up 43% as of when i checked yesterday. 43% since january. companies like apple up more than 70% let's do a check on those shares they are helping the dow and the mole market. apple is up on announcements about a boost in iphone protection next year we will hand it over to "closing bell." tyler we will see you tomorrow see you tomorrow. welcome in to "closing bell." i'm wilfred frost along with sara eisen the dow up 1%, having its best day in weeks the russel is up near 2% coming trying once again to push through new stimulus before the end of the year but the path remains uncertain. some meetings this afternoon we will keep you updated plus we are seeing weakness in recent ipos. doordash airbnb and snowflake all lower. on the flip side defensive sectors, value outconfirming, materials, utilities, financials are leading the charge all sectors are higher

apple is atop in the dow 59 minutes left in the session. we are looking at a record high not quite in the dow we are this the russel not quite in the s&p and nasdaq, but they are all within reach. >> coming up, on today's show, two conversations with leaders of industries facing the brunt of the pandemic fallout. in just a few moments we will speak with jet blue's ceo what the vaccine means for the future of air travel. and we will be joined by tony meyer as new york city shuts down indoor dining we have 59 minutes left in trade, meg tirrell has information with information surrounding moderna's vaccine and the fda approval and bop bop is tracking the market meg let's start with you. >> we got the briefing documents from the fda how it is looking at moderna's covid-19 vaccine ahead of that meeting of its

outside advisers on thursday essentially laying out what we though about the safety and efficacy of this vaccine 95% protection against covid-19 disease also showing that that protection starts to come after 14 days this ahead of that thursday fda advisory committee meeting where we will hear all of this discuss asked their vote at the end of the day on whether to recommend authorization of this vaccine. it could come, if it follows the same pattern as last week, on friday then 6 million dose ofs of moderna's vaccine will head out next week to more than 3,000 locations. i wanted to provide an update on the antibody drug front as well. we learned today from operation warp speed's doctor slaoui even though they are shipping out 65,000 of these drugs from rejen ran and eli lilly only 5 to 20% of these drugs are actual gleeting used. there are a lot of complications with them. they are given by ivs.

that's problematic l you need toate administer them quickly after diagnosis. but dr. slaouiing the me they could cut down hospitalize igs in people that are high risk by 50 to 70%, so tragic that they are not being used as much as they could be by the states. >> is that because it is hard to find the right set of criteria people who are at high risk -- i guess do they have to come to the hospital, meg and then not be considered serious enough to admit but considered high risk enough to get the antibody iv? it is hard to game out what the scenarios are here >> you are right it is a specific group of patients who qualify for this, but there are so many patients being diagnosed thousands would fit. it is people just diagnosed with the disease but who are at high risk of having severe complications and having to go to the hospital but they need the administration early in the

disease within the first few days of diagnosis. these drugs are not recommended for patients already so sick that they are in the hospital. that's a key challenge where do you administer this drug where do you do it when it is an iv and these patients are contagious operation warp speed said they would be there to help the state if they could help at the state level but it is really not happening at the local health care facility level right now. turning now to what this all means for the markets and what's driving action today bob pisani, russel record close in sight the others just a little bit off. >> the way we are going we could make it. it is a market melt up a little bit of a combination of stimulus hopes as well as reopenings hoepgs. look at the big reopening names for lack of of a better word over at the dow jones industrial

apple arc leader all day there has been a story about iphone demand in 2021 is going to be stronger than expected there is the bull story. more demand. the apple story. these the leader disney, caterpillar, jp morgan, all associated with reopening. cyclical names consumer names are up, they are lagging overall. they did better on the work from home story walmart, walgreens, proctor and gamble lagging but overoverall the recent ipos, $146 after pricing at $68 still up over that original price but down every day same thing with doordash a spectacular open $182 is what it opened at. it priced at $102. then down essentially every single day i noted today the expiration the lockup on snowflake another big name recently expired today.

they had a spectacular move up on their earning right after that they went to $420 as you can see n the last seven or eight trading sessions it is down notably as it has gone into the lock up. i think for some companies the lock up really does matter we are going to see a number of big companies where the lockups are going to be expiring albertsons, lemonade, and accolade i will keep an eye on all of them back to you. >> the russel catchup over the last couple of months has been pretty extraordinary year to date, now up 17% 3% more than the s&p 500 it leaves the dow as theically laggard of the major indices what explains that >> well, first of all, the small cap and the value people had been waiting a decade for small cap and value to outperform because all of their models tell them that long term, small caps and values should do well. so all the people who

historically studied the markets over decades, periods have been long these and can be waiting for them there has been a big call for this to happen the question is whether or not we are going to actually see that in the next few months. the value names should do a lot better if there is suddenly a lot of pent up demand for stocks in the economy that they didn't see before so this is a really hard one to call but for right now, there is a clear outperformance but it has only been for about two months, wilf and that's too early to make somebody say this is the big turn, the reversion to the mean that everybody has been calling for. >> bob pisani, thanks so much for that all of the major afternoons up more than 1% today after the break, does the vaccine roll out signal a watershed moment for the airlines we will discuss the path forward for the industry with jet blue's ceo. that's next. you are watching "closing bell" on cnbc. academy sports + outdoors started as a tireshop in san antonio texas in 1938.

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dow is up about 355 points with 50 minutes left of trade. the pfizer vaccine is making its way across the country pharma distributor morrison dixon is helping lead the evident in louisiana that's where we find our brian sullivan right now who is with a group of emts receiving the shot brian, show us. >> this is toby. he's a paramedic he is going to be the first one to receive the pfizer vaccine. one, two, three. okay minuscule dose it is unbelievable how small the vial is, and how small the dose is administering the vaccine. there it is, guys. it is amazing. you think about months of hard work by the scientists and

doctors around the world and the most complex logistical medical science operation in the history of modern medicine in the end of it, it comes down to rey and mason dixon in this trailer because their base was recently wiped out by the storms and these emt personnel are going to be vaccinated because they are the ones on the front lines who have dealt wi with -- i am getting emotional it is truly historically you can see the finish line from here it all starts in a trailer in louisiana. >> remind us where these supplies, these doses originated from, where they traveled from into they started in kalamazoo they flew into shreveport, louisiana this morning

we were there. we watched them come off the u.p.s. trucks and be shifted to smaller doses. lake charles isn't rural but they don't need all the doses that come in a standard palette they had to be broken down we found these down to lake charles. now they are going to train the technicians to administer the vaccine. the next part of the story is they need enough people to give the doses and the shots out. there are not enough doctors hospitals and nurses in these areas. they are getting vaccinated. then they will do the vaccination. i know you are going to talk to jet blue's ceo in a moment sara and wilf this is the beginning us getting back to a sim ambulance of normalcy it may take a few months but i think this is a big moment all done from a trailer in a storm ravaged parking will not

lake charles, louis news the rain. >> brian sullivan, thanks so much for that. the first batch of vaccines as we just saw being rolled out across the country let's bring this robin hayes, jet blue's ceo be roin thank you for joining us always good to see you clearly your industry more than most has been waiting for this moment how much of a game changer is it will you require all passengers to have been vaccinated? >> wilf, it is great to be with you. that was a great piece that i was just watching. it is a game changer just before coming on this show i just called my mother over in the uk she just had a covid vaccination today. she was called by the doctor last week and told it would be today. and he's already planning a trip to come and see me and her grandkids in 2021. so there are hundreds of millions of people like her all over the world

so it is a game changer for everybody. on a personal level i am so grateful for everyone who worked together to make this vaccine and other vaccines to follow possible. >> well, your mum's got ahead on the list than my mum there we go. robin, seriously, how will you track things i read about your app. talk us through that what will you do if we are in a position three or four months ago where it is plausible that someone could have been vaccinated but hasn't. will they still be allowed to travel. >> it is still early and obviously a lot of this is going to rest with governments and with what governments choose to do. what we have done is, you know, we've gone -- we have entered into a partnership with common pass because what that's going to allow us to do is really be flexible based on what different countries or markets want to do. so it will be able to show proof

of a vaccination and it will be an easy way to showing proof of a current quoid test a lot of people won't be able to be vaccinated. i saw a warning if you have a serious allergy. some questions around pregnant women, and to talk to their health care providers. so there may well be categories of people that can't get the vaccine. we need to create alternatives and do it in a way that keeps everyone safe. >> what about airline workers, robin? are you going to lobby to -- for states to classify them as essential workers in that all important 1b group to get vaccinated along with hope low other front line -- at least essential workers after the front line workers >> yeah. i think many of our crew members have been on the front line since the beginning. i don't put myself in that group. but many of our pilots, inflight

crew members, air crew members have been out on the front lines. and they have really been keeping our airline going. they have been providing an essential service. so, yes, along with many other groups i know. but i actually believe that they should be considered essential workers. >> robin, personally, i'm delighted, but i am also a little surprised that you are going ahead with plans to launch a transatlantic flight next year and you are boosting mint, your business class service, and increasing the quality of that for that launch. will there be a lot of business-class transatlantic travel next year >> well, as we thought about this pandemic you know most of what you are doing is playing defense. obviously you are conserving cash and protecting your balance sheet. but this is also an opportunity for an airline like jet blue to emerge and take advantage of some of the way the landscape has changed.

we have been growing newark and lax. we actually think by the time we get to next summer -- i can tell you my mother wants to be on an airplane by next summer and we think there is a lot like her. we think starting air flights next summer is go to be perfectly time it may be less business travel than thoroughly but the price point is going to make the premium experience accessible for many leisure travelers as well. >> sticking with the present, the cdc is urging travelers not to travel for the upcome holidays they also put out that warning on thanksgiving. and people ignored it and traveled anyway. what are you seeing as far as holiday bookings >> well, we did see you know just ahead of thanksgiving after the cdc advice we did see some increase in cancellation activity so it wasn't -- you know, we didn't see quite the numbers we

were originally expecting. i would categorize the upcoming holiday season in a very similar way. we are planning to fly for the last two weeks of december about two thirds of our normal schedule significantly down on what we would normally fly but, again, we are seeing, you know, interest in travel over the holiday season it is clear there are a lot of people not traveling, but there are also people traveling to see family a lot of college kids obviously moving around the country. and quite a bit of interest in beach vacation asks peops and pe wanting to take a break and get i don't have seas. you think about beach vacations -- it is easier to socially distance and keep safe in that type of vacation airplanes are safer than anything else you would normally do and airports aren't particularly

full, plenty of tune to practice social distancing in airports, too. >> are you surprised or disappointed to see oil back to $50. >> honestly, i was hardly noticing it come down because there were not that many flights during the summer. i view that positively, i view that as getting ready for potentially a rebound in 2021 oil is not as big a cost as it normally is, just on the reduced flight activity. but all of these signs are i think returning to normal. you are not going to have an improving economy, gdp growth into 2021, you are not going to have demand coming back and have oil prices fall. it doesn't work like that. i wished it did? i wanted to ask you about the stimulus bill that's moving through congressist has been going on for months now but it does look like the airlines stand to benefit to the tune of about $17 billion if they pass

new relief spending. what happens if they can't pass it and if you don't get that money. will it cover your workers if it goes through march. >> i am confident that a stimulus bill will pass. there was actually good bipartisan support this way back into august but just no vehicle to pass it i can't see members of congress going home for the holidays not having a stimulus bill done. i just don't think that would be a very good idea and so i think it is going to get done and you know, it would have six months payroll support be better than four months of course. but we are appreciative. we are envoy that we want to keep people employed we want to be here for them when the economy comes back next year the travel industry is such a

large provider of economic growth and jobs. and airlines really power that because airlines are the -- you know, the -- central to moving people around the country, people going on vacations. we want to be here ready to get things fired up next year when that starts to happen. so we are extremely grateful and appreciative for congress and the administration if they pass this payroll support >> what do you think the financial state of the industry looks like at this time next year, robin? a lot -- you have gotten -- you have good liquidity and cash position but some of your competitors can't say the same they have had to raise a lot of debt their balance sheets are bloated. what is it going to look like? have we ruled out any bankruptcies among the major airlines >> well, certainly, you know, we have all spent a great deal of time and energy this year raising liquidity. as jetblue, we came into this with a fortressed balance sheet. so we were able to leverage in a

and make sure that we have a good pathway to liquidity. for us, we see a largely -- we see our ledger business largely recovered by the end of next year we think business travel will take a little bit longer but that's only 15 to 20% of what we fly and we have been able to repurpose a lot of that capacity into new ledger markets. we let out 62 new ledger routes since we came into this pandemic we think ' 1 is going to be a year of recovery beyond, that we have deferred over $2 billion of capital expenditure to make sure that we have the ability to repair our balance sheet over the coming years. because we will get through the pandemic and then we will have a lot of work to do to get whack to where we were when we came into this. make sure our company's healthy and our balance sheet is strong. >> we hope your mom can make it over to the states soon. and wilfred's mom as well.

robin, thank you >> she made it clear to me she was wanting to see the grandkids and she wasn't that concerned about seeing me. >> a lot of grandparents around the world right now would agree with that sentiment. robin hayes, ceo of jetblue. thank you. still ahead, we will get an inside look at how restaurants are dealing with the latest covid-19 challenges and what the vaccine means for that group when we talked with famed restauranteur -- i have an idea for a trade. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila!

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still ahead, jp morgan's ceo jamie dimon is on the hunt for m&a deals. >> asset management, my line is open we just bought 55 ip, which does tax -- tax managed separate accounts so there will be others. >> we will speak to the founder of 55 ip, the fin tech company jp morgan acquired earlier this month. and we will ask about the integration with the wall street giant. heading to break, let's check in on bonds. ten-year back above .9%, .913. back in a couple of minutes. don't go anywhere. at fidelity, you get personalized wealth planning

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half hour until the close. dow is up 300. we have a market flash now on sown owes. eric chemi with the details. >> that's right. sown ow so knows announced a multiyear licensing deal with la grand a company that specializes in the electrical and digital

infrastructure of buildings. the deal will see them license sonos patents for multiroom audio products it is up 10% adding to its near 50% gains this year. wilf, i will send it to you. >> s&p 500 up about a percent as we stand it is time for a cnbc news update with seema mody. >> joe biden's chosen pete buttigieg to be his transportation secretary also announcing that during a conference call with republicans today mitch mcconnell warned them -- mcconnell told them it would be a terrible decision to go on the record against trump.

peter my guard has been charged with sex trafficking >> peru, police officers dressed as clause is and an elf helped raid a subpoenaed drug house allegedly arresting a gang i leader and four others they say the costumes were meant to add an element of surprise to the raid back to you. >> i would say so. seema mody, thank you. up next, new york has just begun its latest ban on indoor dining striking yet another blow to the restaurant industry we will asked famed restauranteur danny meyers if new york restaurants will be able to weather a rough winter next looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread.

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new york shutting down indoor dining. on wednesday it will shut down outdoor dining as well due to the nor'easter coming. danny meyer, a famed restauranteur shut down their group back in november it has permanently closed the

flat iron location myer also spoke at today's yale ceo suchlt joins us now for an interview. danny, where to gibb how about with the comments that you told group of ceos that funed in today to the yale conference you said ppp did not work for our industry, which i found interesting given that's what's moving through congress right now and people like warren buffet and david solomon at goldman sachs is saying small businesses need right now. why didn't it work for restaurants? >> the reason it didn't work for restaurants is that the original ppp round -- maybe it is improved this time around. let's hope it is but the original round, which was established at the end of march mandated that the funds be used within 12 weeks of receiving them 12 weeks after a company, a small business, a restaurant received them, most communities had not yet given the green light to dining.

and because 75% of those unts fun -- funds needed to be used for hiring back your staff which was a great idea in and of itself but you couldn't rehire because you couldn't reopen. if you received the funds you were on the hook to pay it back with interest. i hope this time around we can do something that resembles the bipartisan approach, the restaurant's act, which was a really good program, if congress will approve it. >> so waiting to see on how long those ppp loans i guess would be given out and how long they would be, hopefully, to get you through to a pandemic. danny, we had you on two months ago when you were shocked that the stimulus talks were breaking down here we are two months later post election, and nobody has happened yet what has been the impact on the industry >> well, it has been pretty

dire let's talk about different parts of the industry. firstly is geographically. if your part of the country is a much more warm climate, the sun belt or the west coast or florida certainly, you still have the opportunity to have outdoor dining assuming it is legal in your state to do so that's going to help if you are in a climate like chicago or ohio or new york or new england, forget it there is just no way you will not have income other than successfully being able to pivot into the takeout and delivery business. that leads me to the fast casual segment. irrespective of what part of the country they are in, they are doing pretty well because most fast casuals had long ago gotten a running start on using digital ordering for takeout and for ordering and curbside pickup and

delivery thing don't look as bleak for that category. for the restaurants that survived thus long during this particular year do you think they have the balance sheet, the fire power to get through the winter months or are we at the tip of the iceberg in terms of bankruptcies and closures for restaurants that over six month can be outdone in two more months. >> i think the answer is both. i think that the light that we finally have at the end of the tunnel -- really, since march it has been like trying to plan a marathon and somebody keeps saying it is 28 miles. nope, it is 30 miles the goal post keeps getting moved. finally now i think with the vaccine a lot of us say you know if we can just hang in there until the weather gets warm and we can serve outdoors again and then hopefully there will be some stimulus and hope flow the vaccine will take effect, we think we can make it

on the other hand there is a heck of a lot of businesses that are being pressured by their landlord that's really the big cost what ppp also failed to do was allow restaurants to pay any kind of accounts payable and this is a little bit complicated. but you have got tool follow me. if you are in the restaurant business you are generally paying 30 to 60, some cases 90 days after you brought your product. that means when restaurants were shut down back in march many of them had two to three months of accounts payable the ppp funding was not permitted to be used for that. now you have got landlords asking for back rent the only way to get back into business is to pay off your accounts payable the bleak story for full-service restaurants, especially mom and pop independent restaurants across the country right now is even when you want to get back in business, you may not be solvent. so we are truly, truly depending on some intervention from the

federal government and we've got millions and millions of employees who have not had work now for many, many months november, by the way, was the first month since march where we saw once again a decline in restaurant employment. it had been slowly building up, largely because of the warm states and now that's going backwards again. so something positive, leigh light at the end of the tunnel but i also think there is going to be a lot of landlords handing out eviction notices and a lot restaurant supply companies saying we can't serve you anymore. >> you mentioned a light at the end of the tunnel. i wanted to get your take on the vaccine, danny, and how you are thinking about implementing it are you going to require for instance your servers and your staff to be vaccinated at your restaurants. >> well, i heard that discussion today. and i didn't hear one ceo committing to mandating it i think that's wise because there is still a lot to learn. but here's what we are doing

we have piloted a program with clear, the company we all know from airports to launch a product called health pass we have been using that even when we were serving 25% indoors for our staff members so that clear can identify who you are, and you can actually input your health record in a totally secure way that is really, really going to have an impact when somebody can input that they are clear because they have had the vaccine. don't you want to know that if you are cookingside by side in a kitchen that the person next to you is healthy? and if you were a guest one of our restaurants, don't you want to know that the people working there are healthy? we may then want to even impose it as a benefit for our guests the way i know airlines are speaking about it. we want to get this economy going again. the only way to do it is to get

people gradually back to the feeling of confidence that gathering with people, which we all crave to do is actually something that's good for us and not bad for us >> danny, i know at the moment you are still thinking about how to get through the next few months you are also still thinking about having to close a couple of restaurants like blue smoke what about the medium term will there be opportunities, cheaper rents, places you can open do you foresee that happening next summer. >> this is the absolute best time -- if you have never been a strandure before, i was talking to a group of kids about to graduate from the culinary institute of america and they were like look how much money and item we spent on this education, whoa is us. i said guys you could be maybe the best placed class in history. because if you can hang in will for another six months or so, you are going to walk into the best possible scenario number one, you won't ghave to

layoff anybody because you didn't hire anyone yet number two, the rent structure is going to be so much more remarkal because it is not going to be based on a set of circumstances that no longer exist. like office density, like business travel, like tourism, like broadway. so whoever gets into this business in the next six months i think has a golden opportunity. there is going to be built out restaurants. there is going to be rational rents and people are going to want to go out to eat. i would say more than ever. >> that certainly benefitted shake shack's stock price. are you surprised to see the ary? the stock more than doubled after the march lows and the thinking is what you laid out, that when we come out of this they will be in a prime position to expand in the cities and bring back diners. >> as i said, sara, i think that the woes that the full service independent restaurant community

have faced, which have been deep and serious i think have actually worked to the benefit of fast casual restaurants people still want to eat they are eating much more frequently at home than they are going out into restaurants and so a place like shake shack is going to do very very well. and shake shack is going to be opportunistic about growth opportunities. so i understand. >> danny meyer, thank you for joining us we appreciate the time >> thank you both. >> on behalf of the industry i think that's part of the problem, wilfred they don't have a lobbyist like the airlines who we just talked to many more jobs at stake here, but it is hard for them to band together because it is so many independent small restaurants and businesses >> and retail have lobbyists but not the same as other industries >> it is after the break, apple gets a boost and saved solomon warns approximate the ipo landscape.

those stories and more when we take you inside the "market zone" next in a land not so far away,

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and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. 11 minutes left in the trading day. we are now in the "closing bell" "market zone," commercial-free coverage of all the action heading into close here to break down these crucial moments of the trading day, nancy tensionler and cody wild major averages having their best day since december 4th with the s&p 500 the best performer of the indices. record close ramp for the dow and the russel as we stand, the russ cell just about there. the dow at 30, 187

tony, what do you make of this latest push to record closes and whether or not we are -- >> if you look at the rest of the week, we are at about the same place a couple of days ago when the s&p was making a new high none of the sectors were. the market is digesting the gains from november with the russell 2000 playing a remarkable game of catchup the reality of excess liquidity coupled with -- is driving -- cyclical securities higher >> nancy, what are you doing in the final weeks of the year as we have seen this tremendous run up and now a few days of a pullback only 1.5% over the last four days what does that leave you

>> we run fully invested all the time we have been trimming winners and adding to names we have wanted to own for a while. generally optimistic short-term. midterm i think we will see a pullback then well be more aggressive about adding to the higher quality names. just like we did in march and april this year. >> let's talk apple. it is leading the do you today that stock rallying -- the nakz up 1%. apple has been the biggest winner in the dow on the back of reports that the company is set to ramp up iphone production by 30% in the first half of the year the report says that apple is also planning to increase production of high end computers like the macbook pro the stock is up 5% it is coming off of a nikkei report i am not sure how many of these reports turn out to be true but it is having a reaction.

what is your take? >> we are long term shareholders we are buying the stock at a nine multiple and a yield above the ten-year when that actually meant something. we have been net sellers in the last year. we reduced our position by 30% overall due to stock appreciation and reducing our holdings at this level -- the stock has been reman dering three months and i think the news is more than the iphone production they are doing a lot of things right. the fitness app. you mentioned the mac pro, eye phones were left for dead two years ago and had robust returns. with new -- we are putting money to work there, but we haven't increased our allocation to the holdings i would like to see the fundamental catch up with the stock price, which is now trading at 32 times next year is this tony, apple and the other big cap tech winners of the year, do you think they are due more of a pullback than the other indices. >> i think they have

if you look at a six month chart on that, it is below where it was, 7% below where it was at the august peak. i think that's an important point. even apple is playing a bit of catch up here. i am with nancy. between the excessive optimism, it is incredible some of the optimism that's out there and this rush to catch the stocks that haven't participated as well we are due for an early year pause in the upside i believe rather than fear it, because of that excess liquidity and the global recovery, i think we ought to attack it. >> let's look at shares of airbnb and doordash. both lower today and down more than 10% from their respective debuts less than a week ago. earlier today chan and solomon weighed in on this year's hot ipo market. >> from my perspective, the last few ipos the way they worked it seems like an epic level of incompetentsy from the bankers you know, i think when the

market gets really busy a lot of the times bankers get focused on chasing deals and client management as opposed to doing their job. clearly they failed. >> i think we are in a moment of time where there is a lot of euphoria i am personally concerned about that i don't think in the long run that that's healthy. i think it will rebalance over time as it always does i think there are great companies that have extraordinary growth prospects that are going to come to market obviously we are reaching the christmas holidays so it will slow down and pick back up in january. david i thought that part of the interview stood out. they are as involved in the ipo process as anybody out there he talked about rebalancing to come do you watch that and fear there is a sudden short rebalancing to come because of the bubble-like signs we might have seen in the

ipo market of late >> yeah, to buy all of the ipos specially at the valuations they are coming out -- that money comes from somewhere it either comes from the sidelines, which it's already in, so it is probably not there. or it comes from other issues. in the 35 years i have been doing this, when i see the ipo market this hot, it kind of is similar to what i was talking about earlier with this excessive enthusiasm it is not magic. it is happening because there is investor demand for it trying to get returns in to the end of the year >> does it make you worry about anything bigger as far as a you believe bubble, nancy, or frothier a lot of people having flashbacks to 2000 as a result of the ipo action? >> yeah, definitely. this is the first time since then that the number of ipos with negative earnings has hit 0% i think that's a problem tony is right. the excess liquidity is what is driving this and will continue to drive it in my estimation

i think investors have to be discriminating and buy what they know, not buy what the narrative of the day is. >> let's hit jetblue we talked with the ceo robin hayes earlier this hour. striking a pretty optimistic tone for the airline industry next year. listen. >> we see our ledger business largely recovered by the end of yooeks year. we think -- leisure business will recover by the end of yooeks year. travel business will take longer but that's only 10 to 25% of what we fly. we route out 62 new leisure results since we went into this pandemic we think '21 is still going to be a year of recovery. >> tony, as far as reopening trades on vaccine optimism, are airlines a good bet? >> sara, i think they were a good bet when we were on before a couple months ago. nobody believe has the economic recovery is going to happen. we are going to be in a pande c

pandemiced a infinite up, that was the time to really add into the exposure of the cyclicals that were going to benefit from a vaccine at the end of the pandemic ultimately, we are at the beginning of an economic cycle when you exclude the human nature side of what is happening right now, if you are just beginning an economic cycle, you still want to have exposure to those cyclical names. >> which of the cyclicals stands out to you airlines or something else we added to the airlines early in the quarter i think that the trade has a long way to go i agree with tony. i think we are in the early stages of new economic growth and productivity-driven growth will which keep inflation at bay somewhat next year and then prompbly ramp up in 2022 but we have been looking around for names that we could

participate in that would be sustainable not quick trades but something like -- for us it was sweatt airlines, domestic and, some modest international travel exposure but i booked a trip to europe in the summer and it was so bloody cheap i am going next year so to the point, yeah. >> yeah. that recovery is coming. if you look at nancy tensionler. finally tony you said buy on the weakness even though you are expecting a near term pullback here where do you want to be looking to buy during that weakness? what types of trade? value, growth, recovery, stomowhat are your themes? >> with excessive liquidity, excess liquidity and the synchronized global recovery that's emerging over developed, small over large, and cyclical over defensive again, into weakness, there is a little bit too much enthusiasm out there, sara. and i want to buy into any

weakness that that helps create versus chasing them into this kind of euphoria in we have got just over one minute left in the session. as we stand, the russel at 1958 is enough -- got enough gains to close today at a record hichl it is up 2.4% the other three indices all up more than 1% but not quite record high close force any of them as we stand we are up 1.25% on the s&p 1.2% on the nasdaq 1.1% on the dow. all 11 sectors in the s&p are higher led by energy, materials, utilities, financials. a cyclical tilt to most of today's leaders. communication services and consumer staples are at the bottom of the pile gold also rallying today likely because of stimulus hopes, up 1.5% ten-year to .91. in terms of the major indices

again as we approach the close, 1959 record territory for the russell 2000 up 30% during this final quarter of the year for the small cap index. record all-time close for the russel over 1% gains for the other three indices. >> and breaking the four-day losing streak we were just coming off of for stocks welcome back, everyone, to "closing bell. i'm sara eisen, if you are just joining us, along with wilfred frost. look at how we finished up the day on wall street the s&p had its best day of december today there is the dow closed up 1.14%. pretty strong rally. up 340 points. the high of the day was 381. it was still buying all day long the s&p 500 up 1.3%. fiscal stimulus hopes did continue to dominate the narrative. the nasdaq up about 1.25%. it's the russell 2000, index of small caps, that is the star of

the show closing at a record high, 1,959 is your level, up 2.4% money continuing to go into the small caps as of now for the year small caps are up 17%. that is better than the s&p 500, which is up about 14% year to date the nasdaq up 40% year to date tracking for its best year since 2009 coming up this hour, money ball takes on a whole new meaning as the spac craze hits the major leelgs we would talk about the chicago cubs chairman about the launch of a sports spac tony dwyer still with us also joining the conversation, meghan shoe from willington trust. tony, on a day like today there was real strength and we made up almost for the last four days of declines the market continues to lock at the whole economy and

covid situation with the glass half full. vaccine optimism, stimulus optimism you could have written that headline for the last i don't know six months but it continues to drive stocks higher >> there is so much money between the monetary stimulus and the gains in the markets, again, i try to reinforce it excess liquidity -- sara, you go into a sustainable market problem when you have a need for money and little or no access to it between the corporate debt issuance, the secondary marketi issuance the fed the fiscal stimulus there is a never before seen level of excess liquidity whether it is right or wrong, it doesn't matter it is. that liquidity has been forced into the market to get the returns. our view has always been -- i would -- it is a market that's ripe for a correction. you never know what's going to cause it we pretend we do but it is in a market that's ripe for something out of

nowhere. i would rather increase our exposure on a pullback versus chasing this kind of ramp. >> meghan, lots of talk about stimulus the conversation has been going on for ages. the bill now relatively skinny compared to past numbers if it gets over the line do you think we get another push higher in the market. >> i do think that the market is already pricing in a deal getting done and would be disappointed if we did not get any further sim lus. our expectation is something on the order of $500 billion to 1 chlds which i realize you could kriv a truck through but at some point before the end of the first quarter and i think we really need that. the consumer and small businesses are struggling. and i think the market, what we are seeing, is that investors are increasingly looking through the next couple of months of challenging economic data and maybe some bumps along the road in terms of the stimulus negotiations but ultimately, we get something

done >> does it matter how much that something is, nancy? we were talking about trillions of dollars, the original democratic bill was trillions of dollars. i think now we are done to $700 billion, which is a huge amount of stimulus. >> right. >> but not the kind of numbers we were talking about before. >> you are right sara. we have already seen 49% of gdp through existing monetary and fiscal stimulus that's already been in place. we get the lagged ooevts effects of that somewhere between 12 and 18 months. i think small business should be the primary focus. the consumer is in surprisingly good shape with consumer free cash flow at historic lie highs. but we need to keep restaurants going and small businesses in our communities going. i think something around 500 to 7 hub is probably enough and doable for the near term i hope we see that in the coming

days. >> meghan, do you think this weak dollar continues? does that mean you should be looking overseas >> we do expect the dollar to continue to weaken if you hi about what the dollar is generally a counter-cyclical currency we expecting over the next nine to 12 months to see an economic recovery you also have the prospect for more benign trade relations with a president biden administration in power i think as we look at the weaker dollar we do see that benefiting not only multinationals but also emerging market equities because there is that historically very strong inverse correlation between emerging market equities and a weak dollar. so we are -- you know, we are picking our spots in the equity market we have an overweight to equities and we have chosen to express that in part through an overweight the emerging market we are constructive on the outlook there in part because of the weaker dollar. because from what we have seen

from the chinese economic recovery and a second -- second wave recovery, probably, with some of the other countries to participate as we move into 2021 >> finally, tony, any risk around the fed meeting and the communication? i know liquidity is a huge driver of this market and the biggest theme that you have mentioned. what if they start talking about an exit around a vaccine >> that would be pretty bad. remember, the fed has been crystal clear that -- i always look in the camera and say the guys printing the money keep telling us exactly what their game plan is their game plan isn't around the initial economic recovery after we have a vaccine. it is around getting average inflation above 2% w. a core pce at 1.4 -- i am not a mathematician, but that isn't 2% even when you look out to the ten-year inflation break eves, they are still under 2%. i think it is going to be a lot more than that but there is -- again, this is an environment with this kind of

ramp in the market and with this kind of enthusiasm it is ripe for something out of nowhere could it come from the fed it could it is one of those not predictable news items in a predictable environment. >> we will leave it there. and congrats, tony, you win the award for best backdrop of the day. thank you for joining us for joining us. in vaccine news, the fda has confirmed the safety and efficacy of moderna's vaccine two days ahead of their meeting to thrz its emergency use. the stock took about a 5% hit today but has been an absolute winner up more than 600% so far this year. let's bring in piper sandler's sr. research analyst with pfizer it was obviously a huge deal. with moderna it is even more extraordinary because they have never had a especially product before, or revenue this is their first shot out of the gate

ted, are they ready. >> i think they are. you are right. you always expect pfizer is the biggest pharmaceutical company on the globe who is moderna at the start of this i don't think anyone knew who moderna was. now it is a household name i have to be honest, the company has risen to the challenge they put in place really important relationships with manufacturers. they have been assisted by the government and they have delivered a really robust phase three trial the briefing documents mentioned were out this morning and the fda will be reviewing their vaccine for emergency use authorization on thursday. >> do you expect, ted, both moderna and pfizer's vaccine to be as hard or as easy to roll out as each other? >> so, actually, they are very similar vaccines they are based on similar technology moderna's does have a slight advantage in terms of its stability, which means that it can actually be refrigerated at

a normal refrigerator temperature for seven days and is stable throughout the day you know, there are challenges with this, logistical issues but obviously the vaccine is so god we are going to need to get everybody vaccinated with it one thing to keep in mind. it does require two vaccinations that's an extra logistical hurdle but we think it is all overcomible. >> finally, ted, what do you do with the stock it has had such an incredible run-up are you still a buyer. >> we are still buyers of moderna. the important thing about the covid vaccine not just the revenue asks the propertiability it brings in the short-term but it rolls forward the pipeline. they have 20 products in developments including other vaccines on the same technology and other diseases, for cancer, and orphan diseases, other products all of this is now validated by what they have been able to do with covid we see the opportunity for this

company, for moderna to deliver multiple products over the next decade ted tentoff, thank you for joining us. >> thank you. tomorrow, join us for a special edition of the healthy returns conference our meg tirrell will speak with dr. anthony fauci and operation warp speed's dr. slaoui. register now cnbc events.com. two massive events there you don't want to miss. congressional leaders splated to meet this hour to discuss stimulus plans ylan moi has more is this they are all back at the bargaining table. democratic leadership nancy pelosi and chuck schumer as well as gop leaders mitch mcconnell and kevin mccarthy and steven mnuchin dialing in over the phone. they are going to be talking about government funding and covid rely technically the deadline is friday but mcconnell said nobody is going home until there is an agreement shhh we are not

leaving here without a covid package. it is not going to happen. we are going to stay here until we get a covid package no matter how long it takes. >> now mcconnell repeated his call for congress to drop the two most controversial provisions, state and local aid and liability protections and just pass the rest some democrats are sounding more open to that approach as well. i goes we will have more idea of where things stand once this meeting is over. >> ylan, thanks for that certainly a feel to the market as if stimulus hopes played a part with gold and oil higher the dollar weaker. still to come, warren buffet standing off on school boards about the need to help small business owners. >> it is an economic war we shut down a lot of people in this particular enthused recession and others are prospering i think that -- i think that the country owes it to the really millions of small business

people over the bre >> after the break we will speak with glenn hubbard about why he says congress should pass more relief but with some tweaks. we are back in 90 seconds.

they need help now it's -- if the government comes along and takes your land because it is for the greater good, you know, they condemn it under eminent domain, they take

it and it is for the use of the people but the land owner gets paid and they have taken, to fight the epidemic, they have taken away the lifelihood from, really, millions of people i think we owe them a continuation of the ppp program. >> that was warren buffett on cnbc today pushing for more ppp as small businesses continue to get slammed by the pandemic. his comments coming as lawmakers meet this hour to negotiate dishlg relief. meantime former council of economics adviser chair glenn hubbard is calling for changes in the next rounds of ppp to focus even more on small business skij joining us now to discuss glenn, good to see you >> likewise. my pleasure. >> this is call not really for just an he can tension of the ppp but changes to it. so far you are suggesting that the ppp has in fact failed small businesses >> i think the ppp has had positive effects

it increased employment, business continuity and owed down financial distress. but as mr. buffet was saying there is much more work that needs to be done i don't think it needs to be done for long. but we do need assistance to help small business replace lost revenue. >> have certain sectors missed out, too is the point here that things have been a bit too selective? >> service sectors have been obviously hit harder than manufacturing and the goods producing sectors. in the work i did with mike strain we found that smaller firms, 300 or fewer employees would have the biggest bang for the buck of ppp. if congress focused on those firms and made sure that banks were willing to participate, that is hold banks harmless, then i think we would have more success. >> seems like one big problem, glenn, was the timing and the deadlines that they attached to this we talked to danny meyer earlier

and he said the problem was it was just a miss on timing. it required them to go for what, ten weeks? they couldn't bring workers back by that time because we were still in the middle of this pandemic how do they fix that how long do we need? >> let's remember in the beginning people thought the shutdown phase might be ten to 12 weeks i think going forward ppp extension might be let's say for two quarters let's say the first half of 2021 that should give enough time for the vaccine to get its footing and for small business to survive. after all the goal is not to simply protect every firm. the economy is going to look different. the goal is to give a cushion for firms given that we have shut them down. >> glenn, overall, it is easy for us all to be pigging holes and with hindsight trying to argue where things should have been different but when we snapshot 2020 in a few months's time, u.s. gdp likely to be down 3 or 4% i don't remember over year

compared to uk down 11, germany down about 8% based on latest estimates. overall has the u.s. economy been handled fairly well >> if you look at the revision of forecasts as theier went on things turned out better than expected a good part of that was good public policy on behalf of the fed and very aggressive fiscal policy in the c.a.r.e.s. act the ppp is part of that. but we are not out of the woods and this next round of fiscal support will be very important and i hope that congress passes it quickly. >> then what, glenn? let's say we do get the fiscal stimulus, and it lasts for a few months they are auctioning about through the end of march and hopefully we start getting more people vaccinated. what does this economy look like on other side, particularly for small business that's a great question because i don't know that we are going to need continuing fiscal support. i.e., the economy is recovering

and will recover well. but the world will look different. and there will be some sectors that are smaller than before others larger than before. i think one role for government at all levels is to help maul and midsized firms in that transition and to help 34r0iees as they find new matches in the labor market that's still a big deal. >> glenn how worried are you medium to long term about the fact that the fed has stepped in once again this year, all guns blazing to do whatever it takes and that the market going forward will always expect that and will one day reach a point where they can't act sufficiently >> i don't think the fed has necessarily got the medicine that the economy needs right now. but the fed can do a great job keeping financial markets running. they did net the test remarkets in the markets for corporate debt even by arguing they could, doing the municipal bet. for a lot of economy it is a fiscal policy question

while the fed has been very active without better fiscal policy we are not likely to see as strong a recovery as we might. >> here's my question about the fed, glen. which is the higher probability, which has a higher likelihood right now, that the fed does more quantitative easing to address the whacker economy or starts to talk about an unwind which happens first, or next >> i think it might be neither i think the fed is groping its way through this i think the push will be on fiscal policy to act additional quantitative easing is not by itself going to right the ship for small and mid-sized businesses or for workers seeking new job matches. those are not monetary policy problems i think you will continue to see some pressure from chair powell on the congress and on the incoming administration to act >> but we have seen that he has been doing that for months and maybe they are moving on that front on stimulus now, but it hasn't happened yet in fact, our economy is a little

bit weaker and we are going through thutdowns again. new york is talking about a full pause after the holidays potentially. >> slow down on that the financial crisis in 2007-2009 period had a slow and more sluggish policy response. this one was very fast the paycheck protection program alone will have cost taxpayers as much as the first big president obama stimulus congress did fact and it acted quite a lot. it is just there is a huge hole to fill. i think the fed is acting quite a lot. my point is that the action going forward needs to be fiscal >> we will leave it there. we will see what we hear from the fed tomorrow glenn hubbard. thank you. >> thanks. we appreciate it up next on the show, airlines are playing a critical role in the vaccine rollout this week. we will take you behind the scenes at o'hare airport in chicago to show you the steps they are taking to move the precious cgoar as a reminder, you can always

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airlines are playing a critical role in operation warp speed and the distribution of the vaccines our phil lebeau is at chicago's

o'hare airport right now with a closer look. phil >> sara, it has begun. we are now finding out that airlines are shipping covid-19 vaccines on some passenger flights. united airlines has done it. we will see it with other airlines in the days and weeks to come. keep in mind those vaccines that are going not just on cargo flights but on passenger sleights flights domestically and internationally have to be packed in dry ice. depending on how much dry skpis how much is being shipped there are clarifications in terms of the specifications and the rules that feed to be followed by the faa. that clarification happened in the last two weeks we will see more of this as airlines are now being a critical part of the distribution of covid-19 vaccines for united airlines, a number of the vaccines that were flown from brussels, from the pfizer plan over there here to the united states -- they came in to o'hare they went through the cargo facility in a matter of minutes

where they came off the plane. some were put in cold storage but most of them went straight into delivery trucks this is what we are going to see, more of these cargo flights from europe, domestic distribution and dramatically more in the coming weeks as you look at shares of united, a lot of people asked me is this good news for the airlines yes more cargo traffic is certainly good news but it is not going to erase the 24 to $26 million that united is burning through every day here in the fourth quarter and the other airlines as well united q 4 revenue by the way down 70% the airline index -- as you look at this, remember, for the airlines if they were to handle the vaccines for 7.8 billion people who need to take these vaccines worldwide, it would fill up about 8,000747 cargo planes think about that that is the id size of the distribution in the months to come guys back to you

>> yeah. it is a huge responsibility. i assume it is a lot of good will for the industry to be doing it to your question whether it is good for the airlines, who is paying for all this is the u.s. government paying the airlines to do the distribution and shipment >> sure. the government is paying remember, the airlines often work with the frayed forward company. if fedex or u.p.s. for some reason can't handle a particular shipment they will work with the airlines or mckesson, the people they are usually using to distribute a vaccine can't handled it they will contact a airline there is network in place. it is hard to know how much will be going through the commercial airlines because so much of this is being handled by u.p.s., fedex, dhl in terms of the international freight. >> phil thanks for that. still to come, chicago cubs owner tom ricketts is joining the crowded spac field launching

a sports focused fund this week. ole join us to discuss that. and the founder of 55 ip lloius with a look at the two merging kpps and what they are bjork working on - i sent your new prescription to the pharmacy.

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voluntary recall of its jet seven catheter the stock has been in the spotlight after short seller quintessential capital management released multiple reports criticizing pen up bra alleging the catheter was unsafe andallying they misled doctors with its research reports. at the time pen up bra called the allegations baseless and stood by its catheter. today's shares down 5% after the announcement. there is a new spac this town top chicago cubs executive and investment advisory firm the raine group announcing marquee the group focuses on media telecom and sports joining us tom ricketts. welcome. thank you for joining us. >> nice to be here >> in the prospectus, you list a number of different categories that you are interested in in

terms the acquisition target, technology, media, sports is on there. how likely is this to be a sports-related target? >> it may be sports related. it is not going to be a team if that's what the question is. the fact is that our partners at raine are focus on the tmt sector which you mentioned and it will likely be a company coming out of that to the extent it has a sports relationship that would be a plus forus but we are not looking at buying a team we are looking at technology related to anything that's entertainment. we still are getting started today is our first day what about gaming? does that interest you i feel like draftkings was such a several example of an early spac and there is a lot of focus on who could be next. >> as someone who did 30 road shows in the spock world draftkings came up in all of them

we have a close relationship with draft king. we understand how successful they have been, particularly leveraging the spac platform to become more successful gaming is an option. it is one of the things we will be looking at. like i said we are just getting started of it is a long way to figuring out where we are going to go to find the right combination for us. >> is gaming not overheated at the moment >> i don't know. i don't know if it is overheated the fact is it is just getting started. so many states are just now allowing for the kind of gaming that can be -- that can grow so quickly. so -- i said we will take a look at gaming amongst other sectors. >> why are you doing this right now, tom it does feel like spacs are kind of a money grab gold rush situation of 2020. what piqued our interest >> i wouldn't describe it as a gold rusher money grab i mean the fact is it is a financing tool that's becoming increasingly popular because it

is flexible. certain companies that need to raise equity and want to be in the public markets, this can be a good tool for us, the reason we believe it is going to be great for us and our investors is that we differentiate ourselves of unlike a lot of spacs, who are just a couple of retired executives or people who have been in certain industries, you know, we are bringing to the table raine, which of course is the global merchant bank that focuses on the tmt space with all ever their financial experience and market knowledge and relationships that they bring to the table and then marquee which really is operational. we do have a team, and that's part what have we do, we have deep experience and success in creating -- creating different verticals and different business around the club, whether that's ticketing or sponsorships or real estate or music or broadcasting we have a lot of experiences so instead of just having dollars to the table we are

bringing real experience so we think we have a strong team working to the that -- two organizations at the top of their game we will be going after the right space which is the technology space where we think the most value creation opportunities exist and we think because we have both the experience and expertise at raine with marquee that the companies that want to grow will want work with us because we will have more to offer than what we would typically get out of another sponsor. >> tom, how disciplined will be you in terms of your valuation lg methodology and the like and the idea that you don't find a deal at all that's attractive to you? >> well, it is always a risk i believe that risk is smaller for us than many other participants in the space because so much information flow out of our two organizations wim confident that we will get to the point that we will have some good ideas, some good combination ideas at some point in the near future so i am not so worried about

that but as everyone who invests knows, that's always a remote possibility. >> tom, got ask you about baseball obviously the next season opens right around the time where many americans -- millions of americans will be getting vaccinated do you predict it is going to open with people in attendance if so, what does that look like? how do you plan? >> you know, obviously, i don't have any more information anyone else would have on this. it has been really encouragiing news that the vaccines are starting to get out there. i don't know when there will be enough vac nations or enough tests or enough improved attempt to to get people comfortable to all come back to the ballpark. certainly we see it next season, hopefully early next season because believe me i don't think rattling around an empty wrigley field was any fun. >> i can imagine

are you going to try to prioritize your players getting vaccinated ultimately, are you going to force them to be vaccinated? >> you know, that's really between the league and the union. i think that the main thing for us is player safety. if we are going to get all the players together again i want to make sure to give them the safest possible environment to prepare for the season in. i think we did a nice job last year i think in a the league asking the union worked together to make it a pretty safe environment. there were no positive tests on the cubs last year once the season started. so i think we can do it. but that's -- that's going to be a discussion that's had between -- like i said, the commissioner and the union >> tom ricketts, thank you for joining us. >> thank you for having me. time now for a cnbc news update seema mody has got it for us. >> good afternoon. we will start in washington. this is our cnbc news update vice president mike pence is

lickly to get the covid vaccine by the end of the week sources tell understand nbc news they add while nothing has been finalized it is possible the vaccination will be on camera as a way of demonstrating confidence in its safety. the northeast is bracing for a major winter storm that's expected to bring freezing rain or snow and strong winds to an area stretching from the mid atlantic to new england tomorrow and thursday so bundle up and federal scientists say they won't be giving the monarch butterfly threatened or endangered status for several years because several other species are on the waiting list. their population has dropped by 97% over the past ten years. >> why can't they give them all at the same time >> that's a god point. but there is other animals in line including the illinois frog. >> i guess so. >> and the spotted skunk, in case you were wondering. >> love that you had that on your fingertips. thank you seema.

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up next, diamond's latest deal last week, the ceo of jp morgan said he was on the prowl for takeovers. and so we will talk to his latest acquisition, fin tech thmpany, 55 ip e founder will join us to discuss when we return there's advanced research, modeling and refinement. constructing funds that don't simply follow an index. but explore new terrain. helping you fill portfolio gaps. connect to client goals. and strengthen confidence in you. flexshares. powered by over a century of investment expertise. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. for a prospectus containing this information. ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪

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see yourself. welcome back to the mirror. and know you're not alone because this. come on jessie one more. is the reflection of an unstoppable community in the mirror. jp morgan making moves, acquiring automated tax

technology company 55 ip jamie dimon spoke about his interest in this deal and others earlier this month. >> mokz has done a good job with a couple deals they have done. asset management, my line is open it is a scale business, it is diction business, a brand business it has got to make sense asset management deals can be difficult. we just bought 55 ip which does tax managed accurate accounts. there will be others we are looking more at ajay sanitisies joining us now, vinay nair the ceo of aaip, and he also builds fin tech companies thank you for joining us congrats on the sale to jp morgan tell us what that is, automated tax technology how will you help jp morgan going forward? >> thank you we are excited, delighted honored to be part of the jp morgan family.

we think this is a trend towards a broad collaboration between fin tech firms and asset management firms to deliver what end investors and wealth management needs with respect to 55 ip specifically we bring tax intelligence to this world delivered through software and portfolio management services. and intelligence has been thin in fin tech, which is often lacking in many of these companies. we see a broad trend across the companies which i think is going to create more alignment between asset managers, between fin tech firms and wealth managers. >> cloerl as you are saying you help asset management firms, specifically jp morgan asset management with tax advice in an automated way. how much annual percentage return is left on the table by

fund managers currently who may miss certain key tax transactions they could be making >> -- as interest rates are getting lower and there are lower expected returns in all asset classes and taxes are going up so compared to the importance of taxes, say ten, 20 years ago in returns it is p.k.ing a higher order of magnitude the exact number is always a range that depends on the type of portfolio and the market conditions one thank that's clear, it is not just about tax it is about tax transition too many people are in outdated positions 20, 30 years that don't change into more safe portfolios because they don't want to pay the taxes due to the shift. so the tax tool kit is much broader than simply alpha, which by the way is one of the most

reliable source of alpha. >> can your a.i. capabilities be applied to other parts of jp morgan's business? >> you know, we focus on tax management within 55 ip, which is how we have become very good at it. we will continue to do that for the time being once deal is closed we will see what we can help them with more. >> is this a service that you think will allow jp morgan, over time, to reduce its head count >> you know, i really don't know enough to answer that question the service is not designed to reduce head count, per se. as i mentioned before, all our companies across different groups try to bring in personalized automated, and intelligent advice that intelligence, to be delivered at scale is essentially i think what many fin tech firms are trying to enable what it allows to you do more

than anything else is democr democratize investment, in this case, sophisticated tax management it is more about scale of reach rather than trying to cut costs. >> finally, vinay, what is your take on the quality of technology at jp morgan? and who you have your conversations done with with jaem jamie dimon who famously has been yo-yoing, let's say, about thing like bitcoin >> that's an easy question for me to answer because i haven't spoken to jamie. i can tell you that technology within jp morgan -- we have them as clients like have many asset managers as 55 has grown they are definitely one of the leaders in investing in technology and into fin tech. >> thank you for joining us. congrats on the deal. >> thank you. still to come, restaurants

struggling thanks to covid-19 new shutdowns. new york city justan bag indoor dining for a second time the famed restauranteur danny meyer says there is a golden opportunity for some. a big day for the fed on deck and what every investor will be watching ahead when "closing bell" comes right back visor, you'll make a plan that can adjust as your life changes, with access to tax-smart investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade. personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this by my health insurance. and this is the aflac duck who helped me cover it. aflac. these are all the cab rides to my physical therapy. and aflac paid me directly to help.

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up next, the restaurant industry struggling amid the pandemic but there are comments on hope after the break. and two stocks moving higher after hours. i can confirm the talks and add that there could be a deal announced as early as tomorrow down to $8 per share, market value about a billion dollars. closing bell we will be right back. i think financial illiteracy and inclusion is everybody's problem. and that's why we created rapunzl. the rapunzl app was designed for high school and college students

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affecting a significant subset of users users are able to access gmail, but are seeing messages, latency or other odd behavior. the outage we talked about yesterday was far more widespread and affected dozens of google services including classrooms it appears this only impacts gmail and cloud. that's so far. we will get back to you with more earlier in the show we talk to two from industries hard hit in the pandemic, restaurants and airlines they both struck an optimistic tone for the new year. >> with the vaccine, a lot of us say if we could just hang in

there until the weather gets warm and we can serve outdoors again and the vaccine takes effect, we think we can make it. whoever gets into this business in the next six months i think has a golden opportunity there will be build-out restaurants and rational rents and people will still want to go out and eat. in fact, i would say more than ever >> we see the industry largely recovered by the end of next year we came into this pandemic, so we think '21 is going to be a year of recovery >> clearly the ceos of jetblue and hospitality are optimistic like we see in the market and like so many of us are seeing.

the question is what happens between now and then with cases still rising, shutdown still happening new york city mayor de blasio threatening to do a full shutdown after the holidays. a lot has to do with the stimulus in congress now it appears there will be a package. >> it has a lot to do with the stimulus gold higher. the other point is the longer we go on discussing whether we will get stimulus, how close we are to the vaccine rollout being more widespread, the closer we get to those moments and the market still hasn't collapsed in light of that. in europe the same sort has played out london has gone back into tier 3

lockdowns. having gone through this same process about three weeks before the u.s. in terms of a second major spike. we will have to see if that continues. and the other point, it wasn't just reopening apple closed up over 5% today sarah? >> when everybody is saying this market is overhit and overheated even bill bugs like tony dwyer said you can buy in the weakness, but -- >> this is the end of november and still trading off optimism around vaccine and stimulus. we will see if we get it we have a fed meeting kicking off today, two-day meeting we will hear from chair powell tomorrow and we will hear what and how they are thinking as far as new stimulus, if there is

more shutdowns and what it will take to unwind the stimulus. if the fed is as optimistic as some of the people we have talk to on cnbc >> we are out of time here on "closing bell. i am off until the other side of christmas. happy holidays stay safe. >> enjoy the vacation. i'm melissa lee and this is "fast money. tonight's lineup -- tonight the retail rush is on. just nine shopping days left until christmas. who is going to win this holiday season get ready because we are unwrapping a brand new game. stick around to find out more. it is said it is time to hit the settle button heading into the new year check out these two new