were before the pandemic, but low income students dropped off by more than 10% in education they are calling this backtrack the covid slide and learning losss can compound both at the individual and at the pack row level for the average student their highwaytime learnings could shrink between 43,000 and $57,000 according to the penn wharton budget model every time the schools chose

that's another $15,000 in lost income the projection shows if this keeps up through january the total cost in future earnings for today's students stands at $4.8 trillion. guys right now it looks like schools could be closed for even longer than that. >> troubling statistics. thank. the largest stool system in the country, new york city, is one of those closing down down it's closed in fact putting parents and the new york economy in a tough position. the news came out wednesday and helped spark a selloff in the market joaning me now the president of the union representing most of new york city's teachers thank you for joining us. >> thank you we are focused on a the economic impact of this future earnings for students, the parents not able to go to work, or not able to go to work or losing health care with kids at home?

how did you weigh those factors in the decision to close schools? >> we fought really hard we are the only large school system that actually was able to open it was -- we had actually organized and threatened to go on strike in order to get the safety measures that we thought were needed the open the school system safely. and i think we did that well because we opened. and it is the community spread rate that's causing our problem right now. it is not what is happening inside of our schools. we know how important it is to have our school system open and the role that it plays i am hoping now that the mayor will go back and reconsider what we asked for in august which was not a citywide targeting but geographic targeting of the schools and the communities as well as -- as long as the overall city rate remains somewhat low we should be able to micro target geographically and not just affect all the schools in our city. >> so are you not on board with

the 3% equals new york city school closures? a lot of people blame you and the union for making a deal with the mayor to do that given the fact that was basically what happened when everything else stayed open, like restaurants and bars. >> yep the 3% was actually something that the city -- the mayor asked for. we at that moment in august, the state had said 5% would close down regional areas, not just schools, but everything. so -- and now the state has a micro target program that -- the thing is the 3% is correct it should just not be applied to the entire city of new york. it is a huge city. we have 1.1 million children in our schools. we have 1,700 school buildings if you have problems in, you know, say 300 schools, you should isolate them, go to remote, and not allow that to shut down the entire city unless we have a bigger problem citywide we do not want to go back to

what happened last march and april where the city rate was very high and the teachers and us, the union, all together -- we had to fight to close the schools at that point because it was clear that the spread was out of control at that moment and a lot of people -- and sadly, 73 of our members passed away it was the hardest hit school system in the whole country. >> michael you are saying right now new york city schools should not be universally closed and that you blame the mayor for that decision? >> it is not a blame he put a plan in place they made a decision in august when we said we wanted todo a geographic like school districts or a borough based approach because each school district inside new york city would probably be the largest school district in any other state. we thought it was a little -- not very smart to do it that way. i am not blaming anyone. a decision was made. i want to be clear new york city did open, even

though it was hit so hard. we have proven the people that if you follow these measures we have you can keep a school system open as long as -- this is the big one -- as long as community spread rate doesn't get out of control in new york city, once you get above 5% and you are hitting 6% then you have to start looking at shutting down not just the schools but also bars and restaurants. what is troubling to me is how do you tell schools -- my members are upset. they are like my school is shut down we have no covid in the school there is no covid in the community, and the bars and restaurants are open that doesn't make sense, which is why i am hoping the city reconsiders what we have put on the table in august. >> how nervous are you michael, particularly when we consider the weather and the way it is seeming colder weather has led to higher case counts particularly in europe as sort of a one-month lead example -- how worried are you that it is going to be difficult to reopen

schools now until we are quite a long way through the winter, february, march time >> it is a big concern we have a big group of independent epidemiologists who we work with we were fortunate to get help from same private. tischman spire helped us along with the city school system to fix ventilation problems and come up with creative solutions so we have much better ventilation in our schools now we know that there is already doctors telling us we are heading into what is considered to be the next big crisis. it depends on the next month whether we will be okay coming february or march or are we going to have another complete shutdown that will last months it really comes down to individual behavior. the teachers in new york city were doing their jobs in terms of keeping the rate down in new york schools but you could talk into schools in new york city and they were

following the rules, every was wearing masks, custodians were cleaning the buildings every night. would know what it takes to keep the school communities safe but everyone around them may not be following the rules. once we put this virus at bay we can say let's do it again. we can do it again and hopefully get our schools back open. >> you were doing it the positivity rate in new york city public schools was . %. that is very low even if you have 3% community spread i am not sure schoolser any experts or major studies suggest that schools should be the first to close down. they didn't do that in europe. if you think about the economics, health, and learning cost of all of that, why can't schools be essential services like groceries and like so many other thing that have to stay open no matter how high the positivity rate grows? >> i have to caution you on that sentiment. i have already said that i don't believe the city should use a

citywide approach with the 3%. i want to caution you because i spend a lot of time with independent epidemiologists, independent, tops in their field. they cautioned us very, very clearly, and they were he have fattic around it that if your rate around a school goes up to a certain degree it will tip into the school. we have evidence where schools will become the vehicle that spreads it from different neighborhoods. i want to be clear, you need to be careful when you are saying thing like that because that's not the experts said to us. >> the advisers to biden's task force are now saying they do not believe that schools should be the first to shut down. >> i agree >> the trump administration wants to keep schools open it seems like new york is a little bit on its own here when it comes to that threshold it's happening all over the country. >> i am going the disagree with you again.

i'm sorry, but we were the only large school system that did get open we fought hard to make that happen i am not agreeing. i think it's -- i think if they would have don't an approach where if a neighborhood, a school community, is having a problem, you shut down the bars, the restaurants, and you put the schools into remote at the same time so that way you are signaling to that neighborhood we want the keep you safe, but a behavioral change needs to happen and that's the way it should be working. remember, we did get our schools open we fought to get them open and i want to get them open again. but it has to be safe. >> we agree on that, michael. >> good. >> good luck with that we all hope we can do that sooner rather than later thank you for joining us >> be well, everybody be safe. >> be safe. up next works big ipos unveiling their financials today. some eye popping news in the

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go to flexshares.com for a prospectus containing this information. read it carefully. dow down 200 points here, a little more than half an hour left of trade. it has been a busy week for ipos leslie picker rounds up the action and some of the highlights for us. >> in the last seven days we have seen ipo prospect uses for door dash, airbnb, row blocks

and wish the rush was due to the sweet spot in the calendar after the election before thanksgiving by disclosing this week they are on track debut before the christmas holiday. in addition to their timing they have another thing in common their filings contain lines like this one, an increase in act on our platform is a result of shelter in place policies instituted in response to the covid-19 pandemic. they know they don't except these levels to be sustained for door dash, more people are having meal deliver lee. airbnb are renting homes to have space and fresh air. for row blocks, more kids are spending their time with online gaming for wish, people aren't shopping on line. the question for investors is what happens to these businesses if and assuming when the world goes back to normal.

guys >> leslie thank you very much for that. still to come, ww's ceo mindy grossman joins us to discuss the company's push to digital. as we head to break arc check on bonds the ten-year .8. pulled back quite a lot over the course of this week. .83 in fact on the ten-year. (vo) black friday is here early. so get the 5g america's been waiting for. verizon 5g is next level. (vo) unlimited plans fit everyone in your family starting at just $35. with 5g included at no extra cost. plus, you'll get the entertainment and gaming the whole family will love. 100% obsessed with "the mandalorian." (man) i watch a lot of sports. (woman) it has all my favorite shows. (vo) switch now and get $1,350 off our best 5g phones. it's like a gift on top of another gift. gifts keep coming at you. everywhere. (vo) this is 5g from america's most reliable network.

just under 30 minutes left of trade dow is down 215 points, session lows for the day boeing is the biggest loser on the dow, along with dow, the chemical company, salesphores, american express, nike, 3m, p and g,those are the biggest winners on the day all s&p 500 sectors have now turned negative. utilities waivering. financials among the hardest hit, them and industrials at the bottom today. now on the surge in coronavirus. showing no signs of lowing even

as advancements are made in vaccine development. the u.s. adding 187,000 cases yesterday and one in five u.s. hospitals now anticipating a critical staff shortage in the next seven days. that's according to the health and human services department. california, the latest state to implement new restrictions to curb rising cases. governor gavin nowsome announcing a curfew for all non-essential activities from 10:00 p.m. to 5:00 p.m., the strictest stay-at-home order since march for that state we have got to ask dr. gottlieb just how much the curfews work how much spread there is between the hours of 10:00 pp and 5 a.m. and what that allows the hospitals to do in terms of freeing up space. >> absolutely. that's coming up early next hour on the show. time for a cnbc news update with sue herera. >> hello, everybody. here's what is happening at this hour during this pandemic, food banks are pulling out all the stops ahead of thanksgiving. this one is outside the home of

the dallas cowboys they are helping out some 5,000 families who waited hours to get 5 pounds of food, including a 15-pound turkey. new york governor andrew cuomo is getting an emmy aword for his daily covid-19 briefings early in the pandemic. it was called quote a masterful use of television to inform and calm people around the world end quote. in paris, christmas trees are on sale in the city streets after vendors got an exception from the lockdown rules even as gyms, bars and restaurants remain closed the trees can only besold outdoors and social distancing rules must be followed one florist selling the trees says she skppts to sell out because people need the holiday season that's the news update this hour. >> this emmy, what >> yes an emmy award

getting an emmy award for early on in the pandemic. >> i too thought it was a joke when i first read it. >> the emmys were developed to help industry professionals develop the art and science of telephones i am only reading the top, top part maybe there is other reasons for getting an award that seems bizarre to me. >> i think they are viewing it as a public service during the early parts of the pandemic because he did it so regularly and the committee cited the use of his visuals remember when he would have the graphic organizer on the side? >> they were not oscar worthy or emmy worthy. give him a public sever award, great. i don't understand the overlap. >> a little political to give to it a politician. coming up, stocks taking a leg lower, all but one s&p sector now in the red. we are going to discuss the funding battle between the fed

and the treasury with former pimco chief economist paul mccully where he thinks money should be flowing next, on "closing bell. is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance.

welcome back the treasury department saying it plans to let several of the

fed's key emergency lending programs that were implemented at the beginning of the pandemic he can spire at the end of the year the fed saying the programs continue to play an important role for our still strain asked vulnerable economy secretary mnuchin was on cnbc and pushed back and explained the timing of the decision. >> it is not a political issue it is simple really, the story is let's go reappropriate $500 billion i mean, corporations don't need this money it has been a great success. we don't need to buy more corporate bonds. you know, kind the municipal market is working. people are able to borrow lots of money in the markets. as i said, we have only done $25 billion. and to the extent these need to be reactivated we have over $800 billion of capacity. i consider that to be a pretty good bazooka ask

congress trusted us with this money. and we are going to follow the law. and now we are asking congress, please go reappropriate this money for areas of the economy and people that really need it >> joining us for more, paul mccully. good to see you always thank you for joining us i guess we have had sort of 24 hours the digest this now. is the bigger part of this story the sort of way that this spat kind of became public as opposed to the decision itself >> yes i think it's very unfortunate how it unfolded because i think both treasury secretary mnuchin as well as fed chair powell are right. the issue is the matter of timing i think it was really terrible timing for mr. mnuchin to do what he did yesterday. i don't buy the argument that it didn't have a political favor to it at the same time, i agree with him that, ultimately, it's congress that should be in the

grant-making business and that the emergency period where the fed and the treasury had to work together in the lending business will come to an end. so i think it's a very unfortunate spat but looking out six months, i don't think it's a big deal. >> you said you don't buy the fact that there wasn't a political flavor here. what do you mean by that, paul do you think this was a deliberate attempt to sabotage president-elect biden's economic tools? >> i don't think it was a deliberate attempt to do so. but certainly, they didn't have to do it now and actually, they limited to a degree the optionality or flexibility that the new treasury secretary would have. so that's what i mean by political. bus a good, peaceful, smooth transition shouldn't be throwing sand into your successor's job

and i think that's what he did that's why i mean it had a flavor of a political action >> paul -- >> but substantially, i don't disagree with the notion that congress needs to be in the business of spending money because the fed is in the lending business not the spending business. >> looking at report, does it need more fiscal spending or monetary stimulus? which is more likely does this spat increase the likelihood that the fed will act at the next meeting? >> actually i think what the economy needs foremost is fiscal policy monetary policy is all in, doing everything that it can what this economy needs is fiscal transfers, actually grants from congress to main street it doesn't need sophisticated

lending facilities to support wall street. so what we need right now is congress to act. now you asked, you know, what the odds are on congress acting in the short run i don't know but as an economic matter, that is unambiguously the imperative. and i don't think necessarily at all that it puts pressure on the fed to do more in december in fact, if anything, i would argue the opposite because, essentially, mr. mnuchin just took away some of the fed's ammo, which he has the right to do because he has the equity in the special purpose lending facilities >> the problem is -- and you just said that wall street doesn't need the money, and that's sort of part of secretary mnuchin's argument, that the markets are doing just fine. it all feels very mission accomplished bee, in fact, we are seeing rising caseloads,

rising hospitalizations, rising restrictions not a full lockdown like last time but we are heading into the winter, don't have a vaccine yet, the credit markets appear fine how much of a risk is it they won't stay fine -- we haven't passed another stimulus package -- and we just removed the book stop, a significant one. >> i think you made the co-chair's argument. i do from a risk management perspective, there was no reason to do this right now and in fact every reason not do it not because wall street is not functioning well right now but the outlook is fraught with uncertainty. and why would you give up your insurance policy when you have an uncertain outlook so i think the timing was terrible on this because i agree with you, and i think chair powell agrees with you from a risk management perspective.

you need that back stop, that insurance policy, eaven if you don't think you are going to need it because stuff happens. >> paul mccully thank you for joining us good the see you >> thank you good see you. up next, current stock picks for a recovery and disney mull as strategy shift. those stories and many more when we take you inside the "market zone." that's coming up next. ♪ ♪ ♪

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but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. 13 minutes left in the trading day. we are in the morkt zone,

commercial free action of the close. mike santoli here to break down the crucial moments of the trading day. today we have got charlie with us as well we will kick it off with the broader markets. stocks are slipping into the close. we are off the session lows and actually coming back the dow down 111 we were down more than 200 mental ago climbing back toward the flat line a few sectors have gone green, utilities, materials, health care, and energy are now rising. the rest of the sectors are lower. tech underperforms dow and s&p on track for their first weekly losses in three weeks, mike. but it is nothing severe given the fact we are seeing rising case asks ryes restriction asks guess about economic growth, maybe even going negative the first quarter according to jp morgan the market has held up okay it has. it is list ls, it is tired it was overextented the last week or two. and i have been saying sentiment and investor positioning got

aggressi aggressive i think that's being sorted out in this pause, the sideways period the s&p, 2 to 3% further downside before you even have to ask if it is nothing more than a routine pullback from a stretched position you are also seeing the reopening type games, the cyclically aggressive stocks holding up it is not panic. it is just fatigue. >> charlie how do you weigh up the competing impacts of skyrocketing cases and good vaccine news for your basket of stocks which tends to be the sort of value cyclicals? >> short-term versus long term in this case, short-term versus medium term. in the short-term, bad news, no doubt about it on the coronavirus front. no doubt about it, on some restrictions, on closing thing but we learned as a country i think and president biden said big lockdowns don't work i don't think we are going to have march lockdowns in the short-term absolutely

going to be head winds but i think by april i think we are going to start having enough vaccines that we are going to start getting down road towards herd immunity. when people can see that the cyclicals that you mentioned the bank, the industrials, which are still very cheap, are going to perform very well. >> you still put them this the very cheap category, charlie, even though november has been a pretty blowout monday so far for a lot of cyclical stocks >> absolutely. i mean, i love to illustrate this with goldman sachs. trading for less than book values they have securities that are valued every day you take the value of that, all those stocks and bonds that they own, goldman sachs is trading for less than that price today viacom is trading at eight times earnings we have lots and lots and lots of value names that are still very cheap when we get a better yield curve which we are going to get with more inflation then a lot of the bank stocks are going to do much per? karen out with -- cowen out with

a list of stock winners. saying that staying at home has driven a change in behavior and believes several winners in the stay-at-home order will become a permanent habit. they say walmart and target should continue to lead. charlie, is that something you disagree with? or can you also accept that some of the stay-at-home covid winners will continue to outperform long term, not just this past year >> yeah. here we need to make the differentiation between companies and stocks these companies are going to do fine these are great companies. but they are not great stocks. many of them are overvalued stocks that got a huge boost from the fact that people were looking for the growth, looking for stocks that were not cyclical they bought the pelotons of the

world, insurance stocks like progressive which do very well when not a lot of people are driving. those companies are great companies, they will continue to be great companies but they are overpriced stocks and now is not the time to buy them. >> potentially overpriced stocks, mike also you have to wonder how much demand was pulled forward. even if they continue to thrive in the long term what kind of earnings are they going to have this the near term, really, after they have gotten so much just in the last few months. >> so many of these what were concept stocks have proven the concept as to a lot of people flocking to them, peloton, teledoc, and a question of how much of their ultimate potential audience they have reached already. i think a good way to think about it is where the marginal investor dollar more likely to go in a reopened economy is it more likely to go to something directly benefiting from more in-person activity or

is it like low to keep these valuations afloat? et cetera not a zero sum game. but you can say nobody is going to stop zooming. what we are saying is the market cap of zoom happy has never stepped where it is likely to settle out in the next few years. >> travel stocks are under pressure right now after the cdc recommends against traveling for thanksgiving seema mody with details. >> even before the cdc issued that warning 60% of americans said they would not be traveling to see friends and family for the holidays those who are planning to travel well they are staying closer to home, opting for vacation rentals. they are headed to the slopes. smokey mountains and breckenrigde and other ski towns. but bookings are down for the summer just as airbnb prepares to go public the cruiselines are the biggest decliners once again as the brands push out their start time

to sometime in the summer of 2021. >> charlie, your beloved cruiselines. nobody else comes on our show and defends these stocks you continue to do it though >> yes look at royal caribbean from the bottom i think the stock has tripled from march this was a very good business that clearly has been horribly hit, shut down by covid. no doubt bichlt it is a good business that had a bad period that's going to be fine. that's different from airlines which were a very tough business precovid and got shut down they are not going to come back. they are not going to be fine. in the long run, you have names like royal caribbean, carnival that are trading at less than book value they are trading at less that are the replacement costs for their boats. the demographics of an aging population mean we are going to have more cruisers and these stocks have performed frankly very well this quarter and since the bottom.

>> which do you own. >> royal is our biggest position by far the prytz kerr family here in chicago is a big owner and has done a wolf job with this. we own carnival and one spa, the cruise spa business where the cruiselines outsourced the spa asset like business. the stock has also done very well. >> three ways to get easy posure to the cruising business. let's move on the disney rethinking theatrical releases as the pandemic continues the weigh on movie theaters. according to deadline the company is looking at pivoting a number of its upcoming films like cruela and peter pan and wendy to premiere on its disney plus streaming service instead of at theaters it is unclear whether these movie would be offered for free to subscribers or if there would be an additional charge like they did with mulan.

wonder woman will be streaming on hbo max debuting on christmas day. the question is whether for the studios a bad near ends up being a helpful pivot and whether they fete higher margins when they release the movies >> there is no perfect decisions here because these were films that were budgeted and produced based on an assumption of having a big box office boost after the film is done but, yeah, the market is now willing to pay in terms of disney share as lot for continues growth in the streaming service. at this point it would not necessarily be something -- even if you release them in some theaters at the same time you make it free on line it is probably additive to the streaming service. when you think about the foregone box office, the movies get 60% of it.

it is like if you thought you were going to make a billion at the box office you are only out 60% of that. it is not maybe as big a issue as it seems with the headline numbers. >> it has been a one-two punch for some of the theater chain operators. the stocks, amc, you see them, all down cinemark and amc down at least 50% this year. questions about business medical, questions about will whether they can reopen safely do these cheap stocks look good to you >> no, remember, this is the differentiation between an airline and a cruise ship. the airline business was a bad business before covid. it is going to be a worse business going forward theaters were facing big head winds from streaming precovid. it is a worse business now i would not touch frarchly any theater chain stocks unfortunately. >> i say just release the movies it's painful i want these -- them all to come out. i think people will pay for

them we'll see. just a personal perches there with -- >> at home >> top gun, paramount. >> cnbc viacom produced that it is going to be huge. >> i feel like i saw the trailer for that three years ago and it is still not here. same with james bond at least wonder woman is come on christmas day. we have two minutes left we can come back to this conversation but firstly mike what are the internals showing >> actually firmed up. it has a quiet day mixed underthe surface but slightly more volume to the upside down the downside flipped again. roughly a 50/50 split. the average stock though has done better this week, notes inially today. take look actually at the large cap growthnasdaq 100 etf against the small caps the russel is roughly flat right now as well. and venn the volatility index. you have a calm day like this it

should start to draw a little bit of room yum out of the vick. it should start to stay steady here 23 it is kind of sticky at this number right now a little bit on guard perhaps with the potential for a little bit of headline risk on covid and whatever else over the weekend. we have just over one minute left gold is up today down on the week oil is -- the ten-year as we have been talking about significantly low on the week. down .82 as we approach the close. s&p 500 down .6% dow down .75%, 220 points. the low of the session was down 252. close to the lows approaching the close. the russel continues its recent outperformance it is flat as we approach the close. toer the week, the russel is up

2.4% the nasdaq is up a quarter of one percent as the dow and s&p are both lower at the close, s&p down .7% dow down.75% dow down .4% >> we took a turn lower at the close. down 220 welcome back, every. if you are just joining us on a friday to "closing bell. i'm sara eisen here with wilfred frost and mike santoli, cnbc senior markets commentator take a look how we finished the day and the we can on wall street the dow as i mentioned slipping down at the close down 219 breaking a two week win streak s&p down .7% today on the week down about .6 as

pell nasdaq down on the day and did week as well the russell 2000 gained more than 2% this week. a stan out outperformer the transports also closed up more than 1% on the week we will talk about all of it also coming up this hour, the ceo of ww international on how the weight loss industry is shifting its strategy as people stay at home come up, charlie is still with us steve stos knick joins the conversation mike, over to you, a lot of bad news in the week, even today the bioto be stocks rallied even with those executive orders that theoretically could threaten their profits.

the market took it in stride. >> that is true. the market has basically sort of absorbed a little bit of these pressures with regard to when we are seeing right in front of us with the covid restrictions and the cases going up, and all the things that are in the way between us and likely recovery sometime next year on the other hand you could also say we kind of used up the positive vaccine trial catalysts of the last couple of week they are in the, boochlt they got priced in. we haven't traded up to where we did for a moment after the pfizer one new we are trying to digest and hatch around and maybe figure out if we need more than just a little consolidation we closed today at the s&p, 3,557. two thirds of a percent below where you closed on september 2nd. it has been kind of a long sideways choppy period that can resolve either way not a lot of damage in this last blip lower which areally i know you are going to be more inflation and

the cp yield curve, but do you get nervous when it pulls back from .97 and now to .83. >> yeah, nervous isn't the word. the georgia runoff polls are not like if we get a democratic sweep we get a unified government that means higher corporate tax rate and people are hiding people always hide in the ten-year longer term, until june we could have more inflation, higher interest rates in a hurry. people are driving that interest rate down because there is uncertainty in the short-term. >> it is now divided government? it is not a blue wave? it used to be a blue wave was bullish because it meant a big stimulus. >> yeah, but i think at this point the market has what it wants, which is an end to some of the problems that we had with president trump who was obviously controversial. i think the market at the point would like a republican-controlled senate

it would mean not severe bank regulation it would mean more moderate energy policy. and it most importantly would mean no big increase in the current tax rate which would be on day one very negative for earnings into steve been kinds of chopping around during the course of this week -- you have been looking closely at vix. what is your conclusion? >> mike alluded to why the vix is -- you are seeing it sort of drift a loibt down from where it was. down considerably from where it was before the election where we saw vix at 40. what is interesting to me is how it is really staying very firm, both in the spot vix, the number that we see quoted all the time, the 2342 that you see on the screen, but as we look into 2021 the vix futures arer mo or less 26 that implies 1.5% moves every day. you can raech out to me to explain the math

it seems that's a heavy lift for the market supposedly with the vaccine coming out and the economy looking healthier, we shouldn't be looking at that kind of vix into most of 2021. and that concerns me what is the market seeing there? it is not clear what it is looking at, though >> so what would be your recommendation off of that >> well, the logical trade that i see people doing is people are buying vix puts, or they are -- you know, that's a sophisticated trade but people are sort of betting against the volatility ont on the other hand that trade has become so crowded that crowded trades become dangerous. what i would be doing is keeping a close eye -- i would try to hare jest volatility when it is appropriate because there are very high volumes. it is a very timely environment whether you are a cash security put seller or cover call writer, there are high volume tilts that you can exploit ask. that would be the way for the average investor to approach this. >> mike, tesla this week, down a little bit today, but up nearly

20% for the rest of the week does that action start to suggest that the market is going a little bit wild again? or is it just stock specific because of its inclusion in the s&p? >> interestingly i think that the action in electric vehicles is outside of tesla in a way this week even though tesla had this big move. obviously in news. it is back near its highs from late august on their inclusion into the s&p it is so many of the smaller cap, whether exposed to china or something else really starting to run it is driving thing. it doesn't mean that all of a sudden the game has got to end but without a doubt it is a feature of this market, even when you have relatively calm range bound indexes. today you had this expiration of the big -- of options and things like that and the indexes were kind of trapped in a range because of that. underneath the surface there is definitely a little bit of speck at that live juice plowing let's get to bob pisani for a

summary of all the key movers this past week bob? >> wilf, down franksally for the week what we really see here is a lot of churn given a little of the uncertain for the next month or two churn is actually very, very good. let's look at the winners for the week again here, the same situation energy, banks, industrials, generally down today, but up for the week that's what i am talking about when i talk about the churn here a good week for energy overall as far as the laggards or the losers for the week, utilities were up today but down for the week we had a lot of big utility names down for the week i can aep. some of the utilities to the don'tside. not spectacular but again this churn. if you look at the dow withiners here not a lot of patterns nike, chevron, goldman, disney among the big winners. boeing also another big winner, up 7%. not a lot of sectoral patterns

exactly. in terms of the laggards in the dow, not even defensive or technology related again, a jumble of various sectors here slightly to the downside here. mega caps all modestly to the downside, again, not a really clear trend. a lot of them have been sideway force a couple of months now the bottom line is this. there is always something working here the margaret has been grinding around in a very height range, about 100 points between 3,510 and 3, 620 where are we right now the market is at this opponent d grinds, churning around, that's a good thing the market is focused on the spring reopening over the very cold winter we arette entering right now. that may change but that's story right now. the selloffs don't have any traction at all. the volume isn't heavy on down days like today. as i mentioned lots of churning around that overall is a sign of a healthy market when thing are

this high priced and there is so much uncertain again a tight range, only 100 points that we have been in in the last several weeks guys have a nice healthy safe weekend. >> you too, bob. thank you very much for that steve if someone wants to get a bit of short-term protection ahead of the covid winter even if they are constructive in the medium to long term what's the best way of doing it right now is this is it gold is it bitcoin? is it options? >> well, bitcoin is in its own universe right now i think the bayne is reflective of the general speck la five environment that we are seeing mike alluded to the electric car stocks i think people are going after mom up there is a lot of that and the best way with bitcoin i think if you are risk averse is not to enter the trade now gold is a flukey hedge because it sometimes correlates in the right way, sometimes decorrelates in the right way, sometimes it doesn't i think you go back the your basic knitting if you feel overextended if you

have had a tough time in some of the down moves lighten up. if ot, i think the best way to hedge is move yourself into lower beta stocks and potentially option plays put options on the downside if they are appropriately priced but i think lower beta is probably the safer way to go right now although the action is in the heyest beta stocks receipt now. >> you mentioned some of the speculatives like bitcoin for instance doing really well char if you look at what really worked in sectors and groups of stocks, best performing, energy, industrials, materials and financials russell 2000, transports together that tells a very strong economic story ask. the question is, is that justified given what we are facing here when it comes to covid cases and restrictions. >> absolutely justified given how cheap these stocks were. i mean these are the stocks that didn't participate, that were very cheap going into this

fourth quarter the russel,000 value index is up 22% this quarter versus i think 6% for the s&p i am going to be a little off there, but that's about right. about 15% outperformance and it's because these small cap value stocks were so cheap so, sure, they were, you know, a little flattish today, and maybe have run but they are still again trading a very reasonable prices because people still are nervous a lot can go wrong in the short-term. >> we will -- yeah and long term, though, looking up charlie, thank you. >> absolutely thanks for having me. >> good to talk to both of you. >> thank. up next on the show former fda commissioner dr. scott gottlieb on when pfizer's vaccine could be aproved for emergency use authorization and be able to be made available to the public back in 90 seconds

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is on the board of advertiser and i will lum in a. the market is focused on a vaccine time line, even more so than the rising case numbers we are seeing right now talk us through the exact step by step. when you expect the green light from the fda and what the timing process looks like from there. >> the application just went in today. i will say at the outset has a historic achievement by the companies by the volunteers. the work of fda as well which provides teamly feedback to make this possible. my former colleagues in the vaccine review division at the agent. it is going to take the fda probably two to four -- [ no audio ] -- the fda feels comfortable with the data that's been submitted to the agency. then it would be a matter of

days before you started to see it in the supply chain you could vaccination in the first tranche of patients, i could see those being elderly patients and patients in nursing home settings, you could start potentially vaccinating them third or fourth week of december it could be available in time to have an impact on this current wave that we are dealing of with this coronavirus. >> the mrna vaccines developed by pfizer and moderna have never been used before, correct, doctor >> that's right all the platforms that we are using here are novel. the mrna platforms are novel other companies are working on viral vector vaccines that are novel. and the president teen vaccines are new as well. we have used new technologies to try to address this. >> yeah. so my question is what do we know about potential long term cite side effects? should people be worried about that good afternoon that we

haven't tested for it yet? >> yeah. i mean the platform should be safe if what you are doing is you are delivering is segment of rna, a segment of genetic material that codes for the product of the protein that you want to develop immunity against, in this case the spike protein on the surface. as long as you are delivering that rna and it is getting translated, meaning it is picked up by your body and turned into proteins and it seems to be doing in the clinical trials and the assays it should work and be effective. what you are doing is exposing someone from the protein of the virus. there are potential risks being exposed to that protein, the question is does the -- by the time it is available for widespread distribution we are going to have a lot of long term safety follow-up and more safety data not just from the clinical trial, the 44,000 patients who

have been given this vaccine in the clinical trial -- or half of them have. half of them were placebo. but also people who are going to get hit the the real world i wouldn't expect the vaccine to be licensed for general use until maybe mid next year, the second quarter by the time this is widely available we will have a a lot more data around its long time safety. >> govern dr. gottlieb i was going to ask you how concerned you are about the potentialish news the rollout in the early months of the vaccine and what we know about that? >> i am not worried about the cold chain storage what i am concerned about is the way it is going to be distributed by the federal government by states they are creating special sites to get this vaccine. getting vaccinated might be like voting where you have to go to a certain place in a certain window of time in order to get

the vaccine. that creates friction and that puts at a disadvantage people who already face obstacles getting access to care governors need to think about how to push this vaccine out to underserved communities. they are thinking of thing like mobile vans to go into the communities to get people vaccinated people in nursing homes and long term care facilities -- we know where they are getting the vaccine to that first tranche of patients will be easier because you can go into the facility and vaccinate people and cvs and walgreens partnered with the federal government to do that. it is probably the second tranche going into communities and vaccinating populations that mild be home bounds, might not have access to the sites where you are distributing the vaccine that you really need to push this out into the communities. >> dr. gottlieb as far as what's going on right now we are seeing restrictions increasing. it is tough because it would be hard to go back into lockdown to

squash the curve and change the trajectories of this virus what about virus california just imposed a 10:00 p.m. to 5:00 p.m. curfew does that do anything? >> what we have seen is that targeted mitigation doesn't work as effectively as broad based shutdowns or lockdowns we are not going to do lockdowns and shutdowns lying europe did we are stuck making more targeted steps which are going to have a slower effect. we are going to have continued spread the epidemic will turn when you have policies and decreasing mobility, then you see the mobility trend going down and the rate of transfer is going to decline combined with people being more vigilant. as the virus spreads people get more careful, start to wear more masks. that's what happened in the south. when you look at the google

mobility data right now it really hasn't changed. you have seen a gradual decline. but really small until that starts to go down you are probably not going to see the epidemic really turn. >> dr. gottlieb, thank you for joining us. >> thank a lot. >> have a good weekend. up next, mike santoli looks at what recent hedge fund positioning says about where the mark could be headed next. as a remind you can always watch or listen to us life on the go on the cnbc app. we'll be right back. insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow, that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com.

let's get over the mike who is looking at hedge fund positions. >> whistle, it is aggressive last week we were talking about a record net inflow from retail investors sbool equity mutual funds. this is the net exposure to stocks by hedge funds according to the evercore isi survey that was released just a couple of days ago here you have it in blue that's a very high net exposure to the market. people are very aggressive, positioning for some kind of year end strength. last time it was up here was early january of '18 you saw the stock market had back asking filling to do at that point thises the march low obviously nobody was invested, really exposed to stocks that was a good buying opportunity. a slightly contrary indication here for the market. i would say one of the reasons

net exposure is so high is they have very low short exposure on a net long bases they are well exposed but not having a lot of short bets right now one of those reasons basically nobody wants to fight this rally that could be a contra indicator as well. what do they own expensive stocks the most important stocks in long short hedge funds is this right here that's the p/e over the next two years. again, it has been a momentum trade. nobody has wanted to fight the trend. maybe that's one of the reasons that actually the overall market is stalled out the last couple of weeks. >> i know traditionally seasonality would suggest this is a good time to own stocks into year en as it relates to hedge funds a lot of other reports are suggesting they have had fabulous years >> yeah. >> which might mean the traditional seasonal factors don't apply if you have had a

good year you take your profits and sit on the sideline until 2021. >> i am sure a lot of mutual funds have done so this prior exposure chart indicates they are still riding it in aggregate in terms of what they are reporting in terms of their book but i don't think that the year end seasonal strength is necessarily all because hedge funds are chasing the market so much as it is just you know a lot of the selling has been dried up and it is the heart of the strongest six months of the year at least traditionally of course those are just tendencies not actual predictions or any kind of a guarantee. >> yeah, which is your usual disclosure on seasonality. >> that's right. >> mike santoli thank you. up next the ceo of ww international on how stress eating during the coronavirus pandemic is impacting weight loss and the company's forever growth we will be right back with mindy grossman

ww formerly weight watchers, unveiling a new program. it's called my ww plus, featuring more personalization and digital support amid the covid-19 pandemic. here to discuss is ww international's ceo mindy grossman welcome back, mindy. it is great to have you. i know there are a ton of apps out there that are focused on wellness, mind/body, weight loss how is yours different, what you are doing right now? >> well, what we are so excited about with the launch of my ww plus -- by the way, it is great

to be back and i hope everybody is terrific. is that it really offers a complete holistic solution to a personalized and customized wellness and weight loss ecosystem across every aspect of nutrition, activity, mindset, motivation and sleep so it's all in one and powered by a.i. and data with the youth pooutilization od assess men it completes a creately personalized and customized program for you. and the benefit of that is the more engaged someone is, the more successful they are going to be because the more personalized the program is going to be. and this is the first time that we have had a significant innovation launch in a non-food innovation in years. we launched my ww last year to great success. and this is now taking it to a

completely other level at a time when people are looking for a complete solution for all of their health and wellness needs. >> it's really -- it it's showing how you are trying to transform the company. how should investors think about new products like this, and the difference in margins and the economics than the sort of old school weight watchers immediatings, which is what we tend to think of for the company? >> right, what we have seen through this pandemic is not a shift in our strategy. it has been an acceleration of our strategy to truly be a technology experience with what we call a human centric overlay. and certainly, community is still critical to our success, and more important now than ever but to really look at us as one, a science-based trusted bran, two, now we can personalize and

customize every aspect of wellness -- when we've also seen with the acceleration of our strategy, particularly on our digital membership -- so at the ends of q 3, our third quarter membership, the 4.7 million subscribers was a high for our q 3, but driven by digital sign-ups, which is why you saw such a high flowthrough to margin at 60%. digital members, that's an 80% margin business. and that was reflected in the performance. so it's really validating all the work that we have done over the last number of years also, we have been able to pivot very, very quickly in a virtual world. so, actually, in december, we are launching two new membership verticals. one called digital 360, which is definitely geared to a millennial audience. that's all about coaching, community, and on demand

content. but also built on top of the digital platform so a higher margin vehicle and then we are launching digital plus unlimited workshops because now we have the ability to not be constricted by geography. so we can do all of our workshops by cohort virtually. and that's going to be a very important element for us as well to both reach new audience and expand who we can serve. >> mindy, has a lack of typical day to day routine and work from homemade it harder for people to stick to their plans, whether that's around weight loss or healthine healthiness, or whatever it might be >> wilfred, here's what we are seeing it has been an evolution but what we are seeing right now is people are doing what i call a radical reappraisal of how they live, how they work, what they value and now they realize that their

health is not a luxury it's a necessity in this environment. so they are looking for tools and utilization and a partner that can help them with whatever their needs are to lead a healthier life the second thing that we are seeing is people want to start having aspects of control. the world is so chaotic around them, that they want to be able to control what they can do. and the idea of giving them a tool with such a high level of engagement and support, things like five-minute coaching, meal planning, everything that they need, sleep tracking that integrates with all devices. so they have one tool that can cover everything they need to feel that they have that sense of control >> fanlly, mindy, just on the stock price. it has had a nice rebound off

the lows earlier this year but it is still down 33% over the last year, underperforming the market what do you think the market is missing about the story that you are trying to tell and the acceleration and the shift that you are describing when you are seeing rising subscribers growth >> i think it is really understanding what our momentum is in the digital subscribers in particular, what that margin flow-through is, how we are reaching new audience, to give you a perspective. 52% of all of our new subscribers in our subscriber base now is under 45 so there has been a big shift. and we have had multiple avenues of opportunities for growth. so i talked a lot about my ww and our consumer space but our ww health solutions business, which is our b 2 b business, which we relaunched and we announced our partnership with both cvs and well talkis

vehicle. we launched our commerce app march 13th that momentum has been significant. all of these things were really under way before covid ever started. but we have been able to accelerate them. of our member base today, 80% -- over 80% are digital with this high margin flow-through and that really is the future of the business. >> mindy, thanks so much for joining us. ubs rolling out the red carpet for athletes and entertainers coming up the head of a knew unit at ubs who also happens to be a former nfl pro bowler on erw the firm is trying to win ov stars in the sports and entertainment world. we are back in a couple of minutes. (♪ )

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welcome back time for a cnbc news update with sue herera hi sue. >> hello again, wilf hello everybody. here's what's happening at this hour just moments ago wisconsin's governor making good on his promises to declare a new public health engine and extend that state's mask mandate into january. toronto is going into lockdown as covid cases rise all indoor gatherings are banned and retail stores will be open

for curbside pickup only. hall of fame football coach lou hotels holtz has tested positive for the coronavirus the 83-year-old confirming the news and saying quote i don't have a lot of energy right now, enyoet. >> new mexico's governor is signing daniel's law to help keep private of judges and other legal personnel. a new jersey judge was shot and killed in an ambush after he opened the family's front door who knows how he fell in -- yep, an elephant is stuck in a well arc 55-foot deep well villagers and authorities worked for 14 hours to get him out. we hear he's doing okay although i am sure he is traumatized by the whole event. >> i think we missed the trick there to say dumbbo rescue. >> that could have been the chiron but then he would have been

needed to be able to flap his ears and supply. >> he may need a little bit of takeoff space. >> he would, it is very flaro. >> i love the story. sue, thank you. >> you got it. have a good weekend. >> you too, sue. 78% of nfl players go bankrupt within two years of leaving the league ubs is now trying to change that with a new unit rgintaetg the entertainment and sports world we will discuss with the head of that new union when "closing bell" comes right back what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪

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welcome back the most recent data shows many professional athletes strike out when it comes to being financially savvy. according the "sports illustrated" 60% of nba players go bankrupt within five years of leaving the league while 70% of nfl players go bankrupt within two years of leaving the league. ubs hoping to tackle these issues with its now athletes and entertainers strategic client segment. it will help them maintain their current lifestyle as well as prepare for their future joining us now, a former chicago bears player he will be leading the new client segment he joined ubs global wealth management as head of its sports and entire at the same time group in 2019. thank you for joining us those statistics are extraordinary.

i guess it shows the scale of work to be done in this space. >> it does the headlines, everyone has seen them it almost gets tired listening and watching them. i think what we are doing at ubs is let's start at the collegiate level, start them as they are rookies and then as their veterans leading into possibly having a legacy they can leave behind for their families. i think the approach we have had before has been just let's give them all this unin they are almost viewed as lottery winners. and no one understands the jargon of money. let's try to simplify that and meet our clients where they are when it comes to their understanding of financial management. >> what's the biggest task you have on your hands there i am interested that you have a separate department, it has a separate title is part of the battle actually convincing them that you are not some elitist private wealth bank

from switzerland or wall street or the city of london and you are actually on their level? is that actually the first battle >> well, it could be but the great thing -- you have got give ubs credit -- you have got to give us credit. you are looking at the credibility. right born and raised in new york city. came from a family that struggled to make it in america. but -- education, and got this -- of money so when they are seeing what we are doing, i lived it. i understand it. and for athletes and entertainers they now have a voice to where we are giving our advisers the resource to make sure that they have the capability to manage their wealth. >> how much of these bad statistics do you think are tied to financial fraud and just shady advisers that have come to the attention and attracted these young athletes >> i think a lot of -- that

plays a part of it at the end of the day it is about knowledge and understanding. at the end of the day for me -- the joke that i tell everybody, i didn't even understand what a basis point was and i had $1 million this the bank. it a four year university degree and didn't understand the basics of money not that i wasn't smart enough but sometimes we when talk finances we are talking a foreign language of it is our job as a firm and as an industry to bring this to the clients at their level. i think that's what has been missing in the past. >> basis points is not necessarily everything clients need to know basically i often get warned up by my boss when i use that phrase because it is niche. what are the portfolios like are they comparable and similar?

>> i think at the end of the day athletes and entertainers are really successful on the stage or on the field or on the court but they see themselves as entrepreneurs and they want to make their money grow and expand the difference with this segment which i think everyone understands is that this segment more than others have a sense of giving back to the community and we are going to make sure we are holding the hands of our clients about prospects and giving back to some of the communities that birthed some of our biggest and brightest stars in america >> how do you think covid-19 has impacted all of this, including players' salaries and just their handling of their money? >> i think right now we are not seeing an immediate impact on salaries but here's where it starts to get a little murky as we go forward, and as games are canceled, if they become canceled, and the attendance level, which we haven't had a lot of fans in the stadiums. the next couple of contracts and

cba agreements where the league and the owners and the players get together to negotiate salary caps for each team, those numbers will either stay at the levels that they are -- but they have been gradually rising, or they may decrease some that may affect future contracts and a future amount of money that our athletes are going to have in their pockets. >> got it. thank you for joining us to talk about the new initiative at ubs. we appreciate it. >> appreciate it have a good weekend. still ahead on the show -- you too, have a good weekend tiny turkeys turning smaller profits. smaller thanksgiving gatherings could spell serious trouble for those turkey farmers who are betting big on the national holiday. we will complain when "closing bell" comes right back when i was in high school, this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart and your home, check us out.

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thanksgiving less than a week away and our jane wells is taking a look how the pandemic is affecting turkey farmers ahead of the holiday jane. >> reporter: hey, will i don't know if you are planning a thanksgiving most people are looking like at a ten-pound turkey these are too big for that and that's a problem congp mi unext, the scoop from the coop

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we've got breaking developments here on the fed and the treasury over those emergency lending programs let's get back to steve liesman. steve. >> yeah, capping an interesting week here, sarah now fed chair jay powell writing

a letter to secretary steven mnuchen in response that the fed return the money powell now saying we will work out arrangements for returning the unused portion of the money, about $429 billion of c.a.r.e.s. act funds that they won't be needing because chair secretary mnuchen cancelled or failed to eksz tend extend a bunch of the programs he makes note in his letter that the fed has money it can use for lending from the exchange stabilization fund that could be, as powell says, facilities needed to maintain stability and support the economy. will. >> i just have a quick question, steve. i guess it is important because there was a question over whether powell would either be willing, which we know he really isn't a fan of this, but also whether he was legally allowed to not return the money, correct? >> yeah, i think people who were looking for a little bit more friday night fights were thinking that maybe, sara. but to me there was never a question that once asked the fed

would return it but there was, you're correct, speculation whether or not powell would defy the treasury secretary but never going to happen. >> steve, thank you. the cdc warning against traveling for thanksgiving, and in many cases that means smaller gatherings which could spell stronger demand for smaller turkeys. jane wells live at a turkey farm, keeping us abreast with all of the key details >> reporter: hi, will. here is the deal these are christmas turkeys, by the way. all of the thanksgiving turkeys have, um, left but you have probably heard people are buying smaller turkeys. what you haven't heard is it has been crazy in this industry all year they were slammed when commercial fell off, grocery demand rose. unlike others, turkey have to deal with the covid impact on their biggest day of the year. they plan a year in ahead for how many birds to raise. they can't pivot a lot here at the farm they had an ace in the hole, a turkey in the

hole if you will a proprietary line of petite turkeys that mature at six to ten pounds >> that turkey is fully matured at six to ten pounds and, again, this is really important in our program that the birds are raised to maturity and they have, you know, this optimal meat-to-bone ratio these turkeys have just -- we sold out of all of our petite varieties. we just don't have any more. it is just very popular. >> reporter: the families those still hoping to break even this year, but look at retail prices. americans on average are going to pay the lowest for a turkey this year than they have in a decade because grocers are being aggressive in pricing to get you in the door to gobble up everything else you need quickly, what else is expensive this year with turkeys so cheap? pumpkin pie mix is up, rolls are up and stuffing. back to you. >> jane, i have to ask having spent -- i guess the only other way there could be demand would

be if people wanted a turkey as a pet. i wonder if you have been drawn to them today. the noise in the background, i have to say, must be driving you mad. >> reporter: up, it is not the noise so much as the smell this is a very clean farm, so that's the biggest thing against it right now >> they are so noisy they sound like dogs jane, thank you. >> dogs -- >> a good live shot. this is in your top 20 i think >> thank you >> it is a good thing you are wearing that blue suit because that smell is going to stay with you. >> i know. >> go home take a shower. >> i will. >> bonding with the turkeys. >> oh. >> and those are not little. those are big. that's the turkey farm hard to top that, wilfred. as we look ahead to next week, you know, it is worth reminding

everyone we started off with another very strong day on wall street and also some good news on the vaccine front from moderna, getting very high efficacy that seemed to really drive the conversation and fuel the continued momentum on wall street, even though, mike, we did see the s&p and dow klein for t decline for the first time in three weeks. what do we look for next week? it is a holiday short week maybe we will hear who the next treasury secretary will be. >> that is true. retail has been a bright spot of the market you are right, the last two mondays it is very big, enthusiastic pop when you got the vaccine results and we never traded above the highs from that monday until we're still in the mode of digesting the rally. i do think you have a seasonally strong tendency for thanksgiving week and, in fact, the last ten days of november typically we will see if it bears through. so many things about this year have not gone according to the broad patterns we were used to

historically, but it isone thing i think folks are saying the market seems stuck right here, but seasonals if anything should be a net positive. >> s&p was down 0.7% for the week which was a move for today. choppy after the monday jump we are out of time on "closing bell". thanks for watching. "fast money" starts right now. i'm melissa lee and this is "mast money. tonight on "fast," the ultimate thanksgiving trade get ready to stuff the bird, pass the gravy and unmute yourselves why investors are feasting on this stay-at-home stock ahead of turkey day the crypto cracking above 18,000 for the first time in nearly three years. our own bitcoin baller breaks down where it is headed next later, to the moon what lit up the solar trade today. we start off with -- ♪ from the other side >> hello from the othe