today's beat down with mccormick. the spice maker and campbell soup, the same investors like the web, digitalization, they believe that pinterest, the virtual pin board platform full of recipes is totally real i think the market is making a misjudgment. we shouldn't be writing off food stocks when campbells works out the supply chain, the cash flow is huge mccormick is not getting enough credit for frank's hot sauce and frank's mustard. more on that later that's just my opinion the market's opinion, packaged food players, no staying power how about the home office? all right. when you're stuck at home thanks to covid, you spent a lot of money to make it a nicer place to live and work hence, the spectacular rally at way fair, the online furniture store. this once struggling company was saved during the pandemic. in february, valentine's day, way fair laid off 550 people and the ceo saying the business invested too heavily a few weeks later, covid and these investments paid off and the stock surged from 221 to 300 while

annmarie: jim mccormick, think you so much for your time. that was jim mccormick.ks were so 2019. the new economy is in. we will look at the euro stoxx 50 makeover next. this is bloomberg. ♪ annmarie: good morning. this is "bloomberg daybreak: europe." manus, to recap some of the breaking news, switzerland's financial regulator has opened enforcement proceedings against credit suisse over the spying on former employees that damage to the bank's reputation and led to the ouster of the act ceo. we will be tracking that story through the morning. we have another blow to europe's banking sector. is losing itsle place in one of the main stock benchmarks, one of the many changes coming to the euro stoxx 50 when the index shuffle takes effect. dani burger has been looking through all this. how does this change the european benchmark backup to the prior? dani: the third quarter typically does bring more changes than the other ones because the requirements and the hurdles for entering and exiting the benchmark are lowered, but this quarter specifically brings with it the bi

mark mccormick is still with us.get terrible gdp numbers from brazil and india, but then you have a tailwind of the weaker dollar. what will win out and where? mark: i think the weaker dollar will solve both. em lagged largely because covid. covid is an accelerant. countries have, in developing markets, not shared as well as others. latin america has been a big lagger in managing and dealing with covid. i think what is clear is that the outperformance would come through asia. they have done a better job managing covid. obviously, that is something behavioral, and structural, and economically people know how to deal with throughout asia. that has been part of the broader system. if you think about the rotation, it favors asia at the expense of latin america. chinese equities are one of the best-performing assets to date. within the structure eastern europe performs well because it follows euro. poland and hungary will follow norway with a euro. but again, we're probably not going to see a big pickup in turkey, south a

they discovered they like to cook the food service business that hurt mccormick improved. that smells like another upside surprise but at this point the analysts might not care and they might not get behind it. micron is really, really difficult to get to. see, this is a commodity semi conductor that has a product with not so hot pricing. the business could be saved by their disk drive business but i don't see the stock worrying unless management sees tightness coming in d rams then you'll get a terrific move up and why didn't day tell us to buy it tuesday night we got the first debate between president trump and vice president biden you know what we'll do here? watch for a stock market implication including talk about raising the capital gains, if biden wins and democrats take the senate wednesday we'll take the temperature of the housing market the hottest part of the economy. as long as mortgage rates remain low, we'll see strong home sales but there is a problem there is not enough homes. not enough homes for sale. lots of people worried home builders have peaked i don

his former stenographer mike mccormick joins us exclusively with all the details. don't miss this. with all the details. don't miss this. >> for six years my next guest, mike mccormick, was at joe biden's side as his stenographer, transcribing the former vp's every word. he was present anytime the former vp gave speeches, met with foreign leaders, had off the record chats with reporters, you name it. in other words, he would have been a near constant presence during biden's time in the white house. given that personal relationship, it's all the more stunning to read what he wrote about biden in his new book. he's lost a step and he doesn't seem to have the same mental acuity ass he did four years ag. he doesn't have the energy, he doesn't have the pace of his speaking, he's a different guy. it's hard to quibble with the evidence. >> what holds this nation together and always has, has been an intuitive and expressed commitment to the constitution. to our institutions. >> all men and women created by you know the thing. you know the rapidly rising in with, i don't know. >> joining me

mccormick shares spicing things up ahead of tomorrow's earnings release.et traders are betting there could be a party in the pantry when those results cross the wires. mike has the option for "options action." mike. >> hey, dom. yeah, taking a look at mccormick, it's interesting because we don't usually see a tremendous oamount of options value in mccormick it picked up considerably today. 20 times the average daily call volume im playing a move of 4.1% when they report earnings in line with the 4% or so they have averaged the last eight quarters the most active options today were the october 210 calls, 2,000 trading for 1.$1.35. buyers betting it will rally to the $210 strike price by the premium they paid. that represents a boost of more than 8% to the stock price where it closed 195, 20 or so today by october expiration some think that the earnings will provide a positive boost. >> mike, don't go far. we will he ssee you at the top the action tune in to the full show fridays, 5:30 p.m. eastern time right here on cnbc before we get to our final trade, it

currently trading up just fractionally one mover is not helping the cause today,mccormick. maker, beating earnings estimates reporting very strong sales growth in its consumer segment, although that was offset by lower demand in the restaurant and food service business in particular the fourth quarter outlook was a bill bit underwhelming the company announcing a two-for-one stock split the first since 2002 it's overall been a huge winner as people cook from home and need their spices to do so frank's red hot continues to be a hot seller tonight, don't miss lawrence kur kurziuso on "mad money." the dow is up four points. ♪ ♪ ♪ ♪ ♪ as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will... you can rely on the people and the network of at&t... to help keep your business connected. >>> tomorrow don't miss "delivering alpha" back for its tenth year some of the line-up, leslie picker has more on

they also announced a 2 for 1 stock split, and you thought big tech was spicy speaking of mccormick, the ceo will join us on ""mad money" ". >>> do workers miss their commute? that's ahead on "rapid fire. >>> but wait, there's more "the exchange" is also a podcast. listen to your favorite parts of the show you might have missed sign up noonw apple podcasts, spotify, stitcher and google podcasts i got help from a pro. my financial professional explained to me all the ways nationwide can help protect financial futures in peytonville. nationwide can help the greens get lifetime income because their son kyle is moving back home and could help set up a financial plan for mrs. garcia. and he explained how nationwide can help mr. paisley retire early and spend more time with his pal, peyton. and their new band. exactly! yeah. don't forget the band. i haven't. keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data ba

when you look at mccormick more and more people are working at home. restaurants continue to be shutdown or open up at small capacities so that's a longer term play for us in the portfolio and we're looking at names like walmart and charter communications we have been adding those over the last month or so we actually took advantage at the end of the last week and we added that to our portfolio. that fits into the secular growth story a little bit and it all boils down to the fundamentals so there's names out there that you can dig into and have advantages this is another one as we talk about individual names you and i were on fast money we love that space and we continue to like t. they can't seem to get out of their own way and then you have stories about how the big banks allowed money laundering over their systems and jp morgan was named in the story as well at some point, do you hang on to the big banks like jpm or do you just have to let them go >> so, you know, jp morgan like you said is a name that we have added over the last month or so to the

liz mccormick.ting times for western governments to be borrowing this much cash and paying less in interest. >> pretty amazing. we wish we could all do that. of course, the big debt pile is getting bigger, there are record options, but if you look at what they are paying on interest, they are doing well, paying less than at this time last fiscal year. vonnie: does that mean that nobody will complain, republicans or democrats, if the government keeps borrowing to fund more stimulus? liz: not really. as you just detailed, we are seeing -- they cannot seem to on more needle stimulus, partly because the republicans made it smaller. they are in clinics that maybe we are -- inklings that maybe we are spending too much, but we don't have the fiscal hawks like in years past. costs, ifinterest treasuries secretary mnuchin hester sound so much debt, at least he is not paying for it. that is good for us. for decades, we have had this idea of the bond vigilante, the international investment community would puni

could get you the rapidly risin and with, i don't know. >> joining me exclusively as mike mccormick, biden's former stenographer and author of bide and authorized. mike, what troubles you about where biden is now versus where he was just four years ago in that clip that we played from 2017 i believe. he does seem just to the casual observer, quite a bit different. >> laura, thank you for having me on. and the title of my book as joe biden unauthorized and the 2020 crackup of the democratic party. all get to the second part of the title later. joe biden is a different guy than he was very he doesn't hav the same vitality. i listen to he spoke, i worked as a stenographer in the white house for 15 years. and started in the bush of ministration in 200 to i worked for the obama administration an i worked one year for president trump, so i'm not a political appointee, i have sort of across-the-board perspective, and because of that, i'm kind o a neutral observer, that's what you wrote the book as because i saw and understood as joe biden was running for president, ther was a lot of things

>> o'hara from massachusetts -- mccormick. john mccormick was the speaker at that time. so i felt now the word had gotten out, it had leaked out that shirley chisholm was going to cause a little raucous. i called the speaker and i told the speaker, mr. speaker, i want you to know that tomorrow, i am going to ask for a change of committee assignment because it does not make sense for me to be sitting even for two years on a committee that has absolutely no relevancy, even if they had put me on the committee that dealt with hot lunch programs, it might have made more sense. what foolishness is this? i said to the chair, to the speaker, i forget i was speaking to the speaker. i was so upset. i said, mr. speaker, i'm going to have to do my thing. that was the favorite phrase at that time. and the speaker said to me, you're going to have to do what? i said, excuse me, mr. speaker, i'm going to have to do that which i have to do and go with it. he said, you know, you'll be beaten down. i said i'll take the chance. he didn't like it. that day, a lot of the men don't come to the

pretty much everything, bringing stockyards and grain silos, the first great and you facture, cyrus mccormickto set up shop with his reapers. they had these shiny, red farming machines going out on the railroads, and all the bounty of the nation pouring back in. william mulholland made modern less on jiles -- made modern williamjiles -- mulholland made modern los angeles by bringing water from the desert -- ringing water to the desert. authority.ee valley this was a lush, beautiful region that had been suffering under what seemed like a biblical array of threats since the civil war, floods, disease, ignorance, deforestation, problems that seemed impossible to eradicate. the twa change that almost overnight, once its first great hydroelectric dams and power plants were placed. and not only because it down public power drove the price of power all over the country, much to the chagrin of private utilities. it meant all of a sudden you had electrical power, think of how that must have felt going from a nearly medieval existence to the 20th century, people can now by electric stoves, refrigerator

got it down, we have 17 short films and one web series and opening night will be hosted by simpson mccormick. >> it is the following next friday through sunday. how do people check it out? is there a website, do they have to get tickets ahead of time? >> you can find more on bxfilms.com. all films are free and there will be subtitles. you can learn more on our instagram @blackfilmfest. you can find me at go fund me or click the "donate" button on our website. >> shane, what's the goal of this festival? what do you hope people learn from watching these films? >> yes, we wanted to showcase black artists because at a time right now we constantly seeing people murdered by police, we want to show artists who are using their experiences to make a statement. a lot of these artists are stating their careers and short films don't get paid, we want to compensate these film makers and making donations to black lives nonprofits. we are making donations to them as well. we are sponsored by a nonprofit led by academy award winning director jeffery freedman. >> our film here was nominated for an academy aw

20 shortage of 26,000 seasonal workers right now in this remark from deputy prime minister mike mccormickif you know somebody lounging around with a surfboard, tell them to the come to the region and bring a cell phone, because it will be a major instagram moment to see them in a tree picking fruit. picture is instagram a draw enough, but there is always money and measures that will be announced tuesday to get jobseekers to get an x or $150 per week without affecting their benefit payments. offerre is a reward forgetting that instagram shot as well. shery: what else is being done on seasonal workers? and: it is hard work, fruit vegetable picking, so it takes a lot to get locals to get into that kind of work. normally 140 thousand backpackers in australia at this time. right now, there is less than half that number. so they are looking at scrapping the age limit, which is currently 31. ministry once those who are in the country ticket to 12-month extension and they are looking at allowing temporary visa holders to extend their stays and allow workers from the pacific islands to helping the

right, mark mccormick monitoring pound sterling with td bank.e a way to play sterling off of this news? mark: i think you want to look at the relative tightness of the lockdown indicators. we have the oxford index, a great proxy for how restrictive the government measures are. we also have the g10 mobility data. if you look at those things, the u.k. relative lockdown has been tighter than most major countries in the g10, which obviously has strong growth implications. i think the bias here is we get a little bit of a stronger rally. the market is not nearly as long cable as it is euro, and our other models show there's not much we discount and sterling that we had in place over the last few weeks. i would say it is trading where it should. if we do see a stronger dollar, cable could be inflated. i do think if you look at this on terms of negative interest rates, twin deficits, relative lockdown, economic weakness, it is still likely to be one of the laggards in the european currency complex. lisa: the bank of england does appear to be setting th

i want to bring in mccormick, and i want to thank you for coming on to tell us what's going on there.strict is offering parents and students a choice to continue with all have you everual classes and tell us about this. >> correct. and thanks. i want tattoo say you're a favorite. and my mom's the first time i think this needs to be a time of unity for all educators for parents or anybody. we need to all come together for our students and i had to make the unfortunate decision to choose my family, which is really difficult. i have a special needs son, brady, he's 13. he's blind and nonverbal autistic. came home on oxygen and right now he would not be -- he would not do well in school. flu season is always frightening and his doctor verified it to the covid would potentially kill him. he won't wear a mask. in fact, he doesn't wear clothes sometimes. i'll look away and he has his swim suit off and i'm like, son, we're not european. it's a difficult situation but i made it because my family is number one and it's really hard. my students and families are our consideration. i had to tell m

you can see that in names like mccormick, bigger names like walmart, so that fundamental analysis for us, finding those low net debt levels on companies is going to be key. tom: what about their ratios? pe multiple, price to cash flow. it is just stunning where these are set. these are almost once in a lifetime valuations. and you: you are right, do have to pay attention to those. that cost of capital is so low that when you going you look at some of the pe earnings, i am not sure that is a valid valuation component at this point. we like to look at free cash flow. we like to look at the management that people have in place. those are some of the key ratios that we are looking at in regard to cash flows in order to see if a company can withstand the volatility that we anticipate we are going to see over the coming quarter. jonathan: victoria, good to hear from you. the taurean mentioning nike -- victoria mentioning nike, the stock to watch in the session. the conversation i've had in the morning -- i've had throughout the morning, policy is one thing. how people and companies respond

paul powell, mike di fillippo, miguel nogueira, hugh gran, denis moynihan, david prude and dennis mccormicklease, stay safe, save lives, wear our mask. i'm amy goodman. thanks so much for joining us. democracy now! is looking for feedback from people who appreciate the closed captioning. e-mail your comments to outreach@democracynow.org and far as investment banking offices by those those those inside get out get out

paul powell, mike di fillippo, miguel nogueira, hugh gran, denis moynihan, david prude and dennis mccormicklease, stay safe, save lives, wear our mask. i'm amy goodman. thanks so much for joining us. democracy now! is looking for feedback from people who appreciate the closed captioning. e-mail your comments to outreach@democracynow.org ♪ >>> thank you for joining us. from our studio in tokyo this is nhk "newsline." we start with japan's latest economic growth figures. gdp for the april to june quarter has been revised downward confirming that the economy shrank at a record pace as the coronavirus impact was bigger than initially estimated. the cabinet office now says the economy shrank at an annu

john mccormick was the speaker at that time. and so i wanted to speak to the the word had gotten out, it leaked out that shirley chisholm was going to cause a ruckus. big thing out of nothing. so i called the speaker. i did not want to think i came from the legislature to upset the tradition. i told the speaker, mr. speaker, i just want you to know that tomorrow when the democratic caucus meets, i will ask for a change of committee assignment because it does not make sense for me to be sitting for two years on a committee that has absolutely no relevancy. even if they put me on the committee that dealt with hot lunch programs it might be -- but forestry? what foolishness is this? i said to the chair and the speaker -- i forgot i was speaking to the speaker. i was so upset. i said, mr. speaker, i'm going to have to do my thing -- that was my favorite phrase at the time. the speaker said to me, you will have to do what? excuse me, i will have to go with what i have to do. he said, do you know you will be beaten down? i will take t

>> john mccormick was the speaker at that time. so i felt now the word had gotten out, it had leaked out shirley chisholm was going to make a little raucous. i called the speaker. i didn't want them to think i called to upset the tradition of the united states house of representatives. so i called the speaker and told him mr. speaker, i want you to know tomorrow when the democratic caucus meet i'm going to ask for a change of committee assignment because it does not make sense for me to be sitting even for two years on a committee that has suitly no relevancy. even if they had put me on a committee that dealt with hot lunch programs or what have you, it might have made a little more sense, but forestry, what foolishness is this? so i said to the chair -- to the speaker -- i forgot i was speaking to the speaker. i was so upset. i said, mr. speaker where, i'm going to have to do my thing. that was my favorite phrase at that time, and the speaker said to me you're going to have to do what, i'm going to have to do that which i have to

saving mccormick's husband passed away in a training accident in south korea for years ago preachers got two kids all at the university including a daughter. sadie is a gold star wife and became a strong advocate for military widows tax issue. she had to go back to work teaching school to pay the bills. lois thompson of openness the widow of richard thompson retired after 35 years in and one day of service. hehe retired in 1991 and died on march 18, 2013 suffering from als for more than six years served two tours of duty where he waded into streams contented with agent orange. senator tester spoke about the denial of that fits to those that have suffered because of the contamination to agent orange. ms. thompson was 85 years old and she was a caretaker during his extended illness and she said you know my has been served two tours in vietnam waiting in streams of agent orange for the war was unpopular he could wear his uniform home. he was spit on on arrival back in the states. the soldiers were often not treated right even these days. i agree with ms. thompson and let the make this c

admiral i am a us navy vet on the uss mccormick as a vietnam war was winding down i have one very importantuestion. what are your thoughts regarding a person who has not always live their life celine true north but who wants to end their years here on this earth in that direction? but to make the necessary course changes in their life that the life may exemplify sailing true dinner on - - north. thank you for your service. >>guest: thank you for yours as well shipmate but the adams class destroyers the most powerful small ships we ever put to see. your question is a perfect way to end the conversation today. i could not have scripted it better. but john mccain would be the first to admit his life was not always sailing true north. ifai any of us are honest and then to back down from time to time but the more you sale at see the more you understand you can recover the course and come back from a bad turn and there are so many instances of that in literature and life and we need to celebrate those who have that capability above all. some are very lucky and instinctively sale true north. my wi

mother faculty people may or may not remember, ronald walters was crucial, eleanor's trailer, joseph mccormick all my teachers. [laughter] >> the political science department in particular. we can close with this final question, this is from jocelyn imani, i think it's important one, it will give you an opportunity to talk about your life since howard. she wants to know what were some of the connections, how strong were the connections that were forged in the moment to protest to who you became and what he became when you left howard university when you graduated? >> i had political science major and history, i learned more about people and history and political science classes than i ever learned in any history class anywhere ever. i had ron walters, Ãball these people i learned so much and it prepared me politically, ron walters would say to me the first step is getting into the conversation, if you are not in the conversation then what you think and feel does not matter. how do you engage yourself in the conversation in the national conversation to what's happening, which was the first thin

he had the first female campaign manager that year, a woman named ruth anna mccormick simms. her father was mark hannah, no mean political operative himself, but it was -- it's revealing -- you mentioned him singing in synagogues. one of the things that he did when he was -- in his legal career particularly the racket days when he put out sort of a -- tough inside. 20% of the lawyers were applied at a time when the old law firms didn't necessarily hire jews. i mean, that's one revealing aspect. >> and let's take a little bit more about his record. he runs more governor in 1942. what does he do if that position? >> oh, gosh. i would call governor dewey a liberal. he used to say that before there was government, there was mayhem. and government rose to meet man's needs. and in the modern industrial society that we live in, that means as much economic security as is consistent with individual freedom. so it was that constant balance. in terms of the operation, he cleaned up the cobwebs in albany. albany had been run by one party for 20 years. there was waste and fraud and abuse.

for the year no, we've given up a gigantic chunk of performance both in the soft goods, cloroxs, mccormicks and also in the flebalphabets a anything other than zoom the cloud stocks have been rolling over for a long time no one talks about how awful this market has been away from tech there is a note today about wells fargo talking about the stage coach might be leaving, what is that like jon fortt or something? holy cow, stage coach is not going anywhere i don't think this is a compelling buying opportunity. look at the banks, look at the tangible book of goldman sachs, we are well south of the tangible book. a note this morning upgrading it now, this is only up to jefferies which you know better than anybody, they had a better than expected quarter. >> jefferies had a strong quarter, records on a lot of different fronts there yeah. >> so what does that say that's a transactional firm. >> it is. >> i don't want to recommend any bank stock for fear of looking like a fool, but jefferies bought a huge amount of stock at 16, you don't usually think about brokers buying back stock and i just th

tonight on "mad money" the ceos of thor industries, polaris and mccormick. an eclectic mix.ose look at some ex wits that should be on your radar as we get ready to finish up the third quarter and begin the fourth joining us right now for that is joe teranova, a cnbc contributor. great to see you, my friend. what are you doing right now what would you actually be buying in this environment >> good to see you as well, andrew i think we've got some month-end rebalancing that's stabilized the 10.5% decline from septembe to last thursday's low i think the market trades in a consolidation range between 3275 and 3425 but i think the opportunity is to mine for equity names, specifically if you think about the financials not many people want to buy banks right now, right, andrew, but the trading environment will remain volatile. some of the names that i own book goldman sachs, morgan stanley, the ice and nasdaq exchange, these are winners in a highly volatile trading environment. you could look at some of the research and ratings companies like s&p global and msci and also the consum

we think that will be a big advantage and of course the tiktok deal coming adding things like mccormickcompany. going to financials that are not typical. still finding those opportunities. charter communications for br d broadband. getting past the pandemic or the vaccine, those are areas for longer term investments. >> david, what about you >> we are still finding value in growth stocks. tech and communication and also what we are trying to do is not be so dependent on tech. 40% of the s&p 500 market cap is now tech and communication sector stocks. we received long-term growth the valuations have been longstanding moving forward with more health care stocks. in the short term, many consumer staples, utilities is an overlook sector. 18 p.e their play on low interest rates. a play on green energy project should they come if interest rates and inflation were to prize, they have real assets and regulated businesses. for those just lamenting the lack of income, look at utility stocks not sexy but they would deliver. right now, the dividend taxes are very attractive. a simple way to add valu

i had ronald walters, i had joe mccormick, i had all these people and i learned so much there and it kind of prepared mepolitically . john walters would say to me that the first step is getting into the conversation and if you're not in the conversation that what you say does not matter how do you engage yourself into the conversation, into the national conversation that's happening which was the first thing i thought about about how you should run for office in the first place and even if i didn't win at 24 when i ran for mayor , the idea was just getting to the conversation . i'm trying to all of our agenda, what we believe, insert that into the conversation and i get into that i getting intimate. if i get in a debate i can do that knowing that i can get on theballot so i can be invited to the debate . that was it and i think all of the organizing, i did not know how to win, all the organizers change from my experience in black leader force and watching other people and all these other things that were going on. i've always been doing that, mobilizing, exciting people and arousing