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tv   Power Lunch  CNBC  December 18, 2020 2:00pm-3:00pm EST

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good afternoon, everyone welcome to "power lunch. along with kelly evans, i'm tyl tyler mathisen the dow down about 200 points as we await details about whether or not there is a deal for more stimulus we may get word this hour or some word from speaker pelosi,
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and tell la will be added to the s&p 500. we'll tell you what the industry refresh means for the market and tesla, as you see it up $19. "power lunch" starts right now. and markets are lower across the board right now and action is really set to pick up this afternoon as a major rebalancing occurs, highlighted by tesla joining the s&p. let's go right to bob pisani for more on that bob? >> kelly, we're near the lows for the day and the problem here is stimulus. stimulus right now at the end of the year is the marginal mover of the market. when you hear talks about
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additional problems or whether or not you want programs with the federal reserve in or out at this late hour, people tend to move back a little if you take a look at the s&p as we've heard through the morning of hitches and difficulties, the market had a lot of difficulty moving forward but we're up 1% for the week when you have stimulus out there, the reopening stuff tends to drift south banks, real estate, there's your reopening story. that's what's happening. semi has been strong all week, retail just does not die, strong as week as well. tesla going into the s&p trading has been orderly but it's going to be big at the close. it's going to be 1.5% of the s&p 500, it's going to increase the pe ratio why are people concerned about
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this this is the biggest rebalancing in history in one single trade it's going to happen. you combine it with the normal rebalancing at this time every quarter and you have the potential for some price dislocations, markets on close and balances an awful lot of money moving around at the end. there you see tesla and the volume, folks, 60 million shares tesla will trade north of 200 million shares, well north of that by the close. we don't know how much but i'll be on top of it. it should be fun to watch this much money moving around it's going to be north of $100 billion in stock moving around >> should be very exciting bob, just on that alone, it should be exciting, the amount of money, the number of shares maybe the biggest share trade ever many ffor one single stock thank you, bob
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>> thank you >> tesla is also trading near record highs and that is despite a struggling economic recovery and no stimulus relief from congress so far. i said at the top of the hour we may hear from pelosi this hour she's cancelled that what will the new s&p 500 look look and is this market be driven by froth or fundamentals? let's bring the always frothy and saucy ron insana, mr. froth we call him. i could go on and on about ron and i could go on and on about our cnbc contributor and president of farr, miller and washington gentlemen, it's always good to see you. we're going to close out the week with far and even farther, insan ash insana >> i would say if you're going
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to be accurate, given my current weight, you can go with far and wide >> thlet me turn back to the always slender michael farr. it sounds like i kind of want it both ways. you say the rule of stocks is buy low but few stocks are low and then you say the stocks are high, the path of least resistance is for them to move higher so what should i do? >> right this is one as a money manager you really feel awful. you're always nervous and right now you're most nervous. tesla's a great example of the sort of disparity and disruption among stocks and across the index and for markets. it's been going up it's over 1,300 times earnings for a pe we just heard from bob pisani that the s&p is trading at 22 that's still two standard deviations above the historical average. so for me, tyler, this is a time
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where even though stocks are trading higher, it's so important to know what you own and why you own it good balance sheet, something with really earnings could tesla keep going higher? yes. am i going to buy it not on your life >> ron, let me ask you sort of a similar question you got stocks trading at records. you got some companies, as mike empoin -- michael points out, 1,300 earnin earnings, you got spacs, ipos. >> it doesn't seem that the whole market is excessive. obviously valuations are high. the fed is not going to be raising rates any time soon, which is typically what triggers a full-blown bear market
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but the speculation in spacs and ipos of some unknown quality is ultimately going to turn on investors, traders, as it were today. so, yeah, i think there will be a reckoning at some juncture henry blodget was on this morning. the old saying on wall street is the markets can remain irrational longer than you can remain solvent that's something we have to remember when we're trying to call a top, as it were >> i think we have a new phrase i'm going to coin. we can call is spaculat i don't know -- spaculation, right, ron? >> right we always get a little nervous when we see this kind of stuff >> yeah. >> as ron points out, michael, what typically tips or pierces a
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bubble -- i'm not saying that's where we are -- but what typically tips the market over is rising interest rates we got word this week that isn't going to happen probably not until 2023 spoch with th-- so wh that kind of tail wind, do you see a first half that's rocky and a second half of 2021 that has a bit of a lift behind it >> i think as you get the vaccine behind us, tyler, and jobs start coming out and people start going out and spending again and getting back to the office place and traveling a little bit again, spending goes and the economy gets a little better it will stutter in the first half and should lift in the second half. the problem with that is that's what everybody's expecting when i hear that farr agrees with what everybody else is saying, that makes farr very nervous. it was december if we harken all the way back to 1996, it was early december when the market
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had just gone through 6,000 for the first tomb and went from 4,000 in 1994 and 6,000 in '96 and alan greenspan famously said irrational exuberance and he wasn't wrong and yet eight months later, they went through 8,000 so after the chairman of the fed said things are expensive, they still went up 33% in eight months so just because this is expensive, as ron was saying, things that are expensive can continue to become a lot more expensive and trends on wall street last a lot longer than you think. you got to own good stuff and stay in it you really got to be careful >> one final thought as we watch and wait and wait and wait for the potential of more small business aiding stimulus, i live not far from where you live. i rode out route 4 in new jersey, and i couldn't go 150
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yards without say seeing an office space for rent as retailer for rent. you cannot move in this area without seeing destroyed businesses and that means destroyed jobs >> we're seeing activity in washington that borders on criminal negligence. 50 million people with food insecurity, 20 million people with some form of pandemic assistance they're literally fiddling and senator ron johnson is completely wrong about the fed they ought to get this thing passed and get help to people right away >> gentlemen, michael farr, ron insana, far and far out, the two of you thanks be again, guys. have a good weekend, fellas. >> speaker of the house pelosi postponing the news conference i so blaringly announced at the top of the hour. not happening. with a midnight deadly to possibly get a stimulus passed
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does no news mean they're talking more seriously ylan mui has more. >> reporter: we were hoping plea pelosi would provide more clarity with that press conference and this is the second time today it was postponed. senator josh hawley tried to force a vote on the $1,200 stimulus checks. >> we're getting red to spend apparently another trillion more and yet working people are told they may be last, if they get relief at all. >> it takes our debt from 27.4 trillion to 28.4 trillion in a couple months. with doing virtually no revisions, no improvements >> now democrats are up in arms over a provision from gop senator pat toomey that would
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reverwe vent the fed from -- the top two l lieutenants from both parties say they do not want to see a government shutdown but we don't know when they might vote on a stopgap government measure in a would keep the government open past the midnight deadline i've heard from one federal employee that their agency told them to plan for a potential lapse in funding >> that is just breathtaking, ylan, the idea that these men and women on capitol hill can't get to a decision on government funding, three months past where the fiscal year begins and no idea on how long that might last what is your sense -- what does your spidey sense tell you about the possibility of stimulus and
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might congress stay through the weekend to get it done >> i think if they see a deal they will stay through the weekend to get it done i think even if the government schultz do sul shuts down they will still be here for the weekend i think the real question here is if the government does shut down at midnight, how long is it going to last? can they finish this up by saturday or sunday or will it trickle intoneck week and that's when it might have some more real effects on federal employees, workers, et cetera. things are at a delicate point right now on capitol hill and we'll have to see how it goes tonight. >> ylan, thank you very much have a good weekend. >> kelly >> we should just mention that stocks took a leg lower on the last few minutes there, perhaps not encouraged by each side digging in their heels apple is slightly lower today but up more than 70% this year and siti saciti says there are e
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reasons to buy the stock and u.s. government officials warn of grave danger as the size and scale of a major cyber attack continues to grow we have the details after this quick break. every year, we set out to do one thing
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help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off.
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it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. shares of many of the big cyber security firms, including
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fireeye, th eye they are higher today as a result of the scale of the massive cyber attack against the u.s. government. it seems to be growing every day as we letter more and more now believed perhaps as many as 400 of the compauntry's biggest companies were also hit by it. let's bring in eamon javers for more eamon. >> reporter: that's right. what we know is a lot of those companies up just mentioned may have downloaded the software at the core of this that software from a company called sole waninds that was abe to infect a lot of companies and federal government agencies. we don't know the full scale of this just yet. the cyber block, krebs on security, which is very well regarded, recently reported their sources are saying another vector into some of these companies may have been software from dm wear another company potentially impacted here. we'll have to get more details
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on vmware's response to all of that meanwhile, the president of microsoft weighing in on the scale of this attack each day of the week the president of microsoft, brad smith, saying this attack provides a moment of reckoning, a strong and coordinated global security response. president-elect joe biden putting out a statement yesterday saying our adversaries will know as president i will not stand idly by in the face of cyber assaults on our nation we just heard from the president's transition team, a senior official there saying that the president-elect is a honey and will not telegraph how a united states under president biden will respond to this advocates can expect some kind of response.
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>> eamon, thank you. >> i think one of the difficulties about this story, sue, is that there's nothing tangible about it yet. so we hear and are aware of how serious it is, but it feels like it just isn't going to capture the broader public imagination or perhaps do anything to demand a more vigorous response until we have tangible evidence in what this is all resulting in. >> thanks for having me, kelly that's a really great point and i think it been the problem with cyber for many years is because you can't feel it, because it doesn't have the same advice rahal impact as, both the respondents and the attackers feel like they can get away with it right? because there's going to be no
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response and the defenses sometimes think, welfare reform, it hasn't really happened to me yet owe p so why need to spend the resources to row ticket myself if this is not the moment that we use not nationally but globally to wrap our head around that these are just as damaging as anything physical, we would really have lost a moment. i think this is a great time to embrace it i love the conversations, i love with brad smith jumps into it and when fire eye jumps in and i think we need to keep having this tfrgs or so companies at least as am man -- are they going to be able to figure out what was taken from them it goes back to what fire eye told us. it was their tools, so it's
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methods as opposed to taught how do i know exactly what information they have? >> in a weird sort of way, the government and companies are going to be doing the same thing. first thing, you have to stop the bleeding all the notices going out about the software investigateors that then they need to dive in and do forensic forensicin the talent involved is elusive but still have to invest in it then damage assessment, what were they after in your company? just because there was a vector in doesn't mean the attacker used it. and then companies and the government alike are going to have to do sop tra look at their
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ing a did they have their whole corporate risk security culture in place >> yeah. eamon, i'm curious you mentioned that the response from the u.s. is something that is going to be vigorous and all this, but we're in the middle of a presidential transition right now so presumably that response is going to wait until at least the biden administration is in place. i think the last that i saw was comments from the president-elect suggesting maybe putting together a commission to look at what had happened. i mean, is it possible that we're going to get something more muscular than that or not do you think >> it have ands that what they're hinting at today say clearly he intends to convene allies from around the world and take some kind of coordinated response to that
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the question is what's that going to be in kelly, while we have sue gordon here, she has been active in these issues at the highest level, at the cia and at the national intelligence office for decades i have a question for sue, which is what companies should do here a who -- we haven't seen a lot of companies come out and admit that to their could u cuss pr do these companies need to tell us they've been hit and the extent of the damage? >> that's a great point, eamon i think if we're going to get out of this as a nation and up ask what a more muscular response will loo like, we have got and attacks. it companies worried about their reputational risk, shareholders of government worried about
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revealing information. this has got to be one team. so what i would say is companies go through to really make sure that your cyber security from top to bottom is really well understood and that your whole company understand how important this is, not only for your business but the critical infrastructure of the nation but as we build a response, we have got to do much better at sharing and this is a great moment to do it. so quit holding tight, throw our lots in together and we will fund any way forward so i hope the biden administration really makes this a pouint, as they think about a cyber structure going forward that it has to be shared between the two. >> sue, it tyler here. i no enow you ge question is, is
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the best defense having a rea y really. >> so there's a lot of work going on you have the whole recovery and damage assessment but there is a lot of work going on to understand how we're going to respond to this event. and i will say that response is not just cyber so it's going to be the whole rang of our cool diplomacy, critical alliance -- you're p you're right, you will never be able to defend enough. you have got to be moving forward in terms of what you do to deter action like this. >> yeah. great points it's not just defense, it's deterrence as well >> it is >> sue gordon, have a great weekend and eamon javers, you as well >> you bet
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>> nike. the stocks gearing up for earnings after the bell and we will tell you what the traders are watching for plus, get this -- guitar sales are amping up amid the pandemic. nd talk to p about the ceo offeer and his new app and how he plans to keep the music playing. "mu much more "power lunch" coming up they're able to buy and sell stocks in real time. thanks to nasdaq's cloud data solution. if somebody tells you just download this app and you could potentially win a scholarship, and you're learning, it's like, yeah. information is key. having access to information at your fingertips on your mobile phone, on your desktop, or here on the screens, it really allows us to showcase what's happening out there. and so we pitched the idea of: why don't we host an investment competition on this newly built rapunzl platform? it was really cool to just sit there and like watch how the
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all right. welcome back to "power lunch," everybody. just like the broader market today, nike did hit a record high before reversing ahead of its earnings report after the bell investors looking for signs that e-commerci e-commerce has paid off. it's spell there l lee-doh, lik play-doh >> that brand is thriving and surviving, even in this pandemic the investment they made into
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e-commerce really paid off you saw some digital sales up 80%. this is good for nike all around they're still taking their punches with the rest of the market their clothing and their equipment sales are down still quite a bit and analysts are still expecting that the numbers are going to be down but the expectation is that they're going to survive through this. >> all right, craig, let's go to you. you tell us what the stock activity suggests to you from a technical point. >> tyler, i'll tell you my kids have the same issue as yours they all want to wear nike suess and everything el -- shoes and every else you're still making a nice series are higher highs and they've retested the up trend
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support lines and continues to make new highs any time since 2000 they've beat their estimates. if there's any shorter it have pullback of maub 130 and we think this pull back should be bought and it a stock we have owned and we would be buying any dips >> thanks very much, olks. >> craig, gina, we appreciate your time. for more trading nation, head to our web site or follow us at trading nation, kelly. >> thank you, ty city says it has five reasons where they -- why guitar sales were surging during the
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pandemic and are resorts ready for a covid winter all this when "power lunch" returns. >> and now a word from our sponsor. overbought and oversold indicators are generally viewed differently. look to buy a range-bound market with an oscillateor, such as the rsi, falls into oversold territory and then move back above it look to sell a range
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i'm kate rogers. here's your cnbc covid update. vice president pence got his first dose of covid vaccine today and president-elect biden will get his monday. speaker of the house nancy pelosi received her shot around midday video cameras and reporters were not invited. senate majority leader mitch mcconnell also got a dose today.
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the photo shows him posing, not getting the actual vaccine "the washington post" post reports the monuments the washington monument was closed today. staff had been giving priority tours and there aren't enough of them left to keep that monument open >> thank you very much let's talk about the markets there up see a 216-point dip it took a little bit more of a ski slope down earlier this hour, about 3/4 of a percent the russell 2000 going the other way, as it has been, 1985. that was a great year 1985
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wo we're watching shares of tesla as it gets ready to join the s&p 500 in about 90 minutes time kelly? >> that was my birth year. let's check on shares of apple they are jumping 70% this year as you probably already know that's despite uncertainty around consumer demand and production slowdown. city says there could be even more upside from here. the firm highlights apple products selling out, its growing footprint in india, service and health care businesses and strong growth potential. joining us is citi's jim suva. it's great to have you are these ranked in order of importance in terms of their size and scope for the company next year or is there one in particular that stands out to you? >> kelly, happy holidays to you and everyone we do want to know of these five reasons, they're actually listed
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in near term and not necessarily a magnitude but timing as you correctly stated, with the stock up 07% in 2020, we wanted to be clear that woo and in order of priority and preference of what's coming up is this holiday season, christmas next week and most of apple and i think it brings the demand forward there's five items but they're listed in the order that we think of the timeline for them to occur >> got it. >> on the shortages issue, up say the iphone 12 pro, the ipair the and the home pod mini all sold out being tell us why you
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think that's going to be a big catalyst for the stock >> you bet when we first had a and we said china will be a big market opportunity. many parked back and said we think you're crazy because the disposable income wasn't big enough of there. we realized as the china marked evolved and economy strengthened, it became a big footnote there in india, ap certainple is tiny. to directly answer your question, if india, if you produce locally, you get a tax shelter. also today apple does sell of its legacy products such as we
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see in the years ahead when people ask where else can apple grow, indian is going to be an important market for apple >> interesting i know that services and but i want to skip ahead to the last one because it is something you harr p hear from some of the apples -- i don't know if bear is the right word but let's call them skeptics. what is your counter. >> kel, we get asked that question a lot, and the answer is to rebuttal the view that apple only buys back well, that may be in i don't who will you
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it's growing its sales and earnings and the stocks only help the stocks by peacekeeper from and that's in the time of the pandemic out of the pandemic and going forward, and services you mentioned apple watch and health care those are gaining more and more traction so our rebuttal is absolutely, hey, if you only look in a small lens, globally there's still growth apple is a growth company. people don't want to hear it but they are growing sales and honeyings per schaffer that's why you think it it and go to cnbc.com/pro to ask your questions.
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tyler? >> nine months in, it given people a lot of time to pick up an old who be o and fender saying its sales are soaring that's next. let's get checked for a full range of conditions.
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welcome back, everybody. here's a question for you -- hendrix, clapton, steve liesman. what do they have in common? they all played fender guitars and the number of people picking up new hobbies during 2020 is astounding and one of them is guitar playing guitar can be fender seeing a record year in sales with a boom not just in online retail but also with apps like fender play. that's where you can learn to play guitar through virtual classes, big hit for them. joining us to discuss is the ceo of fender, andy mooney you could have stopped at clapton and hendrix there. i throw in steve liesman so many of the treat guitar players including kurt cobain and dylan, they all choose your
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brand. why do you have think your brand stand out for them >> well, the founder, lee yof fe -- leo fender in the mid 50s, designed it for working musicians. he believed all artists were angels and his job was to give them wings to fly. so he developed an instrument that was able to provide the unlock of their creativity i think that sustained for 0 70-plus years. >> a couple of things are very interesting as i bag ground ycky are company. one is the growth of female players that buy your guitars. >> we conducted the survey five years ago and were surprised to find 50% of all new buyers coming into the category were actually women and the reason that that was a little bit of a surprise to us, they were predominantly buying
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online because the in-store buying experience for all first-time players is a little bit intimidating, but particularly for women because there was not a lot of females for them to relate to. so they were looking for recommendations from influencers or friend and buying online. that shaped many things at our company, including our marketing, our communication, and continues to for the future. >> so i assume that your online sales have been growing and probably grew more as a percentage of revenues during this pandemic year and of course guitar center, a major retailer, went through a brief but spasmodic bankruptcy but it's not just the sales of the instruments themselves that have gone up, it is what you've done with apps, apps that, one, help you decide what kind of
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guitar is best for you, takes you through kind of a course and, two, the app that teaches you how to do it that is pretty dog gone smart. >> well, i'd say four, five years ago when we conducted the research, we found that 45% of every guitar that we sell goes to a new player. as we talked earlier, 50% women. but those new players, 90% of them abandoned the instrument in the first year if not the first 90 days. butt 10% who didn't committed to the instrument of life and had a lifetime value of $10,000, bought five to seven guitars, i'm one of them. up can see all of this in the background here. so our viewpoint was that if we could create a learning experience that would cause a loper abandonment rate, we would actually grow the scale of the entire industry. and the 12 months was a turning
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point. if you committed to learning for 12 months, you were likely to commit to the instrument for life so when the lockdowns happened, purely as a gesture of goodwill, we offered fend eer play free fr 90 days thinking we might get 50,000 people that would sign up we got 100,000 people in the first day. >> what's your biggest seller and what does it cost? i'm sorry to interrupt we're running out of time. what's your biggest seller and what does it cost at retail in. >> our biggest seller guitar wise is probably a guitar called the player plus that retails around about $ le 800, $900. >> acoustic or electric in. >> it's an electric guitar in our case >> andy, thank you so much for your time today. we appreciate it i'd love to hear you play a little there but we don't have
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time this time andy mooney offender >> coming up, it's sun and snow. solar stocks are out today it's tghou time for ski resorts. what they're is next. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. don't get mad. witenergyng, and change came to every part of our universe. seismic or small, it continues.
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so you don't wait for life. you live it. welcome back it's time now for power movers shares of fedex were lower today even though the company solidly beat expectations. digging into the report there were concerns about margins on ground deliveries. the stocks that doubled in six months fedex is down 5.5% today u.s. steel is offering guidance and seeing a bigger fourth quarter loss than expected of the it does see quite a line of sight into significantly improved financial performance in 2021. shares are still down 6.5% but they have doubled over the past three months. the solar etf tan is up 15 to 16% week and more than 200%
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this year. it is hitting another record high today tyler? >> all right kell, it has been a sufficient year for all travel-related companies but since the hit shutdown happened in spring into summer, ski reorts avoided the worst of it, at least until now. as ski season starts these resorts are having to change the way they do business contessa brewer is live in hunter, new york, one of the busiest mountains in the east. contessa. >> reporter: you know, there is a lot of fresh snow here it is a pain to shovel but boy is it great up on the slopes the real uestion, what does covid do for the crowds that usually come out after a good nor'easter we will hit the slopes right ahead on "power lunch.
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veil resorts, the only u.s. public ski resort management company more than doubled from their march lows but as ski season kicks off across the country nowadays, there are of course covid concerns that could keep people to have slopes
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contessa brewer is looking at how the ski resorts are preparing. hi contessa. >> reporter: ski lodges are starting the season with high hopes but managed expectation. the nor'easter brought two feet of fresh powder to the machines here normally that means crowded slopes and big bucks but the coronavirus is a downside to the launch of the season altherra has 44 partners in the ikon pass organization they are working on making social distancing a possibility. it is all expensive. >> our margins are under pressure because of the number of people it takes to control large crowds and we are making sure the large crowds are smaller crowds. >> reporter: much like the trend that we have seen in casinos, the drive-to destinations like
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hunter behind me just a couple of hours from new york city they are seeing a bigger bounce in business than the fly to reports. veil just announced earnings last week, down 44% year over year but get this, demand for season pass is up 20% y.? because we are all looking for something to do, tyler >> are these changes going to be permanent post-pandemic? or do you think once we get the vaccine things will be approaching normal >> some of it is givingthem cost efficiencies like ordering a meal on the app or reserving your table inside the lodge. they say it makes things smoother and it is cheaper to run. the altherra company's ceo says those changes are here to stay and it will probably make being at the lodge more comfortable.
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>> contessa brewer reporting from the slopes. let's check the markets before we go overall, down. not much good news coming out of capitol hill >> thank you kelly and tyler welcome to "closing bell." i'm sara eisen here with day la tausche in today for wilfred frost. stocks seeing weakness to ends the week lower across the board after setting record highs a the open. one hour left of trade congress struggling to get covid relief across the finish line. and only a few hours left to prevent a government shutdown. we are awaiting new details from washington moderna's covid vaccine is moving forward but case numbers in the u.s. continue to surge threatening th

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