. ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenowarter way to workflow. this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart and your home, check us out. we thought for sure that we were done. and this town said: not today. ♪ everything we have, we've earned. the unmistakable lexus is. get zero percent financing on the 2020 is 300. experience amazing at your lexus dealer. >>> we're back options, unusual activity. what do you have for us? >> well, scott, i've got one of warren buffet's favorite stocks. he doesn't just own it, he enjoys their product on a daily basis. that's coca-cola ko with the stock just below 51. let's say $50.81 they were buying the 51 calls. these calls expire the 23rd of october. not regular expiration a week after that. they were paying about 1.41 for these calls. they were taking profit in september. i like following that. i bought these and probably be in them

. ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenowkflow. to deliver your packages. and the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. every day, all across america, we'll keep delivering for you. >>> welcome back to "worldwide exchange." the pandemic has brought plenty of changes to health care. with telehealth and increasing the need to leading adoption of these services not just the doctor but extends to dentistry and orthodontists announcing a new partnership with 3m. >> thank you for having me >> i don't want to oversimplify. you have a device that let's people take a video selfie of their mouth then sent to an orthodontist who can look at it and give care plans. >> that video will give an orthodontist the ability to do things they weren't able to do before with what is going on in the pandemic where doctors and patients were not able to see. patients were attempting to sends us things. our device moves the lips and cheeks out of the way and uses your phone device to see

♪ ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenowto workflow. they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time >> stocks making it four in a row. futures are higher hurricane sally batter the gulf of mexico with life-threatening storm surge. we are live on the ground with the latest apple pulling back the virtual curtain. leaving fans perhaps wanting a little more. no new iphone. you are watching cnbc. one of our viewers yesterday said why don't you throw up a little van halen i know if you are listening on radio, you are not hearing it because of licensing issues. fur watching, well good morning. dow futures indicated up about 150 points futures higher about 90 following another decent higher day for stocks positive day too 70% of all stocks rose the third positive session for the dow and the s&p 500. we noted small caps continue to be a bit of a star the russell 2000 at it again watch the russell and for in kind of rotation from

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save up to $400 a year on your wireless bill. with the carrier rated #1 in customer satisfaction. call, click, or visit your local xfinity store today. >>> welcome back shirs of hsbc and standard charter falling. two stories. the big weekend report that multi-international banks flagged money transfers and how coast cases could flag another round. intel says u.s. licenses that will let it keep supplying items to huawei. a new item put in place that will keep companies from working with chinese can companies >> series x goes on sale november 10 with a retail price of $499. company calls it the most powerful games console yet get your fortnite ready. microsoft stock up this year the battle for the senate heating up as the fight for the supreme court intensifie

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoww. ♪ ♪ ♪ the big events are back. xfinity is your home for the return of live sports. >>> wall street capping off a wild week. futures are higher senate republicans failing to advance the latest coronavirus bill >>> it is official, football is back the chiefs not missing a beat. beating the texans the nfl season kicks off you are watching "worldwide exchange" here on cnbc >> welcome or welcome back happy friday here is how your money and the global markets are setting up your friday. they are in the green right now. we are seeing the nasdaq and the dow futures. the exact same on the nominal basis. all the major indices did close lower yesterday. the nasdaq losing what it gained fourth negative day. only three stocks rose tesla, moderna and align technologies maybe we'll get a bounce back. nasdaq on pace for the worst week since march 20th. as we have said, context is key. the nasdaq is still up 22% year to date. remember, the biggest drops tend to come in the years where we are see egg

. ♪ i keep working my way fback to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenoworkflow. ♪ ♪ ♪ the big events are back. xfinity is your home for the return of live sports. >>> more pain ahead on wall street and big tech. d.c. dread fears over contested election, dead lock congress, stalemate and giving investors cause for concern. have no fear some under the radar names up 40% this year thursday, september 24 this is "worldwide exchange" here on cnbc >> welcome good morning thank you for joining us here is how stock futures are looking as we are half way through the 5:00 hour. technical levels are holding up. the dow down nearly 2% on wednesday. seeing the fifth down day. the dow is down a week nasdaq 1.5%. all on track the fourth downed week in a row. the first times that happened since august all are on pace to snap the win streak as well posting the drop oddly more specific now down 10.a 5% this month. why are we so specific because those numbers -- dropped 11.1%. even worse than the performance from past march. we don't turn around the next couple of sessions

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenow i'm a delivery operations manager in san diego, california. we were one of the first stations to pilot a fleet of electric vehicles. we're striving to deliver a package with zero emissions into the air. i feel really proud of the impact that has on the environment. we have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future. >>> welcome back to "worldwide exchange." a check of top headlines we go to philip mena >> a new york appeals court has blocked the district attorney from obtaining trump tax cuts. the hearing is set for september 25 a progressive stall warj fended off competition. markey beat joe kennedy by about eight percentage points. he's the first in his family to ever lose a primary in the state of massachusetts >>> the wild ending in the bubble as the clock ticked down. connolly goes down the court he shoots it and the ball would -- let's wait for it here. in and out send the nuggets home. the nuggets will go

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowto workflow. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save $400 a year on your wireless bill. plus, get $400 off when you buy the new samsung galaxy note20 ultra 5g. >>> futures are down again look at the two big technology games. apple and tesla are down in the pre-market tesla shares down 9.5. apple down 2.5%. could be another difficult day keeping an eye on that is tesla down $40 a share something we talked about is all of this volatility really because of soft bank investors largely casting doubts on the investment giant's multimillion dollar debts. that stock falling after an 8% drop on monday let's talk more about soft bank and what they are doing on the news line with financial times deals deliverer. talking about soft bank and what they are doing what can you explain that they are doing in the options m

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. ♪ if i could, baby i'd ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. >>> welcome back a live look at washington, d.c this is the capitol where lawmakers have a lot to consider as we try to keep our economy on track. a look at some stocks on the move today zoom reporting second quarter results. revenue quadrupled raising outlook by 30% shares are up more than 27% in the pre-market and nearly 500 this year. don't miss the company's cfo on "squawk box. >>> kodak discloses d.e. shaw takes 5.2% stake the loan is under scrutiny and on hold. >> tesla stocks shot up following the five for one stock politic boosting above $461 billion passing visa to become the world's seventh largest company. >> we could be learning which company bytedance is exclusively negotiating with we go now live to china. >> good morning. how it stands, you've got the team of microsoft and walmart versus ora

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save $400 a year on your wireless bill. plus, get $400 off when you buy the new samsung galaxy note20 ultra 5g. >>> block buster results for the company known as restoration hardware frank is back with the details >> starting with rh. shares jumping 14% after reporting better than expected earnings the company said total demand rose 16% rh is not providing guidance citing the pandemic but says business trends continue to build. the ceo of rh will be on mad money tonight. >>> boeing facing an independence probe over a deal with nasa. the agreement comes as federal prosecutors continue a criminal investigation of whether a former nasa official miss guided boeing >>> kansas city southern has rejected a takeover offer. valuing kansas city southern $2,000 per s

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowto workflow. i feel like we're forglet me check.ing. xfinity home gives you peace of mind from anywhere with professionally monitored home security built around you. no, i think we're good. -good. so when you're away, you don't have to worry. the tent. we forgot... the tent. except about that. xfinity home. simple, easy, awesome. hey look, i found the tent! and, see, it's safe. call, click, or visit a store today. >>> good morning welcome back look at that green on the screen we are seeing futures higher right now. we are joined by ryan payne, the president of payne capital management great to have you back on. futures are mildly higher. that's a good sign do you believe the selling is over >> i'm sure we could get more selling here look, we had a magnificent move off the bottom we were grossly overdue for some sort of correction you start looking at tech stocks and it got so, so frothy you talk tesla, their stocks are up but sales up over 3% tech just got to a point where valuation wa

e♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenowarter way to workflow. i can't wiat to share at&t's big 5g news... (shouting through the glass) at&t has nationwide 5g? yup! and that's faster? faster, yea! but is it reliable? ah huh and secure! you should consider making a big deal about it! bigger? i said bigger! oh, big-bigger deal bigger than what i'm doing? it's not complicated. a 5g network needs a 5g device. now everyone including existing customers can get a free samsung galaxy note20 after trade-in. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. >>> welcome back frank has our etf trade today. >> big mma driving the action between oracle's tiktok bid and arm. we have seen stronger inflows into value etfs with more than one billion worth of out flows is the value trade broken? joining me now to discuss are todd rosenbloom. looks like we're having technical difficulties startling number there or shocking

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. ♪ ♪ ♪ the big events are back. xfinity is your home for the return of live sports. >>> the chinese owner of the video shaping app rejects a rival offer from microsoft bertha has the latest on what we know and perhaps what we don't know >> dom, oracle is set to be announced as tiktok's trusted tech partner in the u.s. it's unclear which parts of tiktok's technology will being taken over by oracle which hasn't commented and microsoft had been considered the front runner to buy tiktok's u.s. business until this weekend it was notified the offer had been rejected. walmart teamed up with microsoft on its bid in a statement last yesterday walmart said it's considering joining oracles group. however there are still several hurdles to clear they'll need approval from the committee on foreign investment in the u.s. which oversees foreign transactions for potential security issues. you know, i have to think that this is the most important business story for anybody under 50. >> it

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. ♪ ♪ ♪ the big events are back. xfinity is your home for the return of live sports. he you. >>> welcome back kroger beating earnings ximents. the grocery giant seeing a surge in digital sales in the second quarter. kroger ceo joins us now for an exclusive interview. welcome back, rodney good to see you. >> good to see you, sara >> well this was a surprise. better surprise on sales, on digital sales and also on the guidance and the projection of 13% comp store sales what gives you the confident that people have really changed their behavior and n.in a lastiy and buying more groceries in the longer term? >> customers are continuing to shop in our stores you know, when they in our stores, count is down. the amount they spend per visit is up significantly. also, digital business is up 127% customers continue to engage in that and what we're finding in markets where covid-19 is less lower incident rate or higher incident rate, it really doesn't have that much ofa difference. p

. ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenowkflow. >>> let's send it over to mike who is looking at the potential implications of stalling the stimulus package in had d.c. mike >> there is good news and bad news in this chart it shows up top real personal income this is in dollars $18 trillion so far, well above year ago levels right here. now this includes transfer payments, unemployment insurance, $1200 check that most households got earlier this year this is without it so this is just earned income. can you see the big decline. and then just a very slow increase well below precovid-19 levels so this is the number you have to keep an eye on. as things roll off unemployment insurance and things like that and people draw down the savings they may have built up from the support checks we got earlier this year, you know, this number might actually sort of flat line or bleed lower that is the issue. but it also is an explanation as to why we haven't seen a dramatic slowdown in spending since the lapsing of the other supplemental un

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. >> good morning. that is a live shot of time square if you are just waking up, check out what is happening with the futures. the dow jones implied higher by roughly 215 points, the s&p higher and the nasdaq now lower. the faang named this morning you might call this the epicenter of the selloff they are all indicated lower in the pre-market facebook half a percent, apple, netflix and google parent company. the only stock showing a marginal upside, amazon shares up .06%. other moves. the chip maker says a ramp up would be later this year a possible sign the iphone could be delayed past the usual date and beyond the fifth of total revenues of apple alone. then you've got docusign as it continues to benefit from the work from home trends. shares are down after falling nearly 9% in the regular session. still that stock is up more than 200% so far this year. shares are down 8% pre-market. one bright spot today. the company's ceo will be on "squawk box. a must-watch interview

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowi could, baby i'd ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. >>> good morning the dow pushing above. powered by new retail traders but watch out, many of them trading on the popular platform robinhood that is now sffacing sec probe. >>> and airbnb with a spat perhaps burning a hole in spackman's pocket. "worldwide exchange" starts now. good morning, welcome to "squawk box" on cnbc i'm becky quick. joe and andrew are out today a lot to talk about. starting with the market sent the dow back above 29,000 for the first time since february 20 with a gain of 450 points, 1.6% for once, it was the dow and s&p outperforming the nasdaq dow up, nasdaq up 1.5% you did see a change in rotation

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenow workflow. turns out, my body wash was the problem. until i tried olay body. which improves skin 3 times better than the leading body wash. better skin from a body wash? you better believe it. with olay body. >>> welcome back fire marshal bill is back, kind of a big new edition to saturday night live. >> i love that reference to fire marshal bill jim carry will portray joe biden on this season of saturday night live joining a list of a listers. alec baldwin will reprize his role as president trump and another to play vp nominated kamala harris. >> and new york city restaurants will be allowed to add a covid recovery charge that can only amount to 10% of the total restaurants will open in the city september 30. >>> and both mens and women's basketball will begin november 25 by that time, at least 75% of d 1 schools will have concluded semesters or moved classes on line so a more controlled environment. just glad to see those back. >> so good, so far the outcomes have been positive if yo

. ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenoww. every curve, every innovation, every feeling. a product of mastery. lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer. >>> all right. we're back pete, before we go, i want to get another one of your call buys today las vegas sands. >> sure, that one is pretty interesting, because of the fact it's pulled back pretty dramatically recently. when we saw some call buying, it intrigued me i jumped on these. they went all the way out to november we've been talking short term. this is november this gives you more time i bought those 50 calls as well. >>> let's do final trades. jenny, you're up first. >> sure, chevron the share price isn't currently reflecting the stability in the oil prices with a 6.6% dividend yield. >> michael farr, good to see you, man what do you got for us >> good to see you, valmont. >> josh brown? >> bullish on uber and jenny harrington >> you better get that burger money ready, that's all i'm saying. >> and burgers >> pete

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoworkflow. at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. >>> it is time now for the rbi we continue to stay focused on the markets and your money history maybe can provide some reason to be optimistic. we know history shows the pandemic tend to last about a year we have about six months to go even without a vaccine what is random but interesting about the market is this noting that prior to this month, the s&p 500 had jumped five straight months. he calculated the data going back to 1950, there have been only 27 other five-month win streaks in 70 years. only 27. not that many. in the 26 prior to this one, we've got history. on that history, the market shows that the market is

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenow workflow. >>> welcome back as the morning goes on, stock futures go up. opening up 150 points higher watching that higher across the board. it looks like a lot of green on the screen today let's get a check of some of your dow pre-market gainers. sal sa saleforce locking strong we'll go to philip mena with more >> crews are still struggling to get a handle on the wildfires wreaking havoc on the west coast. at least 35 people have died and that number will likely rise as the difficult search for the missing continues. the fires have destroyed thousands of homes and torched over a million acres >>> more fall outin roch chester new york, over the death of daniel prude addition to requesting a federal investigation into prude's death back in march. >>> the new york mets are shaking up their ownership investor steve cohen has agreed to buy the team for $2.4 million he will be the second richest only behind only los angeles clippers steve balmer. back to you. >>> i was going to ask you as a

♪ ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenow with the icon that does the same. the rx, crafted by lexus. lease the 2020 rx 350 for $409 a month for 36 months. experience amazing at your lexus dealer. >>> stocks rallying after novavax is starting the phase three trial. there is going to be emergency use authorization. the they state that participants in late stage trials should be tracked for median two of months after receiving the final dose before an emergency authorization can be considered. joining us now is former fda commissioner dr. scott gottlieb. he sits on the boards of pfizer. thank you for joining us definitely want to get to all of that but firstly, the spiking of cases in europe. how severe is it is there anything we can learn from it? >> it's deeply concerning and very significant france reported 16,000 cases today. they have more than 1,000 people in the intensive care units across the country these are big surges these are big epidemics and outbreaks under way. you are know, it is a harbinger. the coronavirus wo

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoworkflow. >>> welcome back unusual activity, doc. alcoa. we haven't talked about this in a long time. >> no. it's not a short term earnings play with a stock here, $11 stock we note the 14 calls being pretty aggressively accumulated out in january this plays into some of those longer term january style plays that we talked about top of the show i bought these calls i think they were trading for about 77 cents we'll keep our eye there down 46% year to date. we'll step away. coming up, our experts are ready to answer your questions you can send us now by video we will play it on the air ask halftime wl rhtac weilbeig bk.comparabln makes it beautiful. state-of-the-art technology makes it brilliant. the visionary lexus nx. lease the 2020 nx 300 for $339 a month for 36 months. experience amazing at your lexus dealer. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. >>>

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowway to workflow. to deliver your packages. and the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. every day, all across america, we'll keep delivering for you. >>> welcome back we have a news alert on facebook julia has the story. >> that's right, wilf. facebook dismantled three networks of fake accounts which could be used by russia's intelligence service to leak hacked documents that was in it an effort to disrupt the upcoming election. facebook saying in a block post, the people behind this activity coordinated with one another and used fake accounts as a central part of the operations to mislead people about who they are and what they're doing and that was a basis for our action. though had coordinated inauthentic behavior that they detected and removed russia which was tied to this one denied election meddling facebook did call out russia in this instance. back to you. >> it's been painful week for investors and electric vehi

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoworkflow. >>> a check on the markets now a calmer day s&p is down six to 3392, the nasdaq is ekeing out a small gain we've got some breaking news out of the washington. let's get right to that with kayla tausche. what's happening >> the senate failed to advance the republicans' targeted covid relief bill in a vote that closed just moments ago there were 52 yeahs, a yeas needed they had hoped to pass it and advance the bill, and at least get approval in the senate and challenge house speaker nancy pelosi to take it up in the house or meeting them at the negotiating table with some sort of compromise. because this did not advance, it essential leaves the ball in the republicans' court to huddle themselves, find something where they can compromise and would have 60 votes to move forward and figure it out from there it also comes ought a time when the treasury secretary expressed pessimism of moving forward, saying they were focused on a clean bill to fund the government beyond september 30

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoworgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. into strategies for the road ahead. (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> time now for futures outlook. platinum features are still in the red for the year let's bring in brian belski. brian, tell me about platinum. >> platinum got all of its futures for march. gold and silver have broken out, so i like to look at futuristic gold to sell rallies for platinum they have a replacement of 970 if it breaks below 900, we could see another $50 going as there is a good trend line in

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowis big sell-off, with the dow now down 700 points, the work from home stocks, get hit hard today jason, you odocusign and recent ly bought peloton. i lump that in with this phenomenon obviously you like peloton. >> i have a difficult day today, but as far as docusign goes, i think they're a general change business i think it's profittaking ahead of the bell. i think they will report well, but it's going on the theme of the last few days, you know, with tech selling off. josh, you own zoom >> i agree with jason. we have to stop calling these work from home stocks. they're work from anywhere stocks, and that's forever i own a management firm with 32 employees. before the covid pandemic, more than 50% of my employees were remote and we were using zoom. before the pandemic 70% of new accounts that were coming to me were from outside of new york state, and we were using docusign we need to stop with the nomenclature it's incredibility the work from anywhere stocks can be work far beyond the

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. still a lot of selling two other stocks that you have to watch the founder unexpectedly stepping down as executive chairman saying that he will cheer from the sidelines a former gm executive takes over the board. shares are down 23% right now as he steps back against fraud allegations. by the way, general motors which just took an 11% stake we heard from a number of ceos in this network and program. and the industry has seen a rebound since back in april. but not at full employment yet, the sector is expected to grow 4% annually from 2029 and about 300,000 new jobs expected to be added. launching today to support those is core a labor marketplace app specifically designed for the industry connecting companies and contractors with skilled labor that they equire this is an industry that is n notoriously scattered. you have independent contractors. plumbers, electrician, they all kind of operate in their own time how is that designed to bring that market together >> so we a

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoworkflow. ♪ if i could, baby i'd ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. >>> welcome back, shares of pager duty are down more than 28% after they posted weeker than expected guidance for the rest of 2020 the stock not doing well this morning. in a down market, joining us to discuss is jennifer tajada good morning >> good morning, john, nice to see you. >> good to see you so there are a lot of stocks down this morning, you had some nuanced commentary on the quarter about how it started off rough with enterprise spending and with churn, but trends tended to improve throughout what can you tell us about how customers are using the product. and the extent to which you're able to insulate against these covid impacts. >> thanks for having me. we posted a strong quarter revenue was up 26% we have over 13,000 customers, and one important thing is that the customers were sticking with us we h

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowes. and the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. every day, all across america, we'll keep delivering for you. a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. and tailored recommendations. - when you see or hear of others confronted with hate, there are many positive actions you can take. volunteer, call friends, or host a community meeting to denounce the hate and talk about the shared values you do have. >>> breaking news on astrazeneca. meg tirrell with the details meg. >> we are getting a statement from astrazeneca after the report from stat news that its ceo shared details with investors on a jpmorgan call on what caused the clinical trial halt for the covid-19 vaccine. based on comments made earlier by our ceo stating that we have confirmed that a partic

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowway to workflow. >>> chewy earnings are out the online pet retailer reporting a better than expected loss down 8 cents they lost 8 cents a share. the expectation was for a 16 cent loss. they lost about half what was expected revenues coming in line. $1.7 billion expectation was $1.69 billion. it does represent about 45% sales growth from last year. we know this has been a huge stay at home winner. margins also expanded, 25.5% that was a big margin expansion over last year and according to the new ceo, they set new records for both net sales growth and new customer additions they're producing the second adjusted profitability metric despite the gap loss the stock kind of all over the place also ut was lower first we're going to talk about what is going on beneath the headline numbers with the ceo in in just a few minutes of chewy overall, huge beneficiary. digit sales growth they have already run up 100% so far this year. we know people are at home we know they're continuing to spend on

♪ ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenowter way to workflow. with the icon that does the same. the rx, crafted by lexus. lease the 2020 rx 350 for $409 a month for 36 months. experience amazing at your lexus dealer. >>> morgue an stanley warning the tech selloff is not over saying the nasdaq 100 could fall 14% to test the 200 day moving average. for more, let's bring in dan niles from alpha one capital partners great to see you as always thanks for joining us. >> my pleasure >> so that's one view that morgue an stanley view the other view is that we're bouncing back some of the key names in particular like apple and also amazon. does that make you think that the tech pullback is over? >> i think you're really tough junk tour in themarket so you expect some kind of bounce off of that but, you know, to morgue an stanley's point, valuations are at record levels which is why you can't pick a floor is very, very hard. that's why when i've been on the interviews with you before, i'm like you have to be nimble and create around you

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. >>> welcome back to "the exchange." markets here continue to push to new session highs. take a look behind me at the action across the major averages we have the dow 645 points right now, that's 2.3% big tech is absolutely leading the way. the s&p is up 2.6% the nasdaq is up 339 points, so we're definitely unwinding some of the damage done in the last three sectors, although there is still a way to go beyond that mark yesterday everything was red today every single sector is positive it's not just the tech story, though that sector is up 4%. materials coming in with a 3% gain, discretionary, health care energy remains the underperformer, but at least today it's to the upside, 1.3%, financials up 1.4% that auction went off with a d grading which rick santelli gave it let's look at the big momentum names seeing a bit of a comeback here apple, amazon, tesla, microsoft, nvidia tesla is up 7% of course yesterday it had one of its worst days in years apple, amazon and microsof

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowr way to workflow. >>> welcome back day two of the market selloff continues with the dow down 335 points, the s&p down 54. that's a 1.5% decline and the nasdaq down 282, but we're 280 points off the lows for that index. the price of oil as well dropping $2 in the session, going below $40 a barrel, which is a level we haven't seen for some time. as we continue piling up signs for what kind of trade is shaping before our eyes, you can put the drop in crude in there it's a 4% decline. >>> moderna has news that it is slowing down in enrollment in the covid-19 phase 3 trial for more on that, tune in to "the path forward, race and opportunity in america." jon fortt and andrew ross sorkin your ideas and sutnsf olio oce ceo investors and entrepreneurs. >>> we're back in a couple give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. >>> welcome back we have been talking about momentum

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowto workflow. ♪ ♪ >>> welcome back to "the exchange." the nasdaq selling off again today near session lows and on track for a third week of losses it's down about 10% since the all-time high on september 2nd and big tech are leading my next guest says there's more opportunity now in smaller tech names. joining me is brook dane he's the manager of the morning star four-star rated technology fund they're up 25% so far this year. brook, it's great to have you. it's been the best of times and the worst of times what do you do now in the world of tech? >> hi, kelly, and thanks for the time today it's great to be on. the thing we're talking to a lot of our clients at goldman about is the fact that indexes and people's portfolios have become so overweight in mega cap names that they need to be looking beyond that cohort of companies and try to broaden out where they have investments. if you think about what's driven tech over the past five years, you have two big waves that's created this oppo

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoww. >>> 31 minutes left of the session. the market is down 3.4%, 382 points on the nasdaq the low of the session, down 440 points a little off the lows. still sharply lower. let's have a look at individual names that are in fact gaining today. shares of beyond meat are higher after the company said they signed a deal to open production in china additionally, starbucks said they would add offerings from beyond meat and impossible foods to its menus in in asia. beyond is up 6%. peloton popping after cutting the original price of the bike by 24% they announced a more expensive bike model as well as a lower priced treadmill the stock is up 5%. >> all right time for a cnn cbc update with e herrera. the. >> here's what's happening at this hour. three teenagers have been charged with murder in the fatal shooting of a cleveland police detective and another man during what authorities was a robbery attempt. r. kelly was denild bail by a federal appeals court. kelly remains a flight risk. he soug

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowto workflow. >>> welcome back the dow snapping the four day win streak closing lower along with the other major averages. finishing well off the lows of the session. for more ton day's selloff, let's bring in chief economic adviser. mohammed, great to see you thank you for joining us >> thank you >> big intraday moves today. also really every day so far this week. what do you draw from that are markets suggesting to you that there is more people willing to step in and buy the dips than the opposite >> so the last 24 hours i've been fascinated. you've seen massive tug of war and it's all happening in the liquidity sphere it's not happening in the fundamental sphere and i think what happens basically is the fed first surprised on the positive side and then some misstatements and the fed -- at the press conference shook a little bit the impact of the fed. and now we're seeing the tug of war going on they're questioning the market, test valuations because we have no fed meeting for almost

kids ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenowarter way to workflow. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save $400 a year on your wireless bill. plus, get $400 off when you buy the new samsung galaxy note20 ultra 5g. >>> welcome back we just got some breaking news on tariffs let's head right to kayla tausche for more kayla? >> kelly, the office of the u.s. trade representative just announced it's preparing to undo the 10% tariff that are laced on canadian aluminum imports that it just reintroduced last august the statement from str says it has data that says imported aluminum from canada is expected to normalize in the next several months and in the first half of next year, and the surge it saw earlier this year that led it to impose that aluminum tariff in august is expected to go away. certainly a big development and one that was creating a lot of u

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowe to "power lunch. we begin with market sell off on wall street again. glad to have you with us here on this day after labor day it's day three of what has been a tech led sell off. the dow down about 350points but it's the nasdaq that is leading the declines it's down better than 2% earlier today down three it's been a sharp and steep drop for nasdaq now down about 9% from its record high set just about a week or so ago plus, one of the hardest hit stocks, tesla down another 18% general motors addin

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so you're getting the usual names here, your apples, your servi servicenows, qualcomm, adobe the tech side, they're generally up, or as you see in the case of apple, it's on either side of positive or negative today that's a very noticeable trend the problem with the s&p right now, we've been on such an uptrend for three months, there is not a lot of technical support. yes, technical support matters, momentum matters the 200-day moving average right now 31.04, and as you see there, we're a long ways from that, about 100 points, but it's notable tech support >> thank you very much, bob pisani >>> as the market stelz off this month, it's also changing shape. value is outperforming growth. growth is off by 10% since the start of the month value is only off about 4% again, a decline, but relatively speaking, a little bit of a better one taking a look at the sectors, this will tell you exactly what's going on. the market darling, tech, is now the worst performer, off about 11% on the month also communications services which clause facebook and tech, s&p barely higher on the month which has

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoworkflow. ♪ >>> welcome back, everybody. i'm sue herrera. here is your cnbc news update at this hour. cindy mccain, the widow of republican senator john mccain endorsed democrat joe biden for president, saying he is clearly the best candidate she has not voted for a democrat since she was 18. >>> a report from two republican-led senate committees work done by joe biden's son in ukraine constituted a conflict of interest for the obama administration the report said it is unclear whether there was any impact on u.s. policy towards ukraine. >>> russian opposition leader alexi naf lanny posting this picture out of the hospital. al vanny said he will return to russia when he is well enough. >>> the international space station moving to avoid orbiting debris nasa says the maneuver was successful and the objects only got within a few miles of the space station. space trash. who would have thought that's the news update this hour i'll send it back to you deirdra. >> sue, thanks very much for th

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowe're just a week away from the start of a new season for the nfl. but like other sports leagues, it's facing new challenges due to the pandemic. joining us exclusively is the commissioner of the nfl roger goodell. commissioner, thank you so much for joining us today >> good morning, julia it's great to be with you. and it's great to hear you say the season is only a week away that's great news. >> well, assuming the season, everything starts as planned the big question is how different things will look both for your players and for fans this year. >> well, i think it's safe to say, julia, everything is different in 2020 for us the off season has been different from the draft all the way through our off season planning, off season training, to this training camps themselves obviously we're having to put a lot of focus on health and safety that is number one priority for us of our players, of our coaches, of all our personnel, our fans and so, all that planning has been, you know, extrao

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♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenoworkflow. good job, michael! does. ok, lindsey now tell the class what your mommy does... my mom has super powers. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures. >>> welcome back as of 3:23 take a look at this dharchart. this is trade desk this the is a stock that ipo'd at $18 per share it is a diblgtal ad platform used by buyers, connected tvs to web sites to podcasts jeff green is the co-founder and ceo and he joins us now jeff, what is going on with your stock? why has it been this moon shot >> first of all, thank you for having me. well, you know, especially this year with vud, look what happened was in march we paused relatively healthy economy and then advertisers immedi

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowy to workflow. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. >>> we've got just about seven minutes left in the trading day. we're now in the "closing bell" "market zone." cnbc senior markets commentator mike santoli here as always. today we have capital usa's keith bliss here as well welcome back, keith. taking a look at the broader markets. stocks bouncing back off the lows still under some selling pressure here. s&p 500 and nasdaq on track for first negative week in the last six. and it is technology leading us lower today. it led the rebound earlier in the session. but, mike, what sort of damage has been done so far to the high flying tech names that led

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowd's under fire the fast food chain facing a new lawsuit. this time it's from a slew of former franchise owners. woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. . >>> mcdonald's facing a new lawsuit. the company now being sued by 52 former black franchisees over racial discrimination. >> that's right. that group represents more than 200 mcdonald's store locations the group is claiming that the company sent them on a, quote, financial suicide mission by giving them locations with lower volume sales and higher operating costs including security costs due to crime, denying plaintiffs support to allow them to

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowkflow. i'm a verizon engineer, and i'm part of the team building the most powerful 5g experience for america. it's 5g ultra wideband, and it's already available in parts of select cities. like los angeles and in new york city. and it's rolling out in cities around the country. with massive capacity, it's like an eight lane highway compared to a two lane dirt road. 25x faster than today's 4g networks. in fact, it's the fastest 5g in the world. from the network more people rely on. this is 5g built right. only on verizon. >>> china ease competitor to we work is planning a back door listing on the nasdaq later this year we have more on u-commune. >> yes the company is called u-commune. it's the arch nemesis of we work here in china and the company's founder told me the company is looking to raise funds in order to expand overseas as well as here at home >> this shared office is fully rented out a businessman says his company u-commune has recovered to 70% occupancy after 40% at the height

♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenowkflow. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. >>> twelve minutes left in this trading day. we're in the "closing bell" market zone commercial-free action into the close. mark santoli here to break down crucial moments. today management ceo josh brown here as well welcome back, josh we'll kick it off with broader market stocks losing steam into the close, dow up 369. at one point session highs earlier during news conference giving up most of its gains ticking higher 159 points. josh, do you demand to come on during fed days so you can explain what the market is doing with powell? if so, explain it. >> it's in my contract, sara i don't know we want to ta

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