without you there. you're the vice president of the players association. very quickly, why has the nba been able to have labor peace relatively speaking? >> well, i think athletes are starting to understand the position that we play in, and we're starting to strengthen our position when you look at it, cable cutting has occurred, disrupted the tv, cable companies. what you see people are sticking around for that sports package and i think that lets the players know, listen, we have a large, high value that we bring to the table starting to realize that the money has been really good for us i think moving forward, we're starting to understand that there's more to it that we can start negotiating. >> andre, great to see you the book "the sixth man" i recommend it highly. it was a terrific read thanks for being with us today kelly? >> happy thanksgiving, everybody. "closing bell" starts right now. it certainly does.

welcome to "closing bell," everyone i'm wilfred frost along leslie picket in for sara isen today. nasdaq holding on to some gains ahead of the holiday tomorrow. pain in the labor market as new employment data underlines how tenuous the economy is nasdaq higher, growth out performed value. energy under some pressure for a change after a huge surge in november and we've seen strong numbers from corporate america mastercard said spending remains steady gap the counterpoint that stock is down 20% today alone. 59 minutes and one-day holiday coming up, of course, tomorrow the dow is down 0.6%. coming up on today's show, website security company cloud flair shares are up.

we'll speak to the ceo plus, riding with unicorns we'll talk to founders fund keith rabois steve liesman has a look at today's economic data. mike santoli is tracking the market action. deir deirdre bowsa has details. steve, start us off with the economy. a busy day today. >> yeah. the federal reserve earlier this month at its meeting discussed asset purchase but saw no immediate need to adjust i think a bit of a disappointment to markets that might have been expecting news at the upcoming december meeting. it could warrant a change to asset purchases and did see downside economic risks from the virus surge, as well as a lack of fiscal policy it said emergency facilities, the ones that secretary mnuchin

said he was not continuing, were serving as an important backstop to the economy and some of those wanted to see those extended beyond year end. i imagine one of those was fed chair powell a slue of data showing progress and pain in the economy. here is what we've got rising jobless claims, which might have been an early sign of a virus surge taking a toll. business investment was rising, although at a slower pace. consumer income declined that's because government benefits rolled off. salaries, on the other hand, were up. spending was up overall. savings were higher. we're watching that, but declining. could be a sign of caution on the consumer, but they had the means for spending on the holiday housing. no other way to put it, through the roof on those numbers here on this thanksgiving eve day, let's remember, dow jones industrial at an all-time high, latest data showed 21.5 million americans receiving some form of

jobless claims it rose since september. remember the neediest on this holiday. the early read here of all this data is commerce to be sticking for their call of strong growth here, expecting the worst of the economic pain from the surge to show up in the first quarter of next year before give way to better vaccine injected rebound in the next quarter. >> steve, in the minutes, was there anything with regard to tonality from fed officials about the fire power that they have left, if there is no movement on fiscal stimulus in washington >> so that's a great question. i think that explains, without saying so, it's imputed or you could infer it from the reading. they're doing a lot, $120 billion a month. that's nothing to shake a stick at they're not making a change at all to this. and i think they want to see how things shake out downside risk from the virus surge and, as you say, lack of

fiscal policy. the fed, by the way, those emergency lending programs, have gone way at least for now. i think it's holding back. i think that is the major source of its firepower right now. >> steve, thanks so much for that pivoting now to the markets, the dow pulling back after yesterday's record-setting rally. mike santoli tracking the action as always. hey, mike. >> yeah, wilf. modest giveback of those gains markets have been pretty hot going into today cooling off somewhat the dow did slip back below 30,000 s&p, year to date, 3620. spent the entire day today above 3600, the first time that's happened slipping from record highs but still staying right near those records. you could argue that maybe you haven't decisively created a new range outside of this existing trading range. it's getting a little bit soft, kind of ground under foot in the market at the moment we'll have to see if it works off these overbought conditions, go in sideways or if we get

another push higher because we have that seasonal strength. a couple of ways of looking at exactly how the market is looking to work through this weakness to better times ahead take a look at the stock chart of walt disney first, take a look right here, both telling you the same story. xli, industrial sector of the s&p, this goes back ten years. you see this massive jump. earnings went away we're now maintaining it forward 12-month earnings includes the current quarter and first three of next year, getting you to that recovery period some of this is boeing boeing's earnings have gone away some of it is stocks like ge but standard industrial stock like caterpillar, they're above 25 times forward earnings, arguably already pricing in earnings snapback last year. i want to take a look at disney, too. it's made a round trip back to its record high. a little over 150, giving some of that back yesterday

that's a remarkable looking chart when you consider no box office earnings, very little in the theme park earnings. they're losing money in the theme parks and the market says it's okay, disney plus is giving some back. it shows the market's willingness and eagerness really to look toward better times. >> this pullback today is very modest, given the run we've had for the dow and the s&p. what are the bond market movements telling us, when we have slightly worse than expected data as we have had over the last couple of days the bond mark is showing that the market of rule is not too concerned about the outlook for economic growth. >> no. really, the bond market has not been rattled by that, i mean there's not been a flight into treasuries yields are holding up okay similar story being told by equities perhaps in a somewhat milder form. bonds are willing to say we think it's going to get a little

bit better even the fed minutes arguably. people are expecting a lot more buying on the long end that could be affecting it slightly here, too pretty much that trend is intact. >> good stuff. mike, thank you. >> now to the big deal news of the day. perhaps of the quarter salesforce in talks to by slack. slack share holders loving this. salesforce not so much deirdre bosa has those details. >> exactly adding salesforce is in talks to acquire slack, according to a source familiar. keep in mind salesforce also reports earnings tuesday slack shares have soared on the headlines until today, though. it has been a relative underperformer among the work-from-home names as it faces very fierce competition from microsoft teams. salesforce, for its part, has been very active on the m & a

front. tableau, mule soft just under $17 billion before that surge it would represent a major move into the collaboration phase and maybe a combined offensive against microsoft teams. potential tie-up, not seen as a home run to everyone, particularly salesforce investors. evercore says convincing investors of the merit of this deal will be challenging, concluding this is not the right time, not the right target back over to you guys. >> dee, if this deal were to go through from the slack perspective, would it be from a position of strength and selling at a massive premium or perhaps slightly from a position of weakness, needing the help of a big donor. >> they've been struggling against the microsoft teams offensive. they just went public last year. we don't have details around the

price. this morning, that company was worth $17 billion. it is worth considerably more after that nearly 30% surge today, wilf. >> deirdre bosa, thank you for that we'll talk about that after the break. shares of cloud flare up 300% this year as the company gets a boost from the work-from-home tre trend. we'll discuss the rapid rise with their ceo next. you're watching "closing bell" on cnbc. 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. a livcustomizeperd value. iquickbooks for me. okay, you're all set up. thanks! that was my business gi, this one's casual. get set up right with a live bookkeeper with intuit quickbooks. 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. ♪ you're choosing whento get connected and thto xfinity mobile,today. to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. that's simple, easy, awesome. visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile.

welcome back cloud flare on a tear this year, up more than 300%. one of the beneficiaries of the work-from-home trend with more than 3 million customers worldwide. joining us now, cloud flare co-founder and ceo matthew prince you've seen revenue jump clearly

from this work-from-home trend can you explain to our viewers exactly how you've been benefiting during this time? >> cloud flare has built the next generation network. our customers, which range from individual developers to some of the largest corporations in the world, use us protecting their online presence, an app, website, or protecting their mobile workforces, increasingly working from home. our network ensures that they are secure, available, reliable and fast, wherever they are in the world. >> in terms of cash burn, you're still cash flow negative, not profitable capex as a percentage of revenue still pretty high, especially relative to other cash peers. >> we've shown very strong leverage in all areas of our business and we are building our own network, literally building a cloud, running on top of somebody else's cloud.

it's a more capital-intensive business than some others. we believe that gives us a long-term, sustainable, durable advantage against others that again are running on top of someone else's network we think we've been able to show that we are on a path toward profitability and we continue to invest in order to generate the returns that we've had. >> to what extent, matthew, do you think that overall intent traffic and with it, as well, spend on cyber security has brought forward demand such that for the next two, three, four years maybe we see a plateauing of the levels spent compared to growth >> we think that the growth we've had is not driven by one-time usage event we do think that there's been a dramatic shift where the world has gone away from buying the traditional hardware that's used more to provide security in the past to turning to services like

cloud flare in order to make sure that they can be secure this is a dramatic shift in the way that the world secures its networks, and we're proud to be part of that shift. >> way before the break, matthew, we were talking about the potential tie-up between salesforce and slack do you expect more consolidation in the software space tirksly y particularly as it pertains to cyber security >> companies that were legacy cyber security providers that were selling box software that struggle in an increasing services market. we designed cloud flare to be a stand-alone businessthat can thrive over the long term and we think we have a differentiated product that can compete for that long term so, you know, i hope that stewart and mark, if that deal comes through, can be a formidible force at creating one of the future giants of the software industry, but we think we're an independent company for the foreseeable future.

>> earlier this week, matthew, we saw cable company, cnbc's parent company, comcast, start to charge people based on the usage as opposed to just all you can eat type deals do you think the cable companies, teleco companies will start to take more of the profit pool in the next few years their share price gains have been positive but minute compared to companies like yours. >> no. i think what -- we largely partner with those companyies rather than competing with them. i do think that nobody likes to be surprised by their bills, and the usage based pricing is something that causes people to grimace whenever they see that and in the cyber security space, the real problem is, if you get attacked and all of a sudden your provider sends you a larger bill, that feels almost as bad as the attack itself we, from the beginning, have had a fixed base pricing that our customers love

that's something that we think is one of the real differentiators of our business in the space. >> and subscription models have also attracted investors we had a board up a little bit ago that showed all the plays that have done tremendously well this year and have some investors calling that space a bubble, given the valuations relative to forward revenue at this stage would you agree with that statement? are you a little bit concerned about the multiples you're seeing among peers in the software industry? >> you know, we're building a business for the long term and don't spend a ton of time speculating on what our share price is at any given moment but we believe we have a durable, sustained advantage in the market that we are continuing to win customers, continuing to deliver solid revenue growth so we're excited for the future and excited for cloud flare's business. >> 2020 has been good for cloud flare. thank you again, matthew prince, for joining us.

>> thank you. with about 40 minutes before the bell, dow is down .5%, s&p down about .1% still ahead, we'll speak with venture capitalist keith rabois, his take on airbnb and why he's leaving san francisco, ahead it's been a tough year. and now with q4 wrapping up,

the north pole has to be feeling the heat. it's okay santa... let's workflow it. workflow it...? with the now platform, we can catch problems, before customers even know they're problems. wait... a hose? what kid wants a hose?! fireman? says "hose". -it says "horse"! not a hose! cedric! get over here! now our people can collaborate across silos, from across the globe. so how's the new place? it's a 4 bed, 2.5 bath igloo... it's great! yeah, but you have to live in the south pole. sir... -wait, are you sure? yes, we're that productive now. you hear that?! the kids get twice the presents! about time 2020 gave us some good news. whatever your business is facing... let's workflow it.

servicenow.

under 40 minutes left in the session. let's have a look at international market movers, canada goose getting a downgrade from btig from sell to buy company to warmer temperatures, that stock down 7.6% another retailer on the move, nordstrom, reporting $1.6 billion in online sales for the quarter, which accounts for. coronavirus pandemic, americans are hoarding their reward points. kate rooney has the details. kate, i have been hoarding my reward points. i cannot wait to hear more about this story. >> you're one of many people, apparently american express has added perks this year to let members spend those points on things like amazon or groceries. people, for the most part, are not taking them up on that at a conference recently, am ex

cfo says they're not redeeming points for retail and stocking up on them instead it's a sign that people are just waiting to be able to travel again. a travel boom after covid would be a much-needed boost for those major card companies travel and entertainment spending was down 70% year over year for amex. it tends to be unique for amex customers who may be more affluent and don't need points to spend on those daily items. devaluation, with airlines in a crunch for cash, there's nothing stopping them from trading how much those points are worth. >> if there is this pent-up demand to use points in the future on things like travel when the world, hopefully one day, goes back to normal, what would that mean for companies like amex? could they take a hit as people all kind of cash in their points at once? >> the ideal outcome for amex, mastercard and all these guys is that people are able to travel and go abroad, for example,

cross-border payments is one of the most highly profitable forms of payment for these card companies. if they say there's people going abroad and using some of those travel points but they go to europe and start spending more, all of that is good for the card companies. you're right if they have all of these points stacked up, it might not mean that actual spending directly on the flights. we'll see. they are just desperate for people to start traveling again. >> you said that the other credit card companies aren't having the same issue with people hoarding their points what are people spending things on right now >> it's interesting. it's a little more split chase sapphire is another really popular rewards card people are spending it on things like pelo it on they've done a ton of marketing in those areas, too. groceries, at-home fitness and things like streaming, for example. >> kate rooney, thanks so much for that. >> still to come, black friday right around the corner. and it's bound to look a lot different this year. we'll head to new jersey's multibillion dollar american

dream mall to ask how they're planning to keep shoppers and workers safe. check in on bonds. mixed picture of treasuries today, ten-year yield around .088% back in a couple of minutes. ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa before we talk about tax-s-audrey's expecting... new? -twins! usaa. what you're made of, we're made for.

♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking are going with a smarter hybrid cloud using the tools, platform and expertise of ibm.

♪ i got it all from you ♪ i'm always pushing through ♪ i know we'll make it to the finish line ♪ ♪ i know you're waiting on the other side ♪ ♪ i'm like you on-demand glucose monitoring. because they're always on. another life-changing technology from abbott. so you don't wait for life. you live it. try nature's bounty sleep 3 a unique tri layer supplement,

that calms you helps you fall a sleep faster and stay a sleep longer. great sleep comes naturally with sleep 3 only from nature's bounty welcome back to "closing bell" with just about 32 minutes before the close today the dow down half a percentage point after surpassing 30,000 threshold yesterday. nasdaq once again the outperformer russell down .3% time now for our daily coronavirus update cases in the u.s. continue surging ahead of the thanksgiving holiday for the first time since the pan ddemic began, the u.s. has added more than 2 million cases in just two weeks. 18 states have set records for seven-day average. new cases today, arizona, california, and virginia had the highest week-over-week increases.

one early hot spot, new york is seeing rising cases again as well, adding more than 6,000 new cases yesterday, the most since april. and despite cdc warnings about thanksgiving travel, tsa reported that as of yesterday, average daily passengers rose 16% from last week the total number of travelers is still down significantly from last year, though, wilf. time for a cnbc news update now with sue herera. hi, sue. >> hi, wilf. here what's happening this hour. president-elect joe biden is asking americans to work together to keep covid-19 in check over the thanksgiving holiday and acknowledging americans' pandemic fatigue. >> i know how hard tds to forego family traditions, but it's so very important our country is in the middle of a dramatic spike in cases. we're now averaging 160,000 new cases a day. no one would be surprised if we

hit 200,000 cases in a single day. >> the supreme court says it will continue to hear arguments by phone through at least january because of the pandemic. the justices last met in person to hear arguments in february. the trump administration has granted byte dance to sell the tiktok sharing app the sale deadline now moves back to december 4th. you are up-to-date i'll send it back to you. >> thank you, sue. just set a record intra-day high up next, how the market could perform into year end and what a biden presidency means for the economy. "closing bell" will be right back

first up is this exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance. stayed on my mind... was another around the corner? or could it be a different story? i wanted to help protect myself. my doctor recommended eliquis. eliquis is proven to treat and help prevent another dvt or pe blood clot. almost 98 percent of patients on eliquis

didn't experience another. ...and eliquis has significantly less major bleeding than the standard treatment. eliquis is fda-approved and has both. don't stop taking eliquis unless your doctor tells you to. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. if you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. while taking eliquis, you may bruise more easily... and it may take longer than usual for bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising. eliquis may increase your bleeding risk if you take certain medicines. tell your doctor about all planned medical or dental procedures. what's around the corner could be your moment. ask your doctor about eliquis.

welcome back the nasdaq just set a first intra-day record high. dow pulling back a little bit.

.5% or so. s&p fractionally lower nasdaq is set to finish positive, of course. all indices are set to finish up 2% so far this week. david rosenberg from rosenberg research joins us by phone thanks for joining us. >> thanks for having me on. >> what's your expectation as to how much further, particularly the cyclical stocks, pulling back today, can run, with all the good news we've had for those types of stocks of late? >> well, look, some of them, like the restaurant stocks, are already back up at their all-time highs so i think there's still some beaten-down sectors that have catching up to do.

i would say the hotels, airlines, theme parks. if you believe in the big recovery story and the snap-back with the vaccines, there's still some catching up to do even within the value space you look at rets, in general, look to be -- seem to have somewhat upside here we're talking about a really limited universe, even within the value space right now. but still some opportunities. >> do you think janet yellen is as positive for the broader markets as perhaps was celebrated on the news of her likely nomination? >> look, this is a market, wilf, that seems to fit the narrative to the pricing we were supposed to get a blue wave coming out of the election by the big reflation we didn't get the big blue wave. we thought we're not going to get the tax hike so buy the

market earlier this week we had the ihs market index come out and everybody just leapt right on top of it, even though that index purely has a 50% track record of predicting the actual official ism and so -- i mean, the vaccine news, that's real news but janet yellen, since when has a treasury secretary been appointed that, you know, has created such extreme enthusiasm? what is she really going to do for the stock market on her own? again, looking at the price action saying, wow, this has gone parabolic i have to find a reason, so it's janet yellen i think it's a momentum-driven market right now and momentum can sometimes carry you a very long way to valuations we haven't seen since september 2018 we know what happened next but, no, i don't give a lot of credence

i think she'll be just fine. you know, people were saying that, well, look what the stock market did when she was head of the fed. as if that had anything really just to do with her. i mean, the reality is that the stock market, under steve mnuchin, in the past four years, did just as well under janet yellen under her four-year tenure at the fed. it's just taking the narrative and fitting it to the price action. >> david, there's become a greater rallying cry to pay people to get vaccinated as part of the stimulus program. in usa today, the headline reads vaccine stimulus is the shot in the arm our country needs. it's calling for americans to get $1,500 for getting vaccinated do you agree with this idea? >> no. you know, the people that don't want to get vaccinated are people that have personal

reasons, and maybe it has to do with their own level of trust in the vaccines no matter what the efficacy levels are, they have personal reasons why. i mean, it's the same people that never get a flu shot, even though we know the flu is going to come around we're going to bribe them with money to get the flu shot? i don't see how that's going to work if they were actually destitute and really needed the money and it was a financial decision, i would say sure, that makes a lot of sense, but it's probably one of the craziest things that i've heard. i've heard a lot of crazy things, and that's just about one of them. >> david, you had some interesting points in your recent note about gold and bitcoin in their respective moves of late. what's your take on each of those? >> well, look, i think that, you know, bitcoin provides a lot of excitement obviously, look, cnbc recently had jones on, advocating his

decision there's been a lot of institutional support for bitcoin. when you look at it, it's really done a round trip, hasn't it, over the past two years? it's got five times the volatility that gold has but, look, it's fun to trade this is now -- you know, all of a sudden we worked at robinhood account and if you get the timing right, you can make a fortune. bitcoin really affects the get rich quick mentality that's taken overall financial assets if you want to call it that. crypto is here to stay it's ultimately supposed to be a means of value or payment transaction facilitating mechanism, that's all true the problem i have with bitcoin, quite frankly, is it's extremely difficult to value it's extremely volatile. and anybody who is going to dabble in it, make sure you're dabbling with the house's money and not your own. >> david, i wanted to ask you about the main street/wall street disconnect we've been

talking about for much of this year it was hard to kind of ignore on a day yesterday where the dow hit 30,000, on one hand, and then you see all of these pictures of lines around the block for food banks ahead of thanksgiving how do you see kind of the future of this disconnect? and what kind of closes the gap in the future, if that's even possible at this point >> well, look, it's really an extension of an old story, because when you really think about what happened from 2010 to 2019, it was one of the most powerful bull markets in equities of all time, and yet at the same time it coexisted with the weakest gop expansion of all time and, of course, that was a cycle of financial engineering, the biggest debt for equity swap of all time when instead of issuing debt to actually provide for capital formation and economic growth, companies bought back their stock. we took the shared account of s&p to a 20-year low we generated the illusion of a real great earnings cycle.

but, no, it was really a great cycle of earnings per share. so once again, we've had this disconnect but, you know, there's different things that drive equities it's not always about the economy. it's a lot more complicated than that liquidity, valuation, sentiment, momentum look, even when donald trump first got elected in november 2016, nothing was happening with the economy, but it was all animal spirit. what's happened this past number of months, earnings may have beaten down expectations, but we've been in an earnings recession. stock market has gone up because of the dramatic expansion of the price earnings multiple. that's what the story is that's been driven, principally, by the massive amounts of liquidity. more recently, it's about the vaccine use, and i wrote about this this is from somebody who is cautious the pfizer news was a game changer. i don't think forever. we didn't even know what covid was a year ago now we have a vaccine to cure

covid, so we're going to go back to square one. that's all well and good but the market is looking at the vaccines being effective, life returning to normal or quasi normal so the market went ahead to look beyond all the near-term problems, lack of fiscal stimulus, all that uncertainty now that rift that occurred between mnuchin and powell and so we have the prospect, some people calling for a negative first quarter gdp and the market has really taken that in stride it's look at the prize, the light at the end of the tunnel it's a shorter tunnel now, getting the vaccines and getting life back to quasi normal. at some point the market will have to look and see what does life look like past the tunnel because we'll get to the tunnel and dot, dot, dot, what happens next without the vaccine news, the latest rounds of vaccine news, i assure you, the market would be having a lot more trouble with the near-term economic outlook than it is right now

it's looking past that and really, the vaccine news has been the game changer for the market over the course of the past few weeks, no doubt about that. >> david rosenberg, great to catch up thanks for joining us. >> take care shares of nikola drop after the ceo speaks with "mad money's" jim cramer. as we take you into the market zone that's coming up next. li> watch or listen to us ve on the go on the cnbc app. "closing bell" back in a couple.

xxxx ♪ you can go your own way it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you.

get 5g included and save up to $400 dollars a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile. 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. hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. welcome back to "the closing

bell." we're now in the closing bell market zone, commercial-free coverage going into the close. mike santoli, josh brown from reitz wealth as well good afternoon, josh intra-record day high in more than two weeks, at or around that level as we speak but comfortably going to have a record closing high by about 50 points or so, up 0.6%. the dow is down .5%. mike, essentially pausing of that big rally for cyclicals today. it's not like we're having a drastic pull kls back for the dow and nasdaq picking up the slack for the record closing high itself. >> just a pause. just a breather. cooling off a little bit we saw yesterday, even from the morning, that what had been kind of an all-or-nothing cyclical

had shifted a little bit nasdaq did play along to the upside yesterday and is now outperforming. maybe we get to this point where rotationally we can hold the index levels that's probably the bull case. a lot of things need to cool off in the short term, such as sentiment and the tech stuff it's all predictive of good stuff for the market looking out several months sometimes there's a little more static in the picture when you're talking about near term. >> josh, given the run-up in value in recent weeks, would you say that the rally has been more broad-based as of late >> yeah. no, it absolutely has. last week on the show, i talked about the fact that 83% of russell 3000 names, were back over their 2 hyundai the worst thing you could say about that is that maybe we're a little bit over bought and a little bit enthusiastic. that has not mattered. we've had follow through all over the place look at the action today

very telling after a monster day like we had yesterday. going into a holiday very telling, the follow-through that we're seeing. you look at names like nordstrom. that stock was 14. it's 28. more new highs for target. take a look at the ipo etf the ticker is ipo. this is up 2.5% to another all-time high. this thing is up 88% year-to-date you just got strength coming from so many different places and pockets of this market and even the high flyers, unity, which i own. ticker is u, up 4% video game play. snowflake adding 7, 8, 9%. then in the stocks that went down, leslie, importantly, xlf, kre, pulled back hard, then back to the highs of the day. cruises and airlines, first sell-off in those names this morning, the buyers came in immediately. industrials look very similar. energy looks very similar to financials you have to look at that on balance and you have to say,

look, the only reason to be bearish right now is because everything looks too good. and if that's the game that you want to play, get bearish because of new highs, i guess you're looking to take a victory lap after a 3% sell-off or something. i don't know who plays that game profitably. >> those who have a significant short exposure, i guess, josh. speaking of those high flyers, check out shares of slack up 30% today on news that salesforce is in talks to buy the company. source familiar with the matter tells cnbc.com that a deal could be announced as soon as next week i think we have josh lipton here for more on this i'm sorry, josh brown for more on this. you have owned slack interesting that the market believes that this one could get about a 30% premium in a deal? >> yeah. i mean, look, i'm the sucker that walked away at 29, made a little bit of money. obviously left most of what i could have made on the table if,

in fact, that's about what's to happen i do think it's a great deal for salesforce it would be their largest deal ever, but it could be transformative you think about the fact that they have over 80% of the fortune 500 utilizing salesforce, they have this feature called chatter, which my employees don't love my employees are on slack all day. now if they could be assigning each other salesforce tasks, which is how we run our firm, inside the salesforce environment but utilizing slack, it would be phenomenal and could get away with doubling -- i hope they're not listening but could get away with doubling what they charge us because it's that useful i do think it's the deal that always should have happened. fortunately for salesforce, slack has not performed so this market cap did not get away from them last thing i want to address, i'm getting some dms about my

tie, how i'm knotting it up like mr. furley on "threes company. it's not on purpose. it's date before thanksgiving and i didn't get a chance to do the button. >> you've got about a minute or so, josh, to tighten up. >> cut away. i'll fix the situation. >> you look great, no matter what. >> okay. >> shares of nikola, phil lebeau has that for us. >> wilf, take a look at shares of nikola today, down about 12%, it's clear that there are questions that are being asked by investors about whether or not the deal, the tentative deal, which general motors will be finalized remember the deadline for that to be finalized is a week from tomorrow, december 3rd part of the reason the stocks sold off today the noncommittal comments from ceo mark russell last night on "mad money" when jim cramer

asked him about closing the gm deal. >> we're interested in gm's hydrotech cell system. it's very interesting to us. their battery cell system. those things are interesting to us and we continue to talk to them about those things. >> people are interested in that answer and the fact that it was not a robust, oh, yeah, we're going to get this done nikola versus general motors since september 8th, when they first announced the partnership between the two companies. general motors has been on a tear, pulling back a little bit today. and one other note regarding automakers and evs, morgan stanley, as you look at shares of ford, it is downgrading ford to an equal weight rating essentially saying the ev strategy, there are some headwinds there. you see shares of ford moving a little bit lower wilf, leslie, back to you.

>> phil, thank you for that. mike santoli, well worth watching that interview that jim did on "mad money. 12% feels like a massive pullback in the stock. relative to this last week and, i guess, this last month, it's all intros pechpective. >> it is you have to remember, the gm deal was mostly a supply agreement from gm. it wasn't like they had gone out and said i want to own a piece of this company. we'll pay you cash for it upfront. accessing the ev credit. unclear if this say make or break type of deal for nikola. it doesn't really, to me, bear as much on either gms ev strategy or the broader sector, which obviously has captivated the hot money at this point. >> certainly, to say the least, mike dragging down the retail

sector bertha coombs has more on that move lower bertha >> despite a sales beat dragged down by higher costs, shares giving back about half of its gains over the last three months digital sales jumped 61%, driven by higher margin, athleta and old navy sales, that was part of the problem, shipping costs associated with digital, aiding to two percentage points of margins. banana republic continues to be a drag, sales plunging 30% tl. gap was upbeat about holiday on the call management also a cautious note about covid spikes muting store traffic overall, that kornacki khaki boom not enough to overset their problems. >> kornacki khaki boom even mentioned on their earnings call thank you very much. josh, you mentioned nordstrom and the boost they got why is the picture so different

than a company like gap? >> it's a beautiful knot. >> oh, yeah. wow! >> i think -- yeah i think the sell-off is wrong. i think gap is a buy a number of analysts actually reiterated their buy ratings on it although they did get a downgrade. what's really going on here is a transformation that won't be complete next week and people have to be patient, but ultimately by 2023, 80% of their sales will come from outside of the mall they are closing hundreds of mall-based stores. they're doubling down on old navy they'll be opening more of those. a lot of them are stand alone. don't need mall traffic. and athleta is growing like wildfire meantime they have 140% increase year over year of people utilizing their digital platform that is the future that's what they're trying to get to that's what they should be trying to get to and so i think if you're an investor here, you just have to wait and give her time to do

what she has done when she was the ceo of old navy. now she's running the whole thing i like it. i would love to see them do close down banana republic i'm not even sure who the customer is for that clothing. is it for people who got beat up a lot in high school and want to continue that experience i don't really get tathleta is sick old navy is sick closing down the mall stores is smart and picking up digital customers at the rate they're picking them up, this is going to be a big turn around once that becomes more apparent. >> i actually used to buy quite a bit a lot from banana republic, but there we go. >> okay. used to. >> i used to, yeah i avoided getting beaten up. >> t-shirts with elephants on them >> i'm abnormally large so maybe they wanted to but i got way with it. josh, do you own the stock, though >> i don't, but i'm looking at it i might end up owning it but this down 20% is kind of silly. >> and we have just over two

minutes left in the session, mike what are the internals telling you? i'll take a look at that in a second gap went from 5 to 27 in eight months just giving back a little bit of that extra froth internals of the overall market is very much mixed slightly to the positive side. just turned to the positive side for the new york stock exchange volume split as i said, roughly even. it's pretty much a push overall for today in the broad index if you take a look at the resurgence of some of the old growth-type names, it came up with something very ethereal and light, like cloud, and something very heavy and real like materials. cloud computing up 2% on the day. material sector, which has been very strong, backing off reversal of the recent rotation is the story there volatility index, it's hovering in this low 20s area i would argueit probably, quote, should be somewhat lower

if all else were equal market is that high. very strong. half day of trading left over the next four days usually you bleed away so much buying and speculative call action seems to be holding up the volatility index. it's a technical matter on that front as well as the general headline susceptibility of the tape arguably before everything is quite settled with this transiti transition, wilf. >> one minute left in the session. intra-day high will have a closing high at 12,095, up 60 points today dow is down .5%. it had its record closing high yesterday and is just below that 30k level which it closed yesterday. s&p is lower, 10 basis points or low. consumer discretionary and tech two best performing sectors, energy, materials, industrials, worst performers that had been recent outperformers

their pullback today is small relative to their gains, energy still up 10% or so for the week. oil is up again today. gold is flat it's not been performing of late, down 1800. the dollar soft, down about .3%. s&p 500 down .2%, dow down .6%, nasdaq up .5% at a record closing high. >> welcome to closing bell i'm leslie picker in for sara isen along with wilfred frost and mike santoli looking at the dow, unable to notch another close above that 30,000 level, down about 174 points, down .6% nasdaq, though, record close there. up about .5% to 12,094 s&p down about .41%.

biggest laggard was salesforce, in advance talks to acquire slack, that stock down more than 5% in today's trading. coming up, we will discuss the outlook for the hot ipo market, when we speak with keith rabois josh brown from reitz wealth management is with us. mike, what do you make of this reversal today >> it just seems like the market is finding a way to keep itself supported in a strong, seasonal period we've had an amazing run it has to cool off some way, somehow before very long because the sprint has been on s&p up 11% so far this month and a lot of the stuff under the surface shows you we're a little bit getting stretched. this is the kind of stuff i save for a couple of weeks before the market actually cares about it it happened back in the summer, too. that's the way you would see it. otherwise, seasonals, positive

cyclical strength has been very pronounced credit markets, very solid underpinning the equity strength and the rest of t the question is, do you get a little bit of payback just because of the field position we've gone a long way in a short distance. >> peter you feel like there's echos of the housing market 15 years ago at the moment? >> happy thanksgiving, everybody. thanks for having me i've been pretty vocal on this show i've been on with josh every single time, so he knows this to be true as well. look, i've been cautious since june i was convinced for some time this was a bear market bounce, and i was wrong. as an analyst, as a strategist you have to ask when you're wrong on the call and on the wrong side of a trade, why is that the conclusion to which i've come is that sometimes you just need to take off your analyst hat. it's not about earnings. it's not about the fact that we're 22 times forward 2021 earnings, which are suspect at

best, but it's about sentiment and right now when i look at the russell 2000 up 20% or so for the month, that feels quite euphoric to me for better or worse, i've spent time in the twitter verse to see who is buying. it feels a lot like the housing market felt like in 2006, 2007 the mantra of today for that retail crowd is stocks can never go down. that sounds errily familiar to '06, '07, house prices can never go down. house flippers of 2006 and '07 of me are somewhat analagous to the people who are buying into this rally right now my expectations for growth and earnings pretty much met the mark as well as even the outcome of the presidential election, but i've just been dead wrong on how the markets would react to all that information. >> josh, do you agree?

does this market look euphoric to you >> there are parts of the market that look euphoric i want to remind everyone, with an i was doing tv segments in 2014 when fortune put the first unicorn magazine cover out where they shocked the world saying there are 300 companies in silicon valley with billion dollar valuations preipo we were doing is the market euphoric conversations then and some are now $50 billion and some have been acquired for $20 billion. it's really, really hard to peter's point, it's really, really hard to like wrap the whole world, everything that's going on into one neat and tighty package and say i figured out how the world works now. there is no one metric you can follow you certainly are not going to get away with like purely buying and selling based on the sentiment of others. this is what i would tell you. my personal view

at a certain point, this will end. it doesn't have to end with an economic downturn. although the economic downturn probably gets caused by what i'm about to describe. we will be drowned in supply that's how these things always end. you'll notice the quality of ipos will deteriorate. i don't mean spacs they'll start bringing companies public that were formed two weeks ago. that process will play out we're not there yet. we have quality ipos still on track. airbnb is coming that's not a joke. what you want to watch for is when wall street starts dumping massive supply on the markets, when private equity starts doing all their ipos and getting liquid but we're not really there yet there are some amazing companies coming public with earnings or pathway to earnings, and we're not drowning in ipo supply spacs, which are just piles of cash that's what i would be looking

for as my sign for when the euphoria is coming to an end when there's just too much supply and everyone ends up choking on it. i don't think we're seeing it yet. >> peter, to your point that you feel that retail investors are driving things and that might suggest we're near the top, is there hard evidence of that? what do you say to the flip side that central banks are driving things and there's enormous liquidity and a lot of institutional investors are also responding to that >> yeah. all fair points. i think there is evidence, when you look at flow data, that retail investors are a much larger percentage of market flows now than they have ever been to some extent, they are the marginal buyer it absolutely is supported by sort of flow data. the other piece of it, to josh's point -- and i agree, that is one way that you can judge euphoria, is through the quality of the ipos, for example the point i've been making is we look at prepandemic earnings,

and we look at what russell earnings performance was like from 18 to 19, earnings are down 14%. s&p earnings were flat it's not like it's a situation but for the pandemic earnings were on a trajectory to the moon that's far from the case. >> because of the trade war, though. >> yeah. >> they were formed because of the trade war, which has now gone away. >> and maybe that goes away now, josh i hear you that was part of it. but i don't think that was everything you were seeing it in the data even before the trade war to some extent. yield curve conversion, for example, was very foreboding we got a very deep yield curve the fed had to cut to keep the wheels on the cart, frankly, in 2019 i think that's what people are getting wrong right now, is that that assumption that the pandemic is the reason why things got the way they got. of course, it was a big piece of it but i don't think in the absence of the pandemic that things would have been honky dory.

>> let's get to someone who knows more about the housing market in 2005 and today, diana o olick. >> stellar month for builders, up 31.5% year over year nationally since 2006. sales strongest in the northeast and the midwest but up across the nation the big issue, though, falling inventory. 3.3 month supply, down from a 5 1/2 month supply in october last year. homebuilders are facing headwinds from land, labor, materials. all that have is showing up in one of my favorite stats buried deep in the report it's the number of homes sold in october but hadn't actually been started yet. it's up 67% year over year 67%. now, that huge backlog is going to mean slower delivery times, and that will hit when we start

getting earnings next time around guys >> mike santoli, clearly unbelievable strength here not seeing the same level of strength in other economic readings does that spell fears of housing turning down at some point soon? >> i think it's more that we're not necessarily in sync, timing wise, in terms of sectors of the economy. housing and even autos, doing extremely well housing often goes on its own kind of cycle clock. it's not surprising. it sat out most of the recovery the first few years after the great financial crisis as we know i think it's a net positive, whatever is going on in housing for the economy. when it comes to stocks that are levered to that activity, it's unclear if there's a whole lot left because of the way that they tend to lead the actual economic sector. affordability not moving in the right direction, mortgage rates bottomed it's not necessarily time to be worried but it seems to me that the stocks themselves have had a

harder time capitalizing on these great numbers coming out of home sales lately. >> peter, do you see a reversion to the mean here will there be a lot of people who bought after things return to normal and cities are buzzing again, they'll say we made a huge mistake, is there risk of that happening >> i don't know. i've been asking myself that question i'll come back to that in a second i will address one thing that i failed to address that wilf asked. is it the fed? the big difference now than any other cycle we've seen, there's not much more that the fed can do it acts through a rates mechanism. the curve is flat as can be. rates are low across the curve and there's just not a heck of a lot more they can do absent getting section 133 money coming back, and buying investment grade bonds in size. it's not low rates the it's

lower rates still. that's the power the fed has bill dudley said it a couple of weeks ago. relative to housing, i'm in new york city myself and back and forth to the city. it is a very different place i think a lot of people actually have moved out of the city and they're gone for good. i really do believe that but i do think that migration is a little overplayed and i think people will start to come back when you have a shock like this, even after 9/11, everyone thought everybody would leave new york city and the hudson river valley, for example. prices got bit up for a time then that slowed up. and i think people will leave. question about taxes is a big question for places like new york taxes will have to go up that might be a reason to stay out of the city. and one of the reasons i might leave, quite frankly but i do think it is a little bit overplayed. >> right, right. peter ceccheni, josh brown, thank you both for joining us.

appreciate it. >> thank you. up next, venture capitalist keith rabois, and why he i congheatt tech titan to flee california back in 90 seconds

welcome back to "closing

bell." our next guest is an investor in some of the biggest names. keith rabois, general partner at founders fund. big year for you some of the major ipos set to debut, door dash, airbnb, have clearly benefitted from the pandemic do you think they can continue this growth after a return to normal >> yeah, absolutely. these are fundamentally very sound companies, whether it's door dash, firm, open door, airbnb, palantir none of these companies are propelled uniquely by the pandemic some companies benefit in the short term, door dash, when there's no options except for order, takeout through door dash the company was extremely healthy before march it will be extremely healthy two years from now. >> very recently you made headlines by a decision to defect san francisco for the beaches of miami what's driving your decision

>> california is the most overtaxed and regulated state in the country, no doubt about that but i think many of us were psychologically restricted in thinking about places to live before covid and before working remote and once we realized that maybe one could work successfully from a lot of different places and the network affect, lots of options where one wants to work, live and raise a family and san francisco is probably not the best place. >> we were talking in the last block, keith, about how overpriced or well priced the market might be at the moment. keerly there have been quite a few ipos in the last year. ipo etf is up. are you encouraging some of your vc and portfolio companies to go public as soon as they can while this market environment is fairly attractive?

>> sure. i'm not a fan of timing the market i don't really profess to be a public market investor so basically two kids in a garage of starting a company that's my expertise. however, i have this longstanding with venture capitalist early that companies that generally go public as early as possible. i've been arguing this for ten years. published a chapter in a book that argues substantively why it's a good decision all of my companies here have gone public. >> the cohort of companies going public are no spring chickens. what do you think is the key benefit going public earlier as opposed to waiting until maybe even profitability >> i think there's lots of benefits of going public the reasons not to go public are, in fact, excuses.

transparency and accountability are always two things to go public, imposed publicly or privately but there's discipline in a company and transparency yields better. second, it gives you a currency to use for acquisitions. acquisitions can be incredibly strategic. google buying or facebook buying instagram. third is it gives you sort of a permanence, which is basically all of my companies, all the founders i work with, iconic company that will last for generations. the first step in building iconic permanent companies, once you achieve an ipo, 20, 30, 40, 50 years, generation or more is very substantial if you're a private company, the chance that you're apermanent entity and transforming industry is very small. >> keith, in your space, in the early stage vc investing space clearly a lot of sectors private

and public have had a great run over the last decade and even over the last few months are valuations kind of rich at the moment >> yeah. they're extremely attractive for entrepreneurs right now. since, i would say, june, there's been an explosion in competition to invest. and we see that to the very, very beginning of capital formation to growth rounds, obviously more tied to public company multiples. it's a little more rational. even at the very, very beginnings of the company's history, series a, fund-raisings right now are as competitive as i've ever seen in 20 years in my life. >> there's no denying that technology has been increasingly pervasive in our lives in 2020 with regard to this new administration, do you think there needs to be a secretary of technology, a position within the cabinet that would focus on the world of technology and innovation

>> technology is eating -- proverbial software is eating -- >> the world. >> secretary of commerce, secretary of treasury really needs to understand technology, because the entire economy is predicated on software and what are some of the next gen investments you're looking at right now? the airbnbs, door dash, affirms of the world in say five years >> there's a few i'm not a macro sort of hypothesis investor. i'm a bottom-up investor to me the key is what's the quality of the founding team versus some top-down belief about the future of the world. so, to me, all that matters is, is this important extraordinary, is this team extraordinary, world-class talent and the potential to transform an industry or society? that's what i'm looking for. that said, there are companies that are progressing quite well.

a company that's grown up really fast faire that gives retailers across the united states the tools to compete with amazon successfully they've done phenomenally well even with quarantines and lockdowns affecting their merchants. they're doing incredibly well, even better than before covid, which may sound counterintuitive there's up and coming companies like that. it takes three to seven years from the time we invest to the time that the company will be successful we move from-to-a consensus position fairly rapidly actually. >> keith rabois, thank you for joining us. >> pleasure to be with you. the market pulling back today, but over 90% of stocks are above the 200-day moving average. mike will have a look at whether the rally is looking a little overstretched. as a reminder, watch or listen to us live on the go on the cnbc app. we'll be right back. ♪ you can go your own way

it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you.

get 5g included and save up to $400 dollars a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile. it really has registered a few extremes on the technical

side this, the percentage of stocks in the s&p that are 200 intra-day moving average very rare. last time you clicked above 90% was here in 2013 you had a little bit of a hiccup not long after that. a very strong uptrending market. one of the calmest, strongest years we've had of this entire run back to the financial crisis it's not necessarily a reason to raise an alarm, but it tells you things are overheated. probably have to trend a little bit lower, maybe get choppy. also, this indicator tends to get a little weak even before the market itself does you have a little bit of time, arguably also, 2018 is a point i keep pointing to as well. early 2018, you really had this burst of exuberance and you had a correction that's where people are looking for the possibility of something like that. sentiment, another issue it's in tune with the market that's been very strong. this is the number of investors intelligence, investment advisers in that weekly poll that's bullish

very rare. again it basically tells you that maybe the market not priced to absorb any disappointing news and probably has to cool off this stuff can be early in clicking to these extremes and the market can still have seasonable momentum or trend higher for a while it's one of those things to keep on the radar but not necessarily make it dictate any trading action, guys. >> the point on the 200-day moving average is to what extent is that perhaps slightly less clear of a signal than normal because of that very sharp pullback that lowered essentially what the moving averages were as opposed to us just rallying so hard after a steady market for a couple of years? >> that's definitely reason to think that it is very much about the calendar you go back 200 trading days, you're pretty much in the thick of the huge sell-off february into march pretty much every stock is going to be able to hurdle that average once those numbers are included in the 200-day average. yes, you can certainly write that off and say maybe this isn't as extreme as it otherwise would seem

on the other hand, you know, there's a lot of big drawdowns and you have to keep these signals consistent overtime. >> for something that's taken a long 200 days to get here, mike, thank you. >> sure. check out more of mike's market commentary throughout the trading day on cnbc.com/pro. co-ceo of the massive american dream mall in new jersey on whether consumers will really flock to stores this holiday shopping season amid spiking coronavirus cases.

do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our friends sold their policy to help pay for their medical bills and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned that we can sell all of our policy or keep part of it with no future payments, who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining

insurance.

welcome back it tonight look like the pandemic will put a damper on consumers' shopping plans. predicting holiday sales will grow 3.6% to 5.2% compared to last year. the mega mall american dream reopened its doors last month after shutting down in march due to the pandemic. thanks so much for joining us, mark good to see you. >> thanks for having me. >> whether the recent spikes we've seen across the country has come at a terrible time for you. >> i'm sitting here on a

wednesday afternoon when typically we would see people traveling to their families. naturally everybody is socially distant. i look at things at the top of the funnel we have the nikolodeon amusement park. bring those guests in and convert them, we have a sense of what our traffic is going to be for our retail partners. so we actually feel very confident about the numbers and traffic we'll be generating, coming in from the top of the funnel that comes in, to our retail partners i'm surrounded here by today. >> what, mark, has traffic been

like since you reopened in early tokt in has october and has it picked up steadily, slowly >> every week is getting better. we opened up october 1st and have been selling out at capacity, 25% capacity at all our attractions. it's been interesting to look at the demand we're getting from our dpests what we didn't appreciate when we opened up is how important the stay-cation was going to be. you have families like myself, and all my friends who are home, within a 100-mile radius from american dream that want to go somewhere. we have nowhere to go. it's not like a typical shopping center where you're coming in, shopping and leaving i like to call it the zen garden you can come in, talk to your family, get a cup of coffee.

and it's been inspiring with the hopped-up demand from the market. >> are you bracing for rising cases and hospitalizations in the region do you think you'll have to close again? >> that's a good question. we were actually the first to close before anybody even suggested we had to close. we're working with the state, the cdc. i'm a father myself. safety is top of mind not only for my kids, my family, my wife, but all of dream makers. that's not limited to us or unique to us that's something that we'll have to do with the state, with everybody else.

>> i think we're unique to where we never actually opened before. all of our centers that are open rd all brand new we opened with 100 stores. i'm sitting here across from charlotte rousse they opened today. there was a ribbon opening i'm not going to get into what rent we're getting and all of that, but within the portfolio of all of our retailers we're seeing they're experiencing -- their stores are inching higher to be the top performers within their entire portfolio prime art, h & m. >> what percentage of your square footage is still unoccupied

we have a ten hnlg eric nickelodeon amusement park. >> are you considering hazard pay or providing hazard pay for i think you called them your dream makers, employees. >> we absolutely call them our dream makers i love that actually since i joined, we wanted to create that culture for everybody coming in. we're creating that dream and experience for every one of our guests do i agree with mace's you have to take a step back and look at what the economy, market and jobs that retail is creating that's how i look at it. it's essential to the economy and the job creation we're creating american dream will create

20,000 jobs in the time of a pandemic there's no other thing going on in the community that's doing that and for us to open is extremely important for anyone in amusement or dining industry we'll make this the safest place outside anyone's home when they come to visit american dream. >> thanks for joining us much appreciated. >> thank you for having me. still ahead the ceo of jet it on the surge of plane travel anwhhethe dud etr instry needs more government stimulus funds we're back in a couple of minutes. before money, people traded goods.

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. ♪ may your holidays glow bright and all your dreams take flight.

visit your local mercedes-benz dealer today for exceptional lease and financing offers at the mercedes-benz winter event.

welcome back to "closing bell." time for a news update with sue herera. >> president trump tweeting he has pardoned his former national security adviser michael flynn, who pled guilty about lying about discussions with. germany partial lockdown

extended till december 20th. family gatherings of up to ten people will be allowed from december 23rd through new year's here at home, "washington post" reporting the national rifle association says current and former executives diverted nra funds for their own gain the statement was made in tax returns given by the nra to "the post." and the head of the white house's operation warp speed vaccine task force telling politic politico he may step down soon sally says he had planned on stepping down when two drugs and two vaccines are approved. and we're getting closer to that that is the news update for this hour, wilf send it back to you. hope you have a lovely holiday. >> you, too. happy thanksgiving, sue. >> you, too. >> see you on the other side. up next, it's officially thanksgiving eve thousands of americans are still traveling despite cdc warnings 'ltaase spikes wel ke you live to chicago

o'hare airport after this break. hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for each and then, you're still responsible for 20 percent of the cost. next, let's look at a medicare supplement plan. as you can see they cover the same things as original medicare, and they also cover your medicare deductibles and co-insurance, but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look a humana's medicare advantage plans. with a humana medicare plan, hospital stays, doctor office visits, and medicare deductibles are covered. and, of course, most

humana medicare advantage plans include prescription drug coverage. in fact, in 2019, humana medicare advantage prescription drug plan members saved and estimated 7,800 dollars on average on their prescription costs. most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. dental and vision coverage is now included with most humana medicare advantage plans, and you get telehealth coverage with a zero dollar co-pay. you get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide.

humana - a more human way to healthcare. before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. see yourself. welcome back to the mirror. and know you're not alone because this. come on jessie one more. is the reflection of an unstoppable community in the mirror. americans are still traveling despite a surge in covid-19 cases and today is expected to be the busiest day for air travel since the pandemic started in march. phil lebeau is live at chicago o'hare's airport for more because it wouldn't be thanksgiving eve if phil were

not outside an airport. >> and, leslie, for the 21st year i am here at o'hare for cnbc before thanksgiving, this is one of the slowest ones i don't think it will be the busiest day of the travel since the beginning of the pandemic. it certainly is not even going to eclipse what we saw last weekend. i've been checking with airlines, tsa executives, and what we're seeing is this. you are seeing the slowest start to the thanksgiving holiday travel week that we have been seen since the recession back in '08. a couple of things factor in here cdc is saying, look, you shouldn't be taking trips right now, if you can avoid it at the same time,you have more last-minute cancellations. we've heard that from a couple of airlines already. so you've got a slower start to the holiday travel season. when you look at where we are right now, relative to the beginning of the pandemic, the passenger levels are still down, more than 50%. it's down 57% yesterday.

likely going to be down about 55% for today. the airline stocks, they had the rally with the rest of the market yesterday but are giving it back today. take a look at these airline stocks and keep in mind for them they were counting on a relatively successful holiday season, wilf, but this is not exactly going to be a robust thanksgiving for them. they are going to be seeing traffic down anywhere between 50 and 55% this time of year. >> not that we don't want people to see their families at thanksgiving, but it's quite encouraging that people seem to be listening to the advice and it bodes well for hopefully flattening the latest spike in cases. phil lebeau thanks for that. one way to skip the crowds, not that there's many behind phil at chicago o'hare airport, is if you can afford it, fly private. jet it, six-person fleet aircraft, says they've seen an increase in requests just this

week founder and ceo of jet it, glenn gonzalez is your spike in demand just this holiday week or throughout the past few months and the pandemic >> wilfred, happy thanksgiving to you and to leslie and sara as well it came almost to a grinding halt where we were doing a couple of flights a week by may, we were doing 40 flights a week now we're up to 100 flights a week in large part, people have their rituals. they've got a plan for how they're going to see their families and because they're flying with just their family members, just their friends, they have more control and a ritual for testing two weeks prior, test a day or two before, and they know they're flying in a safe environment with us. >> six people, glenn, i presume

it's not hugely spacious is the possibility of spread between those six relatively high, higher than if you're on a commercial plane >> absolutely. in fact, i would say it's far more comfortable than a commercial aircraft, even more comfortable than a first-class seat what's surprising is the amount of space you have in the cabin i've had individuals 6'7", sitting across from me our feet don't touch, our knees don't overlap. i'm six-feet tall as well. it's incredibly spacious everyone has their own personal space. you can articulate the seats an recline them as it works best for you. and then, of course, it's a fast aircraft you can go directly to your destination. you're not dealing with waiting lines or having to get your bags you show up to the airport you fly away in five minutes and from there when you land, we make sure that there's a car service or a rental car, if that's what you want we make sure it's there for you.

it doesn't make sense to fly across the country or from one city to the next and then have to wait for an uber or wait for your transportation. efficiency is what we're about, and that's just one of the many things that we provide. >> speaking of efficiency, glenn, how have you been ramping up to meet that demand did you already have the jets waiting? have you had to purchase more? what's the lead time for that? have you been able to meet this surge in demand during the holidays >> yeah. we planned for this growth we started out with a number of fleet of airplanes that we ordered from honda well before the pandemic, anticipating this growth we anticipated our staffing needs since the month of july, we've added 28 people to our roster so, we're very excited to grow and increase the talent amongst our team and we put the processes in place first. we knew that as an aviator, we

understood we have to set up our prayings in place first and then we can focus on our marketing, growth and expansion so those processes are in place. and we have been executing upon what we outlined. >> glenn, does the pressure that commercial airlines are facing create opportunities for you, not just in terms of broad demand, but landing slots at some airports that maybe you haven't been using so far? >> somewhat. it makes it -- definitely makes it easier to get in and out of the major and larger airports. we've flown into hartsfield, newark we've flown into jfk we can always do those things. sometimes you're waiting in line, whether it's taxiing out behind united or delta flights, it takes time in those cases, but the ease of getting in and out of those airports is

5% of the airports is utilized by the major airlines. there are smaller airports closer to your home. when you're flying for $1600 an hour and have the entire jet available to you, it only makes sense to, again, save that time, save that cost and make your travel destination. >> i love how you said only $1600 an hour, but i take your point. glenn gonzalez, thank you for joining us. >> my pleasure thank you both happy thanks giving. >> happy thanksgiving. >> the latest installment of spac in action we're drilling down on a key problem that's ergg,mein too much cash and not enough deals we'll explain when "closing bell" comes back

welcome back to "closing bell." if you boil down spac, they sound familiar raise capital from outside investors. and they take public companies private and taking private companies public

we have been covering spac in action it is shifting attention to the private equity model last week he said the spac could put pressure on private equity >> i think they could replace private equity they could be another organization or subsidiary organization to be spun out. if spac continues to grow, i believe it will be pressure on private equity >> the concern among some is that the excess new capital will be chasing the same deals and drive up valuation i am told that competition is fierce to find targets and that is causing a willingness to play up but rather than sit on the

sidelines, private equity is getting into the globe >> i wonder what -- and i guess we are probably not far enough into this as an industry as it were to have clear data on it, but if you have a successful investment of five years and it gains double in value, what the fees would be to the investor versus going back. >> that's a good question. the way the spac model works is that it has a 20% promote which isn't too different than the 20% in a private equity model. of course there are differences in the management fees you would have with a spac different spacs operate in different places some opposite within the

portfolio as a whole and some operate outside of it. and some lps are looking at potential conflict of interest that might arise with the increase from spac on this trend. >> thank you very much we have more spac in action to come, next week? >> friday. >> more friday mixed session on wall street we will be wrapping up all of today's action and there will be a shortened session on friday. hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know?

alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. don't get mad. get e*trade 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.

welcome back to "closing bell." it is thanksgiving tomorrow so the markets are closed friday is a big shopping day it will look different than years past do you think the sentiments surrounding black friday will be enough to see a rebound from the

dow? >> i am not sure even last year we were trying to get a tone of the holiday shopping season. this market is so laser focused on what comes after the fourth quarter, what comes after december it's hard to know if it will be swayed it should be a strong consumer december mainly because this accumulative aggregate savings from earlier in the year and stimulus and all of the rest of it but interestingly, the market seems to be in drift mode. there is seasonal strength, but unclear how much of that we may have used up early >> record close for nasdaq pull back for dow but record close for nasdaq friday closing bell at a special

time 12 to 2:00 p.m. eastern time we have a different but fascinating duo. the man overseeing the development of the astrazeneca vaccine i. and sir john bell from oxford university we are out of time "fast money" starts next >> i'm melissa lee tonight on "fast money" we are breaking out the fancy silverware and serving up a free thanksgiving feast and target, shares that went surging. and you will hear from micro strategy, how they are