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tv   The Exchange  CNBC  November 20, 2020 1:00pm-2:00pm EST

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here. >> good stuff t.thank you for that steve weiss? >> jumia, they have a full slate in conferences this stock has a long, long way in front of it. >> what's a name for me, pete? >> i'm going to give you lululemon. i think it's going to go a lot higher than my friend steve does. >> good weekend, everybody "the exchange" is now. thank you, scott welcome to "the exchange," everybody. i'm kelly evans. on this friday jpmorgan goes negative the firm now saying gdp will shrink in the first quarter as positive vaccine news, is it enough to ease the restrictions? and the class of covid-19. as more school districts send students back home, it won't hut the economy right now, but could hamper future earnings for an entire generation are, and we'll explain. the pac-12 is losing mill yofnls
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t and the authentication sector and the lagging sectors. first let's go to seema mody >> three hours left in trade markets trying to make sense of the advancing pandemic with the promise of a vaccine, plus the comment from secretary treasury steve mnuchin on why not to extend some of the fed's lending programs stocks are lower with the exception of the nasdaq. currently down 140 points, so we are off the lows of the session. s&p 500 lower by eight and the nasdaq again up by 17. now from a sector perspective technology higher today but on the week basically flat. in fact, energy the big outperformer up around 4.9%, nearly 5%. it's straight and its third straight positive week for the energy sector. elsewhere the cdc urging americans not to travel this thanksgiving, and it is the stay-at-home stocks that are working in today's trade zoom video, lc and peloton some lc up 5%, 6% but worth
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knowing the all three stocks down substantially for the month. back to you. >> it's a pandemic on kind of trade today. thanks very much, seema mody we did get two more positive steps on the covid friend. today pfizer applying for fda emergency use authorization of its covid vaccine while eli lilly's arthritis drug was approved by the fda with the emergency use of remdesivir to treat covid-19 meg tirrell joins us now with more on that what happens next with the vaccine? >> reporter: it's going to start making its way through the regulatory process, and in many ways it's similar to the process we see for a lot of drugs and vaccines the difference here is everything is being done at warp speed, and oftentimes on top of one another. what happens is pfizer is going to file today along with biontech for the fda's emergency use authorization and the fda will hold an outside meeting of advisers, an outside group which will then parse through all the data and make a recommendation
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to the fda after that the fda will make its decision probably simultaneously a cdc advisory group will be weighing in on how to prioritize this vaccine because there will be limited supply at beginning we talked with operation warp speed chief advisor about what cams after the fda green light, and here's what he said. >> as soon as the eua is approved within 24 hours, the vaccines will be in the immunization sites and people will be immunize we will have, as the month goes by, within the month of december, up to 35 million to 40 million dozes, enough to imnews more or less 20 million higher risk individuals >> so the doctor talking there about basically enough for 20 million people by the end of this year. he's talking about both pfizer and moderna's vaccines together. pfizer for its part says its global supply will be 50 million doses by the end of the year, a two-dose vaccine, enough for 25 million people, it will have 1.3
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billion doses available next year moderna on monday will file for fda emergency use authorization within weeks so we're waiting and watching that as well and together those vaccines will get us to 20 million people vaccinated this year now the other news on the drug front, of course, is that eli lilly got emergency use authorization last night for its drug to be used in combination with remdesivir to treat people hospitalized with covid-19 now, this is a drug already on the market from lily and its partner insight to treat rheumatoid arthritis but it was shown in trials to shorten recovery times for patients in the hospital with covid by one day by eli lilly ceo told us this morning is really significant, particularly when you have so many people hospitalized with covid right now. kelly? >> meg, i think the w.h.o. now saying they are not sure if remdesivir is effective. i thought it was interesting when scott gotlieb was asked about that on "squawk box" he said he'd continue to recommend it. >> i thought that was notable as
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well he said if he was sick he would want to get remdesivir, and we asked lily's ceo dave ricks about it this morning because the evidence is saying it's not there for remdesivir and he disagreed with the w.h.o. study used to make that recommendation and they are using trials on done of remdesivir and dexamethasone so that's useful information to have and people will be happy to have a well-run trial to give us answers. >> and give us more possible combinations that work here. meg, appreciate it as always, our meg tirrell gdp will slink again next year as treasury pulls the plug on several covid lending programs steve liesman joins us now with the latest hi, steve. >> reporter: kelly, good afternoon. you know, predicting a grim
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winter, jpmorgan bringing down its outlook for the first quarter into negative territory, predicting a 1% contraction because of the resurgent virus here's what their report said. quote, the recent restrictions on activity associated with the latest surge in case counts will likely deliver a negative growth in the first quarter '21 the favorable news on the vaccine trials increases our confidence that the economy will expand briskly in the second and third quarters jpmorgan had been at is.5% they are concerned about the economic outlook is one of the reasons that chicago fed president charles evans says this morning he disagrees with the decision of treasury secretary steve mnuchin not to extend some of the fed's emergency lending programs beyond december. >> i do worry about, you know, we're moving into the indoor season there's a whole bunch of sectors challenged throughout the year, entertainment, travel, leisure, hospitality, so there are a lot of challenges and there are risks. it would be good to have, you
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know, more support coming from all directions >> reporter: mnuchin countered late her on cnbc that he believes financial markets are in good shape hand what's need for the economy right now is targeted fiscal policy, not loans from the federal reserve well, who is right if jpmorgan's forecast is right, then it's just a 1.1-quarter contraction followed by a strong vaccine-fueled rebound it's unlikely the fed programs will be needed, but that requires, kelly, a pretty smooth handoff from the virus to the vaccine helped by more fiscal policy in between. >> steve, after hearing from the treasury secretary himself this morning who insisted he was sticking on the law and wants funds repurposed for ppe and other programs, what are you hearing about the likelihood of any kind of stimulus bill coming in the near term >> well, i mean, he's going to take that money over at the fed and go back into the began fund and i think we're back where we were, kelly, which is it's up to congress to figure out what they
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want to do with it a little easier to say congress to say we've got $600 billion or so that's already been fund and they can then begin to build a stimulus package from there. that may help them, but i'm not sure that it's money that stands between the two sides. i don't know i think it's philosophy, principle, politics, all sorts of things that create a very wide gulf. >> yes, it does. steve, appreciate it steve liesman tallying things up for us. let's get back to the markets where rising covid restrictions and shrinking gdp sounds like a worst case scenario for stocks so why isn't it doing more to sink the markets? joining me is a private wealth adviser and ubs and rob teeter with silver asset crest management angela, i'll start with you. are you surprised at the market's resiliency, but, again, on a day like today it's the stay-at-home trades that are holding things up? >> good afternoon, kelly lovely to see you again. ultimately i think there's three keel factors that lead us to believe that our clients have less to worry about.
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we eve got political gridlock, well, likely, surprisingly positive news on the covid-19 vaccine and corporate earnings and social activities should be returning to pre-pandemic levels by about the third quarter, so all of this is supportive of a pro-risk positioning in our portfolios and we see upside in global equities. take that, pair it with the fact that governments globally are committed to a green agenda with their recovery programs. we'll see additional tailwind for those investments in environmental, social and government spaces. >> angela, what do you make of the fact that it often takes the stock market to really force congress into action, and it's not doing that right now, so -- any time you or others outline what should be a very positive situation next year for the economy once that vaccine goes out, you know, i keep wondering, you know, what message that is sending to congress about the urgency of of this aid
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we know for some industries in particular, restaurants, hotels, you know, airlines, you name it, the need is dire, but we're not really seeing that pressure from equities why not? >> that's really interesting and with treasury secretary mnuchin and his move to pull the brakes on stimulus, that could be indicating that the idea that the market is healthy and doesn't necessarily need it. you know, we have the federal reserve chairman powell saying the opposite, and a couple of months ago he stated that the risk of doing too little is much higher than the risk of doing too much, so rather err on the side of conservative because we're talking about lives and livelihoods and that's much more powerful than purely looking at where our stocks or bonds are on any given day. >> yeah. although, robert, every time i hear the fed say that i think well make had the main street lending program easier to use and you have a powerful weapon there. they are kind of caught in this
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back and forth, this spat really, while people try to figure out the best way to get targeted aid into the economy. robert, yesterday, we saw the prospect of some restarted stimulus talks and today that's all being unwound. where do we go from here >> yeah, certainly a lot of really important front burner issues here. with regard to the issue between the fed and the treasury there's no doubt that the fed has done a fantastic job and it's understandable why they want to keep these tools available for much long her. when you read through the details as steve talked about in the release from secretary mnuchin, not programs being widely used and perhaps there's a path to putting the dollars to weather work, directly, by congress or to bring the parties back to the table to start discussing stimulus again. if that happens and you get real progress on stimulus the bar has been set really low, if you get progress on stimulus you're likely to see markets turn a bit more bullish it will be a roller coaster ride between now and the end of the years as the stimulus talks go on and off once again.
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>> what's your advice to investors, robert in the do they stick with the market of today, the market that has zoom back in the leadership, or do they rotate into the market of the past week when, you know, you have these more reopening-geared names that start to outperform and become the leadership? >> well, i think it's all about time horizon it's important to be able to look through the roller coaster ride into next year. i think there's a lot of room to go on the recovery trade one of the things we look at is the s&p equal weight versus the benchmark itself that gap is only closed halfway. when you look at things like small-cap to large-gap growth, that gap is only closed a third of the way the change may not happen today or in the next few weeks but looking ahead a few quarters a good outlook for next year. >> angela, you agree with that it. >> we're seeing rotation out of the stay-at-home into the cyclical, but we're looking more broad-based. everyone is talking about this war between mega cap tech stocks
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or the more cyclical value names, and i think seeing a more broad-based recovery across all sectors is positive and is a good sign, but short term we're in for a bumpy ride. intermediate, long term, we're definitely taking a more bullish sense. >> all right thank you both angela and robert teeter on these markets today with a whole lot of news to digest. coming up, it's the class of covid-19 remote learning isn't just impacting the current economy. it will have a lifetime impact on students students and risk their future earnings. we'll spain. plus, the health care sector has been underperforming today but there's standouts not on your radar we'll have those names and why testing and staffing may be the words that you hear the most this thanksgiving. we're back after this here on "the exchange.
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welcome back to "the exchange," everyone. as covid cases surge and holiday travel looms demands for tests are soaring and it puts the strains on those administering the strain bertha coombs joins us now with more of that bertha >> reporter: while testing capacity has been expanding, demand has gone way up as well
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states reported a record 1.8 million covid tests remember formed, twice the seven-day average we saw during last july's surge according to data compiled by the covid-19 tracking project combination of new infections and people looking to be test it had ahead of the holidays is leading to long lines at testing sites like city md clinics in greater new york which this week limited hours because the volume of demand has strained the health of their own workforce, and they are prioritizing sick patients now over holiday test requests >> we're not rationing care. we just want to make sure that those who are sick are be seen and if they want asymptomatic testing we can arrange for it, too, but they might have to wait. >> reporter: inter mountain health care in utah has seen a 50% increase in testing demand and higher positivity rates including among its staff. a quarter of inter mountain nurses are out because they or a loved one are sick or just tired
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from long hours. the that is putting pressure on hospital capacity as demand spikes >> i hate it when people talk about percentage of beds that are occupied beds don't take care of people people take care of people the really important people are the number of staffed beds, and we're being extremely creative at expanding staffing and retraining just as many other folks are, but that's the real shortage is how many people are there to take care of other people who are sick. >> they are now getting help from new york hospitals that they had helped back last spring dr. harrison is very worried, kelly, that holiday gatherings could lead to an even bigger wave of infections. >> bertha, how are hospitals -- you know, we're talking about staffing challenges and it's true in testing and obviously in hospitals as well. how are they dealing with it >> you know, on the one and they are bringing in people from
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other regions, but they are also trying to use more telehealth, and they have been doing this all throughout the pandemic. they use it both in terms of remote patient monitoring in the icu that helps reduce the need for using ppp and having people go in, and they are also using it for remote patient monitoring and keeping people at home so people who are sick enough that need to be monitored but can stay home, that helps them also reduce the need in the hospital. >> smart and maybe it would help reduce the spread, too, hopefully. keeping tabs on it our bertha coombs the hospitals may be strained but the economic strain on students could be felt for years beyond this pandemic as a result of virtual learning. ylan knewi joins us with more on that. >> reporter: education circles are calling it the covid slide kids falling behind in their academic progress because of the pandemic now, we can see this clearly in
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the data the study shows that already students have lost an average of 6.8 months of learning so far, but a lot of parents, including terry micos in illinois, are seeing this play out in realtime in their own household her son was only in school for ten days this fall before all the kid got sent back home. >> i can see the slide going down i can see him and his workbooks finishing and doing anything because his teacher is not checking it, so we have some good days, but we have a lot more bad days. >> the study estimates that students could lose on average between $60,000 and $80,000 in lifetime earnings because of this disruption and when you multiply that by millions of kids across country you're looking at a hit of gdp of up to $271 billion by the year 2040 when all these kids would be in the workforce and experts tell
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me it's going to be really hard for all these students to catch up, both academically and economically back over to you. >> yeah. i mean, the only sort of silver lining is that they are all in it together so you hope that the schools can kind of come up with some plan but it's obvious the damage being done. i know people whose kids, next town, this town, they are playing video games while they are streaming class because who has the attention and focus to sit there and stare at the screen all day that's here in places with a lot of resources i can't imagine what's happening for kid on the lower end of the income spectrum. >> reporter: yeah, certainly, i can tell you my kindergartner does not have that level of attention span, kelly, but when you said all kids are in this together that's the part that's really troubling because you're seeing a real divergence between kids who have resource and kids who don't right now and the pandemic is worsening what has already been a persistent and stubborn achievement gap between
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high and low-income kids, minorities students and other students minorities kids are falling behind at sometimes double the rates of other kids, even as high-income kids might be doing better than they were before the pandemic because of all the resources and supports the schools and parents are able to put in place for them. >> given everything you know about how this spread you would hope that closing schools would be the last, you know, possible thing that you do, the very, very last thing, not the first as we're seeing around here. appreciate it. thanks for bringing that to us coming up, pfizer applying for emergency use of its covid-19 vaccine we will speak with senator steve danes. senator danes himself participated in pfizer's vaccine study. he's here to talk about his experience. plus the ipo market keeps humming along as gaming comes look to go online.
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we'll have more on that when we're back in a couple ♪ ♪
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welcome back shares of pfizer and biontech rising on their application for emergency use authorization for their covid-19 vaccine biontech is up 19% the results show the vaccine is safe and 95% effective, and joining me is republican senator steve danes of montana senator danes participated in
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pfizer's vaccine trial and has now tested positive for covid antibodies i heard your mom encouraged you to do this >> that's right. there were several trial sites all across the country and i went online and i tried to get into the trial back in august and i received my first vaccine on august 27th >> so, senator, i have to tip my hat to you i mean, i don't know if someone came to me and said do you want to participate in this vaccine trial knowing how urgent the need was and how rushed it was, if i -- so tell me about it. i mean, you have a background in biotech. you were an executive in the industry did that increase your comfort level, and you and your wife both did it, right >> we did. i have a science background,
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chemical engineering by degree i worked for procter & gamble for 13 years after i graduated from college in fact, i used to be involved in launches of fda-regulated products, and the science is very compelling, the science is very colleagues, and this was a phase three clinical trial which means they had been through phase one and phase two and there's been a lot of testing done this phase three trial that i participated in had 43,000 participants, and i received the first vaccine august 27th and then about three weeks later they administered a above thor shot and then i had the antibody test in october and very thankful i had very strong covid-19 antibodies which means i've bot the protection and the results have come out and shown that this particular vaccine is 95% effective. this is great news for the american people. this is how we bring an end to this pandemic and the reason my wife and i participated is we want to help build confidence
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and trust in these vaccines because if you look at the history of pandemics, it is vaccines that bring an end to these pandemics. i think about polio. it was 1953 when dr. jonas salk announced on radio that he had a advantages eve the american people cheered. it lifted the spirits, and i see that pfizer today has submitted their emergency use authorization request to the fda. this could be a tremendous christmas present to the american people. >> one more question about your experience did it hurt, and did you experience any side effects? did the shot itself cause any unusual pain >> yeah. no, it didn't. i typically get the flu shot every year, and it remind me of getting the flu shot it was virtually painless that the vaccine itself i had a little bit of a sore arm for a couple of days, and then i had slight chills about a day after that lasted a few hours. they resolved.
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i felt completely fine the next day and that was probably an indicator that i had the vaccine because about half the participants in the trial received a placebo, about half the actual vaccine was a blind trial so they wouldn't tell you if you were getting the actual vaccine or not but my experience with the vaccine was similar to the flu shot. >> thank you for coming on to tell us all about it i think -- it increases my confidence to know -- to know the way you signed up for this and experience that you went through and everything, but, you know, everything that we know about what pfizer has told us i think has given a lot of hope. i wanted to just ask you a quick political question before we have to let you go, and it kind of goes back to the issues surrounding the pandemic we're at an impasse over fiscal stimulus secretary mnuchin is trying to repurpose funds i guess from the fed into ppp and other programs. the is that maneuver likely to work are we going to get anything passed here in the near term and please give me as realistic and
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none political answer as you can. >> happy to. i spent 28 years in business before i got involved in politics so i'm used to results and outcomes i was on calls this morning with many montana businesses. they are struggling. we're entering a period of time i think over the course of the next several months, the winter months with higher covid rates, tougher times economically we need a targeted package, and soy think the discussions are ongoing. republican side wants a targeted package. nancy pelosi wants a giant package that includes bailing out blue states who have had fiscal problems before i'm cautiously optimistic we'll get something. we need to now that the election is over i'm hoping the temperature will come down and both sides can come to the table and get something done, ideally before the end. year. >> i've got to ask you the follow-up question, senator, and i understand what you're saying and you like many of your colleagues who don't want to go over a trillion or something
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like this, but if we're looking at passing this, the makeup of the senate changes a little bit, would you not vote for that kind of package, or would you ultimately get on board with some kind of compromise, even if it's a little bit more than you wanted >> yeah. well, it's going to take a compromise to get something passed that's the bottom line, and as long as it's targeted, it's reasonable in terms of fiscal -- some of the fiscals you were concerned about as debt i'll likely support t.bottom line is we need another package, a bridge the ppp loans hand grants were tremendously helpful for small businesses across our country, and, you know, before we get the vaccine out, administered and widespreadly adopted we'll need another bridge and i'll likely support something when we get something that's reasonable. >> all right senator daines, thanks for joining us today and thanks for your participation on behalf of the whole country >> you bet.
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coming cup, walt disney maybe looking to bypass theaters for its next big releases. we've got those details. and one sector of the market where stocks have rallied more than 50% this week, same names more than 80%. we're back in a couple for over 30 years, lexus has been celebrating driveway moments. here's to one more, the lexus december to remember sales event. lease the 2021 rx 350 for $419 a month for 36 months and we'll make your first month's payment. experience amazing at your lexus dealer.
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welcome back to "the exchange." markets are mixed today, but you can get the feel for it pretty quickly if you look across the major averages dow down 140 40 points off a session high preferably higher by about 13, but s&p is down 7 right now and the nasdaq is positive because the stay-at-home plays are absolutely leading the way we see that across sectors as well only a couple are even in the green today, but they do include sectors like utilities, health care, communication services and tech and a defensive bent to t.financials and industrials, those are your biggest lag yards. want to quickly mention the price of bitcoin trading at a three-year high, up more than 2%, up 160% so far this year, but it's closing in on 18,500. its all-time high was 19,921, something like that. but we're getting there, and getting there pretty quickly let's get to sue herera for our
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cnbc news update. >> hi, kell, hello, everybody. here's what's happening at this hour h.after a days long hand recount of 5 million ballots georgia will today officially certified joe biden as the winner of that state's presidential ballot with 12,284 more votes than donald trump that is a gain for trump of about 500 votes from the original count protesters were at washington's airport today for the arrival of one of the two top michigan state legislators who will meet with president trump. the white house says it won't be a, quote, advocacy meeting amid concerns that trump is trying to have the legislature throw out the popular vote and appoint electors who would vet for him a less controversial arrival in washington as the capital christmas tree is set up on the building's west front. and some reassurance for any children out there who are concerned for santa claus' health amid the pandemic dr. anthony fauci tells the
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"today" that all his good qualities give santa, quote, a lot of good innate immunity, end quote, from covid-19 everyone else should wear a mask, according to dr. fauci a little bit of good news there, kell back to you. >> that kind of year sue, thank you very much sue herera back at hq. the focus has been on tesla this week as it hit another all-time high the rest ev sector has notch some huge gains. take a look at blink charging, ticker bnlk. the stock is shooting up 20% today. up is 20% in the past week small but growing. its market cap is $745p million and then there's lords town motors, having a monster week, up 50% and its market cap approaching 4.5 billion and up 4% for ticker ride and then finally it's biggest of this group with the market cap of just under $10 billion and at stock was initiated with a buy
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today at loop capital, up 1% and traders note we saw bullish options activities in these companies including fuel cell and candy technologies early this week which potentially signalled the bullish run for the stocks was coming. something to keep an eye on. ebay's new authentication station and the new "peter pan" and pinocchio" movies may be coming to a tv near you. the we're back with that when we come back for "rapid fire. stay with us you'll make a plan that can adjust as your life changes, with access to tax-smart investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade. personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this
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welcome back let's catch you up on a few stories that should be on your radar day. it's time for "rapid foyer" and joining me are mike santoli, leslie picker and eric chami another gaming company going public it's been a hit with kids amid
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the pandemic leading to a record year u.s. daily active users nearly doubled to more than 36 million in the third quarter, referring to hours engaged which more than doubled to 28.7 billion. i spent the whole break trying to google and figure out who roadblocks is. the do tell. >> i think our kids are a little too young to appreciate roadblocks, but it's basically this platform where people can create games users can generate games and then a majority of their users are actually under the age of 13, so kind of their sweet spot is kids between the ages of maybe 8 and 13 they are able to play games. they communicate with each other and have their own digital currency that people can transact with, usually their parent's money but it's become this tremendous -- they have seen a tremendous jump in their business, a tremendous jump in the amount of hours on their platform because during the
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pandemic everybody is stuck at home, kids included. this is the way they are communicating with their friends and playing. they can host birthday parties on this site they have educational programs that they can do so kids have really turned to roadblocks during the pandemic as a way to kind of spend their time. >> all right so, mike i guess the question, is you know, how much staying power does it have, and to broaden it out we have seen a lot of companies filing lately affirm was another interesting one. is there a sense that people are in a rush to get these done? >> i think that certainly the market is very receptive, valuations are generous and it's certainly not a good time to do it the who knows if it will be the absolute best moment and it will get worse from here. i understand why people want to get out here, because what the shutdown period has also done, it kind of raised people's learn hold for what they are willing to value certain types of businesses with very long-term growth dine mix. you don't have to be earning a
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ton up front rod blocks is a fantastic example. it's sort an on ramp into social media for better or worse. the platform and the robucks remain in place. >> i'm not sure if i understand it any better than i did before. we always know there's another video game hitting town but i wonder how much staying power this will have. >> this is a platform rather than a particular game and we had the graphics you have right now. 250 developers have made thousands. there's so much sketchy things you don't want your kids getting involved keep your kids off of it, say some, because other kids are taking van of young kids for money and doing weird things so i'm nervous about it
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it's a problem but it's an entryway for social media, there's the good and bad and -- who ever thought we'd say hurry up and get on instagram. disney could change the way it releases new movies according to deadline hollywood. they are considering to pivoting to streaming premiers as warner brothers just announced that "wonder woman 1984" will be release on hbo max the same day as it hits theaters. unclear if disney's new movies might be free for partners if they are really now going to
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send these coincidentally with the movie theaters, that's a huge he had wind for threaters, didn't you think >> i understand this is an in-between period for companies to be making the decision and these are movies financed and conceived by the big box store and you wonder what to do with them the i think from disney's perspective they see how market is willing to build -- it's generally more valuable than markets who indicate, and i think it's difficult to make them look successful is this rielly going to be
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outlet for something that will be refailed over time. the. >> that would reverberate throughout the whole hollywood eco-system. >> i wonder what this means for types movies produces. you know when i'm togethering with my family won't be the same this year say maybe we should watch a movie and if this new world where things are going straight to streaming it's hard to get noticed by people. you have big action remakes that can do well in this format but what about the move you may not have seen otherwise and kind of decided you wanted to go see a move and you find it that way. what does it mean for the ability contempt and what kind of movies that will be produced in the future and what it means for the movie theaters and that experience as a whole. >> yeah, speaking of changes in
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contempt, let's talk a little bit about one area, and this would be true for disney, what's happening with espn. but kind of a way of giving us a sense of what's happening with hive sports. apparently the pac-12 is getting hit really hard in the wallet by the pandemic the conference is losing $5 million in tv revenue for each football game they cancel this year already been forced to cancel five games in three weeks. remember, they got a very late start including this weekend's matchup between arizona state and colorado the a big financial hit, eric, and i'm curious how it affects each school. it will be years that we're dealing with lost revenue. >> this is a real problem. it's going to have a lot of trickle effects. pac-12, five million a peek. all the revenue that a major
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conference makes across its entire athletic department 12 million, spread it equally, $400,000 per team for any game in the conference that gets cancelled. what does that mean? cut sports stanford is getting rid of a lot of sports. a lot of athletes are saying don't get rid of the lower tier sports the pac-12 is finally saying if we don't have a game for you, maybe you can go schedule a game with a non-conference opponent a couple of days in advance but you have to put it on espn or fox sports because guess what, they are the ones wright the checks so the conference is very desperate. they did a game last sunday, 9:00 a.m. local time, between ucla and berkeley. berkeley just came right out of quarantine and off the plane because their opponents each cancelled and they said we'll take the other two teams and we'll play on sunday they are very desperate right now. 9:00 a.m. local time to hear those numbers in context. every time we hear one of the colleges is lose $400,000 you think that's another
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scholarship. that's another potential,ly entire sport that is not going to exist next year. >> absolutely. i mean, it's sort of desperation layered on top of desperation because, of course, the networks need the content, too. the schools -- i do think you have a legitimate question as to whether it just lowers their threshold for being willing to take the health risks of staging a game because you have to check off that box and say hey, we filled that slot, give us the $5 million in the conference. al little bit messy. i don't know if it will cause these schools down the road to re-evaluate how important things like tv sports and football are to their overall budgets that. hasn't happened yet. maybe that's not ever going to happen. >> i know we have to move on they don't have any other budget if this is their budget they don't have any other option, do they >> this is their budget for now. what's been baked in on the current tv contract. what mike is saying might be a decade away. a lot of this stuff has been baked in for years. >> yeah, yeah.
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maybe by that time, i don't know, someone else pays that still the same problem hopefully once in a generational thing. before we go, ebay has officially opened its first drive-through to authenticate items. the station allows customers to drive up in cars with allows people to drive up in cars while ebay has experts to verify their authenticity. they can get a cash offer they can accept or deny it's a push to make sure that more expensive good like luxury watches are authentic. it was seen as a play. it is going to work for ebay is one authentication station going to fix that for them are how many of these are they go to need p need and what kind of economics is that? >> i wonder if it is at least largely marketing and the
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attention on the idea where it is a good platform where you might want to sell rare, collectible or valuable items. i do they they want to reinforce that ebay is the place to transact on these things i can't help but remember the ebay store and the 40-year-old virgin, where you went and checked what somebody threw on the shelves. >> we've had experience with the real real and there is a problem where you sometimes send your stuff in to some of these new are sites that have cropped up and they kind of give you the price. you don't really have an option. so, great, you end up getting $50 for one shirt or whatever and frankly that's pretty good >> this reminds me of and teetis road show. so this is the modern day version of antiques road show. got to get cameras down there,
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go to the ebay you a then theation station maybe we can make some deals feels like cnbc friday nights right there. >> it's not a bad idea leslie, i'm give you the final word on all this >> i would agree it's either the 40-year-old virgin or cnbc friday nights to a for ebay model, this dramatically changes things because they had will hold items on their balance sheet >> now i'm thinking who the host should be -- >> katherine keener from "40-year-old virgin. >> there you go. thank you very much. coming up, the health care sector has underperformed the market but some stocks within the case have nedo really well but it's not who you may think we'll have that next on "the exchange."
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welcome back to "the exchange." health care has as whole as
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underperformed seema mody with a look at who has stood out so far >> the health care sector has lagged overall, the broader s&p by around 3% they are holding on to gains for the year but some have far outperformed others. we found out the top performers in the health care sectors have been medical diagnostics, research and testing firms medical devices, instruments and facilities round out the best performing groups in health care drug manufacturers are actually the relative laggards in the group. that includes names like pfizer, despite the vaccine news over the past two weeks, it's actually trading negative on the year despite all the good news surrounding vaccines and drug developments, those stocks are still the worst performs are in
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health care so far >> it's a great point. there's been all this focus on executive stock sales and people seeing hope the companies will benefit. >> that does it for "the exchange." coming up on power lunch, global debt could have tsunami effect on the other side of the pandemic i'll joityn ler mathisen to discuss after this week break. don't go anywhere. 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 cover the same
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things as original medicare, and they also cover your medicare deductibles and co-insurance, but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look a humana's medicare advantage plans. with a humana medicare plan, hospital stays, doctor office visits, and medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2019, humana medicare advantage prescription drug plan members saved and estimated 7,800 dollars on average on their prescription costs. most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. dental and vision coverage is now included with most humana medicare advantage plans, and you get telehealth coverage with a zero dollar co-pay. you get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and
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hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare. this is the new iphone 12 pro with 5g! and it's on at&t, the fastest nationwide 5g network. now, new and existing customers can get our best deal. really?! mom! at&t has the deal for new and existing customers! i will. so what'd she say? wrong person. it's a guy named carl. but he's very excited and on his way. word-of-mouth advertising. it's what they did before commercials. it's not complicated. everyone gets our best deal, like the amazing iphone 12 mini on us.
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good afternoon, everyone along with kelly evans, i'm tyler malthisen it is the warning heard all around wall street jpmorgan calling for negative gdp in the first quarter of the enough year as the economic recovery slows, stalls we've got those details. and that's despite all the major progress on the vaccine front from pfizer. biointechnical

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