what a spac is and how we got here spac stands for special purpose acquisition company.starts with a sponsor a person in finance that works with an underwriter. investors in the spac are writing blank checks to find a merger target within a period of time usually about two years. that sponsor gets a hefty pay day typically 20%st equity and outside investors in the s p spac purchase a purpose of $10 each now that makes investing in spacs risk free and in a world where there is little yield. spacs are increasingly popular more capital is raised by spacs than in the prior decade combined in fact, the explosion of capital going into spacs is just $8 billion shy of eclipsing that raise by ipos of operating companies this year. it's a cornucopia of capital, sponsors are getting handsomely rich, the so-called spac mafia is generating alpha from writing the trade all the way up to the deal announcement. who is left holding the bag? well, oftentimes, the retail investors, guys? >> nothing new there i suppose our next guest hawes unique insight into spacs joining us now, spencer r

own spacs they're running.versation that is happening a lot is vcs are listing their own spacs and have considered, discussions about potentially acquiring portfolio companies of their own through their spac out of their actual venture capital fund, which raises all sorts of challenges at the board level and with the fellow vcs who invested in the companies. all really interesting considerations and i do think we'll start it hear more with regard to conflicts of interest. >> that would be a conflict. wall street will go as close as it can if not way over the line in terms of pursuing conflicts if it means the ability to make money. thank you for your coverage of this area. we'll take a quick commercial break. stay with us this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. >>> a look at shares of intuit and square, both up. the justice department just

, another feature here today some sad spac stories. >> what is a sad spac story? know, we have been talking about spacs this often this year because there are so many of them they have been raising so much capital. 174 by our count so far in 2020. gross proceeds, $63 billion has been raised average about 365 million, much bigger ones over a billion ackmans out there with the biggest spac hasn't done anything yet, unclear what the universe is you have so much money chasing these potential companies that would look to go public you wonder if the quality will decline or if they'll look in different places sometimes you may have a funky ownership structure or some other things that are not necessarily conducive to a public offering, the traditional way that allow you to go the spac also want to align with one of the responsers wsponsors who hae in a particular area and can be additive to whatever deal it is that you are doing with them but that said, sometimes things also don't go particularly well. now, why are we seeing so many it is a pretty simple answer again, to

gary: i think we are in a watershed moment in the spac world and spac's are here to stay.eral acceptance on the buying side and selling side of companies. spac's being better buyers of assets. that has changed dramatically. the management teams and spac's have gotten better and better. it's not going to look anything in the future like it does today. the spac world will get more mature. it will defined itself, it will redefine itself. i think the product is here to stay as a mechanism for existing companies to merge into pre-existing, blank check companies. emily: bitcoin has been on a tear. how bullish are you on bitcoin and cryptocurrency? and how much do you believe they will fundamentally transform our economy? gary: when we talk about blockchain, we talk about the infrastructure. that's the highways and pipes that is necessary for bitcoin, but they are necessary for many other applications. i think they are very useful and i am very bullish on them. when you talk about bitcoin itself, i don't have a strong opinion on bitcoin. it is not that i'm not a strong believer i

i have to ask, why spac versus a traditional ipo? we have seen with spac is an opportunity to go public alongside a partner who can deeply understand your business and bring the company public in a way that explains the value of the company in the right kind of way. we have found a partner that deeply understands insurance. as we spoke with them initially, it was a great match because they understand the business and we were able to describe the value of our business. taylor: we spoke with carson block, short seller of muddy waters, who has said that spac's appear overvalued because of the timeframe. two years or it does not get done, so that creates a conflict of interest where you are up against the clock. do you feel your partner is truly invested with you or it is just a good company at the right time? dan: good question. i do think as you evaluate spac's, it has to be thoughtful about who the partner is and what the intentions are. the team we are working with has done several spac's successfully and we are at the beginning. i t

and just five spacs have at least as many women as men among the c suite and board. 41% of the spacsen management betsy cohen, former ceo of the bank corps, she's been nicknamed the spac queen is turning that up side down her last two spacs have had all fw female boards for which is currently trading. cohen has led five spacs and raised $1.5 billion. one factor that can drive the representation of women on spacs higher is the fact that california based spacs must have a woman on the board thanks to the california law mandating that california based public companies have at least one woman on their board that's a number which must increase next year the degree to which it increases depends on the size of the board. now california's board room equity scorecard revealing that u.s. latinos hold a mere 2.2% of board seats among publicly traded companies listed in the russell 3000 index joining us to talk about that is the latino corporate directors prez and ceo i was just talking about the lack of preprepresentation of w on boards and latinos on boards is even more dramatic. and what is s

year of the ipo and the spacs.is companies have a choice. they can do the traditional ipo route, direct listing or go public through a spac, and i think the reason spacs are interesting to the companies is for sellers they provide a specific and fixed price and the sellers can exit their position faster through a spac than a tradition that will ipo. that becomes somewhat appealing to the sellers and the companies can come into the public markets in a different way they don't do a road show. they do an acquisition it's a different means by which they can tap the public market giving companies more choice today. >> adena, do you think the disclosure rules around spacs should be aligned more with what a traditional ipo would be, meaning an ipo, you can provide effectively backward looking information. a spac, you can provide lots of forward looking information, and i ask it because you see a lot more retail investors involved in spacs in part because of the excitement i wonder, two, three, four years ago from now, if

how does the spac perform after the mafia moves out.he median return for spacs that announced or completed mergers this year. the best performers all electric vehicle plays. no surprise here charge point, quantum space and nikola the health care technology company down about 31% since the deal with churchill capital became the subject of of a short seller report but history shows that they can be a losing proposition over the long run. that nyu study found 12 months post-merger produced negative returns every year going back to 2010 but some sp acs perform better than others. mckenzie found that spacs of former ceos tend to outperform traditional ipos and the market as a whole and those led by an investor tend to undertperform and some say the caliber of managers this year could lead to better returns in the future guys >> i'm going to say it could it this be that different this time around in that they're different from the spacs in years past where going public via spac the only option in this round companies choose this way. >> conta

i feel like we are a bit of a pioneer with our gaming spac.g but probably going down than into the tech spac, the layer's of the phone that support the ultimate consumer expression. emily: so, that said, what kind of asset are you targeting? what kind of deal should we expect given your long history in the gaming industry and where you see opportunity? niccolo: we transacted in the gambling space. we're bringing public the number one online casino offerings -- a great business is a free to play company that operates at that kind of speed but in the gambling space. a really impressive company. two was a fast company in the sports betting business. -- ahave the benefits by couple weeks ago. more states are legalizing betting and casinos. dmy3, we are looking into deeper tech. what is the next generation of computing that underpins the future of the mobile technology ecosystem? what's happening in the cloud, ai computing? potentially what's happening in quantum computing. we think all of these trends are driving the next level of innovation in th

why a spac versus a traditional ipo? >> on spac side, two main reasons.looked at a traditional ipo as well as a spac. we are the largest developer for microsoft 365. we actually looked at both rounds. when we met jeff epstein, ex-oracle ceo, we felt that their capital knowledge would help us with the next stage of evolution. second, in the spac world, everything is much quicker, so that would allow us to continue growing our business, a market with 250 million active users, growing to 500. we have 7 million and there is much market to go get. taylor: on that note about the business, do you ever worry about customer concentration and not being diversified enough? >> we have been a microsoft partner and independent software vendor for the last years. years. it iseen the largest enterprise cloud today. we do follow our customers. by definition, many of our enterprise customers are multi-cloud. they could have microsoft office 365 for office collaboration but they may also have aws for compute, salesforce for crm. we already support some of our customers arou

of course there are differences in the management fees you would have with a spac different spacs operateposite within the portfolio as a whole and some operate outside of it. and some lps are looking at potential conflict of interest that might arise with the increase from spac on this trend. >> thank you very much we have more spac in action to come, next week? >> friday. >> more friday mixed session on wall street we will be wrapping up all of today's action and there will be a shortened session on friday. hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. don't get mad. get e*trade it's different because i have to talk to a computer. i get like 6 emails a day... olivia please

sam: we are 52 days into our spac.t because we thought was an attractive way to sequester capital, provide an opportunity for a combination of our judgment and capital in creating a public company. yes, there are a lot of spacs out there. the success ratio is indicative of the fact that there are too many opportunities. just another arrow in the quiver. it will end up financing a lot of transactions, particularly in the area of family-owned businesses looking for monetization. have beent of spacs energy. that was the fad a couple years ago, and a lot of them did not do well. what is your take on that, are there opportunities being missed? the energy environment is very treacherous right now. we have been an investor in energy or however long i can -- for however long i can remember. i don't remember a period as --atile as this, and as such the one thing energy was was stable. with the price of oil and gas moving back and forth the way it has been, that stability is gone. that makes it a very treacherous place to play.

. >>> you keep track of all that because i sure can't coming up, the 2020 spac trend and which namese been performing the best. stay tuned this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. ♪ ♪ you're all, you're all i need ♪ ♪ you're all, you're all i need ♪ ♪ as long as i got you then baby ♪ ♪ you know that you've got me, oh! yea...♪ ♪ ♪ youlet's get checked for me, those around us. let's get checked for a full range of conditions. introducing letsgetchecked a health testing you do at home. let's get round the clock support from a team of nurses. let's get fast, accurate results. know your health. know yourself. for a limited time only, get 40% off at letsgetchecked dot com >>> welcome back one of the biggest trends for big investors h s has been the spacs. and we're shedding light on how they are doing so far and what type are outperforming and leslie picker is joining us with the spac story. >> thank you and for a grou

i'm feeling malone >> they got a spac did you see that, carl why not? now liberty has a spac we're going to talk to greg mafee later as they get that liberty media investor day under way as well. >> yeah, ticker lmacu. interesting. there is a look at maffei coming up in the 10 we'll get to macys, nvidia, vaccine headlines out of azn, that affirm ipo news and more. futures are mildly weak here back of a break. ♪ ♪ ♪ ♪ before we talk about tax-s-audrey's expecting... new? -twins! ♪ ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. see yourself. welcome back to the mirror. and know you're not alone because this. come on jessie one more. is the reflection of an unstoppable community in the mirror. ♪ you can go your own way it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get 5g at no extra cost. all on the most re

on average spac sponsors have brought in $72 million each based on the 23 spac that were listed in announceds this year. it can exceed nine figures they roughly acquire 20% of the spac and also invest a few million to cover fees and expenses while they research a target some managers are lowering or waving their promote just to entice targets to be acquired. >> when do they get the payday >> they are locked up in the spac until about a year after that deal closes that is the typical conditionality they stay usually that is on paper until they sell. it's better to be on paper wealthy than not on paper wealthy. >> that's true money that has gone into spac, do we know what percentage is yet to be deployed that would indicate whether things are overheating and money is raised out of thin air. >> only about 23 companies have announced or closed transactions that have also ipo'd their spac this year. i think there are about 150 that have launched. only a small portion have found their targets which is part of tom's piece. the dry powder chasing deals what that means for valuations and what it mean

. >> guys, we have news that just breaking right now a spac is buying a health care provider for seniorstransaction valuing the combination at $4.4 billion. and we'll learn a lot more about this deal a little later right now when barry himself will join us at 8:15 with the founder and ceo. it is the latest there so a little bit of breaking news to tell you about. joe. >>> coming up, we've said this already, a lot of rs here, rotation reversal, tech stocks bounce back, we'll talk strategy next with tim lesco and where he thinks that you will see action in some names. futures not done triple dig s ds anymore. and here isa look at vroom are that reported a small her than reported loss, but guidance in the fourth quarter disappointing the street consumer demand for used vehicle has returned to pre-covid levels at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and

why the diversion here and why do a spac with dr. rothberg. >> appreciate the question we all do want to acknowledge and shout out to health care professionals in the battle the last nine months watching your show, we are all acutely aware, there are many month months ahead with glen view, we've been on the health care services guide connecting providers those three communities will be instrumental in being partners one reason companies might think about a spac merger other than an ipo a spac merger like we've done here today merging long view with butterfly is about capital and connectivity with the customer base with collaboration as we drive the company over and drive the option >> tell me, larry. what does that mean? what are you going to do running a hedge fund that he wouldn't otherwise be able to do? >> first of all, i think you'd see it in our pipeline not only $14 million coming from the trust that would be vested in the technology but also $175 million pipe like most pipes that are purely financial. these in pittsburgh that

it's why we are taking a closer look in spac in action spac stands for special purpose acquisition k. with a person who works as an underwriter. they are writing essentially a blank check to the sponsor to find a future merger target within a certain period of time usually about two years. the sponsor automatically gets a hefty pay day, typically 20% of the new equity investors can then redeem at the listing price plus interest if they choose too. that can help product against the downside spaces are popular more this year than in the prior decade combined. the explosion going into spac is $8 million show of ipos raced by operating companies this year. and it is not a slow year for those types of ipos. but this party can't go on forever. >> i am looking forward to much more of this weekly segment. who helps them raise the money are the fees for that comparable to traditional men's like a company ipo that's already an established question >> a good question they are traditional underwriters that you see in ipos they are big large banks that take companies public. they will also take pu

public investors, they probably cannot set of a spac on their own. spac is gaining popularity.of only with the perception it being more receptive but it helps the softbank fund to exit their unicorn faster. the flow faster, meaning they have a high chance to read the investor -- to reap the investor gain. let's get you a quick check of the latest business flash headlines. aia's new business fell for a fourth straight quarter as travel restrictions made it harder for asians to so new policies -- to sell new policies. some restrictions were eased during that period and business was up during the second quarter. reports from paris say they want to announce -- they will announce 650 job cuts. the cuts come after socgen reported better then estimated -- better than estimated. nine entertainment is brian -- is buying the broadcast rights to rub the in australia. in australia. the deal is worth an estimated $30 million an idea -- a year and will provide the bedrock to stand sports. coming up next, joe biden's election when is being recognized by allies after four years of president tr

nothing majorly like get away from spacs that is sage advice.ould say that given that they are not close to profitability. and yet it makes you wonder that we have seen nine ev related spacs announced this year. the market cap of those four is $22 billion. we will show you how those have done in the last month you could argue that a lot of the play is higher so many of those moving higher. but it is interesting to say will spacs move higher they are prerevenue right now. so will they have revenue at all? general motors out regarding electric vehicles. they are increasing their investment by 35%. gm is saying no excuses. if we are going to make a move, we will do it. 30 new ev models by 2025, 2/3 of those in north america and driving down the battery cost by 60% by the middle of the decade. the number that really stands out. they plan to sell one million evs by the middle of the decade. it's execution time. they have laid out a strong blueprint and it looked good on paper. now can they deliver >> they have been promising to do this for quite some

his outlook on how the pandemic is shaping the future of medical care, and of course the spac merger. as covid infections rise and diving -- dining restrictions return, we will speak to angie mar. we are higher in the markets but not by that much. a little bit of a slow day. the 10-year yield at 85 basis point. crude oil continues to move ahead a little bit. 43. the vix below 23. butterfly networks, the makers of an ultrasound device is going publix to compete with larry fink's spac. founder larryal robbins joins us now. you must be thrilled about the launch on friday, reception of butterfly, though it is a fantastic device. explain what it does. >> it is the first and only to put ultrasound on base -- on a semiconductor chip. it follows the innovation of the doctor who did the same thing with next generation dna .equencing a decade ago the idea is simple. instead of us taking our patients to the imaging center, it takes the imaging center to the bedside of the patient. is onlyw, ultrasound performed by a limited number of professionals that are trained to use large machines. clinical

. >> how about spacs what happened to talking about spacs? >> you can talk about spacs all you want they're continuing there was a little bit of a perhaps just too much hitting the market at one time, number of them have not performed as well after they announced the deal but you got, you know, churchill 2 today brought in 400 million bucks for a deal that is under way for its churchill 2 spac but a little bit of pushback on spacs. >> churchill and the man who stood up to the germans and amazing speeches. >> yes >> splendid versus the vile and churchill 2. >> there is churchill 1 through 5, so i don't know which one i like the original churchill. the one whose name is winston. i like that guy, yes these it is unclear what the future holds for multiplan or skill soft and, yeah >> i think it is amazing that he we were talking about spacs and stimulus and now -- >> and talking about tiktok. remember how much time we spent on tiktok. >> every day >> every day tiktok we got some tiktok news, guys, that actually remember bytedance, the owner of tik

xfinity can deliver gig to the most homes. >>> view inc, the latest start up to go the spac route, theion to become publicly listed on the nasdaq, valuing at $1.6 billion the ceo joins us fresh off making the announcement moments ago. thank you for joining us what is it that do you >> it's a day-to-day window that we've taken for grant forward a long time. we need the glass on the window to stay connected to the outside, we need the walls to stay disconnected from the outside, except at times the window brings too much glare or light and we use blinds or curtains to close that what we have is like transition lens for building, automatically changes when the sun is bright, every window has its own micro controller, all of that forms a digital skin of the building, the largest of the building much like the body, it's a connected digital network to keep people comfortable, save energy, and make buildings very efficient. >> i know you've raised capital over the last few years, why the spac route i get it's a gold rush and everybody's doing it but not all spac's are created equally could cr

ilana: everyone is talking about spacs. had lunch the other day with my mom and she was asking about it. i don't know. i am dubious. there has been too much issuance. i am not sure there are enough good private companies to justify the issuance. of course, there is a two-year fuse to make these deals have been so we will see. i think it is overheated. vonnie: we have to leave it there but appreciate your insights. ilana weinstein is the president and ceo of the idw group. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. retailers had a ander-than-expected q3, sports is no exception. abigail doolittle has a look. >> it is not just the third quarter. third quarter, the second quarter was tremendous. they are doing well through the pandemic. they have a strong brick-and-mortar presence. brick-and-mortar for the third quarter grew by about 18%. a lot of other retailers didn't see that strength. that has to do with the fact that they are in the southeast and midwest, you are lockdowns, in most of their s

. >> they are real >> it is not just ev stocks that are -- ev companies getting merged into spacs to go public or any spac you want to talk about or anything else, they're in everything. >> they are in everything. it is just an amazing to behold thing. there are -- the numbers for airlines aren't that great it doesn't matter. they're thrilled they buy them. if i were any one of those airlines, i would right now offer 50 million shares, right now, and they buy it how much money do they have? i don't know >> well, jim, to that point, where is the wisdom right now in zagging when the others are zigging? i'm thinking of b of a last week talking about full bull. peak profitability, are you willing to go there? >> i think what happened is that there is a sense that if pfizer, moderna, and astrazeneca can all make something, particularly astrazeneca, different style vaccine, then we have it beat. now, of course, the odd thing is that the case number each day shows we don't have it beat at all. it doesn't matter. people are willing to look through this i find it unbelievable people are willi

over the summer a company decide ds t ed to buy spac you got to buy it. they completed the steal and the company is called s brand. and they made a couple of acquisitions hottest part of the snack business publicly traded company. they shot the lights out no wonder the stock is on fire climbing up to $19.55 cents today. can i keep climbing? let's take a look with the ceo of utz brand dylan, welcome back to "mad money. >> hey, how are you jim, good to see you. >> this is one of the most exciting time. you and a lot of people bought the stock after you were on. $13. they could not believe it. it is a story of regional national and a story of management that knows customers. what i can tell this fits perfectly into your long-term plans. >> yep, we agree 100%. they're the number three brand in the u.s. and tortillas. they do every $225 million sales across the u.s most of their sales occur in geography, we are not that strong and they are emerging in our markets. only about 14% of their sales occur, we are really, really excited about it >> when you talk abou

there is eye little spac influence. why not get as much money as possible and not leave it on the table for investors? i think that is the right way to go so why not just price it at a very high rate they're trying to avoid that pop, i guess it is nonsense for companies to do that. it's not good for the companies or employees or shareholders themselves >> yeah. you talk about a little bit of spac influence sort of raises some eyebrows especially this morning in light of what nikola shares are doing. how much of that is a liability in the short to medium term? >> i think it depends on the fundamental business it's a question of whether they should be going public and the market is just speaking about what they think things are worth, right, at this moment in time and the question is do you believe in a company like doordash for the future? will the delivery business continue to be booming you know, when that vaccine comes into play in the summer and late fall? and then the question is whether airbnb has a really strong p

they can chewsoose a direct lisn or a spac. each one of those paths is different. >> yeah.ovation there's been we look forward to getting back there with one day >> i can't wait amazing how much innovation there's been. >> there's so much talk about the election i think we were so proud of our history because our founding fathers -- we found at that time to support the economic growth of this country but what's important is america was founded on the point that we can have differences of opinion and we get to convey those opinion when is we vote i was encouraged by the voter turnout. that's how we share our differences and we flereflect on what we see coming >> i couldn't have said it better we were just having a discussion on how smoothly a lot of this has gone and the market's rewarding that without a doubt stacy, hope to see you soon. stacy cunningham of the nyse >> carl, check out the top gainers on the dow caterpillar is laeing the y,wa travelers and jpmorgan as well hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medica

is flying higher right now, up 10.33% on no real news other than it went public via spac. but it could be on this news, unrelated to the actual name, but chinese electric vehicle makers, xpang and nio both reported strong october deliveries. the shift to electronic vehicles, electric vehicles, seems to be very much in play, certainly in china. so why not throw in tesla at the moment. yeah, nio up 8.6%. xpeng up 7%. tesla up 2.9%. >>> cars are not the only thing selling in china. skin care line dr. jart and helped estee lauder boost sales, reporting better than expected results enabled partially by the purchase of the south korean parent company. south korean skin care is a hot trend. lauder is up 1.77% right now. that's a recent record high. $223.54. >>> clorox cleaning doubling its latest quarterly profit as the pandemic continues to drive demand for clorox wipes and of course, bleach. yeah. they are still limiting me at target. two cannisters per time. i go in with different disguises on my face. oh, now i have two more. clorox up 5.25%. of course, covid also creating re

caroline: they're coming by spac. really over accentuate that #2 020 vibe.aine: very 2020 this year. joe: ok, for more on this, we will bring in to talk more about ev's, one company called arrival. it has agreed to combine with blink, a transaction valued at $5.4 billion. it would provide the u.k. based electric vent and bus maker with a listing on the nasdaq. we are joined by arrival's president and chief strategy officer. thank you for joining us. really appreciate it. why now, in your view? why is this this moment where everything seems to be coming together, the financing, the maturity of the companies, and the appetite for the stock market for so many companies in this space that we generally call ev. >> i think when you look at what's happening in the market, there is an understanding right now that the whole car park will have to go electric. it is the right way forward when you look at the prices of vehicles. what arrival is doing is we are making electric vehicles the same price as diesel vehicles. when you add that to substantial benefits on cost o

ew dragon was designed by spac.i designe foromfort with a sleeknterior to appl to space travelers. it was lined with instruments only trained astronauts would understand. the crew dragon has simple touchscreen controls. spacex wants the general public to be part of the excitement. it shared a video feed from inside the cabin during lift-off, something never available before. plans are in the works for crew dragon to fly paying passengers. hollywood star tom cruise reportedly wants to make a movie in space. u.s. aircraft giant boeing is developing manned commercial spacecraft. more cpetition could reduce costs and promote space travel in the not so distant futu. ♪ >>> an international body tasked with ensuring the world's waters are correctly charted has a proposal to maintain the name for the sea of japan. japanese government officials say the international hydrographic organization made the approval monday in an online assembly. the iho also tentatively agreed on new guidelines for using numbers instead of specific

the first time i met mariam was around three weeks after i started at spac nation.e, "this woman is so wow." like, "she's wow." she chuckles. "she's everything", like, "she's got everything i want." "she's living the life that i want. "she's got money. "she's got businesses. "she is a boss and i want to be that." so when people started calling me mini mariam, i was like, "oh, my god. yes. like, that's me." she laughs. um, iwas... i loved it. i can't lie. i loved it up until it went bad, you know what i mean? but i loved it up until then. she giggles. mariam: hi, guys. welcome to the house, my name's mariam, and we have, like, eight people that live here. come quickly. let me show you. mariam: i said to my girls this morning, "i don't know what you think is happening in this house. "i tell you what to do with your finances. "i tell you where you're going. it's not like you have an option. "a house of order is a house that will prosper." jesus. she chuckles. oh, man, i haven't even watched the whole thing, and i already know what periscope this is. mariam: there are s

the spac announces the deal and then the deal actually closes and the money is transferred the arrivalich i just mentioned. canoe with hennessey capital that was announced on august 8th and charge point with switch back energy that was announced september 24th and then there's also workhorse, but that's not a spac. i mean, these things, that's the new, all right find us an ev company. especially one that has proprietary hardware, software and microfactories they're tiny little factories. >> a lot of people believe that once president-elect biden comes in he'll support hydrogen. it needs a huge commitment by the federal government otherwise fuel cells that elon musks talks about. green hydrogen is the ultimate fuel but way too expensive right now. if they can get to come down because of biden subsidies a lot of these stocks will work out. green energy, david, is the future >> i believe you i hope it comes as quickly as possible great for the planet >> a realistic company is talking about the next ten years. some people the next five years. major companies that are actually making promis

energy levelsin the brain, we look course at alzheimer's, we look at cld path elegy which isnother spac we look at tulism which is important eecially for women in the brain . >> we look at a number of things and it's all in the numerology department so we looked at a loof things but all these patients, the youngest is 30 but we just up the nge to 35 and it's really good to have a good ba, it's helpful for life because right now, you have no proems and thisis your brain now . god fobid in 10 years, you have some issues oconcern but especial menopause, it happens a lot . and we do another brain scan because if you come to mewhen you're having trouble , there's only so much, and it's a clear problem that you see immeately. >> you have a baseline to compare it to. >> it's so important to be able to check for change. because if there is no change, you're just having hard time. in different case. if there is a change then we need to affect your brain. but it really means a lot to have that manypoints as possible. >> there is again so much inrmation in this book, it's cald "the xx brain". and

. >> very quickly, why did you go the way of the spac. that's kind of the way this year but why? you think about it, a spac, i think when you look back a few years from now, there will be quite a diversity of outcomes in this space but a spac really allows a sort of creative capital solution as well as the ability to bring in partners we are able to have the great partner. we were able to get to partner we were able to go over the wall and bring in great institutional investors. our pipe was really -- really had great blue chip investors. for us it was a great mechanism to get our company done thoughtfully but from here, you know, we're just an nyse listed company like any other we have to execute i think in spacs just like ipos, once day one begins, you have to execute. ultimately over time the value of your company is going to be driven by the cash flow you create for your investors. >> right jim, great to see you this morning and we hope to have you back soon. >> thank you thank you, becky, i appreciate it thank you, everyone. >>> coming up, faa administration -- faa administr

spac has seen plunging profits this year after the australian lender was hit with a record fine for breachingoney laundering laws. it also faced swelling -- anti-money laundering laws. the firm says 2020 was a particularly challenging year. the result is disappointing. a --rom peak is buying is --e equity firm pt pt over one million customers for it $.1 billion, including debt. $8,000l valued at around per broadband subscriber. internet providers have done well during the pandemic as more people are staying at home. that is the bloomberg business flash. francine? much.ne: thank you so you're's biggest discount airline says losses are set to worsen this winter as a new wave of coronavirus lockdowns frustrate writer's attempt to bring back flights. chief executive michael o'leary spent with -- spoke with manus cranny and annmarie hordern earlier today. about 38 million passengers for the full year to the end of march, we think we may have to work that number back slightly. but we are running pretty much ahead of schedule for the next ,onth or two, forward-looking which was already terrible. the

multiplan was required by a spac, banker michael klein, which was the largest spac transaction at theever, $11 billion. this says it's going to lose united health care, that they've formed a competitor to multiplan that offers lower prices, fewer conflicts of interests and expect that to have an impact on revenue the next two years, amounting to about 35% you can see there, shares are coming back somewhat, ever since that report was first published, but still down about 20% sa sara >> muddy waters has had big hits with chinese companies this one should be interesting to follow. leslie, thank you. leslie picker. >>> up next, chipotle goes digital. and wells fargo says it's time to get aggreivonsse banks those stories and more when we take you inside the market zone, up next. policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our friends sold their policy to help pay for

that is how much special purpose acquisition companies have raised so far this year according to spacider. 182 along check companies have gone public in 2020, more anth in the last five years combined. ♪ ♪ (people greeting one another) it's coming in to catch up with the owner. the curated collection you can't find anywhere else. and how she sets aside those pieces she knows are so "you." the small details are a big reason to come back and shop your favorite small businesses. we know them. we love them. so let's go shop small. with american express. ♪ ♪ 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. >>> welcome back let's get a check on some of the morning's other top headlines including a big shakeup on one top congressional panel and a fan favorite hosting jeopardy. france

this just a week after going public via spac and nabbing a more than 9.6 million contract with the pentagonstic production of specialized minerals that are used in weapons and electronics. big move there. >>> check the dow. 30,041 right now. the federal communications commission releasing a ruling first broken by our very own charlie gasparino that two of dish's shell companies are not eligible for spectrum discounts. but will dish chair charlie ergen accept that ruling? charlie gasparino is a fighter, right? charlie: yes. sources close to him say he's all but likely to challenge this thing. i mean, it's almost baked in. you can see it baked in by the statements he gave fox business and other media outlets about this ruling. remember, this was a ruling about an auction that two companies bid on spectrum back in 2015. those companies were 85% to 90% owned by charlie ergen. he tried to say they weren't his companies. fcc took a couple -- took five years but the fcc finally said they are part of your company. $3 billion of that auction, you have to make good to the federal government. if the f

he went public via spac. again, it's a crowded field but maybe it's the future. we are watching it. cheryl, thank you. >>> all right. dow jones industrials down 188. the elf that just can't stay on the shelf. from new star powered relationships to going big on social media, the ceo gives us the secret keys to his publicly traded makeup giant's success even in the face of the pandemic. the closing bell ringing in 29 minutes. yes, the russell 2000, keep an eye on it. it's trying to eke out another record close. nasdaq down 24. s&p, any gain, we're not there, but yeah, any gain would give it a record. we'll be right back. hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for each and then, you're still responsible for 20 percent of the cost. next, let's look at a medicare supplement plan. as you can see they c

we got spacs there i am being facetious, but -- >> we may have a change at the justice department, notsarily the staff. >> who's leaving >> i mean, if you get a new president, you typically get new doj. >> oh, yeah. >> some of them. >> you're not thinking this is one of those situations like dr. strangelove, fighting in the war room. >> there is no fighting in the war room, jim. >> carl, i wanted to say that for eight years. >> that was perfectly set up art cashin, we love to quote art in the morning, echoing and paying you some respect here, while there is still doubt who the president might be, i think the action is consistent with a sigh of relief that certainly in the case of the senate neither side will dominate and therefore from a market's perspective, nothing terribly destructive is likely to occur. >> well, look, there are a lot of people who have gigantic capital gains in faang and they want to take them. and now you don't want -- the futures are coming off, because i think that kind of euphoria that everything is great is dying down we realize it is going to -- we're not don

i see the roof of the shared spac spaces being ignited by something. i don't know how you're going to keep up with the number of these. i don't know what the plan is. they just make me really nervous. >> understood commissioners. stereo we have 12 inspectors as far as responding to shared space inspections. so what we've done is we made it a priority to go out and take a look at every single shared space. so we looked at 800 so far. we divided our district inspectors' times up in the morning and in the afternoon, it's shared space. so up to 800-plus sites we visited, we have written violations and notices of correction. we put those in two different buckets. we have priority violations and standard violations. priority violations are those that rise to a higher level, a significant hazard in our opinion. then the standard violations, we have more time and flexibility to work with the business owners. so we have between 50 to 60 priority violations, and we're down to 15 right now. we're getting compliance with that. so with regards to extension cords an

joining me right now is chief strategist katherine rooney vera, joel spac shulman and fran stacy.e a look at this market. what a word on wall street this is going to be. dow industrials up 1,543 points right now, joel, this of course on the news from pfizer, the nasdaq is up 85 and s&p higher by 132. that is 5 and-a-half percent rally on the dow. pfizer and biontech announcing their coronavirus vaccine reported better than expected results in the phase three study and that it is 90% effective. drug makers could ask for fda to permit the wide use of the vaccine by the end of november. markets are rocking on this news. would you buy these stocks? what do you think this tells us about the market here? >> well, we're seeing the first two weeks of november, we saw growth stocks rise quite a bit, particularly entrepreneurial growth stocks based on rising covid cases, approaching 130,000. back in march when we shut down the markets, they were only about 30,000 cases. we have certainly seen an explosion. now with the news that we may have a vaccine by the end of november and they're going