on wall street "squawk alley" is live ♪ >>> good tuesday morning i'm jon fortt with carl quintanillaack again it is a busy day on wall street with the dow hitting an all time high making another run at 30 k. that comes as president-elect joe biden is reporting tapping former fed chair janet yellen to run the treasury department. tesla is continuing the record run now topping half a trillion dollars in market cap. making elon musk the world's second richest person on paper and apple making another concession, carl on app store fees a lot going on >> yeah. we talked about that early moving being the small crack that starts to widen as for tesla, i mean, whether it's some of the reports about a hatch back in europe or longer range vehicles or just enthusiasm over the ev space as we gheet into a biden administration on top of the gm news yesterday, jon. so there is a lot happening in the ev space and then more bullish news headlines regarding the chip cycle for apple. >> we have thanksgiving and black friday which will be a big deal for retail. we talked yesterday about the big box retai

i'm carl quintanilla with jon fortt.he dow puts together the first intraday high in nine months, processing the election, putting closure, perhaps, to that but obviously the big news of the day is out of pfizer and this potential covid-19 vaccine once again, we'll start the hour with meg >> hey, carl this news that pfizer and german partner biontech provided 90% efficacy in the phase three trial providing hope this is the first vaccine we have seen results from the results are limited. they just -- the independent committee took a look at the trial. they found 94 confirmed cases of the covid-19 in the trial and they found a difference in the placebo group and the vaccine group. they also said they saw no serious safety concerns in the trial. they're going to he mass two months of safety followup which for half the people in the trial getting their second shot which will take them into the third week of november that is next week after which time they will file with the fachlt fda use authorization. a lot of question abou

time for rapid fire with michael santoli, seema mody and jon fortt.reat to have everybody here we will start with bitcoin which after a horrible thanksgiving reversed to a record high shaking off the big selloff last week thought we'd be talking about that, and today it soared. look at price 19,200 it topped 19,640 which is according to cnbc its previous high water mark. here's what was said today about how high it could be. >> our thing is that it will disrupt gold and if it does that it has to have a market cap of 9 trillion so that moans bitcoin could price at 500,000 of bitcoin so at 18,000 it's a hold or if you don't have any it's a buy opportunity because we think there's a 25x from here. >> seema, here is my question i've been pondering all morning, so, you've got to enlighten me okay i get that people say there's only 21 million bitcoin and all the institutions are going to pile in now and there's going to be demand from everywhere to fix supply tell me what's been going on with all the other cryptos like the ripples and does anybody else have

joining us >> a quick programming note before we take a quick break starting monday on "squawk alley," jon forttunch of them i'm talking about data center. number two to jeff bezos will be jon's guest. and microsoft's head of azure jason zander is going to make news with jon on thursday. the series starts this monday, 11:00 a.m. eastern right here on "squawk alley. we're back in just a minute. academy sports + outdoors started as a tireshop in san antonio texas in 1938. our vision is to be the best sports and outdoors retailer in the country with a mission to provide fun for all through strong assortments, value, & experience over the years, we've given customers not just great products, but outstanding experiences. we can't wait to have customers nationwide have fun out there. outstanding experiences. ♪ should auld acquaintance be forgot ♪ ♪ and never brought to mind ♪ should auld acquaintance be forgot ♪ ♪ and auld lang syne ♪ we'll take a cup of kindness yet ♪ ♪ for auld lang syne next customer please. ♪ ♪ . >>> nearly every retailer is gearing up for a holiday shopping season set to take pla

jon fortt., always good to see you, and always great to get both sides of the debate >> both sides. >> joe >> thanks, andrew. >>> still to come on "squawk box," david boies joins us to discuss the president's legal battle until the next. this guy might know a little bit about this do you remember what david boies. >> if there's one person to talk to, this is the man. >> do you remember what fashion statement he was 15 years ahead on back in the year 2000 do you remember? were you watching that closely white sneakers and a suit sneak skpe sneakers and a suit. remember that? >> i was going to say gap khakis maybe before steve kor knanacki. >> and later, mark bertolini we are coming right back >>> a rare cnbc exclusive, liberty media's john malone, op >>> welcome back to "squawk box," jp morgan telling clients there's a chance the election process turns into chaos in a note they sent yesterday, their strategist warning of a quote what he's calling remote risk of an american horror story and constit

i'm jon fortt. the dow is down .5% with walgreens and boeing leading to the down side.he nasdaq still slightly in the green. looking ahead to a huge week tech investors need to be watching cloud, software, devices, and fitness in cloud, the period beginning next week is a time of peak demand for amazon even more so this year. in software, retailers going to need targeting tools from companies like adobe to bring shoppers in and keep them loyal. devices, pcs and con soles are going to keep us watching the likes of fit and in fitness in we can't hit the gym after all that pie, are we going to hit the peloton? that's the question? >> that's a good question. or my personal favorite, a club row class. it's a good question, john particularly as the opportunity to go to a physical gym, that is diminishing as we see cases rise across the country and more restrictions or, you know, partial lockdowns. but as you lay out the themes, i'm thinking of some of the companies that have spent the last, you know, seven, eight months positioning themselves for this moment. whether that is

i'm carl quintanilla with jon fortt and julia boorstin with us dow because up 275 this morning.e lost some of that the covid-19 vaccine rotation is continuing with tech down another 2% today and the s&p 500 down 26 points that's where we'll begin this morning. the nasdaq falls investors rotating out of tech to some degree the managing director is going to help us start off the hour. good morning, mark good to see you. the. >> hey, carl, good to see you. >> we know -- i mean, the argument has been made that world changed a little bit yesterday for the better but is the tech reaction -- is there bath water being thrown out too? >> well, yeah. the world did change i'd argue a lot yesterday. and not surprising that we're seeing a rotation in some of the tech names i think for the next little while here, you know, expect the expected we're going to think -- continue to see some rotation away from the work from home names probably bate probably a bit of a short term rotation we're heading into the holiday season we expect the e-commerce names and all the names that benefited during th

i'm carl quintanilla jon fortt has the day off. stocks trying to have some positive news.he nbc decision desk calls arizona for biden. dow is up 191. we're going to start with disney though and a surge for shares this morning following the strong earnings last night and that enormous pop for disney plus subs. julia boorstin is going to break that down for us hey, julia >> carl, disney plus accrued 73 million subscribers. the company's 120 million paid digital subscribers are a bright spot the company says suspension of the next semiannual dividend is in part to priority the direct to consumer initiatives. >> it's very clear what the new content has subscribers. i think you'll see continued increase in investment and then that will fuel some of the growth that christine will talk about at the investor conference that we expect on december 10th. >> the company says they're reassured by booking trends that cruise ship bookings for next year are very strong pushing to open disney's closed california parks, he called california's restrictions arbitrary. >> we're very encouraged

i'm caro quintanilla with jon fortt. deirdre is with us for the hour.asdaq is trying to come back after a couple of days of losses as we turn our attention once again to covid levels in the united states. we're going to start the hour, though, with alibaba, a big drop for the stock despite these new sales records on this singles day. hi, eunice >> hey, carl live streamers in china are wrapping up what's been a very long day pitching to chinese consumers and it seems as though the efforts have paid off. for alibaba, the value of the orders that crossed the site have just come in at just shy of a $500 billion, about $75 billion u.s. dollars these numbers cap an extended 11-day campaign that's a little different this time around not the usual 24-hour singles day shopping extravaganza. there were some interesting trends that we saw that were generally pandemic related, where consumers were looking to buy goods that they probably would be buying if they were able to travel outside the country. so these are imported items, luxury goods, health products also v

i'm carl quintanilla with jon fortt. it's a mixed fwoog day retail earnings, amazon pharmacy, covid-19 restrictions, fed speak. we're going to begin this morning on capitol hill as both mark zuckerberg and jack dorsey testify before senate judiciary on censorship, suppression, and, of course, the 2020 election our julia boorstin is monitoring this and can tell us what happened so far. julia? >> well, carl, senator lindsey graham focusing on what he sees as a need to revise section 230, that's the rule that protects social media platforms for legal liability for content. he says facebook and constituenter wetwitter were making editorial decisions and far more transparent standards are necessary. he called out the mental health risks associated with social media use. on the other side of the aisle, richard bloomenthal, he is calling for breakup of the platforms. mark zuckerberg supports change to section 230 dorsey pointing out they need to walk a fine line >> we are facing something that feels impossible we are required t

. >> jon fortt good to see you again.t are you seeing heading into the holiday period i know that's not necessarily your sweet spot but everybody buys more stuff during the holidays to what extent do you expect these loyalty trends to continue into 2021? >> such a great question we debate that endlessly internally when covid really started, the conversation was around well, are they going to shop online for a few months and then come back to in store you're starting to see this isn't some new fad this habit is starting to stick because customers have been shopping online in increasing amounts now for six, seven, eight months by the time the vaccine really takes hold for a full year after you do something for a full year, that starts to become the habit and you have to break that habit to go back. that's how i see this playing out over the next few years, jon. when it comes to the holiday season it's crazy to say this. i never thought i would say, but the hot item, i think, will be paper towels, more so than anything out t

on wall street and "squawk alley" is live ♪ >> good monday morning i'm carl quintanilla with jon forttit is all about moderna as they join fizer pfizer you can see we're just about 20 points shy of the all time high on the dow a lot of news to unpack. >> we got the news from moderna showing the vaccine is more than 94% effective in preventing cases of covid-19. we saw details in the study showing it prevented severe cases of covid-19. so that a very strong result comes, of course, after the pfizer data last week showed that its vaccine was more than 90% effective. the first two out of gate showing incredibly strong efficacy questions do remain including these preventative cases of covid-19 but do the vaccines sprent infection with the virus completely we don't yet know that we also don't know because this is a brand new virus and these are brand new vaccines how long this protection will last. so those are things that are going to come and be answered in the future looking at these data so what happens next well, both of the companies soon are going to file with the fda for emergency u

i'm carl quintanilla julia boorstin and jon fortt are with us for the hour the dow session alone wasown 236. we're slightly off that s&p 500 is off the early lows as well zoom helping to lead the nasdaq 100, john. looking forward to disney and cisco earnings to night. >> that is definitely true, carl the big themes, protect investors today. number one, game on. the play station 5 from sony is shipping and in stores as of today. joining the x box series x this marks the start of the biggest console refresh. really the only major console refresh in seven years it's happening during pandemic lockdown and then you've got china. i mean coming off of a record breaking singles day where the chinese online consumer is flexing. we have to think about that exposed deadline for tiktok to do a deal in the u.s. for those assets i don't know if the president is interested in shutting down tiktok anymore fair to say his attention is elsewhere. >> that's right, jon today was the day when the president said there needed to be a deal done to divest the assets operating here in the u.s. but, jon, that

information for consumers and helping retailers to participate in the digital economy >> hey bill, it's jon fortt. let's talk big picture i first met you 8 years ago. you were running brain tree. you were telling many me how the likes of google and paypal were behind in this payments thing and probably weren't going to be able to catch up what happened? where is the innovation right now? >> well, obviously, the payment space has grown tremendously you've seen great strides in that one thing very apparent to me,s to digitsal commerce tools is a point of passion for me a long time the more successful checkout tools have become, those are critically important to have really great digitsal checkout it became apparent to me there is a much broader set of things that retailers need to solve for if retailers are going to fully compete in the digital arena, particularly those transitioning from the physical world into the digitsal worl digital world. that's what we're focusing on. how do we democrat size access some will partner with the ecosystem like we're doing with shopify and paypal small businesses

i'm carl quintanilla with jon fortt and julia boorstin on this election day markets are continuing thely we got on monday we're close to session highs right now. dow is up 665. best day since june 5th for the dow and s&p 500. best breadth since april 8th nasdaq and s&p 500 erased their october loss, jon, as we're seeing things like yields go higher as well and the dollar weaken which is another sign that some of the imbedding on emerging markets going out of this election. >> yeah, carl. looking at tech overall and particularly big tech, it's interesting the gap between microsoft and amazon lagging behind apple, that's narrowing a bit. remember, you had apple above $2 trillion in market cap and around $1.5 trillion now that's come down apple is below $2 trillion those two are still around 1.5 alphabet lagging all of those year to date so what is surging today tesla is up 5.5% sales force, cisco, micron, dell, if you look at enterprise space, those are all up around 3% to 4% interestingly, when it comes to e-commerce and anticipating q-4, shopify and square up 3% a little better than th

well, jon fortt is here to tell us in "on the other hand" and jon, what are you thinking >> not goinghe pc market if you're intel, this is bad you've got amd attacking you from the mainstream pcs, under a thousand dollars microsoft taking a little stab at the high end with an arm chip in the surface pro x that was client. now you've got apple loud coming for your head. the claims apple is making with the m 1 chip in the mac book pro are insane, 2.8 times the speed versus intel and up to 20 hours of battery life. the problem isn't that apple is going and doing its own arm chip it's to compete with apple other pc may recollectekers are going intel alternatives too they have to do customer work or amp up chip performance so much that they blow apple's claims out of the water, and all of this happening as intel is having trouble manufacturing chips anyway intel is in trouble. >> you don't see a lot of good options for intel here >> well, on the other hand, you can't just believe everything you see in these movie length apple commercials that they call launch events. you realize that's wha

i'm carl quintanilla jon fortt has the day off. stocks trying to have some positive news.

i'm caro quintanilla with jon fortt and julia boorstin the dow is up about 600 points, one of the besteet continues to look for answers and more clarity in the results of the presidential elections as volatility comes in a bit, where do things stand? >> carl, we begin with the race for president. crucial votes still being counted at this hour the outcome remains far from certain and the electoral vote count stands at 224 for biden and 213 for trump. trump's team is saying they feel confident about georgia, pennsylvania and believe arizona will, quote, come the president's way. the biden campaign believes they have already won arizona and wisconsin, and expect to win nevada pennsylvania also closely watched, where vote counting continues, and pennsylvania is where we find frank holland on the ground in that battleground where officials just wrapped up a press conference frank. >> the press conference just did wrap up. i want to update you on the situation. all 67 of pennsylvania counties are now counting mail-in ballots. in bucks county they've been counting ballots overnight and will c

i am jon fortt with carl quintanilla.the first time yesterday and the stocks leading the way, salesforce, apple and microsoft, the top performers in the dow for the year, salesforce, a new recruit to the index apple and microsoft among the biggest blue chip gainers since the dow crossed 20,000 back in 2017 they are also among the biggest players this critical holiday season, deirdre, with cloud, apps and gaming squarely in focus and computing, of course, that's been a big issue, connectivity for productivity, during this covid time >> that's right, jon and we've certainly seen techs that have underperformed in the last few months, but of course some of the big names you outlined, they have brought dow to this important milestone and just to put this in context, from 20 k to 30 k, that's a 50% move in the dow. take a look at the other major indexes. the s&p is u

on wall street and "squawk alley" is live ♪ >> good monday morning i'm carl quintanilla with jon fortt

let's get to jon fortt with some of the details. >> it's a big beat on the top and bottom and on guidancer q4 their fiscal q4 comes in with revenue of $6.5 billion versus 5.94 expected also with earnings per share of a buck 45 versus a buck 17 expected listen to this guidance, guiding to revenue, the range of 7.8 to $8.6 billion that's $8.2 billion at the midpoint versus just $7.1 billion expected also on nondat eps $2.05 versus $1.68 expected to all of those numbers well above wall street's expectations i did get a chance moments ago to speak with qualcomm's ceo about what led to these beats. he said that things were just strong across the board versus expectations and they had put out healthy guidance he said broadly it was stronger than we had guided and we were probably setting the tone out there a little bit, it was even stronger than we thought i asked him really any negatives out there, looking across geographies, across products he said i don't think so, when we look at it the part we're proud of is if you look at the growth, revenue and margin growth year offer year delivering th

we've been hearing from two ceos, both spoke with jon fortt.cial intelligence booms and threatens middle class jobs, they say america needs to step up its game and change its thinking >> from an education standpoint, when you are a developing technologies, in some cases that makes some skills less relevant and other skills more important. there is a responsibility for technology companies like intel to play an active role in ensuring that the skills of the future and the workforce of the future are being addressed in the early stages of education. >> i think that it is really important to recognize that the future work is distributed and it is online so traditional education models may not serve the needs of future employees i also think that it is really important to put potential ahead of pedigree. there are many bright people out in this world who maybe started their job in the auto industry or in the steel industry and want to pivot to an opportunity in technology. you do not need a four year degree at an ivy league school to be successful

. >>> good thursday morning, i'm carl quintanilla with jon for the ajon fortt. dow not far from session highs plus 647 not far from going positive for the year we're watching covid-19 cases, fed decisions, earnings, election is number one >> it is sure is, carl that's where we'll begin the trump administration filing suit in multiple states to stop vote counting. here's a look at where things stand that hour. in the race to the 270 electoral votes to win the white house, according to nbc, vice president biden has 253, president trump as 214 we continue to await results from five critical states, pennsylvania, north carolina, georgia, nevada, and michigan. president trump holding on to the lead it is continuing to narrow as mail ballots are being counted the pennsylvania secretary of state will have an update next hour in arizona, president trump narrowed the gap but biden is holding on to a 68,000 vote lead we're still awaiting several hundred thousand votes in maricopa county, the most populous and diverse area in the state. a new count there expected to come l

. >>> good thursday morning, i'm carl quintanilla with jon for the ajon fortt.us 647 not far from going positive for the year we're watching covid-19 cases, fed decisions, earnings, election is number one >> it is sure is, carl that's where we'll begin