chevron is bigger. the next era is bigger than both of them. writing is on the wall for the next 50 years. these are 100-year companies this is very big and this is a big idea >> paul, restructuring rumored around exxon, whether this is happening and in what way. is there anything on stock that could make this good for investors? >> in the short-term they are cutting costs as much as they can. over $100 billion in administrative costs in exxon which is a huge company. we think they should cut caps further. a year ago they were at $40 billion a year they are talking about going down to $20 billion. we would like to see them go to $15 billion. are they going to pay this enormous burden? the market doesn't believe them. at least the market doesn't believe it is sustainable. if you could sustain it, potentially it is super attractive if they can make it, but at the moment, the oil market is against them >> how does that change under a baden administration for oil >> it's going to be very significant because you were going to be pumping money one wa

oil supply as a result of higher regulations on the environment exxon add chevron, particularly chevronponsible in terms of flairing and methane emissions. it's really the tail of the u.s. industry that has emissions. it could get shut down, which would tighten the market we need less u.s. oil supply and more demand, which i think we'll get. >> i want to underscore that i think the assumption is that you see that blue sweep and that's negative for big oil but what you're actually saying is because of a blue sweep there will be less production for whatever reason, and therefore the price will go higher, which is ultimately the main thing these companies need >> right, melissa. i'll write that down and steal it from you. thank you. >> exxon mobil, how concerned should we be about the dividend? >> everyone is concerned it's 11% yield, which is normally a very bad sign i was watching earlier and there was a warning that you gave that 11% yield is not necessarily a good sign. what they said today is slightly odd. they said they're not going to raise gross debt anymore they're going to contin

on deck, our conversation with chevron's cfo about why there are so many oil mergers. i asked to do they want to make a bid to buy eonxx that answer when wex returns after this ng. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. united states can't easily get to a doctor or afford the treatment they need. that's why goodrx has built a leading consumer-focused digital healthcare platform. we wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. as a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford. >>> welcome back from connie company to parsley, nearly a deal a day in energy. but the one thing that really kicked thin

we did sell and move into chevron. >> you move into chevron would that be the only one >> are some tantalizing yields >> we think chevron is absolutely safe. everything else in the patch we're a little bit worried about. the important thing is there are lots and lots of dividend paying companies paying 3.5 to 4% and we think those stocks have a lot of up side and that's where we would be putting our money >> there's at least six names that you've flagged here ranging on the lower dividend side, the likes of coke and cvs and kroger all of these yields you think the dividends are safe >> absolutely safe kellogg had a great quarter today. they maintained the dividend this year. their business is doing very well all the companies on that list are actually doing very well as businesses in terms of earnings and cash flow this year. yet the stocks have been left for dead we think that next year people are going to look at money markets paying zero, bonds paying less than 1% and say i need income, how do i get that, a lot of them are selling at 10, 12 times earnings with the market at 18 to 20 times e

ison, chevron, the key there whether or not chevron will do other deals.actor is the potential change in administration. there will be continued pressure in regardnd chevron to alternative energy. alix: the rumor on the street was you were going to sell yourself to exxon. the rumor on the street is since you bought parsley, maybe in two to three years, you can go back and say you need the acreage and what we can bring to you, you should buy us. give us some insight into that conversation the street is having now? scott: exxon long-term has to decide are they going to move strongly in the fossil fuel industry over the next 30 or 40 years? probablyd will definitely we probably won't see many increases. they are goingn, to one million barrels a day. do they want another one million in the permian? whether or not they will shift their strategy to more alternative energy. we will always do the right thing for our shareholder base. guy: let's talk about that shareholder base. what do they want from you? shift ins seem to be a business models. it's more about exc

for trade chevron's got the dividend parsley's got the growth, but the rest you are on your own i like market and i promise to try to find it just for you right here on "mad money." i'm ji >>> i'm shephard smith on cnbc, and this is the news. >> last night the fbi and michigan state police arrested six individuals. >> a shocking, sinister plot to kidnap the governor of michigan, thwarted by the fbi. how a militia group planned to violently overthrow the government of michigan >>> people are sick. >> stimulus stalled. even if airlines get aid, what about the rest of america? >>> fears of the fall

exxonmobil down 45%, chevron down 10% that's over ten years. look at the performance and the s&p.and where there may be frustration a lot of this has do with the movement in the underlying commodity. that's the key risk for any activist that would take a shot at this, not just the size, not just the tenacity of exxon and its executives who operated in some of the most dangerous parts of the world and probably aren't particularly afraid of any said activist, but also you can get it right on all the capital allocation fronts. so to speak, and still get it wrong on the commodity and end up a loser what would you do if you wanted to do this you would probably short chevron and go long exxon and be arguing exxon will start to thactually inflate up because it will be rewarded by the market for doing more things properly. >> you short the company with growth and vision and a great -- >> that's how you hedge yourself from the underlying commodity going down a lot and getting crushed. >> you cut back the exxon exploration, the whole problem is exxon doesn't grow to begin with. >> right >>

we'll hear from chevron ceo mike wirth and neel kashkari. coming up. >>> before we head to break, get a check on the markets up about 250 on the dow. "squawk box" coming right back ♪ ♪ ♪ ♪ to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works. before we talk about tax-s-audrey's expecting... new? -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. can go your own way ♪ it's time you make the rules. so join the two million people who've switched to xfinity mobile. you can choose from the latest phones or bring your own devic, and choose the amount of data that's right for you to save even more. and you'll get 5g at no extra cost all on the most reliable network. so choose a data option that's right for you. get 5g included. and save up to $

i actually do own some chevron, as well. so i did here mr.ul not so happy with chevron right now, and i understand that's a very volatile area, the energy area. there's no question about it my final trade will be micron. huge call volume out there earlier in november. this is a stock that can rally it's already done pretty well from what they bought earlier, so more upside to come >> okay. mr. wonderful? >> bought some more american express today. infrastructure stock, recovery story, and i'm starting to see the paypal, the payment guys get into bitcoin etheorem. it won't be long before the credit card guys do that too amex will be a big player in that space when it comes >> 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 g

a smaller loss than expected and in chevron's case turned a profit on an adjusted basis.ot because of strength in sales or anything else, this is kind of, again, closely watching their spending and cutting back on a big way in capital expenditures, for the third quarter, exxon had $4.1 billion in capital expenditures that brings the 9-month total, it looks like they're on a run rate for $19 billion for the end of the year, and that's down from what we had last heard. remember, march, they were saying they were going to spend $33 billion a year in april, they said they were cutting that by 30% down to 23 billion. now we're looking at a closer run rate of $19 billion for the year that's not where it ends they will continue to cut capx, 16 to $19 billion in capx spending in 2021 in april, they said $23 billion. again, both companies looking at ways what they can control as you have seen significant hits in crude oil prices and things along those lines. also want to say, chevron is saying it's reassessing its portfolio at this point, strengthening the portfolio, they're looki

he's pro fracking, but he's not going to subsidize exxon and chevron anymore. he's going to do it over a period of time and phase it out. donald trump says i'm -- >> did you cringe when he said that in the debate? >> no. i think he's been authentic to his view, which is true. we cannot continue to subsidize exxon and chevron when you can send 5 million kids free to community college. those kids are worth investing in. >> another example why i'm glad rahm is not the candidate and joe biden is. if joe biden said that, that would make sense. he said he was going to phase out oil and gas and he's going to -- >> he said that -- >> hold on, rahm. he said phase it out by 2025. five years from now. that's not a slow phase out. he didn't say he's going to spend it on community college. he said he was going to spend that on the green new deal which the people in pennsylvania don't want. >> here's the thing, it's very clear. it's a 30-year phase out. it should be phased out. you shouldn't be subsidizing big oil and big gas. welcome to the free market. make it on your own.

. >> what are you waiting for eog down 29, valero is down and chevron is down 19 you love these and they konand y continue to kill you giuys. >> absolutely. we think the refiners are well positioned we are anticipating that through next year. >> i don't know if i heard you laughing or not pete but energy has been punching you around >> turn me around too. >> you have chevron. we know what's going on with energy you also have u.p.s. up 50 what's the name that stands out to you are they best or worst if you're making any moves forward i love both draft kings and cr yorks port because bauz ecause of that, i n the name has plenty of upside. i met the ceo at one event >> these guys are outstanding. when you look at what they are in terms of the annual potential of the online betsing world, we're talking about 50 plus billion dollars. it's almost a new 50-week. good stuff we he avpete's latest trades in unusual activitactivity we'll do that next >>> virgin galatic is up >> this one is pretty gr interesting. it's performed nicely. some are expecting a great performance this month they are going

it gives you a 10% yield chevron is sitting pretty. ceo mike worths is so confident of this and he's talking about helping the environment. i am not joking. it is a tough week confusion lies ahead if you like something then do a little homework. service now is going to be better that's the blow out. that's my blow out prediction okay for the week. ashwin in california >> hey there jim i have been listening to your show for a long time i see it religiously every single night on my dvr >> oh, thank you very much that's a lot more than my wife watches it she says why do you work so late you have a show that ends at 10:00. it is the other show >> i know, i know. let me tell ya, a lot of the stocks you have given over the years, i have definitely benefited from i want to ask you another. >> okay. >> no, i like up work. i think it is a terrific situation and actually one of my -- online recruiting and an bishs work t good. i like it. let's go -- let's go to craig in new jersey >> hey, jimmy, it is craig from booyah, new jersey >> i know it w

mike >> one of the things we will be looking at in chevron, their earnings will be announcing later int has been planning about 7 1/2% higher or lower depending on dividends this is a question options traders get a lot. you can buy stocks or buy them sin theically. if you own them synthetically, you don't have them. i was looking at the january 22 options and you can back out depending how much the options market is implying there is a mild discount right now they are paying about $1.29 per quarter and there are five quarters. the cumulative dividends are about a dollar shy than you would otherwise be getting but should it be cut or considerably reduced i don't think it is. a bird in the hand a worth more than one in the future as the ceo was pointing out, in their case it is reasonably well covered. exxon is probably not quite as confident as far as the earnings outcome. >> is the options market, has it been accurate in the past? have you used it reliably? >> it is common for institutional traders to do it on dividends we do reversals and conversions where we try to capture strategy t

i am going to ask you a question about the chevron doctrine.his is one of those you may not be able to respond to, but did you tell me what the chevron doctrine is? judge barrett: i got into this a little bit with senator ernst. the chevron doctrine is the doctrine that when a statute is cleared than that of the end of the case but if congress passes a statute that is getting an agency authority or that is describing the boundaries of an agency's authority, when there is ambiguity in that statute, then the court will treat that ambiguity as a delegation to the statute, a delegation to the agency. sen crapo: and i will just tell you, i disagree with that doctrine. i think that the courts ought to have the ability to interpret the statute and if it is ambiguous, they should interpret it as best they can and the interpreter in our system should not be the agency that is enforcing the statute. i think the courts should oversee that. that is just my opinion. the question that you probably can't answer is what is your opinion? judge barrett: you are

nobody is paying a market premium, chevron and oxy, once somebody starts a low premium deal, chevront, it shows the wave in the future i do believe most transactions will be done with very, very low premium transactions plus, it comes back $20 and up to 40. at least we are at 40, we are all making money this newco combination of brea even price we can grow 5% a year and pay our based dividend and have a $35 wti. >> that's fabulous >> matt, one of the reasons people get mad at me, look the industry is not investable i don't want to blame you. you were the one that told me, there are flare-ups all over the place. it is not right, we have to clean up our act now do you think that your thesis starting the gain some currency all they kept on talking about was esg. >> that's right, jim it is the three p's as i call it, perfection, pollution and profit we'll deliver on those three and it is combined the rest of the industry better get with it or the trend is going to move by quickly we have to put the pollution problem which counts as emissions. we have to put that front and center and impr

the ghost gave chevron a market cap, fractionally ahead of exxon.ere weighing changes to a program before the break down all the latest round of stimulus talks. ofdiscussed the prospects stimulus policies to be possible before the elections, that is coming up next. this is bloomberg. ♪ ♪ watching "daybreak: australia." a new stimulus package is on hold but nancy pelosi seems to be open to airline relief demanded by president trump. after a call with stephen mnuchin, nancy pelosi said republicans blocked such a bill last week and called for more talks. airline stopped rose sharply on the news. -- stocks rose sharply on the news. president trump is back in the oval office despite continuing to being treated for covid-19. dr. say he has not experienced symptoms in 24 hours, having been discharged on monday. president trump has been speaking on his experience and said he did not have to go to hospital but did so on the advice of medical experts. fromgot back a day ago walter reed, i spent four days there and didn't have to, i could have stayed at the wh

chevron posted an unexpected profit on an adjusted basis, but the story is the same.y are trying to preserve their dividends and production is falling off a cliff. vonnie: thank you for that. coming up, one of wall street's most accurate forecasters, ed hyman, evercore isi. this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. president trump will probably skip a rally at his namesake hotel in washington on election night. bloomberg has learned the president will likely stay at the white house and monitor election results from there. mr. trump was slated to appear at the trump international hotel , but sources say those arrangements are now in flux. no official word from the white house. early voting turnout across the country continue to shatter records. in texas, more than 9 million ballots have been cast with four days to go before the election. that tops the states total turnout from 2016. so far, more than 15% of all votes cast in the state have come from harris county, home to houston, the biggest city in texas. texas has long been a repub

chevron takes over in that respect. they are doubling down on continuing to pollute.t shows it in stark contrast with the folks in renewable. is ourining us now leader of energy and commodity coverage. there are big changes expected down the line. >> thank you for having me. that is a hard question. it is playing a huge role. exxon is just as much of the story as renewable energy. if a biden administration comes in. they are headed toward a third straight quarterly loss. your dividend is up in the air. rest of his rivals see the writing on the wall. you are seeing all of that play out. entire renewable energy rally has been incredible. to thef that is tied possibility of a biden presidency. trump is not terrible for clean energy. i just want to put that out there. he is just status quo. wind generation continues to reach new heights. what the biden presidency would do would be a complete game changer. it would put the clean energy rally that we have already seen on steroids. a good $2g to put trillion into creating an entire economy around clean energy. powerts to get

the close gave chevron a market of exxon.onally ahead energy suffered in the coronavirus but chevronh the strongest balance sheet in big oil. asked week, it completed a 5 billion dollar takeover of noble energy. covid-19 is having a severe impact on ridehailing services. is down around 50% from before the outbreak. however, john zimmer says that number is better than at the peak of the pandemic when ridehailing suffered a 75% fall. he says he expects to see more improvements with demand in toronto now back up to 80%. >> the impact to the broader market -- they were down 75%. we are halfway recovered across the board. that impacts individual drivers as well. activist investors are calling on disney to permanently suspend dividends and direct funds to its streaming service, saying the company must adapt to a massive industry change. they have written to the disney ceo saying that the $3 billion in annual payments would be better spent on streaming and to double the budget for regional content at disney plus. shery: breaking news at the moment. we are hearing from the new york times tha

exxon and chevron, the key is whether or not chevron will continue to do other mobile type deals.w. factor is the potential change in administration. there will the continuing pressure on exxon and chevron to go the way the european measures are in regard to alternative energy. sheffield scott speaking to alix steel and guy johnson. turn into commodities, oil and gas futures on the latest u.s. inventory data confirms rising supplies as a result of weakening demand. bloomberg su keenan has this for us. what we see when it comes to the latest electronic trading, wti is dipping below $40. the concerns about the new waves of the virus as well as that, really weighing. oil in the latest session, it plunged 4%. the same amount fell. fears beingorst confirmed. supplies appeared to be searching as covid cases and demand starts to slump. week fore 5th street oil, but the real focus was on gasoline. domestic gasoline supplies were in barrels last week. that's the biggest jump since may. while gas consumption slid to the lowest since last september, there are many that think the situation co

i am going to ask you a question about the chevron doctrine. this is one of those you may not be able to respond to, but did you tell me what the chevron doctrine is? judge barrett: i got into this a little bit with senator ernst. the chevron doctrine is the doctrine that when a statute is cleared than that of the end of the case but if congress passes a statute that is getting an agency authority or that is describing the boundaries of an agency's authority, when there is ambiguity in that statute, then the court will treat that ambiguity as a delegation to the statute, a delegation to the agency. sen crapo: and i will just tell you, i disagree with that doctrine. i think that the courts ought to have the ability to interpret the statute and if it is ambiguous, they should interpret it as best they can and the interpreter in our system should not be the agency that is enforcing the statute. i think the courts should oversee that. that is just my opinion. the question that you probably can't answer is what is your opinion? judge barrett: you ar

so, there have been a lot of conservative groups certainly theing to trim bu tails chevron deference,nd the supreme court when a fairways down that road. and conservatives have also tried to revive the nondelegation doctrine. there was a case in which they almost did it. you concerned in which way think justice barrett will move the needle one way or the other in terms of these challenges to deference to executive branch agencies, or the ability of congress to give broad delegation to power to those agencies. >> if she follows her mentor, won't. on the other hand, right before he died, her mentor was reconsidering things. he was reconsidering deference. i don't know whether she would go on that, but i think one has to hope that maybe kavanaugh can lead on this. >> what i would say is, she hasn't had to confront these questions very much as a jurist, and it wasn't really the focus of her scholarship, so it is not clear that she has strong priors in this area. one thing i would note, i think , overall, the court is likely to shift is solicited law doctrines more on -- shift its administ

it is interesting she reached step two of chevron, some supreme court justices are unlikely to find that a statute is ambiguous. she identified what the outer boundaries of this phrase public charge likely are, and now there is wiggle room left in that phrase that the trump administration properly exploited. i think that opinion is quite notable. if you want to see her method at work, i recommend looking at that. one issue that comes up a lot in administrative law is due process. she is an important majority opinion in a case, one of dozens upon dozens of challenges to university disciplinary proceedings for allegedly sexual harassment or sexual assault. this one was against purdue university in indiana, and she wrote what has become an influential opinion on how to evaluate the actions of universities. this opinion has been favorably relied upon in literally dozens of opinions since. what she found is that while the student in question had a protected liberty interest under the due process clause in his ability to participate -- the judgment against him by the university resulted in his

i think maybe two weeks ago or so i used chevron as the final trade. the reason i did that is because i think it wasn't reflecting the stability in oil prices in the share price. the and that's really important. i think stability in it oil prices, stability in oil prices is almost as critical as high energy prices. as long as we can predict. looking right now at a chart of rig counts in the u.s., would you believe that rig counts in the u.s. are lower than they were even in 2015 when we were having that oil crisis so i this i that we're seeing a lot of supply still come off line we just saw iran say that -- i'm sorry, we saw saudi say that they may not increase production as much of as they were anticipating before. so i think we have a reasonably rational setup for managing supply demand out there and that could support $40 plus oil with $40 plug oil, we kn40 pluso of stock to be made in that. steve, i'm sure you'll argue with me on this i think there is value there. what is going on in the energy share prices isn't correlated to the price of oil the

so both chevron and exxon are among those components in the red. chevron last i checked was down about 1.6%, almost 1.7%, exxon down about 2.5%. one thing getting a lot of attention from investors today is last night's debate and these comments from democratic presidential nominee joe biden, saying that he wants to transition away from the oil industry to renewable energy take a listen. >> it has to be replaced by renewable energy over time over time. and i'd stop giving to the oil industry, i'd stop giving them federal subsidies. >> and those comments seemingly not sitting well with investors. we'll see how this shakes out over the next two weeks, if prices continue to fall or reverts back to the up side, kelly. >> thank you very much >> turning to restaurants across the country, they're having a hard time dealing with limits on capacity the problem is even more acute in big, expensive cities kate is here to break down the cost >> illi -- his burn rate for masks is up at ilili costs have gone up across the board and outdoor dining will become dice

what i've done there is i've taken a mack tro economic stock, chevron/texaco, they're going to go up and down with the production of oil. marathon petroleum is very much a single stock with a story behind it. they're selling their gas chain speedway for $21 billion cash, their market cap is 20 billion, enterprise value is 50 billion that's a stock-specific story i can get behind i'm very tired of this value versus growth and fiscal stimulus is on and off >> you're tired of it because you keep trying to pick value stocks that it's going to have its moment in the sun, jim >> it's true that i have value stocks, it's true that i have a balanced portfolio as well i've got plenty of growth tech stocks you're not listening to me i've got plenty of growth tech stocks, i've got apple and google i want to be a stock specific picker here. i don't want to make a bet on whether the stimulus is coming or not >> let's move to what some are calling the biggest anti-trust case of this generation. the department of justice suing google, alleging it abused its position in search and search advertising.

over the last decade, chevron has spent over $1 billion on carbon capture projects.start-up companies working to transform carbon into new forms of energy. ♪ to transform carbon into new forms of energy. cue rachael ray. hey friends! today we're whipping up some delicious recipes. so? who's hungry? pets love rachael ray" nutrish® and its kitchen-inspired recipes. with real meat, poultry or fish. rachael ray" nutrish®. real recipes. real ingredients. real good.® ...this one's for you. you inspired us to make your humira experience even better... with humira citrate-free. it has the same effectiveness you know and trust, but we removed the citrate buffers, there's less liquid, and a thinner needle... with less pain immediately following injection. ask your doctor about humira citrate-free. and you can use your co-pay card to pay as little as $5 a month. humira can lower your ability to fight infections. serious and sometimes fatal infections,... ...including tuberculosis, and cancers, including lymphoma, have happened,... ...as have blood, liver, and nervous system pro

way to 45, i'm blessing you and saying, listen, go buy chevron or parsley for trade chevron's got the dividend parsley's got the growth, but the rest you are on your own i like to say there is always a bull market and i promise to try to find it just for you right here on "mad money." i'm ji >>> i'm shephard smith on cnbc, and this is the news. >> last night the fbi and michigan state police arrested six individuals. >> a shocking, sinister plot to kidnap the governor of michigan, thwarted by the fbi. how a militia group planned to violently overthrow the government of michigan >>> people are sick. >> stimulus stalled. even if airlines get aid, what about the rest of america? >>> fears of the fall surge growing. >> that's not the optimal position to be in as you enter into the fall and winter. >> are we prepared one frontline worker's dire warning. we're not ready for what's coming. >>> the titans record another positive covid test. now another game at risk of being postponed. can the nfl contain the virus and save our football season >> announcer: live from cnbc global headquarters,t

>>vicki and grant i'm here at the gas station this chevron on are under this man just moments ago was filling up. for his generator, so roughly 16,500 pg e customers in the longer in the area are expected to be in the dark that will likely happen sunday at 04:00pm through wednesday. and the cities go lafayette entering a sent out nixle alerts notifying pg e customers about planned power shut off residents here in orinda say they have not had their power turned off this year yet. >>but we're in the dark for days around this time last year how stephanie armour plans to get ready. we have a generator we plug in at night. it's loud. power or second refrigerator in the garage to remove a lot of our meats and stuffed into there. >>but she also plans to leave town to avoid it all sort of having post-traumatic from last year when we were off for like 5 days. >>we have a house in tahoe, so we are told our kids were heading up to we're not going to live through the no power a high wind event in critical fire weather are expected sunday winds strong enough to blow down trees and power lines on a

reporter: when the fire started just before 5:00 this evening, there was a real concern about that chevron gas station behind me and the potential for a greater catastrophe. firefighters believe this fire began in a homeless encampment. it quickly spread to the brush. and flachls lapped at the edge of a gas station and nearby apartment building. >> the winds are our enemy right now. >> reporter: marcell jarvis was driving on 580 when he saw the flames. he's not surprised. >> we have a lot of these homeless encampments everywhere and they have a lot of stuff. i'm not surprised. it's not the first time. >> reporter: oakland firefighters say they spend time educating the unsheltered about fire risks. precisely because of windy days like this. >> a safety issue for the unsheltered that live in them. and as we saw today, it has a high risk for anyone living in the area. >> reporter: no one was injured by the flames and no buildings were lost this afternoon. >> i hope that it wasn't human carelessness on anyone's part. that would be a terrible waste of firefighter resources. >> reporter: the dep

reports on personal income and spending and consumer sentiment and earnings from exxon mobil and chevron. >>> walmart is removing guns and ammunition from displays at its u.s. stores to protect customers and employees as tension have is been rising. the move comes days across the country with some worried violence could be sparked. wal mat has taken similar steps in the past. a spokesman says walmart will still sell items on request. they sell firearms in half of its more than 5,000 u.s. stores. >>> mcdonald's has been hit with a potentially multibillion dollar lawsuit by black franchise owners who accuse of racial discrimination for steering them to underperforming areas. the latest comes after mcdonald's was sued by more than 50 black franchisees formerly in augment they allege the company placed them in undesirable city locations with high security and insurance with below average sales. mcdonald's says it wants franchise owners who become more diverse. marcus and laura, back over to you. >> all right, leslie. thank you. >>> forget waiting until thanksgiving for the black friday deals

this is big business for state and for profit prisons to sell inmate labor to fortune $500.00 slike chevron bank of america to 18 t. and the u.s. military to nearly half the population in prison make military uniforms body armor helmets and provide labor as some contractors for fortune $500.00. they make office furniture man call centers take otel reservations or can slaughter houses or manufacture textiles shoes and clothing for pennies prison labor part of why some state and private prisons a multi-billion dollar profit. not only are prisoners used to make products prisoners themselves are sold this products since the 1980 s. the prison population has boomed now 150 private prisons are paid billions by state governments to house prisoners private prisons do so well some of their biggest investors are banks like wells fargo bank of america many private prisons demand 90 or even 100 percent occupancy meaning the taxpayer foots the bill for every bed even the empty. for profit prisons are incentivized to incarcerate more people and for longer periods of time to fold or to make sure that happ

there is also a doctrine called chevron named after a case. and many times if we're talking about a chevron issue, we're talking about an issue of statutory interpretation and it sounds like that is mostly what you're thinking of. and an agency, when a court reviews whether an agency has exceeded its lawful authority, it goes to the statute that you and congress enact and interprets that statute, looks at the text, and tries to tell whether you've given the agency, given the epa in your example, leeway to adopt policies and that leeway would be present if you had ambiguity in the statute that left the decision to the agency. but if the agency goes farther than the text of the statute permits, then it is the rule of the court to say that that action, you know, was in conflict with the statute and therefore illegal. >> and what happens if there is an actual question on the intent of the law? >> well, a statute in this context, in a context of a chevron type challenge to agencies and agencies interpretation of it, you would interpret the statute

. >> chevron is investable and eog is investable and that's it.recommending -- i am saying that these are not my favs if you like them, those are the ones ladies and gentlemen, conclusion of the lightning round "the lightning round" is sponsored by td ameritrade so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ >>> stop fretting about the stimulus negotiations. i love it if the democrats and republicans are hammering out deals. maybe they reach a compromise or blow it. i say forget about the stimulus stock and start buying thing e agriculture stock. there is a fabulous agriculture stock right now that does not depend on a stimulus this is one of them. it is taken everybody by surprise let's do a snippet from j.p. morgan "a perfect storm just blew over

gulf coast on sunday after hurricane delta battered the region nearly halting all production chevron royal dutch shell and b.h.p. all say their employees were headed back to platforms in the northern gulf of mexico but it can take several days for the companies to evaluate the damage and fully resume work the news comes after the us bureau of safety and environmental enforcement said 91 percent of offshore crude oil production was shut down due to the hurricane well more than 62 percent of natural gas production in the area was also halt it the northern gulf produces roughly 17 percent of u.s. oil and 5 percent of natural gas oil prices fell monday as production resumed. and there are real concerns that the battle over texting text giants could trigger a trade war that would hurt the global economy at issue it's the organization is the organization for economic cooperation and development efforts to revolutionize the way these corporations are taxed if international leaders don't agree to the european organization's plan some economists fear it could lead to chaotic range of taxes an

. >> who won't do it >> the countries will block it i'm hoping chevron. >> that was an interesting dealdeal for chevron this be would be a larger deal, but would give them as you say the permian and good assets there which continues to be our saudi arabia >> yes and concho has been considered to be one of the smarter companies. this makes a ton of sense if they do it wpx did a deal, really interesting thing about that, david, little hint, rick moncrief is going to run that company. he's from wpx. devin is not going to run the company. rick moncrief is known as the man who built continental resources, not a person we have on a lot -- >> i don't know him. and -- >> you don't know rick moncrief. >> sydney moncrief i remember, great basketball player. >> played for ucla. >> milwaukee too. >> yeah. played for the bucks, david. >> yeah. >> one thing i want to point out about rick moncrief, i was in a helicopter with him looking at the -- looking at everything, and after an hour i realized i was with the einstein of oil einstein of oil. >> not the neils bore ough of o. >> no. >> not edmund tel

chevron has overtaken exxon mobil as the largest u.s. oil company by market value.he first on the texas giant has been there thrown -- b een dethroned. they are both behind next era. the biggest producer behind wind and solar power is the biggest utility. the pandemic is wreaking havoc on the budget carriers' summit schedule. they apply about a quarter of the its typical capacity during its final three months of the year. it is calling on the government to step in with even more aid. and more restrictions on jack ma as well as tencent. sources tell bloomberg that is over concerns of a digital payment, threatening national security, and disrupting the ipo. that may be the world's largest ever. and that is your bloomberg business flash. francine? francine: thank you so much. brexit negotiations could break down within days after the u.k. warns it will pull out of eu talks if there is no clear deal insight next week. progress on the key sticking points of state aid and fishing rights appear, from the outside, at least to be slow. by cboee, a report global markets says

rival only occidental and chevron in terms of output.mid the widespread slump in prices. they are assessing the project on the red sea coast which was expected to cost as much as $20 billion to improve existing facilities rather than building from scratch. discussed sabic have shielding the deal. acquisitionecial ipo's are ever present this year. all over the place. conversatione among top executives at the global -- conference. scarlet fu moderated a panel that included people from goldman sachs and others. >> my hope is that we will see the path to take these companies public continue to involve -- continue to evolve. each of them have great strengths and weaknesses. the direct listing is interesting for some companies, but so far you have not been able to raise capital alongside it. another -- aks for number of companies. what has been fascinating as we are on pace to have a record year for ipo's in 2020. specs -- spacs go public. that has been half of the volume in ipo's. it is a real alternative and the structures have evolved to ma

if you look at exxon and chevron, these are actually candidate to divestment companies that have not committed to carbon neutral. they have lost 12 to 15 percent over the last year. you can't identify conoco phillips that lost more than 20% that you continue to hold. the report talks about energy is the worst performing sector, 2018, 2019, 2020. >> sorry, time has passed. thank you for your comments. moderator, are there any other callers on the line? >> madam secretary, there are no more callers on the line. >> thank you. hearing no calls, public comment is now closed. >> thank you, madam secretary. moved by commissioner casciato and seconded by commissioner driscoll. madam secretary, roll call, please. [roll call] thank you. five yeses. motion passes. commissioner bridges? >> thank you, madam secretary. i would like to thank andrew for his comprehensive reporting on our esg investing. it's a lot of summation, a lot of details, and i know a lot of work has gone into it from your team. so we are very appreciative. so thank you very much to the investment team for giving us all the in