adam cole of rbc capital markets is still with us.nother rights that the market is now underpricing the gambit of this virus relief bill dying out. is that something you agree with? way thertainly the markets have traded in the last , still posited by the that anerally, does show solution will be found, one way or another, either through the andident stepping back letting congress have its will ,ith the package, or vetoing you know, overruling the stimulus package, or some compromise being reached on the contents of the package itself. one way or another, the markets sanguinee quite sayin on the stimulus being delivered one way or another. i don't think that is unreasonable. there is some risk that does not happen, but as a base case, i do not think it is believable that market surprised for a solution of one kind or another that does eventually see the household checks delivered in the stimulus package relief. yousef: yeah. let's go to the scenario where they do go back to congress and they come up with a bigger package, wind is the

and of rbc capital markets, great to see you -- amy wu silverman of rbc capital markets, great to see alix: it is one of the most audacious pacs. including the u.s. treasury and congress were attack by suspected russian hackers with ties to their government. it was started months ago and said to be part of a larger campaign. joining us is cybersecurity reporter mike riley. aside from sounding like an episode of "homeland," and i mean that sincerely, what happened and how do we defend ourselves? mike: the short answer is it is early days. what basically happened is that a prominent cybersecurity firm called fireeye announced it was breached by what it called a nationstate actor. firste was not likely the to be hacked, but the first to be discovered. what they found is that the russians infiltrated a tiny, well-known but widely used, texas ip company. basically what it does is help firms in the government manage traffic and networks. the russians civil trichet that company and the company set out legitimate updates of its own software and along with those came russian back door. they go

peter schaffrik is with us from rbc capital markets. how does the virus and the trend of the virus buttressed up against the good news of a vaccine -- how does that adjust or adapt your call for 2021? and i i think our call think frankly most people's call, was always predicated on a very rough winter, and i think we are now in the middle of it. it is one thing if you are sitting in autumn and predicting a grim winter, and when you're in the middle of it and see the cases rising, hospitalizations rising. this was unfortunately not expected. you could see it coming for miles. now we have to go through this. as far as the market is concerned, the market has already implied that and is looking forward. the forward look, luckily, looks much better. that is also embedded in our forecast. we expect a fairly decent recovery coming out of this next year. tom: a decent recovery as well. what to central banks do? clearly fiscal is not happening. do central banks have to step it up even more even if we get to some turnaround midyear? peter: i thin

when does the service sector go back to work, based on rbc research? we -- as my daughter goes through the shot -- tom: that is ok. did you give her $10 to shovel the driveway this morning? tom, you have got to go bigger, got to go $20. lisa: welcome to 2020. tom: got to go $20. they will not shovel for anything under that. >> and now i see my dog is about to walk through, as well. tom: we love it. [laughter] >> i think the question was about, when do we get back to gaining jobs? i think the reality is, we could be gaining jobs sort of shortly into the new year. it was funny, tom, one of the things i think is being really underappreciated is think about some of the recent reports we ism, theythe nfib or were talking about labor tightness. think about that, talking about labor tightness amidst all of this. as we continue into the year and states start the process of reopening again, we think we could easily be back down toward full employment by the middle of the year. i think that is a foregone conclusion from our perspective. how much progress do we m

we are joined by the managing director at rbc capital markets.usly, the pressure from the u.s. government on big tech in general has been ratcheting. how much does this latest salvo from the u.s. government change the equation? expression, your emily, it just ratchets up the pressure on these companies. it has become a clearly bipartisan issue. in the congressional hearings in the middle of the summer, it wias what i called the opening of a can of whoop ass. these companies have clearly become very large, very powerful. there are legitimate questions as to whether they become too large, too powerful, both in terms of their acquisitions and internal practices. the scrutinies superhigh. it very much limits the ability of these companies to do any large-scale acquisitions. emily: this statement from the ftc today, the decisions that prominent online platforms make regarding consumer and customer data remain shrouded in secrecy. models,s about business algorithms, data collection, and use have gone unanswered. policymakers and the public are in the d

rbc wealthrom management, she stays with us. thank you for joining us. laura wright has your first word news. >> laura -- pumping an extra 500,000 barrels a day from january, it comes after almost a week of negotiations that exposed a rift at the heart of the cartel. ministers will hold monthly consultations to decide on the next step. ryanair has ordered 75 versions of boeing 737 max. the transaction is the biggest in two years for the plane model. it comes as a vote of confidence after boeing grounded the max for 20 months, following two deadly crashes. recoverye faith in the of the industry. if anything, relative to early productions -- projections we made with respect to recovery, developed with potential global distribution, if anything, accelerates our view of recovery. laura: denmark is to stop offering new oil explorations in the north sea as part of a goal to become fossil fuel free. the country is the european produceriggest crude and says oil output will end by 2050. the decision will cost about 13 billion krona. this is bloomberg. laura wrigh

we end on a somber note, the gold industry lost a truly beloved name this week, george jerro of rbc passed away at the age of 84 after battling covid and his love of gold started at an early age when he escaped hungary and world war ii. he eventually served as a nymex director and managing director and financial advisor at rbc wealth management and is always looked at people and was never too busy to explain the complexes of the gold market. i learned a lot from him. george will be missed. this is bloomberg. ♪ [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the

rbc this morning with a sobering note they do see herd immunity, which is about 45% of the population vaccinated around june so that's rbc's view but they add, guys, along the way, our model predicts an addicti additional 270,000 individuals will die the coming months will be tough. >> we have to get pfizer we have to get j&j they have to happen. the clock is sticking, carl. the clock is ticking it is circling >> yeah. meanwhile, guys, the ongoing story of corporate restructuring and layoffs continues today. 3m files an 8k, looking at 2900 job cuts around the world. that's in addition to -- exxon, conoco, wells, nike, boeing, ford, raytheon, goldman. it is typical of year end, but it is adding up. >> i don't mean to be a dollar sign represented by a man, but every one of those stocks is worth buying because of the tough actions they're taking the top line is not that bad all those companies, i have been recommending ford, goldman, i'm trying to get my arms around 3m, it has been dealt a bad hand, and a lot of different places, but i think they're coming back. and i don't want to -- it

rbc, all eyes are on the stimulus. abigail: all eyes are on the stimulus. technical, from standpoint, today, is something called a quadruple witching day. the expiration of a lot of different futures and options creates extra volatility. this creates a ton of volatility. most of the major averages, it was a bullish week. the nasdaq 100 climbing by nearly 3% by the week. investors are looking past the fact that we still do not have stimulus. you do have some of these technical factors at play along with the rising virus cases. sanwere mentioning francisco. andrew cuomo said that new virus cases in new york above 12,000 for the first time during the pandemic. despite that news, stocks are higher. helping the nasdaq 100 the most is apple up .5%. percent. nike put out a bullish mentioning that they had plans to increase the iphone. that brought up the entire apple complex. this stock is truly on fire. we have it on the week up 40% ahead of a right at the close being added to the s&p 500. a lot of volatility there. some are wondering if that will be a sale on th

analyst at rbc capital markets. let's check where european stocks have finished.e done for the week. final numbers on the week. we see the ftse 100 up nearly 3%, which is fascinating. the brexit story dominating over the weekend. the cac 40 a little bit positive at the dax negative on the week. that cac 40 pushing up into positive territory over last few minutes. positive for the week in the french market. youferro and i will take through the cable show on dav digital -- on dab digital radio in the london area. this is bloomberg. ♪ ritika: i am live in the principal room. coming up, slack ceo stewart butterfield at 2:00 new york, 6:00 -- 7:00 in london. this is bloomberg. now.berg first word news the rebound in the u.s. labor market slow down last month. employers added just 245,000 jobs in november, well below estimates and indicates a surgeon coronavirus is curbing the economic recovery. to 6.7nomic rate fell per -- the employment rate fell to 6.7%, but so that the rate of americans participating in the labor force. the chances are now higher for a deal on a sti

meanwhile, rbc confident that chewy will continue to ride the covid tailwinds, which they say will boost sales long-term. but here comes competitor bark box. not to be confused with birch box. bark box looking to capitalize on the pandemic-fueled spending on pet products. the monthly subscription startup set to go public via spac in a $1.6 billion deal with northern star acquisition corporation. we will be watching for that one. >>> and streaming media player roku spiking to all-time highs as it officially opens its tv screens to hbo max after a six-month standoff. it finally struck a deal with warner streaming offering which can now get in front of roku's more than 100 million users. or 200 million eyeballs. roku also seeing a street high price target, benchmark raised the call on shares to $410 from $300. the stock right now at $329.79. at & t moving in the reverse, down 2%. >>> all right. at this hour yesterday, remember we showed you how restaurants across new york city were rushing to drag anything that wasn't nailed down in their outdoor setups ahead of the massive snowstorm? comin

lori of rbc says their analysis suggests the recovery has room to run from a fundamental perspective. i think everybody would agree with that. but she says it also suggests a key risk for u.s. equities in 2021 is already baked in already. do you agree with that >> i think can you say that about certain sectors. large cap technology didn't keep up with the broader market as a group in november or for the quarter-to-date period, even though it's had a positive return i think what we could see and what we have absolutely seen is a catching up of other groups and small cap is a great example. just for this current quarter to date period since october 1st, small cap is up 21%, which is phenomenal but if you look over three years, the cumulative returns in small cap are only about half of large cap. there are other areas where i think there does continue to be an opportunity we've been adding to more value oriented groups and sectors. just as part of our thesis when we look at these more beaten up cyclical groups, they're going to be able to grow earnings exponenti exponentially and 2021 an

e-signature company beat quarterly numbers on both the top and bottom line, docusign jumping at third% and rbc capital raising the price target to $325, doc you at $243.48 is up stupendous 230% year to date. talk about a pot stock, stock shares nearly doubling in 2020 but how did ceo stewart butterfield get software giant salesforce to throw down a more than 50% premium on the messaging platform just a week and half ago, he's going to tell us in just a few minutes right here on "the claman countdown". forget the painful nasal swabs as were about to show you the new device that could make testing for coping as easy as breathing, the closing bell ringing and 37 minutes, up 178, "the claman countdown" is coming right back. ♪ a must in your medicine cabinet! less sick days! cold coming on? zicam® is clinically proven to shorten colds! highly recommend it! zifans love zicam's unique zinc formula. it shortens colds! zicam zinc that cold! i do motivational speakingld. in addition to the substitute teaching. i honestly feel that that's my calling-- to give back to younger people. i think most adults w

susan: top stock according to rbc. outperformance in a down market. calling it a buy.according to rbc the reason will mart size, e-commerce, value to consumers. where people rush to buy essentials this year during covid. stuart: susan you are not off the hook at this point. susan, tell me about bitcoin. wait a minute. goldman says bitcoin will not, will not replace gold. susan: i found it interesting in the goldman note compare more to say copper and reflation story when it comes to the economy. stuart: really? susan: goldman says to them, bitcoin is retail reflation trade if you want to look at it, gold my the be more institutional. depending where the money goes. people argue ad lot more retail individual, even hedge fund money has gone into bitcoin this year. that is why we're looking at the 300% rally this year. even traditional money managers, paul tudor jones not exactly millenials, saying it is early innings when it comes to bitcoin, goldman says bitcoin is not the new gold. susan: which i found interesting. stuart: not, not. look who is here. dennis gartman. de

rbc says it's worth 345, and that's up from current levels.r to work remotely, cloud players are doing well this week, really for the entire year. stuart: names i've never heard of -- >> snowflake? stuart: well, i've heard of it, but not until the last couple of years. >> here's one you've heard about, the beauty retailerrers didn't do as well. same-store sales down 9% in the summer months and you're not going to work, you don't have to face everybody, so is why buy as much makeup and skin care. and look at at&t, crushing the cinema business by releasing blockbusters and streaming on the same day that they hit the theaters, and that's crushing the h hamcs and the -- amcs and the' gals and the like. -- regals and the like. we know pfizer had a bit of a delay and crunch in production volume. stuart: a lot of news today, a lot of big movers too. susan thank you. >>> president trump headed to georgia tomorrow. he's rallying for republicans a ahead of the senate runoff there. but with covid cases rising, will we she see more masks or social distanc

i think i heard you say estee lauder >> yes, for the ceo, a remarkable job, but rbc is a fantastic nodebout a meeting with him about how they're doing. i think that is really interesting, this is something we don't talk about. i have lululemon on tonight. online is here to stay for cosmetics, online is here to stay. they're selling too much it is a very powerful site that they have 60 minutes per customer, on it a lot, but, david, no matter what, the winners, direct to consumer, nike reports at the end of the week the lulu quarter was made up, the strength was direct to consumer this has been something that i don't think goes back, you know, we were talking about what goes back, i think direct to consumer is regarded as a great time saver. >> even cosmetics, people will order them. >> i used -- i used the ulta site and they have, you know, they kind of measure what you need. on an iphone, and then they send it to you. i wanted to have something that took off makeup, for me, spray painted like a car ppg, they spray me, and i need to get that car -- >> nice sheen. >> i use estee lauder wh

missing out, that is going on in the market right now joining us with that is amy wu si silverman at rbc is feel like they are missing out? i feel like i've missed out o. a lot of things this year, but not necessarily the markets. >> certainly i feel like in general everyone feels like they are missing out. but feskly with regards to the markets, it is actually more the institutional side rather than the retail side who feels like they are missing out if you look at cfct positioning data since the beginning of the pandemic, this group of asset managers were the most und underinvested. so essentially they missed this big wave that we saw in growth momentum in tech and now after a month like november, they are seriously considering how to position for the potential recovery as it relates to value and cyclicals and the like so that group delicately putting their toe in the water and when that wave comes, it will be fairly large >> i mean i guess that explains why we keep seeing the stock market hit new highs even though we're seeing new records on every kind of bad metric when it comes to c

we're joined now on the squawk news line by amy wu silverman at rbc. i don't know what you mean by execution will be tough because the conclusive election, we might have that in the executive branch, but we're still waiting on georgia and that is the big deal, the big final part of the puzzle that we need before we can make any real deputy decisifinitive decisions. >> yeah, fair enough as it relates to the elections when we polled institutional investors a couple months ago, the presidential election was what was front and center on their mind but obviously georgia is now what is front and center on a lot of people's minds. when we look at this from the options perspective, what the actual options market is pricing, it is not pricing it as a tail event meaning that democrats sweep here however, obviously if that does happen, that is obviously underpriced going into this georgia runoff but even still, you know, i think that we're sort of in this period where it is all about logistics and execution. so how we administer the vaccine, the fact that there a

from a lot of them, rbc downgraded, but we still have 30 million daily -- 300 million daily meeting participants grown from last year. stuart: some investors may think when the pandemic is past, we won't be using zoom as much as we are now. >> might be true. it's profit taking because 300% growth, for any other company that would be astounding. for zoom it's just not good enough. stuart: the queen of profit taking -- >> which is true. stuart: apple's rallying again, how much? yes, they are, up 1%. their joining forces with amazon? >> two trillion dollar giants, app developers can use the am amazon cloud version of mac computers instead of having to buy the expensive machines, and that's a test for app developers that, you know, use and make apps for the iphone and the ipad, and that'll make it a lot faster as well. apple itself is on, i would say, a two-day rally. yesterday gained about 3.5%. you have two influential analysts saying it's a buy and morgan stanley with a lot of people listening, she says if everything goes right for apple, it's worth $191. that's 60% from current levels. both of t

we would rbc have to see that the first of all.a year ago on the promise of that oven ready deal, they should have kept their promises. we would have to see it first. we have always said we would oppose in all circumstances no deal and we are in a position where it is an up or down vote on a no deal. we think the government haven't really told the house of commons yet what form that would take. we have to look at it and we do want to move on from this and give the country a chance to recover from the pandemic but not having to focus on brexit. i understand why you are saying that, because you are saying you need to see the deal. but even the unite general secretary has warned your leader against sitting on the fence. how important is it for labour to be very precise and decisive about any response you might have? that's the case with any issue. we shouldn't forget that in the years since the general election the years since the general election the pandemic has been the big story rather than brexit. and tragically, the headline fro