we are in that 11 to 12 kind of range. that's several years off we would have to discount a target but if you believe that will be will pay in the mid to high teens or 20 you can get upside but we are going to debate that because this industry was thought to be, you know, very secular in its growth profile and not as cyclical as it once was. now with the pandemic i think we will debate that. >> carter, thank you for joining us today again, bullish on boeing, carter copeland, tie. >> dow back above 30,000 s&p record if you have got 20 grands you can buy some bitcoin thanks for watching "power lunch. we will be back with you tomorrow "closing bell" starts right now. >> thank you tiler and kelly and welcome to "closing bell." i'm sara eisen here with wilfred frost. stocks are green the nasdaq and s&p are looking at new record closes let's look at what's driving the action right now dow is up more than 100 points boeing is a big gainer on a new deal for 737 maxes we will dig into that stock in a

bit. jobless claims dropped good news stemming a recent downturn in the labor marked more than 11 million americans remain on unemployment benefits. we are seeing movement on a stimulus package the russel cap always the up a% here with 59 minutes left until they close. >> coming up on the show he leads the largest grocery crane in the u.s., kroger's ceo rodney mcmullen will join us we will talk about covid surges and competition with the likes of amazon and walmart. and bob davis with highland capital will join us to debate the investment world's latest fad, spaces and where he wants to put money to work. let's focus on the big stories today. we have mike as always tracking the market action. and ylan moi has the lat(est on stimulus negotiations which could actually be moving forward this time. mike we are up 171 points or so,

near the session highs on the dow. >> boeing certainly lifting the dow. broadly speaking the average stock is up. it is quiet continuation of this rally. not necessarily a breakaway burst to record territory but definitely moving in the right direction if a little tired. 3640ish is about 1% down from here that's the intranet high on november 14th before we broke into this higher zone. that's also where the pullback yesterday morning stopped and pulled back. that seems to be the dividing line between are we going into blue skies or is it going to be a chopping down back to the range. look at the s&p 500 against a proxy for the total stock market, the vti, vanguard total stock market etf look at the separation here in the total market index just in

this last little bit, start of november into now. you will see it has opened up a lead of 2.5 percentage points. you don't usually get an uhl annual difference of that magnitude. it shows you the rally has broadened out. it has small caps, the vti and tesla in it. that's responsible for some of that margin. this idea that everything is working all kinds of stocks seem to have an upside behind them is creating this overconfidence that i keep talking about. on the short-term a lot of speculative action going on. look at this very, very long term charlotte of the equity put/call ratio the lower this goes, the more bullish investors are. puts which gives you protection against the downside are a smaller proportion of all options being traded this. goes back to the late '90s the level -- this is a 100-day. >> yeah multiple months. it shows you we are down

basically in the late '90s range. are we in this new regime where the public is persistently optimistic and speculating to the short-term bets or are we going to have to have a market pullback that reverses that's the question. everything i look at says it is getting stretched but that doesn't mean the rally is over with. >> the dollar's slide continues. >> the dla seems to be yes the sort of release involve in terms of letting pressure out of the global capital markets essentially it is a relaxation measure. global liquidity is working and people are willing to put money at risk. that tends to be negative for the dollar there is no fed implication, it is nothing to do with fed policies, it is seemingly a liquidity and risk appetite play, sara. >> yep agree. mike santoli, thank you. to the clear short-term driver for the market, a

stimulus deal. ylan moi has been tracking all the twists and turns what's the latest? >> sara, house speaker nancy pelosi and senator majority leader mitch mcconnell are back at the bargaining table. the two of them spoke over the phone earlier this afternoon about both a government funding bill as well as another coronavirus relief deal. now those things are being negotiated separately. but they are expected to be bundled together for a final vote pelosi's office said the two sides have a shared commitment to getting the two pieces of legislation done as quickly as possible mcconnell's office did not kmend comment but earlier today on the senate floor he did say that a compromise is within reach now, it has been a long time since the leaders of these two chambers spoke earlier this week pelosi sent mcconnell a private letter with a new proposal for a covid relief deal. however since then they have switched course and gotten behind the $908 billion

framework from a bipartisan group of lawmakers mcconnell hasn't embraced that plan yet and state and local aid continues to be a major sticking point. we are expecting the see more details around the bipartisan framework next week and see if it is able to shift the dynamic even more you. >> mentioned state and local being a question mark, ylan. do would you know anything that is in that stimulus framework? more stimulus checks, unemployment insurance, small business money >> the framework does not include direct checks to americans but it does include $160 billion for state and local governments. i am told there are some guardrails around how that money can be used to ensure they don't go to things like pensions so that is one way that republicans are hoping they can get more of their side on board and to support this framework. we also know that a lot of the money that is being spent in that bipartisan framework is repurposed money from the c.a.r.e.s. act again, another way to address

the concerns of deficit hawks. democrats we now know have gotten on board with this idea there are some rank and file republicans who now say they are open to it as well we will see if this really puts pressure on mcconnell to accept this deal as well. >> ylan, thanks so much. for that. still to come, are we seeing the end of the pandemic grocery boom kroger sales just missed estimates but are upping their forecast force the rest of this year we will have the ceo of kroger, rodney mcmullen next you are watching "closing bell" on cnbc.

49 minutes left of trade dow is above 30,000. shares of kroger are lower after the company beat on earnings but slight miss on revenue proved to be a strong quarter for digital sales growing 108% also raised full year 2020 guidance joining us for more in a cnbc

exclusive interview kroger ceo rodney mcmullen. >> high sara, great to see you >> folks on wall street are wondering if it is cause for concern that sales growth although very strong at 10%, 11%, and the edital growth more than doubling did mark a slow down from the previous periods during the pandemic and whether that should be worrisome what do you say? >> not at all. i am super proud of all of our teams and everything they are doing. if you look throughout the quarter, it was very consistent. i am just -- you for example it's really every day our associates are taking care of our customers. we are continuing to make progress on the things that matter in a seamless experience. digital, fresh, and friendly when you look at the things behind the numbers continuing strong trends, and if you look at the things that we are doing, sets us up well for the fourth quarter and sets us up to continue to gain share when you look at 2021 as well

>> markets looking toward a vaccine into 2021, rodney. the feeling is with a lot of the packaged food stocks and consumer staples you are not going the see that kind of growth i think kroger is at the top of the list when you wonder how sustainable all of this is what do you say to that? >> one of the things our customers are telling us, one, they learned how to cook works they enjoy cooking and enjoy the time together as a family also i think the economy will continue to be a little bit soft, which will cause people to eat at home more as well so both of those things, i think, will continue to provide support. obviously, we are anxious for a vaccine to get here and to get widespread use of it, just like everyone else. one of the things -- we were making great progress in gaining share before covid-19 started. we would expect once things get back to normal we would be able

to gain share as well. you know, we can't wait until a vaccine gets out there and gets widespread usage i really believe our teams will continue to take care of customers and the seamless experience will tie it all together and what we find is that customers that engage with us from a digital standpoint also continues to enjoy come to the store and they spend about twice as much with us. when you lock at those things together, i really feel optimistic about the future. >> what about stockpiling? what are you seeing now that we are seeing cases and hospitalizations and restrictions rising again? >> yeah, early this month or early last month we put in limitations again on some products because of some of the things we learned from march and april of this year in terms of being able to stock up you certainly see it if you look at thanksgiving, though, people were certainly having smaller get high pressure togethers which was on the opposite side of that versus

prior year when you lock at all of it together you continue to see people -- not stockpiling like they were in march and april but continuing to buy what they need which is helping support the supply chain we went out and leased about 20% official capacity and had inventory as well to keep it smooth so all of those things together seem to be able to support the customers where they need it. >> rodney a lot of talk about inflation or potentially inflation coming back next year and expectations for that. what's the optimum level of inflation for kroger in order to be able to sort of increase prices, make a little bit more of a margin, but not too fast? >> well what typically assume is that half a percent to 1% inflation this quarter was a little higher than that but the third quarter was less than the second quarter because of meat primarily.

for us, the ideal inflation is always about 2 to 4% but we have designed our model where we are really indifferent to inflation, whether it is low or high. we will be able to adjust accordingly. but 2% to 4% always is the optimal level for a supermarket chain. >> rodney, i wanted to ask you about the vaccine roll out because you are part of that pharmacy network in this country that signed on to help with this what are your expectations for when you are going start to receive vaccines and how it is all going to work? do you feel prepared >> we are definitely prepared. it is something that we have been working with state and federal government for several weeks. and we are definitely prepared we have pharmacy professionals we have nurse practitioners. and we are predator out across the country. so obviously, we are going to partner with the federal government in terms of priority which health care workers will be the first priority. but we are ready and anxious to get started.

>> you have to transport cold goods all the time, rodney are people underestimating how tricky it is going to be across such big country to distribute something at negative 70, negative 80 degrees? >> i think it is one of those things where u know, the country is going to come together. and you know, is it easy no but we are going to be fine. and the whole supply chain will work together to make sure that, you know, people across the u.s. are getting the vaccines they need to and making sure that the temperature's maintained do i think it is going to be easy no but i have so much faith in everybody working together and we will get it done. >> i wanted to ask you also rodthy about your employees. walmart came out and said, et cetera paying a fourth bonus for its employees on the front lines december 24th. what do you have planned for your associates, which i know you talk about in the release, how you are taking care of them

in terms of any extra bonus or hazard pay i don't think you have done won since back in may? >> cumulatively we have invested about $1.3 billion between additional pay, appreciation pay for our associates and investments to keep everyone safe, both our customers & associates right at thanksgiving, we did an additional where we loaded to everybody's loyalty card some money plus some additional fuel points but it is something we have been doing on a regular basis throughout the year to help everybody's budget go a little bit further. >> in terms -- so you are paying more hourly versus the bonuses is that what you are saying? >> no. we loaded additional money for people for their loyalty cards so when they bought their weekly groceries we were able to help support that. >> got it. finally rodney, i wanted to ask you about online shopping for

grocery and when we come out of the pandemic how different the landscape is going to be for people doing the click and collect thing or just getting online delivery and where kroger stacks up next to huge competitors like walmart and amazon that have been investing so much in this as well. >> it is one of those things which as you knew several we invested in seamless and digital channels and techology it has over doubled business for our customers. what i mentioned before, we find customers like to still come into stores plus shop digitally. if you look at what we are really strong at, we rank incredibly strong on fresh and friendly and both of those thing are things that you can support digitally plus in-store. we believe there is no doubt there is an acceleration of probably three years of growth and we think that after covid it will stay at a higher level. but we also believe the customer will continue to want a seamless

experience where they are able to engage with us multiple channels and we really look forward to supporting the customer however they want >> rodney mcmullen thank you for joining us on earnings day always a pleasure. >> thank you, sara appreciate it. >> ceo of kroger we've got just about 41 minutes to go before theest closing bell the dow is up almost 200 points. we are looking at session highs. above 30,000 looking at record high close for the s&p and the nasdaq, another strong day here on wall street nasdaq is up half a% and the small caps are up a pull%. boeing contributing to the dow's gain the baleemttd 737 max jet getting love from carriers "closing bell" comes right back. and contingency plans. "" creating funds that help target gaps in client portfolios. tap untapped potential.

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dow is up 223, boeing shares in the lead after winning a big deal for its troubled 737 max jets phil lebeau with the details. >> sara, finally finding love for the 737 max. this is the first substantial order for the max really in a year and a half. you have got to go back that far before anybody said, yeah, we are going to sign up for several orders the max yeah, they have had one or two orders here or there nothing major. this is the order from ryan air. 75, 737 maxes. that means the total commitment -- they were already on the books for 135 210 planes all together is what their commitment is. deliveries start early next

year ryan air, compared to a lot of other airline stocks held up well over the last year. up today as well ceo michael o'er leery was asked today are you thinking about changing the name of the max >> frankly, we don't care what you call it. as long as you buy our cheap fairs and fly our oun on time flights you can call us whatever you like. >> how is that for candid? shares of boeing moving higher they are going to start their max deliveries by the way next week that's why we will show you shares of united today united said it expects to be the first airline i believe that's going to be taking delivery of a max since the planes were ungrounded by the faa we know the first certificate was awarded by the faa earlier this week. no surprise we are seeing deliver reese resuming once again.

united will be one of the first to receive the new maxes that will be next week. >> obviously this is a big vote of confidence for boeing and for the safety of it. >> yeah. >> how has boeing been doing in trying to convince the public, the carriers and everyone else that this is safe to fly again >> well, it has been a concerted effort over many, many months. the argument from boeing and from airline executives is this is the most thoroughly scrutinized plane, and the changes that have been mandated by the faa and by other regulators around the world will make this the safest plane that's their argument. having said that, sara, everybody knows it is going to have to start flying it if it gets back into service starting later this month with american and there are no incidence, if that happen, the idea in the industry is this should fade from people's minds in terms of being concerned about getting on a max they believe that will happen rather quickly.

a news alert on facebook ylan moi has that for us >> the department of justice is suing facebook over allegations that it discriminated against u.s. workers in favor of high skilled immigrants now the d.o.j. said that it spent two years investigating facebook and found that the company refused to recruit, consider, or hire qualified and available u.s. workers for 2,600 positions. instead it said they gave the jobs to temporary visa holders like h 1 bs. the department said it was an intentional and widespread violation of the law and is seek, bag pay for workers denied employment and denied civil penalties. facebook says it is cooperating with the d.o.j. and disputes the allegations but cannot comment further on pending litigation. all of this is coming as my sources say that at least 20 to 30 states are preparing to file an anti-trust lawsuit against facebook as soon as next week.

clearly regulators are putting tough pressure on facebook on a multitude of fronts. back to you. >> thanks for that facebook down 1.5% the s&p up about a third of one percent. just over 30 minutes left of the seg. you have next, johnny fine will join us to discuss thousand possibility of rising rates could hit corporate credit as we head to break here's a check on rates lower across the board of course it has been rising of late pausing today. .92 on the ten-year, though. the dollar does continue its slide. the dxy down half percent. we are back in a couple of mitenus. ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa

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welcome back, dow is up 213. time now for a cnbc news update, with sue herera. >> hello, everybody. here's what's happening at this hour the united states now has confirmed more than 14 million covid-19 cases this as records are being set for daily deaths, new infections, and hospitalizations in alaska, four of the six

people missing after a landslide have been found. state troopers confirm two people remain missing after a 600 food foot-wide for rent of dirt and debris slid into the town of haines. in egypt, three human rights workers who spent a month in jail on terrorism charges have been freed they were arrested after hosting a human rights discussion with foreign diplomats. and for the first time in about nine months some british soccer fans have been able to watch a game in person more than 10,000 of them attended six games among second and third tier clubs little bit of progress there that's the news update for this hour whistle, i will send it back to you. >> 2,000 are currently watching arsenal beat vienna 2-0. >> arsenal is your team, are they not >> they are. rarely leading at the moment it has been a terrible season so far. good for the 2,000 fans in

there. sue, thank you so much. >> you got it. >> let's check the markets at the moment higher, near session highs, up 7% on the dow, half a percent on the nasdaq inflation expectations hit 18-month highs that spilled over into the bond markets as well. let's bring in jonny fine. thank you for joining us. >> thanks for having me on. >> let's talk about the rising inflation expectations if we do see a scenario where treasury yields rise significantly over the next year do you think spreads would gap out as well or do you think they would stay relatively tight? >> i don't think they would gap out but i think there is going to be a relationship if there is a meaningful move higher in yields there would be a move wider in spreads as well at the same time i think we have to remember that the fed continues to buy treasuries at a prolific pace. so i have to believe that with a rise in inflationary

expectations and as part of their inflation policy i think they would let inflation run a little hot and at the same time be aggressive in buying treasuries to ensure we have a lot of stability in the treasury market so to stop those types of derailments. >> over this year there has been debt and equity issuance do you think next year will be fairly softer on those fronts? >> i think the credit issuance component of the market will be quieter than it was this year but we are going to finish out around just under $2 trillion of aggregate supply in u.s. investment grade i think next year you will see more of a moderation to what we are used to seeing annually in 2018 and 2019. that's more like $1.25 trillion. i would flex that higher to 1.3 or $1.4 trillion it will be pretty busy but nothing like the very specific one off year we have had this year. >> what sort of warning or

message are we getting jonny overall from the credit markets? it has been a positive indicator for stocks, between the feds' intervention and the prospect of more fiscal stimulus, and the vaccines it has all been very market friendly does that continue to be the case in the credit market, still giving the green light for the rest of the market >> yeah, i think it does i think there has been, obviously the prospect of the fed renewing their asset purchase program and credit into next year. that's now been taken away with the program expiring at the end of the year. but we're now a handful of basis points off of the absolute -- of the year in investment grade credit and that's even precovid 275 basis points off of the -- it is clear to me the credit is signaling pretty much the all clear as far as risk is concerned. offs obviously things can change getting into 2021 but as things stand right now there is no

canary in the cole mine from credit markets. >> what are investors telling you is on their mind what have to do with cash if they raised too much this year >> i don't think companies think they raised too much i would say they feel like they have been appropriate conservative no one plans for a shut down like we had earlier in the year. that's one of the reasons that drove the stockpiling of cash that is evident today. companies i think they will review maybe the first half of next year as a time to continue being appropriately conservative until we see what the real economic picture looks like post a successful deployment of a well distributed vaccine and then once we have got through that, then i think we will start to see corporations naturally look to pare down those cash balances. as to what they do with it, that's a question for 2021 and one that credit and equity investors are going to find

fascinating to watch. >> jonny fine, thank you for joining us. >> thank you for having me. we have got just under 30 minutes left before the "closing bell." here's where we stand. the themes of the vaccine and stimulus continue to be front and center and propel stocks higher all the airlines are doing well off boeing's move. energy the best performer. dow session high just a few moments ago. up next, signet porerts and the ceo will join us [sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey.

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shares of signet jewelers down about a percent or so right now. they are up 35% year to date this comes on the back of reporting q 3 earnings this morning. the company saw same store sales up 15% e-commerce growth up 71% from last year. however it did warn same store sales could be negatively impacted in december and did not issue guidance joining us now to discuss is ceo jenna driscos. the quarter came in better than

expected but concerns around the outlook. tell us what you are seeing? >> sara, good to be back we were very pleased with our performance in the third quarter. i think paths to brilliance is working. i am proud of our team for their execution of that. we were also very intentional in the third quarter about capturing pent up demand following store closures in the second quarter, especially in the engagement category. it worked. we saw double digit growth in our bridals category in q 3. we know from our shoppers that they are seeing this as a longer holiday season so we started early. we knew that many of them would start holiday shopping in august and september. so we were ready, with new merchandise, with marketing programs, and spreading out our promotions that's what we have seen so far. over the holiday weekend, black friday, i know i talked to you, and the malls were definitely showing some traffic down. the reports are now saying it was down 40 to 50%

i'm pleased we saw better transactions than that but it is our expectation that traffic could be down in december as well >> so that's why it's so important when you talk about this new concept of virtual selling which i know you like to talk about explain how that works and what it meant to you -- first how big of the has gotten and what it maents in terms of transaction size and volume and how people shop differently >> yeah, it is really a brand-new capability for us. when our stores needed to close because of the spread of covid in late march, we immediately empowered all of our store managers to use the ipad that they had been using in store from their living room to be able to serve our customers. and now, like fast forward nine months, we have over 700 dedicated virtual sellers. we have customers coming to us on our websites wanting to

communicate with us, through chat, visual selling face to face like we are and also through continuous chat. and we are already 3/4 of our stores and 20,000 of our associates are trained to do virtual selling. >> obviously, you have shifted bigtime to on line i mean it was already part of your plan and your transformation, but this really accelerated it i think the jewelry industry in general has been slower than the rest of the retail industry to do this. how big is it? how far are away are we before it can actually make up for the traffic declines that you are expecting here >> we have made tremendous progress 5% of signet's sales were in e-commerce today we had more than 18% of our sales in e-commerce a. very big swing we spent the first two years of path to brilliance

getting a strong foundation in place, new web platforms for search and browse capabilities and now we have brought really breakthrough new ways for customers to both build trust and visualize jewelry on line. you can -- sara, upload a picture of our hand and try on risks you can take a picture of jewelry and we will find something on our website that looks like that and you can choose to get advice from one of our consultants. our transformation has been dramatic and we are connecting that digital experience to our store experience which i believe is a competitive advantage with things like buy on line and pick up in store. >> jenna drosos, thank you for joining us we appreciate the time, on earnings day ceo of signet. just want to check in on the markets before we go to break. we have lost all the gains on the s&p and half of them -- more than half now -- only up 40 points, we were up 230 moments ago on the dow on a headline

coming from dow that pfizer expects to now ship half of the covid-19 vaccines they had originally planned for this year due to supply chain problems there is the pfizer stock price. a pronounced move on the broader markets. s&p 500 as we speak is just negative down about a quarter of 1% there are all the indices for you well off the highs now on that flash from dow jones. also after there, baka bullish call on squaks and a box office bust for theater chains as we take you inside the "market zone." that's next. in a land not so far away, people are saving hundreds

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just over 13 minutes left in the trading day. we are now in the "closing bell" "market zone," commercial-free coverage of all the action going into the close mike santoli here to break down these crucial moments of the trading day. and today stephanie link is with us as well good afternoon to you stephanie. let's kick things off with the broader markets. before the break we mentioned stocks are losing steam. on a dow jones news flash that pfizer will be distributing less of its vaccine this side of the new year than had originally planned. meg tirrell is digging into that in more detail and will join us shortly. unclear how much of that is a fresh update versus a headline nonetheless clearly moving the market as you can see there from the russell 2000 shot. mike santoli, despite that, as you discussed earlier we have brecken out of the recent range having sort of treaded water for a while. encouraging to see positivity at this stage of the rally when

people have been saying it is time to take a profit? >> it is seasonal strength is persistent. that usually is tough to fight that's been the rule so far in this yonge month i will say the negative response to this headline, it just shows that you the market was stretched a lint tight and entirely fixated on things getting better like a light switch next year as opposed to worry being what's going on right now. so this is just one of those things whereas i was saying in some of my notes this morning, all it means when sentiment is really extreme is that it lowers the threshold for the kind of surprise that can cause a little bit of a shakeout. that's what we see right here. i don't think it really changes the longer term story. it is just an unfriendly headline in a market that's been feasting on better than expected news. >> steph, i know you are a bull and optimist at heart. but how surprised to see how powerful these vaccine, fiscal, and monetary stimulus mayor anies are in terms of continuing to push the market higher.

it has been remarkably resilient in the fafs not all good news. >> it is not all good news but we are making progress this news on fiz they are afternoon -- it is always -- it is a fluid situation but you have several companies, this week, last several weeks, that have talked about progress on vaccines. the dosage, the production numbers are going to vary. we will have to watch them and analyze them but vaccine prognosis is good news for next year growth, whether that growth is first half because we can get vaks eps produced and out there, but second half. it is going to be better next year that means earnings will be better this year to the extent that pfizer's news is real, maybe this pushes congress to pass a fiscal sooner rather than later. it sounds like they are making progress of a skinny deal of a trillion or show we have talked about it.

it's coming. we don't know when or the there moment but we can't have initial claims -- although they fell, you can't have 9 million people unemployed in the face of all the rising covid data and negativity you had better economic data asm manufacturing this week, six months in a row. ism services today also up six month in a way china's compationson psi also high. it is solid, and it means it gives you momentum for 2021. >> great christmas tree. that's the first appearance on "closing bell," i believe, right? >> yes i did it just for you guys. >> i love it getting in the poll spirit. >> and i wore green. >> it is very martha stewart-looking as far as christmas trees go shares of square jumping after

every core upgraded them the firm says the cash app's digital wallet, stock trading and bitcoin purchasing capabilities as long with its banking license means square's cash app has the potential to be a disruptive digital payments bank this comes after paypal was upgraded also citing bitcoin exuberance among users as one of the reasons for the boost. mike, the bitcoin that big of a player. >> paypal and square have been tremendous buyers of bitcoin you have that helping the bitcoin price go up, which is feeding enthusiasm for bitcoin itself among customers of square and paypal then causing the analysts to raise their expectations for these companies because bitcoin is such a big part of the story. that's a good self reinforcing cycle you can ride as long as it

works. square and paypal right now together have combined market cap of $350 billion. close to swrp j.jp morgan. i think the market is in the spot of saying these are massively dies ruptive banking players right now. they have momentum and it is working right now. >> sure it is. so is bitcoin. let's talk deeper about the headline that's moving pfizer and the entire market. "wall street journal" warning pfizer slashed the amount of covid-19 vaccines that it originally planned to ship by the ends of this year in half because of supply chain issues meg tirrell, is this new news? what do we know about this >> what it appears to me is that the "wall street journal" is explaining a difference in previous forecasts for how much pfizer would have of its covid-19 vaccine i have been looking back to try to see -- at one point the "wall street journal" was reporting they had forecast 100 billion

doses available in 2020. at least a month they are saying 50 billion doses will be available in 2020. it is not that they are suddenly reporting it will half the doses it expected. wh what they are trying to explain is that essentially at one point pfizer expected to have more thissier than 50 million -- 100 million. then at one point they got delayed on that and it will only be 50 million this year. so nothing has changed based on this article in terms of the expect ragss we were hearing from operation warp speed in terms of the numbers of doses available all the guidance that we have been receiving as far as i know it this second is still the same so nothing is really changing based on this article. i think it is explaining the back story of why they had that sort of slippage in the expected doses available this year. >> thank you very much

important clarification there. the s&p is still down though, having reacted to the niche headline that crossed down about a quarter of 1%. and, mike, if we are talking half a% move in total here so it is not the end of the world or something to celebrate. despite despite that clarification from meg that we are still down and clearly hopes for the vaccine and when it will be rolled out is crucial to the market as we look into next year. >> sure. it's the reason that we are able to ignore nearly 3,000 deaths a day. let's put it in those terms. it is all about how quickly we get to that point when it all becomes, you know, an entirely reopened and newly mobile economy. so yes i understand that the way that the reflex works. again, it is just an excuse for a very small rally to turn into a very small decline in one day. but it is understandable that there is sensitivity to the time line, you know, and the trajectory of when we get the

vaccine rolled out. >> can i add something else that is in this article, which is pfizer still expects to real out more than a billion doses in 2021, which a billion doses, that's -- those are the kinds of numbers we are talking about i don't think, mike, as far as the time line, this really changes anything because the story is about 2021, correct? >> earlier is better than later. i mean how fast is the line going to move? we are quibbling about the real details here but, no i don't think it really changes the overall story in terms of, you know, by this time next year, we should be through this there is no doubt about that the question is, a lot of people talking about by april you know we are going to feel back to normal maybe that will be the case. maybe it will be in awayance for a while we don't know. >> movie theater stocks under pressure today julia boorstin explains why for us. >> wilf, warner brothers just announced it will release all of its films next year in theaters the same day this they are able on hbo max

this news sending amc entertainment shares down 16%. cinemark down 22%, and eye max shares down 8% this news shatters that window between theatrical and home entertainment release. suicide squad, matrix four and space jam will be available to hbo marks subscribers for the first month of the theatrical release. after, it will be pulled from the streamers and will remain in theaters a source close to the situation tells me warner brothers is right now in talks with the theater chains that are its partners. >> julia, from a consumer's perspective, this sounds fabulous to me two questions, this is you have to have a subscription and then you get it for free during that month or you have a subscription and you have to pay-per-view on top of it? and why would you show it for a

month, remove it and then six or four months down the line it will be available once again on line >> there is a lot in that. i think the answer to all of it is yes if you are a sub viber to hbo max you can access the film in those first 30 days. you don't have to pay more that's to drive subscriber growth as to why it will stay in theaters longer, that's complicated. i think there is negotiation going on right now as we speak between the theater chains and what's going on with warner brothers this is in contrast with what universal did, they worked out a deal with amc and cinemark in which they agreed they would have 17 days exclusively in theaters before something could be released for premium video on demand, not streaming, they are going to sell it the idea presumably is theaters could continue to monetize the

film for longer for those people who don't subscribe to hbo max it is a complicated situation and i am sure we will learn more down the line. >> two minutes left in the session. mike, internals, what are they showing to you i guess they have worsened in the last half an hour or so. >> there has been giveback, but there was general positivity the qua weighted version of the s&p has been outperforming relatively positive up versus down volume in the new york stock exchange look at new highs versus new lows both exchanges very strong nasdaq, more than 300 52-week highs. that's pretty good ratio right there. it also could be compatible with an overbrought market but so far that's supportive. the volatility index, sticky around this area it has been grudgingly declining. still in the 21, 22 range.

no signal there but not giving back into the normal zone below 20 very easily >> we have got just a minute in to the close three sectors remain positive in the s&p 500, energy, real estate, and industrials. we have seen a little shift lower for the rest of the a market is dow is higher, hanging on to a 28-point gain thanks to two winners, boeing and walgreens. home depot, goldman sachs, jp morgan and visa where the biggest losers there is the s&p 500 after reaching a all-time high earlier in the session we did lower. lower in the last 20 minutes or so after a report threw some cold water on pfizer vaccine's shipments plans. "wall street journal" signature it plans to ship fewer vaccines in 2020 half what was originally expected meg tirrell saying that wasn't exactly new but they were diving

into the problems that led to that lower forecast. some of the reopenings plays have been better the focus continues to be on the vaccine. obviously we are sensitive to every single headline there. the market is crossing its fingers a little bit on the fiscal stimulus front as well as there is more chatter between mitch mcconnell and the senate with a new proposal. we will see if they can get it done this time there goes the bell. did not hit a record high. anything for the s&p would have done that. looks like it closed two points lower. we are not going to get there. the russell 2000 did end the day higher, small caps up half a percent. >> just negative on the s&p at the close, positive for the other major indexes. i am wilfred frost along with sara eisen and mike santoli cnbc senior markets commentator the dow up by a third of a%. nasdaq composite up by .2%

energy the pest performing sector utilities, materials the worst we did see the dollar stay soft throughout the session, down half a percent yields staying essentially flat but elevated over the past couple of weeks, .92 on the ten-year investors getting set for another busy earnings session after the close featuring results from docu-sign, cloudera, pager and -- stephanie link from high tower investments is still with us and liz young dny melon joins the conferring as well mike santoli, first to you not a particularly strong final 20 minutes or so of trade. clearly still a positive week. there is a cyclical tilt out there. as sara mentioned, part of that is on hopes of stimulus. >> no doubt. the cyclical tone remained even in this excuse for a selloff we

got this afternoon a lot of the reopening plays it is wilds. how many times are you going to have an 8% gain in some cruiseline stocks. but those are the lottery tickets people are buying to bet on a near term reopening market is deal with upside bias seasonally everyone steams fully investmented everyone is positioned for it but that doesn't mean it has to stop intentionally the way the market has been fixating on the first quarter acceleration story and with earnings and with credit markets being incredibly strong everything is working in favor really it is just more of a matter of whether you have to back off a little bit tactically because people have gotten pretty aggressive. >> steph, have you been doing any buying, adding to positions on the vaccine story, and more recently new hopes for a pick stimulus deal? >> well, yeah. i actually have been trimming some names in fact i was thinking about you guys this afternoon because i

have been trimming a lint of costco i'm still i don't have weight. but the stock is now trading 45 times earnings and i am putting into some of the cyclical more sensitive companies like marriott, like wynn resort these stocks are still down quite a bit. i sold fis as well and bought a little bit of for thea net they are doing well in cyber security we saw that last night as well i think there are things to be done as well by the way the dyx is now down 6% on the year it is favorable for the u.s. multinational companies. i want to get more aggressive there because 75% of the s&p 500 companies get their earnings from oversea asks they will benefit as the dollar is weaker. i think that's significant i think that's why industrials rallied as well as energy over the last couple of weeks. >> is it also positive for overseas equities, liz >> it is absolutely positive for

overseas equities. i was thinking that as steph was talk next year one of the big themes is that the u.s. is not the only game in town anymore and investors can really look outside the u.s. for some of the opportunity. i realize that it has been a disappointing place to be for a lot of investmentors, both international, developed, and emerging markets it has been tough, a long walk through the desert but i think there are a lot of tail wins in 2021 that should help that theme end. >> where are you looking specifically, liz, fortunate and good valuation >> so, specifically -- first of all when you look at the capital that can re-enter the markets it is not only coming out of, ka. it can also come out of bonds and safe haven bonds that people parked money in in april where i think they are going to look for it number one is europe where i think visitors should look is the european consumer particularly starting in the second quarter we really think there is a lot of opportunity in europe for the second quarter, third quarter, and fourth quarter of 2021 to come back, start to close that

valuation gap with the u.s obviously em is a big beneficiary of a european fortunate getting stronger emerging markets, especially emerging market asia should be a beneficiary of that. >> mike, does the weaker dollar play into some of the big winners this year in the u.s. and help them? or is that kind ever more separate and just the cyclicals that it helps? >> it helps the cyclicals. you know, tech is the most internationally exposed sector onthat the weak dollar has been the main driver in the excitement and the fact that tech, somis in particular have been such a big group. i view these situations as more of a risk appetite tell and the fact that people are willing to look elsewhere to allocate capital. this highly liquified capital markets across the world is the back stop and the dollar is in some ways a sign of that basically becoming more and more

true as it goes down. >> it might help, mike, the industrials and the energy stocks, which have done well and continue to do well today. >> sure. >> but shouldn't really help the small caps because they are more domestic focused when it comes to their earnings. and yet that has been a really strong trade today rallied more than half a pores, trading near record highs. what is the story there, the cyclical story >> cyclical story. they have been laggards. thelonger term trend has been massive underperformance to a degree we have never seen before small trailing large caps. we have mean reversion in their favor. they are credit dependent. they have been laggards and they are more cyclical in general again it is the rising risk an tights trade the beta trade i think the earnings translation effect is probably overstated in items of the market doesn't necessarily put a pig multiple on that sort of thing even though it does help with the

margins. >> steph are you warming up to any sectors you avoided the last couple of years, any stocks you avoided the last couple of years because of this increased positivity >> i really vchblt i really wanted to stick with my process and look for call companies that get hit, whether it is because the companies get hit on kind of a macro selloff or whether there is a one quarter miss or mistake or some situation there. you know i have been very much cyclecally inclined. i am overweight in industrials, materials, and now financials as well i added a new position we can talk about that next week but i also do still very much believe in secular tech. i really do. i believe it could take a pause. but yes in the dollar continues to weaken that's one more thing on top of secular growth and free capital and cash gains. >> why wait until next week. >> you bought a new bank tell me. >> i have to wait a couple of

days i promise, you will be the first to know. we have rules. >> i didn't realize you were restricted from saying it. >> i wanted to tease it for you so this way next week -- thought you were doing it for effect for our show. >> absolutely. >> i wanted to draw your attention, guys to moderna, whose shares spiked into the close after we got that news that pfizer -- for reports from the "wall street journal" that pfizer was planning fewer vaccine deliveries in 2020 hand originally expected. earnings out from docku sign >> eps of 22 cent. expectations 13 sent revenue up 53% to $383 million versus expectations of $361 million. turns out q 4 guidance they say to expect between 404 and 408 million versus expectations of 387 million. ceo dan springer with a comment

saying his companies accelerate the digital transformation and their businesses and agreement processes. dock you sign's essential platform continues to grow and ace the q 3 report reflects that tail wind. it underperformed recently down about 20% from its high. the conference call is at 5:30 eastern. >> 2.7% pop there. steph, what do you do with a stock like docku sign that josh mentioned is up 200% it is a stay-at-home winner that could have a personal tent future after we have a vaccine. >> i think it is a stay-at-home, and also an evolution from off line going to on line. that's not going to change in fact you might see an increase this is a leader i want to own a leader, just not

something that's up 212% i am curious about billings growth i think it will slow slightly. i haven't seen the numbers but 52% bills growth was kind the bogey. that's versus 60% in the first half of the year let's see what that numbers is, see what they guide. to longer term they are a secular winner this is the kinds of story i would love if you saw a 20 or 30% pullback in a name like this to be buying for the long term. >> liz young, final question in terms of whether you are more inclined to take profits give the short-term run or buy dips with any slight pullback. >> there is likely to be a pocket here between now and let's say the beginning of february we pulled a ton of optimism forward. we had a really good november. usually after a strong month like that you do see a little bit of weakness but i would call any weakness like that a buying opportunity. it is not a time when i would be unloading risk i would use that as a time to put the right amount of risk

back on the table in the right place. those places are the cyclicals, the small caps, they are europe and asia makes sure you are expose today's the recovery trade because that recovery is going to be off to the races starting in q 2. >> we will leave it will, liz young thank you. stephanie link always good to see you. up next on the show, highland capital bob davis is the latest big name to get into the spac craze find out which industry he is targeting. made me a little intense. but now i practice a different philosophy. quickbooks helps me get paid, manage cash flow, and run payroll. and now i'm back on top... with koala kai. hey! more mercy. save over 30 hours a month with intuit quickbooks. the easy way to a happier business.

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welcome back another spac is entering the market, this one from highland capital partners, launching the $275 million highland transcend partners spac. bob davis of highland capital partners joins us. great to see you. >> great to see you. pleasure. >> the list of what you are targeting, disruptive commerce and media, and the route in which you are doing it, a spac both of which have been fairly hot of late. to what extent -- what would you say to people are you a bit late in the game? is the market a bit topee. >> if anything i think we are early in the game. we have a sea change under way this the way companies list. it makes so much sense for any company that's public market ready to think about spac as a good alternative i think we are on the front edge this surf. >> and 275 million dollars

you are investing in that personally as well. >> we are, yeah, for sure. the partners at highland, as well as ian freeman our ceo of this venture are off to the races with it. yeah, it is personal capital that's in the spac the atlas capital. >> there are some who worry that the spac model might not be all rosie especially for retail investors who could get hurt not knowing the risk not having the same amount of financial disclosures or levels of protection like underwriters that usually happen in the ipo process. how do you defend that. >> that's a great question i think that's the core of it. the opposite is how it plays out. i think spac provides a lot of additional protections otherwise fines. investing of any type is risk based. there is a revving in anything we do. when you think about what a spac does for an investor

it allows for increased disclosure flexibility, it allows for quicker price discovery than a traditional offering that's to the advantage of the invest oork it allows certainty in terms of pricing structure from management team. rather than going into this wondering what the ipo price oint looks like there is a certainty of pricing and the most fundamental, you know what -- it as a management team i come with blue chip investors and i look at that clearly or i don't i am going to look at the investors in that spac and be enthused or not and i think there is a greater confidenty and certainty we would find in the spac market. i couldn't tell any of our companies to say spac is the only way but i would say spac is a really good alternative today to consider as well maybe it is a traditional ip, to, maybe it is a direct listing, maybe it is a growth

round -- bob. >> yes. >> it is good to know who the investor base is but you don't nope as much about the company, which is the point i mean how do you make sure you are getting into a draftkings and not a nikola, which has gotten crushed and now there is fraud allegations. >> the s 4 allows for greater disclosure than you would otherwise see. i think you know more about the company. we have been around for 33 years at highland. we are qualified investors we have served on 115 boards across the people involved in this spac 23 of which were public. we have an enviable track record at highland in terms of delivering to the marketplace. could there be a bad act neuro a spac of course. in an equity of course. we are a stand up organization and have a long history of market delivery. >> what about the target

companies you are going to be looking at are you worried the market is a bit stretched at the moment? >> the market is always a concern for anything that we look to do always would be. but we are not market timers we never will be that's not what we are about what we are looking for is the best company in the sector that we can bring forward public ready companies, public ready companies that we can deliver to the marketplace and the overall market fluctuation if the s&p is at 2600 or 2200 it doesn't affect us at all it may affect the value at the time of the offering but it doesn't change our course. >> we know you have got a strong track record with a lot of exits including the latest freshly and nestle bob davis thank you. >> a new billionaire was born today. 25-year-old austin russel now one of the world's youngest

billionaires after his company lum under a's spac austin joined "squawk box" this morning to talk about his vision for the company. >> going public has been part of our long term road map but to be able to have really just a series of awesome events despite all the head winds 2020 has brought, you know, and really accelerating into the close here has been fantastic this has always been the goal. we set up the business to be a really long term sustainable business in terms of what we are going after and powering the future of autonomy for all the different automakers people often set up their businesses to be acquired along the way but we are all in for the long run. >> elon musk says you don't need light art. what do you think of that? >> i think our 50 commercial

partners and the majority of major automakers that we are working with would absolutely disagree. >> i hop you are high fiving somebody when this is over. >> high five >> you can watch the full interview with the lum under a ceo on cnbc pro. i need the mike santoli hot take on this one. >> we know where he is laughing and we know why he thinks it has been an awesome end to the year. it is fascinating the al chemi of spacs with buzzy technologies out there, ev spacs have been a thing. this is the third lie darr related spac out there, the third one merged with a company that's trying to create and help out with autonomous vehicles and things like that it is really what it is right now. the big long term trends you can play it through this buzzy vehicle. i like the debate whether you actually need lied ar or in the

for autonomous vehicles. >> 25 years old and a billionaire. fair play. >> can only be downhill from there. >> musk can show that $1 billion is nothing these days for people in that kind of broad area of the business. moving on. koudera earnings out >> shares were up as much as 7%. adjusts eps came in at 15 cents, 6 cents better than expected revenues were $218 million for the quarter. 10% growth over year forecasts for the fourth quarter were also better than expected arr saw 12% growth year over year that looks to be better than what some of the street were expecting.

cloudera also authorized an additional $500 million buy back back to you. >> 4.5% pop there. pager duty results are also out. eric chemi has those numbers >> sara that's right pager duty, you are seeing this pop. the stock is up almost 20% after-hours. it was down 6% during the day. the earnings you could say beat slightly but it was a nine cent loss the street was looking for a tencent loss slight beat. revenues $53.8 million street looking for $52.6 million. customers with revenues above 500,000, that increased 40%. gap gross margins increased to 85.7%. they were 84.5% last year. but mixed guidance going forward. fourth quarter revenues 57 to 58 million that's better than the 55.5 the street was looking for. but the fourth quarter loss they are looking at 11 to 12 cents a

share. the street was looking for ten cents. big beat pager duty. >> up next, mike santoli heads back to the telestrator with a look at the big shift in shareholder cash. later the most complete collection of supreme t-shirts being offered for sale at christies. the asking price will rpsurise you. a reminder, you can always watch or listen to us live on the go on the cnbc app. we'll be right back.

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stocks pulled back from record highs s&p closed just lower on some concerns about vaccine rollout this year. let's go back the mike santoli looking at the decline in the amount of cash being sent back to shareholders right now. >> sara if you look at this measure of shareholder yield, total yield, that's dividends plus buybacks it's at the low end of the range it has been in the past 15 or 20 years. under 4% as you see from jefferies. you see here a rich combination of buybacks and dividends sending out in the fom of cash to the market. we obviously know people have been cutting buybacks, eliminating dividends, conserving cash. a lot of companies are in that mode

if you look at the performance of those themes the buy back stocks and the dividend achievers etf lag the s&p 500 by quite a bit this year. it is not as if the scarcity of yield and buybacks caused people to bid up the remaining stocks that have been delivering them it has basically been orphaned doesn't fit into the developing or stay-at-home stories. maybe these are sleepers for coming back into favor we still have a scaresity of yield in the world bopped yield are incredibly low on the corporate and government side maybe once corporations decide to distribute more catch they have more than they thought they needed into next year this catch up. >> i was curious if there was a type of company, a sector or a group of companies that are in that group that you point to that are returning cash more than others and that aren't being rewarded for it. >> i would say traditional

growth, which falls into staples, falls into some of the mature consumer discretionary. apple is the biggest source of buyback this is the market that's been very steady tech in general. banks are pretty heavy on the yield side of things not necessarily as we know on the buyback side it is a pretty good mix but it is going to leave you out of the really momentum emerging growth that has been leading the market this year. they are not in cash sharing mode yet. >> it will be fascinating to watch a what the banks do when they are allowed to do buybacks again and b if it really kicks the share prices higher again or not. they ten to be a sector that lagged over the last three or four years. >> holiday shopping season is heating up shippers are responding in a big way. what that could mean for retailers, we will discuss with a forearm macy's ceo ahead. if you own or have owned a

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time for a cnbc news update with sue herera. >> hi, everybody here's what's happening at this hour california's governor gavin newsom says he will likely impose stay-at-home orders in four of five regions in that state in the next day or two newsom is tying those orders to the availability of intensive care unit beds in each region. a new study showing more

americans are feeling confident in the coronavirus vaccines. research says 60% of the people polled were leaning towards getting vaccinated that's up from 51% in september. new york's governor andrew cuomo is showing off what the vaccine might look like and says that the state is now preparing to start inoculations when the first doses arrive in about two weeks. a trump aide has reportedly been banned from the justice department's headquarters building the "associated press" reports white house liaison heidi stirrup is being refused entry after pressuring staffers for sensitive information about election fraud investigations. you are up to date that's the news update sara, back to you. >> sue, thank you. you will at that earn also out this how were. eric chemi has been tracking that name as well. >> that's right sara look at the stock, down a significant portion here that's 6%. the eps was actually a beat by

15 cents they without out $1.64 earnings, better than $1.49 street estimates. revenue, a slight miss by $10 million. $1755 million, analysts looking for $1.56 billion. same store sales compared the last year down 9%. 8.9. they withdraw earnings guidance in march because of the pandemic they are not giving any earnings guidance they gave out a factoid. they expect the open 30 new stores in 2021 they increased sales expectation force the fourth quarter and anticipate same store sale declines of 12 to 14% that stock down after hours back to you. up next, u.p.s. imposing shipping restrictions on some big retailers including macy's a sign that the on line shopping surge is delivering delivery networks to the limits how could this impact this holiday shopping season.

>> well discuss with former macy's ceo terry lundgren.

countdown to christmas is on and holiday shopping surges have

delivery companies feeling the heat frank collin has more on that story for us >> u.p.s. is trading higher now after reports the shipper is not picking up packages from some retailers. u.p.s. confirms it is not picking up what it calls unplanned volume from nike, hot topic, ll bean, macys, and the gap. but says it is still handling packages for retailers contracted before the holiday season the shipper saying if demand exceeds allocations we will work with our partners and deal with the others as capacity becomes available. all the major carriers have an ontime delivery rate before 90%. solid performance. the ceo said it is part of the company's better not bigger strategy it would decline some volume

that's not helpful for its margins. >> thank you frank holiday achbltd i did get a statement from nike regarding the shipping delays the company saying we expect the majority of these orders to meet our estimated imt delivery dates and are communicating with our customers changes in deliver maszy's telling customers packages continue to flow through their network. for more on all of this let's bring in terry lundgren, former macy's chairman and ceo. welcome back, terry. if you are a ceo at one of these companies and get note biified by u.p.s. of this, what do you do >> this is not really out of the norm the only thing that's out of norm is that package delivery has skyrocketed of course driven by on line purchases taking a bigger percent of the pie versus everyall sales

that's what's driving i guess this news. but reality is, every november and december all retailers, big retailers certainly have a forecast, a plan, of what they expect to deliver in terms of packages they have to give that and work with people like u.p.s. and fedex and others so they can plan for it. if they are beyond that level, of course that puts a strain on the delivery carrier services. and so this is normal stuff. the difference is of course is that business is booming for these carriers i went to the horse's mouth. i talked to macy's directly about this after learning about this article what they have said is exactly what nike has said you read some of the statements there. and that they actually feel like they are in good shape they have a very good working relationship with u.p.s. and the other delivery services some they think they are okay now but they do expect volume to improve. what you do to your question,

sara, is that you really push aggressively to buy on line and pick up in store i have a good an acronym, bolpunm, buy on line and pick up in mall. there are companies working to pull together all of your purchases from the mall and bring them together for curbside pickup they may incentivize the customer to do it because there is no delivery charge of course and so i think that's a way to offset some of this. >> give us bigger sales, to go pick it up ourselves terry, who is going to win this holiday season who is surprising you as far as their pivot to on line or to pick up in store, these sort of strategies that appear to be working and are going to work as long as the case remain very high in this country >> by the way sara i think three months ago most retailers were

anticipating that their stores would be open, they would be operating, not maybe at full capacity but certainly more so than we are today. and so that is required -- has required a pivot for all retailers. but having said that, i talked to you in the pass about essential versus non-essential classified retailers ask the retailers that were essential, the amazon and the walmarts and the targets and the home depots and the lowe's, they have been cranking along, not just performing well, but they have been fine-tuning their omnichannel strategy and how that consumer is responding. the other retailers, the mall based retailers who have been forced to be closed for several months were stalled. they didn't have employees they had furloughs they had a major setback they are cranking back up. the god news is that i think stores like macy's, stores like nordstrom already have a very strong omnichannel business and

as this turns they are in position to manage the change in the shopping environment of more sales going toward the on line and more details going to curbside and more sales going to pick up in mall, pick up in store. >> terry, during next year if everything goes well with the vaccine rollout you have -- we have spots where there is going to be bounce back. is the consumer one of them? >> oh, yeah. the consumer today has a trillion more in spending power, fire power, than they did a year ago. and that's driven by -- of course stimulus packages certainly help that. but their savings rate -- even though it is down to 13.5%, very, very high versus relative years, one, and two, they have less debt. so they have got the money to spend. will they spend it all this holiday season i doubt it they will continue the high savings rate i believe but they will spend more, they

have the potential to spend more and to carry it into 2021. again you are going against softer numbers for the non-essential retailers. those retailers in the non-essential category are going against strong numbers they are going for more competition in 2021 when the other retailers that are coming out are going strong having said that there are going to be losers and there are going to be companies that will simply go away and others that will be closing many, many stores. it will actually ramp out to thousands of stores in 2021. i actually -- you know, as difficult as that is on the individual company and the impa people impacted by that it is important to happen in terms of supply and demand in terms of retail space in united states where we are really overspaced i think it will be good for the survivors and they will get stronger because they will have the appropriate a. competition for all of these goods, there

will be more demand for the amount of retail stores that are out there. actually, many will benefit from this over time. >> so i would love to hear some names, terry it struck me a few months ago when you told us that you were as the former ceo of macy as buying stock in some of the essential retailers, home depot, lowe's, target, walmart, all of those who have been doing well during the crisis. are you shift asking buying any of the non-essential retailers who are poised for a consumer recovery when we do get a vaccine and have a lot of catchup to play. >> i bought costco but all the ones that you mentioned are the ones that are in my portfolio. i think i said to you i never ever bought another retailer i felt it was sack re li -- sacrilegeous of me to do so. even my kids they believed me until they turned 20, i think i am long on macy's stocks

you have to know that. so -- i'm with them for the long term but i haven't made that buy yet. i don't think for me there is a big rush to do so. because i -- i think that has to play out you know, we have to get through this holiday season. we have to see how well they do. we have to see how well they are positions going into 2021, inventory wise, their ability to did all of these omnichannel experiences that i discussed and frankly, most importantly, the consumer, the vaccine, the consumer, and consumers feeling comfortable returning back into stores is safe, healthy, and being done in a professional way. i think that will happen but i'm -- i am going to hold out to see who does that the best in the next six months or so >> terry, thanks so much for joining us much appreciated. >> pleasure. up next, a bitcoin tax bill. if you own any bcoitin or use bitcoin to make a purchase be prepared for a potential tax

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welcome back if you were planning in on cashing in some of your bitcoin you may need to brace for a potential tax hit. sharon epperson has more. >> if you bought or sold bitcoin or any cryptocurrency this year, the irs wants to know about it on the first page of the new federal income tax return it asks at any time during 2020 did you receive, sell, send, exchange, or otherwise acquire any financial interest in any

virtual currency check yes or no. and tax experts say it is important to check yes if you have engaged in any cryptocurrency transaction or you could face penalties and interest or even criminal consequences for tax evasion now to figure out your tax bite you will need know a couple things the fair market value at the time of transaction. your basis, the amount you renlly paid when you acquired the virtual currency, and the holding period it is important to keep good records of all of your transactions back to you. >> sharon, why does this come as a surprise per se? surely that's the same as if you bought a stock, if you bought gold, if you bought anything else >> i don't understand why people don't think they have to pay taxes on this. i think it may be because some do not realize that cryptocurrencies are considered property, not currencies in terms of tax implications. and so just as you have to

declare, as you said with stocks and with other holdings you have to declare the income that you have from your bitcoin or virtual currency as well the difference is that you are not going to get a statement like a 1099-b that you would from a brokerage firm. that's why it is so important to keep these documents yourself, keep your records yourself, because you still are going to have to really keep a record of the tax consequences >> sharon epperson, thank you. up next, would you spend $2 million on a couple hundred t-shirts maybe. if he had supreme written all over them. that story is next. and later, your wall street look ahead the jobs rort epon deck for tomorrow what we are watching ahead of that when "closing bell" comes right back 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.

up next, a $2 million t-shirt collection and the 21-year-old behind it. plus, the countdown to the november jobs report is on the key gus 'lfirewel be watching for when "closing bell" comes right back

tonight, how hackers are threatening a critical part of the vaccine supply chain and the pandemic pot boom. what is driving record sales >> the facts, the truth, "the news with shepard smith" welcome back, a 21-year-old fashion student has spent seven years creating a set of 253 supreme box logo t-shirts. now it is being offered for sale by christie's for some serious cash robert frank has the story with us robert >> that student, james bogart, started buying supreme t-shirts when he was 14 years old now christie's is offering that collection for sale for $2

million. that works out to about $8,000 per t-shirt. now, he started collecting every single design released by supreme since it started in 1994 he traveled as far as london to find the rarest shirts, supreme has a devoted global following, with its bags, skate decks and shirts, selling at auction for five or six figures these days the company which started as a small skate shop in downtown manhattan was just sold to vf corporation for $2 billion >> it is in some way contemporary art when you look at what contemporary art is and who it attracts and appeals to, i think you're seeing a lot of new collectors coming in >> bogart said every shirt is authenticated and that selling it will be bittersweet since he spent almost eight years finding all the shirts sarah, back to you. >> that guy is a genius. and i know the appeal of supreme

and it is why when vf corp. bought it, the first thing i thought is they better not touch it they better not mess with it they have done such a good job, supreme has, at keeping everything so exclusive. the only thing that surprises me here is that christie's is getting involved usually the sneaker world operates in a world of its own, they get sold mostly online. is this a new thing for the auction houses >> it is a brand-new thing and it is changing the entire world of collection. now, christie's is having an entire auction just devoted to supreme goods, they got a $30,000 backpack, $40,000 set of stickers, and this is the same auction house that sells picassos and it is one of the fastest growing segments of the

auction, sothsotheby's, christi philip's, they're all getting in on the game. >> better late than never for them thank you for the story. as we look to tomorrow, we have a jobs report, the expectation is we'll see a little more than 400,000 jobs added to the economy but if you look at some of the estimates across wall street, they're all over the map i think one thing is for sure, the pace of job growth is slowing, but some firms, oxford economics, a negative print tomorrow we could see no jobs added to the economy. it is a big question mark as we see these cases surge, restrictions added, you know, one thing that we should mention is in the final hour of trade, governor gavin newsom of california put more stay-at-home orders in place as capacity remains low for icu beds that's just going to continue to hurt the economy that's the most important economy in the country. >> for sure. a lot of the real time staffing indicators you see out there have rolled over in recent weeks. tremendous variation in the

estimates. we know the public sector jobs will be a negative that may be to the tune of 100,000 or more in the latest month, private sector is supposed to be closer to 6 happen,000 not a lot of kefdz therconfidene you have massive flows in and out of the monthly labor force this is a big one. the market craves better news, focused on what is to come i think it will inform that debate whether we'll get further support, fiscally or we need it at this point. >> mike, the expectation, of course, is that it is needed, but it might not come in the short-term, worsening cases might trigger that as you said the dollar has been softening, whether because of prospects from more stimulus or fed easing or not it has been softening pretty significantly over the course of the last week and month. >> it absolutely has that's been one of those trends, we had a little bounce a few weeks ago, at the bottom end of the range. now it is at multiyear lows, u.s. dollar index or other indexes. that's been a tailwind for risk

assets, not the only one by any stretch, but it fits in tune with a lot of what has been going on the market has been willing to kind of take it on faith that things are getting better, cyclical trades work and the rest of the world is arguably in some ways ahead of the u.s. and europe. >> we lost steam in the final half an hour of trade today. "fast money" starts now. >> i'm melissa lee this is "fast money. tonight on "fast," the headline, defense stocks spiralling into the close. we'll tell you what it is and separate fact from fiction boeing a little luck of the irish today, the big news from ev overseas that sent this stock soaring. what warner bros. did that could mean lights out for the movie theaters opening rally. look at the move in the airlines, delta, united, american jumping 4% or more and weren't alone. cruise stocks were up. casinos up