suggests nancy pelosi having trouble within her party getting through a stimulus package. plus just a lack of leadership, folks. sometimes this happens in the markets. they are waiting for a catalyst. until they get it, we drift lower. liz claman, it will be an eventful last hour. liz: well, yeah. i wouldn't say drifting. we actually took a pretty significant leg lower, charles, on this breaking news. president trump just said something that sent the markets tumbling to their lows of the session, moments after exiting air force one in phoenix, arizona. this is within the last 28 minutes. the president, who had agreed with house speaker nancy pelosi that the covid relief package, the next one, should be bigger than what gop senators want, just dropped a bombshell. we will queue up exactly what he said. the dow is lower by nearly 400 points, the s&p down 52 points, the nasdaq selling off by 164

points or 1.5%. so as wall street presses the sell button, a dramatic move. the struggling hotel industry shouting in a letter to the president to bypass pelosi and senate leader mitch mcconnell. one of the signers, the ceo of best western hotels, live with us on the roadmap they are hoping the president looks at and maybe follows for them. but as the markets reflect the angst over the rescue package status, you can see this with the dow intraday picture, the latest company to nab a ticket to the 2020 spac-palooza is flying high. the banking giant who now on her fourth spac will tell you why she picked the digital payments company to take public. its first day of trade is today, right now. wait until you see what it's doing. but let's get to this fox business alert and breaking news. to prescott, arizona where president trump is expected to

appear at the first of two rallies today in the grand canyon state but with just 15 days to go before the election, it was his comments on the tarmac in phoenix moments ago about a possible stimulus package deal for trillions of dollars that sent stocks sinking. here's what he said. >> -- nancy pelosi at this moment does not want to do anything that's going to affect the election and i think it will affect the election negatively for her. so we'll see what happens. but there are talks going on as we speak. liz: so that in and of itself does not sound like a bombshell but the markets interpret it as such. earlier on capitol hill, house speaker pelosi set a 48-hour deadline to get a preelection stimulus deal with the senate and the white house. mark meadows, the chief of staff for the president, had said great, we want a deadline, but the hotel industry indicates it cannot wait. in this letter to the president signed by global hotel chains,

ceos who run these chains are telling him his engagement is desperately needed. hinting that the president should bypass congress and the hoteliers are urging him to have treasury pressure the federal reserve to ease rules on that main street lending program that they put into place months ago. now, what's in it? well, the majority of $600 billion in the main street lending program is still untapped because hotel operators cannot access it. this just as travel has finally started to show signs of life. yesterday for the first time since the pandemic lockdowns, the tsa finally broke through the one million passengers screened mark, the highest number of people who have passed through airports, this is just yesterday, since march 17th. with three out of every ten hotel employees already furloughed or laid off, let us bring in one of the ceos who signed that letter, best western

ceo david kong. you guys are in essence saying go to that main street lending program and allow us to tap it. speak to our viewers who are an investor audience about exactly what it is you would like to see, what you feel you cannot wait much longer that you need to see. >> thank you. appreciate having me. first of all, i think your viewers would want to understand the dire situation that hotel industry is in. right now we are anticipating that we will finish the year at more than 50% revenue. half the hotels have already indicated they probably will be defaulting on their loans. two-thirds of them are saying they have to have further layoffs and most of them are just in survival mode, and most are working around the clock filling in shifts themselves because they can't afford labor. the industry has already laid off four million people. that's four times more than national average. so the situation is dire. the main street lending program, when it was announced, i was really very happy to hear that

but unfortunately, as we read the guidelines, they are so restrictive in nature so for example, the banks are on the hook for 5% of the loans and they are not in the business to lend to ailing industries or businesses so that in itself is a problem. the sbd should buying back 100% of the loan. the interest rates is not very attractive plus there's a 200 basis point initiation fee. long-term, it's five years. all these making it really difficult and unattractive for hote hotels, that lending program. liz: wow. can you give me that number again on how many face default or are very close to it, and then tell me what you're experiencing at best western. >> half the hotels have indicated in american hotel

lodging association survey that they likely will default on their loan. based on our own survey within best western, a very significant number, it's not quite that high, but very significant number of hotels are afraid that they will be defaulting on their loan. liz: what are you experiencing at best western? what are you seeing as far as travelers are concerned and you know, whatever you are facing financially. >> the company's doing well. we entered this year with the strongest balance sheet in the company's history so the corporate corporation is fine but i'm very worried about all the hotel licensees. these are small businesses, in many ways the heart and soul of many communities, and they are already pouring their life savings into this business to try to salvage it. they and their families are working unbelievable hours, filling in because they can't afford to hire people.

so this is a very dire situation. our business is up right now by about 40%, so it's better than the industry, but still, it's very dramatic. liz: why should the federal reserve listen to you guys? you are one of many sectors. i'm just playing devil's advocate. they know that there are hundreds of thousands of small businesses, tiny ones, mom and pops, that are going under. they have gone under. they have filed for bankruptcy. arguably, you guys do have balance sheets. the hiltons of the world, many of these very strong chains. make that case, because we know movie theaters, we are about to talk about them in just a minute with another report. movie theaters, restaurants. give us that sort of selling statement that you had for the president. >> yeah. let's recognize that for most hotel companies, their hotels

are actually licensees or franchisees. the company does not own these hotels. these are small businesses. liz: good point. >> you're right, they are not unlike other small businesses like restaurants or beauty parlors. they are all suffering. that's why i think it's really important to consider the needs. the initial ppp program doled out money indiscriminately so people that don't even need the money think it's free money, they may as well deal themselves to it. any further relief needs to be needs-based. talk about a 25% decline in revenue or perhaps 40% decline in revenue, it's needs-based. liz: david, we are watching this. we understand how hard it is for so many hotel workers who have been furloughed. thanksgiving is coming. we certainly hope the travel industry can get some much-needed help. we will be watching it. please join us again. we want an update on this.

david kong, best western. they had a balance sheet. they came in strong. that certainly helped them. but as the new number of covid cases surges to late summer levels, the fda has okay'ed the emergency use of a new covid-19 test. this is a kit that uses saliva collection. the device can be used for self-collection so you don't need to go somewhere to have it done. transport and lab testing. shares of orasure are spiking to $16.19. this is on pace for its largest percentage gain since march. shares are already up about 100% so far this year. also jumping on good news, we need to show you nikola. nikola is also moving higher after jpmorgan defended the electric vehicle startup and said you know what, there is still hope for its partnership with general motors. nikola is up 4.6%. gm, down .75%.

analysts say they expect a deal by december 3rd, keeping the overweight rating. gm has taken certainly a significant stake in nikola to say we will help you scale up. competitor tesla lower after wedbush analyst dan ives said he expects tesla to top three quarter earnings when it reports after the bell wednesday. why is it down 1.5%? you know, ives has hiked the price target to $500 per share from $475, but we are at $433 right now, so perhaps it's selling and just taking off some of that unbelievable jump of more than 600% year over year. also expected to report strong third quarter earnings, i-robot. needham expects the maker of roomba vacuums to report a shipment bounce thanks to the rescheduled prime day. lot of people wanted those roombas. amazon listed the roomba vacuum as one of the best-selling

items. shares are up 3% on that news. big tech loading the barrels for their latest quarterly reports, but could 2020's highest flying names be setting the stage for the next big bubble to burst? the fed's new warning and how to protect your portfolio from any market shrapnel that may be coming the way of your portfolio. with the dow down 405 points right now, the closing bell ringing in 49 minutes, you are watching "the claman countdown" on fox business.

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liz: i just want to let you guys know that the low of the session for the s&p is a loss of 61 points. we are down 52. 10 of the 11 s&p sectors are now down more than 1%. this selloff started, we were already down but really kind of kicked into higher gear at around 2:37 p.m. eastern, precisely when president trump made the comments that he did

not believe nancy pelosi wanted a deal on stimulus. pelosi of course has put in 48-hour deadline. we are watching all of this very closely. they do have an agreement on the fact that it should be bigger than what the senate leader would like. we are watching this all very closely. but the question is, could this week's earnings reports maybe spread sunshine over this rain. we are expected to hear from companies, ibm, verizon, intel, coca-cola, netflix, tesla, among many other major names. at & t is in there, capital one. but it's the federal reserve that's grabbing the spotlight once again. according to reports, senior fed officials are becoming increasingly concerned that their promise to keep rates low for three plus years, going out that far, is stimulating asset bubbles. in order to avoid that from happening, the fed apparently is now looking for tougher financial regulations to stave off those asset bubbles.

so while everyone is pouring into names like zoom and overstock and tesla, look at overstock is up 922% since 2020, just year to date? zoom up 742%. should investors start hunting now for asset bubbles? to our traders. scott redler, phil flynn. scott, the fed is going to do what the fed's going to do, keep rates low, but now they are suddenly worried about asset bubbles. you see any forming? do you expect any to form? what are they? tell our viewers. >> well, first of all, the fed has done everything in their power to keep assets inflated so for them to be worried about it now, i don't think they will be the pin that pops the bubble, so to speak. i don't think we are in a bubble. i think some groups might have been overheated. maybe if you want to look at a sector, maybe the spac sector. everybody wants to have a spac and everyone thought each one of them were going to perform well

but now it's a little oversaturated. you need to be very careful if you are going to be investing in spacs because they are not all created equal. but as far as tech and the s&p, you know what, people are a little anxious right now. we have an election coming up in a few weeks, people are worried if it's going to be contested. we have major earnings reports coming out in the next few days. i think netflix is going to be really really important to see how it reacts post-earnings for the fang names and the heartbeat of tech. then you have tesla right after it. so at this point, for the market to come in and take out a little bit of that risk, i don't think it's a bad thing but we need to see, we continue to go and make higher highs and one way we will realize that or know that is how they treat some of these key names like netflix, tesla, maybe even ibm and intel could be important. liz: i would agree with you. because those are names that we are watching, they are part of that tech sphere. phil flynn, what do you see, any asset bubbles here? if i hear one more person say

i'm starting a spac, and by the way, another stock went public. pay us today via spac. we've got the woman who organized that whole spac to make it happen. stock is actually doing very well. what do you think? where do you see these disconcerting areas? >> you know, one of the things that you usually get when you get a bubble is that everything goes straight up and then crashes. but if you look at the last year, we have had some significant corrections in the overall market. we had a 10% correction, i think twice this year and recently, even though the market has been moving higher, we really have been consolidating so it's very unusual to create a bubble in that kind of environment, right. if you had a chance to really sell off the market a couple times, now you're consolidating so i think the fed's not worried about today but what may happen in the future. my concern is the regulation. how are they going to regulate this. they don't want another 2008 when everybody was given free

loans for nothing. people didn't have credit and shouldn't be getting loans. i think they want to make sure they crack down on that type of a situation. but from what i'm seeing on the loans and the strong housing numbers, it's not like these banks are going out of their way to get loans. it's just that the demand is strong and i think most of the loans they have been giving out have been solid so i'm not worried about that kind of bubble repeating. but i understand what the fed's worried about. they have been keeping interest rates low. this is unprecedented. we have never seen anything like this. we have never seen the fed say hey, we are trying to create inflation. but i don't think it's a problem for today. it might be a problem for a few years down the road but it's not anywhere close to being a bubble right now. liz: okay. you are on tape. you are on the record. so are you, scott. [ speaking simultaneously ] liz: great talking to you guys. you know what's a bubble?

us trying to, you know, do news on skype. we are all talking over each other. great to see you guys. thank you so much. have you guys seen amc stock? we are about to show you that movie theater stock coming up because we are taking you to the movies. spider-man and a slew of others saying lights, camera, action once again in the big apple. can television and movies come to the rescue of a pandemic shaken gotham? kristina partsinevelos live on the scene. with the closing bell ringing in 39 minutes and the dow still down about 423 points, "the claman countdown" coming right back. when i was in high school, this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart and your home, check us out.

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and so much more. a lots changed since 1961... since then over a million older americans have used a reverse mortgage loan to finance their retirements. it meant so much to nellie, maybe it could mean as much to you... call now and get your free infokit liz: look at amc stock. it's popping with extra butter, up about 17% on the news that more theaters have now been given the green light to reopen in new york state. the company announced about a

dozen theaters are going to get to open up on long island and in upstate new york this friday after getting that green light from governor andrew cuomo. now, new york city theaters are still on the outside looking in. they are not yet included in the reopenings. nationwide, amc says it expects to have 530 of its 600 theaters open by the end of this month. as amc reopens theaters in the empire state, the film industry itself is back in the big apple as well. rolling on tomorrow's favorite tv shows and movie blockbusters. where else would kristina partsinevelos go? to queens, with more on where are you and tell us what you're seeing being shot right now. reporter: liz, i don't think i'm ready for my close-up just yet but there's good news. finally, action here in new york and that is because despite the red pockets, the rising infection rates across the state, at least 40 different film and tv productions are

under way. that is what the state is telling us. even the major movie studios, i'm at kaufmann's astoria studios. they are open because we're not in a red zone right now. this is really good news for an industry that brings roughly $60 billion in economic activity each year. last year they brought in roughly $3 billion in tax revenue. obviously helping the economy over here, providing at least 100,000 jobs, helping 2,000 local businesses. all these statistics came from the state itself. this means, though, that a lot of these movie productions are under way including spider-man, the latest one has begun. you also have marvelous mrs. maisel, which is a tv show. blue bloods as well. in this studio they shoot sesame street and orange is the new black. overall, this means production is going to be way more complex due to the pandemic and due to

covid-strict protocols. for example, they can only have 100 people outside shooting. 100 including cast and crew. you can only operate at 50% capacity indoors. if you are shooting on the busy streets of new york city, we understand how difficult it is right now because there's so many people outdoor dining. all these crews need to maintain at least 21 feet away or you have to get permission from all the patrons if you want to shoot them. on top of it, we spoke to the commissioner of the state for media and entertainment. just about all the strict protocols, listen to what they are doing differently this year. >> then the productions themselves have figured out systems with zones, keeping people in zones or pods so if there is a particular department that is affected, the entire production doesn't necessarily have to shut down. reporter: they are moving very efficiently.even testing right

behind me. i just want to say, you have vacant office towers in new york city, rising unemployment, movie theaters that are closed, tourism that is shot but it seems there's a bright spot when it comes to tv and film production. back to you. liz: knock on one of those doors of those honey wagons. that's what they call those trailers. honey wagons back in hollywood. i want to see tom holland or one of the actors, get an exclusive. that's cool. reporter: you mean i wasn't good enough coming out of my trailer? this wasn't good enough? you need somebody really famous? that's okay. i get it. i get it. liz: you are good enough for my brother. he thinks you are awesome. okay? so do we. thank you. reporter: thanks, liz. liz: thank you very much. kristina partsinevelos. spac spaccapalooza paying off. on its first day of trade, the

stock is jumping 6.66%. betsy cohen here to tell us about her, get this, not first, not second, not third, but fourth blank check bet on the future of finance. four spacs she's been involved with. the closing bell ringing in 31 minutes. we'll be right back. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. metastatic breast cancer is relentless, but i'm relentless too. because every day matters. and having more of them is possible with verzenio, the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopausal status. and it's the only one of its kind you can take every day.

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liz: i want to trademark spacapalooza. to the latest name joining, trading under ticker symbol paya, p-a-y-a, one of the world's leading e-commerce solution providers. it opened around $11.30. it is now at $12.13 for a gain of 6.6%. it was as high as $13 during

this session but spacs have become the hottest trend in decades, for companies dying to go public. after merging with these special purpose acquisitions or blank check companies, pretty much bypassing the old school ipo process, companies from electric vehicle makers hyliion and nikola to virgin galactic, sports wagering app draftkings, they burst out as publicly traded stocks. the numbers keep climbing. just look at what it was in 2017. 2017, only 34 companies came public via spac. this year, 143 companies have chosen these blank check companies to hit the markets this year for a total of $55 billion in gross proceeds. paya was taken public by the banking legend, betsy cohen, who joins us now on "the claman countdown."

betsy, this is your fourth company you have taken public via spac. have you been doing this for, what, four or five years. well ahead of the game. why this one? tell us about paya and why you picked it as your latest and greatest. >> thank you, liz, very much. and paya is the latest and greatest. we were very much taken by paya as an excellent company that had chosen verticals that were underpenetrated, meaning they were very good but they had not yet been developed, and which were full of software which required exact expertise and knowledge. paya had chosen education, government services and a variety of other verticals which are very what we call sticky,

which means that the customers once they are integrated into the payment system, do not -- liz: as you look at this -- >> it provides an opportunity -- sorry. liz: i was going to say, as you look at the performance today, you as somebody who basically grooms these companies and helps bring them public, you are not looking at just today. i understand that. but can i ask you about the spacs that you have already brought to market, the three previous ones. how have they performed and you have been doing it well before it became this hot thing during the pandemic. to what do you attribute this newfound fiery attempt where everybody seems to be jumping on the spac band wagon? we just had scott redler, a trader, on saying this is a bubble. too many people are trying to do this. >> well, i think you have to look not only at the number of spacs that are coming to the

market but why are they coming to the market. they are coming to the market because the number of growth companies like paya, companies that are in the midst of a growth cycle, are at an inflection point, have growth ahead of them appropriate for this particular vehicle. in an ipo, one tells the investor what has happened. because the structure of a spac is a merger, reverse merger, one has to tell the prospective investor what will happen over the next year. so the spac is not for everyone. but remember that the number of growth companies that are in the marketplace, whether they be electric vehicles or vegetable and plant based burgers or whatever it happens to be, are

really on the edge of a very great growth spurt. liz: i get that. look, uber took several years and then it became a much more mature company and a lot of the growth was into the ether already. airbnb hasn't yet gone public. this is an opportunity for you, an investor, to get a pool of other investors together and have paya and other names go public. what kind of growth have you seen at paya? let's get to that. this is a fintech company, global payments, that type of thing, during the covid pandemic? did you start to see people say i'm not going to a bank, banks are closed anyway, at least the branches are, and then what did you see with paya? >> you know, covid provided us with a wonderful opportunity. i mean, it sounds like a terrible thing to say but with an opportunity not only to see the performance of the product of the company but to see the

performance of the management of the company and how quickly they could adjust to new circumstance. so for paya, there were many of their verticals that outperformed their expectations. there were some like multiple doctors' offices or elective surgery or other such offices that were temporarily closed but you see in the growth names [ inaudible ] that all of these have recovered or are beginning to recover to pre-covid levels. liz: betsy, it's great to see you and to see that you are, you were there before everybody else was. you are the spac queen on your fourth and we will be watching it and we will watch paya. thank you very much for joining

us. betsy cohen taking paya public. breaking news. president trump is now in prescott, arizona. he had landed in arizona at around 2:37. he is holding a make america great rally there. it is the first of two rallies in the state today. later, he will hold another one in tucson. in the latest cbs news/ugov poll, joe biden holds a three-point lead over the president in the grand canyon state but that is of course well within the margin of error which is 4.1%. now, this appearance comes after his comments on stimulus and you can look at intradays here, sent the markets to session lows. as we watch the dow right now, off session lows but still down a good 365 points and the s&p down 50. we are coming right back with much more and charlie gasparino working on a very important story. boy, is this going to resonate. we'll be right back.

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liz: look at draftkings stock. it's mounting a fight into the close. now, shares are still down about .25%, but they were down earlier nearly 6% ahead of tomorrow's ipo lockup expiration. that of course is the chance for early shareholders to pare down their stakes, they can finally sell. of course, the fantasy sports giant starting to show some jitters here. at least some of the investors intraday. part of the fear factor certainly could be the explosion of competition in the sports betting arena over the past couple of months and not to mention the idea of basically can't blame people, some good old-fashioned profit taking given draftkings meteoric 312% gain year to date. of course, we will be tracking

all the action on draftkings right here tomorrow as the official lockup expires. in the meantime, sports betting has been an absolute covid winner but the commercial real estate market, not so lucky. top real estate firms are already defaulting on their loans and charlie gasparino is now hearing that things may only get worse for the struggling sector. let's get to charlie and a lot of these names are publicly traded, charlie. charlie: yeah. you know, i'm looking at it a little differently. i'm looking from the bond standpoint which is the commercial mortgage-backed security which is kind of a canary in the coal mine as the residential mortgage backed security was in 2008, at least according to some traders. i'm not comparing us to 2008. we are not there just yet. but if you look at the markets, they are trading very similar and you know, you and i did a couple hits on this back in august. i went back and checked it out, where we said things are bad and what's scary about this in the commercial side is things have not gotten better. just let me play this out a little bit for you in terms of

what this means. so you have, you know, $3 trillion, $4 trillion of commercial real estate in the u.s., loans out there. there are many -- much of it, not all of it but much of it is packaged into bonds. those bonds have not traded up since the general trend of reopenings began in the summer. so clearly, there's a fear factor in the market that commercial real estate is going to take a long-term hit. why is that? let's face it, we are not totally reopened yet. no one knows when we are all going to be reopened, particularly in big cities like new york. people -- excuse me, companies are doing more with less. they bring less people into the office these days. you can do a lot of work from home. they are figuring, companies are figuring out how to cut their real estate footprint in major cities and all that is being priced into this market, and again, they have not improved despite the fed intervention. some people say that if you are going to bail out airlines, maybe if you are going to do a specific bailout, commercial

real estate should get some. now, here's some of that bailout as well. if you talk to traders, they start estimating how many of these bonds are in default. this is not a running number. this is a very opaque market. the number i'm hearing is $20 billion to $40 billion that could be in default based on delinquencies if you sort of map out delinquencies in commercial real estate payments, meaning rent payments. not all of -- here's where it gets kind of interesting and maybe scary, if we don't end the lockdowns, if the economy doesn't continue to improve. not all the commercial real estate loans are packaged into bonds. a chunk of them are. it depends on who you talk to. i hear anything from $500 billion to maybe up to $1 trillion. i just told you there's something like $4 trillion outstanding of debt. so if it's not packaged into bonds where it's diversified and spread among many investors, where is it?

sitting on bank balance sheets because they make the loans. banks are making those loans and they cannot get repaid, if commercial real estate companies need to default, restructure, that is going to go -- that is going to count against bank earnings and that's a sort of pressure point that is never good, because as you know, the trigger of the financial crisis of 2008 was bank balance sheets and holding on, in that case they weren't holding on to the loans, they were actually holding on to the debt that they couldn't sell when they packaged them into mortgage-backed securities. so that's where we are right now. this is something to keep looking at, particularly as it relates to new york city's economy, the economies in big cities where a lot of these commercial real estate loans e are -- represent, these are loans to people developing properties in new york and major big cities. i hear the biggest pressure point on the commercial market

is any bond that has any exposure to hotels, big hotels in big cities are not doing well. they are closed down. if they don't have homeless people in them in new york city, a lot of them are vacant. so this is something to watch in terms of city economies and also, the banking system which is all-important. if you don't have a healthy banking system, when you have $4 trillion in debt outstanding in the u.s. economy, when you have other structural issues, you could have a repeat of 2008. so not saying that's going to happen. saying these are -- we got some of the ingredients for it possibly to happen and it's something to keep an eye on. back to you. liz: and that's why the hotel ceos wrote that letter to president trump and we just talked to david kong of best western. it all comes full circle when it's tied into commercial real estate. thank you, charlie, very much. charlie gasparino. you guys saw all of those stocks

down 20%, 40%, 50% since march. boeing is inching closer to getting its grounded 737 max jet back in action. why our "countdown" closer says the aerospace giant can take your portfolio to new heights. that and the three other stocks he really likes right now. the closing bell ringing in nine minutes. the dow heading back down. still down 421 points. we'll be right back. hi, this isl technologies advisor to listen, is to hear more than what's being said... and offer the answers that make someone feel truly heard. i understand, let's get started call a dell technologies advisor today. i was blessed to be part of building one of the greatest game shows in history. during that time, we handed out millions of dollars to thousands of contestants. and i thought, what if we paid the contestants their winnings in gold instead of cash and prizes?

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until about 2:37 p.m. eastern when president trump landed in phoenix and told camera crews there, nancy pelosi the speaker of the house does not want to do a stimulus bill until after the election. she has given a 48 hour deadline. he is still speaking at a rally in prescott arizona. the markets are drenched in red. from red to big blue ibm kicking off a big week of tech earnings after the bell in just a few minutes ibm will give its earnings to start the tech earnings parade with it is quarterly report. cheryl casone with preview. reporter: i love a goo parade, liz. we'll see if they deliver after the bell. they are set to report third quarter numbers after surprising investors that the ibm we have a tax-free spin-off of managed infrastructure service unit.

ibm jumped 6%. the company dubbed new co, part of global tech services division that accounts for 19 billion in annual revenue. what is left behind? ibm, hardware, software services that the business chief executive would be quote laser focus what the company sees as a trillion dollar hybrid cloudmarkket. it is all about the cloud. investors will be closely tuned into those comments. we'll show you earnings estimates after the bell. 2.58 is the earnings per share estimate. revenue estimate, 17.54 billion. liz: okay. they have been slicing, dicing, shedding all kinds of businesses. we shall see. cheryl casone in a few minutes on "after the bell." american airlines, did you see this? it has given boeing quite the vote of confidence. it is announcing it will have a daily 737 max flight between miami and new york from

december 29th to january 4th after being grounded since march of 2019 after two very deadly crashes. what is this going to do for boeing's stock which at the moment is flat but still down more than 40% over the past year? our "countdown" closer jeffrey weiner says, you know what i like boeing. you have three other names. why boeing this time? what do you believe in here? >> there is not a lot of places you can go to buy an airplane especially commercial airliner. you have boeing and airbus. the so the travel industry will recover and boeing is one of the few suppliers you can actually buy a plane from. liz. i guilt h it, but earned you concerned? american airlines can do what it is want. et to go back up intookay for service? >> boeing is big enough where they scrap the jet completely. it will hurt them in the short

run but the long run there are only two places to go for commercial jet liners. liz: that and airbus. that is true. so, let me get to tesla. tesla had unbelievable runup. you see more opportunity here? what specifically says i'm putting my clients money in here for you? >> it is actually the other way around. i don't see any opportunity. tesla is up from $50 a year ago to in the mid 400s now. over other auto manufacturer is starting to produce electronic vehicles en masse. so i'm not a big fan of tesla. liz: i'm sorry. we must have had that wrong. my apologies there. they are coming out with earnings tomorrow. amazon, quickly. give me your thought. you like it? >> i love amazon. you can buy almost everything except a house, a car and a large boat from amazon. in the not too distant future you may be able to buy those

things as -- [inaudible] big fan of amazon. [closing bell rings] liz: i remember when you couldn't buy cars on ebay. now you can. maybe amazon is going there as well. jeff, great to have you. thank you so much. that is the closing bell. lots of red on the screen. i will let "after the bell" take it because we've got earnings and much more news on stimulus. connell: accelerating the losses in the final hour of trade we saw stocks falling and reversing earlier gains. president trump is speaking to supporters in prescott, arizona. i'm connell mcshane reporting from the state of arizona. welcome to "after the bell." moments ago the president told reporters before he started making remarks before the rally, he does not think nancy pelosi will agree to a deal before the election. that already hurt stocks. major averages closed pretty low on the dow. technology leading the decline, nasdaq down more