tv Fast Money Halftime Report CNBC December 8, 2020 12:00pm-1:00pm EST
thank you. in the meantime, things are going to get a little built b y busine -- bit busy when we get earnings from the likes of doby and lowes and starbucks are going to be on deck as the market comes to about a 100-point low on the dow. let get to the judge and the half >> welcome to "halftime report." i'm scott wapner the first covid vaccine in the u.k. let's go to the wall and check stocks as we always do a nice reversal, as carl said. dow 30,166, a gain of just shy of 100 points today, one third of 1%. the s&p just shy of 37 hu,73,70a gain of about600
nasdaq is a fractional mover first a story new at noon today. and my reporting on a short seller who has targeted the medical device makerwn 14% after quintessential capital management and its principal released a letter it sent to the fda alleging the company's primary product, the flex cathet catheter has a known safety risk and can cause death. on november 10th a letter said the device is structurally flawed and prone to malfunction. it's alleged 13 deaths and 80 injuries are because of that device at that time the company responded to the original
allegations saying, quote, we have full confidence in our product, which has been used in tens of thousands of cases to successfully remove clot from ischemic stroke patients they updated instructions for use in accordance with procedures that follow quality regulations and other international standards. that's just one part of the story. in addition to today's letter to the fda, quintessential also released a new short report containing another explosive allegations that penumbra knowingly deceived regulator that included creating a fake persona to author clinical studies on its jet 7 event and the really author is the company's co-founder and chief scientist.
a substantial portion of literature produced by penumbra appears to have been authored by a fictional character in gross deception. it's alleged the company created a fictional character complete with a faked linked in page pd a phony resumé and a trove of other fake information they claim the alleged character purports to be a billionaire living in seattle and say none of his credentials check out the firm says the company created him to distance questions from regulators as questions started to escalate. we have prech oreached out to p and we have a statement: they
say the attack by sleazy short sellers, qsm, reads like an internet conspiracy written by teen-agers it is impossible to dispute the facts because there are no facts. the number feels very comfortable stating none of the allegations in this short seller's die tribe are accurate, it's a baseless campaign by shameless short sellers who are willing to risk lives to make a quick profit for more than 16 years pen penumbra's ouchb vative innovats have saved hundreds of thousands of patients facts life-threatening medical conditions." and this is where we currently stand. the stock is down just about 15%. mr. greggo does join me right now. gabriel, thanks for being here
>> thank you for having me >> these are explosive allegations. how can you prove anything that you lay out in your report >> i would like to start with a couple of things i encourage all the listeners to open a report in our webb site and read it for themselves as usual, i always present the truth as it is and every single allegation of mine is substantiated by the law of evidence this evidence is readily available in that report, may be it photographs, fabricated internet site and all the other things you mentioned before. here are two stories in one. the first story, you know, you described it very well is the problem with the jet 7 catheter that this company put in the market in 201. it been on the market since then it on the market right now in the united states. that started happening as a result of a malfunction of this device almost from the beginning that it was removed from the market until very recently, even
though the company made some changes that said it would solve the problem, the last was announced only one week ago. the company never said anything about this, to our knowledge to the public or to the market unless the japanese distributor was selling this product in japan, came out and said a letter to all the health care providers in japan saying to bet already killed eight people. the product was pulled from the japanese market and it's not on sale to this day we also understand the product is not on sale in the european union and we inquired and our sources said this is because of the accidents. five weeks after the japanese letter, the company came up with their own statement, which did not mention any deaths and just informed doctors to be careful and not to inject contrast media -- >> where did you get the number of deaths i read in my story,
significant number of deaths and injuries are higher than the numbers up just cited out of japan. where did you get those numbers from >> no, no, listen. you said 18 deaths and 39 injuries what is accurate to my knowledge and to everybody else's knowledge head count right now but in japan the letter was put out on june. since then, that number has doubled because the product has not been pulled out. u.s. market. it out fr it's out from european and from japan but it keeps being sold as we speak in america. why is that? we believe the company has been misleading in the way they dealt with the situation and they should pull the product away right now. but the second part is even more incredible let me share to your listeners, this is not the first issue of this kind we uncover everyone is welcome to check my
track record we put a lot of fraudulent ceos in jail, a lot of companies were put out of existence we do our work very carefully and everything is high lily substantiated. a lot number of the research paper are contributed to several academic online -- this person is a fake. we have no doubt whatsoever. >> how can you prove that? >> the proof is this the person doesn't have any official filings, even though he claimed to have lived ten years in america >> there are fraudulent photographs, some are other people's photographs with a random face superimposed one person that we identified that we don't think has anything to do with this, maybe they stole his identity, is a guy
called paul nafarian, claims to have worked with the fred hodgeson center, at the seattle cancer research center, claims to be a professor at washington university we checked and we couldn't find anybody with that name >> i read this statement from the company before you came on i would like to read it again to you. and again, this is attributed directly to penumbra >> they say this attack by sleazy short sellers, qcm, that's you, reads like an internet conspiracy writ kwentey teeniers there are no facts the claims are nothing but a baseless campaign by hundreds of
thousa shameless short sellers who are willing to risk lives. they say we believe the company has followed proper processes and protocols reported to the company. >> the response to the company is a textbook response to one of our attacks. i have to say that the last time that i heard such a response was from a company called bion, they pretty much presented the same thing and it all a lie and now all the management is before prosecution and the company went bankrupt so i'm not saying this is necessarily going to have to penumbra we will see. my point is to inform the public that there is an overwhelming
amount of evidence that i made available to them. so far all i can tell you is, number one, we believe we have some credibility we put a lot of fraudulent companies out of business. >> have you spoken directly with the fda or -- i have this receipt, by the way. you filed this whistleblower report to the sec and you do that on the internet and then up get a receipt, which is i want our viewers to know this is what i'm holding up here for people to say have you spoken directly with the fda or sec >> well, the fda has been approached on a number of occasions but they usually just give out a canned response i wrote to several chief figures within the fda in conjunction with my earlier report about the problem with the jet flex because i wanted them to take a look at it and if it dangerous to take it off the market. right now these guys have 50% of the market which means any u.s. person that gets a stroke right now is likely to be treated with this
device, which can kill and can brain injure people. so fda, they've been notified. i instructed my lawyers to wrote a letter, which we made public, by the way as far as the sec, the process is again, we filed a report, included our litigation, everything is evidence we had three sets of lawyers go through the evidence and go through my allegations the company has to say whatever they can say i was actually expecting them to produce this guy whose name probably does not even exist and shows up as the author on all of their research papers on multiple web sites >> did somebody tip you off to this story in how did you learn of these issues regarding the jet 7 device or the fake persona you allege exists but doesn't really exist >> it was public knowledge, though it was kept very quiet. the first person who broke the news, roddy boyd, is among the discoverer of the valiant fraud.
he wrote a piece in september that people should have paid attention to, was denouncing that the company was being quiet and not telling anybody about injuries mounting about this product. not that many people read it i read it and i started digging and i found beside there being that, i understand there seems to be an engineering flaw, which can be not be corrected. and also i highlighted the fact that the company was being misleading in the way that it was reporting this problem, essentially blaming the doctors for misusing the device when it was was device itself. i was curious about possible nepotism happening at the company. the children of the ceo, they both work at the company there is nothing wrong with that but it happens
and this happens on multiple occasions, you can verify for yourself you can check the glass door and see nepotism is an issue so i was looking for nepotism. the co-founder, let's see if there's nepotism there sure enough on linked in there is a former employer that claims to have worngd worked there in , whose name is totally forged and built up this guy including on his linked-in page claims to have auto authored a large amount of very important research that is used to strength en in the hospital a normal investors will say let's see who does this research and comes across papers written or attributed from the internet
from various academic guys to this guy who doesn't exist and finally, we don't know who is ant eke boez and irani boez. he was called out by the editor of the journal and reprimanded for neglecting to disclose to the major shareholder of the experience we don't know if it was put together by irani boez we leave the reader to decide it but he had the reason to do it because he was already done once we wonder whether the ipo was
forthcoming, irani boez who ever put this exercise created fake internet sites and fake wick pawickwic -- wikipedia. some have been updated as recent as a couple of weeks ago it's an ongoing deception and it's been -- we'll let the investigator decide it >> and maybe we leave it there in your new short report today you do lay out what you consider the evidence of this fake persona, including the print-out of the faked linked-in page.
i made it clear to a representative of -- a spokesperson for penumbra that i would put the ceo on our show today. they chose to send us the statement. they are i varietied invited te ceo, who also has been called for by mr. greggo to resign as well open invitation. you're certainly open to come on this program any time you would like i appreciate your time today >> thank you very much >> we'll continue to follow that story. an interesting story that stock is on the move, down about 16.5%. the other big story as we move our attention back to the market today is that first rollout of the vaccine okccine over in the. you do have green all across the board today. josh, we moved past the story,
which we just did at the top of the hour to get to i know the story everybody's thinking about and that is these first vaccine administer in the u.s. there's been some outflow from cyclical stocks over the last few weeks or so. where does this leave us now on how we're thinking about the market >> yeah. let me just go on the record and say i am willing to take the vaccine when it comes out. i don't want the penumbra version of it, though. that's one of the craziest stories i've ever heard. moving on, you have 90% of the s&p 500 above the -- probably wouldn't be shocked to see some sort of a pull back with that many stocks doing that well. but a pull back is all you should really expect
markets are in bull mode when you have that many stocks in their own individual bull markets and in fact, i want to show you that the iwm, the russell 2000, most popular etf that tracks the russell, that small cap stocks, the iwm2 sy ra ratio chart is the highest it's been since february, prepandemic and is only trailing by only 1% on the year. all of that large cap-out performance has now been erased and i thisnk that's happened in five weeks materials are on fire. transports on the open this morning, obviously vaccine related. amazon is at the same price it was at in july we've had this huge sea change under the surface. it not that growth stocks stopped working, it's that value stocks started working also. and the also part is important it very hard to be losing money
in this market right now you have to really be trying your best. >> that leads me, steph, to sort of where i left off with this state of play and this idea the market's been going up we know because of optimism surrounding the rollout of the vaccine we assume based on what we've haefrd up to this point, at least until yesterday evening, that there's going to be enough vaccine to go around to get peop people, everybody who wants one by mid year, at the latest we've heard. and then this pfizer story comes out and i'm wondering if that changes the calculus for why these stocks that scott laid out, cyclical, small cap stocks have been moving >> well, the vaccine progress that we get every single day, we know that's a good thing we don't know how much is going to be administeredbut pfizer
alone said 1.3 billion doses next year. who knows what the united states is going to get, who knows what's going to get with moderna. j & j could be the positive surprise we are making progress but from an investors, you're asking me as an investors. what does it mean? it means you'll see better gdp growth next year and better s&p 500 earnings next year so gdp expectations are 3.8% for next year. could we see a 4 or 5% handle? splut absolutely. wouldn't be surprised at all look at the s&p consensus, wouldn't be surprised to see a 30 handle on that number the market is a forward-looking indicator. this is one of the reasons we're up 64% from the march lows i don't see any reason whatsoever, given that we expect
growth and higher inflation, maybe that does lead to performance in the value/cyclical sectors i was going to say but again, i don't want to be all in on sickly calls i want to own that bar bell. i would not change that strategy at all >> morgan stap stanley is out saying if the u.s. government cannot skourt more dose inifieder vaccine is at '21, then everybody eaves estimation would be at kiss being if there's not going to be enough supply of the vaccine. that's going to throw investment -- >> judge, judge -- >> yes >> i'm not a trump guy you know that. in defense of the president or the president's people more likely, this is not that they passed on the extra doses from pfizer because they're stupid. they knew that there were as
many as three, if not more competing vaccines always coming out within the same timeline and they wanted to diversify the risk in case they went all in on pfizer and either pfizer had a manufacturing problem or an efficacy problem -- >> no one has suggested otherwise. including dr. gottlieb this morning, who used the words "spread the risk." neither here nor there >> i think there will be enough is my point. >> that's all that matters either there's going to be enough or there's not. it's going to push the timeline of the reopen more or it's not that what i think we're talking about. >> but even if it pushed out a quarter or two, it's still coming, scott. >> a quarter or two is a long period of time >> well, on the health care side of course, but from an investment point of view it would not change my strategy, my process because i believe we're going to get back to some sort
of normalcy. i don't know what that looks like pu we' like, but we're going to get back to some half of normalcy. that's why you always want to have diversification and the point of it is is that we are seeing a recovery just yesterday alone, the business roundtable, was the highest level of second quarter since 2019 that means profits are going higher, capex is going higher. unemployment is going lower. >> are you all investing like the pandemic is over as of mid year 2021? second half of 2021 is back to normal i want to know if that's the strategy, than thens the strategy is that what you urge our viewers to do, invest as if the pandemic is ending at the end of the first half of 2021 >> i do believe it will be ending at the end of the first
half, by june of next year, scott. i can't tell them how much they should invest because i'm not an investment adviser but i'll tell you what i'm doing and you already know, look at my disclosures. i'm in all the epicenter reopening stocks, or at least a lot of them. i'm in a lot of tech stocks. if steph wants to call that a bar bell, i'm not arguing with her. that's a bar bell we've put into sonofi, moderna, johnson & johnson. fauci is right that operation warp speed is $10.5 billion spreading the risk across multiples. the good news is the woman in the u.k., the 90-year-old grandmother got the dose in the u.k. big thumbs up for them when you look eat this emergency youth all-sags, that says it as
effective on the older population as it is on the younger population and that it's at least 95% and maybe even 97%. so those are the really good news here, scott, with particular the pfizer biontech >> the cavalry is coming we know it is. we want it to show up when we want it to show up we want to get back to normal. >> yes, we do. >> yes, we do, scott i think everybody's talked about how we get there, whether it second quarter or the end of the following year i think the coil spring preapprh is what people are expecting what investors have to also understand is when this is
rolled out, there are going to be winners and losers, not just amongst the reopening stocks but amongst all different companies and i think that's where it will then become very -- that's when stock picking is going to get really much harder or even and does large cap with congratulate but i share that optimism. we've been invested with the bar bell strat jip, and i think you don't want to go for the home run right now but you want to play it out, be diversified and look for opportunity. >> even though -- ed yardeni always comes on the program. i know you've studied this or the of thing, josh, don't get to
close to the sun are we approaching that level? >> yeah, so we are advocates of globally diversified portfolios for exactly that reason. you can buy most of the rest of the world at 15 times earnings with a difficult yield 20 to 60 times higher than the dividend yield for the s&p 500 names and i wouldn't even throw treasury into the mix because then it becomes even more obvious. the answer is international stocks in concert with u.s. stocks, not instead of and not even normally overweight versus because while yardeni sites we're at a very high level of hi tore call valuation versus all these different metrics is talking about the roaring 2020s. he did an hour on my podcast on
this topic if you were in the middle of 1918 and somebody said 30 years from now we're going to be booming, it would have been hard to foresee and so it not that you need a roaring 20 20s, it just that we have to acknowledge ultra low rates probably aren't going anywhere, we're in the midst of traps formative revolutions from all types of technology, from clean energy to the cloud. and you've got this dividend in the form of geny and genz, talking about 120 million people entering the work force and becoming into their peak earnings years so, yes, you're welcome to bet against that if you want to and you might even score a few wins in these 20 or 30% bear markets
that will go on. b but. all fair points. there are a lot of people who think this roaring 20s idea is legit. my only question, as i bring it up for the course of debate, if for nothing else, is you could still have a roaring 20s that dpan in began in 2022 because we just don't know the uptake of the vaccine, we don't know the roll-out >> '21 was a recession actually. >> don't know when it returns back to normal that's what citiis ta's talkingt today. whether they're right or not, who knows. steph, i come to you, though, because your trader moves are interesting and i'd like you to talk about those with our viewers. you sold dr horton and fidelity fis.
dhi and fis. why? >> so i've been trimming all of my housing stocks because they've been winners and this one, d.r. horton is up 130% since march i think expectations are really, really high. i think that he's got a little crowded. so did home depot. i sold that a couple of weeks ago as well. i have plenty of housing disclosure i still own ppg and stanley black and decker all three of those stocks have lagged >>. >> i sold it because i made money in it. i'm not going to complain about a 30% gain >> hey, i'm not hating on it i'm just remembering it. >> i know. so ppg is up low single digits, stanley black and decker is like
flat, too. i think there's more upside to the laggards in housing. that's where i want to go. fis, i took some grains and put it in a cyber security company trading at a 10% discount and i put some money into blackstone i've owned it in the past. i like the company and their positioning. they've got free tloet and they'll benefit from low interest rates, which i don't think are taking off any time so soon >> i didn't have to prompt you >> two bullish calls coming up on one retail stocks that has already surged 30% do not miss the special program "the path foarrwd" race and opportunity in america we're back in two minutes. every year, we set out to do one thing:
electoral votes, a move that would swing the election to president donald trump criticism of that suit has been swift and scathing michigan's attorney general said it is a publicity stunt and not a serious legal pleading a report says the texas a.g. is constitutionally, legally and factually wrong about georgia, unquote. >> and lawyer jenna ellis is saying she tested positive forcovid-19. there is concern she could have turn a white house gathering into a superspreader event >> and john lennon was killed 40 years ago today. up to date, scott. back to you. >> all-time high for nike today and also two new bullish price target increases, morgan stanley
and cowen both raising targets stephanie link loves nike, hasn't taken any profits in nike right? >> haven't taken any profits in nick nike it's up 30% year to date and it's not cheap it's a quality comipounder, nthy have terrific products and they're kicking everybody's buck i think you'll see operating leverage i'm going to stick with it, stay patient with it and just hope they can continue to execute like they have been. >> you echo what morgan stanley is saying about the digital transformation that's a big crux of the story, maybe pulled forward a bit because of the pandemic but a huge growth opportunity, right
>> it is it's 30% of total revenues but the margins are 10% higher than a brick and mortar store, if you will that's why it's so accretive if they just got that to 40, 50%, you're looking at earnings power to this company. you doesn't wan't want to get o not at this level. >> forward pe 45 is that high for you >> it's very high. very high. >> i had to do a double take i did a double take. is that right? 45 1/2 is that right? >> it is, it is. let's look at earnings power, not just at next year's earnings because next year's earnings are lower. you will have $6, $7 of earnings power. i feel the same way about costco and i did trim costco.
i want to pick my battles here these are not battles i need to fight. these are winners. i had to focus on the other ones that are more project stories, if you will. >> the ges, the wells fargos are you talking about those? >> yes >> i figured >> i might be. >> for more on today's biggest analyst calls of the day, check out the write-up on cnbc pro john's latest trades and unusual activity are next. or we go to break, check on the sects led by energy. s&p's up 8 back after this. ♪ ♪ ♪
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♪ we're back shares of draftkings have surged more than 15% over the past month. guess what bullish options traders continue to jump into that name so thsays that man right there sitting in that big chair, john najari najarian >> thank you, scott. yeah, draftkings this is one where we've had multiple up side plays, virtually all of them have worked out because, you know, this is a stay-at-home stock, it's also a reopening and/or redoing of gambling online in
states that have approved that draftkings, weekly option this friday these expire at the 48 strike so take a look at those, big volume here. i was already in i bought these weeklies as well. it's at the 48 strikes second one, rackspace. this one, rxt, looks like it's ready to go. they're also buying options but these are january 20 calls, up side calls, which isn't that far for this one to jump to. it's a $19 stock right now i bought those i'll probably be in those in the neighborhood, scott, of three weeks to a month >> thank you for that, doc coming up, "ask halftime" is next we're back after this. it's been a tough year. and now with q4 wrapping up, the north pole has to be feeling the heat. it's okay santa, let's workflow it.
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i like the stock been in it since the ipo all the way through to here. by writing calls against it. great stock. >> steph, another john this one in indiana. question for you about vf-corp what's your target for the stock? >> a lot higher i would say. i like this one very much. i might even like this one actually a little bit more than nike because it's down 10% year to date and it yields 2.2%, they've got strong liquidity, great brands, north face, timberlands. that i am get back to mid teens growth and get back to normalcy. i like this one quite a bit. i do think it goes a lot higher. >> josh, paypal. buy, sell, hold? >> this is one of those stocks where even when we, quote unquote, get back to normal, it has dramatically enhanced its position in capitalism and in the economy. so i'm long.
i think the stock goes to at least 250. if it were in flx, it would be -- it's twice the size of blackrock and some would argue twice as relevant as most tradition banks. this is the bank of the future i think you want to be there >> from santa rosa, california, business to bristol myers. what do you think about it >> we like it, we own it, 8.3 times earnings real diversification if all of the products and this is one of the cheapest of the drug companies and i think has great up side. >> we got more trades straight ahead. as we go to break are take a look at new stocks hitting highs, equifax, and disney among them back in two minutes. i'm thinking i can become more marketable.
it has encouraged other people to take the time for each other. ♪ ♪ let's do the futures outlook. the u.s. dollar barely edging higher after hitting its lowest level in more than two years last week. joining us now scott nations of nations index, brian stutland of equity armor investments gentlemen, good to see you where are we going with the dollar, lowest level in two years recently how long is that going to last >> which one of us do you want, scott? >> brian yeah i think when you look at the dollar here, it's drifting lower continuously as stimulus talks pick up, we're starting to see a trend lower. looks like it wants to get below 90 here, that's basically below
90 is the low going back to 2017 and '18 and i think we have a little bit more left to go if we're placing debt i'm not going to short the dollar. back up over 100 we won't see for quite a time let's see how the stimulus package plays out. no package dollar higher, there is a package, watch that low from 2017 and '18. >> scott nations >> you know, what perversely euphoria about the vaccine is bad for the dollar we saw a flight to quality in march when it got up to 103. sounds more like a covid patient rather than the dollar index but as the flight to quality eases it's coming back to earth. now we're looking at the fundamentals seen interest rates are very low. we're worried about inflation. neither of those is good for the doll dollar. a more norm al relationship with china helps the uan which means
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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.
-well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. all right. final trades in just a minute. jon najarian, first. fedex, target raised today, street high, $380 at ubs you own calls. talk to me. >> yeah, and it -- i do, scott, and it just broke 300 today and traded up to 303 it's literally right at 300 as we're speaking right now like the upside here, scott, and
demand drives value in this one and the demand is through the roof i think you hold this one and continue to look for more upside. >> give you something quick. netflix. don't talk about the stock very much anymore target raised at jeffries. >> calls in this one also, scott. stock and calls. i like the upside of netflix, and i think the offerings just keep getting better really than just until theaters reopen, scott, this is the play. >> give me a name for a final trade while you're at it, please. >> plug, p-l-u-g >> good call. >> sirrate >> godaddy, hitting new highs and growth at a reasonable price. >> we'll continue to follow that having a decent day. >> all right josh brown >> paypal, stay long, going higher. >> still likes the payments name. >> stephanie link?
>> xpo the spinout news last week of a logistics business is absolutely positive, multiple enhancing and shareholder value creating so i like that stock a lot. >> so does sirrate i don't know why he's not shaking his head yes he owns it, too. >> all right, guys. >> i like that and paypal. >> thank you, guys "the exchange" is now. >> thank you, scott and welcome to "the exchange" everybody. i'm kelly evans. ahead, it's v-day, pfizer's covid vaccinations begin albeit in the uk. are are the vaccine stocks a sell on this news? we will ask. plus, goldman raised its gdp outlook and jpmorgan says any market correction is a buying opportunity. is it? are people too optimistic. we'll debate and uber's autonomous losses, tesla's huge stock offering and apple is turning head today