markets, as we wish joe kernen a happy birthday, again, this morning. dow looks like it would open down about five points, with points it is moving around. i'm curious, actually, something happened in the last minute while we were just having that conversation, guys >> yeah. not a huge -- not huge moves cramer is next february 10th as we talked about. everyone was nice on twitter want to thank you, guys, too >> happy birthday. >> thanks. marilyn, thank you join us tomorrow good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are red as democrats take at least one georgia senate seat we'll see about the other. big implications for stimulus and rates. ten-year yield above 1 adp with the first decline since april. road map begins with georgia

shocker. democrats flipping one senate seat tech shares are taking a hit amid renewed concerns about higher taxes and increased regulatory scrutiny >> plus, shares of tesla, yep, they're rallying ahead of the open, this after a key analyst boosted his price target following better than expected fourth quarter delivery. we're keeping an eye on oil. it broke above 50 for the first time since february. overall, energy, top performing sector, liquid natural gas, in japan, skyrocketing, propane prices, carl, the energy complex having a good move so far. >> yeah. so many moving pieces this morning, david and jim i guess question of the early morning whether or not the bank shares are enough to lift the dow. >> geez, i got to tell you, the enthusiasm for the group, it is just out of control versus the fact we're about to get some earnings while i like them, they're very inexpensive versus the rest of the market, the idea that suddenly they're going to do better does fly in the face of

what senator elizabeth warren talked to me about in september at the cnbc ii conference. the banks are too big. the banks need more scrutiny so the idea that it is just tech is going to get the scrutiny and not the banks, please, buy the banks because you think the earnings will go up and not just by a tiny bit of a move in the ten-year i know, back to march, but the fundamentals will be great and right now, i think the stocks reflektstoc s reflect a lot of the fundamentals >> how, jim, are you viewing things right now and if any way is your view changing as a result of the possibility that the democrats will take control of the senate? >> well, look, i've got to tell you, i don't want to fly in the face of what seems look a fun story, but, no, i don't think it is that much if you get the democrats in, you can argue there will be more stimulus that means you go by the retailers. if you get one of these big themes i'm talking about

the republicans stay in, taxes are low and the earnings per share go up. there is a lot of ways to win here if we decide to lose and sell all of big tech, once again, we're going to be fooled when the companies report the earnings the etf, the spx, that ended in 2019 but it continues by some people who just believe that stocks are all just one big basket. carl, i think the merry men, the robinhoodizati robinhoodization, that's more powerful they're looking at the stocks and sayi ining eureka, i have a chance to buy amazon i don't think elizabeth warren and company is going to trample apple. so let's be careful about the broader generalizations. i made most of my money on tech when the ten-year was between 4% and 6% i know these are exciting to talk about but i think we should talk about making money for people and you don't sell tech when a minor move of the ten-year and elizabeth warren is now more

important and chuck schumer is more important carl, it is not going to hold up over the long-term >> yeah. you remind me of what barkley said yesterday, the options market was not really freaking out over the georgia outcome either way because in their view, they said they agree, if democrats were to secure both seats, policy gridlock would be the most probable outcome of the next few years a few senators will become very powerful in the middle but it is going to be hard a lot of deal cutting. are investors painting this scenario with too broad a brush? >> i think they are, carl. i think when i take a look at -- let's say facebook facebook tried to affiliate itself with small and medium sized business, the backbone of the economy. not as easy to attack. amazon, putting -- look at low interest loans they're giving to people who work there, it makes it harder to attack. alphabet, we have been looking for a change agent we have been looking for an activist have we found one in senator warren

david, could senator warren be the elliott partners of what we need to get the value out in alphabet >> you have to rely on the law for that, won't you? you're referring -- let's not forget what's there. that's already under way you pointed it out it could be a can thing if they break the company up is the point you're getting at here when you talk about that but it seems an unlikely outcome, i have to say, regardless of where this congress stands now. yes, a lot more scrutiny, but whether it is going to actually get to the point where you break apart one of the largest technology companies in the world, very much unclear, and, again, you have to go through the courts to do that if they don't want to. >> but, yes. so then you -- while it is the horrendous move, the giant move in the ten-year, again, i think that we are spending too much time thinking about the broader brush. when i look at a company like

salesforce, which is down today, and i think, carl, well, wait a second, you can sell salesforce, but what happens when the earnings come out. you cannot create customers by having the ten-year go this year or this way or that way. you can't create customers when you look at the senate you can create customers if you have a product that sells. and that's what salesforce has i think we seem to forget the fact that we're trading business we are looking at business let's default to what warren buffett would say. these are businesses i'm not going to buy the notion that the senate is changing the fact that salesforce, you're not going to pay as much for customers and business that's not going to happen i understand that if rates really go higher, we might have an alternative, yes, high growth stocks get whacked when rates go up big but this isn't a big move back to march what i'm saying is these exaggerated moves, again, which we saw on monday, carl, were

bought by investors after they got to a certain point because the investor class is no longer just looking at sweeping strategic valuations >> how about to get a little more granular this morning, jim, msos, the u.s. canada ctf, firs solar up 7%. do you chase the areas that, again, the narrative would suggest they're going to benefit from a democratic senate in either energy, green energy, or cannabis >> well, i do think that when you get that tesla call, that morgan stanley goes to 810, i notice we didn't speak about tesla, that makes sense because it is -- it is very clear, this administration wants to make it so that fossil fuels, which keep going higher, give me a break, are discouraged and we use ev. the cannabis, you know what, you really want to do it, go by canopy or why not buy

constellation at this point? they're back in the money on that one they bought a huge amount. i will say this, if you want to buy something that is contrary, you rely on governor cuomo talking about how he needs to bring gambling to new york david, it is amazing i know you're a veteran gambler, not, but when you go across the bridge, to the gw to the new york side, you can't use draft kings. but you go back over the bridge and you can draft king i think the idea that all the revenue is being lost in new jersey, that's going to end and that's why i think those moves are good. >> listen, we talked about -- sports betting in particular, gaming overall not expected to be approved in all the states, but sports betting to your point and the revenue it brought in for new jersey alone has been very significant and there is an expectation, we were talking about this the other day, jim, with that potential mgm transaction, of course, there is an expectation sports betting is going to be legal on your phone, in every state in the country at some

point. and, of course, back to cannabis, an expectation that with a biden administration, and a democratic-controlled senate, if that were to occur, you have a higher likelihood of getting national -- a national policy on cannabis, it being legal, and that would certainly be quite beneficial meanwhile, lots of states that are legalizing it. again, because of the revenue opportunity of doing so to the extent you can tamp down the black market completely, even better so those are both areas where states are going to be looking by the way, carl, when we talk about states, and we talk about their need for revenue, of course, if you were to have democratically -- democratically controlled senate, the likelihood they get more aid given it was not part of the last relief bill, rises as well. so maybe the $2,000 check comes back as a possibility, also state and local aid comes back also to states and local

municipalities and the like, who are as we know suffering under significant budget crunches in a lot of states. >> indeed, guys. there is the presidential election, joint session of congress today, to count the electors and there will be challenges eamon javers will walk us through what to expect midday and this afternoon >> good morning, carl. we know how this is going to end. we don't know how we're going to get there during the course of the day today. look at the procedures here for this joint session of congress this happens every time they certify the electoral college results in congress, that will begin at 1:00 p.m. this afternoon. vice president pence will preside over this in his role as the senate president the states will be counted in alphabet cal order, electoral college votes will be counted and certified in the house chamber. the joint session, though, is going to dissolve if there are any objections to the state count. then we do expect possibly a

number of objections here from republicans who said they simply believe despite the evidence and despite what the courts have said that there was some kind of fraud in this election so if that happens, and it is an objection that goes by the rules that are laid out very clearly in writing, then the house and senate will dissolve that joint session, will retreat to their chambers, debate and vote separately on each of the objects. that could take up to two hours for each objection what we don't know is how many objections we'll see to which particular state results and therefore how long all of this is going to take it could bleed into tomorrow if there are a lot of objections and debate around that bottom line here, though, you need a majority in both house and senate to sustain any objections that's not going to happen because the democrats control the house of representatives nancy pelosi and her team are simply not going to vote to overturn the results of this election for joe biden and the presidency so as you look at this list of

about a dozen republican senators who said they're going to sign on to these objections, these are republican senators doing this knowing that this is going to fail today and under intense criticism from some of their own republican colleagues who say they are simply trying to overturn the will of the people in a valid democratic election today so that is an element of drama another element of drama here today is the role of mike pence, who will be presiding over all of this at a moment in which the president of the united states has been tweeting at him that he has the authority to overturn this election today from that chamber. he does not have that authority. it is going to put mike pence in a very awkward position with his boss today back to you. >> chuck schumer just tweeted, buckle up, it is going to be quite an afternoon thank you for that we got almost $20 billion in healthcare m&a to talk about with a bunch of calls on beyond meat, tesla, coke, pepsi, mastercard, zillow we'll get to all of that with

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got breaking news on ford. q4 sales figures down 9.8 in the final three months of 2020 that's less than the 14% drop that analysts surveyed by edmunds had anticipated. jim, we'll watch that. you got to pay attention to toyota too yesterday, the north american chief said they expect u.s.

sales this year to exceed the record 16 million. >> look, i got to tell you, i think ford is on fire. i think jim farley changed the mix. the bronco, you can't find one the dealers are essentially selling -- as soon as they arrive, i'm talking about six-day turn, it is very hard to keep stock of the f-150. there are many good things happening at ford that are being completely ignored by the market mostly the fact they have decided to make money on what they sell. it is a big change i know i sound like that i'm being facetious, but no. this bronco on fire. people have to recognize farley is a different kind of ceo, there is a good market for autos. we know that this whole move out of -- this exurbenization, which continues because of the slow rate of the vaccine is good for autos. i think some companies are doing better than others i say, yes, tesla is great don't get a great ford because people like the bronco, people like the f-150 and there is a

market for something else other than the tesla >> all right so we're going to get to tesla, which is, of course, going to open at a record high. got this adam jonas note this morning, jim you say don't bother with that buy ford instead >> no, no. david, david i pledge allegiance to tesla, and the united states of america. no tesla is -- i'm saying there is room for both. david! david, i got to go to twitter now. why did you -- why do you hurt me >> twitter is a nightmare. it really is sorry. >> everybody is so mean. >> i wished you a -- great jack ma story. >> that's what i'm talking about. people really want him to be -- they want him to be missing. but back to tesla, the note, there are 5.2 million units.

this seems to be the key behind raising to 810 you see where he was previously. 38% higher than his previous 3.8 million forecast and now he's got growth rate of 26% through 2030 in terms, again, of their unit growth. so that's kind of the key there. then he goes to 23 times, 2020 enterprise value over ebitda that's sort of what he's basing it all on as well in terms of the valuation. so 23 times what he estimates the company -- enterprise value of ebitda in 2025. >> okay. so what is snowflake selling at? >> i have no idea. a lot. >> when we're seeing is -- it is a tech company, tesla. you're going to give it somewhere between snowflake and zoom that's what's happening, david people are not -- look, his

note, specific, 1.7 million units, that's a lot of units so, i mean, you're beginning to have a lot of units, but also just betting on the mind of this man. the mind of elon what has he got in his mind per share? i got to tell you, brain per share, cerebellum per share, what else we got in there? you get me in terms of this brain that we're buying and, you know what, i got to tell you, his brain has been pretty good. >> it has. it is working, full -- yeah, full throttle. that brain and it has got a lot of space and focus. not just tesla it is spacex or neurolink or the boring project as in borg iningo the earth. not that he's boring if we didn't have elon musk, we would have to make him up. >> all while moving his company and himself to texas watching that wall chart there

of deliveries, two years ago, it was half of what it was in 2020. what is to say you can't double it again >> there you go. come on, taking it right to bmw, right to mercedes, austin. geez pickup trucks. what's next? i don't know cars that work on water? let's stay tuned >> we'll take a break here opening bell in ten minutes. more news on the nyse, delisting, some chinese shares we'll talk about that in a moment competition beat us, again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. got to do something. workday! i think i got something. work... hey, rob, you're on mute.

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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. what is a fortress balance sheet? >> it is jpmorgan.

we're getting just no take by deutsche bank. when you think of the banks, you got to buy jpmorgan. is this a correct view of what's happening? i think i mentioned it at the top that the banks have some room to run, particularly if the ten-year continues to go this way. david, this move has been rather shocking and we are on the cusp of earnings you know what happened repeatedly when it comes to banks because we're there when they report. they go up, and then people go through the must be numbers and down we are in no-man's-land, too far from the quarters. stocks keep going up if they keep going up that you're going to find, you know what, i bought on the thesis, but when the numbers came out, i paid too much. so let's let them run, but let's remember that there is no pot of gold at the end of this rainbow. >> there isn't really none >> i don't think so. i mean, i don't know

you want senator elizabeth warren in there, telling people that -- >> should be the chairman of her committee, right >> yeah. she wants to break up the big banks. she doesn't just want to break up tech. she's never been a huge fan of the backstage. >> listen, she can make their life more difficult. but to actually break up a bank, you've got to get a consent decree to do it. don't you? last i remember. which means you got to go to court and sue them and get the department of justice involved and go through years and years and it is not going to happen. >> totally do you want to pay 18 times earnings when you're paying 12 times earnings a few weeks ago this whole notion you can buy everything that hasn't moved, wow, i'm not sure i like that. i'm saying let them run. but come january 15, that's going to be judgment day for jpmorgan that's when it reports. >> got it. all right. jim, you just saw at the bottom of the screen, the nyse

delisting the chinese telecom companies after they were going to delist them and changed their mind and cnghaing it again a look at where we stand right now. we're going to get an opening bell five minutes from now stay with us cyber attacks are relentlessly advancing. to end them, cybereason built a cyber security solution so advanced... it can end attacks today -- on computers, mobile devices, servers and the cloud. and deliver future-ready protection, keeping you sharp for tomorrow. join us, the defenders, in our mission. cybereason. end cyber attacks. from endpoints to everywhere.

couple of big deals in healthcare i know david will get to -- want to get jim's take on amerisource and unh. >> look, i think anything that can put a little more money in the purse of walgreens is a good thing. i think they're considered to be the worst stock in the dow and that's because it doesn't have any momentum that's good news i remember change. what a brilliant group and unh is going to do very well with that. i want to be careful of the so-called health insurers. i want to see how they trade given the fact that the democrats may be taking the senate centene is up ahead. that's not bad but change is a really good company. it goes well with opt , united health a smart company when that settles down, you want

to buy it. david? >> they're going to raise over 6.5 billion, they get 2 million shares they already owned 30% of amerisource bergen, walgreens. people forget that's from way back they exercised warrants, a deal done over a decade ago here is the deal for walgreens president-elect biden, don't i, 12 times they're selling this thing at 550 million in ebitda, selling at roughly 12 times. business trades at 6 times so you take in that money, not going credit for it anyway in the current multiple for this faster growing business you have and, jim you can put it into what you need to, your retail business, figuring out digital, figuring out online, doing a better job of all the things that are so important. this is the largest distribution, drug distribution company in europe. and so, of course, walgreens boots operates there they're the largest customer, they extend their agreement until 2029 it makes sense for amerisource,

they do what they do here, where we know they're under more pressure, remember they're under a lot more pressure, the drug distributors, given they used to rely on drug price inflation. now, there is some of that but they're under some fractupre from the other side and going to europe makes sense biggest distributor in europe makes sense. walgreens, that will probably make sense 12 times, use the money to try to help the core business, carl. >> look, cvs is cheaper. >> there is a look at the opening bell and the s&p 500 at the big board, star p corp., at the nasdaq, tv streaming platform roku. we're going to talk to anthony wood, the ceo of roku later on this morning on "squawk alley. it was yesterday that wells went to a street high 414 >> look, i think that when you talk to anthony wood, what i love about him, i interviewed

him too, he's not a promoter honestly this is one of those stocks that has gone up because of demand, because people know that it is just a popular favorite at home. when anthony speaks, he says, yeah, we're doing well not bad. but, wow what a company, what a stock what an opportunity with the stock coming down. anthony, amazing job really creating, david, really creating something out of nothing. remember when it was one of those things that it was, like, how do you program a vcr and people were trying to figure out how to put it on and now it is standard you can't get rid of it. >> it is an important platform you need it for your distribution of your direct to consumer business. think about -- came on yesterday, we're on amazon and roku got those done people can't find you unless you're on those platforms. it is akin to, again, malone talked about this with me, a few months ago, to being on the cable system if you're a cable

network, right back 25 years ago. had to be. it is the way you got to the viewers. and this is the same he created it. he made it ubiquitous enough that you got to have the content available on it, and therefore you pay for the privilege. >> well, david, i think that it could lead in some -- younger people, who don't seem to be -- cord nevers like roku. >> put your roku up, digital antenna up, subscribe to a few of the streaming services, and you're off to the races. which is why there is still a huge challenge to the cable ecosystem, we're just going to continue to see it erode, one would expect when you do add it all up, eventually, guys, we have done this, if you get enough streaming services in there and everything else and paying for your internet bill, it ends up, you're not far off we have seen the likes of youtube tv, for example, 65

bucks a month, carl, it is not exactly that much of an economic value anymore if people want to go that route. they certainly can go the roku route. we know that >> jim, we got a lot of news on china. we got the arrests in hong kong of dozens as they try to clamp down on dissent. we got an eo about payments of chinese processors from the president. and, of course, now the nyse is going to proceed as david said with that delisting. we got those adrs down >> rather extraordinary. remember, president trump really was never that focused on the rights of the democracy in hong kong focused much more on business and on stopping chinese business from doing well. and i think that's the only way to put it. you got these companies that i think that the president and some of the staff believe are prc, just let's say they're owned by the chinese communists.

so, yeah, it is a last ditch attempt to destabilize the relationship you got to watch china i thought it would be easier right now, it is in a void >> as david said earlier, been a couple of iterations of decision-making here bob pisani will try to walk us through what the nyse thinking actually has been. hey, bob. >> it is not easy to do. because what seems clear is that the nyse was not quite sure how to interpret the executive order and more importantly the treasury department regulation that went along with the executive order. so i think there is a little blame to go around for everybody here and nyse and the treasury department here's the chronology, around new year's day, the nyse decided to delist three chinese telecom companies under the idea that they were actually part of the executive order in the treasury department regulations that

banned investing in companies that helped china's military monday night, they decided to reverse that decision and keep the listing of those three chinese telecom companies under the rubric that they had consulted with the regulators. and decided to keep them in. now, they have, again, reversed the decision, and decided to delist the companies now, the reason i've spoken with the nyse and background on this is to talk to them in general about it and they have said that treasury is now giving very explicit guidance they said before they didn't give explicit guidance on the three names and that's cleared up as a result of this any ambiguity that existed before. the question, of course, is well, why did we all figure this out beforehand why did we wait to clear up this ambiguity, go to treasury and say we don't know what's going on here. can you tell us explicitly that's what's really kind of hard to answer here. it seems pretty clear that the

regulations were ambiguous there were, you can argue, perhaps poorly written, some might argue, we'll let history decide that. the nyse with all the efforts and legal firepower had trouble interpreting what is going on. there is other layers of questions here, including what exactly, if any, pressure came from other sources who pressured them initially to delist number one number two, who pressured them to not delist? they have a major client, china, out there, major source of ipos for them and that's of course very, very important consideration. we don't know and the nyse won't comment on whether china put any pressure on them at all. but it is certainly not unreasonable toconsider that that may be a factor as well now, they also told me this morning that treasury is publishing an expanded fact that will explicitly explain what is going on so hopefully now all of this confusion will be cleared up but it still leaves a rather lingering bad taste in everyone's mouth when a major

organization has to twice make a decision to essentially reverse itself we'll try sorting out, again, the reasons why the reversal the ambiguity is clear, and that is perfectly understandable. but it is the reversals that kind of leave everybody with a somewhat puzzled look on their face back to you. >> jim, satisfactory answer? >> yes definitely i think that everything is in flux we have a new president soon i think the president wants to get more let's say, consistent, little less arbitrary and capricious about pressuring something like the new york stock exchange. little more hands off. and that's going to mean i think, david, that possibility of a better relationship still lies ahead but, you know what, david, this freedom in hong kong is going to be an important issue for

president biden. i don't know how that cuts in terms of selling goods to china. you have a clue on that one? i think that's a tight one. >> i don't but i do know as you well know that freedom has been significantly eroded in hong kong we haven't paid as much attention perhaps during the last yar as ear as we might oth given everything else that is going on, the pandemic, the election and everything else, jim. but you're right if the biden administration chooses to focus on that, it is not clear things will get any better with the chinese. or that various penalties that are already in place, tariffs and the like, are going to be resolved we'll have to see. you get to technology. where we are competing with them in so many ways, whether it is 5g, or whether it is chips in general, which, you know, semiconductor chips, which is so important, taiwan key in that, and taiwan is not part of china, but not that they wouldn't like it to be

so, you know, jim, yeah, no shortage of things in that relationship to keep in mind i would argue it is probably one of the few areas where there is not going to be as much dividing the outgoing administration from the incoming one >> well, look, you spoke to steve mollenkopf, outgoing ceo of qualcomm yesterday. huge business in china all right, it is down a tad. i think we have to be careful with paying such a broad brush in all of technology take a look. take a look at salesforce today. did salesforce, did they suddenly lose a lot of clients is their stock too expensive versus the ten-year? i don't know i think we'll come back and start buying the stocks again. the china news is a little overblown. i don't want to take action on what is happening in china now only just because the new president, the president-elect, will not do business by twitter. he just won't. that's just not his style. >> no, you're not going to get -- you're not going to get that kind of back and forth and

where we're reacting to something that we're seeing on twitter. that's true. jim, you know, you mentioned qualcomm, seen as a national champion in some ways in terms of 5g and its importance to the overall defense of the united states and our economy i mentioned semiconductors, intel could fit in that at some point as well given the last real producer of chips on these shores, specifically, the ones they produce and i wanted to come back to intel, it is under siege from dan lobe, third point, long letter they wrote a couple of weeks ago, became public and the nominating window closes very soon for directors. well see if mr. loeb choose to do that. they have been talking on monday, had a zoom call, expected to meet again not getting a sense of what was discussed , if it was cordial or not, whether there was areas of agreement, i don't have much for you.

but i do -- can tell you that it would seem to behoove both sides perhaps to try to reach some sort of settlement, but you would think that is what they will try to figure out if there is some common ground there, jim, for them to hit prior to mr. loeb moving ahead with nominations given the window is going to close very soon >> well, intel, if they had better chips, the stock would go higher now, watch taiwan -- i know. watch taiwan semi. tsm. if we were all really -- taiwan semi is at the heart of everything because we know that taiwan is a hot button i wouldn't be surprised if china right now says, my god, we got to shut down cramer is talking positive about taiwan taiwan semi is a huge fabulous company, if we lose that one, we being the united states, that is the achilles heel, not intel bob swan is a nice guy >> oh, boy there it is, carl. i heard those words before

>> why >> cutting words. >> yeah. cutting remarks. >> yes and any student of this program knows what that means. >> what did i say? >> he's a nice guy yep. >> he's a nice guy nice guy spac. >> jim, we got the s&p financials close to a one-year high ten-year 101 basis points. jpm the highest since february i see deutsche took jpm to 142 goldman to 290 cof to 123 a story being built here, wouldn't you say >> well, it is hysterical. how long ago, goldman wasn't 175 not that long ago. and business was going to be much better and nobody cared here is what i like about goldman, i worked there, but it is selling 12 times earnings i think goldman has a very good pastiche of business as does morgan stanley

they're catering to wealthy people and advising on m&a i come in and, david, you already talked about a lot of m&a, you talked about ipos this year what a good book of business they have. i think goldman is actually undervalued at 100 -- $98 billion. why is goldman -- why is goldman selling at ten times near term earnings i don't think goldman was the best what happened? did they -- are they just now a lot of really nice people? >> no. they're still a lot of really smart driven people. but, listen, still people questioning the strategy, part of the strategy for the company to move into a more retail oriented market in terms of lending, with the market product, whether that's going to work and at the same time, though, they want to be valued, jim, i think at goldman, you know, they have a lot of alternative assets that they manage there is part of that firm that looks more like black stone and feel like we don't get any credit for that at all

that's recurring cap flow. everybody says it is not the private equity business has been putting up the numbers for years. if you're goldman partner, a lot of them were invested in those businesses that have irrs that are very high and make them very wealthy. but they would like more credit for that in the broader market perhaps getting it a little bit and to your point, m&a, ipos, they continue to be one of the strongest players and m&a is strong starting off the year here, everyone seems busy i'm speaking to two healthcare deals, changing with the healthcare deal that's almost a -- you throw in debt, it is a $13 billion deal, almost an $8 billion eke ququit check we're talking about to your point, jim. m&a is alive and well and going quite strong and will continue to on that note, tiffany lvmh closes tomorrow. you may have seen these holiday period results this were put out

by tiffany as their management team says bye-bye. net sales up 2% as compared to the same period in 2019. that was november 1st through december 31st. they had upsales at tiffany year over year after all of that. bernard arnault becoming richer because lvmh stock has done so well. >> china just remarkable. >> yeah. china, jim, and the high end in the u.s. too very much the wealthy in the country are spending it reminds me of some of the bullish calls today on visa, out of susquehanna, 250. b of a ups mastercard to buy and truist up square at 300. the stocks aren't moving a whole lot. but there is also a bullish pastiche around payments too today. >> oh, yeah. i think mastercard, visa, that's about how cross borders come back when we start traveling again. premature. we haven't talked about all the

negatives with -- about vaccinations and the new dr. gottlieb story about the south african strain and makes it sound like you wouldn't want to travel, but people want to get ahead, they want to get ahead of the travel story. if you want to get ahead of the travel story, you have to go back to estee lauder this is a company that has a gigantic business in china gigantic duty-free business, and it is not getting credit i think it is terrific david, you may disagree. >> jim -- >> when you shop, when you go to, like, to ulta, david, you probably don't like how much you have to pay for estee lauder products i say get the house brand. you don't need estee lauder. you don't. >> thank you. >> china, they love it, the prestige remember, it is the zoomie generation pimples are magnifies on zoomi did you know that? >> i did not know that.

>> that's the story of 2021. zits and zoomie. >> we're going to take a break, guys as you can see at the bottom of the screen, market services cmi just came out. december reading final 54.8 compared with a 55.3 midmonth. as we said, the ten-year did surpass 1% today for the first time since march and as we go to break, take a look at the dollar index, once again, near levels going back to the spring of 2018 we're back in a minute

ge won't try to claw back jeff immelt after the three-year probe of allegations of misconduct from the law firm hired to run the process and found no evidence to support share

holder's claims of fraud and abuse. the only abuse is when you go back to look at the stock price. talking larry culp, they are doing well under him they are talking about a new blade for the windmills that is bigger buying high and selling low doesn't work when you do it time and again for large, large assets >> no whether it be oil or the turbine accounting long-term care policies. looking forward, look how well he's doing he's getting the thing turned around i know we can do a done quiote about these windmills. they matter.

i never really liked that power division i'm warming up to it we saw the growth hospital business they kept the mri business the aircraft business will come back big i think he's doing a great job i want to be able to think forward and not be able to think backwards. i wonder what he's thinking about. does he have a new sweater >> i don't know. haven't heard from him in a long time >> 2021, still lacks what i would call zax >> okay. guys dow is up 170 year benefitting from financials up almost 3%. benefitting from earlyovbe nemr. we'll take a break and be right back pay off my student loan debt.

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time for stock trading with jim. >> i think a lot of people were laughing at con sow lags brands. canopy is coming all the way back and i wonder if constellation is getting enough credit making a bet on the cannabis company, i'm told about the cannabis drinks. talking about what is going on with cannabis. >> interesting on the policy front there, jim what is tonight? >> i'm going to do every single one of these companies if i have

to yes, the former analyst he's been fantastic i cannot wait until 5:00 get the dog in here. >> the new world we are in see you tonight. mad money. 6:00 p.m. eastern time good wednesday morning welcome to "sqwawk on the street." dow is up about 240 here as we pay attention to georgia s&p in the green, rod map begins with the balance of power. dems flip at least one seat in

georgia. we'll break down the election impact the electric carmaker continues to surge since the beginning of february and the turn around in the worst performing sector of 2020. >> the latest of the senate race, we turn to elon moi for the latest >> nbc news is still saying the race between jon ossoff and david purdue is too close to call but democrats are already declaring victory. he plans to rush direct relief to people who need help the most >> it is with humility i thank

the people of georgia for electing me to represent you in congress in a statement congratulating both of the candidates he said the senate democratic majority is committed to delivering the bold change americans demand to know america is hurting and help is on the way ossoff is leading purdue the total now 50.2 to 49.8 and many outstanding ballots are in democratic strong holds. if the final margin is within .5%, they could demand a recount. he said, we will mobilize every available resource and exhaust every legal recourse to ensure all legally cast ballots >> democratic pastor raphael warnock is a win over kelly

loeffler she has not conceded that race we are expected to hear from officials this morning to discuss the status of the vote count. we'll let you know what we hear. back to you. >> we want to get to eamon javers an interesting day in congress as it prepares to count the electoral college votes. in years past, we might not be particularly focused on this event. this year, we are because president trump has made us focus on it. >> this is a ceremonial thing and capstone to the season before we go in to inauguration day. today, we are going to see the contentious counting vice president pence presides over this joint session of congress that begins at 1:00 p.m. today in his capacity

voting in states alphabetical order. the joint sessions dissolves if there is any objections. that means the house and senate will vote separately they could have up to two huours of debate. we don't know how long this will last pence will be presiding overall of that. he's limited by the constitution and the law and what he can do the president of the united states has been tweeting that he expects pence to throw out these results and overturn for biden and give it to donald trump. pence simply can't do that he can't do what his boss wants him to do and his political base is appealing to for his future political career whatever that might be that puts pence in an awkward position today

we'll watch all of this today. >> i realize we are still waiting on the fate of the final seat of the senate and what that means in terms of swinging the majority. most legislation will require 60 votes to pass the. what is expected to be on tap. the expectations maybe we get a deal on that front there has been a deal about tax reform in the legislation that could be brought forth depending on the outlook today first >> i think a couple of points here you are right, you'll need 60 points to pass those 60 bills in the senate those democrats will have to work together on some of these deals. the first order of business as

some of these have been saying as a coronavirus relief package. part of the reason they failed to win in georgia is that they took that closing message of $2000 stimulus saying that a vote for warnack and ossoff would be for that. they could use to pass certain types of tax and spending bills through just 50 senators who are voting in favor of it. even though they have a very narrow majority, they still would be able to get in some potentially major pieces of legislation. this is the same tool to pass the tax cuts in 2017 democrats could use it once again in a very different way.

>> funny things on twitter today about the power joe manchin will have is that the case is he key to a lot of this legislation? >> this is the slimmest if democrats pick up both of these seats, it is the slimmest possible margin they could have. it will require kamala harris. she is a sitting vice president. she'll spend a lot of time back in the senate casting those tie breaking votes that means they'll need every single vote. that puts the republicans and democrats in the seat here so the house of representatives have a smallermajority there

you'll see aside from that reconciliation where they get one shot to do it. you see democrats on the right and republicans on the left, they'll be able to block a lot >> that will be music to their ears thank you, guys. let's turn to the markets. chief investment strategist at charles schwab happy new year to you. >> happy new year to you too >> i know whatever happens in the senate, it is a game changer

for good or ill as far as the market is concerned. >> i think what has been lost in the runoff in georgia and we don't know the results we've talked about the need for 60-vote majority will that be the first priority on the tax side which is the policy that would be most relevant to the markets. coming through georgia elections, we wouldn't even have a blue weave with about a couple dozen leading the district i believe with what was said before that the centerists have a lot of power right now

especially if we end up 50/50 in the senate the commentary both in the senate and house might give a lot of color it seems that our guy says that anything major from a tax perspective is less likely what the narrative is on a day like today. >> all right that's the tax picture with the 10-year now 104 about reacting to the rates? near term stimulus or vaccine hopes, why the leg higher today? we've already made up for monday's losses. >> clearly, the move above 1% and the steeping of the yield curve and the story of the banks. that was not just a one-day trade phenomenon

i think this moves not just to the sick call areas but really those that had been the most dominant underperformers that was defined as the value trade that was so much more dominated we have to remember the financials and the fed came through last year quite well the banks and financials more broadly but a healthier underpinning in the fundamentals as well. >> given some comments we've gotten from fed officials suggesting potentially based on

some of the data that we get this year, perhaps the qe bond buying program of this year's fed policy and rates that are priced into stock valuations that you have more flexibility on some of the other tools they pulled out of the tool box that were specific to the crisis. none of us really know if there is a big enough up tick of the growth and if there is conjunction about worries of systemic inflation and price

drops. that box representing the risks. overarching risks in terms of the function of the market itself with a move to the down side it suggests greater ability in the negative catalyst. growth scare in conjunction with a growth pick up for the need to the adding of the balance sheet could be one of those key risks. >> finally, i've got three questions for you. i'll let you choose. are you paying most attention to china as they now respond. the adp printing negatives dollar weakness and what that

means for corporate earnings and u.s. demand in general >> i would take the middle one not just specific to adp i do think the employment picture, continuing claims, permanent job losses and unemployment over 27 weeks that's where we'll see the scarring impact. those were the worst performing factors right now for the economy and the market >> we'll see what happens for the economy as well. >> thank you talk to you soon >> still to come, energy finishing 2020 as the year's worst sector but oil cracking 50 a barrel markets and stocks the dow is up. stay with us risk on this position. you two are all set. have a great flight.

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oil breaking above $50 a barrel since february. boosted by surprise announcement of production cuts by saudi arabia to jeff, happy new year. thank you for being with us. >> happy new year to you >> before we get to the prices i want to get your take on this surprising announcement.

when we are seeing these cuts at least in the near term of pain at least from the saudi perspective. >> the fundamental agencies. there are political motivations that weren't talked about. there is real reasons they want to support bringing these groups back together. the motivation behind it is what it means for fundamentals. one in the demand and it sets opec up to fall behind in the curve. you get this vaccinations and pushing jet demand up.

it really does tee it up going forward in the quarter. >> could we still see a spike in oil. not only what is happening in oil, you have all the tell tale signs. the weeker dollar putting upward pressure on oil and commodities. higher oil and commodity inturn leads to more liquidity. it just cycles between dollar, oil and emerging market growth it worked in the 2000s, worked in the70s.

>> talking about asia and whether or not that could spark growth in the u.s. prices are back to super cycle levels what is driving it is supply in the l and g supply chains starting with big plants coupled with loss supplies lng are not sufficient coming out of asia pacific. >> is that the benefit to those that have the huge terminals to export >> some of them have supply off right now, so you've got to pick and choose those ones producing

right now. >> a report from one of your colleagues on the street about bitcoin and how it is competing with gold. >> i wonder if you are seeing dislocation and the assets you cover in crypto. >> no. we argue gold and bitcoin can coexist. it is trading more like copper or any of the growth risk-on type assets not like gold. overlay a picture of bitcoin and copper, they look strikingly similar. back to september, you see that demand you look at the etf holdings of gold that was in line with the rotation of the vaccine news those brought in by the people and the georgia election will be a big driver of more demand.

>> from the georgia run off and the biden administration and on the one hand on the other hand, there could get an infrastructure bill >> one of the biggest drivers behind our view of a structural bull market in commodities is this idea of policy driven demand you have redistributional policy by the way, those were really important drivers of the bull market in the 70s. when you think about moving the income and policy to lower

income households, they outnumber the higher income households the second as you pointed out is the second of the green income investment also the demand for energy long before the green impact that is reinforcing the policy for what we believe is already under way. >> thank you for joining us. >> thank you for having me >> time for our etf. taking a look at the consumer discretionary fund up 25% from a year ago also up today. thanks in part to tesla that is hitting a new high raising the price target to $810 a share. breathtaking to look at a chart.

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>> the names in the space today move higher. the online sports betting could help the state recover draft kings will give us a boost. we'll be back with more.

s. cases surpass the 21 million mark on tuesday according to data from johns hopkins university an additional 230,000 cases were reported yesterday alone as the post holiday season surge in

parts of the country one of those hot spots is l.a. county where hospitals are experiencing shortages of icu beds and staff prompting health officials to issue an order to space to accept those who are full >> scientists are studying whether they can stretch out the supply of the moderna vaccine cutting the dose in half a study looking at effectiveness of lower amounts which would enable more americans to get the vaccine that study is expected to take two months in arizona, the national guard is stepping in to help with a drive-through site and training volunteers. back to you. thank you. we have gotten about an hour into trading right now it is a mixed picture.

slightly weaker, the dow is up 281 points the s&p is up about .7 right now. discussing market action today the big tech selloff in the nasdaq seems to be coming back to the lows. about what the senate out come is going to mean for regulation and perhaps tighter regulation in some of those big tech names. that higher rate is contributing too. >> exactly especially with the markets repositioning and getting a little more stimulus push down the road this whole rotation we've seen by four or five months now away from expensive but stable

secular growth stocks and value. financial stocks, small cap, energy services are up 35 to 40% since late september the rest are flat. that's pretty good gains in the market it is unclear to me how much are left if this is the script we are going to be running all this year. in the context of the market overall that is relatively overvalued it would seem. >> with the dow up, the read through with the show. the d.c. impact that you will have a more centerist co

composition of congress. as opposed to some sweeping rewrite of the tax code. i think that's why it seems like the stuff the market likes is going to outweigh stuff the market might fear such as the regulatory push even if one relatively modest one is proposed >> as you are talking, mike, russell all-time high and to your earlier point of value. i'm trying to remember what your mystery broker had said. whether lucy with the football or not he's one voice firmly in favor of the idea that the long-term values should do well.

i feel like that is the loudest cho chorus right now so there is more to that process to unfold. i think he's there, a lot of folks are there. there is a long way to go if you look at the multiyear. to me, it is one of those things don't view it as a zero-point gain of all one thing. the markets tend to take their terms. >> talking the record high on the dow.

200 appointments from 31 k nasdaq has gone positive tech is no longer one sector real estate will be increasing in parts of the conversation >> real estate will brace this with rates going up. it has been a defensive group. home builders. i think they are off their highs significantly demand looks great and they'll always trade with rates. one of the interesting things down the road and stock markets fully driving through will it error longer it will want to try to test the fed as we get toward maybe the

middle end of the year. jobs report and is the market sort of shrugging that off with numbers into the next part of the year >> they are just way off their highs. they've been going for a while now. the market is content to seem like leading indicators. ism manufacturers tend to be more like telling you where the market is down the road with things like one month jobs

numbers. maybe the time is going to come when the economy will more proof it today definitely a bumpier road for pure goods and manufacture and spending >> check out the pot stocks today. interesting story developing as we watch potential for the democrats to take senate control. joining us this morning, senior research analyst at piper sandler. good to see you. >> thanks for having me. >> for a long time, this has been in the playbook for fans of the sector the idea that this could be a federal story if you remove mcconnell from senate leadership >> it is a start

he's been the one blocking legislation in the senate. so it changes there. there are key things that could come with the removal of 280 e that doesn't allow deductions for tax purposes things that are clear positives. it could add regulations if the federal government gets involved, it could alter it to the interstate context >> is that bullish story what comes on in the case of the capital. we want to recognize that to the

stocks takes time to build brand equity we don't see one that is national or with the affinity or pricing power where all these guys will go there is a head start to awful that to the fact that anyone leading because those stocks are moving up nicely as well with this news. they don't have a presence and will take the time to invest here >> looking at your coverage universe, what names are the best position and will you give to investors right now with a lot of question marks and a lot of optimism. >> the u.s. operators, green thumb and cresc on the way they are positioned

it has to deal with acreage and would give it turn key access to the united states that separates us >> are you going to see more consolidation. entirely possible. very fragmented market i don't any that it will be larger players growing probably more of them rolling up the smaller ones it is a massively fragmented market it is more of a consolidation. >> i don't mean to be labor but if you can give viewers a color in the middle of the senate when it comes to cannabis, are you able to parse out which players might be a part of this conversation >> it is difficult it is important to note that

very, very many red states including some that recently passed legalation in this just finished election have senators now on both sides of the aisle probably a more bipartisan issue. it pulls in the 60s and 70s and higher from that perspective, it looks one of the few things if it becomes a more 50/50 split may operate on >> that is one of the most amazing stories of the past in the evolution of the way things changed on that issue. thank you. great discussion >> thank you for having me >> later on today, do not miss

aurora cannabis on the bill. as we head to break, take a look at shares of united health and change health care united health is buying change the price there 25.75 optuminsight the price there $7.9 billion united health care showing a bit of a gain as well. we are back after this ♪

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lagging. we watch yields in the 10-year treasury note at the highest level since late march that is helping the big banks. regional banks are getting a big boost can key corp now back over to morgan. >> frank, thank you. financials aren't the only ones moving higher. materials and industrials are the oath top performing sectors. and on the heels of the georgia senate race is giving a boost to vul can materials and martin march yetta. united rentals, ge, caterpillar. and more today we continue to keep an eye on those movers stay with us save hundreds on your wireless bill

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now up 4% on s&p 500 financials. even tech now as we move up on the green. this year, ready for the markets. >> asking it to count and accept the electoral college votes. macy's, jet blue airways, palintir joining us, the ceo for the organization that was behind the letter kathy, always good to have you it's going to get certified today. there's a lot of senators who perhaps don't want it to, but it's going to. so why the need or desire on the part of these business leaders to send this letter? >> well, it's to ensure that the country understands that we have a process, an electoral process, that business has confidence in.

political instability is very bad for business and we've had through covid-19 the challenge where the financial hardship, the loss of jobs, the uncertainty about what's happening, has created just a real loss of confidence in the workings of government generally, and that is bad for business so in order to recover, to get the economy going again, we need presidential leadership, we need confidence in the transfer of power being fair, that we don't do rigged elections in this country. so that's why the reason for the letter, a statement of confidence in our country, in the system that we have put in place in following our constitution, all those reasons, and hopefully to encourage members of congress today, all the members of congress today on a bipartisan basis to bring our country together and to certify the election of the next president of the united states >> well, speaking of congress, it appears possible, if not likely, that the senate will

move to democratic control or 50/50 and then obviously the deciding vote would be the vice president. you are intimately involved in some of the debates about the economy in new york, for example, and the metropolitan region which contributes some 10% or 11% of gdp to the country. they say they need money new york state, $17 billion. the mta, new york city, the numbers go on and on does the democratically controlled senate increase the likelihood of the aid getting to states in need >> absolutely, the cash on state and local assistance in the last stimulus bill, the objections came from the republican leadership, so certainly it improves those chances but on a bipartisan basis new york and the 11 states that were most damaged with the loss of state and local deductibility in 2018, those 11 states are responsible for 53% of our national economy

it's new york, massachusetts, california, it's illinois and texas. we have been battling damage by that and so the need is both for aid to overcome the costs and consequences of the covid on our economy and our fiscal situation, but also to make up for some of the losses that we've suffered as a result of sending -- in new york we're sending $14 billion more to washington because of the loss of state and local deductibility on federal income tax payments. >> i want to shift gears a little bit because you sit on advisory groups that guide the response to covid-19 in terms of the vaccine rollout that we're seeing in new york, it does seem like there is a big divergence in terms of the numbers that have been distributed to the state versus the numbers of vaccines, of doses that have actually made their way into people's arms where is this bottleneck and what's causing it?

>> well, the city and state have done a terrific job throughout the covid in terms of focusing on the health of our state and we have done much better than other places, despite having been the epicenter of where this all got started in this country. so i don't want to take away from that. the vaccine rollout problems really start in washington with the federal administration they are the only purchaser of these emergency approved vaccines so everything has to go through washington washington had to create a distribution plan, which didn't exist, partly because the topic we first discussed, we were focused on -- washington was focused on politics rather than how we were going to get this vaccine out. so i don't think that you can blame the state or the city for not having a plan in place or not being as efficient as we had hoped on getting out the vaccine. it starts in dc, it starts with

the administration's plans and that's another reason why we really need to get focused we need to get that vaccine out. you're absolutely right, it's critical i'm getting calls from businesses every day who say how can we help the city and state and federal government get this moving so i can't say what the bottleneck is, except for it's a lack of having been prepared for this, just like with much of the pandemic. >> well, it's unfortunate, to say the least. we've got a lot of smart people here i mean, heck, israel has a similar population and they're managing to get to 15% already let me come back to what you -- your answer to my last question, though you seemed to indicate there's a possibility that the salt deduction could come back with chuck schumer, the majority leader do you really think that's possible >> i'm hopeful that that is possible because it has put new york and the other states that contribute the most to our

economy, the big cities of this country, it has put us in a terrible position where when we need to raise local revenues, we have already basically taxed people with sending their money to washington. it's a very tough situation we've had for almost 100 years, despite the situation where we could deduct state and local taxes from the federal tax bill so you weren't double taxed. that was taken away in 2018. >> do you think you've got a shot >> i'm hopeful i do think we have a shot. certainly if senator schumer is majority leader, i do think we have a shot because i think we've had a lack of urban policy in this country for the last few years, cities, big cities across this country absorb an enormous burden in terms of cost, in terms of dealing with the issues of poverty, social justice, racial justice

big cities have big expenses and that's why our taxes are higher. we need state and local deductibility. >> we need a lot of other things, too, including keeping a lot of big corporations in new york but that's a subject for another day. thank you for joining us appreciate it. >> thanks for having me. s&p has now joined the dow in record high territory, just about 35 points or so from another century milestone. coming up in the next hour, don't miss an clivexuse with anthony wood of roku as they announce 15 million active accounts we're back in a moment from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

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