texas, we're working to maintain the opening of schools as much as possible. we're putting on the front lines of the early recipients of both the vaccine as well as the antibody therapeutics and the teachers and the educators to make the school setting even safer. >> governor, thank you very much, governor abbott. appreciate it. have to leave it there thank you. >> my pleasure thank you. >> and thank you, brian, for sitting in for joe today great to see you make sure you join all of us tomorrow "squawk on the street" begins right now. good morning and welcome to 'crosswalk "squawk on the street. carl has the moweek off we have a big holiday towards the end of it. there you see we're going to look up this morning and, why, well, it starts with the beginning of our road map which begins with that investor

optimism as more positive vaccine news seems to be behind the boost we see in futures. and then business leaders seem to be moving on. an open letter from them to the president about the transfer of power. we'll talk about that. later the case of more stimulus checks. an update from washington on where things stand there we are going to start, though, with that vaccine news this morning it's astrazeneca which says covid-19 vaccine being developed with oxford university shows efficacy of up to 90% with no serious side effects. jim, it's a different sort of more traditional vaccine >> yeah, i think that's especially good news i don't know if it will get to america. but the rmnas all seem to be unstable in the way that they can get to the drugstores. moderna's less, but that's a smaller amount this looks like it's much easier to handle. almost sounds like a regular vaccine. weem we'll hear from meg

what it does say, david, something you thought you couldn't lick may actually be easier to lick i don't want to say the greatest minds in the world are on this but i think even four, five months ago, david, i would have felt we couldn't think this was possible >> it's somewhat obvious, but the fact that so many people are asymptomatic and handling it well with their own immune system maybe that points to the vaccines to handle it pretty well >> that's a great point. if your body can take it on, then maybe with a vaccine your body can take it on after and then stays you know, a lot of people who so decent in the idea of we don't know how long it will last and we don't know if it will come back frankly, i don't care. just give it to me >> it's been the last three weeks pfizer, moderna, astrazeneca. it is clear that we'll get around the world perhaps, given

this is obviously uk based vaccines that will be available. but your concern and you expressed it now on "squawk box" and expressed it with us what is the plan what is the distribution plan? by the way, what is the plan for any handoff from the current administration to the incoming administration how much will that hurt distribution the quicker we get out of this thing. >> so the military is supposed to give it to mu kesen who is then supposed to give it to u.p.s. or maybe the government uses, we don't know, maybe they send it to the drugstores who have yet to indicate, david, what the intend to do with it or if they have the ability to be able to do it. this seems very reminiscent of the fact that the people came on the white house lawn and they were going to do testing everyone was going to get tested my fear is why is this any different? >> i don't know.

we hope to, well, we don't know. we don't know. i know you are and you took this up with the man who runs operation warp speed on friday you were certainly somewhat skeptical about how confident he was. >> i'm tired of it i'm tired of it. david, if you and i did what these guys were doing, we'd be fired so fast. no, it just goes on and on no plan. hey, the states are involved and then the texas governor said the states are in coordination with the white house are you really telling me that the states that didn't vote for trump are in coordination? why do we kid ourselves? i think everyone should just say, you know what, we don't know it is going to work but we sure have our fingers crossed. why not just do that why not underpromise and overdeliver. when the texas governor says it's terrific and president trump hates cuomo. i mean, why don't we have realistic. >> a lot of states he's at war with right now >> why not be realistic.

maybe after the business leaders get realistic. why don't we just say, that sounds great i hope it works out. why don't we just presume it works out the way they say when nothing's worked out private companies. i mean, pfizer worked out. it's great minus 90 >> although we have to bow down thanks to science. we have to without a doubt. >> is science a walgreens. technology on friday and what are they saying? they make the devices that tell you whether it stays cold or not. we'd like to not get a dead vir virus. whatever i just caution people to think that we really don't have a distribution system, but we have a lot of memos that say we do. and they don't ever get to the point where they're at the walgreens cvs level. we all decide to do it by private sector i don't know if that's right i would have felt better if the military had just done it. but i just know everybody accepts everything that is being said about this.

i accept what is said by pfizer, moderna and astrazeneca because they're real companies that don't lie or haven't had a history of lie >> listen, i guess one good thing is we're talking about distribution now as opposed to whether or not the vaccine is going to work. >> that is true. >> which is a bit of good news let's get more on this from meg tirrell that followed everything vaccine related. astrazeneca and stocks and did speak to the vp of biopharmaceuticals meg, take it away. >> elwitwell, thanks, david. these details are a little more mixed than the results that we got from moderna and pfizer which were straightforwardly above 90% in terms of efficacy the reason they're mixed is because the company looked at two different dosing and those are the results they're presenting and one showed much higher efficacy. more than 90%. and the other only showed 62% efficacy now, the one that showed the

higher efficacy also head scratchingly was one that had a lower dose a half dose for the first shot and a full dose for the second shot i believe we should have sound from our interview earlier with astrazeneca explaining why that may have happened. here's what he said. >> one of the potential hypothesis is that you're priming the immune system with a relatively low dose or lower dose as a consequence the immune system is firing against this virus. but equally, i also need to admit that it was a little bit of a surprise to all of us in order to see this difference and we really expect it to have a high dose, high dose very effective. it's very effective and has a better efficacy and we will do more research in the weeks to come in order to better understand the mechanism here.

>> so, guys, this is clearly something that astrazeneca and oxford are still trying to figure out themselves. other pieces of apparent good news here in the data, as well now, oxford said that there's an early indication the vaccine could reduce virus transmission from an observed reduction asymptomatic infections. the idea you could block infection completely and not just cases of the disease. we need to see more data on that to understand it also no hospitalized or severe cases in anyone who received the vaccine. and they said a large safety database from over 24,000 volunteers showed no confirmed safety events. now, guys, we are starting to get reaction from experts and people on wall street who follow this closely, as well. one notable research note that just came out is very critical of the data and the way that astrazeneca put it out he says the company is likely to be roundly criticized for their

di disclosure since it states no safety events have been confirmed, which he says is hardly reassuring. this was the vaccine put on hold for seven weeks in the u.s. as they investigated a safety event. they determined it was safe to continue now, he says he believes this product will never be licensed in the united states, guys they are going to have to go through a complicated regulatory process with data from outside the u.s. but not data yet from their u.s. trials, which isn't expected for some time we'll have to watch that play out. more over, guys, just to add to this he suggests these results put into question johnson & johns johnson's upcoming results, as well, because they used similar technologies we'll just have to see about that but these are not the straight forward results we are used to getting from pfizer and moderna. 90% efficacy does look pretty good guys >> meg, is this or would this become a part of the distribution plan in the u.s. anyway or, you know, are we still focused here on right now the two names you just mentioned, modrna and pfizer >> as of this point, david, we'll have to see what the fda

does dr. john torres the nbc chief medical correspondent asked dr. steven haan the fda commissioner about this exact situation last week what would happen if we saw data from outside the u.s. and did not yet have u.s. data on the astrazeneca vaccine. they will be flexible and be sure of their own standards. as we wait for the results in the u.s. from astrazeneca's trial, there's going to be aggression about how the fda will handle this particularly as it's messy you know, we don't really understand why this half dose will work better than a full dose so, the process is not going to be as straight forward as say pfizer they already applied for emergency use authorization and the fda already set a date for their outside meetings of advisers, december 10th. probably go forward f pfizer. >> it's just a matter of time, the vials are ready. what do they have?

>> well they say in december if these things get the green light pfizer and moderna vaccine, they would have enough for 20 million people by the end of the year. that's 40 million doses of vaccine. they say they've got ready to go and, so, you know, we will have to see how that starts to roll out. they say they're ready to start shipping within 24 hours of fda green light. >> do we know this is true >> the companies have also told us that is in line of their supply in terms of what they will be able to have yes, they have guided. >> the idea of the temperature controlifieser a control pfizer and the ability to keep it stable causes me to have great skepticism of the ability to start sending things december 12th. to what to who to where? >> pretty complicated these deep

freezers so, it's going to be a tremendous logistical challenge. >> walgreens, walmart. >> i know, i'm just saying walmart. i don't know, how about target i'm sure they have the deep freezer. we have to be more skeptic here. it's not you, i'm going to go to my rite aid and they'll have it and i find that i don't even want to validate the idea that this could occur >> well, at the beginning it is going to be health care workers who are prioritized to get this vaccine and they have different systems through health systems and probably hospitals and things like that that will be able to get them out to the most prioritized people at the beginning. and then i agree with you. it's going to be complicated and we're going to have to really ask a lot of questions and see how that is going in terms of getting it to pharmacies and getting it out to everybody. but at the beginning it's prioritized groups so it's a little bit different >> meg, thank you.

meg tirrell. we'll take a quick commercial break stay with us

several prom independent business leaders pushing,

blackstone steven schwarman supporter of the president told axios quote, i'm ready to help president-elect biden and his team as they confront the significant challenges of rebuilding our post-covid economy. i think it was when you lost n cronkite you lost. >> i think we're actually losing the war, mr. president and that was it. >> that was it yeah >> that was the beginning. >> so, i don't know, does schwarzman relate? >> so, who's left? mypillow.com >> he's left i mean, biden's already had some interaction with the business community that it's been publicized a bit

i know there's more coming not a surprise here. they just want, i mean, business wants to move on they want certainty. they want to know a peaceful transfer of power here and there is going to be coordination between the two administrations which has yet to take place back to our previous conversation it goes right back to it >> no need, of course, i'm not disparaging. she's done a remarkable job. i'm saying the administration and the texas governor is saying everything is good but that all presums that the president wins every challenge because i have no idea whether president-elect biden would ever go for a state d d distribution he would go for a federal government distribution. >> well, january 20th we'll be in the middle of this. so, i assume i'm not sure what plan is in place that will change or not. we'll have to hear more. the business community matter here at all, jim >> yeah, i think it does from the point of view that some

people around the president might think it's not right to continue, but the closest advisors to the big man are very certain that there's new challenges to come it's interesting that the attorney general barr has not joined this. >> there doesn't seem to be any real hope for these. i mean, so far, you red that 37 page opinion by judge brand in pennsylvania republican conservative and appointed by senator tumey >> if you follow, he had some positive things to say about how things are going he does. he also says the media is way too skeptical about it >> they've lost virtually every court challenge other than a couple minor ones. i don't qknow what they are referring to biden up 6 million but to your point not that many republicans have come out and said the same. >> waiting for someonecconnell t

and say we're not going to wait, but the president's view and the e-mails that you get i don't know if you're getting the e-mail appeals that i get, but it makes it sound like a done deal that the president is going to stay. this is somewhat fanciful, david, but it's what i get >> finally, what does all this mean for the market? >> chaos is welcome. it just, we default to how we hope that there's a vaccine. the vaccines are great, right? so far and the holiday spend is going to be pretty good. the chaos means that no one is coming in. like we're not hearing certain people coming in on the new administration that are anti-business, right >> i'm clear that will be the case, by the way we're waiting for tomorrow we'll see. we'll potentially find out who

the treasury secretary is. >> we're treading on vaccine and that's great news. but we need to get it to the people like they got it to the people with polio when we wiped out polio. and we have to get governors to say that we favre tor the vaccie we'll now move on from vaccines and the business community and talking stocks we have jim's mad dash right after the quick break. stay with us hey! yeah!? i switched to geico and got more! more savings on car insurance!? they helped with homeowners, too! ok! plus motorcycle, boat and rv insurance! geico's got you covered!

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here we are. two men in grey suits with blue shirts and blue ties we didn't even have a memo this morning. >> remember you just asked me about what the market is going to trade on. >> yes >> it will trade on things like micron and it wasn't that long ago when micron missed the last quarter. they couldn't get anywhere near them but people don't care micron hyperscale cloud, okay. it's phones. desktop. it's also internet of things so, what this says is weirdly the enterprise is healthy and the consumer is healthy worldwide and this is a great barometer. better barometer for the world than copper. >> listen to you through the years in terms of the psyccycle right time, wrong time and commodi commodity. >> i think it's the right time

for amd and stole so people are very skeptical about not approval yet invidia and invidia is going to start going up again after the quarter people felt wasn't texas instruments wasn't and that stock could break out and there is a lot of good news in semis and i think that matters tremendously because worldwide indicator in the united states, as well, too >> more consolidation of the names that keep coming up when i talk to bankers. certainly right at the top of the list may not be giant ones but $8 billion to $10 billion deals >> way too many semi conductor deals. they need to get into defense and teleco you need broadline communities and internet of things beyond and they need to get beyond cell phones so does corvo.

they have businesses beyond it but remember freescale that got them in cell phone and auto. everyone needs to be in auto auto's booming >> yes, it is. >> that's, micron is the barometer. that's the key to this market frankly. we've got an opening bell and what have we got, five minutes away please, don't go anywhere. it's a thirteen-hour flight, that's not a weekend trip.

fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks.

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welcome back about a couple minutes, jim, before we get to an opening bell key is micron and we talked so much about the pharmaceutical companies given the vaccine development under way and i'm just curious about the sector itself does this add sort of a positive layer overall over pharma given the innovation that has taken place. >> it should david talked about how the health care segment is the

cheapest it's been in 30 years i think the issue is every time you want to get excited about something. amazon comes in and takes a swap at most of the health care system and you don't know how amazon fits in and the drug stocks get hit very hard when president trump attacked them on friday saying the pricing is very bad i think if you notice the biotech index is absolutely going nowhere in part because people don't understand whether the new administration is going to bring in a level of discipline and pricing it depends on who, i know the president is not in favor of the single pair system, david. but everyone else was, including his vice president >> right but we've come in to a new era of innovation, jim, that maybe we have not spent enough time discussing because there was a long period where it was just a new iteration of an existing drug. by the way, something that really didn't move things that far down the field >> very true >> now we're talking about companies that are almost curing

many diseases, including cancer. there has been a new wave of innovation that has taken place in terms of sequencing the human that is pretty remarkable. >> the targeted cancer products are just amazing we've seen lots of companies buy grail was a company bought and the liquid biopsy. how do we get people to give them a drop of blood and we find out whether they have cancer and then we look at the targeted drug companies drugs against cancer and we're starting to get a lot of progress in breast cancer, david, which is one that, of course, horrendous. it's happening and it's good and it's a positive story but the drug companies often say to me, what do we have to do to make it so the politicians don't hate us? we're trying so hard to do the right thing.

tell them how to get us off our backs. i don't know >> we do have by far the most expensive health care system in the world. the outcomes you can dispute whether they're better than a lot of other places. >> true. i think people feel that we should use the va system or the va bargains with the drug companies but the president feels that, therefore, it would make it the drug companies don't do nearly as well and that we are the center of all our need for the rest of the world. certainly when you look at it, astrazeneca has a vaccine and some activity going on over there. but the drug companies that have been successful are american companies, david >> yes well, in conjunction and partnership with some foreign companies. >> yes but we do see a lot of good news in pharma but we don't see a lot of good news from the government a lot of drug companies that always tell me off line, do you think the government is going to crack down on us what is going to happen? i mean, really fine companies that i think we all respect are

very unsure about this coming administration >> trump was going after them for four years but nothing really changed, did it >> no, they have powerful lobbyists and great congressional mind share that's always been true. what happens if you have a new administration that comes in and says, that's it. >> they have to pass stuff through congress i don't think you can do it through executive order and, therefore, it comes back to the idea that even where the democrats is unlikely as it seems to invoke those senate seats in georgia, they would have a slim majority it is hard to believe that you would get anything past that is truly, well left of center when it comes to this. >> i will tell you what is a more exciting segment. >> tell me >> david, it is incredible that retail is having such a run here i think that matthew boss trade these jp morgans of american eagle and now gap store is upgraded david, gap stores.

you were talking about mall-based shopping. look at gap stores this is an amazing move. i mean, i would have thought that lag, as we call it, l brands, american eagle, gap would be road kill but they're doing incredibly well. >> it's not something back in march you would have thought that is the end in some ways they've all relied to a larger and larger extent on their ability to deliver things digitally, which has been key. this stock is up 80% in the last three months, jim. >> it's not really known at all as an e-commerce play. bed, bath and beyond a big comeback that's not an e-commerce play. it colonize alls into question r people go into stores. that turned out to be a deal of brilliance wouldn't that be incredible. but, david simon has been a man you don't want to bet against. >> there have been so many unexpected outcomes at least

thus far in the nine months or so that we have been trying to imagine or trying to understand what the world is like, jim. that's certainly been one of them there have been plenty of retailers, by the way, we should point out that have suffered a lot of places that were singularly reliant on somebody walking in the door has suffered >> guitar center >> that is another >> but last week kohl's which was impressed when i listened to michelle goss talk in the afternoon. kohl's is talking about reinstating a dividend it's down 42%. a lot of room. but i just think that people are very excited it will be a good retail season. the only one that i keep getting a negative jpmorgan saying apple not selling a lot of product that they're using lead times. that historically has been a head fake. but that's the one that is not moving >> i don't know. i passed a couple apple stores and they were humming this weekend. >> they were >> they were people lined up. >> social distanced? >> they stagger arrival times.

they have it very well organized, as you might imagine apple would. stocks, let's call it flat this morning. but overall market, of course, is up. s&p up nicely and nasdaq more or less keeping pace there. jim, a couple other names i wanted to get to this morning. one i'll follow announces a big buy back 2.5 bill and buy back stocks between $32.25 and $36 $2.5 billion worth of their shares and, again, that's the price range they're targeting. that increases their buy back from what had been $2 billion to $5 billion that's a significant vote of approval there >> well, look, i think that your reporting last week is incredible just in terms of court cut, who is doing well it's interesting that cable companies. the stocks are doing so well even though we hear about roku and how can they both, how can they both be doing well, david

>> they benefit from some of the same trends. broadband you measure the cable industry by. not their video adds or losses and tom rutledge pointed it out. they're actually pulling along video in a way that is having strong broad band additions and some people are taking the package with video and video being the lagging service. fine, if you want to offer it to me for that, they were able to add 63,000 subs at charter last quarter. but you're right those stock that perform, even our own parent companies come around lately more because of vaccine and what it will mean for comcast ownership of theme parks being able to perhaps reopen in a more robust fashion because it is an important component overall certainly of profitability. comcast stock has done well. roku got an upgrade today laura martin saying some very positive things and building off of what malone told me last week when he talked about it and you saw what the stock did on the malone comments >> that is amazing because a lot

of people feel that roku is overvalued someone onbrian sullivan's sho this morning roku way ahead of itself but roku is the future >> well, may even be the present. we talked about other things and we didn't get to all of it at&t and wireless business seems to be doing quite well and still questions about the success that hbo max will have as a director and consumer product in the marketplace. you know maybe, i don't know, malone listen years ago sold his company to at&t and took a lot of stock and watched it not do well at all. i point all that out because as you might imagine he is somewhat negative on the future of at&t and max. take a listen. >> hbo has always had great programmers, but whether or not the great at&t as big as it is

is still tiny at this point compared to the market cap of the guys they are competing with and, you know, for reid hastings to go, you know, decide that this is a good idea let's go make this piece of content is almost trivial at this point in terms of the impact on his scale. whereas it would be pretty major for hbo. so, i'm afraid that the best content, the best producers will get bought away from hbo over time and that they won't be able to achieve the scale necessary to keep up the relative quality that they've had historically. that would be my concern >> that's been a concern of his for a little pit bit of time. hbo programming seems to be quite strong but no shortage of people as

covered as it is on that dividend >> yeah, i think it's questionable but i also keep hearing, david, that there might be separation that cnn might go and it just seems like if you worked there, what, you've got zucker and there's just this weird kind of tension going on and you just want to know what is going to be spun off, david? what can be saved? what can be dropped? >> other than directv which i reported on previously and don't have more to add right now that continues to move idea of selling minority stake there. a lot of these other rumors are just that. really part with cnn would you link it if you're going to do it with turner and tbs and all the networks in some way in some sort of package. would jeff zucker have the possibility of taking cnn himself and talk to pr firms possibly

anything to it or at&t has interest in entertaining bids for it no i don't believe that is the case right now. i have spent some time on that >> the stock is telling you, david, this is one that is unsafe you don't get to 7%. very few 7% yielders that are safe now, i'm sure at&t and no company that comes on and says, our dividend is not safe but there is a sense that when you get 7% and you look at where the ten year is it's unrealistic to think the dividend could be saved like that. >> we talk about it in the case of at&t and exxon mobile and another stock 9.2% yield jim, i want to change it up quickly to spacs on friday long view accusation corp on and really fascinating scientists with this ultrasound, handheld ultrasound device that stock did extremely well. the area where they all want to

play, jim. one you have been focused on lately certainly on "mad money." did you take a look at this one? let's start with ci, if we can, guys in the control room ciic which announced a deal with a company called arrival did you see this one, jim? >> that one has alluded me >> talking $4.5 billion. i'm trying to look for my notes here 5.4 billion. arrival, just in case you didn't know, a new method of producing zero emission vehicles using robotic technologies and low cost microfactories. >> you better not question that. don't question that. just go buy that >> just go buy that. >> the more work you do on that the more time you'll buy the stock. >> more early stage companies hitting this market and so many grouped and we put a list together for them.

obviously, we remember the granddaddy nikola. lordstown. fisker. >> i had them on >> these all went public they are closed. the spac announces the deal and then the deal actually closes and the money is transferred the arrival, which i just mentioned. canoe with hennessey capital that was announced on august 8th and charge point with switch back energy that was announced september 24th and then there's also workhorse, but that's not a spac. i mean, these things, that's the new, all right find us an ev company. especially one that has proprietary hardware, software and microfactories they're tiny little factories. >> a lot of people believe that once president-elect biden comes

in he'll support hydrogen. it needs a huge commitment by the federal government otherwise fuel cells that elon musks talks about. green hydrogen is the ultimate fuel but way too expensive right now. if they can get to come down because of biden subsidies a lot of these stocks will work out. green energy, david, is the future >> i believe you i hope it comes as quickly as possible great for the planet >> a realistic company is talking about the next ten years. some people the next five years. major companies that are actually making promise. >> don't we need to be skeptical about these business models, jim? making the point that most of these companies are losing money and not have any hope of being profitable any time soon but based on the idea that you're talking about. ubiquitous and hydrogen cells all over the place >> plug power. plug power is the one. that went all the way up, okay that's the forklift company hydrogen and they did a huge

secondary last week and the stock is above the secondary let's look at it this way, david. now finance for these companies. >> right >> lordstown is a very compelling company they built, i talked about this with phil lebeau on the old gm plant and a lot of things going for them, including good management which happens to be from workhorse, another one we haven't mentioned. >> i mentioned it. >> but i feel that the momentum is there because of biden. not, if president trump had won, i think this would have deflated this balloon >> that's a great point. >> the potential change in administrations. economists urging washington to issue another round of stimulus checks and for that we're going to check in with ylan mui

>> signed by 125 economists u s urging congress to send out the second round of stimulus checks. the most effective way to safe guard the recovery some of the people who were signing it include jason firmen, economic adviser, as well as alan blinder a stimulus at the scale of the recession will boost consumer spending, drive to economic recovery and shortening the recession. now a recent survey by franklin templeton found many families are planning to cut their holiday budgets this year as hope dims from washington. according to the survey, without another round of checks, 37% of americans will say they will spend less this season but if congress were to step in, that number would drop to 30% now, the letter does not specify exactly how big those checks should be. democrats have proposed $1,200 for adults matching the amount of the first round of stimulus and also propose boosting the

amount for kids to $1,200, as well critics concerned that many people who may not need the money might still get the benefit. now, the letter does emphasize that direct payments are most helpful when they are targeted at the bottom half of households david, the letter says that that is one way to ensure that the minority communities who have been hit hardest by this virus do not get left behind back to you. >> ylan, thank you let's get a check on where things stand about 15 minutes into trading so far as you see today of course, we have the s&p up almost 1% now. we're gaining as the session moves along. the dow is above 1%. by the way, we did get some data just now on manufacturing and service pmi that was out moments ago. here are the numbers the manufacturing pmi came in at 56.7 that beat the consensus estimate of 53. the services pmi 57.7 also ahead of the estimate, which was 55. let's give you a look at

treasuries maybe off the back of that data. see how things are moving there. there's a look at ten-year yield. 0.85 don't go anywhere. "squawk on the street" returns in just a moment

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s. we have built the logistics directly for the covid vaccine and received information that more than 25,000 long-term facilities selected cvs to be their covid vaccine provider we are in the final plans and to your point "operation warp speed" said 24 hours after approval the vaccines will be on the road and 48 hours after we receive that vaccine we will be in the facilities providing that

vaccine into the arms of our elderly and most vulnerable population. >> that was cvs's ceo on cbs and "face the nation" talking about the distribution sounded like he had a plan and there's a new ceo coming in. >> i like the fact that the private sector is involved and larry will do it, cvs. i want to be sure they get it and the health care workers. i have no issues with cvs. i think they can do it and walgreens can do it. who gets it? do we have a plan? do we get it in line we don't know. wouldn't it feel great if you knew >> you would like a plan of who gets it, how it will be administered through where, whom, when >> does larry decide that it should be the elderly? you got to help larry. he's ready

he's good. but we got to get the government to tell us what to do. >> all right as we mentioned earlier, shares of roku up again target raise 315. the analyst behind the call will join uons "squawk alley" this morning. "squawk on the street" is back in a moment. things are a little different this school year it's different because i have to talk to a computer. i get like 6 emails a day... olivia please turn your screen on. okay, lift the... there you go. mondays remote, tuesdays at school... it's the other way around. we might not be able to solve everything. but we can help make sure students and teachers can stay connected to learning. it's why at&t has connected more than 200 million students to brighter futures.

before money, people tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale.

let's get to stop trading. >> i keep talking about retail being good and want to finish the "a" in lag that's the lag trade the "a" is american eagle outfitters which reports tomorrow and people are buying it and also big meeting coming up talking about how well it's been doing the retail trade is just working. and it seems odd but it's working. >> is it working because a lot of people are walking in and buying stuff or more because the places have adopted digital strategies that are proving particularly effective >> it's the first. same store sales are better at some of these places i thought macy's was lukewarm but people like macy's a very big move and people are

going into stores and i thought jeff did tell a good story but not a great story but good enough. >> yep. >> it's good enough. >> yeah. have to keep your mask on. >> i go. with the vaccine, i want to be hopeful about the vaccine. because science as you said is terrific. >> yes. >> got to be - >> we have to be thankful for is two if not more vaccines - >> made me feel -- she did a good interview and felt fabulous about that. >> regeneron getting - >> private sector is fantastic here. >> what do you have on "mad" tonight? >> there's nurses that have retired under duress and utz going to national potato chip company that bought a big tortilla chip company. it is just back. with collier. >> it is

>> it's very successful. >> there's so much spak money chasing so many things right now it is fascinating. >> you have to keep track of them. >> it is hard. >> hydrogen, the future is now. >> okay. i have heard you say it. i believe it see you later, jim. >> good. >> another hour of "squawk on the street" after this break

good monday morning. let's get to our road map. it does start with markets moving higher amid optimism even as the u.s. sets records for new daily cases and unfortunately hospitalizations. >> no test, no service we'll talk to a new york city restaurant owner about the decision to require rapid testing for all customers. it's not cheap. >> there's a growing consensus of where the covid economy is headed we'll tell you why many economists say winter is coming. let's start with covid-19 vaccine and antibody treatment news meg tirrell has the latest good morning, meg. >> reporter: good morning. we are 3 for 3 on monday vaccine

news i wonder if next week we get johnson & johnson. let's look at what we have so far. the data are a little bit confusing because they looked at two different dosing regimens and one is much more effective than the other with half a dose of the vaccine first and then a full dose when they looked at two full doses the efficacy was 62% so that's a little bit confounding. other things we saw from the update this morning, no hospitalizations or severe disease reported among people that got the vaccine suggesting it may prevent severe disease and not seen the breakdown of the numbers and the other thing is it can be stored up to six months at regular refrigerated temperatures so that is a good thing. now we talked with astro zeneca about the dosing regimen and the data and here's what he told us.

>> it's not, of course, we will do everything to get more clarity about the processes we have seen in the last few months once again, the scientists are quite bullish that they have seen it in the past, also in laboratory trials so we just need to be a bit patient to see the full data sets. >> they say no serious safety events have been confirmed in the trial and note they saw lower rates of asymptomatic transmission and there's an early indication to reduce transmission but we haven't seen the full numbers and data and need to know more and i'm talking to experts about the data it seems like they're learning as they go they want to see all the data.

one said we believe this product will never be licensed in the united states because of the messiness with the results today and how the trial was conducted. this morning, one product that did get authorized by the fda the regeneron antibody cocktail is cleared for people who have mild to moderate disease but high risk for progressing to severe disease, the second antibody drug for covid on the market the first from elilily guys >> meg, where does the -- i guess ambiguity in the astra zeneca results leave us on a time line for all the different vaccines ter -- in terms of approval. ho how does that fit into supply and time to market >> yeah. what we might start to see is a real sort of dichotomy between

the united states with the astra zeneca oxford vaccine and other countries and started to see that splintering after the event when it was halted around the world and then restarted after a week in the uk and then started to be restarted in other countries. the united states waited seven weeks to restart that trial. as they looked into that safety event so other governments could authorize it and the fda have been to say what do we do with the data from the uk and brazil trials and a u.s. trial that astra zeneca and oxford are ongoing and we could be seeing the moderna and pfizer vaccines going through quickly and the astra zeneca one figured out as we expect the j&j data in a month or so. >> thank you for bringing us the latest

and we are going to start right there with the next guest, dr. penny wheeler in minnesota and michael ugwiki in memphis. good morning to both of you. michael, your state tennessee is involved in the pilot program and distribution of vaccines walk us through how your state is doing this rollout. >> thank you for asking. the state is gearing up for the vaccine. we are very excited as health care providers because we know that will be a game changer for us so the state is working through the governor's office and the dhs, working with all the hospitals in the state who would be the first recipients of the vaccine. our goal is to make sure we start with the front line associates, especially those that have preexisting conditions and making sure we save -- we

are able to get them first and hopefully that will help us as we continue to fight this virus. >> dr. wheeler, the world needs as many vaccines as possible to end this pandemic and the positivity rate in the state of minnesota continues to climb i'm just curious, perhaps more concerning is the shortage of medical workers you are seeing there on the ground. >> you are right our geography in the upper midwest is seeing unprecedented numbers of infections in case growth in minnesota, our positivity rate is 15%. but in surrounding states it's as high as 50% so we really are concerned about the case growth and we are at unprecedented cases in our state right now the hospitalizations are three times what they were in may at the peak and we very much have because of some help from the public had enough time to get the

protective equipment, ventilators and the space but you cannot manufacture talented and compassionate caregiver. and that's where we're having trouble now especially with so many of them being affected or the families being affected by community spread in the organization and in the community. >> following on that then, dr. wheeler, if things continue at the pace they are will you not have enough health care workers to deal with the influx of patients >> we are doing everything possible most of the health care workers are getting or being exposed to this with community spread so a key, key message is please help us on the community side of things the need for masking, physical distancing, the things people are fatigued but you can keep the health care workers healthier to care for you if you do those things.

so that's one of the big ways in which we can actually keep our workforce to take care because they're incredibly skilled people and you can't replace them so what we're trying to do is everything possible to keep them healthy. we know that protective equipment worked in our settings and then looking at novel ways in which we can make sure that we care for people in new settings, in home hospital programs, in combinations with senior care providers and looking at new models of care and support personnel to suppor the entire team. >> michael, your experience in your city and your state right now, what to this point is different about the treatment regimenin regimens, the time in the hospital versus several months ago and what does that mean for the kind of surge we're

expecting in the winter? >> no question, clearly we have learned a lot since the pandemic started. we have learned how to deal with it and how to coexist with it so the most of the treatment regimens that we have now were not available back then and very helpful. has reduced significantly some of the hospitalization but that doesn't quite frankly address the surge that we are seeing with the capacities that we are seeing across the hospitals withen the state as well as in the county obviously we have more people coming in. we had shut down elective procedures and now we are still getting some elective procedures in, watching them on a daily basis, determining how many cases you can do heart attack doesn't stop and stroke doesn't stop and we have to take care of patients regardless when they're covid, no covid so the stress is there.

we want to make sure regardless of the medications we have now the key is prevention, basically what we do between now and the next couple of days has significant impact on what will happen before christmas and pleading with everyone to truly do the right thing and i know people are tired, stressed but we got to continue to wear mask and continue to wash our hands and be able to social distance avoid making superspreader event for the community and loved ones so we need to take it very seriously. >> what stood out to me in minnesota, 20-year-olds are making up the largest number of new cases. what do you attribute that to? do you think the vaccine use is resulting in folks letting their guard down >> i sure hope not we see just as you said

infections rising in young people who knows how many asymptomatic conditions they're a reservoir for other people getting sick and severe illness in younger age groups and i hope the news for the vaccine gives us a wonderful ray of hope and we just have to hold on this part is within our control so take what's in our control, mask up, physically distance, wash your hands. we can take that and then if we can bridge that to a time where there's greater hope in a vaccine, on the offing, then we'll be doing a great service and will have more lives here than lost. >> michael, let me just end with you. we are a business network, of course, i would be remiss if i didn't ask having you talk about elective surgeries, dealing with increased costs, what is the business looking like right now? >> so it's been hard to be very

candid thank god for the c.a.r.e.s act. so we are obviously glad to be able to start doing some of the elective surgeries but again our volume is still quite not where we were pre-covid. about 10% or 11% below that for adult hospitals and significantly more with the children's hospital but it's a phenomenal that we see obviously across the country and very important that people remember to take this thing very seriously. the only way to open up as a society, as a city is if curtail the incident of the virus so businesses can function. we can't function if we can't control the community spread. >> right >> yeah. such an important story and appreciate your time today >> thank you. >> thank you.

after the break -- coming up, one of our next guests explains why she added to risk in the portfolio and where the economy could be headed in the winter as you can see we're pairing some begans fgas oinfrom the s&p even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale.

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season sus amongst economic forecasters, they might be that, of course, is, steve, if the stock market follows what the economy's doing which is never completely clear either. >> no, or the other way around, if the economy follows what the stock market is doing. we have seen that happen, too. with two weeks of vaccine news, wall street economists are predicting a challenging and dark winter but a strong rebound in the spring. here's the fresh numbers the economy is hanging in there according to our fourth quarter tracking forecast. robust 4.5% growth and there's risks. the strength of consumer spending for the holidays. the worst economic effects of the coronavirus expected to hit first quarter. the average forecast 2.7% but that's coming down the third and fourth quarters where the vaccine's positive

economic effects are seen kicking in but just how quickly the vaccine starts to have a positive effect is a matter of debate. a senior analyst at international investment xhifirm exante said employers may need to hear from the government that the community is going to herd immunity morgan stanley is bullish beyond the consensus and they think positive vaccine effects could be felt very soon. they wrote over the weekend the news on a vaccine will help to bolster private sector confidence that we can avoid further lockdowns beyond this year's winter. and just real quick let me wrap this up. full year gdp forecast to drop 3.3% and the first look at 2021

shows growth well above potential. stocks have put on blinders to the near term challenges and look to the recovery as long as it's within a six-month horizon. mike >> that's what the typical cadence i guess. now we are talk about reaction functions not of the fed but businesses and consumers to all this appreciate that at this point and will have to see how sensitive we are to these news flow let's discuss it with megan shu and michael ishakami good morning to you both megan, you've actually kind of increased your risk exposure of the client portfolio looking to play strength at a tham when the s&p up 60% off the lows and dealing with near term noise of

a slowdown what gives you confidence? >> thank you i think you have to take that 12-month plus time frame into mind that steve was talking about. we could certainly see hiccups in the near term but when you put together the political backdrop which is one under our base case assumption of gridlock, we assume more fiscal stimulus comes into play but some of the more potentially disruptive policies, aggressive regulation or dramatic change to the backdrop on health care and energy do not happen and that's constructive and the expectation for more robust growth middle of next year. we are not getting over skis by adding risk. we have a slight overweight in the equity allocation but we do think that the backdrop is the

most constructive it's been since before the pandemic. >> just in terms of how you implement that, is that playing recovery type names, cyclical stocks u.s., nonu.s.? >> great question. a little bit of both in the u.s. growth is valuations giving us a bit of pause so within the u.s. large cap space, an area we added, we added more to value, still main tanning a focus on value some of the areas that rallied most aggressively on the vaccine news and then in emerging markets and that's actually where we have the overweight, there we added to growth we think there are better valuations for tech related investments over there specifically in asian emerging markets. >> michael, how would you be approaching this end of the year

for clients? the math says you are up a lot in stocks recently versus bonds and selling into that strength so how would you play that >> that's the definition of rebalancing. if you have a strategy with a certain allocation you want to sell into those assets, sell off those assets at least parts that rallied and move into underperforming assets i am equally positive for equity markets next year but kind of a different take here. we are looking to keep our equity holdings up, take some profits and rebalancing but as we keep our equity holdings up and rotate to conservative names because of the valuations. we like to stick more with u.s. and not a big believer that the em market is quite ready to turn if you look at the news for example just what happened last night in shanghai and in the airport if your viewers had a chance to look at those

headlines where they almost shut down the airport because of five cases, it is still very fragile. the u.s. has more staying power, particularly if you're buying dividend assets with fixed income. >> how do you factor in the two georgia senate races and this idea that the democrats could get control of the senate? the implications that could have on health care and tax policy next year. >> that is probably amongst our biggest near term risks that we are watching those runoff races the market has gotten quite comfortable with the idea of political gridlock little if any chance of higher taxes specifically on the corporate side and i think if those two seats did go to the democrats we would be looking at a different environment and i don't know the response from the market would be to that but a reason amongst others including

this virus and the potential challenges around additional fiscal stimulus that we have decided to add incremental to risk and not aggressively. as you think about the political backdrop you weigh the short term if the seatgo to democrats and democrats take the senate you have a short term greater chance of fiscal stimulus but longer terms perhaps disruptive policies. >> michael, do you agree the market moved off the premise of gridlock in washington. did dow up 9% so far this month. >> yeah. i think it's hard to say how the election will go if the election go where the two seats go to democrat hands then i think you are going to see more push for higher taxes, particularly from the more progressi progressive wing of the

democratic party but i think taxes go up somehow some way even if the two seats are not won by the democrats you will see a higher tax environment and why i think again you got to be more conservative if you play equities because the market's pretty fragile right now we have massive covid cases but we have three vaccine trials looking positive everybody's hoping for gridlock, at least on the street and i think there's an opportunity for disappointment so if you're in equities be in high cash flow, good quality company names and better be in dividend assets particularly in a low yielding environment. >> thank you for walking us through. good conversation. >> thank you. >> thank you. before we head to break, intel posting an open letter from the company's ceo bob swan to president-elect joe biden noting enthusiasm for the new administration's commitment to

increased investing in manufacturing and digital infrastructure we mentioned that separate letter from more than 100 business letters urging the current president to move on and begin the transfer of power. for more on what swan said, head to cnbc.com. now for our etf spotlight, the arc innovation etf up 100% since january, the top holding roku continues to power higher in the pandemic and shares in the green this morning after a price target was raised for the company to a street high of $315 per share saying that the streaming giant is benefiting from accelerated cord cutting from millennials we have the analyst behind that call at 11:00. "squawk on the street" will be right back (upbeat music)

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welcome back, everybody. i'm sue herera federal regulators told general motors to recall nearly 6 million trucks and suvs with air bag enflaters of takata. gm will comply the recall will cost the automaker aest mayweathered $1.2 billion. u.s. air travel setting a record high for the pandemic

on the sunday before thanksgiving, the tsa said it screened nearly 1,050,000 yesterday and still down 55% from the same day last year. los angeles county announcing bars and restaurants must halt outdoor service to slow the spread of covid-19. the ban agains wednesday and will remain in effect for at least three weeks. patrick quinn, a co-creator of the ice bucket challenge, as died the challenge increased awareness of als and raised $220 million that went to researching the disease. quinn was diagnosed with the illness seven years ago. quinn was only 37 years old. you are up to date that's the news update this hour mo mike, back to you. >> thank you. the oil and gas etf up around 4% today and surged 30% in november on pace for the best

month since april. 4.2% just on the morning we'll be right back. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. this was the theater i came to quite often. the support we've had over the last few months has been amazing.

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could the economic impact of the second wave be even worse than we think? a top investor shares his view at tradingnation.cnbc.com. more "squawk on the street" coming up. - [narrator] at southern new hampshire university, we're committed to making college more accessible by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me

when i saw how affordable it was. i ran to my husband with my computer and i said, "look, we can do this." - [narrator] take advantage of some of the lowest online tuition rates in the nation. find your degree at snhu.edu. he famously helped investors make a fortune shorting the subprime mortgage crisis can he do the same with climate risks and covid-19 diana olick caught up with the investor take a listen. >> reporter: when we first met dave burt almost a year ago hearse working on a thesis and a belt calculating one third of u.s. homes are overvalued because of the rising risks from climate change tie hazard events

are increasing the costs are increasing. >> reporter: >> reporter: floods, fire and winds will cause more damage making cost of owning a home go up, costs from higher insurance rates, taxes and uninsured costs. the value of the home goes down and the mortgage on the home is at a higher risk of default. just like during the subprime storm when home values crashed and millions of mortgages went bad. bur burt was one of a few to helped recognize this early he was featured in the best selling book "the big short. burt had the most sensational information and models to analyze the information. can you do the same thing with climate risk >> that's what i'm doing right now. >> reporter: that was just before covid hit now he's add inspector general it to the mix because he believes climate and covid together make the bet bigger.

>> covid has created a lot of problems fundamentally for the systems that support the housing market. >> reporter: there is no guarantee the borrowers get current on the homes again so the homes are at risk of foreclosure. >> you're talking at high delinquency rates on mortgages we thought were higher quality than before the crisis. >> reporter: burt said he is in the process of an investment vehicle, a short, using credit risk transfers it could be ready in a few months and has a lot of invested investors. david? >> trying to understand how to go about doing that. the market is different than 12, 13 years ago you still got mortgage backed securities and things of that

nature is he looking at series that are vulnerable >> reporter: exactly the credit risk transfers, the derivatives to be looking at and uses the specific data to get down to the property level look at which properties are in these credit risk transfers and use that in the short. it is a lot of analytics but using risk q to do that and there are a lot of different companies doing this and a big business in the and littings of climate change. >> thank you. a manhattan restaurant is taking a different approach to managing risk. a $50 rapid test starting tomorrow city winery to require dine-in customers to take the test on site, pay the fee prior to eating and if it's positive you have to go home. joining us is michael dorf this is -- the test is offered on not every day, right?

some days people come without a test. >> we're going to be trying this tuesday and wednesday of this week and one vital piece you left out is the $50 while you wait to 12 minutes does include a free glass of city winery bubbles so -- >> there you go. >> our costs on the overall is -- we are losing money on every test because it's expensive to get a certified practitioner and find the antigen rapid test these days but we felt it's important to try to this as a way to save indoor dining at least as our establishment. >> i could see how it might be an allure for some you have seen the lines in new york to get a test if it's a test for $50 and then go inside, as well, it's a deal we might want to take. >> that's what we bet on and

keeping the regular indoor protocols of mask wearing and distancing and 25% capacity but adding this to the different safety protocols we have which hopefully will just make it feel psychologically and as much from a science standpoint safe as possible. >> for those who also aren't familiar, these also -- they have been before this period, music venues, too? are there performances and what have you been doing? >> we are not allowed to do live music that's ticketed or with any announcement or marketing. only able to do incidental which is -- whoever shows up happens to be on stage that's allowed so if springsteen happens to be there tuesday night with your dinner then you're very lucky

and can't market or advertise that different states have different protocols. nashville we have a tent in the parking lot with live music there but not in chicago or boston or philly and new york. it is tough. >> so you're not saying that springsteen won't be there tomorrow night but can't say he will i guess what's your sense of evaluating the accuracy of the tests? there's been controversy what are you promising in that regard if anything >> we're trying to promise nothing except for free glass taste of champagne with the test is delicious the antigen tests have a better negativity rate than a positivity rate. if someone is positive -- tests positive with this, we're giving them the 24-hour deeper nasal swab that the practitioner will

give and can't let them in more testing is better than not testing but there's certainly less -- antigen tests are less accurate than the other tests. >> are people still being required to wear masks and social distance once they test negative and enter the venue what happens if there's a false negative the travel industry have these tests and on the cruise line a guest tested negative and then two days later positive having infected people on board. >> and elon musk demonstrated four tests in 24-hour period 2 negative and 2 positive. to answer the first question, yes, we are requiring mask wearing throughout the process and one step further, this is not mandated in new york but we

are asking all our patrons to keep the masks on during the entire time they're on site included when they're seated and interacting with the wait staff. you need to take the mask off when you drink and eat but otherwise we're requesting your mask to be on and then next thing of a large, new music venue in new york city, not that we can have any big name or crowded live music but we have enough space to get about 100 tables in the venue and these are 8-foot separated tables so more than the feet and we have a lot of separation. we have the mask wearing, great ventilation, the new murph-13 filters, everything we can the testing is an added incremental step we are taking but we can't guarantee a perfect bubble and not silly to

encourage any behavior different than we are already doing. >> i've been to your original location many times but i haven't been over the last nine months and i imagine most people likewise how bad is business? did you take ppp money have you renegotiated with the landlords? how much longer can you go on like this? >> well, we're hoping that there's going to be another relief bill soon we need it, for sure yes, we took ppp and spent all that ppp already we have had some very generous landlords, the new york landlord rxr is terrific and moved into a percentage aren't deal ands have some other land lords and we own three properties around the country and those lenders 2 out of the 3 have been very good and support so we are feeling a nice sense of partnership with either

our landlords or the banks and all of our vendors, we have entered this new phase of a partnership where we have to create different expectations of what we think success is and how we pay and work including the wine grape growers and farmers in california who have had an incredibly tough season, you know, given the fires out there so it's kinds of a new world in the vendor relationships and we have to work that way if we survive. we have every sbnt ept intent tt to may or june and we feel there's a date finally that we can go, okay, may or june of 2021 is now a specific date that we have to survive to get to that point and so, we now know we have six months of deep pain and scrambling and we are going to try to sell as much wine as we

can in any format to as many people as we can in order to get to may or june of '21. >> is that mode that you're in right now in terms of trying to survive with the help orrensing of haven't dorrs and lenders and everybody, do you feel like you can get to may or june without another round of ppp >> no. we absolutely need some more help and that's -- we are either going to get it from the government in a form of a relief bill there's a save our stages bill which is a terrific piece of legislation that, of course, they need to come together in d.c. to see that through the restaurant act is also really good. any of those through ppp would be really, really valuable if that doesn't come together maybe we have to sell the nashville building or go into a sale lease back. we might have to cut off a leg

to save the body i don't want to go there obviously but we have a couple options other than bankruptcy. >> we appreciate your time and good luck. >> thank you. as we head to break, let's check in on foot locker, the stock is down as it was downgraded the retailer is up about 40% in fact last 3 months "squawk on the street" will be back in two.

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trying to get a bike during this pandemic? consumers continue to avoid public trance is joining us to discuss the surge in the demand, ceo and founder mike sinyard pleasure to you have on. at the onset, we saw the surge in demand for bikes as an alternate mode of transportation walk us through what you're seeing now how the holidays is demand still strong? >> demand very strong. in fact, demand was strong before the pandemic.

and then once the pandemic hit, things -- way just couldn't supply enough bikes. they bought all the bikes immediately. and it's continued since then. and i'd say the reason is people are focusing more on the family and staying at home and the families are riding together >> walk us through the shortage of bikes due to demand and also constraints on the supply side what are you seeing on that end? >> i would sat biky the bikes, particularly our bikes are handmade so when there's a big surge in demand, we can increase demand a little bit but not -- we can't, like, double detroit manned right away so that's been an issue.

then with our retailers, retails have done a great job. we work to have the retailers to be essential businesses which they are and we supplied all the retailers now so they could be healthy. but it's really been a challenge for retailers to keep up with it as well. i think besides the recreation side is a very key thing is transportation you know, people don't want public transportation anymore. and as we say, the most important ev, electric vehicle in the future is the bike. this one behind me, the electric bike much more people commuting and finding they're going further and farther and getting as much or the same workout. >> yeah. there are a lot of them in new york city these days, that's for sure how long would i have to wait or how long is a retailer then

going to have to wait, mike, in terms of if, you know, if i'm making an order today, when am i going to get the product >> well. >> that's a good question. depends on what it is. we have certain products in stock. and we're getting new shipments every month. so we're, you know, at the company, we work harder than we've ever worked in our lives just trying to keep up with things and specialized has been around almost 50 years. so it's not like there's no bikes. it just depends on which bike you want it's an exciting time. and to see people out riding and enjoying that and families is really exciting, you know? i personally believe in seeshg

willi cycling and helping people and we created a foundation outright for young quidz adhd which i have adhd and we do the science with stanford university and then we have 35,000 kids who go through the foundation -- go through the outright program every year >> thank you for sharing that us with certainly an interesting part of the market to follow, especially when we look at peloton. that stock tripled this year certainly speaks to the trend we're seeing michael, thank you appreciate your time today >> thank you very much >> try to order on door dash yesterday? you might have found it harder than usual the service saw an outage that left customers unable to access the consumer platform. we'll give you details next. and, of course, we're going to keep a close eye on the market responding to the newest information about yet another vaccine proferri vaccine proving effective. this one the astrazeneca

vaccine. that has the impact there with the dow up about .7%

good morning, it is 8:00

a.m. in california, 11:00 a.m. on wall street and "squawk alley" is live ♪ happy bomonday morning it is the start of the biggest week for retail and the strangest year for renailtail i century. let's start with big box retailers. many of which had a strong showing during the pandemic as consumers stocked up on essentials you can take a look there at walmart, target, home depot,

lowe's mixed bag today. target higher but strong earnings results from target and walmart last week. but a big test of that omni channel tech and brick-and-mortar strategy this week >> huge test they essentially had the last nine months in earnest to prepare for this although the biggest winners in the space are preparing for this for years like the walmarts and targets of the world you know, it's interesting i was looking at some data, john, talking about what consumers would most likely rely on this holiday season same day or next day delivery? curb side pickup is expected to see a big jump this year they stay in the place in the big box retailers. another one i thought, same day delivery through a delivery service. so that could benefit the door dashes, the uber eats, the instacarts that have also spent the last few months preparing for this by expanding thei