>> you're very welcome. >> danny matthews of share coin. ty before we hand it off to "the closing bell" team -- i'm losing my mind there you see off a fifth of a percent, s&p same amount we'll join you, kelly, again tomorrow thanks, everybody, for watching power lunch. "closing bell" is right now. >> i'm wilfred frost along with sara isen. markets taking a bit of a breather after yesterday's strong stock we've seen stocks move steadily higher throughout the day, the dow now positive some movement on relief bill this afternoon as democratic leaders in congress endorse a slim-down stimulus deal that could receive support from the gop. salesforce, leading the dow lower, getting punished for its announced acquisition. axiom down, what, 8% as we speak? down 15% this week

and fed's beige book the dow, though, as we said, is higher, well off the session lows, sara. >> just getting a bit of a second wind there. jam packed two hours for you robert kaplan, dallas fed president, he will talk to us about what action still needed from the government or potentially the fed. and aaron levie, ceo of box, just reported earnings himself stock down a little bit right now. ciara and her husband, russell wilson of the seattle seahawks is teaming up with the former ceo of lululemon, christine day. ciara and christine day will join us later on in shoet.

big stories we're watching, mike santoli, looking at this action, and comeback we're seeing for stocks meg tirrell on the rollout for the vaccine. mi mike, to you. >> markets holding firm, first of the month boost we got yesterday. kind of very gently extending toward these new highs again, a lot of measures internally getting a little overbought. the steepening of the treasury yield curve, it's as steep as it's been in, i think, 2 1/2 years. so we're not quite back where we were right there and also right here back in june. but essentially this is an uptrend. it's pretty solid as the short

end remains anchored bullish thing. bond market responding to inflationary resources in the world in the economy, looking for a recovery next year that's generally a positive thing. the big question is, what does it mean for stocks if this rise in yields continues? the short answer is in recent decades, those two things have gone together, rising stocks and rising yields. this is a global measure of equity performance with bond yields rising and falling, the correlations there for the past two decades, they've been in sync yields and stocks have been in sync, very much a departure from what was going on in the 80s and 90s when higher bond yields from much higher levels were correlated against stocks. they were actually opposite movements. the reason for that is this is when inflation was considered to be the bigger problem. over here, deinflammation is considered to be the bigger threat and therefore when yields are going up, inflation is going up toward target levels or more healthy levels that's probably the reason right

here you have seen some areas in the last 20 years, after the taper tantrum, when yields go up too much too fast, when markets feel that yields are going up because the fed is trying to force things, things can get dicey for now it seems as if yields rising, whatever they're doing global globally, is still compatible with the equity market being able to handle it, even if stocks look overlong and overbought in the very short term it's seen as not too out of control. mike, in the past when you see yields and stocks march higher together, what type of stocks, and it allocating to more of those sectors exposed to higher yields you are seeing things like

materials and industrials doing better all that stuff makes a lot of sense. in the big growth stocks of the nasdaq one of the story lines was when yields are basically completely compressed at super low levels, those valuations of those types of stocks written flated it's just considered a long duration asset kind of like bonds. if that works in reverse, it's not going to fly to the indexes very much because they are such heavy weights. in general, it could mean it's okay for the average stock before the more cyclical stocks. that's what the textbook says at the moment we'll see if that plays out. >> mike, thanks for that, as always a number of developments today on the vaccine front who, as always, has a summary for us. hey, meg. >> hey, wilf the uk being the first to authorize a covid-19 vaccine for use after trials

doses will be available in the uk next week, 800,000 in that first shipment the uk overall has ordered 40 million total doses from pfizer and biontech in 2020 and 2021. it's leading to questions about when are we going to get this approval here in the united states of course, the fda has set a date for outside advisers for december 10th to discuss the pfizer and biontech vaccine and december 17th for moderna's and could act quickly after that operation warp speed on the supply of vaccines in the u.s. this is new information. enough for 20 million people in december, 30 million people in january and 50 million people in february all together, 100 million people expected to be vaccinated in the u.s. by the end of february. that's most of the high-risk groups the chief adviser to operation warp speed pointing out. the other question people might have is what about kids? they're considered at lower risk to some extent from covid, but

also important to be protected, particularly older kids? we got news today, "the new york times" pointing out, that moderna is putting plans in place to start a trial in kids ages 12 to 17. this is something we talked with moderna's ceo about on monday on the news of their final efficacy data here is what he told us about their plans in testing for kids. >> is to have data in the spring for 11 to 17-year-old age group. we would get this age group by the end of spring, which i would hope by july and august to vaccinate so they can go back in middle school and high school, to school normally in september '21. >> so, guys, basically having a vaccine ready at least for middle schoolers and high schoolers before back to school 2021 guys >> so, meg, if the fda is

meeting on the pfizer vaccine is not until december 10th and it sounds like in the uk the first jabs will be administered early next week, how far could the uk end up being when we get into next year in terms of reaching herd immunity and what key things would people be focusing on as lessons to be learned for a rollout here in the u.s. >> first of all, i have to comment on the fact that you called them jabs you think it's weird we call them shots but jabs is so weird to me. in terms of reaching heard immunity, that's a great question the uk is only getting access, maybe a week earlier than the u.s., beginning how quickly the fda acts that does not stop people from criticizing the fda for waiting until next week to hold this meeting. in terms of the supply, you know, the uk has placed orders for these doses and it's expected the uk may act faster on the astrazeneca vaccine than the u.s. is prepared to do

they may wait for results of the trial being run here in the country. that will determine how much supply the uk is able to get we are counting on supply from moderna and potentially also from johnson & johnson you are going to start seeing these races happen during different countries to reach herd immunity, hopefully through vaccination. one thing people will be watching much closely is how does this cold supply chain work the vaccine has to be kept at minus 94 degrees fahrenheit. it will be the dry run for the world to see how that works. >> jabs versus shots, fahrenheit versus celsius but i know that's cold, regardless of what number we put on it meg, thanks as always. salesforce's instagram but bigger they won't blow it, words of box ceo aaron levie on the acquisition of slack will he join us to explain what he means by that it comes as salesforce stock is slipping 8% in today's session

you're watching "closing bell" on cnbc.

welcome back high now, .2% on the s&p 500 shares of spotify 2020 wrapped including new version. amazon is in talks to purchase wandry, up 11% palantir moving in the opposite direction after morgan stanley downgraded the stock to underweight, trades at a significant premium after running up more than 150% since its public debut and the risk/reward setup has shifted for the downside to the company.

>> 47 minutes to go. dow is higher, well off the lows of the session salesforce dragging more than 100% off the dow with its big loss, nasdaq goes positive and the russell takes the lead, up .2% box ceo aaron levie with his thoughts on that salesforce/slack deal. investors are giving a thumbs down to it, at least on the stock of salesforce right now. we'll be right back.

♪ should auld acquaintance be forgot ♪ ♪ 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. ♪ ♪

salesforce and slack shares falling today. salesforce is the biggest loser after announcing acquiring slack for $7.7 billion, largest acquisition today. aaron levie, box ceo, sharing his thoughts on twitter, this is salesforce's instagram they won't blow it thanks for joining us. >> thanks for having me. >> the access for instagram for facebook was a massive positive turning point but only $1 billion. talk us through your thinking

here. >> yeah. obviously valuations aside for one second, we are obviously in a very hot market for cloud service services the reason it's such a big moment for software and salesforce in particular, they're getting one of the best assets in the category of the future of work slack is positioned to be able to be the operating system for knowledge workers. you get the sales force, obviously a footprint in the vast majority of the largest enterprises, they'll be able to bring slack to the masses, which i think in three, five or ten years from now will end up looking like an amazing deal obviously, you know, that will take a little bit of time to play out but this will look pretty cheap in retro expect. >> with that in mind, would it help if box is bought by a big partner that gives it more scale and power? >> obviously i can't comment on

that generally for us, we are in the position of being the leading best in breed platform we prefer to have a market where there's lots of companies where people want to be able to work from lack, teams, web ex our job is to be able to make sure we can connect from all of these applications and ensure we have a singular platform that keeps their data secure, connected and drive the work flows around their content we see this as a big move for the industry but also a positive tail end for box specifically. >> investors don't see it that way, aaron wall street is writing it up today. one of the big ones is that the previous acquisitions that mark benihoff has have all been pretty obvious in terms of the synergies and how they can help expand that sales force business slack seems like a different end user, which is more of the back

office now it's sort of gaining access to all the workers out there i think analysts are wondering how ultimately that's going to grow sales force's own business that they manage to do previously. >> to benihoff's credit, obviously, investors told him that salesforce itself wouldn't exist in the late '90s when he started the company. have you to make big bets. for slack, the powerful thing about slack is that it works across the enterprise. it breaks out of the normal departmental boundaries that salesforce is focused on in customer success slack provides a front end for the entire workforce in a generation you see so many amazing companies that are much more productive because of tools like slack. it ends up being a new front front end for distribution so that's why this will end up looking like an attractive

position overtime. >> is it a major threat to microsoft? >> i think we're still in the very early beginnings of this market being in silicon valley and those of us that pay attention to market, we feel like while we've been talking about the future of work, the reality is that when you add up slack interbase, we're only about 10% of the world's knowledge workers that are actually using these products to do the majority of their work you think about how early we are in this journey, i think this is still the early beginnings of the space and very similar -- facebook made big news like instagram and whatsapp it actually turned out there were billions of people left that needed to go and use these applications and i think the same will be true for slack. they had an opportunity with hundreds of millions of people on their platform and salesforce knows that and they're able to bring that to market more innovation in the productivity sector, in this future work category it will be good for innovation

and customers. but that's a good thing for the market overall. >> obviously, big tech is under regulatory scrutiny, aaron we talked to you about that a lot. it's been social media and the big ones, amazon, google, facebook they could all have been potential acquirers here salesforce doesn't get that regulatory scrutiny. do you think it does eventually come into the cloud as you president-elect there will be a lot more m & a deals to happen >> i think there is, you know, there will be a time for regulatory scrutiny for sure in the cloud infrastructure wars. i think it might look a little bit different from your classic anti-trust scrutiny. i think it's going to be more about how do you ensure intra-operability. the cloud, in many respects, you have three or four major utility providers that power the flow of information, the software delivery, the applications that the world runs on. i think there will need to be

some degree of regulatory oversight and how the standards emerge within the cloud, fair business practices, et cetera it might not be in the same area of anti-trust of okay there's one monopoly that is too powerful but more around how do we ensure that you have net neutrality almost related types of policies that will emerge in cloud computing. that's really where i see the conversation going, but we're still in the very, very early innings of that conversation within d.c. >> pivoting to your earnings, aaron, perhaps soft guidance, talk us through that and whether it makes you concerned for the outlook for those services more broadly into next year. >> yeah. overall, we were -- we had a very strong quarter. we increased 11% revenue growth at 196 million in revenue so

significant improvement in profitability year over year we did guide a little softer in consensus. there's a couple of reasons for that our professional services, consulting revenue is lower than anticipated. our customer growth has been existing customers where they're expanding their growth we have seen in headwinds and certain parts of the market and certain segments, some industries affected by covid we're optimistic about the s&p growth we're seeing. certainly a lot of growth in financial services and technology, in some retail sectors, life sciences and health care. that's where we're seeing the growth coming from that's where we expect to see more of this opposition coming from next year.

>> aaron levie, always good to get your thoughts. thanks for joining us. >> thanks for having me. >> good to see you the government's payroll protection program, ppp, was supposed to help small businesses retain employees during the coronavirus pandemic. new data is raising more questions than providing answers about how many jobs were saved from the program kate rogers with the details kate >> hey there, sara last night we got another release of data, encompassing all loan recipients under ppp, not just those above $150,000. in total, $523 billion in loans went to just over 5 million recipients canceled loans do not appear in the data set how many jobs has the program actually saved is unclear. the trump administration has touted ppp supporting 51 million jobs more than half a million loans went to companies reporting no jobs, more than a million loans went to companies reporting just one job. this could be a reporting issue, not a jobs retained issue.

it's also possible that they weren't able to keep those jobs. that cover period was extended we're now going on over 8 months of varying restrictions with a long winter ahead, guys. back over to you. >> so, kate, obviously the stimulus negotiations have started again and front and center is another round of ppp you talked to small businesses, is that something they want, even with these questions of how effective it is? >> sara, i think they certainly do want more help but survey monkey polling data this week showed there's widespread support, about 80% for another round of stimulus but direct payment to individuals and mortgage and rent relief came in stronger than ppp. another round of that came in third place. it is still important to them.

taking on a loan with an uncertain future, facing down a long winter, continued restrictions, lockdowns, business owners are wondering if it's worth it to take that on. aid is needed but there's varying ways of how to support it and payments to individuals gives them more money in their pocket to spend at small businesses, too. >> a little more than half an hour left. dallas fed president robert kaplan will join us next on new economic red flags and what else the fed is considering doing to support the economy. here is a check on bonds yields on the ten-year and 30-year notes are higher today we have a steeper curve than we have had for quite some time 0.95 almost on the ten-year. (♪ )

keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire i need indeed indeed you do.

the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. claim your seventy-five-dollar credit when you post your first job at indeed.com/promo area homeowners learn how your neighbors are accessing $100,000s with a reverse mortgage loan from the bay area's #1 reverse mortgage lender. lemme tell you something. i wouldn't be here if i thought reverse mortgages took advantage of any american senior.

or worse, that it was some way to take your home. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan like any other. big difference is how you pay it back. discover if a reverse mortgage loan is right for you. use it to eliminate monthly mortgage payments pay of credit card bills, medical costs and more. with a reverse mortgage you can pay whatever you can when it works for you, or you can wait and pay it off in one lump sum when you leave your home. find out more, call aag for your free information kit i'm proud to be a part of aag. i trust 'em. i think you can too. call now! hello, wilf. hello, everybody

california reporting more than 20,000 new coronavirus cases for the first day ever total hospitalizations also setting a new record and new deaths rose to 119, the most in six weeks. san francisco has banned smoking inside apartments, citing concerns about secondhand smoke. however, smoking marijuana is still allowed. residents argued a ban would remove their only place legally allowed to smoke marijuana cdc leaves it in the same category as cocaine. train derailment that's the news this hour. sara, back to you. beige book just out in the

last hour had a series of warnings from the recent surge in virus cases across the u.s. most of the districts showed modest or moderate growth. that's how they characterized it data has been coming in weaker than expected. joining us now is dallas fed president and fed voting member robert kaplan. great to have you here, president kaplan. >> thanks, sara. >> we had a big growth spurt in the economy and now appear to be slowing again. how slow do you expect the company to come down now with this virus surge >> we have been growing, as you point out, since april, that growth has been moderating and we could get to the point, depending on how significant this resurgence gets, that growth would actually stall out either by the end of this year or into the first quarter.

the positive news is over the horizon with a vaccine we expect very strong growth next year. i think the next three to six months is going to be challenging. and it appears to us that growth is decelerating and that this resurgence keeps heading the wrong way, which it is, that slowing and deceleration could get worse. >> does that mean that the federal reserve should step up and do more in terms of stimulus >> i don't know about that economic conditions, financial conditions are very accommodative. the one area is if you're a small business that's very reliant on bank lending and you're a person-to-person contact industry otherwise, financial conditions are very accommodative and i think when you have this kind of situation where you've got a three to six-month issue, but over the horizon, we expect

strong growth, i think dealing with that may be more suited to fiscal policy that can be more targeted and maybe more suited to that than monetary policy. >> your challenged outlook for the next three to six months, does that rest because of the virus cases spiking or because of the lack of fiscal stimulus, or would either of those changing direction make you more constructive, even in the short term >> it's primarily because of the virus spiking. >> we track, at the dallas fed, mobility engagement in every county, in every city in the united states. what we're seeing is the population is learning how to go about their business despite this resurgence, and they continue to do that until resurgence gets so bad that it

threatens a city what i'm worried about is if this virus resurgence keeps heading the wrong way, you'll have cities increasingly that have to deal with tough decisions with regard to health care el paso is a city that had to put new restrictions on because they lost health care capacity that's the primary concern that i'm see iing. >> the primary driver of the concern is the virus. >> are you surprised, president kaplan, that market investors have largely looked through the short term and this virus surge and the slowdown in growth into next year, into earnings and economic growth that you talked about should come as a result of a vaccine, or is that the right way we should be thinking about it >> yeah.

so, the market has the ability two years from now, three years from now there's no question that our base case gdp growth next year could likely be in excess of 3.5% we'll have a solid year of growth next year a good part of it, though, is going to be back-end loaded, you know, in the last two or three quarters of the year and so the market has the ability to look over the horizon. even though the economy is coming back. >> the current threat to the economy is probably more suited to being fixed by fiscal policy, did you not think it would be sensible to lengthen the bond buying in the short term >> i would not want to do that at this point. i'll go into the december meeting with an open mind.

but i think we've got very accommodating financial conditions, historically low rates on the long end. and so i don't know that increasing the size or extending maturities of our bond purchases would help address this situation i'm concerned about over the next three to six months but again as always, i'll go into the meeting with an open mind, an opening to listening to counter arguments to that point of view and then making a decision but that would be my view going in. >> we're sort of flashing through the different charts of the bond yields. big story today continues to be a climb. i think the ten-year yield has more than tripled off the march lows how do you read that do you think that the market i at all sniffing out inflation, which could make it harder for the fed to keep rates super low? >> i think it's more likely reacting to the idea that we're

going to have strong growth next year, even though we've got a rough next quarter it may also be reacting to the prospect of fiscal stimulus that would help get us through the next three to six months i would say those are probably the two primary things that the bond market is reacting to. >> the pros and cons of a strong dollar or weak dollar change in the current environment, president kaplan, because of the need to be able to essentially raise debt at will, given the current climate? >> so, listen, it's hard to predict what's going to happen with the currency. and i think a lot of it over time the currency is going to react to the relative strength of our economy versus other economies in the world but there's no question that when you've got this amount of fiscal spend iing and we had a high level of debt to gdp

precovid, we've now increased it substantially. that, obviously, has some effect also on the dollar we're very fortunate in the united states that the dollar is the world's reserve currency and we're able to finance because of that these large debts at historically low rates i've said before, i think we would be wise not to rely so heavy heavily on that continuing indefinitely. >> finally, mnuchin and powell both played down any rift between the treasury and fed today in that testimony, but the treasury did go against the fed's recommendation and cut off some of those emergency lending programs, or at least end them was that a mistake and, if so, how are you thinking about the risk that that presents for the market stability and for the economy into next year

>> you know, as you know from the fed's formal statement, and i agree with the language, we would have preferred to have seen these programs extended through 12/31, because they provided insurance like insurance, you know in hindsight whether or not you needed it. there's no question as we sit here today, though, financial conditions, as i've said, are historically robust. and so i'm hopeful it may turn out we don't need that insurance, even though i would have preferred after the least to have it a little longer being part of these programs, we've had a very good and constructive working relationship with the treasury, and i think it's worked, overall, very well. >> robert kaplan, appreciate you taking the time to join us thank you. >> good to talk to you. >> president of the dallas fed. leaves us with 20 minutes to go before the closing bell dow is up 50 points.

salesforce the big drag on that index. s&p is up .4%. we're coming off a record close for both the s&p and the nasdaq. we're pretty much plat into holding on to those gains. small caps are making a move higher. ciara and formerceo lululemon on the challenges of launching an peril brand during a pandemic but they are pwilong ahead we'll talk to them about it. 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. ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be a computer expert to be great at this. these are skills lots of people can learn. i feel hopeful about the future now. ♪

salesforce and slack's dl.ea plus concerns from ceo elon musk when we take you inside the market zone next

for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin gold bond it's moving day. and are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services

without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

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

with all the action going into the close. crucial moments of the trading day, ritzholt wealth management josh brown and marc lehman the dow and s&p are higher, nasdaq trading lower s&p is on track for a record close. anything positive would do that. same for the nasdaq, josh. the fact that we're talking about talking about it, is it giving you any hope here to buy stocks >> well, i don't think that whether or not there was stimulus would influence my decision to buy stocks but it's very important for people in our population who don't own stocks. from that standpoint, of course, i would rather see them do something and do it soon so any chatter that we hear about coming from washington is not going to be a negative i think the big story today is

energy there's some opec stuff going on tomorrow i have to be honest, i don't really pay attention to it i couldn't tell you what it is those are the stocks hanging in there. the best right now, followed by financials, and it looks like they're taking a breather from the high-growth tech names some of them reporting tonight, which we'll talk about they're all red ahead of those reports. action from zoom maybe chilled people out on being fully long going into hew those prints. that seems to be the theme of the day. some days tell a very vivid story that you can wrap your hands around and they almost feel tangible. today ain't one of them. >> josh, are those outperforming tech stocks pausing because rates are roo rising are rates rising a threat to them >> i think they could just be pausing because some of them have run up so much that people are on to the next trade and a lot of the momentum is not -- look, the fang names as relative to the s&p 500, i've mentioned this before, peaked

back in september. ideas been months of underperformance in large cap growth and then fastly and zoom, they put up big numbers, not big enough, and they saw sell-offs and some of them are probably in the penalty box until the next time they report meantime all the momentum is happening away from that capital one financial, a momentum stock now it could be just that simple, wilfred, that people have moved on to the next thing what's moving today? and thank you very much for the stuff that was moving yesterday. >> the catalyst today was a decline ahead of that opec meeting tomorrow where we could see output cuts if they can agree to it. energy has made a nice move higher still the worst performer year to date. >> yeah. it deserved a little bit of a

bounce, considered what happens happened through the year. obviously value overgrowth was a big story in november and probably continues a little bit here i just don't think energy is where you want to be long-term i think that's a tough place to make a big trend move. and i think the big trends of 2020 are going to continue into 2021 and beyond. that's where you want to play. albeit, they are getting that bounce and deserve a bounce because they had such a bad year relative to the growth up through november. >> salesforce is the worst performer on the dow shares are obviously down some 8 or 9%. slack also a little bit under pressure some analysts are citing investor sticker shock over the $27.7 billion deal value, others reflecting back to three months ago when marc beni doff told

analysts they are not in a good m & a environment, downgrading salesforce to neutral, and all downgrading slack to neutral slack is obviously down 2.6% salesforce, more interesting one, down 8% what do you make of this space, mark, and more broadly significant m & a deals? >> let's start with this deal. salesforce it's not just a trend but will continue post-covid secondly when that august announcement took place, added salesforce, the stock was right here guess what, it's right back here and they just acquired slack all it's done is retrace that huge 30% move we saw in august when they got added to the dow my money is on marc. look what he has done in terms

of acquisitions and integrating high-growth areas. he's a winner. i think in terms of integrating slack and building a great company, marc is well on his way to do that albeit with stock that was higher three, four months ago. look where it has been i like the trade. >> hmm josh brown, i remember a long time ago, a time where we all sat together cozily at the new york stock exchange and shared your last-chance trade for slack before it went public. was this an end game that you were thinking about, and did you hold it? >> it was an end game i was thinking about, but i played myself, because i sold slack much lower than the price it got acquired at. i was up a couple of bucks in it i averaged down a bunch of times. it was not a winner for me i could have bought almost any

other software stock this year and probably tripled my money. i put this in the "l" column but i always said this was the deal that made the most sense and we lose slack like other people use oxygen. having these two things put together for my business will be beneficial i just want to echo those comments about i would bet on salesforce go back and look at the press coverage they did that deal, i think, in february or march of 2018. and everyone hated it. go back and look at the commentary around when they made the tableau acquisition. that was the biggest up until now. had you people saying they are overpaying where are they going where is this in the road map? benioff, if you're going to give the benefit of the doubt to

someone it's not an analyst worrying about valuation it's marc benioff. he's going to get the big picture right. could he have gotten it for cheaper if he made it six months maybe. maybe he thought there was urgency and he couldn't wait because there could have been another buyer. we really don't know crm is up 35% year to date you can make the case that the shareholders disagree with this deal that doesn't mean they're going to be right in the end. >> two strong defenses for mark benioff. let's move on to talk tech and softbank, massive options trades in the u.s softbank's derivative trading drew some criticism from ceo's masa son remember, softbank was dubbed the nasdaq whale in september after it was revealed for the first time the company had been

buying up bps of dollars worth of options and u.s. tech companies which may have helped fuel the late summer rally softbank reportedly still hopes to hold on to big tech, including positions in amazon and facebook josh, does this remove a buyer, which potentially was a big driver of the tech surge we've seen in recent months? >> i think there's two ways of looking at this. the first is to say maybe it removes a buyer who was doing unreasonable things at unreasonable prices, thus driving up valuations for other investors, who may have had more longer term motivations for what they were trying to do and were being forced to pay for things that they ordinarily would not have i'm trying to be like as charitable as possible about what this means. the other way to look at it is the salad days are over for pay any price as long as there's a big tam and a big roll story and

you've kind of lost -- we used to call it the greenspan put you've lost the softbank put in these high-growth pockets of the russell 1000 i guess we'll see. that's waet i would start to think about it and then look at the names of my portfolio and ask myself which ones require for there to be a suspension of belief and people willing to pay any multiple, no matter what i don't really have many of them i have a few. >> let's talk tesla. shares are down by 3% today ceo elon musk expressed concern writing investors are giving us a lot of credit for future profitability. if at any point they conclude that's not going to happen, our stock will immediately get crushed like a souffle under a sledge hammer. mark, what's your take on this

it's interesting i'm sure he wouldn't have sent this email around widely until they were already added to the s&p, which they got their approval on. what's your take on the content of the email either way? >> clearly, elon is not a great baker. that would be a tough souffle to eat. it's kind of ironic in my book look at some of the acquisitions he has made with their partners and see what the stock has done. i think there's an axiom out there that you don't save your way to prosperity. it's an interesting thing to get out in the public. they have to focus on the top line, getting into markets and making sure they canhandle tha kind of volume i think they're going to do that i think we've had a time when you look at the stock, as every employee who probably does and say there's nothing that can be done it's terrific that he's trying to send a message around i'm not sure it really matters deep down that the last employee turns the lights off before he goes home. i'm not sure that matters. >> tesla, pretty much any

timeframe you look at, down 3% today, up 25% or so the last three months and about 40% over the last one month the broader markets with over one minute left in the session we are higher on the s&p and the dow. dow is up about 40 points. high of the session was 75 points about 10, 15 minutes ago. you can see the last 90 minutes or so, the very much the best part of the day in the green, having opened lower or close to the open down 225 at the low of the day. s&p, as you can see, up about .2%. nasdaq composite fractionally in the red, but only by a few basis points or so the russell 2000 is up 0.1%. energy, the real clear outperform outperformer, up about 3%. there's an odd mix that follows, communication services up 1% and financials up 1%, not always seeing those moving in the same direction. and the bottom of the pile, materials down 1.4% and staples

down 0.8%. soft dollar is down .75% so far this week as yields continue to move higher. the ten-year 0.94. go just a fraction down on the nasdaq composite and up on the dow and s&p. >> it's not much, wilfred, but it will do it. record close for the s&p 500 just needed a positive finish. we did that. another record high. welcome back to "closing bell. if you're just joining us, i'm sara isen here with wilfred frost. the dow closed up after being down most of the day the biggest winner, salesforce "the biggest loser" after announcing that slack deal s&p up 3678 intra-day high on december

1st. not too long ago as for the nasdaq, it did step back but really did hold on to its gains, 37.5% for the year. was flat today russell 2000 did better, had positive day in the last four. it's up 10% year to date coming up this hour, trio of big earnings, snowflake set for its report since its ipo and then former ceo fred haslan on the covid vaccine and when it could be available in the u.s. josh brown, mark lehman. also joining the conversation, joann finney welcome to you we'll kick it off in the absence of mike santoli, who usually wraps up the action on wall

street saw a big boost, stimulus hopes. what stood out to you as far as how the day went and ultimately finish at a record close >> well, we had a great day so far. december has been pretty good. november was historic. the market kind of held its own. that's a great backdrop. you see the market hold its own. it's also a month, ipo window is wide open. door dash, airbnb that you talked about we'll see that on the street i was impressed with today, after the gains we had in november to see the market react like it did to a tough print, yet the market was really resilient and performed today. that's a great sign for the rest of the year. >> the markets jumping today or rising today off the hope of some stimulus. is that something that if it arrives, even if it's a relatively skinny deal, if it arrives in the short term, would give the market a big impetus? >> wilfred, i don't think anybody should count on that

stimulus the wise investor is saying it would be nice if it came along but let's not count on it. there are ways to invest that don't rely on that stimulus coming along deals we're seeing that mark referred to are showing investors that there's still a lot more room for growth in the cloud area so you can invest in individual companies without relying on that stimulus. companies like broadcom, qualcomm right in the center of cloud computing. i wouldn't rely on the stimulus but it's more likely to come after the new year, after the change in the administration. >> josh, what sort of moves have you been making lately after the tremendous run-up to new record highs, all the vaccine optimism and questions over how much news is already baked into this market >> so our tactical model has been fully invested since late spring you know, we're doing rules-based investment on the tactical side. and on the tstrategic side, we'r

global there let's take tactical. it's u.s. only we're respecting trends. i'm not scratching my chin and trying to, you know, outguess the market's opinion of the moderna vaccine. like i don't think anyone is responsibly running retirement money that way, frankly. the trend has been higher. we've been in. nothing is change, if anything if, you're looking at areas like mid caps and small caps and areas that have been left behind they are joining the parade. the parade is not receding and so like when i look at what's to come in '21, it's very hard, obviously, to make predictions. nobody in december 2019 was talking about pandemics, and that was the only thing that mattered try to look at these trends. dax made a record high today, like all-time ever congratulations to my german

friends. you see the dollar falling off you see the nikkei approaching 30-year highs. i think you want to be broadly diversified. the weakness in the dollar is secular, beyond cyclical at this point. more stimulus stuff will only exacerbate that. and now you have the curve steepening, which is helping a lot of areas of the market, like financials and when you look at europe, that's all you see are financials and industrials so, that's what's been working there's no reason to think all of a sudden the roulette wheel is going to land on black just because it's been landing on red throughout the summer and the fall that's where we are. it's working clients are happy. i'm sleeping well. and i think the vaccine stuff really is going to be a game changer for huge areas of the investment markets and this has been waiting for a long time. >> the fed's november beige book warning about the potential negative impacts on the economy came out earlier today

we discussed all of this with dallas fed president robert kaplan. >> we've been growing, as you point out, since april that growth has been moderating. and we could get to the point, depending on how significant this resurgence gets, that growth would actually stall out, either by the end of this year or into the first quarter. the positive news is over the horizon with the vaccine, we expect very strong growth next year i think the next three to six months is going to be challenging. >> there's also a comment that didn't seem to suggest he would support further action at this next meeting from the fed and that fiscal policy is the way to go will that potentially disappoint the market if we don't see any further action from the fed this side of the new year >> you know, i think that's a great question

i think janet yellen's stamp will be interesting to watch the market praised that recently i agree with the president's comments, the fed comments, because i think they're very accurate we have to be very careful because this recovery is very fragile. i think when congress gets back in january, we are going to see some more bipartisanship, something we haven't talked about in three or four years it's funny we're not talking about the president anymore. we're talking about the new administration i think that's what the market is paying attention to and i think we will see some stimulus i think it's very important for both parties, a spirit of bipart sanship. if that happens i think the market will have a great '21 the next three to six months are very fragile because the have not are reale nots are really struggling the retail and restaurants, that's not going to change for a few months and that's tough and

something we have to pay attention to. >> joanne, kaplan said the economy could stall out. next year with a vaccine, a very strong growth, 3.5% growth from the dallas fed next year as an investor, how -- do you think that the market will continue to brush off any near-term challenges to growth, even if we do start to stall out here in the next three to six months >> yeah. you know, it's pretty clear it's going to be a slower recovery. the covid spike right now is going to adversely impact the service sector, and everyone now understands that you know, the market and investors look forward, as they should, to own individual name, you care about the whole future path of profits. yeah, i think there will be a slowdown in growth we're starting to see it in the slowdown in numbers that came out yesterday and today. that shouldn't dissuade

investors now. we're trying to avoid owning the whole index. you want to look for where the value still exists you can find secular growth out there. 5g i mentioned before. the light has been flashing red for income investors all year. and that's just now beginning to turn green economic recovery is on the horizon. so we're expecting investors to move towards those higher dividend yielding stocks, financials, some energy, some industrials. and look beyond this valley, the spike in covid cases, to when we get on firmer footing for a real solid, broad, economic recovery. there are opportunities out there. you just have to really pick and choose we don't think it's going to be one of those recoveries where all stocks rise. it's not going to be a rising tide lifts all boats we think there will be a lot more dispersion in the market. so, finding individual names, we think, will be a helpful

strategy. >> the dividend theme is interesting. we are just getting snowflake numbers. remember, this is the first quarterly results as a public company after a super hot ipo. josh lipton has the results. josh >> so, sara, snowflake reporting q3 results here, revenue 159.6 million a jump of 19%. it looks like a net loss of 169 versus 88 million a year ago snowflake ceo with a statement here saying they are pleased with their performance this first quarter as a public company. says the period was marked by continued strong revenue growth, coupled with improving unit economics cash flow. the stock down pretty hard here. remember, as you mentioned, it had rallied very hard, too it was up 150% since its public debut in september conference calls at 5:00 p.m. eastern. back to you all. >> josh lipton, thank you. josh brown, i'll turn it to you

with the stock plunging now 9%, after hours. do you buy it on the dip >> you know what i haven't done the work on it. i don't have a strong opinion. i know it's expensive. these types of things are expensive often for a reason i wouldn't want to speak on that i notice crowdstrike is out, too. that one, i am long. i was actually rooting for a pullback, because i don't think i own enough, given how bullish i am on the company's future that one i'm showing up like nine sticks. it looks like they blew out the revenue number and guidance looks good-ish i guess we'll learn more on that one. >> we will, right now. kate rooney has crowdstrike for us kate >> good. >> better than good-ish. very good quarter here for crowdstrike. they beat on the top and bottom line earnings per share adjusted came in at 8 cents, analysts were expecting the company to pretty much break even revenues, 232 million. that was 86% increase, year over

year that was also better than expected q4 estimates for eps and revenue were both well above estimates the stock is up about 6% here after hours now about 8% it's up about 185% year to date. strong third quarter for crowdstrike. >> kate rooney thank you for that josh, you were up nine sticks, whatever that means. are you up ten or 11 sticks now? >> 13 1/2 sticks again, i'm in it i should be bigger i knew better. i feel really good about this company's future i never feel good about any given earnings report. and, by the way, george kurtz can get on the call at 5:00 that totally reverses this rally. don't go by my first blush reaction but this company is a man on fire. the tam is ridiculously big and they seem to be just eating it alive and signing -- i think they have 80% plus of the

fortune 500 or fortune 100 even if you're not in this name, i think it's an important name we'll see how things shake out. >> josh brown, mark lehman and joanne feeney, thanks for joining us. fred hassan on the covid vaccine and when the u.s. could see it widespread also

the uk becoming the first country to approve a covid-19 vaccine for emergency use. pfizer/biontech vaccine will begin rolling out there next week with elderly in homes and care workers the first to receive it it's still under review in the u.s. the vaccine could be approved by mid-december former ceo of plough, fred hassan thank you for joining us is there any excuse, given the obvious circumstances, that the fda is a couple of weeks behind the uk regulators? >> it could change the economies of countries around the world. it's very unusual but this is a very unusual time.

this really is a very important validating step for the pfizer vaccine and the advisory committee on the pfizer vaccine next week to give us all a lot of reassurance that once the product is approved that this thing could be very useful it would be a very effective, very safe vaccine. the data is astounding they've been watching safety in real time and it really is a remarkably very good product so i certainly congratulate the uk government to be the first one, but the fda is not far behind and the european union is not far behind either. >> the next couple of weeks in the uk in terms of the

challenges of administering a vaccine so widely? >> it always comes down to who gets it first and the practitioner prioritization. the u.s. will meet as an advisory committee separate from the advisory committee an advisory committee would decide the prioritization of the vaccine based on the product characteristics of the vaccine in the uk, they are a little more centralized around it it will be a very organized approach about 22 million people in the uk are going to get this vaccine. i really congratulate the uk government to have the forsigest to lock in these doses they're going to access it very quickly but so are the people

here in the u.s. you're going to see a lot of people get vaccinated here before the end of the year that's a wonderful thing to hear. >> that's my question, fred. we're told by a lot of experts, dr. fauci and others, that for the general population, in terms of receiving the vaccine, we're looking at april maybe next spring why does it take so long if the doses are going to start for -- at the end of december for the high-risk and the elderly and the front line workers what happens between december and april that takes so long to get it out to the general public >> i think it's all about the scramble for raw materials to make this thing. it's a chemical synthesis. it can be scared up pretty fast but you do need two doses and we haven't tested our system in this manner before

people have to be tracked. there is a three-week interval there's a lot of complexity here and i think it's going to take a little while april is not far away. we've been surprised at the speed of this vaccine. if you had told the ceos in april of last year only 5% of them were expecting a vaccine this year. and here we are. we have a vaccine. we might surprise ourselves with the logistic steps as well we might be surprised how quickly people will get vaccinated there are some doubters out there and anti-vaxxers and we need to work on them overall i think it's going to be out there. we need to get to the 70% mass herd immunization by may once we get there, we get our lives back and our economy back.

we need to get there as soon as possible. >> you spoke of the uk regulators earlier does it surprise you that the u.s. is potentially requesting for a fresh set of trial data for the vaccine? surely it's a little more binary once all the data is out, if those other regulators do approve it based on the data that already exists, why should the fda and u.s. need fresh data to consider that sure, if the others reject it, i understand that. but isn't this going to be a case where all three regulators either all approve or all reject each of these vaccines >> it depends how much competition exists on these regulatory bodies. there's collaboration but internally they want to show they're a little better or little different in this instance, i think the astrazeneca vaccine, which uses a different construct,

adeno-virus construct, this might have gotten a little sidetracked because the two vaccines that came ahead at 90% plus this vaccine even with the confusing data is still north of the number the fda was expecting. if we did not have these mnra vaccines i'm sure this one would have been fast tracked it's all about availability and the fact that these vaccines are there. i really hope that we'll look at the vaccine in the right manner and get it out there the more product there is out there, the more access and, also to some extent, more price competition. the more vaccines out there, the better. >> wall street question, how should investors be look at these companies that are making the vaccines like pfizer, moderna, j & j or further down the road, whether we'll see new

innovation born out of this after covid-19 or whether this was just a really good public use of resources and money? >> we're overinvesting forn resources because of the scale of it. it feels like a moral obligation to get in there, even if it mean s many of the vaccines and therapeutics will not get return on investment. it's the right thing to do more importantly, if i were an investor, i would follow the platform big discovery that's occurred here following columbus 1492, we discovered that the mrna platform can make vaccines that are remarkably effective and safe this was totally unknown in the past it's a major discovery and that discovery means that the same platform can be used

for other viruses and hopefully down the road for cancers as well it's a huge discovery. i look at the companies with the platform, with the managements and say this team can execute in this case, there's a good chance they'll execute elsewhere. certainly in the smaller companies, stocks are going up there is going to be some speculation about this vaccine creating renewable revenue we don't know how often you will have to do the vaccine we won't know that for about a year those mathematical platforms aside, i'm very bullish about how people view this technology. as far as the super structure, companies like pfizer, i wouldn't over -- i wouldn't put too much money in their stocks

just because of the vaccine. i think it's the execution matter that really matters here. >> thank you so much for your commentary appreciate it. >> thank you. >> breaking news on spo logistics. eric chemy with the story. >> that's right. announcing a spin-off of 100% of its logistics segment into a separately traded company on the new york stock exchange. two different companies. they intend for the transaction to be tax free to xpo shareholders and would result in current xp o shareholders owning stock in both companies. chairman of xpo logistics would have a role in both of those he's actually on "mad money" later tonight to get into those details. this is big news for the company, rationale here being

that the logistics part of the business can be separated out from the ltl and transportation brokerage systems part they can be specialized businesses and the investment community can understand each of those a little bit more accurately rather than the current structure. that is xpo logistics with a spin-off on the logistics part back to you. >> up almost 2% after hours. we'll look forward to that interview on "mad money. thak thanks, eric. shares of snowflake, down almost 9%, cutting their losses, down to almost 6%. we'll break down that move with an analyst next. morgan stanley out with its top secular growth ideas for the next year. stocks with reasonable valuations like alphabet, apple and tesla. yes, tesla, reasonable valuation. cnbc.com/pro don't go anywhere. we'll be right back on "closing bell." get real-time insights in your customized view of the market. it's smarter trading technology

for smarter trading decisions. fidelity.

the team's been working around the clock.wire, 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.

we're back shares of snowflake down about 6% in after hours, after recording its first quarterly results since going public in september. good to see you. we're looking at revenue 150 million or so, 115% year over

year growth. seems strong on the surface. shares down a little bit is that just because of the strong start to the shares after going public >> yeah. the stock is up about 115% since they ipo'd i think this is selling on the news initially however, i wouldn't be surprised if after the call that starts at 5:00, the stock doesn't even end up trading up. we're expecting more good news on the call in terms of details about customer adoption huge growth opportunity for these guys. >> how are they growing customers? are they benefiting from all the hype and positive reception on wall street? >> they are benefitting from positive hype on wall street the members that manage this team, along with the ceo of the

company, they've had a track record of go to market machines. you're going to see the likes of disney, home depot, nike and government contracts and viacom and salesforce all adopting snowflake technology to leverage the data that's out there that sits in all different kinds of platforms, amazon, microsoft, or in their own data centers. that's what they're benefiting from their go to market machine is just getting started. >> joel, how far away are we from cloud-based companies being sort of -- struggling for growth overall in the marketplace, even if snowflake remains a winner within that? is the broader space going to grow for the next decade or have we bought forward a lot of that growth >> we think this is a multi-decade opportunity there's a lot of talk about work from home pulling in cloud computing, et cetera there's still a lot of legacy

mainframe onprem that are out there. we think we're in the third inning of this cloud computing paradigm that we're undertaking. we hear about digital transformation, but we're just scratching the surface in terms of leveraging the amount of data out there. it's in all different silos and there's no way to democrat iicd it until snowflake came along. they can pull it in their system and you can analyze it from there. we think this will be the fastest company to grow to $5 billion revenue in the history of software. >> a full-throated bullish case there on snowflake joel fishbein, thank you for joining us fresh off these earnings. >> thank you. up next on the show, fresh fashion tie-up former lululemon ceo christine day is teaming up with ciara

we'll discuss e rtthpanership with the two of them live straight ahead on "closing bell." 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.

>> welcome back. time now for a cnbc news update with sue herera. >> happening on capitol hill, mark kelly being sworn in as the new senator from arizona mike pence presided over the ceremony another democrat, kristen

cinema, who wore a purple wig for the occasion rejecting a challenge toy state law that stripped pension benefits for employees committing crimes. dogs are the only pets who will be allowed to fly as service animals. emotional support animals need to be checked into the hold for a fee. today is the day that mcrib fans have been waiting for mcdonald's is serving up the sandwiches nationwide for the first time since 2012, though it was available in some places last year. you are up-to-date that's the news update this hour. >> i've never actually had the mcrib. >> you should give it a try. >> mcdonald's pictures generally always make me hungry. sue, thank you. >> uh-huh. >> grammy award-winning singer/songwriter, ciara and

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

singer/songwriter ciara, she and her husband, russell wilson, partnering with former lululemon ceo christine day. the company has two brands, human nation, streetwear brand launched in conjunction with this week's announcement and the good man brand, which russell wilson launched in 2016. in the spirit of paying it forward, when a customer makes a purchase under either brand the company will make a 3% donation to ciara and russell's nonprofit, why not you nation? former ceo of lullemon and co-founder and president and ciara, co-founder of this new company. thank you for joining us to talk about this project what makes this different than other celebrity fashion brands

>> at house of lr & c we want a house built on love, respect and care, how we love each other, respect each other, care for each other we're not only doing the fashion part, we're combining the passion for fashion, but also the passion for impact and that was really important to both russell and i, and also christine, with create iing our companies, that passion with fashion. the fact that we'll impact through it all sets us apart i can toss it over to christine and she can break it down with the technicals on how we set ourselves apart. >> i would love to hear that and also how you got involved, former ceo of starbucks, lululemon. how did you team up with the wilsons for this >> russell and i had a chance to meet through what i call my day job, which is ceo of a healthy

food line. we both had parents who passed away from diabetes, so there was a connection there for us. i put together a team to help him expand his good man business and he said would you like to get back into the apparel business and i said no. and then heasked again, you know, if you could create anything, what would you create? human nation became that baby and we also decided, which will launch some time next year, to do a women's brand where ciara would be the creator and star of the show and next thing i knew i'm back in the apparel business as well. >> ciara, why now? have you pushed things back, brought things forward on the events of 2020 >> oh, my goodness 2020, as we all know, has been incredibly impactful to us all we felt if anything, now is the time to kick in extra overdrive because knowing at the end of it all, we want to impact

so it just felt right, you know. russell and i, we always talk about how it's a blessing to give back in times when so much is being taken away. the house of l, r & c, we're able to impact let's stay on the mission here like every other business, we had to adjust. everything didn't start out so pretty it still isn't the prettiest, but we're on a great mission that's greater than fashion. so we said let's stay the course here again, it's also amazing to know that when consumers, you know, when our customers buy the fashion and get into the wardrobe and everything, all that stuff, they'll also be giving back at the same process. so, you know, that was really important to us and, you know, we said let's go we're all in this together so, yeah, absolutely. >> i think it's interesting -- go ahead, christine. >> there's things about the

timing, though i stepped into lululemon in the middle of 2008, 2009 i've been in this rodeo before there's certain things this is a transition, inflection point in the industry some of the things that consumers are looking for are really that sustainability, versatility, longevity in their garments the ability to reflect personal style and the whole giving back. and then i think your brand messaging, what we really saw the gap in the market, particularly for the younger gen-z's, they want to see companies building business models that matter, that have inclusion and unity, and sustainability, and love and there's not enough of that in the world so we felt like our voice and our leadership in this space mattered more today than ever. and i think the ability to build on a direct-to-consumer business as well as smart, strategic partnerships like we have with kohl's and nordstroms is a

different partnership. we're ready to rock and roll we've seen great results with sales so we're really pleased. >> ciara, i was going to pick up on that point about the department stores that you're partnering with, kohl's and nordstrom. i thought you would go with amazon i remember the picture of you and russell making pancakes with jeff bezos i know there's a relationship there. russell wilson gave some of his team members amazon stock. why, if you're chasing after the younger consumer and impact consumer, are you going to sort of the older school department stores >> well, if you look at the landscape and how the world is changing, especially with brands like kohl's and our companies like k ohl's, they're also evolving with the times. i've been fortunate enough to do things with kohl's already we sat down and talked about our vision for what we were doing. we really connected. we felt that, you know, the plan they had matched what we were trying to do and vice versa and

also with nordstrom. good man brand, a brand -- first brand technically under the l, r & c house, the house of l, r & c. so everyone is family, which is a great thing, you know. of course, yes, we love our amazon family. in in case, everything lined up and made perfect sense to do we're really excited about it, and everything really feels right in regards to both nordstrom's and kohl's it all feels right. >> yeah and -- >> well, we'll continue to follow go ahead. >> i was going to say, we certainly have reached out. >> final word, christine, yeah. >> in having a conversation with them, too. everything in good time. the right sequence. >> okay. >> yeah. >> but, of course, amazon is our family so, we want it everywhere. it will be everywhere. >> keep us posted. good luck and thanks for joining us to talk about the launch. christine day and ciara. good to have you. >> thank you so much for having us still to come today on

"closing bell," vaccine rollout roadblocks, states facing a slue of big challenges ahead of coronavirus vaccine distribution details when "closing bell" returns. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪ no one likes to choose between safe or sporty. modern or reliable. we want both - we want a hybrid.

so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪

this as they prepare for massive plan ylan mui with more

hi, ylan. >> reporter: states are working to get this out to the public and tracking and tracing who has gotten the shots state health officials say they need $8.4 billion and so far, congress has only distributed 200 million. >> we, at the state level, can only carry the ball so far down the field. congressional support on this front will actually be crucial. >> reporter: capitol hill is starting to feel the heat, as the first vaccine could be approved as soon as next week. in a statement today, democratic leaders nancy pelosi and chuck schumer said that is creating a new sense of urgency, guys, to restart a new round of stimulus package. back to you. >> everything will be rolled into one negotiation and one bill >> reporter: that is the hope right now. that is what mcconnell said that he expects -- how he expects this to go down. that's what we've heard from democrats as well. quet is, can they come together on a covid relief bill

if they can't, does that hold up the government funding bill? they're not saying they need a covid relief bill to fund the government but that makes the most sense because right now lawmakers are working with limited time before they have to go home for the holidays. >> ylan mui, thank limited tim they go home for the holidays. the anti--netfli for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

schwab. [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.

discover is jumping into the streaming world with its launch. >> discovery may be late to the streaming game, but the ceo says discovery plus launching january 4 has advantages it will be international in 25 countries and launching with 50 original series. that's more than any other streaming service has launched with and will have 55,000 episodes they said reality home and food means it will be complementary

two rather than competing with the likes of netflix discovery will be available free to verizon subscribers the company said its version will yield three to four times peruser than it earns from lineal viewers >> i guess this is for the hgtv fans i am trying to think of other shows and franchises that will really attract people in the beginning and how much of it, julia is repurposed and how much is new original content? >> they do have 50 original shows and this is for people who love food content. there is a ton of cooking shows and nature content the thing they said if you are

watching netflix, you will want to sit and watch a scripted show this is the kind of show designed to be on in the background they said there are hard-core fans and people who will want to leave it on throughout the day which is the funny way to put a tv show, that you don't need to focus on it. but a lot of people the like of chip and joanna gaines who will market the show. >> don't miss the call with ceo david zaslow on squawk box at 8:00 a.m

here are some movers after hours. snowflake has been a hot ipo crowd strike

splunk getting hit and pvh doing well that's the owner of calvin klein, tommy helfiger. don't miss tomorrow at 3:00 p.m. rodney mcmullen to break down the numbers. people have been stockpiling we will talk about what supplies are like we will get numbers on initial jobless claims ahead of the jobs report friday. and we have seen a trend in the economic data of slowing down. we saw it in manufacturing dallas fed president said he expects the slowdown to continue for 3 to 6 months and growth could stall before the end of the year before we get a growth

spurt next year. >> and yet the inclination he would be voting for action from the fed next month though he said he would go into it with an open mind. the dollar was soft down 0.3%. equities were down we are out of time "fast money" starts now. >> i'm melissa lee tonight on fast, break out your winter coats because the market is entering the chill zone that's the message from tommy. and what sent this stock to new all time highs later, if you unground it, will they come? a high stakes show of confidence but are custom