weekend. joe biden has an event planned in pennsylvania for the weekend. there's a comparison for you. and monday, congressman devin nuñes, jason chaffetz, larry elder among our guests. we hope you will join us and ha maria: coming up in just a few moments, airlines are desperately 12ruging to recover from the pandemic. i'll be speaking with ed bastian about the state of the airlines today. and dr. patrick soon she i don't think, phase one trials for the covid-19 vaccine. but first, let's take a look back at some of the week's big

moments with the top newsmakers in this week's "mornings with maria" in this week's edition of the talkers. adam schiff, the chairman of the intel committee, is out and about this weekend on sunday morning shows saying all of this news is just russian disinformation, and it's not true. >> let me be clear, the intelligence community doesn't believe that because there's no intelligence that supports that, and we have showered no intelligence with chairman -- shared no intelligence with chairman schiff that the laptop is part of some russian disinformation campaign. maria: does xi really want to get a deal -- she really want to get a deal done or not, mark? >> she says it's about respecting the science, it's really about her political agenda, maria, but i am optimistic. maria: what we're hearing from director ratcliffe and director wray in terms of this foreign interference they say on the

election. >> we shouldn't be surprised. russia is our enemy. iran is our enemy. we have tried to interfere in elections before. they will try to interfere in this election, they will likely to try to interfere in elections in the future. maria: are you poised to vote to remove section 230? >> on the one hand, google is an extraordinary american company. and i'm very proud of that. on the other hand, google's no longer a company. it's a country. maria: state the case, tell us where the wrongdoing is in this case. >> a bipartisan group of attorneys general has been looking at this for some time, and on both sides of the aisle people understand that there are concerns when one company has so much economic power and control over markets. maria: and it was another busy week for stocks as we head into the election now.

joining me right now to talk about investing in this environment is cornerstone macro's chief investment strategist, and michael is also, he's just been named one of the top three strategists on wall street by the institutional investor poll. that is a big deal, i know. congratulations to you, michael. thank you very much for being here. >> thank you, maria. thanks for having me. maria: so how are you positioning yourself amid all of this election uncertainty? are you in the camp that you want to have two different portfolios should biden win, another different one should president trump get a second term? >> we're, we're sticking with strong fundamentals and sticking for, looking for stocks that have visibility. there's an amazing amount of uncertainty today regarding the election, regarding the path of covid and a whole host of other global issues that investors have to deal with aside from just the election. and so when you have limited visibilitying, i think you often

gravitate toward stocks that can provide greater visibility, so stocks with better fundamentals despite having higher valuations, it's still areas that we're recommending. so areas in the market like technology, consumer discretionary, the backdrop of really low interest rates, really low inflation, and we're seeing jobs come back. and we think that's a pretty good backdrop for u.s. consumers. maria: yes. >> so areas of stability amidst all the uncertainty. maria: i want to get your take on industries that are doing well during this pandemic, but i wonder if the valuations are out of whack. for example, zoom versus exxonmobil. this is one of these comparisons that's a head scratcher. when you look at the revenue of zoom, zoom generated $622 million in revenue for 2019 versus exxon's $264 billion in revenue for 2019, and yet the market cap, zoom was higher than

exxon. you've got zoom with a fraction of the revenue, higher priced. same thing if you look at amazon versus some other sectors. that's pretty extraordinary. can this last? >> well, it can last for a while. as we've seen, the music can stay on for longer than with we expect. we've seen the ipo market with some extraordinary valuations, you know, the snowflake ipo had also a really, really high price to sales valuation. and this is, again, it's just another by-product of a world of scarce growth. and so there's always going to be outliers like zoom, like snowflake and other names that have really, really elevated valuations. those types of names today is where we'd be paring back. we expect there to be some volatility at the tails of the investment landscape. so the really expensive growth stocks that really haven't come into their mature part of their

business cycle yet, and the really cheap, older economy value stocks which we think the economy's just not going to be strong enough to really lift those more broadly. we want to be careful with both sets of those areas in the market, so we've been suggesting more of a garp approach, basically being more in the middle. basic valuations, they don't have to be cutter cheap, but also -- dirt cheap, but also good fundamentals. you don't want to sacrifice quality for a cheap stock. maria: with so many people talking about a blue wave and the potential for joe biden's policies to get implemented as president, i want your take on whether or not we should worry about the capital gains tax proposals he's got. because right now the tax is at 23.8%. joe biden says he's going to reverse donald trump's tax plan, and he's going to take capital gains all the way up to 43.4%,

take dividend taxes all the way to 43.4% as well. do you think that's going to have an impact on the stock market? >> i think it could create some near term volatility, but i think it's going to be difficult to make a real bearish argument. we still are in a backdrop where there are few alternatives for investors to put their money. we have zero interest rates. look back over time, the capital gains tax has moved around over the years looking back to 1930, there has been periods where the capital gains tax has gone up, and it's not a real tight correlation with the valuations of the market. what i'd be more concerned about is how the whoever wins the next presidency, what their policy's going to be around energy because there's a much greater correlation between commodity prices, oil, and inflation having an impact on the pe multiple. so, in other words, if oil prices were to go up a lot, perhaps, that, to me, would be a

bigger concern, and there's plenty for episodes historically where that's been a problem whereas the capital gains tax rate has real encount implications for valuations across history. maria: yeah. and in that vein before we go, michael, real quick, would you be poised to buy a renewabling company stock under a biden presidency and under a trump presidency perhaps buy oil and even defense contractors given he wants to continue raising defense budgets? >> yeah. i mean, those are the two more obvious implications. maria: yeah. >> i don't think necessarily a broad market inapplication for one president or another. there are a lot of interesting areas to invest. for biden, like you mentioned, renewable energy, cannabis. president trump, other sectors like defense and other areas. so i think that's where investors are going to really benefit from either a change or a continuation of the president is finding those specific areas.

it's not a broader market call. that's really about the global i economy, that's really about a lot of variables not just using the white house. maria: understood. michael, it's great to see you, thanks so much. >> thanks. bye-bye. maria: i'll see you soon. cornerstone macro. cornerstone macro. stay with us, my one-on-one yeah, that's half the fun of a new house. seeing what people left behind in the attic. well, saving on homeowners insurance with geico's help was pretty fun too. ahhhh, it's a tiny dancer. they left a ton of stuff up here. welp, enjoy your house. nope. no thank you. geico could help you save on homeowners and renters insurance.

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♪ ♪ maria: welcome back. the airlines in focus as the covid-19 pandemic is still crippling the travel industry. delta airlines showing a loss of $3.30 a share in the third quarter, earnings last week were, as you see, another losing quarter. i spoke with the ceo of delta airlines, ed bastian, about the rough quarter and this period that he's never seen before, what he can expect the industry to rebound from this pandemic.

watch. >> we have never seen anything like this. you know, many of us, maria, thought, you know, our industry at least 9/11 would have been our existential event, defining event for history, and it was, it was a traumatic event. but this has significant implications that go far beyond anything that we experienced back almost 20 years ago now. the industry is slowly recovering. we're looking at our fourth quarter that we're in currently, we expect to be back somewhere around 30-35% of prior year levels in terms of total revenue. still a long ways to go, but when we bottomed out at the pandemic, in the start in the second quarter, we were only at 10%. so we've tripled from the second quarter to the fourth quarter, but we have to triple again just to get back to anywhere close to the levels we were last year on a sustainable level. and that's hi why many of us are thinking this is going to take a couple more years to get this industry back to where it needs to be. maria: all this while you're

also trying to save cash and make that cash burn better, as best as you can. you still have to pay out severance payments. tell me about the cash burn that you're expecting in december, in the fourth quarter as you are trying to avoid employee furloughs by offering early retirement programs, voluntary separations and these cash severance payments. >> our team's done an amazing job, maria, to manage cash, manage costs all on a voluntary basis. in the third quarter, we reduced our total operating cost by over 50%. second quarter in a row we've done that. we expect to do a similar type of mark in the fourth quarter as well. that's saving us an enormous amount of cash and capital. and as the revenue is coming back, climbing back up slowly but steadily, that's going to, hopefully, overtake the costs that we do have in the business. so by the time we get to the

spring, we expect to be at that cash flow break-even level. we're $18 million a day in the month of september. in december we're at, we're expecting to be at around $10 million a day. so good, really good improvement. started at $100 million a day was our loss on a daily basis, we are thrilled the work our great people have enabled us to avoid any furloughs to date. we had almost half our entire staff out this summer, over 40,000 people. and that's saving jobs, it's saving cash. it's really protecting our future. maria: that is just wonderful: have you changed your expectations in terms of travel and when it may come back? i know we did see some, some good news in the last several weeks in terms of bookings and what the expectations are in terms of normalized travel. but have you been changing what you'rement expecting sort of on an ongoing basis with new news

of spikes, etc. >> well, we're in as uncertain a period that we've ever been in this industry, so expectations will change as we learn more about the virus and watch the medical advances to do what they're doing to contain the virus. we're seeing bookings in overall traffic increase on an average of 1-2% a week. we've seen that, you know, for the last number of months, that steady, steady climb. as an industry on sunday, tsa counts -- which is one of the measures that everyone's looking at -- wees crossed the one million passenger carried mark as an industry in the, this past sunday. at delta we have a little over 20% of that level, so we're carrying on a good day right now a little over 200,000 people. but continuing to improve and climb. so i think the leisure travel that we see today that's primarily the volume we're carrying is going to be very responsive to the environment. business travel is taking a

while to come back. we're only at about 15% of our business revenues that we'd normally expect. for delta, business revenues should represent close to half of our overall business, right now it's significantly lower than that. and international's another story. i think that's going to be a year out before you see international flying at scale. maria: my thanks to ed bastian of delta airlines. stay with us, immunity bio e see owe dr. patrick soon-shiong is with us. he's got good news on a vaccine, that's coming up next:

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terterti go g ahead a to begin phanse p clini cca tri t t sting, immg,ityg,itioyg, in inn concco witcohcohhankest sayay nanknknktaysay it's it'ed its first patient. the companies are currently enrolling 35 healthy patients in the phase one study, and joining me right now is dr. patrick soon-shiong, the founder of companies of which immunity bio and nan k. west are members. doctor, good to see you, thank you so much for being here. >> thanks for having me, maria. maria: so tell me what you believe is a realistic timeline for this vaccine to be on the market. tell me about entering this phase one trial and what is most important in terms of what you'll be watching? >> well, i think the difference what we'll be watching is t-cells. a vaccine, unlike the current ones in phase two and three, are

focused on generating not only just antibodies, but t-cells. so we'll be watching for t-cell generation from phase one and establishing the dose. so we anticipate completing the phase one by this month and immediately moving rapidly into phase two and three. maria: and so what's the timing on the rest of the trials, phase two and three? how long do you expect those to take? would you expect a vaccine to get approval early next year, or is that too optimistic? >> well, i think we'll be pushing as fast as we can, and i think we'll have to run a global trial e between the united states and the rest of the world. and it'll probably be in the range of 30,000 patients randomized to la placebo e. and that takes its own time. but unfortunately or sadly, there's so much numbers of

patients still getting infected around the world, so we anticipate that by the first and second quarter we should be well into those phase two, three trials of next year. maria: we've learned a lot about this disease over these last seven months of shutdown. has that changed the way you approach it? what have you learned about it that you didn't know prior to these trials? >> well, you know, we approached this very differently. we approach it based on my work on developing a vaccine for cancer. and developing a vaccine for cancer, you need to generate t-cells. and now what we've learned from sars-cov is, in fact, that antibodies, sadly, don't last very long. whether that gives you long-term immunity, we don't know. but now there are much more papers coming out showing that t-cells are the key to not only generating memory, so 17 years ago patients who received sars-cov infections have stalled

t-cells in memory. a paper literally just came out yesterday that, unfortunately, spike protein does not create t-cells. so our approach was to go after t-cells and antibodies, and that's what we're doing differently, and it looks like the science is coming through over the last six months, it's proving to be that's the correct sort of judgment to generate a vaccine that covers both t-cells and antibodies for long-term duration immunity. maria: wow. really fascinating. what about cancer? where are we in the fight against cancer, in your view, right now? >> well, i think we've changed the paradime. we've now understood -- paradigm. that we've now understood how we can activate cells, at the same time activate the t her cells, and when they talk to each other, the t-cells and natural killer cells, we have the immune system. so as we've talked about before, happily we've now generated a

complete remission in pancreatic cancer which is the first time in my career after 10, 15 years fighting this diseasement we've demonstrated complete remissions in triple breast cancer, head and neck cancer. so the fact that we can treat multiple tumors with the modern protocol, this is a a the awe approach we've taken with covid. unlike the approach of just identifying antibodies, we've taken the approach of come to to prehenckive/-- comprehensively enacting the entire human body. maria: the entire audience, myself included, we're wishing you well. dr. soon-shiong, thanks very much. >> thanks for having me. maria: don't go anywhere, more "wall street" right after this. ♪ non-valvular afib can mean a lifetime of blood thinners.

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maria: welcome back. thanks so much for joining us this weekend. next weekend, same time, same place, we've got a big show. tune in to fox business every friday night at 9 p.m. eastern for another edition of "wall street" as we look ahead to the week ahead. this weekend with on fox news channel, "sunday morning futures" live at 10 a.m. eastern, i speak with south carolina senator lindsey graham, ohio congressman jim jordan, georgia congressman collins and peter schweizer my special guests, this weekend, sunday, 10 a.m. live over on fox news. and right here on fox business, tune in every weekday and start smart from 6-9 a.m. eastern for

"mornings with maria" right here on fox business. thanks so much for being with us, have a great rest of the weekend. i'll see you again next time. ♪ ♪ gerry: welcome to "the wall street journal at large". it wasn't exactly a coaz is su chat between two old friends, but the final presidential debate on thursday was a stark contrast to the first rancorous showdown a few weeks ago. perhaps it was the threat of the muted microphone, but we got a more measured, restrained and even respectful exchange. we also got just for a moment what this election and, unfortunately, so much of what our modern media and political