good afternoon, everybody. welcome to "power lunch. the record rally rolling on. you see green numbers against the major market indexes the s&p and nasdaq at all-time highs, shaking off the rise in jobless claims and coronavirus cases across the country they rising, too is there too much euphoria in this market for the conditions

we see of course, we are watching moderna. the fda advisory committee is meeting right now and could start voting to recommend emergency use authorization of its covid vaccine in the next hour we will have the details and any breaking news that comes our way. start your engines one hedge fund veteran is taking on the oil giant exxon what is shaping up to be one of the biggest proxy fights of the year we will explain as "power lunch" starts right now welcome to "power lunch. we start with breaking news. bitcoin is surging to record highs today. >> this ipo has been in the works for a while, rumored to be so you are right, coinbase announcing it has confidentially submitted a draft registration

statement for an s1 with the sec to go public that process usually takes several months of questioning between the sec and the company before it can actually disclose its perspective, give us insight into what its financials are, more about the business model. to your point, by coin hitting record highs it makes sense they would at least be moving on that path toward an ipo to capitalize around the trends we are seeing, especially as it relates to institutional investors validating bitcoin and other krip tcryptocurrency as somethie to stay. unclear for valuation. i'm making calls as for what he can with expect. most recently, the company in a private funding round in october of 2018 -- about two years ago -- was $8 billion. i think it's safe to say if they are looking for a valuation higher than that, we could expect this ipo to come in around a billion or greater than that more to come on this front

coinbase, the latest company to file confidentially for an ipo as this parade marched on into 2021 >> we were just talking about that just to be clear, there's probably no way this thing is coming in the next couple of weeks, before year end it's just a way of saying it could come in the first quarter? >> exactly first quarter, possibly. that would be the quickest time line it could go public. if all goes well with the questioning, with the sec. once you file your ipo, assuming that they have done so confidentially today and aren't just announcing it today, maybe they did it a couple weeks ago, that's possible, and just announced it today assuming they did file confidentially today, it would take probably months of back and forth with the sec before we start to see some real traction as far as a road show, official marketing as well as, of course, document itself once it's public so we can see it. >> got it.

thank you so much. fascinating development this afternoon. over to you, ty. >> thank you very much we are watching the markets that are at or near record highs. meanwhile, the dollar is near a 2 1/2 year low bob, i gotta say, i miss the record covers behind you >> my cool eness factor went through the roof they are still around. come on over, tyler, and i will show them to you the important thing about today, we were hovering around the 3,700 range. not today. we have broken out decisively on the majors all new highs. sectors, interesting move this week it's mostly the growth areas tech stocks hold up. retail is doing really well. that's a new high. you see the industrials, banks and energy, those are the

cyclical sectors they are lagging a bit this week instead, people love these digital retailers. chewy, carvana, another new high etsy group. >> dale: -- groupon is doing well i want to know, this is a global rally today. not only is the s&p a new high, asia pacific, new high, led by australia and china. europe at the highest since february dollar, 2 1/2 year low crude is at the highest level since february the macro set upup is good is it small cap, big cap that's what the market is arguing about. i want to keep an eye on tesla tesla at the close goes into the s&p 500, huge amount of tesla going to be to buy, more than $80 billion.

we don't know the exact number more than $80 billion to sell the rest of the s&p 500. a lot of volume tomorrow i think it may be a record volume day overall we will keep an eye. it will be fun the last couple hours going into the close back to you. >> it's going to be an interesting couple of days thank you so much. this morning, jobless claims jumped to 885,000. that's the highest level in more than three months. going the wrong way. what this number means for the labor market and the economy this comes as -- i don't know if this one had it. but they said they will slap a warning on jobless claims because they are having troubles getting these tallies right. >> yeah. that's been a consistent problem. certainly, the direction is not a part of the issue here jobless claims rising to 885,000. it's up the second weekly -- second week in a row the fourth gain in the past five

weeks. deterioration of the job market arriving with a lag after the surge in covid cases the seven-day average is now 247,000 daily cases. claims had remained high but trending down in october as the seven-day average fell they began ticking up in mid november with the rise in cases. they have begun to rise in ernest more than 170,000 above where they were at the lowest level of the pandemic of course, they were never really that low. claims each week of the pandemic have been higher in every week since march 21st the worst week of the 2009 financial crisis several forecasters cautioning about the possibility of job losses for the full month of december high frequency economics writing today, the impact on incomes and spending will be substantial, which will weigh on growth prospects in the near term today's data showed more workers

now face the prospect of a jobless christmas. unless new relief is passed by congress, more unemployed workers will hit the new year without jobless benefits >> steve, we have gotten word in the last couple of days about retail sales, some other economic data trickling in what picture is shaping up of how much momentum we have lost in the economy as this pandemic spikes again >> certainly, the economy has lost momentum. we will come in with a decent gdp number this quarter. we started very high that was the jumping off point from the third quarter we don't have to do much to get a good number in the fourth quarter. the worst is really going to be seen, i believe in the jobs numbers for december and then there's talk of very low numbers for gdp in the first quarter we have to reassemble that data now that we have had -- as you said, weak retail sales and now the rising jobless claims

numbers. that's going to put more downward pressure on the first quarter before, hopefully, things get better with the deployment of the vaccine. people returning back to work and hopefully the end of lo lockdowns. >> steve, thanks so much we have a little breaking news to tell you about involving coke >> it's employment related we have headlines crossing from dow jones. coca-cola are going to cut 2,200 jobs globally, including 1,200 in the united states this is part of a restructuring effort being taken -- undertaken by coke. it's accelerated giving what's happening with the pandemic. the reductions amount to roughly 12% of the company's u.s. workforce. the cuts will be made through buyouts and layoffs as well, according to a spokesperson. those job cuts are expected to result in an annual savings of between $350 million and $550

million per year tyler, not good news around the holidays about cost cutting. this is happening with coca-cola. the headlines, we will watch the stock, we will bring you more as we know more we reached out to confirm this back over to you >> thank you very much even as the economic picture deteriorates, as that news would substantia substantiate, investor optimism is going the other way it's surging with the citigroup panic euphoria index reaching its highest level in almost 20 years. leading to comparisons to the dot come bubble of the early 2000s. joining us with michael jones and matt forester. matt, let me begin with you. froth is wonderful on a pint of guinness it's not so wonderful in the market are we too frothy right now

given where the economy is and are we at some kind of danger point? >> i think any discussion that would you have on this topic has to start with the fact that the central bank, not just here but around the globe, are pumping liquidity into the system. they have recommitted to $120 billion a month. that's on top of global central banks that are contributing about two-thirds of a point of gdp every month to the monetary picture. that's an interesting backdrop i think it's hard to get too bearish when those things are happening. that said, we are watching practically every measure of fundamental valuation in equity markets press up against all-time highs with the possible exception of those that are based on interest rates. you have to look at the discount rate today we have $18 trillion worth

of global negative sovereign yields that's helping to lift equity markets around the globe >> i will come back to you, matt, on a point that's in my notes where you say the markets are largely policy dependent fed and fiscal policy. the second seems like a flimsy twig to base valuations. michael, the same question is there too much froth in this glass of guinness? >> i think there's undoubtedly a lot of investor optimism we don't think it's transitioned into full-blown ooh foeuphoria,t leads to a bubble. bubbles come when you get a big wave of printed money. we have had that 21% of every dollar ever printed was printed over the last 12 months however, you normally have to have -- to create a bubble, you

have to have a broad-based fundamental rationale for higher prices that's what creates the bubble you just had steve go through gloomy statistics. you saw bob say if you are a company that's benefitting from covid, you are soaring if you are someone who depends upon the broader economy, they are treading water i think until we get a broader-based economic recovery, that's going to put a cap on the euphor euphoria that's going to prevent the kind of broad-based excess we saw back in '99 and 2000 we think that condition drops into place in 2021 when more stimulus, more fed money printing and covid vaccines allow a broader-based economic recovery >> let me make sure i'm understanding here, michael. what i'm hearing you say is, you really don't buy that citibank

oeuphoria versus despair index being the highest in 20 years since the bubble you don't buy into that. but you do, if i heard you right in the last point, you do worry about that happening sometime in 2021 as more stimulus comes in, as more money gets printed and more people buy equities >> yeah. i would focus less on that kind of euphoria indicator and look at price action in the marketplace. clearly, the companies that really depend upon broad-based economic recovery as bob's data showed, they are struggling. do we have unbelievable froth and excess in certain segments of the market, in those areas covid-19 is lifting? absolutely it's not broad -based to call this a bubble. for that to happen, we have to have a broad-based rationale. >> matt, let me get you to react

to what michael said, if you would like to my earlier question about, if we have a market that is policy dependent, policy -- the fed policy seems stable. but fiscal policy is a wobbly stick on which to put a lot of bets >> that's how the market has been trading for several weeks how many rallies on the prospect for near-term stimulus i think in the long run, so much of our policy footing right now, it looks like a war-time stance. normally, we are fighting the nazis or the axis powers or communist countries around the world in past global conflicts here we are fighting a virus many parts of the apparatus look similar. that means that markets are waiting. we have had another rally on that could be imminent

it sounds like that's been delayed over the weekend a little bit remember, $908 billion is more than we did in 2008 and 2009 on top of the 2.9 trillion which we have done in the u.s. this is a policy stance that's outsized and more akin to world war i and world war ii than other things we have done, including 2008 and 2009. i think we have to recognize that we may be bumping up against these longer term physical policy handcuffs that might prevent some expansion in fiscal policy out for next couple of years. we will get one more deal. the question is, does the market expect more than that? >> good place to end it, matt. thank you very much. michael, very interesting conversation we appreciate your time today. enjoyed it coming up, it's been a tough year for exxon shares are down 37%. the rest of the market rallies

it's about to get tougher as shareholders are gearing up for what could be an epic battle over the company's future. we will have more on that. moderna awaiting the green light from the fda for emergency use of its covid vaccine as pfizer's vaccine is rolled out across the country we will bring you the latest with moderna shares up more than 4% now right after this. digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work.

hospitals in southern california are reaching a breaking point

the push to socially responsible investing driving

cash into esg funds. this year, investors have poured $27.4 billion into just etfs that focus on environmental, social and corporate governance issues the global energy etf up more than 100% this year. companies are feeling the heat from shareholders even after announcing a new climate change plan, the firm is in the midst of a proxy fight with a former hedge fund veteran. leslie picker has more lesl leslie >> tyler, it used to be screening out companies that don't comply but lately investors are screening in companies that would be the an and that's what's going on at

exxon right now. under the radar is running a proxy fight seeking to overhaul the business by installing four directors to the board the bulk of their goal is to diversify the business into more clean energy while slashing c t costs else where to ensure that sacred dividend is protected the 17-day-old firm has just $250 million in assets, mostly james' own money and its stake innom nominal $40 million and de shaw has built a preposition and pushing for similar demands as engine number one. as josh black activist insight puts it, building and maintaining its coalition will be a formidable challenge but if marrying environmental impact and profitability proves to be a winning strategy, the next few years will see that convergence

continue in other words, expect more campaigns like this one in 2021, it iler. >> on its own, the sort of upstart investment fund that you mentioned there that has 0.002% shares, are they working in concerts in the likes of de shaw or all moving independent of one another or just sort of attracted to the same basic i a idea >> great question. they're working in contact but with de shah a special connotation and has different types of meaning as it pertains to a certain activist fight. >> all right thank you very much, leslie. leslie picker reporting. kelly. still ahead, the bitcoin

breakout the crypto currency roaring to new record highs and you won't believe where one technician says it's heading next robinhood paying $65 million to settle a charge with the sec. anpritg dimpany was misleang d ofinoff retail traders on it platform much more "power lunch" after much more "power lunch" after thisns! alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan.

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big story for you. robinhood today settling with the sec on charges that it misled investors about how it makes money. that comes a day after a separate complaint by the state of massachusetts kate rooney joining us here with the details. kate, you were reporting on this very thorny issue just yesterday. >> right we're back, again, robinhood this day will pay $65 million to settle with the sec on two key issues the first regulators say robinhood didn't tell customers the whole story when it came to free trading from 2015 through 2018, the sec says robinhood put misleading statements and had omissions on its website when describing its revenue model. mainly payment for order flow or getting ready to send trades to

high frequency firms failing to get customers the best price on those trades executed at prices far interior to other the sec says in total that cost customers about $34 million. robinhood is not admitting to or denying the sec findings, but chief legal officer a former sec commissioner who joined the company in may says the settlement, quote, relates to historical practices that don't reflect robinhood today. the start up is on track for an ipo as soon as next year but sources i'm talking to say this sec settlement and the charges from the state of massachusetts just yesterday are not likely to slow down robinhood's momentum 3 million customer accounts and raised more than $1 billion this year alone tyler, back to you >> you know, kate, quick question for those who are maybe a little unfamiliar with the concept of payment for order flow it's been around for years and

years and practically, i don't know if i would say everyone does it, but a widespread industry practice. what is it and what's wrong or what can go wrong with it? >> so, like you said, it's perfectly legal now that trades are free and commissions have gone to zero at all the major brokerage firms. this is how these brokerage firms are making money the high-frequency trading firms pay these broken firms to get customer trades. they flow to certain places like citidel and the complaint is way more about disclosure and transparency they say, yes, that is legal you need to be very clear with your customers and they change the way they do things and disclosures on the website when this company was starting out in 2015 and a high-flying tech company, they missed some of those disclosures and like dan gallagher who is their chief legal officer said that was a set time frame and now apparently caught up with the rest of the industry on

disclosures, as least. >> kate rooney, thanks kelly. let's stick with bitcoin which has been a powerful force in the markets this year its rise continues it's climbed more than 20% this week all-time high $23,000 23,212 the high right now. have investors missed the boat welcome to both of you matt, let's start with you on kind of the technical side here. i mean, it has, call it a melt up i mean, what do you call it now? >> yeah, there's no question it's been a melt up and it could last a little longer recently i've been saying kind of ride the wave and i think on a short-term basis it will continue a little longer and bullish on a very long-term basis. but intermediate term i'm more concerned. people don't necessarily realize that a lot of liquidity and

remember the summer. this excess liquidity tends to go to a narrow number of names over the summer the mega cap tech names once those stabilized, guess what took over bitcoin shot up as the mega cap tech stocks. the problem is it has now taken the weekly isr chart and above 88 today not quite up to the 90 level that it reached twice in 2017, but those were followed by declines of 36% and 64%. we're not quite there yet. i think liquidity is going to be there for a little while but as the pandemic starts to fade a little bit and maybe that liquidity becomes less plentiful, this stock could get clobbered like it has many other times in the past. just the last four years the stock has been hit ten times by 20% or more. seven times by more than 30% and four times 48% or more the volatility is not out of this thing people need to be careful as we move into the new year

>> it's fair to say, matt, you're pretty cautious would you use any of those selloffs as a buying opportunity? >> yes, i would. again, i love it long term but i think a much deeper selloff than the 10%, 15% ones we've seen more recently. 25% to 30% easily. i don't think that starts until early in the year but i think it's coming soon again, based on the overbought condition and that we've seen in this asset class in the last week or two. >> michael, let's turn to you. you look at bitcoin and what are your thoughts? >> look, kelly, it took me a while to get on this train but i think it really is the new currency it's a global currency and also irauonically become a hedge against inflation. the fed pumps money into the system and inflation begins to rise, people are turning to bitcoin for a hedge against that we're calling it almost a new commodity. you're seeing that versus gold gold was up roughly 27% for the

year bitcoin is up almost 500% for the year so, it's become a new commodity and new safe haven for investors during difficult times and lastly, it's become a part of a balance sheet reserve for some of these big companies. i mean, paypal is now accepting bitcoin as a global currency for next year starting in 2021 square has made a massive investment into bitcoin and also using bitcoin for its reserve on the corporate balance sheet. so, i think, look, we all know that is the real technology and it's here to stay and i do believe bitcoin is a leader in the global currency, crypto currency side of this for as far as we can see. >> michael, real quickly then. i mean, do you have a stop sell price target here? are you going to hang on to it for the kids' college fund or how are you thinking about exiting, if you are? >> i think if you have that

long-term perspective, three, five, seven-year perspective, you hold on to it. it has run up and it's not going to come without volatility you'll still see volatility in the space. but i really don't have a cell target you own it and put it away for a long-term investment and watch how it maybe transforms the currency and the world we live in today >> michael bapis, matt maley, thank you for your thoughts on it today appreciate it very much. for more "trading nation" following along on twitter @tradingnation tyler? >> thank you very much. ahead on "power lunch" the latest on the covid-19 vaccine rollout in the u.s we'll speak to a head doctor from the doctor that helped fac facilitate moderna's vaccine trials plus, delivery dash vaccines holiday gifts and more fedex trucking this month. we'll talk about the surge and whether they could handle it we'll ask a top analyst on what to expect from the company's earnings and a stock that is up

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give you a check on the markets right now and the numbers are all in the green there you see the industrials up 132 or 0.4 and s&p in the same percentage term and nasdaq same records and the russell more than 1% higher now, let's go to sarah for a news update. >> hi, tyler california is now reporting a record high 379 covid deaths with the national death rate tripling since october covid-19 is currently the leading cause of death in the united states according to researchers at virginia commonwealth

university on average, 1,700 americans die of heart disease every day about 1,600 die from cancer. yesterday's covid death toll was more than 3,600. a new record high. tokyo is reporting 228 new cases today. japan's new case count also hitting a one-day record the increase is putting the biggest strain on tokyo's medical system since the pandemic began and south korea also seeing the biggest wave of new infections in months and new highs for daily deaths it warns stronger restrictions on businesses may be needed but only as a last resort. see you guys in just a few minutes for "closing bell. back to you, kelly >> all right, sara, thank you very much. moderna shares are up today but down about 10% in the past week the fda meets to discuss and possibly authorize its vaccine for use which could happen in the next couple of hours shares are up nearly 5% right now. this week pfizer is expected to

roll out three million doses and if moderna is granted its own emergency use authorization it will roll out 5 million doses. for more on the approval and rollout of these vaccines let's bring in dr. steven pa it's good to have you, doctor. what are your thoughts on these early rollout efforts, not without some controversy about those who feel comfortable accepting the vaccines, states who are frustrated they didn't get more of the pfizer supply right now. >> very good to be you today and first of all, the vaccine approval is welcome news it is really apropos to what you were just showing. necessary shot in the arm for responding to this pandemic. and the surge of cases that we're seeing there is vaccine hesitancy out there, no question about it. and i want to really speak to

the audience here today and tell you all that these vaccines are undergoing stringent review looking at both the efficacy and safety and there have been independent review boards for the fda, as well as cdc to look at the data. kaiser permanente did p participate in both of these trials in washington state, as well as california we have actually first-hand knowledge and experience with the trials and know they were done well and effectively and we do have confidence that these vaccines are going to be the start of the end of this pandemic >> well, i've seen others who are administeringi them hospital and so forth that as more people do get the vaccine, it makes others more comfortable with getting it themselves. at the same time, we're still a long, long ways away from this hitting the majority of the population what do you think will happen in the meantime

>> one of the most important things is that people still need to keep their guard up so, when it comes to the basic public health measures, washing their hands, wearing a mask, keeping your distance. all those things are going to be key. and in particular with the coming holiday, really, you know, staying with your family and your immediate bubble, if you will and not going outside that bubble is going to be really key because that will actually help stem the tide of infection in january. because, of course, to your point, really, the availability of vaccine for the general public is going to occur in the middle part of 2021. >> right i guess my final question as we get anecdotal reports like the person who had the allergic reaction to receiving the vaccine and we think about how to track and in some ways have accountability for vaccine recipients with so much of the population getting this at once.

so if there are issues in the months or even years ahead that those are, that the patients have, you know, some awareness about it you know, i guess my question is, what should people do upon receiving the vaccine? is it enough to hang out where it was administered for a few minutes. like with the flu shot stay in the area for 10 to 15 minutes. that kind of thing a check up with your doctor. what would you say >> so, a couple of important things the current recommendation is actually to monitor a patient who has received the vaccine for 15 minutes so, we in fact have those processes in place within kaiser permanente and that is the reason why the reactions that occurred up in alaska were caught the patients were being monitored. we're going to want to have those things in place for the ongoing year while we're administering the vaccine. the second thing i'll just mention is that with every new vaccine whether it's covid-19 or

ones that we have introduced in the recent past is there is post-market introduction marketing that goes on all the health systems like ours are actively contributing to the data that the fda, as well as cdc are collecting to make sure that we have a full understanding of the safety profile because we're going to, you know, learn more the initial vaccine trials included 40 and 30,000 individuals but we're going to need a lot more to have a full safety profile >> yeah. yeah, they told me the 15-minute time thing when i got the flu shot and i went in my carand went home, which is probably not the most responsible thing to do with the covid vaccine people will treat it differently. dr. parodi, thank you for joining us today tyler, over to you >> kelly, thank you. coming up in "power movers" three stocks making big moves up and down because of the impact of the coronavirus as if december wasn't busy

enough for fedex with all the holiday packages, now add in shipping millions of doses of vaccine. will that mean a merry christmas and a happy new year for fedex investors? we'll look at that it's already been a good year. stay with us some things are good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage plan.

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covid impacting for better or worse by all of today's power movers herman miller its profits in revenue falling from last year the company not offering quarterly guidance saying it hopes the vaccine will bring people waback to the office but shares down 12.5% today. accenture happy people are working from home. hanging on to a 7% gain. rite aid thinks the covid-19 vaccine will be profitable for the company. if you go to rite aid for a vaccine you can get ritz crackers and other things. >> i got my flu vaccine this year at an acme supermarket. went in and got my shot and got my groceries all good there you go

all right. let's go to the bond market now. rick santelli is a one-stop shop on the bond action at the cme. hi, rick do you do vaccines, rick >> hi, tyler yes, yes oh, i tell you what, flu vaccine, coronavirus vaccine, count me in whenever it comes to a walgreens near me. if you look at the intr day of tens tell you everything you need to know yes we did not have 885,000 and not a good number for initial jobless claims and a three-month high the markets reflected that but did a u-turn if you look at the two day of tens you can see where pacman the resistance were munching at the resistance in the mid '90s and looks like it is popping over 1%. right now it is contained. yield curve hovering just under 81 basis points and charts going back to october 2017 virtually the widest it has been in three years dollar index since the beginning of november as you see in this chart, down 4.5%

and, finally, whether it's the pound versus dollar or euro versus dollar, you can see they're both accelerating against the green back tyler, back to you >> all right, rick, thank you very much. and fedex reports results after the bell today the stock has more than tripled from its march low we know the company is going to do well this holiday season, but can it match the lofty expectations that you see reflected in that price? we'll ask a fedex analyst next on "power lunch. take a look at last week's two ipos airbnb jumping up and doordash calling it the most ridiculous ipo of 2020. giving it a $40 price targt and 150 now but slumping we'll be right back. i think financial illiteracy and inclusion is everybody's problem. and that's why we created rapunzl.

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let's star the numbers you expect tonight what are the numbers you expect? the stock has doubled in six months holiday season is going to be big. are you worried that the valuation is stretched >> no. in a word. first of all, thanks for having me on. and no, i'm not, because i think the demand is very strong and i don't think that demand is going away there are a lot of really good reasons why people will continue to order on line while, you know, we are recovering from the pandemic, even after things get back to whatever our new normal will be. and so i definitely think that there is legs behind this. we are estimated the november quarter earnings around $4 we have been there for most of the quarter. i notice the consensus moved up about a dollar in the last week. and we think they can get back to $20 in earnings on an annual

basis. or get there for the first time, i guess, by fiscal 2022. and we are in the fiscal 2021 year >> all right let's move on to holiday shipping, which is obviously a big contributor here as you say, people -- more people are shipping from home, as i am. they say they are expecting numbers up 19% as packages need to be delivered. what are you seeing as you do channel checks or you look at what's going on around fedex >> we are seeing very strong demand we are seeing surcharges in place. we have worked all year long to handle -- to be able to handle the volume they are seeing now you know, your 20% increase is about what we've been estimating for this season. we've seen peak, what we would call peak levels all year long, really since march when things started to shut down people started -- you know, people who never would have ordered on line before started to order on line

they kind of like it the nice thing about ordering on line is that if one location doesn't have what you are looking for, you don't have to run around, right, to three or four stores. so it makes it easier. we think that will continue right through, you know, the peak, the returns. remember, we are talking about peak but don't forget the returns in january for people who got stuff they don't want and have to return it. that's big month, too. and then on top of all that -- >> you bet. >> sure. right. and then vaccine that's a whole other thing we should talk about. >> that's what i was going to move to, but you are right i mean, i have a -- i have a pretty good hit rate with my christmas gifts for my wife but some things do get returned, i have to say. and it is okay it's okay. you have got to get what you want let's talk about vaccine shipping fedex and u.p.s. are obviously a key part of the supply chain that is going to be an enduring tail wind it would seem to me as

we try to vaccinate 250, 300 million people >> yes, absolutely and then don't forget, that's just in the united states. there is still the rest of the world to consider. >> uh-huh. >> and part of operation warp speed that nobody really talks about is that the u.s. government has told emerging market countries that they will -- they will help in getting vaccine to a lot of emerging markets you specifically mentioned fedex and u.p.s. we know fedex is handling a lot of canada. we know that american airlines is going to be handling a lot of latin america. and then you have atlas air that's going to be handling a lot of shipments into emerging markets in africa. so there are a lot of participants here. we estimate it's probably something like a $400 million revenue benefit for the industry but normally, when fedex and u.p.s. talk about their health care margins, they talk about them being mid teens so, say 14, 16%. >> yes. >> here, this is really

humanitarian. >> these will be a little slimmer. >> you would think we are thinking 5% to 7% i am hoping tonight fedex talks a little bit about that on their earnings but yes, to your point, they can't be seen as gouging >> we have to leave it there held halloween becker thanks, have a great holiday season. we'll be right back. >> you too - [narrator] at southern new hampshire university,

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good on guinness, not good on stocks. who knows whether this is froth. intrahigh record days for the dow, s&p 500 and nasdaq. and the russell 2000 close to 1% >> the home biologicalers close out what has been an incredible year we will see you tomorrow thanks for tuning in to "power lunch. "closing bell" starts right now. thank you kelly and tyler. and welcome to "closing bell." i'm sara eisen here with scott wapner, who is in for wilfred frost. welcome back, scott. stocks are pushing higher. the russell 2000 outperforming one hour left of trade an ugly jobless claims number pointing to weakness in the labor market with millions unemployed despite that we still don't have a stimulus deal. we have heard that law make remembers making progress but investors are monitoring for any concrete plan.