space. they will be working from home and there will be new and creative use of office space that's for certain. >> we will see you next season good luck. continued good wishes to you kelly? >> we watching the markets with the dow trying to stay positive in the last hour of the trading session helped a lot by disney as we were discussion. different store for the or major arches we will hand it 206 "closing bell." tyler have a great weekend. i'm wilfred frost along with kayla tausche who is in for sara eisen. the dow higher s&p and nasdaq in the red. let's krv a will be at what's driving the action the chances of a stimulus deal fading as congress is poised to narrowly avoid a government shutdown but not much else travel and retail stocks slipping in light of that. the fda inches nearer to approving the emergency rollout of the pfizer vaccine. investors are closely watching

that process the blockbuster story isn't an ipo today. disney up a whopping 15% more on their plans for disney+. all of the major averages heading into positive territory, except for the russell 2000. >> the nasdaq and s&p 500 on track for their worst week in sick it has been a big week for oipz ipos despite the mixed week, doordash and airbnb soaring in their debuts what about the auto driver spacst and ipos. we will talk with an expert in that space and investors are awaiting emergency use authorization of pfizer's covid vaccine and eventual rollout we will talk with a co-chair of

mountain sinai's board of trustees about what that's likely to look at. and it is something the white house is watching very closely. we will focus in on the big stories. mike santoli on market meg tirrell has an update on vaccine progress sticking with vaccines, frank collins will give us a case study how the vaccine will be kploid mike first to you, at the ends of an interesting week, a little bit of win taken out of the sails. >> going sideways to down for the s&p 500. really being left out out of awful the fun. the endy spaks and the ipos shooting all over the place and the s&p sliding sideways november 9th we keep talking about it, the intraday high, that day, pfizer monday was the high. we hit it again this morning we keep kind of bumping along on what might be considered the floor of this upper range right here

september 2nd, less than 2% above that level going sideways koss that mean the market has been resilient in the face of the covid surge and a lot of new supply of shares or has it lost buying energy? so far no trend change look at stocks versus bond this is a year to date of the treasury exchange etf against the s&p 500. they start together. they came together here. december stocks were ready to overtake and then went the other way. you had a bid in treasuries including today and a lint of back off of stocks 60/40 stocks bond portfolio. it has had a great year. it sort of redeemed itself at the moment maybe object notice as the rest of the word, this quarter outperforming the s&p 500. you had the value rotation, the weak dollar. every stock market in the world aside from the united states handily beating things the last

few weeks. a lot of people have been waiting a long time for that, wilf. >> mike for the weekly performance, s&p is down just over 1%. feels like the news flow has been worse than that almost. particularly when you factor in the russel is up 1%. talk us through the small cap ongoing performance of late. >> exactly it seems like the s&p 500 is being made to look stodgy and sort of depleted to some degree relative to what people want right now, the fast moving, more cyclical, higher beta and the stuff that has been laggards all year the s&p 500 was supported through the second and third quarter mostly because of its concentration this big sturdy growth stocks. now people want new fresh names in the ipo market or the cyclical stocks. small caps represent some of that we will see if that's more than just the pendulum swinging for a while in that direction or if it is a longer term thing usually when you get these major turns in small versus large it

does carry on at least a little while. >> s&p down .3 >> as california reports a record number of coronavirus cases today and new york city gets ready to close indoor dining again on monday we are awaiting the fda's official approval of the first covid vaccine. let's get to meg tirrell with the latest >> we have heard from the fda that they are working on this now after that positive vote from its advisers last night fda putting out kind of an odd statement this morning essentially saying that after that positive advisory committee meeting outcome on the pfizer biontech vaccine the fda informed the sponsor, pfizer, that it will rapidly work toward finalization and issuance of a emergency use authorization saying it has notified the cdc and operation warp speed so they can execute their plans for timely vaccine distribution. guys we are expecting this within days. the "washington post" though last hour reporting that the white house has ordered the fda commissioner steven haughn to authorize the vaccine today or submit his resignation

we got a statement from the doctor disputing it says it was an inaccurate description of the phone call they are continuing to work on the emergency use authorization request. fda is committed to issuing this authorization quickly as we noted in our statement this morning. >> a bit of pressure coming on here in the final moments toward this potential authorization of this vaccine we talked with a vaccine expert and a member the advisory committee who said the fda is going to do this anyway and so the pressure at the ends is not going to change what the agency is going to do now the cdc is meeting with its advisers about how to recommend this vaccine and take special consideration of what to recommend for pregnant women who were not included in the trials. if the fda does give the greenlight then 24 hours later distribution begins. just a bit of last-minute drama here heading into the final stretch. >> let me know what you hear

about pregnant women asking for a friend, meg i want to ask you about the commissioner hahn news you maepged the statement where he said it was an untrue representation since then axios and the "associated press" both confirmed the account albeit with softer language saying that meadows didn't say he would be fired or would need to resign if he didn't approve it today but hinted his job security might be on the line. clearly the white house wanted this approved quickly. it felt underhanded by the fact that the uk went first but what this the grand scheme of things does one day matter here >> well, there can be multiple arguments to that, of course you know, the idea that two to three thousand americans are dying every day of the coronavirus every day does matter but the fda is working toward this and, it is expected to do this very quickly anyway after that vote last night so it isn't clear that this sort of pressure to do it today

versus tomorrow is really that consequential. the other thing i might note is under a biden administration -- kayla, i asked you this question since you are the political expert, but would the fda commissioner being staying o any way? it is only a month and a half before he would be updating his resume anyway. >> not traditionally the way the biden administration building has been going, if he were fired, he might be rehired for that job since they tended to value that service. we appreciate your reporting meg as always. what happens inside a hospital to actually get a vaccine to patients? frank holland is at rutgers' medical school with an in-depth look at what happens once the green light comes. hey, frank >> hey there, kelly. we are here at rutgers' --

newark hospital facility in new jersey expects to be one of the first to administer the feiser vaccine. it could be as soon as monday. the hospital's 1,000 frontline workers have the option to get the vaccine as part of a pilot program testing the initial logistics of how to safely inoculate large numbers of people workers set up what they call an assembly line. patient registration, a health check, the vaccine is given and then the patient is monitored for 15 minutes. >> we have to move fast. the science moved fast everybody moved fast to get us here it is our roblt to vaccinate as many people as possible fast and also to learn throughout the process and communicate that learning to everybody. >> reporter: the hospital will communicate with operation warp speed and the state. the hospital also surveyed its own employees. they found half say they are willing to take the vaccine. the other half say they want the

information they are not willing to take of the right now really the key to getting the broader public to believe that the vaccine is safe and effective is getting his frontline health care workers to believe the same thing back over to you. >> frank holland thanks so much. up next financials one of the worst performers today but they rallied sharply in the last two months up next, goldman's financial analyst spoke to all the ceos at their financial services conference this week we will get his take on what the next catalyst for those stocks might be you are watching "closing bell" on cnbc. ok, just keep coloring there...

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welcome back the s&p financials sector one of the worst performing today but also one of the worst performing over the course of the year it has had a good run over the last couple of months, though. top executives do remain optimistic though for the year ahead. earlier this week on cnbc and at the goldman sachs financial services conference ceos seemed keen the start buying back stock. >> the dividend is very sound.

and i would love to buy back stock. >> as soon as we are allowed to do it we are going to go in and buy the stock. >> there is no doubt there is substantial excess capital to be deployed both through buybacks and certainly increased dividends as we continue to increase the earnings capacity of the company. >> joining us, richard rams send of goldman sachs govern to you. thank you for joining us >> pleasure. thanks for having me. >> i mean, i guess we all knew they were keen to get back to buying back their stock or increase their dividends but they came across as resoundingly keen to do so do you expect them to get approval and does the messaging there suggest they are going to go all out and deploy as much capital as they can? >> looking i think what has happened over the last few months is that these banks have just become a lot more optimistic on the outlook heading into 2021. so i think they are seeing a few things, consumer spending has picked up over the course of the

last few months. loans that were in forbearance or put into forbearance in march are all starting to curat a better rate, which makes them feel better about the loan resevers they have corporate confidence has obviously picked up as a result of the vaccine news. and capital market activity continues to be really really good a number of these banks talked about trading revenues in the fourth quarter and trading revenues are up 15 to 20% year on year. i think all of these banks basically are seeing their capital position improve they all have excess capital today. and i think they are keen to start buying back stock because i think they actually see good value. the question is, will the fed allow them at the moment there is moratorium in place on share buybacks we get the results next friday of the resubmission on the c cast so i guess we will find out if they can buy back next week

>> i guess we last really heard from them as a group like you have gathered this past week after earnings in october. were you surprised at their positive economic outlook relative to october? >> look, i think -- keep in mind what's happened since october is you have the news that you will have hopefully a successful vaccine and that will be rolled out crease the country clearly the banks are responding to that. and i think -- in addition i think there is a few other things which they are responding to the first is that they are monitoring very closely things like cash levels from people who have lost their job as a result of the pandemic. cash levels in checking accounts are actually still up 20% relative to where they were at the start of the year. and they obviously are seeing continued improvements and confidence i think also what they are seeing is pipelines around things like m&a and equity capital markets are also building into next year and

that's giving them better visibility around what their revenue outlook looks like as we head into next year. >> richard a lot of banks in the third quarter put away much less in terms of reserves for loans that would potentially go bad. but then again, the virus and the economy were in a much different place then and we have seen jobless claims tick up. we are going into winter we saw new york city close indoor dining. things are getting worse i am wondering if you think t t that -- if you are in the camp you think there is a massive windfall for these companies just around the bend when the economy improves and they get to release all of these monies and pad their profits or are you in the camp that you think they will need all that money because loans are going to be going bad and they will need to increase reserves in the fourth quarter. >> every major bank said if you look at the trechbds over the fork so far in terms of what drives loan loss reserves almost

without question every single one has improved keep in mind these bank are not reserving to losses they expect over a three month period. they are reserving to losses they expect over a three to five year period. clearly, if you get a successful vaccine and a sharper rebound in economic activity, even if that happens in year two or three you are going to have to start releasing reserves now i think a lot of these banks at this point in time though would rather keep reserves on the conservative level because there are a lot of unknowns. there are a number of asset classes where the progress knows issis unclear like commercial real estate. but it is clear as the economic outlook improves it is going to be hard for them to keep the serves at the levels they are. we are expecting a number of these bank maybe not in the fourth quarter but over the next six to nine months wave to

release reserves >> they are reserving loans that could go bad in three to five years, when would they be able to make the call whether they need that money? 2023. >> i think depending on the shape of the economic recovery next year i suspect it is something you could start to see happen in the second half of next year. keep in mind because of the stimulus and because of the government support that you have seen even though these banks have reserved to very high levels, incurred losses are actually still very, very low. i think they are still waiting the so what happens in the second half of next year in terms of actual losses in their book then i think they will take a view as to what the appropriate reserve level is then. >> as for stock specific headlines that kaem out of the conference i was interested by jamie dimon comments on m&a. we have the sound bite here. let's listen. >> there will be stuff it might be software it might be fintech. we have lots of investments in some fintech partner with.

it might be overseas but we are open minded we have got brilliant ideas. give me a call if you are a competitor investment bank and you bring the idea you get the fig. >> i love the angle there. i was trying to think of ideas myself i love the fees he is offering there. were you surprised more broadly that jamie dimon and jp morgan are talking so openly about m&a. >> they can't buy a bank i mean so if you are above 10% of deposits in the united states which they are, buying a bank isn't an option. but i do think that they have been looking at buying, you know, either an asset management in fintech, in software, for a period of time i mean, this is clearly the most explicit that they are being about it but it is very, very clear that as the organic growth outlook gets hotter -- low interest rates are clearly a head wind. trading activity next year is

probably hot going to be as robust as it was this year these banks are looking at acquisitions as a way of augmenting the organic growth that they have it is clear, jp morgan in particular is generating a lot of capital today they obviously have got a very, very strong franchise. i think they can buy some of these assets and do a lot more with it on their platform and generate a lot of value as a result of that definitely i think the comment about give me a call and we will pay a fee even if you don't work for us that was a little bit surprising >> certainly was richard thank you for joining us appreciate it. >> thanks for having me. >> richard ramson of goldman sachs there. meanwhile the senate passing a bill this afternoon to avoid a government shutdown and keep the government open for one more week we have the details and what it signals for stimulus that's when "closing bell" returns. ♪

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snipe the senate passing a funding bill today to avoid a shutdown and extend the government funding for one week. ylan moi is in washington with the latest this keeps relief negotiations open for that time if there is any agreement to be reached. what are you hearing. >>ert that, kayla. the government will be fund bud the fight is far from over after some last-minute drama the senate did pass a bill that

would keep the government open through december 18th. right now the bill heads to the president's desk but two key senators now saying they are willing to hold up this method next week. they have teamed up to demand a vote an their new bill to provide $1200 stimulus bills for adults and $500 stimulus trex for kids. >> if i have anything to say about it and i do we are not going to go home for the christmas holidays unless we make sure that we provide for the millions of families in this country who are suffering. >> now senate majority leader mitch mcconnell did tell reporters that he is hopeful that lawmakers can come to an agreement on both a covid relief package and a comprehensive spending bill next week. but guy, we have heard that one before. >> where is the support for the stimulus checks, ylan? i know there was a smaller check

incorporated into the treasury's offer. but the fact that this wasn't in the bipartisan bill -- i mean it leads you to believe perhaps there is not a bipartisan graelt on it even though to see people like josh holly and bernie sanders agree on it would potentially tell you otherwise >> yeah. that's why this is such an interesting duo here, indicate lachlt what we are really saying is that a lot of progressives have gotten behind the idea of direct checks on the senate side, elizabeth warren, ron white, the ranking member on finance committee. on the house side people like aoc and i will mar on the republican side president trump himself has been driving the push for direct checks and stimul stimulus you are eeg factions getting behind individual policies in these negotiations that's why it has been so hard to reach a broader deal. >> ylan, thanks for that. still to come, call comgetting crushed

we will tell you what one apple exec reportedly said last night that has the chip giant down 8%. here's a check on bonds. the ten-year at .895 as we stand. we are back in a couple of minutes. before we talk about tax-smart investing, what's new?

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welcome back let's check in on some individual market movers deutsche bank out with a new note today downgrading the airline sector to hold the firm says airlines are fairly valued after a run-up in the run-up after positive vaccine data jefferies downgrading tesla from hold to buy. it says they cannot dominate the auto market given the size structure and politics of the industry it is trading down 2.5%. for more on that analyst call head over to cnbc.com/pro. >> it is time now for a cnbc news update. for that we go to sue herera.

>> hi kayla. good to see you. here's what's happening at this hour, everyone nashville police have made an arrest in the high-profile shooting death of a 26-year-old nurse while she was driving to work at a local hospital police took a 21-year-old man into custody after a tipster responding to a $65,000 reward for information told them where to find the gun that was used. authorities aren't commenting on a motive but they did say the two did not know each other. four buses set ablaze amid unrest in chile partly fueled by the economic weakness due to the coronavirus pandemic. in brings cole, england, a painting of a sneezing woman has appeared on a house at the end of what is said to be england's steepest street. it is believed to be the latest work by the street artist banksy, who was born in that city you are up to date >> the uk's steepest street.

>> that's what it says you would know better than me. >> i would have known it life that statistic. i didn't know there was such a hard award for that type of thing. >> there is. and every year, apparently, the big event is an easter egg roll down the steepest part of the street >> there we go he like that. >> just in case? san francisco puts it to bed in some case. >> lombard street, for sure. here's where we stan stand in the, ma off the lows of the session. still the dow is trying to hold onto positive territory, up 40 points s&p down by five points. nasdaq doesn't by 35 fractions of a percent but still, the worst of five weeks for the markets. the pandemic is driving a boom, though, in online shopping when we come back, venture capitalist michelle romano will discuss if this run-up in e-commerce could continue into next year. "closing bell" is back after this

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take a look at shares of etsy shares up more than 460% from the march lows making it one of the best performing s&p stocks during the pandemic. e-commerce as a whole has seen ten year's worth of growth in just the last nine months. that's according to clear banc one of the largest e-commerce investors in the world with more than 3,000 brands in its portfolio like names such as on line mattress company neck for clear bank cofounder michele romano joins us now. she is also a regular on dragon's den, canada's version of shark tank: a majority of shopping is still done in person, even amid a global pandemic do you see there being a ceiling of sorts for how much shopping people are willing to do

remotely have we essentially maxed out e-commerce right now >> i don't think so. i think we have just shown how much further we can come i mean if you look at this year, again, e kpers has done from 14% of retail sales to almost 30%. what is happening is we are opening up all of these new categories that people were nervous about before my mom was nervous to buy her blueberries on line because she is like they are going to come crushed. then she had to do it during covid and was like oh, i get it. i actually think there is still more upside. in what has been a tough year, you know, for small businesses one of the bright spots is that we have seen all this messages around shop local, now shop on line actually work like the smallest businesses in our portfolios, they are actually the ones that are up 150% over black friday, which is great news >> we are so lucky, if you can use that word, to be going through this at a time when we have do somewhere the benefit of

e-commerce, we can buy things at the click of a button if we don't have the ability to go into the stores. but where do you see friction in the system where do you think the chain of command needs to get easier so that you do see that upside? >> i think that what we are seeing is actually innovation across the whole system. so there is many companies that have made it easier to start e-commerce stores. that's get early fulfill men start sourcing products easier what clear bank has been able to do is help scale up companies. we have more than 20,000 companies connected the our platform we funded over 3,000 companies to date. what we are seeing is the technology is improving at every single stage of this and so i think there is still a lot of upside. i mean the reality is if you look at asia i mean people are still getting products faster. they are getting them cheaper. and the return process is a lot easier those are all the things that

eventually build habits with us. and i think also a lot has been done so people are not just reliant on amazon or a single platform we are willing to shop at a lot of the smaller more boutique or ine-commerce stores because the checkout process has been a lot easier i think we are going the see a lot of innovation across tha technology stack. >> michele, as you mentioned you helped to fund a lot of these companies as well as guide them in their path towards digitization has the pricing of the investment opportunities gotten steeper? are you finding it harder to find companies that you do want to invest in as well >> i think one of the things is we use a unique revenue share model so we don't have to price the companies. in the market, though, there is more demand for these companies. i think one of the things we saw this week was, and and g was trying to buy billy. it look like that deal is going to be challenged by the government but i think what this means is that these direct to consumer

brands are getting so big that, you know, the massive cpgs in many different categories are looking to make acquisitions here i think we are going to continue to see investment. we are going to continue to see more consumers, and i think investors will follow those two things as well. >> a lot of consumers here in the u.s., michele, are getting news that perhaps their packages for hanukkah or the christmas holiday are not going to arrive on time as planned how long do you think that leaves a bad taste in a consumer's mouth before they are willing to do this type of bulk shopping on line going forward >> i think that's a great question you know, i think actually consumers this year are going to be a little bit gentler and kinder to businesses 2020 has been a tough year for everyone i think especially when people are buying independent they do understand that sometimes there are these delays that happen i think, you know, going

forward, post pandemic, i think a lot of these habits are going to be created and people are going to go back to needing extremely rigid timelines on things but generally this year is fewer of us are going to be traveling so more of us will be sending 50s. hopefully the gifts arrive on time and we are obviously helping all of our companies to make sure they arrive on time. but this has been a tough year on everybody including every single small business and i think people are going to be more forgiving. >> michele thank you for joining us. up next, disney, and palantir become topplays and the "market zone" is next. 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

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15 minutes left in the trading day. we are now in the "closing bell" "market zone," commercial free coverage of all the action heading into the close cnbc's mike santoli here to break down the action in the markets and charlie ebber hahn joins us the s&p and the nasdaq in the red. major averages on track for a weekly loss. the russ cell holding onto weekly gains mike, lots of factors like these ipos pointing to the possibility ofup bubble-like territory that said, are earnings estimates increasing such as the pe multiple of the s&p looking forward to next year isn't as stretched as it was. >> in recent months the forward valuation looked better because

turning estimates continued to go up. also it is rare for analysts ayear ahead to underestimate earnings but when it has happened it is coming out of a deline like we saw this year. last time it was '09, 2010 that leaves you ground to say maybe the market can accommodate this level of expensiveness because earnings are coming through. also the market has shown some give this week we backed off a bit. it has slowed down and killed off but not he can broen stride in any major way it is holding up the trends after maybe it consolidates after a strong five weeks before this week. >> is the cooloff justified to this degree or do you think it has longer to go >> remember, i am always going to bifurcate the margaret into the growth stocks and value stocks our value stocks haven't cooled off. they have continued to have momentum this week and had

closing the gap on growth. growth stocks absolutely have cooled off, deservedly so. they were frankly at terrifying valuations in many cases that are not justified. so we have got a lot of euphoria in growth stocks stocks doubling on their ipo we have seen that before it doesn't end well. but on the other hand we have these rock solid value stocks that ervings are improving >> then you have a massive blue chip like disney, which is the sole reason that the dow is higher today while the rest of the major averages are slightly in the red disney shares a big winner today after the big surge in streaming subscriber growth. julia boorstin has the details after a pretty dramatic investor day, julia >> that's right. a four and a half hour investor day yesterday. shares hitting an all-time high for disney today up 22% year to date. what is driving that move is far better than expected growth of disney+ with 87 million

subscribers now hitting the high end of the company's forecast four years ahead of schedule along with epipen and hulu disney is predicting between 300 and 350 million subscribers by 2024 disney is ramping up investment in original content. planning to launch 100 new titles on disney+ annually >> and perhaps most surprisingly to me saying they have more subscribers who do not have kids than do have kids. charlie, back to you if you haven't gotten into disney before this monster rally today before this projection of 350 million subs by 2024, do you think there is going to be another opportunity? >> well, unfortunately, i fall into the camp of people who missed this one. this one did become a value stock in march when the theme parks all closed down, the cruise ships they own closed down, they weren't going to be able to put movie this the

theaters unfortunately, i missed it it proves that the content that matters. good content will find a platform for distribution. everybody was worried about cost cutting with espn. sure, that's going to hurt espn but nobody has better content than disney. at this point it is not as cheap by any means, at an all-time highs so there are other media names we like better viacom would be our favorite in this space. >> mike what's the value now of this company on one level you could say it is cheaper than netflix and still has a lot of the earnings to come back next year when theme parks reopen. >> it is cheaper than netflix but i would argue that the part of disney's business that looks like netflix roughly has a netflix-type valuation on it and the rest of tnz is going to be valued cheaper than that actually one could argue that a subscriber of disney+ and the rest of their streaming services

shouldn't get the full valuation of netflix because the revenue per user at netflix is hire. i think the market is being generous and positive in the way the company transformed itself disney was always prudent in terms of its balance sheet now it has a lot of debt it was always trying to make a consistentim type profit margin. rite now it is in investment mode right to you the market is leewarding all of those things it is just unclear how much of that forward growth they promised is registered this the stock price. >> disney was below 80 in rch ma 176 present. confidently more than doubled. >> don't rub it if. shares on wall street rallied on a report it is looking for -- state street is exploring deals with invesco and ubs up about a percent and a half

charlie we were talking with richard approximate the potential of m&a although small deals in the asset management market do you like these types of stocks, state street, that one you have considered buying. >> we looked at it we own bank of new york and northern trust, which are their two big competitors in the custody business fronkly, there are barriers to entry there that there aren't in asset management and they are seeing fee compression in asset management there is a lot of economy of scale that could come with consolidation. we applaud the move to sell the asset management business and think they are a good competitor and by the way the custody business benefits from higher interest rates which we think we are going to have. >> a diplomatic answer charlie mike, to you as well do you think invesco or ubs or another suter is the best fit for a business like that >> it would have to be something

big. multiple trillion dollars although in low fee type products this is an interest that has already been in consolidation mode black rock has had an amazing run, up 40% or something like this year. the timing is right for a company like state street that probably doesn't think it is getting full credit in its own valuation for what that franchise is to try to see what they can get for it on the open market i think it is to be applauded. invesco a couple years ago was a super cheap looking stock. people thought it was priced for exstings they were on the actively managed side of the market they have come back. maybe it is more of a positive of strength. >> if kyi we take this idea of state street to jamie dimon don't forget we get the me jamie dimon could get it through and we could retire off the back of it. >> bad idea. >> i wonder if jp would really

be on the list here. we'll see that yeah, well we will keep that between us, wilf. might be ikt conflicted there. the u.s. is turning to palantir to play a big role in the distribution and administration of coronavirus vaccines josh lipton has that story what are they doing for the government >> as the vaccines roll out the government is now going to be relying on a new software platform they are calling it tie beerious it uses palantir's technology. the system now deployed across the country allows the government to track the distribution and administration of the vaccines helping health officials make decisions about when and where the doses are needed most in their communities. the actual data here comes from different federal agencies including the u.s. census, the department of health and human services, the cdc and state health centers as well as drug makers and contributors and includes data like shipments,

inventory and deliverly. importantly, no personal identification information is in the system back to you. >> thanks josh char will he on palantir, obviously they do so much business with the u.s. government this is not the first pat of the covid response or the vaccine response that has been outsourced does palantir's involvement make you more assured in how this roll out is going to go? >> got really. i think you have to be very careful about stocks getting a one-time benefit from covid. just like you want to be aggressively buying companies who are going to be temporarily authority term hurt by covid, i think you want to ignore names that are going get a big short-term boost this falls into that category. apple -- >> this is johnny sludgy making news here. he is a well-known apple

executive. in fact, apple's chip guru he is reportedly telling staff the company has started being its own cellular mode up that's according to bleemberg. that's a critical component in smart phones that would mean replacing parts from qualcomm which gets 10% of levin from apple that stock coming under serious pressure on the other hand i checked this with bern teen who issues qualifiers to the story. he says one it took years for apple to develop a pc processor. a modem, he says, will be even tougher. and also stacey reminds us the two companies do have an agreement in place that includes a multi-year chip and licensing pact >> josh thanks. mike, what's your take on this qualcomm -- that's a big move, down 8%, 9%. >> it is it comes after it had a very good run i am trying to separate out the news driven selloff here from the fact that the semiconductor group in general is down 3 or 4%

this yek it has had a lit of a vetcal move. i think it is a bit of a rethink when it comes to qualcomm and the franchise value and market share and how much of it is the group is your rendering some of the quick gains we have had recently. >> charlie the question is also raised do you think apple will actually go through with this? it is one thing to float a trial balloon to see how the market and your customers react it is theory thing to actually be being the competency to be doing something like this. >> i hope they don't go through with this. this is a very capital-spencive business with big barriers to entry. i don't think they would be able to sell it to anybody else i think it would be extensive. i don't think it would be good for the stock. >> talk that we might be due a pullback, various indicators

showing it, particularly in the overheated tech names. given the run that value stocks have had, if there is a pullback do you think everybody moves down in equal measure? >> that's a great question and one we worry about obviously in march we thought value stocks were cheap relative to s&p and growth stocks and when things tanked they all went down together. the answer would depend why we are going down f. we are going down because something goes wrong with the vaccine and we head to another lockdown then my value stocks are to the going to do well. the scenario that i think is more likely is that growth stocks and tech stocks don't perform well because we have higher interest rates and then pes come down then i think my value stocks are going to outperform by a lot. but a downturn in the economy could take everybody with it. >> mike, what conclusions can you draw after a single day like today after a week that saw such stunning debuts for airbnb and

doordash. >> not a lot, kayla. it is interesting because a lot of the talk coming into this week was that the market was going to have to absorb a lot of new supply of stock. oath of the ipos, tesla doing a secondary, all of these spacs being issued and pension if you know funds taking profits on equities and rebalancing we kinds of absorbed it okay it seems as if right now the market is on decent footing because of the longer term trend. if we want the look internally at what's going on today it is a little bit to the downside in terms of the skew of volumes it is a change in trend. you had a broad rally reading up to this now you have almost two and a half times declining volume as opposed to advancing volume if you want to gauge the stay-at-home trades about the reopening trade if you look at retail in particular the online retail etf up 2% while the traditional retail stocks down

1.5% is a hint there was a slow down in the reopening trade. transports have done fine. it is not necessarily across the board. then the volatility intex had a window a few days to go to get below 20 that's more of the normal range. right now we are track iing the late 2019 bull market we will go into the market still in the range of 23. folks are bracing for a little bit more turbulence. >> a step back this week. though not in the russel up a full percent on the week. that's in large part because of energy which is also the only sector really higher for the week as a whole. energy is at 1% for the week the other positive detective soar for the week, communication services the others are all negative. oil prices rose .7%. softer today s&p 500, below the flat line.

dow above the will not line. nasdaq down about a quarter of a percent. today communication services the best performing sector at 1.1% energy, fng financial both down a percent or so. at the close, s&p 500 down .2% dow is up .1%. thakds down . -- nasdaq do down .3%. welcome to the "closing bell." i am kayla tausche in for sara eisen along with wilfred frost mike santoli cnbc senior markets neptator is here as well look at where we closed on wall street the dow had been marching towards session highs. closed up 47 points after retreating slightly. s&p barley negative. down 4.5 points. nasdaq down 27 after a pretty banner week. russell 2000 down by about half of 1%. dow, s&p, and nasdaq on track for their largest weekly losses in six weeks that would be the first in three

weeks for the dow and s&p. the first in four weeks for the nasdaq coming up, the co-chair of mount sinai's board of trustees on the hospital's plan to roll out and administer coronavirus vaccines once they get that crucial emergency authorization. you won't want to miss that conversation we are still joined by charlie from ariel investment. mark smith from ubs wealth management also joins the conversation and we get our first comment from mike santoli. mike, what do you make of the way this week sort of petered out for the market despite the fact that, you know, we did get that positive fda meeting yesterday and we are awaiting that emergency use authorization. >> it seems like the vaccine stuff has been part of the premise of the rally we saw coming into this month or this week already in fact if we looked at the low from this morning on the s&p it was back to november 9: -- the high of that day when we did start to price in really vaccines being within view

i think that's all a net positive it is just we have already got there and processed through it i think the market is both listless and resilient at the same time this week. the broad market the s&p 500 didn't really set off many alarms in terms of the action but there was a little bit avalos of energy most of the energy seemed to be in creating new 80 and $100 billion market cap stocks from ipos as opposed to the old stocks that have been out there for a little while so we will get more of a seasonal push next week to the upside in terms of general tend seesz. it seems like we didn't change any trends seems like some of the excessive bullishness we saw coming into this week. part of the way to get rid of that is moderate. >> charlie i know you think rates are going to rise and inflation is going to pick up -- inflation has risen quite a lot in the last couple of months but the ten-year goes up, pulls

back and ends up ending at .9% what do we need the see to get inflation to rise. >> numbers that came in were in the 1.6 to 1.8 range for cpi i think in march and april we are going to get ugly inflation numbers because we had a downturn in prices last march and april. we are going to have a reopening. the price of an airline ticket is going to be going up. rents will be firming and i think -- hold me to this i think inflation numbers are going to be in the high twos, maybe 3% when we are staring in those numbers, which are sustainable because of the deficit rear running then i think you look at a 2% ten-year not a .90 ten-year. >> charlie, wasn't to follow up on that. it sounds like you are predicting a massive bond bubble that could be at risk for popping. it has been -- picked income has

been one of the safer asset classes especially for individual investors who are nearing retirement do you think that that is no longer the case. >> do you think it is going to be a risky asset class in the next 12 months >> absolutely. i couldn't have said it better myself i remember when my grandfather was so happen with his 5.5% municipal bond portfolio in 1978 and then saw rates go to 11% what he thought was a safe portfolio ended up being worth 70 cents on the dollar i think we are going to see something like that. we have got corporate interest rates below inflation which has never happened before. we have real bubble levels of interest rates people haven't been reporting on this enough. the high yield market is now at bubble levels. this is not going to end well. >> mark, where do you stand on that would you want to have a large position on bond in a portfolio or not >> i think many of our clients have been diversifying out of bonds for a while into gold. for a number of months i have said on the broadcast that many

of the wealth management firms across the country are also saying to diversify into gold to get out of fixed income. i agree with charlie 100%. i think you have to diversify out of fixed income to a certain tree because the fact you are having all of this cheap money flowing. i have clients calling me every day to buy another host. interest rates are so low. >> why has gold plateaued or fallen in the last months. >> i think because you are seeing the reopening trade be so successful you have all these different pharmaceutical companies come out with miracle cures 95% effective. and gold is going to decline in that environment but we are going to see if all this works out we are going to see if the distribution works out ear going the see if i go to cvs if i am going to find the vaccine in thenext six months all of that remains to be seen that is why there is still the

case to buy gold in this environment. >> a survey finds the divide between wall street and main street larger than every steve liesman has the story. >> americans increasingly believe new highs in the stock market means companies and the wealthy are getting rich and not necessarily that the economy is doing better the cnbc all america economic survey finding 57% of the american public thinking all-time his in the dow is a sign the corporation asks the rich are prosser approximating those who think it is a sign of an improving economy, that fell to 30% from 38%. market skepticism grew among most demographics including the youngest but also rose strongly for those americans who have investments. even the financial elite those with high salaries and the most stocks we saw a jump among republicans. they are among the most likely to see high stock prices as a sign of a good economy not so much now.

into steve thank you as always charlie, are you worried about the potential attempts to rebalance the economy by a democratic administration that might include things like capital gains tax hikes and what that might do to the stock market >> that's why the georgia elections are so important if we get republicans winning one of the two races down there they will control the snooet senate and we won't get big changes in corporate policy. if we do, and we get a reversal of the corporate tax reductions we got two years ago that's a stock market head wind if we have divided government i feel pretty good we are hot going to get real ugly surprises out of washington. >> mark, you know, gallop does a poll on how many americans hold

stocks they found in the last years it has been roughly around 50%. while it is not the majority of the country it is certainly a large enough share that you would think that a rising tide in the market would at least be felt by a lot of people not just the upper income levels. what happened in the last few months that changed that dynamic? >> i think that you are seeing that folks are very uncertain about what is going to happen in the overall economy, if they are going to keep their jobs so that's having, you know, an effect of the average person having a tremendous amount of unternt. hard to investment in that environment. but the folks that i work with every day they are seeing a lot of opportunities still in the tech sector. but you know we have to look at what just happened california just announced in the last ten minutes they are going to down the d.o.j. for anti-trust against google. i mean this is a huge overlying factor around the entire tech sector you have multiple getting gone

after by both sides, democratic and republican sides so we have to just keep in mind that that's the reason why this market is so high. tech has brought us to the levels we are at right now right now they are under attack by washington. >> mike in terms of the broader outlook for the economy, is the market now saying that woke look through the period where cases might continue to spike, that we might get the worst weather, et cetera, and just look ahead to the middle of next year when we will be vaccinated. >> it has been doing that for a while, it would seem i think first of all it is not mutually exinclusive that the economy can be getting better and yet the wealthy are disproportionately benefitting from the market going up those often go hand in hand. the policy response works more quickly when it comes from the fed in terms of freshening financial markets andet going them excited than it does when fiscal policies hit a snag here. i get it it is also like the past -- the last cycle occupation wall street was 2011.

that was two years after the market bottomed and you had this sense out there that it was an uneven set of rewards being doled out by the economy relative to wealth levels and whether you are in the market or not. i think we unfortunately have had this situation before and the only way to rectify it is to let the economy run hot once it starts to come back. that seems to be what the fed wants to do. it is going to be powering toward full employment again by its policies you know for years, probably and that's probably slowly the only thing that could change that attitude. >> charlie and mark thank you for joining us both for joining us today >> thanks for having me. >> have a great weekend. four electric vehicle realitied spaks have been announced in the last two days up next the ceo of one of those companies and whether the spak craze is getting too hot back in a couple of minutes.

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in the last 36 hours four ev-related spacs were announced rising a total of $1.4 billion to discuss more on the unprecedented year for these blank check companies and investments in electric vehicles we bring in omar kila inowe va's ceo and who announced the intention to go public via spac. congrats on getting listed how much of this was this the works? how surprised are you that you raised what you did?

>> we have been working on this the last four months i think that's what -- part of the advantage on working on a spac rather than raising money in a different way spac process is quite fast it gives you access to really great investors. so there is a great fit between this process and the kind of activity that we are in in the automotive space where you need to have a lot of capital in order to work on programs dike the bmw that we are part of and now entering other programs. so this was really a good fit for us. >> talk us through a bit more exactly what you guy does and what lidar sensors are. >> lidar is a 3d acceptsor it allows the car the see the world around it in 3d, which makes it understand the scene much better. so far, lidars were expensive and big. we started five years ago to

developed a solid state lidar, it is small and very low cost. we were selected by bmd for their series production three years ago. since then working with them and our partner magna international and now revering up our high volume manufacturing that's going to be the first series production on ground conduct asked managed by bmw, which is one of the most technical car makers out there we are very proud to be there. and now working on the next generation that will even get the price point even much lower in order to penetrate even lower class vehicles so our mission is to enable autonomous driver. >> the spac pried $150 million through investors. you raised $200 million. how far will that cash get you when will you need the raise more funding. >> no. this amount should get to us the point that we are positive

so we have the bmw program we have other programs that we are part of. our sales should be ramping up sufficiently enough in order to allow us to be positive in cash. part of the reason that we raised so much money is due to the fact that -- is not due to that we needed the amount. it is to provide financial probustness when we are working on programs like car makers like bmw -- they want to see that the supplier they work with and choose lidar for many, many years, they want the see that you are stable financially it is not really from the case where we needed really that amount of money just to show confidence to the market >> omer, do you think the likes of bmw, the traditional autos will play catchup with tesla in the next couple of years in terms of the quality of ev they

can offer? >> i actually think they will leapfrog tesla tesla made a decision five years ago. the reality at that time was that there was no lidar available in the market. and they went for an auto pilot based on cameras and radars. today, the reality is different. so lidars are available at the lower cost the lidar that we provide provides the highest resolution and performance. it allows autonomous driving in a much safer way tesla probably be left at the auto pilot and probably will need to change their strategy by licing lidars to achieve higher level of autonomous driving. >> investors have been keen to find the next big thing to value future profits and revenues. but we just looked at a bunch of electric vehicle stocks up on the screen while you were talking. they are all in the head today and jim cramer recommended that investors sell some of the

stocks because they have gotten overvalued what do you say in response to that >> when we started we started with valuation that we thought would be attractive. we were valued much below others because we wanted to find investors that will join our journey for a long term. we don't look at the valuation today. we mostly care about the valuation in two or three years. we have full trust in the technology that we developed that will allow us to penetrate the market and generate a lot of revenues and increase our valuation. so today valuation is less important. when we care about is really three years from today >> a banner day for the company nonetheless. we appreciate you joining us, ome keilov innoviz cofounder and ceo. >> thank you very much. up next on "closing bell," mike santoli will look at the latest bull/bear indicator and whether it is signaling a

potential year-end rally. as a reminder, you can always watch or listen to us live on the go on the cnbc app we'll be right back. when you switch to xfinity mobile,

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let's have a look at how we finished on wall street. the dow just higher as you can see, only 16 boysis points down .6% for the week as a whole. s&p and nasdaq just lower today and also down about .8 to .9% for the week the russel was down the most today .6% but up 1% on the week as a whole. let's send it over to mike santoli looking at investor sentiment right now. what are you seeing? >> sentiment certainly getting more chipper indicate lachlt has been for a while this is one gauge of risk appetite and sentiment and positioning. bank of america globe strategists take the bull/bear indicator. it has taken flight over the last weeks fund flows and credit market price asking things like that. it is not just people's stated mood it has actually kept new the market unlike some sentiment indicators a few weeks ago started to look extreme this one is on its way

briefly in 2017, 2017, before we had a correction and a long sideways period for the market we did get above what they consider the extreme bull line we are well on our way if trends continue it should shoot there and strategist are saying be ready to take the other side of this cheeriness before too long. this is from as you see march, 2015 almost six years ago is the last time we were here. mostly it is the market appreciating that has gotten the allocation higher. i don't know this they have been throwing money hand over fist into the new market. but it is definitely telling you we are there this is belief phase of the bull market it not again going against people's skepticism asks anxieties. it is basically saying things look good, they are going to be better 2021, we are all in it is creating the chain reaction of getting to

overstated states of optimism eventually. >> how long does this belief phase last for the market? >> a good question look, it could go for quite a long item. it could go for years. but what it tells you is that there is usually the makings of some kind of giveback period before we get there. in other words, it never goes up in a straight line if it was like 2009 in terms of the increase in stock crisis off of a crisis low in march which we had in both of those years you did encounter some significant chop going the to the next year. usually takes something, rethinking of what the fed is going to do or something in the economy, some financial market stress we are to the seeing it. if we don't get the stressors people liking the market itself is not going to cause it to go down. up next the co-chair of mount sinai's board of trustees on the timeline for distributing coronavirus vaccines once they are given emerncusgey e authorization.

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joining us to talk more about the time line for a roll out and the impact on the economy is rich of mount sinai. good to see you. >> good to see you as well >> are you confident once emergency use authorization is given that the vaccine can be rolled out fairly quickly and meet some of the estimates out there at the moment? >> what i say is we are ready. we have been waiting for this anxiously. i think the panel's recommendation is terrific we have been working feverishly to be in a position to start administering the vaccine as early as next week there is a lot of work and planning going on. you know, there are going to be a lot of challenges as you think, given how fast this has all progressed and it is somewhat of a miracle of science that we are here now but mount sinai is ready to start vaccinating our frontline workers next week. >> what is the expectation about

that process for your frontline workers is this do they get a day off? are you worried about minor side effects, nothing major how are you expecting that to go. >> we have had to identify per the city and the state's regulations who is qualified to get that that represents we think roughly 11,000 of our frontline workers out of a total population of over 40,000. we are going to be careful to to the -- we are going to be looking to vaccinate on somewhat alternate days to make sure that we don't have too many people taking -- we don't expect that people will be taking days off we think that from the studies over 97 or 98% had very modest symptoms but we will have protocols for potential reactions to the shots. so everyone who takes a shot will have to wait 15 minutes the make sure there isn't an allergic or anaphylactic

reaction to it we don't think people will be taking days off. people may be tired, but not everyone gets a reaction that's what came through the studies. >> you have a unique perspective as a chair of a major hospital and also an official until a bank is there a hierarchy that emerges to you. >> so many ceos are going to want to categorize their workers as frontline workers, meat packers, postal service workers, airline workers. do you think there should be a specific order in your mind for how, after health care workers how this vaccine flows. >> well, honestly, my opinion won't really matter. you know, this is being handled by, you know, the states and i think their priorities are right after the health care workers it's the going to be the nursing homes. i mean, what we really need to

be focusing on, who is most at risk the nursing home you know is clearly a huge place of risk then i would say a lot of the urban community that have been hardest hit would be next. and obviously then people, you know, over 65. so we are not going to have much flexibility here and i think that's a good thing because i think everyone would be sending me emails asking me for how they could step in front of the line. there is not going to be any exceptions there is going to be a registry and every shot is going to be matched to who it was registered to and there is going to be -- >> rich, sorry, i thought it was kayla's next question. are you worried about the cost an absolute miracle of science that we got something so effective. it is not cheap. would you welcome one of the

cheaper vaccines that's out there being developed getting approved here in the u.s. as well >> i am looking at this obviously first and foers most from mount sinai's standpoint. we have been told to except to get the pfizer vaccine that makes sense because we have the refrigeration capabilities and we are good at this. we know how to do it we plan for it we give vaccines all the time. the difference here is the refridge requirement and the need to once we got it dilute it andette give the vaccine the cost at this point, wilfred, there is no cost to anyone getting the vaccine as far as we can tell the government has purchased sufficient quantities at least at this point to start the process. but you know, look, our hope is by the second quarter of next year we will have multiple vaccines to choose from. and hopefully they will all work you know, we don't know that at this point we have seen very good data from

the first two that are in the application process but we are hopeful that by q 2 there will be a selection i don't think cost the issue here it's effectiveness and speed the get this out because, you know, this is really the way out of this pandemic. we are excited this is a historic moment. you know, we are ready >> there was reporting today, rich, that the white house chief of staff had a strongly worded conversation with fda commissioner dr. steven hahn and suggested that his job security could potentially be at risk if the fda did not provide that emergency use authorization by the end of the day today when you hear about conversations like that happening, what's your reaction in. >> well, kayla, i will tell you that the biggest concern -- i talked to ken davis about this, our ceo, yesterday is the politicization of this process. so we were thrilled to see the process happen through the fda

panel the way it did an impartial panel, with a lot of questions and a lot of deliberation because, you know, providing vaccines is a serious thing. we are giving this to normally healthy people so there can't -- it can't be politicized. i think until now it has been handled the way we all want it to have been handled, very methodically, very carefully, no cutting of corners and, you know, i hope the fda you know comes through with the eua. when they do, they do. yeah, not only does it bother me but i think it is going to bother a lot of people who are worried about whether this is being pushed through for political reasons but for those close to it and following this we are happy with the process that has been handled and i don't think anyone on the panel or on the fda should be bound to fill plurs we are literally on the 3 yard line or the 1 yard

line so i hope that there is no -- the politicization of this just stops at this point in rich, putting your finance hat on, how quickly does the economy respond to the fact that vaccines are being rolled out >> i think there are two answers to that. the first is the market answer i think the market is seeing through this already we see this in the performance of the stock markets but that's wall street, notmai street i think the main street side -- you knownoknow in q 1 i think i going to be more of a function of washington and stimulus if we don't get something meaningful i think we are going see very tough numbers year over year i think they will start improving in q 2 but the scenario that i think would be the one to be all pulling for is that we are ready basically for back to school in the fall of 2021, and everything that goes with it. that would be, to me, i think a

more realistic time frame to think that you know we will see hiring pigging up. we will see a lot of pent up demand for travel, for going out, for restaurants, for vacations. i think that's a little more realistic of when this will really unfold. you know, it is not a trivial task you know vaccinating 350 million americans. and then you have to think about the rest of the world as well. it is not just the u.s but we are on a great path this is the beginning of the end, hopefully, of this phase. but the next three months are going to be really difficult it is hard to see how main street economy is going to improve that much given how -- just given how raging the virus is throughout the country. it's everywhere at this point. >> yeah, you were right, rich, there is a lot that has to happen before fall 2021 but, et cetera good to see there is a light at the end of the tunnel our thanks for joining us today. >> thank you, kayla. thanks wilfred have a good day, stay safe.

>> same to you you >> another company is moving its headquarters from california to necklace josh lipton has the details. who is it this time? >> this time it is oracle, which is saying here they are implementing a more flexible employee work location policy. as part of that, they say they have changed their corporate headquarters from redwood shores california to austin, texas. they say we believe these moves best position oracle for growth and provide our pennel with more flexibility about where and how they work. of course it is not the first company we are hearing this from hpe recently said it is moving its corporate headquarters from california to texas as well. palantir moved from california to colorado. also high-profile folks working in tech moved, too joe lonsdale picking up from california he moves the austin. keith re boy moving to miami oracle changing corporate

headquarters from redwood shores, california to us a intexas. >> now we will wait about the he -- now we will wait for the headlines of the people who moved to austin moving again because the traffic has caught up with them. coming up, lgi homes ceo on whether the housing market is rovis ok hot and whether conaruvaccines could impact sales we'll be right back.

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breaking news on moderna meg tirrell has got it for us. hey, meg >> hey, wilf well, the u.s. government has exercised its option to purchase an additional 100 million doses of moderna's covid-19 vaccine for delivery in the second quarter of next year now of course the government had already purchased 100 million doses. moderna says that 20 million of those doses will be delivered by the end of december, 2020, as expected the balance will be delivered in the first quarter of 2021. and then this additional 100 million doses would come in the second quarter by june of 2021 of course all of this contingent on this vaccine getting emergency use authorization from the fda, which could come after its meeting on thursday of next

week guys, of course the context of this is the stories that have been swirling about pfizer having offered its second quarter allotment of its vaccine to the u.s. government before then selling it to other governments and concern that we would reach a gap in availability of vaccine next year so the government striking this deal with moderna now saying that they are assured these 100 million dose also come through before june of next year guys >> u.s. population in 2019 was 328 million. so that's the number that we are trying to hit here meg, thank you for keening us up to date there. time now for a cnbc news update with sue herera >> hello kayla, hello, every here's what's happening at this hour as the supreme court considers his challenge to joe biden's victory in four states texas attorney general packs ton is defending the unprecedented suit it tells fox news it could only be filed directly with the

supreme court and it is ridiculous for opponents to call it is a dishes. california wants to join the d.o.j.'s antitrust suit against goolgs because their market dominance leaves consumers will little choice among search emergencies. >> little twigs says she was abused by actor shayla beautiful during their one year relationship she is going public to quote raise awareness on the tactics abusers use to control you la beautiful tells thetimes he denies some kpesk allegations but he has no excuses for his alcoholism and aggression and he is ashamed and sorry you are up to date wilf, back to you. >> sue, thanks. shares of lgi homes jumping more than 50% this year in a major home buying boom could the home market be due for

a cool down. >> we will discuss with the ceo of lgi after this short baereak back in a couple a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity.

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housing stocks saw a massive bounce off of their march lows, but performance has lagged since then the s&p home builders etf has underperformed the broader market so far this quarter let's bring in eric lipar, ceo of lgi homes for a "closing

bell" exclusive interview. eric, welcome. it is good to see you. >> thank you it is great to be here >> i mean, perhaps you guys are bucking the trend a little bit november was your second best month in history and december i red is normally your best month seasonally what are you expecting this month? what broader trends are afoot right now? >> we are expecting to end the year strong, have our best year in company history another year of solid closing growth another year of solid revenue growth increased average sales provides, community community count. another record breaking year from lgi we continue to see strong demand from the consumer. our consumer is currently paying rent they are in a rental situation and lacking to get into hope home ownership we believe the combination of historically low interest rates leading to apouredible payments, the combination with rates, the pandemic we are dealing with, which is really accelerated the

desire for home ownership and made the home more important than it ever has been and the value of home ownership. those combinations, we are seeing very strong demand ending the year. >> how are credit scores looking right now? a lot of millennials and gen z work disproportion addly in the hospitality industry which has been so hard hit have you seen any disproportion of the credit in the people looking to buy your homes? our buyers -- it is unfortunate the layoffs we have experienced and it is unfortunate for the customers in the hospitality industry and those layoffs we are focusing on those that are working, those that qualify for a loan see the value of owning a home having that extra space, having that yard. if you are working from home, working from home in your new home and having more space relative to working in an

apartment in a more dense situation -- we are seeing strong demand from the customers who are still employed and wanting to get out of the dense situations. >> in your first answer you listed all the factors that explained why demand has been so hot, from low rates to pandemic trends, so on and so forth i mean it is hard to see how the environment can get much better, season it? do you not worry about the fact thatter with at the peak now and other aspects of bubble-like behavior >> i don't think it is a bubble. the last bubble was caused by a oversly of homes of we have a very low supply of homes of one of our challenges over the next years is getting the lot supply so we can satisfy demand you are correct. demand is as good as it has ever been we measure every dollar we spend on advertising and howeffectiv it is in terms of a cost per

lead standpoint. we think even post vaccine, which is great news for the country going over the next couple of years we still see the value of people in dense situations wanting to get into that home. the economy is going to come back jobs are going to recover and we see strong demand in the near and long term. >> oracle is the latest company to confirm moving from california to texas. you are based original will he out of texas do you see that theme continuing i mean how much further can it go >> i think texas is a great spot to the do business we started our company here. it is a great place to start a company. our corporate base is here in the woodlands texas. we are in eight states across the country. texas and its pro-business environment and the market here is texas is so strong. housing is affordable i can see that continuing. >> eric, thanks so much for joining us good the see you >> thank you we appreciate it. >> still ahead, the post covid

world has been dominated by distance learning and remote work and sometime magazine took notice that publication just announcing its pick for business ia on of the year its familiar face for investors. we will be back with that story in just a couple of minutes.

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die diverse asset managers survey -- the data shows that firms are still disproportionately white and male 23% female and 13% nonwhite. the special drilled down on latinos. >> the bias, lip service, all of the things we have had for a long time, we have to get real i think we made a little bit of change with african-americans. importantly, we have to really take some serious action and

focus on this. >> it is a constant conversation and that's what it is going to take, have the voices be heard every day. >> there are a lot of things to be done. it requires sustained structures and practices, things you do every day. there is no one thing to do. >> for more, head to cnbc.com. disclosure is one critical step towards accountability, so props to the assets managers group for doing that up next, someone who has become familiar with, the company at least details when we come back. hey, dad!

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"time" magazine naming joe biden and kamala harris as persons of the year. and business person of the year, zoom was the clear standout in the post covid world if we can call what we are living in that.

zoom stock shooting higher in 2020, gaining more than 475% since january. time calls you on the world's relationship liaison while we have all been using zoom this year and i am not going to discount the importance the technology has had in this year -- dolly parton who helped fund the covid vaccine is a more probable winner. she saw the problem and spent the last 12 months devoted to it >> as we got to the vaccine, those ceos may be more deserving. mike, when you think through the

disruptive tech companies it's hard to think of one that has done better in terms of establishing itself but likely grabbing market share long-term and grabbing value from airlines where it has taken a lot of value from, not just phone calls and interaction. >> that's right. # i ask i asked what is the wrinkle is the stock did nothing for the first eight or ten months until we got into this mode. i guess the "time" magazine trying to encapsulate the experience of 2020 rather than in terms of what may be more long-term terms of world health.

>> taking flight this year both on pandemics andbecause we hav this new younger, high energy investor in the market right now. >> thanks for joining us today we are out of time "fast money" starts now. i'm melissa lee and this is "fast money. tonight's lineup -- disney shares surging nearly 14% today to an all time high. a simple question, should you buy into this magical move the news that sent the stock up and today's technical take disney telling