the amex quarter was a travel story.g outside of travel and entertainment was actually pretty good. jeff gamble mentioned it was flat it was really up about 1%, helped by things like retail and ecommerce. he did say, though, consumer travel needs to bounce back before amex can get back to those pre-pandemic levels. and then he mentioned business travel, which was by far the weakest. but it's funny, i thought of amex as a business travel company. it only makes up 6% of the revenue or was before the pandemic he also said that could take years to recover they're not expecting business travel to really get to where it was before the pandemic. >> jon fortt, what would you add to all of that >> i would say we need to get airport barbie and give her a black card >> tekelly, i -- >> go ahead. >> kate said that maybe she thought this was maybe a business travel card but to me, amex is still my mom and dad's credit card. you go to their website, and i did this morning, and they're still pushing the travel and dining perks i mean,

amex has and delinquents acies are at th lowest level where do they come from?e it is a cautionary move. the they're not doing it for any reason other than to guard against some of those losses and he mentioned strength in the consumer so we'll see does it seem more preemptive than anything. >> thank you >>> let's move on now. bob iger going from managing -- he doesn't manage it, mickey mouse to milk, the executive chairman and former ceo at walt disney investing in perfect day and joining the board of directors. the first nondisney board seat since he joined apple's board back in 2011 no longer on that. ryan pandia is the perfect day c co-found eastern ceand ceo. you know you're not going to be on with us if you don't have mr. iger on your board you're doing great, it seems but i'm curious, give me background here as to how you got really one of the most prominent businessmen in the last 20 years to make a decision to join your board >> yeah. absolutely so of there are two things we were introduced to bob iger a month and a half ago through investors. two thing

stocks on amex note, -- stocks closing on a mixed note. in london, closing up.the u.s., all in the green, the dow jones erasing losses after the speaker of the house, nancy pelosi, said progress was being made on a stimulus package. the s&p 500 and nasq both up. revenue at coca-cola fillon 9% in the third quarter. they are looking to shake up their product mix, this after efforts to revive sales, which have slumped during the pandemic. coca-cola says it has seen a stronger sales to consumers, offsetting declines in their sales to bars, restaurants and stadiums. and banksy's latest painting has sold for $9.8 million, the highest for the british street artist. "show me the money" went to an unidentified collector in london. banksy added an orange a traffic cone and abandoned shopping carts in the garden image. that is it for me. >> fantastic. you should see those banksy all over the place. you would love it. or get one of those paintings. >> i would have to borrow like a million dollars. mark: think -- thank you. the situation in nigeria is shocking. what we have

amex and salesforce down 5% and marriott is one of the worst nasdaq performers.kday hit hard after the sap miss zoom video the best performer, up nearly 1% a classic stay at home trade. >>> meantime, shares of sap are plummeting after the software company slashed revenue guidance on covid-19 concerns this the has the entire software market and because of that the entire stock market concerned. sap shares are now sinking almost 24% josh lipton has more for us. josh >> reporter: so, kelly, sap reported and investors as you noted ran for cover. the german software-maker announcing q3 results, and the stock tanked so what happened here? i caught up with jmp patrick wall ravens. he said the sap assumed the pandemic would ease and big companies would feel more confident and start spending and investing again and instead new lockdowns in europe in response to covid-19 infections creating more uncertainty for these companies. that means these corporate customers are tightening their budgets and delaying investments. bottom line, sap cutting its outlook on earnings and re

are no longer men of honor but in truth they're really just 16 year old girls on amazon with mom's amex card. but it wasn't just our good friends in the war department splurging on taxpayer dollars want to be action hero but real life republican party hack and trump yes man the acting homeland security director wolf well he's under fire this week as n.b.c. news reports that the consult.

are no longer men of honor but in truth they're really just 16 year old girls on amazon with mom's amex card but it wasn't just our good friends in the war department splurging on taxpayer dollars want to be action hero but real life republican party hack and trump yes man the acting on land security director of well he's under fire this week as n.b.c. news reports that the consulting firm or his wife works has meant awarded more than $6000000.00 in contracts from the department of homeland security since september of 2018 and that although the company has a long history of federal contracts her company did not do work for b h s until after will become the became the t.s.a. is cheap to step in 2017 now naturally chad deflected these accusations as chad's often do with they did show a spokesperson saying quote at no time and in any of his position since joining the department of homeland security has acting secretary will been involved in any awarding of contracts sorry chad sorry pentagon but actions my friends will always speak louder than words especially when it comes to how tax doll

you've got the den amex where it could be a 10% to 15% broad move over the next couple of quarters. guy: we are going to leave it there. thank you very much, indeed. always appreciate the analysis. what are we going to do next? we are going to talk more about european politics. we are going to look at what is happening with brexit. we've got a big summit coming up. we are going to be speaking to guntram wolff of a bruegel. this is bloomberg. ♪ guy: this is the european close on "bloomberg markets." let's talk about what is happening with the brexit stories. eu leaders will gather at the end of the week in brussels. over the weekend, british prime minister boris johnson spoke with france's emmanuel macron and germany's angela merkel to figure out a way to break through the recent difficult ease. going up -- recent difficulties. joining us now is guntram wolff, bruegel director. do you expect a deal at all? guntram: i would really like to see a deal. i don't think that a deal is likely this week, but overall, i am an optimist. that is why i really think there will be a deal. i think t

as long as they keep visa, mastercard separated from amex and discover, this sector will continue to be an outperformer and loser for people who own it. >> pete, you owe capital one is that now the best bang for your banking buck? >> each one of us breaks these down i think it's 64% coming from the credit card side it's a little bit different. each one of these points to steph's points are complete ply different, one from another from another. i would say my knowledge in the option world is what makes jpmorgan so intriguing for me, scott. i can literally look out to november, sell the 105 calls and get a little over $2 if i can do that for the next ten months and the stock does what it's been doing for the last six months, trading close to 100, i know steph had just moved back up towards 100, but it's been in a fairly tight range for a long period of time. if i can take in $2 every month against that position, if i can do that ten times, that's 20%. so that's what the opportunities are right now in the financials while you're waiting you also get the difficult bend yiel-- d yield. yo

better than anticipated, although they're down 17% from a year ago look at the earnings situation amex and intel are down. but we've had some big beats here, cleveland-cliffs, illinois tool, capital one killed it. the prices aren't moving it's been the way all throughout the earnings season so far if you look at the numbers, we've had a quarter of the companies reporting here they've beat i don't knen by av numbers. these are big numbers, way bigger than you normally get and yet the prices aren't moving that much. look at the s&p 500. we topped out the day before earnings season started on october 12th and since that, it's been essentially slightly down to side ways. we're not getting a lot of juice out of the earnings, even though the numbers are better than expected even among those reporting, price gains are minimal. if you miss, heaven help you, you could be down 3 or 4%. some of these big companies that missed this week, there weren't many that missed, union pacific, kimberly clark, ibm, netflix, all down notably it could be very, very tough right now because it's hard figures wha

it won't be long before the credit card guys do that too amex will be a big player in that space whens >> i'm sure there's a lot of work to do on the ranch this weekend, farmer jim. >> maybe i'll paint something, scotty with sherwin williams paint. they're going to report next week that was cheesy, i know. >> that's all right. >> they're going to report next week they're 6% off their recent high at 26 times forward earnings, i like this name >> good stuff. everybody, have a good weekend we're watch stocks down modestly across the board we'll see you next week. "the exchange" is now. >> thank you, scott. hi, everyone on this friday. here's what's ahead. there were lots of claims in last night's debate about the state of the u.s. economy. we'll get a fact check and see who's doing the best and the worst right now. >>> plus, hot demand, hot prices, and hot stock prices for the home builders. why one analyst thinks a scorching hot housing market is sustainable. >>> and intel's big slide. an uber blow in california and how the election could goose the muni market. that's all ahead, but let

. >> i too amex trolley supportive of this project. i think it's an incredible example of creative adaptive reuse. i particularly like the mid block passageway. i think it is a great opportunity to look into the old building and i love the use of the shapes in the original building and i do agree it will be a unique and much desired feature not only in the neighbourhood but the skyline and of course we're appreciative of all the effort the developer went to to develop the outpouring of community suppose sort support today and the prior phases that we've seen of this project. the only little detail that i would ask staff to pay particular attention to, when they do their design review, which they retained the authority under condition nine to do, has to do with the exterior fabric shading which i understand from the project sponsor is a teacher that still requires a great deal of study so i would ask staff to make sure that the project sponsor provides specifications regarding the materials operations use, maintenance and viability of t

much as wall street had hoped from the july to september period and covid sawless people using their amexrd, the credit card issuer setting aside more money, anticipating more bankruptcy and defaults as we have a struggling recovery. ongoing recovery in the u.s. economy. stuart: i understand that has a big loss, 4%. steakhouse. susan: outback steakhouse. still, though, underperformer this year despite the small gains that were seen in premarket. it's down along with other restaurant brands because of limited capacity and closures during the height of covid. >> show me mattel as in barbie, we bought a lot of toys. susan: yes, we did. participants are buying barbies, hot wheels to keep kids entertained and it's been a stiller quarter earnings so far. only 25% of companies have reported but 84% of them have made more money than anticipated and this is already on pretty high expectations, first increase in earnings estimates in a decade but, look, you get punished if you don't match the expectations, if you disappoint and where is the australian accent, come on. stuart: not right now. i can't

ahead of the open some gainers, ibm not surprising, having just talked to krishna and rometty and amexes force, dow, boeing, we'll see what happens when the opening bell rings in three minutes. >>> 30 seconds to the opening bell nyse, celebrating its ipo, live tv streaming platform fubo tv. we'll talk to the ceo later this morning on "squawk alley." at the nasdaq, regenerative medicine company aziyo biologics. they continue to look at a dynamic we mentioned yesterday with netflix and that's a rising installed base. >> that was an interesting piece. think said re what they said, the peacock deal, that's the one that people were afraid if roku didn't sign -- peacock didn't sign with roku, roku, the erosion would begin. but it didn't happen they're partners >> they are and i guess that platform is increasingly got some real power. you can take a look at that stock just been great performer, streaming, of course, is everything these days. curious on that subject, what your thoughts were about this letter from dan lobe's third point to the ceo of disney, basically saying we want you to capi

he is for, he is against the amex missile. the major man. cutting two aircraft carriers. he is opposed to many defends programs that are necessary to defend this country. that is why former secretary of defense, and former energy secretary in the cardinal industry shun, jim schlesinger and an openly letter to tie magazine. as the governor dukakis, are you viscerally anti military? >> james plunger never got an answer. the reason he did was because the governor of massachusetts does not want to answer former secretary jim schlesinger. on that very important question. >> last question for senator quayle. >> in our lifetime we encounter an experience that helps us experience our adult philosophy one or an other. can you describe to the audience what experience you had and how it shape your political philosophy? >> there are a lot of experiences that i had that have shaped my adult philosophy. the one that i keep coming back to time and time again, i talk about the on many addresses. i talk about it in the high schools, i talk about it when i visit the job training centers, i

you have ruled out the amex and the magic man. more recently, some of your aides have hinted at some flexibility that you might show about some other new form of missile. can you tell us tonight why you have rejected the collected wisdom of people as diverse as sam, none, kissinger, our gore, people in both parties. and what type of land based missile would you consider? >> andrea, today we have 13,000 strategic nuclear were -- warheads. on land, on air and in the sea. that's an incredibly powerful nuclear deterrent. i don't rule out modernization and there are discussions going on right now in congress and the pack to gone about a less expensive modernized land based leg of the try it. but there are limits to what we can spend. there are limits to this nation's ability to finance these weapons systems. and one of the things the vice president either ignores or won't address is the fact that you can't divorce our military security from our economic security. how can we build a strong american militarily that's teeter targeting on

stimulus could hit consumer spending which of course is not great for the payments companies look at amex city council down almost 5%. they did report earnings last week with a steep drop in travel and entertainment profit was also down 40% year over year look at visa and mastercard as well down 3% today. those companies reporting earnings this upcoming wednesday. square and paypal, those have been big winners during the pandemic as people pivot more to on line spending but investors are taking some profits today. >> kate rooney, thank you. >>> still ahead on the show, carlyle group cofounder david ruben stein joins us to share his perspective on the rising covid cases and their equity on equities. >>> right now, yields moving lower, buying the safe haven bonds, the ten year yield, .8% still well off of the lows we wegoa few months a 'll be right back here on "closing bell. - [narrator] at southern new hampshire university, we're committed to making college more accessible by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was

intel, mattel, amex and the ongoing stimulus talks our road map begins with that big pharma boost theerna and pfizer leading the way. >> gilead shares are up in the premarket, the fda approving its