reducing the number of cases in our state, and so i am expecting a quicker acceleration of reopening businesses, of getting back to normalization, we still have challenges with regard to international travel and things like that, but when you look at the percentage number of people who are getting vaccinated in the state of texas is going to be looking very promising going forward. >> governor, thank you for your time today we appreciate it we'll see you again soon that does it for us today. make sure you join us tomorrow right now time for the "squawk on the street. >> good wednesday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are a little soft here after a solid start to december. coming off s&p, nasdaq record highs. pfizer gets the first vaccine approval in the uk for emergency use. but investors state side looking for a clearer path on stimulus our road map begins with that vaccine optimism the uk approves with the rollout expected to begin next week.

>> plus, silicon valley's newest and biggest dealmaker, his name is marc benioff. the dow component salesforce acquiring slack, the price in excess of $27 billion. the largest deal that company has ever done. and the china strategy status quo. president-elect biden saying he won't immediately lift china tariffs. carl >> all right, guys a lot to get to today. we'll talk some salesforce, slack with jim in a minute this uk approval and the hopes that the fda is just about a week behind. >> look, we have to think about the number, the amount of vaccines out there, about 40 million. people are worried about 40 million in the united states this is only 20 million people 20 million people take care of all first responders, and we take care of the people in long-term care in our country. i don't think they're taking our vaccines we're going to have enough but this is monumental it is going to put incredible pressure on our own regulators to get this so we'll have this

within the next ten days and david knows that i am bullish on this, that i was not even as bullish, i was not bullish enough, david, because the uk, which has a very serious group of medical people is saying, let's get it done. uk is not some third world country. >> no, it is not no, it is not. and we're waiting, and we're obviously focused on this and the distribution, we heard from the cdc yesterday as expected, of course, as you would hope health care workers will be the first to get vaccinated. and they certainly need to be given everything they have gone through. and, by the way, they're overtaxed now to the point that they haven't been throughout the pandemic in many parts of the country, jim i know it is something we don't talk enough about, the sacrifices that they have made, but they will be first and people in nursing homes and then on from there and you heard dr. fauci yesterday, where we had sound from him yesterday,

saying, perhaps, april and may, healthy body 20 and 30-year-olds will be able to get the vaccine. >> i think he's -- dr. fauci, to disagree with him at this point seems a little -- i will say this, though i do think that there is -- we have we haven't heard from j&j they have been mum i know emerging bio is talking about maybe more than a billion vials. i don't think the issue is the quantity there is a main servant, government servant on brian sullivan's this morning, talking about all the state bottlenecks. look, there is not going to be a bottleneck unless there is no cvs, no walgreens, no supermarket, no walmart, because those are the ones that are ready. remember, it is operation warp speed, which pfizer is not a part of, but the other guys are a part of, which goes to mckesson, a very good, knows how to handle wholesale, and then right to cvs, to walgreens, go to the website, you'll get an appointment and you'll get this.

i don't understand why people think this will be so hard yes, there are states that are worried about people not being able to get it the long-term care, you talk to someone like deborah cafaro, they'll have it by christmas i think this is amazing. carl, i think that no one was expecting this to be as good >> yeah, i mean, you're not suggesting that supply is not going to be an issue. >> not an issue. >> scott gottlieb talking with andrew earlier this morning about whether airlines, for example, should start demanding that you show proof of vaccination and gottlieb's point is we're not going to have enough to make it a requirement to engage in commercial activity in this country. >> no, i think that i'm saying where enough of the people at risk, the people who aren't at risk, i think that that could be -- a lot of those people are asymptomatic for heaven's sake seems like the nfl is largely asymptomatic except for the baltimore ravens i think we're -- the healthiest

people will be able to wait. i think otherwise you're talking about 30%, we went over this yesterday, possible 30%, these are not gottlieb's number, some states are so out of control, i don't think we have any idea what it must be like to live in the dakotas. >> yeah, no. i think we bring on the hospital administrators, sometimes they're doctors, sometimes not, who run the hospital systems in various states i can't say any of them have anything to say other than it is a bad situation or a dire situation. >> right >> and that they are not expecting these weeks ahead. and we said it so many times, we can certainly now see on the other side of this you're pointing out, it could be as soon as christmas that people in nursing homes and those kinds of facilities can have a vaccine available. it is going to be a rough, rough few weeks if not potentially months ahead in terms of new cases, in terms of hospitalizations and unfortunately even with the death rate being a lot less than it was in the spring, in terms of deaths, jim that get s you back to the

broader conversation about the economy as well, moving from that, pivoting from the devastation to lives to the devastation in certain parts of the economy, you talked about it so much, and yesterday you were promising me you were going to get the treasury secretary to get moving it does appear he did get moving a little bit so well done there but it is not clear that there is going to be an outcome here in terms of any new bill coming out. >> did i give you that i failed like that? i need 36 hours. >> i didn't say fail i didn't say fail. you were embracing the challenge. >> i said i predicted there will be a phone call between -- >> we did get -- listen, i don't know where -- we'll see. we'll see if we get something and what the number is we got the $908 billion offer from that bipartisan coalition

>> right >> mitt romney signing on there, importantly, saying, it is a deficit, but this is more important than that right now. >> we got to get to april/may or we have to start a whole new group of companies and it takes a huge amount of capital. carl, look, a business when it is stopped and wiped out is not a business that just flicks on a switch when the vaccine comes. you got to keep these companies alive. they were able to do it, i think more people felt that the pandemic was going to end sooner, now we're at the situation where thereis just - there is 40% of the nonwalmarts of the world that are going to go under and that is not a great idea so i think that secretary mnuchin wants to be very much on the right side of history, not playing politics, wants to get this done. even the senate sounds like they want to get this done. so the idea is that the small and medium sized businesses must not lose the footrace to the virus. and i think that that's one of

the things i'm working on today, david. >> good to hear. >> well, that's -- that's going to be important, jim, because the senate bill, the mcconnell is teeing up for a floor vote has no state and local, no stimulus checks, obviously, no money for transit agencies, and as janet yellen said yesterday, the new administration at least believes they got to work fast because you can't let the effects of long-term unemployment fester without seeing long-term social negative externalities. listen to what she said. >> the pandemic and economic fallout together caused so much damage for so many and have a disproportionate impact on the most vulnerable among us lost lives, lost jobs, small businesses struggling to stay alive or closed for good so many people struggling to put food on the table and pay bills

and rent it is an american tragedy. and it is essential that we move with urgency >> jim, we're getting some data this morning on business closures in november it is not good adp was a miss credit card volumes from visa and jpmorgan softer now. ism unemployment index back in contraction. you know what we're talking about. >> senator mcconnell and the group of republican people against this were thinking about a v economy. v could be off the table very, very quickly i don't know does senator mcconnell want to be on the wrong side of history? periodically you read about people in history books, and they were regarded as being bad guys i'm not saying he's going to be senator mccarthy, roy cone, trying to put the -- trying to create a situation where we had -- we found out about the 57 communists in the state department, not going that far but, david, i think that you really have to be careful if you're on the mcconnell side

because do you want to be on the side that stops small and medium size business, the backbone of the country? that's not where you want to be. and mcconnell does not want to be a disgrace. he doesn't want to be somebody who is against small and medium size business, the republican part of the country. i think he's going to have a change of heart. >> i find that hard to imagine >> i think he's going to find himself on the wrong side of history because there is going to be people right now who are trying to figure out what the history books are going to say and they're not going to be kind to those who wiped out small, medium sized business in favor of walmart, in favor of costco, in favor of target, in favor of walgreen, in favor of cvs? is that who he wants he's going to move the stock market higher. maybe that's the goal to get walmart to $200. >> yeah. >> well there is something we're betting on. >> i could not imagine trying to understand let alone explain the thinking of mitch mcconnell or what's going on inside his

brain. i will come to you, though, on the workings of another man's brain, and his name is marc benioff, you know him very well. before we wrap up our first block of programming here, let's get to this deal that was announced of course after the close yesterday, like we told you it would be. salesforce announcing the acquisition of slack it is a big deal for them. we can see that salesforce stock, the reported earnings as well, i'll let you weigh in, in terms of that and how the quarter looked the stock is down and that is going to have an impact on slack. as we said on monday, it is a little bit more cash than stock. it is 26.79 in cash and .0776 of salesforce shares, so you can figure out what that is worth at this point but, jim, a couple of things, you know, there are those who are wondering does it really take salesforce into an area that they're not as familiar with, does it mean he's going to start making acquisitions outside their core competency or

not? and then there are a few people concerned about the cfo's departure and replacement of a long tenured person at the country, but amy weaver, the new cfo was the general counsel. can be an odd move to have made. i heard a couple of shareholders a bit concerned about that. >> it is a love thing. >> what? >> it is a love thing. very close to the investment community and relied on for many years by the investment community. and so that also -- >> before you jump to conclusions, seven firms today wrote about it >> yes. >> seven firms hated it. so there is unanimity. >> yes let's not forget that when people get together, what do they have to say about it, it is too expensive. marc doesn't know what he's doing. he said no deals in the next three months and here is a deal. slack was doing very poorly. you can't take on microsoft

teams. you can't believe how much they paid it was not an elite company they bought i think it is mixed. >> let's hear from mr. benioff himself who joined you last night and see what he had to say. >> slack changes everything and makes salesforce a whole new type of company. a company that is truly architected to work from anywhere we introduced salesforce work from anywhere, but now this reel really super charges our approach and lets our customers rearchitect their workforce to be truly from anywhere >> david, he is saying, microsoft, here we come. >> right >> we're going to be a half a trillion dollar enterprise when we're done, we're going to take sales of slack up three times and putting togethera coalition. and, david, that coalition will include zoom, okay, which is on the right side of marc >> yep. >> it could include snowflake, which reports this week.

tableau, deal that has been very successful, this is a soup to nuts attempt to say sacha nadella, it's war. >> that sounds like the kind of story we'll be following for potentially years to come. >> i think the seven firms will eat crow i'm going to -- i'll give them gou goulden's or grey poupon i've been right, right, right. >> it is hard to bet against benioff. >> don't bet against benioff. >> you'll lose. >> coming up, later in our program, we're going to have an exclusive interview with intel ceo bob swan they had a win yesterday of a customer contract. we're going to talk about their plan in terms of manufacturing much more "squawk on the street" straight ahead

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later today, we get the latest if not one of the last entries into the direct to consumer wars, discovery has a 12:00 event scheduled in which it will unveil its discovery plus streaming service that will include, of course, so much of the programming on many of their key networks at discovery, whether it is home, whether it's food, whether it's tlc and on

and on from there. in fact, i think what 25% of all women are viewers of the discovery networks but some things we don't know that we want to tell you about right now, according to people who are familiar with the situation, is that the launch is going to be accompanied by a deal similar to what we saw disney do. with, yes, verizon verizon, i learned, has signed on as a so-called partner for discovery. very important here when you're launching one of these new direct to consumer platforms, particularly this late in the game, that you have some sort of partnership that will give you potentially the scale to reach as many people as possible in this case, it is going to be verizon. my understanding is that discovery's partnership with verizon will be quite similar to what we saw with disney in that verizon will give customers up to 12 months of the discovery plus service for free. now, there are different points, some will only get six months, based on their service level, some will get a full year.

but you get the picture, about 55 million or so verizon customers will be able to take advantage of, i'm told, by people familiar with the situation, this offer to receive discovery plus for its first year at least for free what is that going to say to you, it is going to be priced at $6.99 if you don't want any ads. that is the service that verizon will be partnered on $6.99 ad free product, an ad supported product which is $4.99. remember when disney plus came, i remember people going, whoa, at that time now it has become that key price point in some ways got hbo max far above that, netflix is far above that now at this point this is important for the launch they believe to actually effectively get out of the box and get anywhere near the numbers as you look at some of the price comparisons there, so many pluses these days, by the way, disney plus, apple tv plus,

paramount plus, hulu plus, a lot of pluses. but you want to have as many people as possible when you get out of the box to give yourself the opportunity to reach that 30, 40, 50, 60 million sub worldwide. they already had a soft launch as well in europe. using -- with sky, i believe as well quietly there. and they'll be launching in italy. it will be available as you might imagine, i think they're signing up the likes of roku and amazon, that is the platforms, roku, the fire stick, to be able to have people get it as quickly as they can on their various platforms that they would access these streaming services you can see it it is an important moment for discovery, jim, no doubt about it. >> impressive. they learned you need to be ubiquitous to get sky, to get roku this morning, an excellent piece by craig moffett talking about why verizon, it is time to buy. >> yeah, he upgraded verizon,

yeah. >> he didn't have your scoop >> no. >> i think he would have been even more emphatic. >> what is interesting from verizon's perspective, the disney offer, a lot of people are coming off that. a key question is what is the churn going to look like so many people have been getting it or tens of millions we think for free for at least a year as a result of being verizon wireless customers from verizon's perspective, disney on one side and discovery, different kind of programming on the other side. and my understanding is they're going to promote both and be a partner here in terms of advertising, in the verizon store, so discovery plus is going to get a decent amount of attention that way it is what you want, it is so important to the future of the company, though, by the way, let's not forget the big trade-offs here, you make so much more in the cable ecosystem still. your margins are so much better. you have to have a direct to consumer strategy. it is the way you get a multiple in this market, we see with disney as well which got some positive comments i think if not an upgrade from

somebody today based on expectations for direct to consumer there. >> it shows you got to play ball, by the way, i think that verizon has been very aggressive sensing that i think at&t say bit of a jam. >> at&t has their service. they own it. >> yeah. >> called hbo max and there is that same kind of deal for at&t wireless customers carl, we'll be following this closely what it means for discovery as well. noon is when they introduce more about this service >> yeah. and we'll get to that moffett upgrade which you talked about on verizon citi went to 175 on disney today. talk about why when "squawk on the street" continues. students of color typically do not have access

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jim mentioned earlier, the street not hot on the salesforce/slack deal. piper and baird cut slack to neutral. citi cuts crm to neutral saying the acquisition stretches our conviction price target 250 league le leading the laggards on the s&p. "squawk on the street" back in a minute ♪

♪ ♪

let's get to a mad dash as we also have two minutes before we get to an opening bell. it is hump day mcdonald's on the menu for you >> piper lowered comps today and, remember, it is because they spoke with management decrease consumer mobility, lower price target to -- i have to tell you what is amazing here talk about sales disruptions to me, mcdonald's is one of the companies that has done quite well in the pandemic now we're starting to narrow it down to chipotle i think chipotle is the only company that has managed to be able to do digital and make it so that they can make as much money from one of their stores in a pandemic as they can

otherwise. yum is trying to come back mcdonald's, i mean, you're talking about a company that has been able to sur vif avive and anything it can. this is the beginning of what i think even we can't handle it as this thing goes on hello? >> really? >> they cut numbers. >> yeah. >> consumer -- there is -- well, i mean, chipotle does really well >> i know it does. >> i'm reporting a lower comp. i thought mcdonald's was a breakout stock here. watching it go down for the last few days and i have not been able to figure out the trajectory given the fact that they're one of the companies that has been so helpful in wiping out the diners, which i think senator mcconnell, shop big, i think that is something he might like. mcdonald's, maybe not as big a winner. >> as we see, the stock has moved down as you say. >> great stock to own versus chipotle, which has been

amazing. >> yeah, over -- >> chipotle, we put that chart up, we'll see that is the burrito bowl without -- you can have it with the meat or the chicken. >> got it. i'll keep that in mind carl >> yeah, guys. chipotle testing smoked brisket in cincinnati and sacramento >> really? >> we found out last week. the giants are definitely duking it out there is the opening bell. a little bit of a giveback here as we see the s&p turn a little bit red. though we keep thinking about some of these metrics that roll in from november, jim, the number of s&p 500 names that were green in november, 464, which is almost as much as the april record of 478. so you have to work hard to get a red stock in the month of november >> yeah, i mean, look, this is an incredible moment there was just a -- there was a rolling bull market week by week, you had faang, then the oils, then the industrials, then

retail and then started all over again. throughout this we even got banks doing well because people keep talking about inflexion in the yield curve. i don't see that happening yet but, it is true. cash was terrible. and you had to work hard you can't -- david, it is so difficult to find a company that screwed up, that really didn't do a good job. particularly because, remember, a lot of the s&p, they did pretty well overseas and overseas is -- japan has been very good. we never talk about japan. >> we don't. >> 1988, we used to start all sentences with japan >> we did. we did during their -- their period of great ascend ans, taking everything over. remember when they owned rockefeller center for a brief period of time i remember i started as a banking reporter in 1987, all the big japanese banks were playing big time in the u.s. market tomo and mitsui and mitsubishi and long-term credit and i can go on. and then they all left >> you had bob swan. >> i do.

>> intel was not the top ten semiconductors then. they were all japanese. >> right they have to your point there has been a nice rebound there. >> yes >> you hear their technology companies traded far less for multiples than to ours, by the way. >> and, look, the gaming companies, they dominate gaming. we know from lisa su that -- >> look at shares of sony, for example. what a year sony had not a year we talk about that often. >> we should. >> i know. put up -- it has been a great performer this year. has sony, playstation to your point a key part of that they benefited a number of different areas, but playstation has been very -- >> do you remember, david, when you get the call, that around 9:00 at night, we're taking up tokyo electron, japan, carl, japan was -- i don't know, the nikkei was at 38,000, we were, i don't know, substantially below it, and they -- the amount -- the dollar amount of square

footage in tokyo, david, remember it was like -- it was like an acre in the united states >> yeah. it was -- it was quite something. >> and that's when the enigma of japanese power was the best-seller. >> right we were -- i know. that's -- we're focused on them in terms of trade as well. yeah >> now talking about china >> yeah, china is doing well >> and as -- relative to china now, jim, biden talks to tom friedman in the times this morning, says he will leave the china tariffs in place while he does a full china review with allies it does not look like that is going to get rolled back anytime soon after the january 20. >> that gives -- that gives peter navarro one more chance to raise it even more navarro, he's working the -- if he gave up those tariffs without getting anything in return, i don't know, the headlines would

be hour renrrendous, he is work with the coalition of the willing, all the european companies. one thing that people don't recognize, if you go to milan what are all the posters what are all the billboards? it is about the belt and road initiative the chinese have made inroads in europe to the point where i don't think that president-elect biden understands you're not going to find a lot of countries in europe that are willing to stand with him against china so what will happen is that i predict that we'll get rid of the tariffs and go be a big agricultural buy and that's one of the reasons why the stock has been very strong but that's about it. i think that president biden, like many presidents previous to president trump, wants to work with -- let's say the elites and in getting things so that the deals are good more diapers, david. >> more diapers? >> well, we got to sell more diapers. >> yeah. >> coca-cola.

>> coca-cola company of america. >> procter. >> yes >> semiconductor companies >> we don't have a lot of that anymore. intel is the one >> right >> manufacturing at least. >> yeah. bob's a financial guy. >> nowhere we once were in terms of that obviously. taiwan semi is -- >> you don't say, hey, you know what, guys, without getting anything in return, we're stripping everything that trump did. i want to hear from peter navarro. i wonder how he feels about that. >> do we really have to hear from him do we? please no carl, the dollar also plays into this not something we talk about that often. certainly maybe if sarah joins us, but it has been weak lately as you know. even with yesterday that move in the bond market. it will be interesting to see how that figures into any of these talks and then, of course, we got bitcoin, skyrocketing, maybe that's also the dollar is up a little bit there. you see what it has been doing

lately. >> carl, people are not talking enough about what will happen with the earnings with the weaker dollar. you're on an kapca apple call or proct procter a& gamble call, it is al currency can you imagine the j&j call and the dollar is positive do you know how the upward revisions we're going to get >> talk about coke, you mentioned mcdonald, walmart, it is going to be a huge effort by janet yellen as treasury secretary if confirmed to make sure there is global agreement on where the dollar should stand. the potential upside for currency effects on the s&p, jim, is powerful i did want to get you on some of the names, travel related, that obviously had a great run in november norwegian did suspend all voyages through the end of february now and, of course, jetblue, pricing almost 37 million shares, even as this compromise proposal on the hill, jim, would give 17 billion to airlines.

>> yeah, look, i think that remember what we said yesterday, when these deals are announced, the -- some of the younger investors thrive on them, norwegian, by the way, is going to be the one where i predict that you will have to take a pcr test before you get on, all the people who work on the boats will have pcr tests and you're going to have a covid free environment on the norwegian cruise this is what frank del rio is promising, maybe front running what he wants to do a little bit that's one of the reasons why the robinhood people will not stop they're not going to stop. robinhood is a broader rubric for younger investors who think bigger than older investors who are only worried about the quarter. david, i speak to a number of younger investors. because they think i'm making fun of them, which i'm not they look at norwegian and say do you think no one is going to cruise next year at this time? i want to buy norwegian. what does wall street want to do they want to look at some number, room rate number, the younger people don't think like that they think norwegian is going to

be back, and let's buy some. >> how do the younger people feel about salesforce? by the way, a company that hits every box when it comes to sustainability, social awareness, esg skrocores have te extremely high getting crushed, down 10%, people questioning as you pointed out earlier just how much they're paying, even though we told you it would be a big number for slack and then this larger idea, jim that this is a company that is made up largely of a lot of different acquisitions $50 billion over the last three years. that's a big number. >> tableau has been great. target has been great. mulesoft has been great. you speak with marc, he says, listen, what you going to do a lot of the great companies are public already you have to pay up to get them now, i think, remember, he'll be in an alliance with zoom >> what does that mean when you say that alliance, what are you talking about?

>> if you're with microsoft, you want teams and want their video. you can't not have a video option if you're marc. >> so zoom would be an informal alliance or -- >> i think -- >> or put a product together in some way that they go into market with together >> yes remember, the one thing that -- zoom has been all alone the whole time and they haven't had partnerships, haven't bought anybody, i just think that it would be very easy for eric ewan, good friends, the ceo, really good friends with marc, they offer a soup to nuts, you need video now, and that's how deals will be done and you'll do it on slack's -- the -- that's marc's 360 approach is slack, they're waving to each other, the slack ceo, waving to marc on the call, the younger people will come in soon, david >> younger people will come in soon to buy the stock? >> yes. >> sorry, carl, go ahead >> no, i was going to say, to the degree that we're talking about concerns around the deal,

it seems to pivot around what it says about organic growth, right, jim the degree to which they're still digesting things like tableau. and then the idea that benioff says a few weeks ago didn't like the setup of m&a in general. >> i think that this one came up and you had to be there. this is a property that is -- that could have been going to other companies. i think that people have to recognize as i asked marc first thing, isn't this just a war with microsoft and i have to tell you, i think it is. and this is important, this is -- if he's going to have -- he wants to pry people away from microsoft product, he does think that slack is a superior product, i think a lot of people like slack very much and marc wants -- marc wants to be a $500 billion enterprise company, he wants to take on microsoft everywhere microsoft -- there has been no love lost between the two companies since, david, do you remember the linkedin deal that

salesforce had and satya nadella came in and broke it up? do you think that makes for friendship >> may not that's the way things go >> what do you mean that's the way things go. if youryou're friends you don' betray friends some things are -- >> we can stay friends i'm sorry, i need this more than you think you need it. if you think you need it so much, you pay more for it. if not, sorry. >> you think that's the way it should work? >> i think it is the way it worked. >> i'm reminded of an old saying, some people want it make friends, we just want to make money. i don't know where i heard that. >> i said that to marc when i heard he lost -- >> but he's won plenty of these thins and does pay a good number unclear whether there really was anybody else in terms of slack i heard it was -- this was it.

>> you mentioned esg. >> yeah. >> and it is good. >> yeah. >> younger people will come in soon they have been waiting. >> they're not going to be worried about the new cfos, the general counsel. amy weaver they said -- i'm told she's a trusted adviser to marc and leader who has marc's trust. >> versus amy hood versus amy hood. cfo. >> of microsoft. yeah >> guys, a little mix today. the banks and energy as a sector are just a little bit green. amd record high today. let's get to bob pisani. hey, bob >> yeah, we're almost flattish in fact, we had a weak open 3 to 1 declining to advancing stocks. look at the sectors here, slightly more defensive tilt than yesterday obviously healthcare a little bit better take a look at some other consumer staples holding up all right, banks are positive as carl mentioned industrials just turned positive they were negative at the open tech has been weak remember, you've got salesforce

weighing on the tech group overall here days like this when you're not certain about the direction, you tend to have thematic teetf players pay off. things like cloud computing, lithium battery etfs, online retail, that's the way investors play these things these days they use thematic etfs that go in and out of the market tactically and you see that today, a little weakness in the thematic groups, the big debate in the active management community is what happens in december with value versus growth and how you close out the year generally active managers underperform their benchmarks, they did it again in november, they underperformed their benchmarks active funds have a bias toward growth that's the problem, the market leadership tilted toward value now. is that a permanent trend. you don't know the active management community is worried about this. they need to change what they have been doing. a lot of that value story depend

s on the vaccine rollout it is the rollout of the vaccine that is dictating virtually everything the sentiment now on the market overall very extreme bullishness. numbers off s off the charts the valuation, elevated, i think it is more than that. i'm being diplomatic about it. stimulus is uncertain. mcconnell seems to have rejected the latest overtures here. the news is all around the vaccine and the rollout, proceeding around that about the valuations, 2020 here, $138, 2021, $169 for the s&p 500. if you put that up, that would be almost 22 times forward numbers for the s&p. that's very, very expensive numbers. and they're already rolling out 22 and we're at 19 times 2022 numbers. everybody says the economy is expanding in 2021. maybe there is no bargains out there, folks that's my point. speaking of not a lot of

bargains, you see morgan stanley, they said something about palantir, one of first companies to come out. they downgraded palantir to equal weight -- underweight from equal weight $17 price target this company started at 10, went to 31. we're talking about earning 12 cents next year. 12 cents $30 company, now down. morgan stanley said their risk reward paradigm shift decidedly negative for the shares, very little change in the fundamental story. 12 cents, do the multiple on that one morgan stanley finally making a call on that particular stock. carl, back to you. >> bob, thanks bob pisani adp was a disappointment, which is going to make claims and the jobs number even more key. to rick santelli hey, rick. >> good morning, carl. indeed, we can call 307,000 a disappointment we're looking for a number between 400 and 450,000. but we're splitting hairs here the reality is what the market thinks of the numbers. let's look at intraday of 10s.

you see, right around 8:15 eastern, right after that we started seeing yields come up. we moved low near the number inr and came out of it ignoring the number does it give us any information about friday possibly we know we'll potentially be jobs light isn't that old news? vaccines are going to be arriving shortly look at two-day of 10s we're building on yesterday's big move, double digit gains in long maturity yields right now we're up two basis points in a ten-year as you see. and if you move this all the way back to november, you can see that november 10th high, around 96 basis point yield high close is in the cross hairs right now. we're only about a basis point away or so we start to get above that and close above that, you are definitely going to be breaching 1% and make many traders more aggressive who thought all along, freights move up, the fed will start buying more in a vaccine world, that might

not be as easy as it sounds. let's switch gears quickly, it is all about the uk today. vaccine approval, well, look at the pound versus dollar on 24-hour chart. big drop in the pound. but that isn't the story open the chart up to june of 2018, it fell from a level we haven't seen since june of 18. in favor of the pound, but if you look at the pound versus the euro, a completely different scenario that's a year to date chrart. remember, december 31st, the big day for the brexit and there is lots of questions you'll start to see a lot more day to day volatility. carl, jim, david, back to you. >> okay, thank you, rick with the bond record coming up, don't miss an exclusive interview with intel ceo bob swan more "squawk on the street" straight ahead ok, just keep coloring there...

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walmart is upping the ante in the holiday shopping wars

removing the $36 for shipping for subscribers of walmart plus. getting free next day and shipping on toys, appliances and clothing we don't know how many members but we know prime has 150 million. i noticed today on amazon, reiterating an out performing. >> both these companies are doing well walmart is using its strategy of having all its stores. amazon, what can i say, the more the pandemic rages, the more people are going to reach and buy things on amazon i don't know if wall street realizes it but while this is going on, there are many people just scared to go out. this is not a national lockdown, it is a volunteer lockdown, david. >> it is there are still people that probably shouldn't go out to

your point we've talked about it so many times in terms of the companies that already were the giants over the last nine months, the number of employees at amazon is incredible nothing quite like it in the history of commerce. >> incredible. and continues, carl to this day. every day. hiring hundreds of people. >> 2,800 a day since june. every day, almost 3,000 new employees at amazon. never been done before in private enterprise hpe is the other big story as they beat and raise and move eir headquarters to texas. don't go anywhere.

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[what's this?] oh, are we kicking karly out? we live with at&t. it was a lapse in judgment. at&t, we called this house meeting because you advertise gig-speed internet, but we can't sign up for that here. yeah, but i'm just like warming up to those speeds. you've lived here two years. the personal attacks aren't helping, karly. don't you have like a hot pilates

class to get to or something? [ muffled scream ] stop living with at&t. xfinity can deliver gig to the most homes. as we mentioned a moment ago, all-time high for amd as they roll out some new products. we'll talk more about chips with the head of intel bob swan later

this morning on cnbc don't go away. 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.

let's get to jim >> there is a company we don't

talk about enough, therm owe fisher, tmc. they a tmo, when we look back may have thought they have done the most with the incredible success rate therm owe fisher is the pcr company i like >> an interesting call as testing really going to move to the forefront now that it looks like vaccines are here >> is it david, maybe you want a focus. pvh, we'll talk how christmas sales are doing. nobody knows that like manny chirico. what a show.

a pleasure >> we'll do it again tomorrow. >> everyone hates the sales floor deal except for me i want that noted david. i want it noted now. >> i'll mark it down except the younger people. >> they don't know a thing but they love it >> how dare you denigrate the seed corn of our country >> we'll see you at 6:00 with jam cramer 6:00 p.m. eastern time welcome to "sqwawk on the street." quick bounce here just off the early opening lows of course we are coming off the record high. uk a pruchs the pfizer vaccine for emergency use. watch the 10-year, above 95 basis points the uk, the first western nation togrant emergency use authorization for the covid-19

vaccine. pfizer and moderna to be distributed in the next couple of days. >> names such as amazon and apple shift to in-house. >> and finally covid risks for business in 2021 plans cnbc's exclusive data coming up. >> that uk clearance putting pressure not seen from too far behind what do states need to get this thing distributed? >> unfortunately, the vaccine is getting here faster than the funding from washington. they need s$8.4 billion that would cover supply, logistics and technology to track who has been vaccinated.

the sheer man power to administer the medication. >> we at the state level can only carry the ball so far down the field. congressional support on this front will be crucial. >> the reality that a vaccine could be here as soon as next week could ramp up to get the latest out the door. including $32 billion for vaccine development, distribution an stockpiling. a separate plan from a bipartisan group with $16 billion and house democrats approved $28 billion for the vaccine broadly. saying the final cost depends on which vaccine becomes the most do dominant >> imagine planning an outdoor picnic for you and 1.3 million

of your closest friends and not knowing who is going to show up and how much food you have in the pantry and what you are going to make. that's where we are right now. >> so far, maine has only gotten $800,000 from the government and it is clear that won't be enough >> it is noteworthy we talk about all the money that has gone into the development but we vbt talked about how much it will cost to distribute and how much states need to do that. thank you for bringing us that 120ry. story. >> the goal remains the same to figure out how mucha company i worth and pay a lot less for it. joining us is long-term investment manager joel, thank you for beg here i initially reached out to you because of this rotation toward value investing away from

growth i thought you'd have insightful commentary on that front do you think that this rotation is here to stay? >> that's a great question from the talk a few years ago. my answer was yes, no, maybe and i don't care if you look at the last five years and the russell value index and russell growth growth beats valley by 11 points per year 16 points the last three years and 33 points this year. it is a good question if you define value in low-pricesales >> based on that deafition, do you think your style of vesting is posed to prosper?

>> sure, our definition is to figure out what something is worth. we are looking at cash flow. know value equity firm goes for. caring about how much those would flow warren buffett would say growth and value are tied at the hip. the traditional metrics that have worked over time for value may or may not have worked going forward. still based on forward cash flows are you making an assumption of value and discounting that back? >> look at normalized earnings it has to do with interest rates

and relative values versus other chances it has to do with the risk of the cash flow coming. the real answer to that question was really traditional values. no private equity firm what happened in the past, if you buy companies close to their metrics. no one is paying close to a premium. if you buy a bucket of companies, you tend to get more than your fair share of

companies out of favor causation is future cash flow. how do you value business. >> do you short companies you believe don't have good prospects for free cash flow and what do you make of so much out there whether it be some of the spak frenzy or other companies there are software companies out there valued upwards of70 time forward sales. how are you looking at the market right now with the value of style vesting you and buffett and others have been championing for years now

>> those are some of the greatest networks we have ever seen a network of stocks, not a stock market if you look at the stocks we measure as losing cash flow last year that have market caps over a billion dollars. this is 2019, so covid-19 was not in the picture if you bought all of those companies that lost money last year, you'd be up over 100% so far this year. the median return is about 50% so far this year a few big winners. that's just if your investment strategist buys everything that makes money. everybody thinks 2007 will be great. it isn't amazon, google or microsoft or even the indices that are dominated by those larger companies i'm not sounding the alarm bells

there as i would be in some of the frothier sections of the market that's where i'd be worried. >> i want to pivot to your latest book, common sense published in september you proposed the idea of alternative education as an idea and put the ownness on some of the larger companies microsofts, amazons, jp morgan to do more to close the education gap. >> let's not call it their responsibility let's say that they are in the best position to help that what i suggest in the book, common sense about alternative certification. all they'd have to do, let's say you want to get a job in the hr

department of microsoft. they would publish what tests in lieu of a college degree they would use. a simple literacy test, game-based tests that test decision making, critical thinking skills. we don't need amazon, microsoft, google to create or admin industry we need them to state which would be considered for certain jobs if they did that, they would set up a buyer there that would set up a whole eco system for services, tutorring services that could berated like uber drivers only one in 11 kids that are low income or minority in major cities end up getting a college degree we know college degree holders

earn 70% more. 10 out of 11 are failing in the current system what can we do to help them? >> the best charter schools and district schools, the kids with disabilities beat the kids in the best district. english learners outperform best schools. kids who are currently homeless cannout perform other kids if the opportunity is there the buyer for alternative certification tests, all they have to do is state we will hire you if you do well on these things and then the eco system starts i explain that all in the book when from is a buyer, then will be supply of services.

we don't need government assistance for that. it is amazing the power these companies could have if they just state what these students would have to do to pass or do well in. >> of course the will has to be there. thank you for joining us >> so much pharma vaccine news not just uk approval but timing from the fda and timing from the cdc. let's get to meg >> starting with the news out of the uk the first government to clear a covid-19 vaccine for use after it's completed the phase three trials the uk will start to get doses shipped immediately and start to deploy those in a few days they have plans to provide total of 40 million doses this year and into next year

we are hearing 800,000 doses in that initial shipment. the u.s. is set to decide on outside meeting for december 10. we'll see how quickly this he will move. in the eu, they will decide on the 29th on this vaccine questions on how the uk was able to review this so quickly, they are making that point this morning. here is what they said in a press conference >> this vaccine produced and developed by pfizer bio-n-tech meets standards. the public safety has always been at the forefront of our minds. safety is our watch word and will always continue to be so. >> the first clearance kicks off shipments around the world here is what they have said

they'll be able to supply this year total of 50 million doses. in 2021, that will get up to 1.3 billion doses. the uk is seen as a dry run for how this distribution will work and setting ply orities. yesterday, in the u.s., our group of advisors voted on the top priority that it should be health care workers and people who live in nursing homes. >> thank you after this break, intel ceo bob swan will join us in an exclusive to talk new wins and plans for nuctinmafaurg semiconductor chips. stay with us

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amazon web services announcing a new service with intel for ai processors. bob swan, the ceo with intel on the deal we'll talk more about tha what is coming in terms of manufacturing. i'll read a press release. you said, you know, that the ec 2 instances that will leverage up to eight hab anna accelerators and better than current processors for machine learning work loads.

what does that mean and why does it matter? >> it is a pleasure to see you we are very indicted about this announcement over the last several years we've been on a strategy to evolve different architect turs. we call that going from the cpu or central processing unit, the brains to the mult -- multi tud of architect tur the importance of the habana, ai chips a company we acquired about a year ago to expand our capabilities in the fastest greing sector, ai chips.

particularly for ai deep learning amazon is the largest player in cloud service providing to incorporate this technology in its environment to provide better performance, productivity very important for our habana team and the strategy to expand beyond the cpu to what we call the xpu environment. >> all right how broad is the market here i assume there is an opportunity well beyond the deal you announced yesterday. >> i think theai market he the announcement today is about the training chips

we expect a large market and an extension of our abilities to play a role throughout the enviern global infrastructure and being part of aws is a big deal for us. >> bob, you have a big decision that will impact the country you've discuss it had on air you are talking about 2023 road map. you have a decision to make about whether to build the next generation of product on third party manufacturing footprint or a mix of both. how far along are you in that decision what can we expect and when from intel in terms of the manufacturing decision as it relates to 2023?

>> to help design and manufacture under one roof to deliver products under relatively low costs that has been the model for the last 30 years. we've been evaluating the model in a world where there is more and more ips, more and more architectures. as we think about building the products in a predictable manner for our customers. we think about how do we evolve this model that takes advantage of the decisiosigns so we can ce the ips and some of our customers ip on to one single chip that's the evolution of the model over time. we have a very strong product line up for 20, 21, 22 for client and server market as we think forward for 23, 24

time frame, we are trying to determine what is the best way to deliver predictable performance for our customers and looking at the option whether we continue to make inside, outside or a hybrid of both that decision making process is a very some what complicated and elaborate process we are looking at a deep and rigorous way because of the implications of it we've set our implications and clarity about the decision in the january time frame for the products we build for 23, 24. >> we'll get clarity from you soon let me reference a recent report from ubs as you did with mother boards, you can see a rateable plan

where they can drive 50 to 80% from what is out sources and roughly 20% today while you continue to invest in the automation is that a possibility? >> i think the ibm model is a very important aspect of our company. our ability to deliver the performance. that will be a key part of our go forward strategy we will continue to the extension. the magnitude of the decision about what is in or what is out, we'll continue to make that decision over time i expect that ibm and filling fabs primarily for us here in the u.s. is an important consideration. important for us to continue to extend the capabilities of the ibm model in the u.s

>> you need to listen to those customers they want to know they'll be there because of some short falls. >> you are right our customers are decided about the 21, 22 product lineup. it is really around three fundamental factors. one is predictability of schedule when can i incorporate your designs, your platforms into my products in 2023 that is very important for them. >> second, they want to know the performance for that product how are we going to mix and match different architectures on different nodes to deliver the product that matters most.

product performance is important. third is, can i be absolutely sure of the supply you'll have for me at that time. they want to know are they going to make it ourselves or from somebody else because they don't want to deal with the disruption of supply. for our customers, those are three important differences. investors want to know how much growth and market share and will cost be? what it would make ver suggestion what it would cost to buy during the decision process.

>> are you better off going to taiwan semi or other areas because that will have more certainty for the customer base? >> for us, that's the number one criteria capable leadership for our customers. then evaluate how it is we are doing versus evaluating and our ip in our environment versus their environment. the predictability of the product performance is one of the top considerations in this fairly complicated assessment we hope to conclude in january. >> we hope to continue in this

conversation how does national security come up how much of the chip making do we want to be in foreign hands, so to speak. i reference the long-time director when talking about the company getting so small, you may not have been able to build some of the most important chips yourself that reverberates beyond >> consider that we are the largest semiconductor company in the world. we power 95% of the digital infrastructure today we have a large u.s. industrial base and we play a very

important role in national security and a safe and secure supply chain for the manufacturing and development of chips. the role we play in the world is a very important role. it is important in this consideration set that we think through all the different constituents that have a point of view about what we do which is very important. i'm very confident in whatever decision we make, we'll continue to have high-volume manufacturing and invest in technology development here in this country i'm fairly convinced that that will continue to be the incredible part of the make up of intel what we do clearly marts ftters

lot of people. >> the significant situation >> looking at the etf sticker skyy, up almost 50 for the year. down a little today as cloud companies continue to see increased demand h hewlett pack ard enter prize also plans to relocate from san jose, california to houston, texas. we'll discuss all of this and more with hpe ceo on a cnbc exclusive. stay with us

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cnbc is out with its quarterly survey of cfos asking the global economy and business.

frank holland has details. >> hey, we face a second wave of the covid-19 pandemic. two-thirds of cfos say the pandemic remains the biggest external risk to their business. the survey was taken between november 13 and november 29. before today's vaccine news in the uk and reports that a vaccine could be distributed here in the u.s. later this month. during this time, deaths increased dramatically cfos did note a reported effectiveness of 95 to 94% with that knowledge that two-thirds of cfos said a vaccine being widely available by q 3 of 21, that would be the

biggest impact the u.s. and china, the two biggest economies in the world both upgraded from q 3, europe and asia maintaining their rating as stable not quite the same when it coxs to recovery related to the work place. they believe as many as a quarter of their employees will tib to work from home the next seven months more than 10% forecast more than three quarters and 99% of their emplo iys will work from home. saying 100% of employees are working from home right now. >> wow stunning pfizer biontech getting that emergency use authorization. more on what tt hamight mean for american hospitals, in a moment.

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good morning i'm sue herera with your cnbc update georgia's secretary of state said no substantial changes were found in the second recount of the state's election ballots a saying it appears that president-elect joe biden will win that state in oklahoma, four kids that went missing yesterday have been found. dozened searched for the children aged 5 to 9 safe but extremely cold. in california, manslaughter charges have been indicted on the captain of a dive boat where a boat caught fire that killed

34 saying he did not properly train his crew israeli setting up the fourth national election in two years. sets up a formal vote that could happen as soon as next week. another busy news day. that's the news day this hour. back to you, carl. also in the news this morning is that uk approval for emergency use for pfizer, biontech vaccine joining us, ceo of life span, largest health care system in the state of rhode island and ceo of oxnard health in louisiana. thank you for being with us. >> doctor, rhode island is a test site for early distribution protocols. any intelligence you can give us as to how quickly this could get into the hands of health care

workers? >> we have gone over logistics with pfizer over the past couple of months. we are hopeful the united states will approve it. as soon as we get it in their hands, we'll getit out to the folks who distribute within hours? >> within your building, let's say, who will get that first and if this meeting, this panel meeting is on the 10th, that could happen before, say, the middle of the month? >> we hope so. we are waiting to hear we are working to go over the criteria of exactly who will get the vaccine first or second. we haven't finalized those yet high-risk populations. health care workers will be some of the first to get it >> you've purchased dozens of freezers to store the vaccine

which have to be kept at minus 35 degrees how difficult was it to obtain these and how difficult to afford them? >> it wasn't easy why i to obtain them. we ordered them months ago we have several freezers across louisiana from shreveport to lafayette to new orleans we have 26 of the minus 26 degree freezers. we can currently hold about 225,000 vaccine doses across our system we are prepared and waiting for the authorization and to have vaccines here in louisiana >> what does the capacity look like for the icu beds. i've read reports that hospitals have had to turn people away in louisiana. >> there is one hospital that

has shut down procedures in the state. we are in good shape we don't see the icu capacity being a challenge for us we have continued to see our census of covid patients increase back in april, we had nearly 1,000 patients cross our system. we had 350 to almost 100% over the past two months. the real challenge today is staffing and making sure we have enough health care workers to take care of those and make sure of the challenge today >> similar question today, from has been a spike in rhode island what are you seeing in 2er78s of your system right now and how many people and your staffing as well >> unfortunately, rhode island is headed in the wrong direction. hospital beds are full at the

moment with covid patients we have plenty of capacity. our regular med-surge beds are full we've opened up at the convention center. as of yesterday, we are transporting patients from the main campuses to the field hospital >> we are all talking about the vaccine. we are excited for various reasons. they are not getting better but getting worse, how will we see that continuing before we get to the light at the so-called end of the tunnel? >> hard to determine the next several weeks, we'll be right in the middle of it. we'll take care of our health care workers who have been at this now for the last 10 months.

on the front lines but getting a little battle weary. one of the biggest concerns and priorities is adequate staffing and making sure our staff are protected and have what they need it's a race to the vaccine at this point we need to get the vaccine approved and deployed and administered to health care workers and others i encourage workers if and when it is available, take it everything we know about it, it is safe and efficacious. >> that's certainly the message americans will be hearing. >> finally, i wonder, let's say we get a good percentage of work force. i assume that doesn't just roll off automatically? >> no, i think there will be the

roll off even with the peek back in april, we had adequate ppe for our staff. we have done over 5,000 tests a day. the fact that we can test patients in the hospital as soon as they come into the er if they have symptoms. that has helped us i don't think that will be a challenge right now. we know in phase one, tier one employees, we need to vaccinate about 8,300 people we think we can do that in a couple of days once again, we are waiting for that approval. we've been told we could have vaccine in louisiana about 48 hours within approval. >> the uk prime minister said he wouldn't be aversed to getting

vaccinated on television but added that he wants to make sure that obviously supply gets to the people in the uk first thank you so much. >> thank you for having us as we head to break, lyft shares shaking off a warning from the company that q 4 revenue growth would come in at the lower end of the guidance range compared to a 50% decline thanks to siring covid cases more "sqwawk on the street" in a moment stay with us 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.

the s&p 500 may be trading e ragi wnsf gh territory onsttestar oa rocky december more "sqwawk on the street" coming up.

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. welcome back to "sqwawk on the street." stocks are slightly lower today with most s&p 500 in negative tore territory we are near the highs of the

session. so far flat today on the s&p one of the bright spots today is energy oil companies like apache, ox dental petroleum upside moves comes as oil prices move higher for the first time in four sessions ahead of the key meeting tomorrow between opec and ptnarers like russia. keep it here "sqwawk on the street" will be back after this break. it's down to the wire,

the team's been working around the clock. we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work. i didn't know you were listening.

welcome back a white house report from november 22nd made public yesterday stating that texas must intensify its pandemic response as the state sees, quote, a full resurgence of the virus. as the state counts the second highest number of coronavirus cases in the country and faces more potential shutdowns as hospitalizations rise. joining us now to discuss is texas chef, tim love thank you for being here are you bracing for additional restrictions for restaurants in texas? >> yeah, it's looking, unfortunately, like it's possible to be rolling back on

friday friday will be the seventh day, if hospitalizations stay above 15%, the governor's orders say that we go from 75% in restaurants back to 50%, and that bars will close so, you know, we're keeping our fingers crossed that we can actually go back below the threshold. unfortunately right now it's looking like that's about to happen. >> can you give us a sense of what the financial picture looks like for your restaurants right now? how does the business look like compared to last year and what are your concerns if there is a reduced capacity >> well, you know, the difference is it's more about the negative feel and the atmosphere than it is the rollback the six foot rule, most restaurants can't operate at more than 50% capacity anyway. so going from 50% to 75% didn't really give us more opportunity for revenue. it actually just gave us more positivity in the air.

now we've got the object sit effect happening the cases are rising and the hospitalizations are going up, but our hospitalizations stays are much lower it's a large calculus equation that most people don't pay attention to very often. there are six or seven variables that involve how these things fluctuate and it's hard for people to comprehend that. we've been operating since may 1st very safely and been very successful at doing it so i don't feel like the restaurants are the cause for the rise in cases. i think people have covid fatigue and we're gathering in groups at home and it's cold out. but we're going to be the ones that are the brunt of the problem, it looks like, right now with the negativity that's in the air it is going to hurt business and to answer your first question, we're running at about 60% of our revenue from last year >> tim, that's a tragic number i wonder, i mean, speaking for

yourself but also speaking for restaurants in general, who at this stage in the game can envision the vaccine getting delivered, there's almost a timeline we're working with now. i just wonder, what do you think is the calculus of trying to decide whether you can make it through, say, the next three to six months and be there for when this thing is widely available >> well, we feel like at this point in time we're kind of reverting back to our may and june operations. in may we were at 25%, which clearly at 25% capacity we don't make any money our goal is to get people back to work, get them employed, make sure their families are fed. i've got 500 people i'm responsible for. so it's important to me that we stay open and keep these people employed, but obviously in a very safe way. so our outlook now, it's a timetable, it's a race to the finish line, which is about march 15th which quite frankly is when this

thing started, honestly, to where the vaccine is out and the confidence comes back to everybody in the marketplace the one thing that nobody is really talking about is, you know, a lot of businesses got ppp, myself included, and i want to bring this up because it's very important that money, according to mnuchin is tax-free. the problem is you don't get to take the normal deductions so there's a lot of small businesses out there that aren't realizing what's about to happen you don't get to deduct your payroll or rent or dueduct all these expenses so really the money isn't tax-free people are going to get to the end of the year and realize they owe 30% of the money they just used to pay their employees. it's going to be a really bad deal and i want to bring that up because if we don't address that soon, that's going to put all of these small businesses out of business. >> it sounds like salt in the wound.

i know you've been advocating for additional stimulus on that front as well from the government tim love, thank you very much for being here and sharing your story. >> you bet, guys have a good day. salesforce officially buying slack for more than $27 billion. we'll talk more about the deal sa leor a sllsasfcereti at the lowest levels since august 25th. ♪ and never brought to mind ♪ should auld acquaintance be forgot ♪ ♪ and auld lang syne ♪ we'll take a cup of kindness yet ♪ ♪ for auld lang syne next customer please. ♪ ♪

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