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 their

offerings. sta instacart delivers from sephora and best buy and ewinger eats. so will they be overwhelmed or perfectly positioned i think this is the big question everyone swondering as is wondee e-commerce take a big jump >> door dash had a face plant weechlt talk abo we'll talk about that i want to point out our own melissa repco on cnbc.com has a great piece about exactly this brick & mortar issue doorbesters not really happening this year. the retailers don't want you busting down the doors they want you staying at home and ordering and they're putting incentives in that direction all right. moving on for now. astrazeneca, the latest pharma giant out with positive vaccine news >> maybe some of the vaccines will help to get to be door busters. after the citizen kashgs the third company to come out with

the efficacy results these are a little more mixed when you compare them with the others let's take a look. the reason they're mixed is because they had two different dosing regimens. one of them showed 90% efficacy. that's when they gave a half dose of the vaccine first followed by a full dose a few weeks later. when they gave two full doses, many more people in the trial. they saw 62% efficacy. mixed there. they saw no optizations or severe covid-19 in the trial this is it a vaccine stored in fraj for six months. now in terms of safety, no serious safety events have been confirmed. this is the vaccine trial halted for seven weeks in the u.s they investigated a safety event. they had lower rates of asymptomatic rates of trags mission which oxford suggests

there is an early indication that it could reduce transmission again, we need more data on. that experts this morning weighing in. they tell me that it seems likes astrazeneca is learning as they go we need to see the data here pretty critical of the data and the way the trial is run saying we believe this product will never be licensed in the united states we did talk about the next steps, particularly here in the u.s. with the fda. here's what he said. >> we are running a very large u.s. specific study as we speak. we've already included 10,000 volunteers in those studies. we'll engage with the fda later in the week to show them that data and depending on the guidance, we'll define the next steps of our strategy here. >> we're going to have to see what the fda decides to do with the data which generated in trials outside the u.s while we wait for the data from the u.s. trial and meanwhile, as moderna and

pfizer move through the regulatory process with pfizer already having filed for fda emergency use authorization and moderna expected to file within a week or two. guys >> meg, what would you say is the take away from this as we look back on the other vaccine news that we've had? isn't this like the third vaccine that we've seen that's suggesting 90% plus efficacy i mean that seems like pitching a perfect game >> yeah. it's really good when you see vaccine that's show more than 90% efficacy particularly the pfizer and moderna ones they want to see how robust that 90% figure is. it was in fewer participants fewer got the half regimen so just to see how regulators

look look at that and whether the end result is going to be this is a vaccine with 90% environment ka sichlt the other take way is astrazeneca and oxford worked with entities aren't world to make a lot of supply of the vaccine. the fact it can be stored at regular refrigerated temperatures means it could be distributed in more places around the globe so it could be very helpful from a public health standpoint but people really want to understand how well it works and the full details on the safety >> yeah. all of that. the due diligence in the medical terms very important meg, thank you and now bringing this together both the pandemic environment and the retail environment that we're entering into, let's bring in stacy for this busy week of retail ahead the president of sw retail advisors stacy, you have ever seen anything like that and can you get a sense of who's best prepared and perhaps who's not prepared >> yeah. this is, jon this is rewriting

everything we know about the holiday season it's been a huge adjustment for the consumer and the companies here the important thing in this holiday season is the consumer wants what they want how they want it. meaning, for example, target, you know, it's all about pick up in store it's about driveup don't go in the store. have them bring it you to. it's about all the convenience as long with being safe. i think those who can fulfill all those consumers wants and n. a low touch safe way, those are the winners here i think target is right at the top of that list >> you say discount are not the driving factor here. that breaks the cardinal rule o the holiday season is it about convenience? and if it's not about discounts, are the retailers going to be

successful in breaking consumers of this habit? showing up and going into the store to get goods >> yeah. i've been on many years with you talking about you are going to be out midnight chasing doort busters? that's not happening. retails have lean vin toreies this year. they didn't know what was going to happen. all the brands are margins are way up because they're selling less stuff but at full price and investors are good with that so i think for this year that, is the higher margin lower traffic. and, of course, all the online deals will be moving online. will that be the new playbook when we return back to normal? i think absolutely not what we see is retailers slip back into their old ways when things return to boom. >> right

stacy, given just laid out the scenario what it's likely to look like this year, does black friday, cyber monday, do they mean anything year when we see the discounts come earlier and even adobe has data saying we're going to have cyber months people are planning to shop earlier and for longer. >> absolutely. that's realin' tensional this year everybody from macy's to walmart, they all talked about the -- they started early. they started the end of october. you can ease into the holiday. there's no stampede. there's no rush. and that's very intentful here and also just in general the deals aren't what they usually are. the consumer has to be careful picking and choose thirg deaing deals. the concept of black friday and cyber money, it's been a six week holiday period.

>> right stacy we're talking about the big box retailers that have not only survived but in some cases thrived amid the pandemic. they have the e-commerce infrastructure in place. i'm wondering about the local business that's are going to struggle you've seen amazon, for example, put the emphasis on them they have a huge portion of the sales from third party merchants. do you see walmart or target or the other big box retailers trying to put the focus on smaller businesses or is it a simple as these guys are going to continue to struggle this season >> i think walmart has the marketplace. amazon has certainly been taking some steps to headline, help out small business you know, amazon in france is standing down for black friday waiting until the stores can physically open. so there is some sense of hate let's help out the small guy but what we learned is that big guys get bigger. and the small guys lose out. and that's just an absolute

unfortunate consequence of this pandemic and small business needs all the help they can get. and that's why, you know, we're all out there encouraging buy small, buy local if you can. >> well, we'll see if it technology can lend a hand there. stacy, thank you >> good to see you guys. >> take a look at shares of roku more than doubling in 2020 but one firm says the stock can actually skyrocket past $300 we'll check in with that analyst n'gowa cl xtne dot ay. before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan.

dom chu has numbers. what are we expecting? >> a 3.6 to 5.2% increase in the number of sales that they expect to see during november and december the numbers in total are going to be between $755.3 billion and $766.3 billion this same time last year, it was a 4% increase. what is interesting is what is driving it during the pandemic, online sales are huge n this case heeshgs the national retail federation expects that online and other nonstore sales which are included in the total will increase 20% to 30%.

the main theme from the national retail federation is people will spend but much is done online this year as opposed to last they do say the big question is whether consumers will go out given the uncertainty of the pandemic to show some willingness to spend so we'll continue to pour through the numbers. the forecast for sales does seem rather healthy given the pandemic over to you. >> thank you for that. no surprise kids are going online surprising that the overall increase will be greater up year over year. let's talk about this further. we're taking a look today at manufactu many of the stay at home stocks. we're seeing some names pulling back today with positive vaccine news will signalling a sooner than expected return to normal.

they went down to $315 let me come you to on the sales outlook. does it surprise that you it's healthy given the uncertain year and this just very turbulent year that we've had? >> hi. no not at all there is a trend on e-commerce or this migration online we've started seeing it frankly even before covid-19 but it has certainly accelerated with covid-19. and what will 2021 really look like i think q-4 is a gimme now everybody anticipate that's acceleration i think to a certain degree, it's baked into a lot of the stocks >> laura, let me ask you then zshgs it surprise you at all i no he people are, you know, expectsing to spend more

they're not spending on things like travel. who is going to benefit. >> so i think next year if the economy comes back, i think people leave the home which means disney plus and netflix lose they were benefitting from the stay at home subscription fees i think what changed structurally is advertisers caught up with consumer demand and streaming. and we had more cord cutting disconnects which means we have more streaming only homes. because advertising, the moneteziation cleaned it six month gaps during covid-19 so even all those benefits last year advertising is coming back at some level, and even though consumers are going to leave and start going to restaurants and malls because new production is

back on track. >> here's the problem. i guess the opportunity that i think i detect in the numbers. i'm curious your take on the one hand, you see that the overall growth that the nrf is projecting is a point higher this year than last year we're seeing that online component of that search, much bigger its two years worth of growth in one year that suggests to me that retailers that don't have their online game together, they're going to have an awful season. right? how does that play in to some of the stocks in your universe? i imagine it's good for, you know, the googles, the facebooks, et cetera that, are sort of the ones who are handing out the flyers to get people into stores. >> well, in a way, we're kind of lucky and just, you know, by way of what we cover, we first and foremost cover internet,

digitsal and media this trend is going on for last 20 years we've been reporting on this for many, many years i think really the difference, is one, we did see an acceleration even precovid-19. but covid-19 as laura said, has accelerated what we were expecting in three years and happening in six to nine months. so, you know, i completely agree that for those offline retailers that have been behind the eight ball, they're only going to suffer even more got news though is that a number of offline retailers, not companies, dwoent cover like the walmarts and the targets, et cetera you know, they have caught up to a certain degree clearly if all do you is online, you know, the etsys and ebay, a company that is structurally challengehood a huge acceleration so that's got to be the easy answer stepping back though, i mean, do

you have the stay at home stocks and clearly the next three to six months is going to be really good for them still. they're unlikely to get worse before they get better you have the vaccine stocks which laura said in 2021 and 2022 will be great years for them then you have the stay the course stocks like the google and facebook and snap and others and those you just need to own throughout not only are they seeing top line growth, but even the margins over time have been shown to accelerate well >> laur yashgs want a, i want to about this roku call of yours. we've been talking about diblgia media a lot. where is the bullishness it is around the advertising pla that i roku got here is there upside in that holiday consumer electronics play of getting the hardware out there to see the install base? which one is the bigger deal

>> let's break it down into two pieces the fourth quarter over delivery is the first time we saw political advertising. revenue came from political. they can also compete with fourth quarter political every two years with local television stations only at a competitive or local tv so that's going to overdeliver all roku and all of the connected tv stuff in the fourth quarter. structurally, the most important thing is that because there is no new production, $7 billion did not get locked up in the up front which is the contractually obligated market $7 billion didn't get spent this year that makes it available for the first time to places like roku and the entire connected tv market is this year supposed to

be eight billion this is money that is available for the first time doubles that means they do a good job this year actually that money will never go back into the up front market back on linear tv as it has been to 50 years that is the most accelerating thing. >> jon, thank you. we appreciate your insights. >> news here on the political and business front intel posting an open letter earlier today from bob swan to president-elect joe biden. noting enthusiasm for the new administration's incoming administration commitments to increased investment in both

u.s. manufacturing and digital infrastructure you also have a separate letter from more than 100 business leaders expected this morning urging the current president to move on and begin the transfer of power this follows yet another letter from more than 100 republican former national security officials to press president trump o to concede and begin the transition ibm a couple weeks ago put out first of these letters but now these take on sort of a different tone given the place where we are president trumpstill has not conceded and business leaders who at first hung back former government avenues who at first hung back are pressing for that orderly transition to begin. >> yeah. and, you know, if you think about it, the ceo has a lot at

stake here they have to get the policy positions well known when we look to bob swan's letter, it is interesting how he really spoke about manufacturing. he said that -- he pointed o thought 12% of global semiconductor production capacity haas happens in the u.s. more than 80% takes place in arab yachlt we talk about the enormous pressure that intel is under and potentially moving the manufacturing of that chip to asia they have policy implications for the companies at stake here. and now you're starting to see these ceos make it well known. >> true. at the same time, you have tsmc looking to move some chip manufacturing here into the u.s. we'll have to see whether a joe biden administration pushes on that front for more high-tech manufacturing through incentives here in this country

>> yep that's a good point. jon, after the break, an order outage closer look at door dash's service trouble officials the weekend. we'll be right back. do stay with us on "squawk alley.

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in case you missed it, door dash experience something service trouble officials weekend with customers unable to access the company's consumer platform door dash spokesperson telling cnbc we sincerely apologizefor any inconvenience caused by this weekend's site outage. doordash resolved the issue and customers can continue to being assess the app we'll refund those customers who were charged for an order they never received jon, we don't know why we saw that outage. it goes back to the importance we talked about this last week of having your infrastructure, technology in place for the kind of surging demand that delivery

companies are seeing amid the pandemic and doordash in particular as they em park barkn ipo. >> i wish i missed this, i tried to order pizza for the family on saturday night and got caught up in the outage. not only did the pizza not arrive, you kobt lcouldn't log the app. orders that were part way done didn't get completed it was nuts. and, of course, doordash -- >> so you never got your pizza >> no, had to drive and go pick something up at a drive-through instead. they did e-mail me and say a refund is on the way >> an outage is one problem, jon. but with the other delivery food delivery companies i've had issues with the way that they have arrived so certainly there is some kinks. as we were talking about in the previous segment, the sort of digital transformation that includes getting delivery more often through an app has happened faster than anyone could have predicted

so we'll see how it all shakes out. >> yeah. this is the worst kind of outage though i have to go to twitter to figure out what is going on. drivers, of course, were having a really hard time it's their livelihood. they couldn't make any money for a large period of time >> all right we'll take a closer look at the ipo boom and spec craze with foerm former z former zillow ceo. i have an idea for a trade.

oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪

welcome back, everybody, i'm sue herrera. here is your cnbc update uk prime minister boris johnson saying national restrictions will end on december 2nd allowing retailers to reopen johnson also says regional limits will remain and warns that more areas may see retightening . israeli prime minister benjamin netanyahu refusing to confirm or deny reports that he met with saudi crown prince. the alleged visit would be the first known encounter of top

israeli and saudi officials. gavin newsom says he and his family are quarantining after three of his children were exposed to covid-19. his whole family tested negative and regaton superstar bad bunny tested positive for the covid-19, this a day african selling the performance at the american musical awards without explanation. he won for favorite male latin artist and favorite latin album as well. you are up to date that's the news update this hour jon, i'll send it back to you. >> sea sue, thank you >> spacs burst into the scene at a speed that if you pockets of finance have seen before the big names backing them, the billions funding them and the recent calls for a spac reckonning we're taking a closer loo being this week in a segment we're calling spac in action we have more leslie >> we're starting with the

facts. what a spac is and how we got here spac stands for special purpose acquisition company. it starts with a sponsor a person in finance that works with an underwriter. investors in the spac are writing blank checks to find a merger target within a period of time usually about two years. that sponsor gets a hefty pay day typically 20%st equity and outside investors in the s p spac purchase a purpose of $10 each now that makes investing in spacs risk free and in a world where there is little yield. spacs are increasingly popular more capital is raised by spacs than in the prior decade combined in fact, the explosion of capital going into spacs is just $8 billion shy of eclipsing that raise by ipos of operating companies this year. it's a cornucopia of capital,

sponsors are getting handsomely rich, the so-called spac mafia is generating alpha from writing the trade all the way up to the deal announcement. who is left holding the bag? well, oftentimes, the retail investors, guys? >> nothing new there i suppose our next guest hawes unique insight into spacs joining us now, spencer raskof he announced a new spac of his own and he is also a board member of palantier. great overview from leslie picker there getting into the nuts and bolts of spac. the thing that was not new, i suppose, is retail investors can sometimes end up holding the bag here but spencer, when you look at spacs, you like them because you're doing one are there dangers you see in some of them out there or is it just all good? >> well, i thought the first 95% of that distribution was perfect in terms of how the spacs work and raise money.

i wouldn't agree with the characterization of retail investors are left holding the bag. when a company that is private and goes pub slick a new found public company some of those are going to do great and some badly there are lots of investment bank that's take them traditional. some do great. some do bad. so i think the ininvestors retail or institutional have to assess the quality of a public company regardless chf process they go through. the reasons they're so popular as you point out is they're a risk freeway for institutional investors to get a toehold in the potential ipo. for me as a spac sponsor, what i'm interested in is can we tract high public companies to go public snt reason you're seeing this huge boom period of spacs as you mention is because it's now becoming much more commonplace for high quality cops to evaluate going forward super nova has been out for a movement we've been having very high quality conversations with terrific credit companies. venture capital firms that control boards of a lot of the companies are very open minded

and interested in having their portfolio companies go public in this way and there's just a real recognition that going public through a spac merger has a lot of advantages. so that's why the pendulum has swung towards spacs so quickly >> spencer, do you think the diligence is equal or are there puts and takes between a more traditional process and a spac would nikola be going through the same process >> there are plenty of busted ipos i think of one in early in my career in 2000 that i was an investment banker and on that ipo. the company went public. everything seemed fine then a year later, out of business there is plenty of due diligence. i don't think the diligence is all that different between spac merger and traditional ipo

the biggest difference is inclusion of projections this is an advantage of the spac process. companies that go public through spac mergers, they can issue projections at the time of that spac merger. that's a reason you see a lot hive growth companies choosing this path rather than a traditional ipo path is because they want public nooshgts gimarv them credit for preview through projections which they can't do through traditional ipo. >> spencer, you know, there's just been so many this year. it makes me wonder, are there enough high quality companies for the number of spac that we have seen? there was a boom in canada not long ago that left a lot of the blank check companies unable to find a target. is it possible that we could see some of these spacs sacrifice the quality of companies they're looking at just to get a target, not yours perhaps but others >> yes that, is possible

there are too many companies that take them public but not too many good investment banks there are too many spacs, yes. i am saying there are too many but there are not too many good spacs. so absolutely. they get dealt within the two years that are required. and they lose the risk capital there are spacs that do bad deals and go bust for sure just like the investment bank that's take companies public and go bust. >> right >> this is the bifurcation between high xwauquality spacs responser groups sorry, go ahead. >> right as someone in the space though, if we see a large number of them go bust or start to look for companies that are not high quality, does that worry you that it could give a bad name to this way of going public and you could see less companies wanting to go that route >> yes that does worry me it will take the asset class,

the category, the financial product, for sure. and, you know, what i'm focused on at super nova is making sure we do a great deal we're going to find a great private company. and also making sure that we're explaining to the marketplace, when i say marketplace, i mean ipo investors and even more the marketplace of private companies that spacs like ours are trying to appeal to the difference between a high quality sponsor group that has a high quality board that has leadership and taking companies public before. they can provide the mentorship for those companies that can help them achieve that next category of scale. you know, just in my first month of being at this, what i found interesting is talking to a lot of the private companies that are extraordinary that have used venture capital or growth equity to get to a billion or two billion dollars of private market cap and they now need help they're saying to people like me and rest of my team, help me figure out how to get to 10 or $25 billion like zillow did.

and, you know, they can get that help from a great spac sponsor group. >> spencer, finally, want to ask a bigger picture question about what's happening in this economy. i bl environment you're also an angel investors. in more than 100 smaller companies. as we head into the end of the year the holiday season that is so important, you are invested in any retail players online or otherwise? what are they expecting? >> it's going to be a digital chris m christmas. there were all the trends that were slow motion for the last 20 years. e- commerce every year we get a little market share gain at the expense of off-line retail and then with covid-19, total acceleration so i, i mean, i think we were at 7% of all retail in the

e-commerce a year or two ago we'll be at 20% plus within a year because of covid-19 amazon is a huge winner. car vanna is a huge winner they buy amazon third party businesses, improves the operations and makes them grow their business within amazon so those types of companies are going to be big winners. i'm a big investor in direct to consumer companies they're eating a lot of retail and they're doing it through great social media advertising again, facebook obviously is a huge winner. all of these digital companies, how are they drawing traffic through facebook and advertising. every pitch i used to see, it was all about google sem it was about search he engine. and now severing about facebook advertising and instagram advertising. that's how the direct consumer businesses are growing. >> yeah. and names like shopify, big commerce also playing in that space

you know, male chimp in the ecosystems, great perspective, spencer. thank you. spencer rasskov. >> thank you bitcoin is back but key question, is it here to stay this time? why paypal and square are betting big on the cryptocurrency that's after the graek break at fidelity, you'll work with an advisor to help you build a flexible wealth plan. you'll have access to tax-smart investing strategies, and with brokerage accounts online trades are commission free. personalized advice. unmatched value. at fidelity, you can have both.

before we talk about tax-s-audrey's expecting... new? -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. bitcoin is nearing a high and getting a boost from two major companies.

kate rooney has that for us. kate, feeling a little deja vu i remember back in 2017, want sitting here, i was at the new york stock exchange when bitcoin passed $18,000 only to go on to a terrible year what is different about this time >> this time square and paypal are involved they let users now trade cryptocurrency and adding to that recent demand for bitcoin the payment companies both launched the option to buy and sell cryptocurrencies with paypal's product launching a couple weeks ago those companies are now soaking up all of the new bitcoin kmmcog on to the market each day. paypal paired up with paxos. they've seen steady involve. take a look when paypal launched the krip toi cryptocurrency, th implies within weeks paypal users are now buying up about

70% of new bitcoin coming on to the market they estimate that square had already been buying up more than 40% of new bitcoin jack dorsey's company launched bitcoin trading two years ago and this year square went a step further and adding $50 million worth of bitcoin to the balance sheet. this surge in demand for the mayors may be one of the factors adding to bitcoin's rally. but offering trading on more mainstream apps, they've been able to take some of the friction out of buying analysts point to more interest from institutional investors who are a bit more comfortable with the asset class than they were three years ago. that has been helped by paul do you thinker jones and bill miller touting it as inflation hedge. jon, back to you. >> great look, kate. i still don't understand what makes bitcoin go up and down so dangerous territory for me. all right. coming up, with online shopping set to surge this holiday season, there are challenges facing companies when it comes

to delivering your gifts on time we'll take a look when we come back stay with us 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. we thought for sure that we were done. and this town said: not today. ♪ and this town said: not today. (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all.

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the analyst raising his price target to a thousand dollars up from 800. some other gainers on nasdaq today include micron, ulta beauty and

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black friday is just a few days away. you might not want to shop in stores this season but you might want to be careful with shipping, too, especially if you're a pro krcrastinatoprocrar >> it's still the beginning the shipping logjam for fedex, ups and black friday, cyber monday, all expected to see huge sale spikes up 35% or more. that will only add to the strain on carriers like fedex and shopping right now is the best way to ensure you get all of your holiday gifts by christmas, if at all because of the strain on the global supply chain

>> we've seen inventory constrai constraint so if you know you want something under that tree, i would definitely purchase it now. >> as many as 7 million packages a day could be delayed and as many as 700 million packages wouldn't make it to their destination by christmas >> i'm a procrastinator also so you have convinced me to get on this early >> with the holiday shopping season upon us, retailers are turning nmore contactless

payments joining us to discuss this more is sebastian thanks for being with us you have emerged as one of the biggest players in the buy now pay later market explain how this business model works. you're taking on the risk for the consumer who is ultimately left on the hook if the consumer can't or doesn't pay up >> i think the disruption of retail banking and credit card indust industry buy now pay later segment, no interest fees and the merchant pays slightly more so i think this is going to

spell a major disruption of how this industry and credit cards have looked in the u.s. >> is it the merchants paying for that increased risk by the fees they pay you are or there bank intermediate areas who take on some of that list >> we take the full follow but merchants pay fees for us offering these services. they're seeing a massive lift in the commercial rate. the consumers prefer these products to traditional credit cards. it's been reported credit card new sign-ups are down 50% compared to last year. there's been over $100 billion of credit card debt paid down in the covid crisis we're growing to 11 million users in the u.s we've been even ahead of amazon for a short period of time on the most downloaded shopping app in the u.s and part of it is coming from

macy's and etsy promoting us on their web site but people are simply downloading our app and shopping with us with no interest rate and fees for the consumer i think it spells the destruction of retail banking. >> i'm curious on your thoughts for buy now/pay later in general and the mix of big mix-type names versus small businesses, which haven't been faring as well during this period. >> this sector has $ playelisted players in the australian market we're seeing a lot of fraction

in that and buy now/pay later is more about offering consumers products that are free of interest >> sebastian, what are you expecting in terms of regulat n regulation britain's watch dogs are reof vi -- reviewing this market. what are your expectations >> i'm sure there will be some interest in it when new things come along and change things, there is review in it. this is better for the consumer, rather than getting you into high interest fees i think overall this is a positive shift, people are better off not having credit cards, using credit cards and occasionally using an installment purchase which is

interest free. >> thanks so much for being with us we hope you'll come back on soon to tell us how the holiday season went. >> dow and s&p up slightly higher, nasdaq slightly in the red. that will do it for "quack squak alley," let's get to the judge the state of play for your money as more positive vaccine news sends the new averages higher mostly today. is there enough steam left for stocks to make an end of the year run and joining me, joe taerranova and good to see everybody. nasdaq has gone negative by 25,