Skip to main content

tv   Closing Bell  CNBC  November 5, 2021 3:00pm-5:00pm EDT

3:00 pm
see the chrysler building. but to the right we have five giant towers sen central park brand new and just appeared why it is a brand new skyline and the overseas buyers love these views. >> looks gorgeous. have a great weekend put a hold on that one for me. thank you for watching "power lunch." >> "closing bell"ing starts now. welcome to "closing bell." i'm wilfred frost at the new york stock exchange. the s&p up for the seventh straight session. >> happy friday. i'm sara eisen we start with promising results from pfizer for the covid anti-viral prompting this response earlier. >> i think the bottom line is the end of the end of the pandemic relating to the united states is in sight given the tools to combat this disease.
3:01 pm
>> excitement about the end of the pandemic and reopening of the economy helping to boost stocks across the board, especially in travel and energy names. a strong jobs number this morning helping sentiment. got just about an hour left of trading. we'll break down the jobs number an enwhat it says about the economy with chairman jason furman later shares of live nation popping as the return of first values drive growth. we'll talk to their president in an exclusive interview coming up later. let's focus on the big stories this hour. mike santoli tracking the action meg tirrell looking at pfizer and oppenheimer's jared holtz is here mike, some round numbers hit 4700 on the s&p.
3:02 pm
>> yeah. 4700 in sight and then 7 trading days ago that's where the trend line took you. 3% gain in that period of time what it really does is there's a sort of trend that started at the april highs or thereabouts to suggest that's where we're headed this is not a line that exists in the real world but people focus on to gauge the rally. good news today is good news for stocks and been on a good run and not surprising that we are off the high there's a longer one-year trend line to project higher and see 4800 before too long and probably not a straight line cyclicals versus defenses. this is the trend in the s&p 500. the low when delta hit and now making new highs again on cyclical leadership. that's good news for the underpinings of the rally meant
3:03 pm
for economic terms take a look at the nasdaq composite. right now on the year to date basis you see this kind of rolling choppiness but with an upward tilt. good returns in this band and then kind of took off straight line. pretty steep angle higher into early november take a look at this chart. nasdaq composite from the year 1999 people focus on this rolling, choppy until right here november 5th of that year. up almost 40%. a stronger push from the october low there but still if you really wanted to say how crazy could it get i don't think it gets that crazy but that's the picture in theory to see with the activity with the stampedes into nvidia, tesla and the like. >> nvidia up again today amazing. i'm curious about your reaction
3:04 pm
to the bond market response. if it all adds up to a stronger economy, we are on the 1.40s on the 10-year yield. >> it is confounding i think we talked about yesterday how it's global influence of what yields have been doing the 10-year in germany from minus 10% to minus 30 in 5 days so there's an undertow of global yields today i'm not taking the treasury move really as a verdict on the fortune of the economy. we are going to have initially a flattening of the yield curve. and then longer term yields came in don't want to overinterpret it and tech is you under performing today. it was never a rule of nature.
3:05 pm
it was just a way the market traded for a short period of time that is not an ironclad pattern. >> thank you. pfizer saying today the experimental anti-viral pill for covid-19 cuts the rate of hospitalization and death. meg? >> in this trial pfizer showed that its covid anti-viral pill can cut the risk of hospitalization and death by 89% and people at high risk not yet hospitalized and given within three days of symptoms and high efficacy given within five days. pfizer plans to submit for emergency use authorization as soon as possible and aim to do that by thanksgiving and ramping up supply in advance they expect to have about 180,000 courses by the end of this year but getting up to 50 million by the end of next year with about 20 million in the
3:06 pm
first half of the year we're told that that can be made more because these results were so much better than expected >> this is a fantastic demonstration of the power of science. i think this medicine will change the way things are happening right now, would save millions and millions of lives. >> and of course this having impacts on stocks. pfizer up 9% merck down about the sam amount. seeing regeneron down almost 6% and moderna down almost 20%. that's less than earlier tough week for moderna in general. guys >> you know who's having a tough day is emergent bio solutions, more drama with the contract manufacturer of the covid-19 vaccines what's behind the move
3:07 pm
>> yeah. they announced last night that they had ended a contract with the u.s. government that essentially had reserve space to manufacture covid vaccine. they were making two in the same plant and cross contamination and stopped macking the astrazeneca vaccine and doesn't affect the partnership with j&j and working for clearance for that plant and the doses out there but down 42% on this guys >> thank you so much. let's bring in jared holtz to continue the conversation how positive for pfizer and for the nation as a whole, the world, is this pfizer data >> hey, wilf, thank you for having me. the impact on the world is very, very significant one of the better days we have seen just from a broader perspective on the back of this data for pfizer i think it's a mild positive i think we have to sort of look at things in context with the
3:08 pm
anti-viral pill being a major positive for the franchise in total but then there's going to be some detrimental impact to the vaccine business and some effect not seen in the shares today but we'll think about as the street recalibrates going forward. >> how much better is pfizer's anti-viral than merck? >> if we look at the data head to head and assume the patient population in both trials is similar one is near 90% effect, the other closer to 50%. it is obviously much etter merck might have a stake in this game going forward and probably will be the first to market. but there's no doubt that when we look at the data it's better. >> pfizer had the vaccine and now providing them around the
3:09 pm
world and now a more effective and the e viral pill i know you say it's a mild positive and seems like a ton of global demand for both of the products which are at the forefront of fighting covid-19 why don't we see a move in pfizer like we have seen in moderna and the other stocks that have real covid hopefuls? >> pfizer being a diversified company, it is not going to get the moves we have seen with moderna and some other more vaccine operated short plays but this is a nice move. almost 10% i think the company's guided to something along the lines of $29 billion in covid vaccine revenue for next year. so this will bite into that a bit and maybe there's upside for the covid-19 franchise if you want to sort of aggregate the vaccine and the anti-viral but i think that's what's prohibiting it from going even
3:10 pm
higher today. >> jared, you mentioned the possible cannibalization effect of this anti-viral on vaccines parking those with a booster shot before today and probably will still to one side is this data meaning those anti-vaxxers without a vaccine at all are more likely than ever to nevaer bother get one >> that's what i was thinking this morning also the booster market i think we have to consider in this context as being potentially compromised. i think the booster for many has been very widely debated it is a little bit more of a psychological situation considering how long is the booster and the duration so it's more of a comfort zone situation and something that has to be didn't so i think as we look at this
3:11 pm
entire landscape going forward the impact to have on boosters is very, very interesting. >> this study only done on high risk individuals, right? how long would it take to get potential approval for everyone to take the pill and what about kids do they need a separate study for that >> i don't know. i'm not sure what pfizer's plans are for an anti-viral to kids but just starting to vaccinate these kids anyway so i think we have sometime and this was always about the higher risk situation with hospitalizations and deaths so i think the trial accomplishes a lot going forward i would imagine there's some pathway towards getting the drug or the therapy approved for most americans. >> thank you very much pfizer up 9.6% is it time to hit the brakes on peloton? that stock plunging.
3:12 pm
we'll talk to a top analyst that saw the drop coming about whether it's a buying opportunity for not. dow's up 211 you are watching "closing bell."
3:13 pm
3:14 pm
in business, setbacks change everything. so get comcast business internet and add securityedge. it helps keep your network safe by scanning for threats every 10 minutes. and unlike some cybersecurity options, this helps protect every connected device. yours, your employees' and even your customers'. so you can stay ahead. get started with a great offer and ask
3:15 pm
how you can add comcast business securityedge. plus for a limited time, ask how to get a $500 prepaid card when you upgrade. call today. peloton plunging today after quarterly results last night reported weakening sales growth and a wider than expected loss in the quarter and downgrades today. reiterating the underperform
3:16 pm
rating on the stock and $45 price target let's bring in senior analys simeon siegel. you called this. you have been very negative on the stock for a while. my question is, is it more complicated than just the pandemic people want do go out and work out in gyms? >> hey, sara good to be here. you milwaukee me sound like the grinch not rooting for anyone to fail but more on looking at this opportunity we looked how big the company was and a mismatch on the fundamentals. the conversations we have, peloton took advantage of covid in a beautiful way, capitalized and got there and i think the danger is reading through that demand and envisioning that's the sustainable trend and right now what might be more complicated is the simplistic way to think about this, the
3:17 pm
reverse covid trade. i think there's a bigger question of did they lay down a tremendous amount of fix cost? did they create a business predicated on driving the level of demand and find that the demand faltered? >> so how do the economics change from here with the lowered guidance, increased costs and cutting prices >> i think you said it right if we have lower demand and the costs are higher, the gross margin is lower. cutting price on goods the cost of acquisition is higher and now competition we talked about the growing landscape with interesting companies. hydro, tonal all these different options now. a way to work out in the living room so what we are going to see is growth of the sector at large. what we find is the economics
3:18 pm
now are worse than they were last year. end of the day we talk about consumer brands. when a company doesn't have competition they don't have to market and promote there's a weird mirror image where every conversation going on right now is about supply chain constraints and inflation. peloton has a massive inventory build and then cutting price and then the equipment sales they bought precore. same day planet fitness says it's the best seen in while. you have a position of strength last year and not necessarily a position of weakness but recalibration. >> engage for us the scale of the issue. they were a pandemic winner. was the pandemic the only reason they were ever a winner?
3:19 pm
>> listen. this is going to be something that's probably a crazy comment. i wonder if the pandemic was good for peloton you know i love the bike i have said it enough times. they were growing as a startup and the pandemic propelled them to mega cap. and you didn't get there that's where we saw the growing pains of the issues with infrastructure, delays, complaints, the recall things that you normally learn as you become a much larger brand and the problem is overlay this on that idea with this massive demand the company spent a lot to build a much bigger business and was this actually a good thing for them or not great product building a nice company. we'd probably be talking about this really impressive startup
3:20 pm
going public this type of an idea but they just became something so much larger and may have been whether that landscape that pushed them to invest or not what we see how the dwindling cash and growing inventory. that's a tough proposition if demand is slow >> $45 price target. thank you for joining us. >> good to see you guys. breaking news on the spending bills in washington ylan >> reporter: the house scheduled a vote on the bipartisan infrastructure bill and punting on trying to pass that bigger social spending package until a later date the infrastructure vote is scheduled to happen about 4:30 p.m. today it would then go on to the president's desk the house would vote to advance the soerl spending package at that time but holding off on a final vote because of concerns
3:21 pm
of moderates about the cost. several members said they won't support the package until there's an official cbo score of the price tag. likely to take a few days at the very least so again the house punting on passing the bigger social spending bill but voting today and house speaker nancy pelosi said that the agenda coming after weeks of delays and now could see light at the end of the tunnel. >> thank you so much. when we come back, draftkings with a volatile day after a revenue miss we'll hear from the ceo about the quarter. check out the tom searched tickers on cnbc. peloton there. pfizer in second st. 'll be right back.
3:22 pm
3:23 pm
ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪
3:24 pm
3:25 pm
welcome back shares of canada goose soaring after strong quarterly results beat estimates and raised earnings estimates for the year. the stock up 18%. airbnb, the stock jumping on the heels of an earnings beat, expects strong demand for travel into next year that stock up 12%. jim cramer wrote about airbnb today to sign up go to cnbc.com or point your phone at the qr code on the screen to take you right there. still to come, we'll talk to the former counsel of economic advisers chairman jason furman as we head to break, a check on bonds. in reaction to that the 10-year yield with 1.45%
3:26 pm
down the low of 1.44 right now we'll be right back.
3:27 pm
♪ say it's all right ♪ ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪
3:28 pm
3:29 pm
time for a news update with sue herera. >> here's what's happening chicago is giving all city workers two hours of paid leave next friday to get themselves and the kids vaccinated. chicago is also closing all public schools next friday to give parents and students time to get the shots vaccination clinics will be set up that day in select schools and children's hospitals.
3:30 pm
packers quarterback aaron rodgers claims he is a victim of cancel culture he claimed he was immunized but he is order to quarantine for ten days during a youtube interview he claimed to address quote blatant lies told about him but he didn't cite specifics. he talked about a quote witch hunt going across the league and an unwelcomed and unexpected guest at a school in canada a moose smashed through a window and blocking their escape. conservation officers tranquilized and moved the animal without any injury to the moose or animals maybe it was story time. i don't know. >> a wile sight.
3:31 pm
>> yes, it is. >> or a relaxed sight. >> a moose busting through the classroom? >> listening to the class. >> tranquilized him. maybe an after picture thank you. >> good to see you guys. >> you, too. draftkings falling hard. contessa brewer with a look at the numbers and what the company ceo had to say about the quarter. >> the ceo blamed costs associated with launching in arizona and wyoming but blamed lady luck. it is all about the hold the amount of money they keep after paying out winning bets. the best match yuns for gamblers were the worst for draftkings. and then the parlay bets are more likely to win for draftkings it was so bad
3:32 pm
with a material impact of $25 million. silver lining? >> great for the new customers to be winning and bodes well for retaining the customers. >> in the long run hold may be a drop in the bucket with i gaming, nfts, tickets these are international ambitions. >> what we are trying to build is much larger than sports betting. we want to be a big tech company, in the same conversation with companies like amazon and the like. >> he's got a vision today though while most of the competitors saw a lift in the shares draftkings is under pressure sara, wilf >> thank you the october jobs report
3:33 pm
stronger than expected we'll find out what it says about the economy with jason furman plus shares of live nation soaring today. the company's president will join us in an exclusive to discuss the strong earnings report and whether sales could be impacted by the colder winter nths but we're hoping things will pick up by q3. yeah... uhhh... doug? [children laughing] sorry about that. umm...what...it's uhh... you alright? [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade and start trading today.
3:34 pm
3:35 pm
i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv!
3:36 pm
help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend! get a free demo at thryv.com. we have a market flash on mcafee >> this is just hitting the wire mcafee is said to be in talks to go private with advent and the stock halted earlier up almost 18% after the news
3:37 pm
came out according to the report it says that the talks are said to be advanced at the moment and want to remind everyone that mcafee went public again back in 2020 before that it was a public company but you had intel that bought in for 7.7 billion in 2011 and then dropped the mcafee name and reinstated the name when microsoft sold a majority stake in it to a private equity firm tpg owning nearly 66% of mcafee so you have a situation where mcafee is looking to go private in a deal and the talks are said to be advanced and seeing the share price move at the moment. >> thank you so much 18% move higher for mcafie. october jobs data better than expected. 531,000 added and the unemployment fell to 4.6%.
3:38 pm
bring in jason furman, former counsel of economic advisers clearly an encouraging print are you worried or still surprised that the participation rate is low? >> we got upward revision for the last two months. unemployment rate lower than i would have thought but the biggest and vexing problem in the economy right now is how low labor participation is millions of people still on the side. >> do you feel like we're going to get a point fairly soon where the fed feels the jobs part of its mandate is met or/and such that they act regardless >> they're not going to regret
3:39 pm
the announcement on wednesday. it's nominal wage growth i think we'll see a price growth with the cpi report later this month. we may not be able to get back the 3.5% unemployment without having inflation along the way and probably going to need to act sooner than they think on price. >> that was my question on wages and just how much further they have to rise because if you have the record high amount of job openings and the labor force participation stuck at the lower levels how do wages come down with those ingredients >> you expect to see low wage growth it is very strange to see a fast wake growth at a time of still elevated unemployment and tells us that the problem is labor
3:40 pm
supply people not wanting to work wages go up. what will change that? people being more confident about covid. people running down some of the cash balances they have. certain amount of time we don't know how much of this is a permanent shift how many people given up my guess is we'll get back but that it will take sometime. >> are we at the point yet where inflation is hurting americans more than stimulus is helping them >> i think so. you see the past year prices have risen more than wages and so workers have fallen further behind where they were before. it's more important at this point, we want to get jobs and we want to get those jobs back and like to see them pay better. i don't know that inflation
3:41 pm
helps either of those goals be achieved. >> should the fed be acting sooner on rate hikes the message this week is they're going to be patient and the stock market party went on. >> yeah. look obviously chair powell was pretty convinced inflation would stay low this week he was more uncertain. i think uncertain is right i'm uncertain. they can afford to wait but if the data is what i think it is and we continue to see no moderation of inflation then absolutely they should hike and hike more than once -- but it is fine to wait for more data to make that -- >> jason furman, thank you so much for joining us. >> thank you. straight ahead, strong data for pfizer's anti-viral pill as the stay at home tdera over. that's next in the market zone
3:42 pm
with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential.
3:43 pm
3:44 pm
wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth. 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, zero-dollar commissions for online u.s. listed stocks. [ding] get e*trade and start trading today. never settle with power e*trade. it has powerful, easy-to-use tools
3:45 pm
to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade [ding] and start trading today. with 15 minutes left to go in the trading day we are now in the "closing bell" market zone commercial free coverage of all the action going into the coverage mike santoli here to break down the trades and charlie is back and celebrating the 35th anniversary tomorrow congrats to you, charlie, and the whole team. >> thank you. >> major averages on track for record closes. s&p 500 up for the seventh day
3:46 pm
in the row the nasdaq higher for the tenth day if a row we are in this melt up position. >> we have been. >> does it last? >> in a longer term sense usually strength leads to strength it would have taken i think an extraordinarily good jobs report which we got to have the market get excited with this pfizer news today so drinking from a fire hose of good news it shows you it's good for half a percentage point gain. probably due for a pause up seven straight days 16 of 18 days on the nasdaq and taking a rest today and makes sense. >> do you get a feeling, charlie, we are a bit too extended in the short term >> what part of the market the s&p 500 with the 25% tech weight and 22 times pe then
3:47 pm
absolutely but value stocks then absolutely not. we have the aerial fund. thank you for mentioning the 35th anniversary it is going to do very well in the very strong recovery to have we have been having talk about stagflation. that won't happen. the reopening trade is back and i think value stocks, this will shock you, wilf, will do well over the rest of the year. >> a wild surprise from you, charlie. a potentially game changing development in the fight against covid-19 pfizer saying the anti-viral pill is highly effective to treat covid and cut the hospitalization and death by 89% according to the ceo the company plans to submit the data to the fda before thanksgiving here's the potential rollout. >> we have a capacity right now of 500 million pills which means
3:48 pm
50 million treatments. right? one, two pills per day for five days the course of treatment we will have 50 million of that. but of course we realize that very high efficacy is veven to s is a surprise. we are looking to see what more can we do in manufacturing supply. >> charlie, this probably is good news for some kind of more cyclical reopening type stocks. >> absolutely. a name that jumps to mind is madison square garden entertainment and people have been worried about another variant and how people might not come back to watch concerts. the sphere in las vegas. this backstop pill is going to i think make people more willing to be in crowds and the
3:49 pm
reopening trade which took a pause i think is back in play. >> is that lasting, charlie, beyond just a little butt of momentum and pent-up demand? >> i absolutely think it can i think the pent-up demand is a real thing people would like to buy a car right now and can't. there are a lot of people that would like to do renovations on the home and can't get the materials. we could have a very strong economy for 12 months. tempered by a lot of inflation and that's going to be the pull and push on this stock market and certain stocks hurt by higher inflation and cyclicals and industrials and maybe energy that do very well in a strong economy. >> mike, to charlie's main point that clearly some stocks run up more aggressively than others but cyclicals are not left
3:50 pm
aside. they have had a nice jump. >> they have basically from june into kind of september that cyclicals did have a little bit of an internal correction in the market they have firmed up. so i think value/cyclicals in that bucket of having the support of the underlying economic trends and not looking like a huge rush of fund flows or super aggressive sentiment in there and a segments of the ek that have suffered from hot money in the short term. >> reopening stocks getting a massive boost on the pfizer new just the airlines are certainly jumps. but morgan stanley saying a full rebound won't come in business travel as quickly. there's survey of travel managers finding that budgets grow but expectations for 2022 are trending downward.
3:51 pm
so that's always been kind of a concern. monday we get international travelers that are vaccinated or toa te testsed back into the states but the hotels - >> it means a lot eventually when airlines get back to acceptable margins they're trading on the sense of pent-up desire to travel you probably have lead time into next quarter when people will be willing to pay up to fly leisure and the legacy airlines they don't look like they're a great bargain. debt plus equity than before the pandemic and the economics are not quite as good. >> charlie, you used to be a cruise company fan are you backing the names?
3:52 pm
remind us. >> we own royal. i would say tempered enthusiasm. first starting covid we talked about companies with a temporary downturn and come back just as strong on the other side and maybe stronger i think cruising is in that category and a lot of pent-up demand they have rallied a lot already. so i can't -- i don't want to pound the table on royal but that's the name that we own. >> another name to see if you still is smucker because i struggle to figure how that fits into the quags staples is not beneficiaries. >> look at the pe and trading for like 13 to 14 times earnings with wonderful brands. people discovered folgers again.
3:53 pm
people did discover the wonderful joys of peanut butter and jelly sandwiches at home. >> never, never stopped for some, as well. no need to rediscover that joy. >> we switched to almond butter in my house. it's still fatty. >> if you eat like that you need to work out. we have peloton now. >> yes a perfect segue and quite a fell from the peak at $171. people were paying almost $2,000 to be put on a month's long list for bikes and now revenue worse than expected and rev knee decelerated and talking about the forecast for the company which did disappoint peloton slashed the annual revenue forecast by as much as $1
3:54 pm
billion and cut estimates. back in august they hurt profitability by dropping bike prices by $400 the new treadmill also is cheaper. pelot peloton acknowledges the short term pain helps them with less affluent shoppers and the stock down over 60% year to date i guess sara and the bike is not enough to bring the stock price up she likes the instructor alex. >> i do, so motivational. >> you haven't been using it. >> i haven't. >> peloton isn't paid by the rpm. you keep the subscription. >> a sign that you might lose subscribers. >> going out more. not working out as much in the home. >> how many more stocks are in that category of pandemic winners, shot up and now thinking it's obvious it was
3:55 pm
overvalued. >> look at the zoom chart. zoom is going to be here peloton bikes are bought and used by just the volumes that they were adopted at in the highs. and also i think for both companies look at what they were earning at the peak demand quarters peloton four best quarters and they did like 76 cents a share. not running it but the point being what's the umt mat earning power of a peloton it's a $50 stock that's the equation to have to look at. pretty good little stock chart there. >> i guess it doesn't entice you as a value investor after being cut by a third today. >> what about planet fitness >> one at a time i think it's a market cap of $16
3:56 pm
billion. not down enough. we divide the world into four groups those helped by covid, temporarily hurt by covid, unaffected covid and those permanently hurt by covid. peloton in category stock and all overpriced planet fitness is a tough business the gym business, more retail and residential buildings putting in fitness centers to join for free or low prices. it is a very tough business. >> i was going to ask where you work out which one are you a customer of? >> well, in chicago lake shore athletic which i happen to fully disclose to be a partial owner of. >> mike, as we approach the close, off the highs and extraordinary week building on
3:57 pm
volatile moves in the yield market good economic and bad economic data, we continues higher. >> everybody internalized the seasonal strength. we came in november read did i to raise risk appetites and that's happened. a lot of this week is grabbing for the fastest moving more aggressive stocks that people had the juice for the year end push a lot of that is happening in this very short term way there's record amounts of call option premium being bought this week so this game is back on that we got used to in terms of retail traders and excitinging retail names with great long term fundamental names stoked at the guys so i think you have that going on at the same time and look around and say the economy is really accommodating higher equity values earnings came through okay forty quarter estimates have room to gone up.
3:58 pm
they have not over the reporting season and that's the glass half full take on it. it was never a cheap market to start. maybe you have more of a demanding evaluation overall. >> amazon is making nice moves just about two minutes to go in the trading day. set for record closes across the board. what do you see in the internals? >> positive. the s&p 500 is doing better. volume split is 2-1. yesterday is negative there. had some breadth give or take on a given day and like every stock to participate every day talking about the going out type stocks look at the pej. it's interesting to show with the multiple spikes of excitement for the reopening trade. first in march and then in june
3:59 pm
and ri building toward the june highs and seems like maybe a clearer path ahead volatility index is up on a jobs friday i think part is the single stock options trades that's really bloating the volatility levels of the biggest stocks in the index right now. >> seven straight days of gains for the s&p 500. will not be disrupted today. dow up and nasdaq up the laggard today but the best performer this week up 3% for the week to the dow's 1.4% s&p up 2% this week. energy the best performing today. health care the worst performer. only one in the red. oil prices are getting -- lower on the week as a whole the dollar is sort of flat as
4:00 pm
yields collapse you have to say. after the bank of england failed to hike rates yesterday. at the bell the s&p 500 up the dow up 0.6%. the nasdaq up 0.2% record closes once again ♪ that is a wrap to a very strong week for stocks welcome back to "closing bell. i'm sara eisen along with wilfred frost and mike santoli take a look at how we finished the day. four record closing high just there's the dow up 204 s&p 500 up .4% at a record high up 2% for the week nasdaq up 3% for the week and a record closing high. lagging but the winner of the week is small caps russell 2000 up 6% for the week
4:01 pm
and catching up to the others. live nation a big winner today after reporting an unexpected profit thanks to the return of fest festival converts. the president of the company has the jouts look for the industry. charlie is first up and victoria hernandez from joins the conversation first to you, mike it does feel like a lot of good news catalyst. we got the fed being patient on interest rate hikes and a strong jobs number and anti-viral news from pfizer. >> hard to say that the market is missing something or looking too much on the bright side when you put it together like that. treasury yields coming down in a dramatic way but not in reaction i don't think to fed expectations or some kind of concern of the economy seems as if so many people are short the treasury markets and
4:02 pm
just expect higher yields that when you have the global pull lower they can't resist it and put it aside and say the only quibble is honestly how much of a one way print for a few weeks and just short term tactics. >> regardless of the high market levels, when you see data like we have seen over the last week do you remain encouraged that the consumer will continue to deliver? >> absolutely. i do think that the consumer is really driving this market and getting positive reports from the employment report. fourth quarter expectations moving up. there's a lot of momentum and when we see the jobs report, look at autos with the most jobs added since may and goods
4:03 pm
producing areas with leisure and hospitality so i think that's saying we have a good foundation the yields came down a little bit because the market is saying faith that the fed can control inflation and listen to what powell said this week and not concerned with the inflation story and set up well for the consumer to drive demand into next year. >> so charlie, you have been correct to predict inflation and lasting longer yet the 10-year yield is back down so what is that telling us >> i'm going to utter the words that no guest is supposed to utter. i don't understand i don't know how it's at 1.44. makes no sense we will have the end of the fed
4:04 pm
propping up the bond market. we had an extremely good print in terms of labor. we have more inflation that is not transitory and yet people are willing to accept 1.44 on a 10-year which is a negative real return i don't understand it. i think mike is right. the hedge fund community short and now covering but yield should be a lot higher why not a little higher. a lot higher. >> let's get to steve liesman orion the october jobs report this morning steve? >> yeah. all the hand wringing about wage growth and inflation seems to have accompanied the report and obscures the economy that's rebounding from the delta doldrums and picking up steam. average workers are benefiting nonfarm payrolls up 531. and those big revisions to
4:05 pm
august and september 235,000 wipes out a narrative of weak numbers earlier this year. and then you have the unemployment rate down more than expected there's a strong average hourly earnings leisure and hospitality is leading the way. construction strong. manufacturing is strong. it was all done with government shedding another 73,000 jobs the number of unemployed falling. put a total decline of unemployed to date and enough unemployed right now to provide for job growth in the coming months that's important because the labor force rate down 2 points from the prepandemichigh meaning 2.9 million fewer workers. that was the big disappointment in this report some point the fed could come to the conclusion that workers are
4:06 pm
not coming back. there's still time for the situation to reverse it is a healthy job market tends to draw dropouts back in folks? >> thank you clearly the conversation of stagflation here dissipated. inflation front and center and the economy doing well i wonder how quickly a stimulus is removed and if stagflation arrives, the uk conversation happening at the forefront and questions over china's growth, how quickly next year the rosie outlook is not so pronounced. >> i think there's a potential for us to have this perception building that we are further along in the cycle whether because the job market is not where it was and only going to get so low in terms of unemployment or because of the rest of the world or because we have fiscal drag, probably
4:07 pm
coming into play i don't think that's this quarter or next quarter and open to the idea and maybe that's getting into the bond market people that trade the bond market say that whenever the fed starts it won't have far to go in terms of a hiking cycle and a cap out there in terms of getting to the end point i don't know if that's on the market's mind at the moment. >> victoria, do you have to be aware of certain companies or industries because of the labor market, the shortages, the higher wages, the pressure on margins or happening to everyone >> interestingly we look at the labor report that came out and a lot of those jobs added not so in smaller companies because their the pressure at the higher wages and yet same time we are seeing the russell 2000 actually doing really well. like 40% of the russell 2000 traded above the 20-day highs
4:08 pm
this week so i think the smaller companies, more the local businesses are really going to be struggling for this you have to be really choosy and look at the fundamentals, look at the balance sheets. see who has the free cash flow because i think we'll continue to see yields move up and down and see the market have more volatility as things work themselves out in washington and the fed gets closer to a rate hike next year. >> charlie, do you worry about the economic outlook a year or two out or not a concern yet because the market only thinks about the next 12 months >> tough to make predictions about the market i think in the short term i think consistent in saying with pent up demand there are sectors where getting employees is a big problem
4:09 pm
health care services in particular we hear from a number of management teams they can't get nurses and vaccine hesitant. i don't understand that. i am personally fully vaccinated and people don't want to be and watch health care services for real labor problems. >> good point. shares of electric van maker down sharply. >> look at workhorse down almost 10% after a report from "wall street journal" that the department of justice investigating work horse no response from them regarding the reports of the probe looking at workhorse people say what do they build they were in the competition to win the electric postal truck. when that was being awarded that contract went to oshkosh an they have had problems and replaced
4:10 pm
the ceo in july. broughtin richard in charge of delphi highly regarded. he was brought in. they removered the cfo in september and workhorse right now when you take a look at the stock keep in mind that they're also reportedly, reportedly under an s.e.c. investigation and another stock lordstown motors why? workhorse had a stake in lordstown and still does and reduced that substantially over the summer once lordstown named the focus of an s.e.c. investigation. back to you. >> phil, thank you charlie, 35-year anniversary of aerial and congratulations to you and the team for that. great long term performance but the last decade is challenged.
4:11 pm
does that really suggest that today to be a value investor and outperform you have to have a very, very, very long time horizon? >> good question so they have data on this going back to 1926 when the university of chicago has data going back and value has beaten growth in every 10-year period since 1926 except for the last ten years. so historically you haven't had to wait long in fact, most two to three-year cycles value beat growth last ten years is extraordinary and we think the reason is interest rate just talking before extremely low interest rates are good for tech and growth bad for value. we think as that shifts we go back to the normal order of the union and value beats growth.
4:12 pm
>> thank you both for joining us. >> thank you. >> my pleasure. a top performer in the s&p 500, the company's president on how the return of live events is helping their top and bottom line later we'll discuss whether pfizer's anti-viral pill will end thpaeme ndic and what it means for the company's stock. we're back in a couple
4:13 pm
it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
4:14 pm
look at live nation with a 52-week high today the stock closing up more than 15%. festivals driving strong performance with ticket sales up 10% compared to 2019 outperforming the broader market with shares higher by nearly 70%. joining us now live nation president joe berchtold. >> thank you. >> between the news on earnings and the outlook you gave and the
4:15 pm
pfizer anti-viral pill today, really good setup. what do you see going forward in terms of people buying tickets what does the pipeline look like >> sure. it's looking great what we are seeing now is actually recomping ahead of 2019 and not conversations about performance relative to a reopening and how are we outperforming 2019 so we have as you mentioned with the festivals 10% more people buying tickets to the major festivals than 2019. we'll global have more fans at outdoosh events than in 2019 and looking to 2022, our pipeline of shows is up double digits relative to this time in 2019. we have sold 22 million for tickets next year. more than twice the number sold
4:16 pm
at this point in 2019. >> so yeah i was going to ask about supply and whether that's caught up to 2019 levels and how quickly artists are adding to the calendar at this point given the news on covid appears to be going better. >> artists are getting out in a record pace. third quarter is ticketmaster highest quarter profit ever because the on sales for next year is happening earlier and q4 could be a record quarter again for the volume of shows. we expect a tremendous 2022. we expect to be the start of a multiyear run where the artists are eager do get back and fans have massive pent-up demand. >> i wanted to ask you that about the artists because as you say there's pent-up demand is there pent-up supply?
4:17 pm
you would call it supply in terms of tons of live events to come on next year. >> no question the artist earns the living on the road 80% may come from the touring activity and hit like everybody else where if you're not able to work you have been figuring out how to get by and artists are creative and doing things from streaming to different ways of making some money but they need to be on the road and next year is a big unlock. >> what about safety how's it going, whether you're checking for vaccine status or testing? how big of a lift is this for you and how's it been doing? >> we have worked early to set the standard that everybody needs to be vaccinated or tested to get in. we work with the local health
4:18 pm
authorities. there's extreme research done in the uk and the u.s. to the efficacy of that standard and gotten a clean bill of health that we're not contributing to outsized issues and the fans heard the message. attendance levels are strong the fans satisfaction levels are strong fewer than 2% of the fans show up surprised by the fact to be vaccinated or tested and had the ability to do rapid testing on site to get the fans back in. >> so joe, the operating income clearly very good for the past quarter. is that not going to grow as much as top next year to bring on costs or dropping to the bottom line? >> a thing we focused on is we become a more efficient and nimble organization and taken $200 million from the cost structure and starting to see that as we come back we expect to be able to continue to grow the profitability of the
4:19 pm
business as the top line grows faster than the cost structure. >> raising prices, right >> yeah. we're seeing suchl strong fab demand we have been able to increase prices in our amphitheaters and theaters this year by double digits and moving that money over to the artist to furtder inventive for cent to tour and the fans at the festivals up over 20% as fans are buying more beer coming and celebrating being able to get out. >> joe, thank you so much for joins us. >> thank you. >> elton tickets are going to cost you. >> they already have and coldy place ones the adele one sold out. >> so hard to get them. >> did you hear that artists make 80% we have togone the road.
4:20 pm
>> what do you think >> money maker. >> not sure we will have the same pull. discount ticket. not british only for sure you know maybe. we'll see. uber shares higher up next investor bradley tusk will join us why he's cautious on the stock peloton slid sharply earlier in the session. we'll discuss more later i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this.
4:21 pm
[kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones ♪ say it's all right ♪ ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪
4:22 pm
♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪
4:23 pm
peloton shares volatile in after hours trading with a hiring freeze. stock closed down 35% today. you can go to cnbc.com for more on the developing story. they lowered the outlook and instituted a hiring freeze. >> so it is moving after hours. reopening and travel stocks surged today and uber ceo joined cnbc earlier to weigh in on the
4:24 pm
overall trends. >> the rebound is unmistakable the human condition is true for everyone and universal. >> joining us bradley tusk, an early investor in uber bradley, great to see you as always and let's kick off with uber do you feel like it's turned the corner >> yes and no. i think everyone dara is right people are eager to get back to travel that's good news however i think a step back and ask ourselves, can uber really be what everyone hoped it would be ride sharing is not that great of a business. margins are low. regulatory burdens and challenges the drivers drive for the competitors. if uber is a ride sharing company and how you try to evaluate it it's not the
4:25 pm
original vision for initially supposed to be the amazon of transportation where if you wanted a person or a burrito they were the entire supply chain and the valuation to hav made sense based on that kind of vision now that uber is a basic food delivery and ride sharing company i think investors have to ask themselves is this a company and industry i believe in if not trends aren't enough. >> do you think it doesn't value a $19 billion valuation? >> no. nothing close to that. look again, if they were able to sort of exert control over every part of transportation and not just ride sharing then yes like amazon they could find a way to squeeze out significant margins but they haven't done that yet the company around 13 years and
4:26 pm
not sure they ever will. >> with all your expertise in regulatory and what you think is coming next for facebook given the new revelations from the whistle-blower. >> yeah. i think that facebook faces -- no pun intended -- more regulatory hurdles than almost any company. they have the threat of new privacy legislation to limit the ability to sell ads. they face the repeal of the decency action and no one can sue them for the content on the platform the third is a payment platform with federal approval. still yet to receive jit the fourth is anti-trust and looking at the big tech companies that could be broken up the obvious
4:27 pm
solution is to split it up so i don't think calling it meta stops that problem from happening. >> wanted to ask you about peloton and the massive decline today. do you think that was warranted? was it overvalued? >> yes yes, yes, yes. look it is a religious experience for some it is an exercise bike company and i think part of the problem is we took valuations and share prices to a place in covid that assumed covid would never end and why you see uber have a rebound. people like going to the gym and meetings and as a result the need for everyone to have a peloton is lower and they have fallen back. >> the bookcase is that they have an international market to still penetrate. they built up a media library. i know there's two sides to
4:28 pm
every story and clearly today is a rough day but that it's more than a bike with an ipad on it. >> yeah. that's fair enough but i think sometimes like i see it as an early stage venture capitalist you have a vision that you love for what something can be and then describe the company to accomplish that and the valuation reflects that and the reality is it reflects what the company is doing in terms of revenue and cost and growth and i don't think that the investors is - >> bradley, always good to get your take. thank you. >> appreciate it. find out why shares of canopy growth going up in smoke spa smaller than expected loss we'll be right back.
4:29 pm
when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web.
4:30 pm
because platforms this innovative, aren't just made for traders - they're made by them. thinkorswim trading. from td ameritrade.
4:31 pm
welcome back time for a news update with
4:32 pm
shepard smith. >> thank you here's what's happening. opening statements in the trial of three men accused of murdering arbery prosecutors say he was under attack and the three men assumed the worst about him. his mother seen sobbing in court today as prosecutors showed new videos to the jurors live coverage of the trial tonight. bomb threats, multiple threats today at yale university shutting down seven buildings on the campus students, faculty and staff evacuated. yale and city police shut down streets and asked people to stay clear. cops say several bomb teams going through the buildings. nothing found. investigators trying to trace phone calls to find out who called in the threats. and a celebration in atlanta. tens of thousands lining the parade route from downtown and
4:33 pm
into cobb county for the atlanta braves why it is the team's and the city's first major sports championship in 26 year just a big party with speeding buses from time to time. expected to last late into the evening. tonight new details from the white house on the purchase of millions of doses of that new pfizer pill to treat covid-19 should it be approved, a poort of the very good news out today with the pandemic. team coverage on the news after jim cramer on cnbc back to you. >> thank you very much. we'll pick it up there. for more on the pfizer anti-viral pill let's bring in jeff borgess how do you think about the size of the market to add to pfizer's revenues, the anti-viral pill that looks so good on the efficacy data? >> yeah. the data look really good today.
4:34 pm
i would say we don't know everything about the anti-viral and no such thing with the free lunch. there will be some cautionary language in the label. there's riskis for people with other medications. people probably careful about things like development of resistance so we shouldn't think that this will flood into the market but it is really terrific news last time we talked to pfizer they said they made a billion-dollar investment in manufactures next year we think that's 30 to 40 million courses and whether that's used or not we think there's government approaches. looking back to tamiflu the break through influenza anti-viral countries looking to stockpile something in the range of enough for 10% of the population and not a ridiculous
4:35 pm
goal to shoot for here translating into $30 billion to $40 billion of revenue and probably staggered depending upon supply but the dimension we think is out there. >> talk more about the safety things that you were mentioning at the top of the answer and how it interacting with other drugs. what kind of an anti-viral pill is this and what should people be looking for >> we have a lot of experience with prototase inhibitor this is given with a pk booster. what that is designed to do is slow down the liver's metabolism of the first drug. the active anti-viral and we know how to do that but you have to be careful on a lot of other medications, heart drugs, psychiatric medications, it
4:36 pm
slows down their metabolism, a well so we will have to be careful about who we give the drug to. in the case of hiv it is easy. there's screening and discussions. with this concept of a five-day course for covid with a positive diagnosis we have to figure out how to implement that and won't be the easy access that i think people were envisioning when the data came out today. main thing and then typically you have the -- rash, some gi side effects this is a part of every biological process almost that our body goes through and that's off target effects and used but nothing particularly problematic and cause caution with using this. >> if we were to look just at share prices today the market
4:37 pm
interpretation shows this is bad news for the vaccine manufacturers. is that fair is that what you expected? >> i don't expect that at all. and the interesting thing is pfizer stock added roughly 25 billion of value but the partner biontech lost 20% of the value on the same day and pfizer of course is partnered with them with the covid vaccine. i think there was a lot of retail volume in the market and sort of covid related trading going through the market in the process of swinging the other way. we still use influenza vaccines but a pretty good anti-viral and still use vaccines for shingles and only have a marginal impact on demand for antibodies this is a market where we have
4:38 pm
seen it absorb more vaccines and products so i think that's going to happen here. i don't think it's a zero sum game. >> do you think it will affect the fda advisory panel's decision or deliberation on the merck pill which is going to come up first? lower efficacy data and that kind of unknown risk that wasn't out there in the study but some exp experts warned about on the dna mutation >> that's an interesting question typically those deliberations are based on did data presented to them and can't help but in that context think about the larger public health and societal context i think the reason they have an advisory committee on that and haven't on the antibodies is because of the that caution, partially the mutated potential and the efficacy there, it looks like a remdesivir.
4:39 pm
they will have very cautious about the approval and i any there's a risk mitigation program to assure it is not given to the wrong individuals, pregnant women for example and fair amount of caution there i don't think that's high with investors but i would not be surprised if the fda introduced the pfizer drug effectively without that coming and i'd be surprised if they have an add com on that drug provided the data looks as plain as pfizer suggested today. >> thank you so much for joining us fascinating. >> my pleasure. a market flash on toast. >> this is a cloud based restaurant software company and they're saying that the shareholders held up pre-ipo can
4:40 pm
start unloading the shares so that means up to 15% of those holding vested equity can sell two days after releasing the earnings november 9. so that means we could start to see higher volume as soon as november 11. the company estimates 10.7 million shares held by employees, consultants, families could come on to the market and then another 65 million shares could come on to the market held by directors, executive officers and others for those executives toast share price needs to close above 50 bucks november 10 to jauch load the shares that they had pre-ipo. there's a possibly a wave of shares of toast to the market as of november 11 and 12. and that's why the stock price is down. >> thank you. mike has a look at the surge in women returning to the
4:41 pm
workforce could mean for the labor shortage and the economy and key disparities in the job market with the ceo of the his hispanic association on corporate responsibility "closing bell" back in a couple. e of at least 43 degrees puts sanchez in the endzone. you a data analyst or something? an investor in invesco qqq. a fund that gives you access to nasdaq-100 innovations like ai statistical analysis software. how am i gonna do? become an agent of innovation with invesco qqq. ♪♪
4:42 pm
new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
4:43 pm
firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin. stocks close at a record after a strong jobs report let's go back to mike taking a closer look at that report
4:44 pm
mike >> in past months we have looked inside the employment report to show that the return to work among men has been happening at a faster rate than among women obv obviously lots of things hold back female participation. we didn't have a return to school and hesitancy in terms of daeltd you are seeing some help in that direction. this is prime working age women, 25 to 34 and 35 to 44. you see a bounce seems like we have seen that low. the other bit of good news is because there's a fair bit of a gap to get back to pre-covid conditions it does suggest there's the makings of strong growth down the road as women come back and look for jobs it shows we have the potential to recover that much more of the jobs we don't know how fast that will happen but it's slightly encouraging.
4:45 pm
>> mike, thank you so much sticking with october's jobs report the u.s. unemployment rate hit 4.6% compared to estimates. when broken down rates for both blacks and asians unshared from september and the disabled ticked up. on the opposite end the unemployment rate for whites fell to 4% and hispanics coming in at 5.9% compared to 6.3% in september. let's bring in sid wilson of the hispanic association of corporate inclusion. thanks so much for joins us. initially on this data the surface at least it shows a decent improvement on the employment numbers at least on a month over basis is that fair >> well, yes if you're male. no if you're latina.
4:46 pm
latina unemployment rate went up and not down and a significant concern given the fact that latinas have been significantly impacted probably more than any group from the covid pandemic a ten job losses related to that so while we're happy to see it come down overall the fact that it actually went up seeing unemployment go down most other groups is concerning. >> the other really standout piece of data to me is talking for months in general that the top level why participation rates are so low and doesn't apply looking at hispanics. >> no. on the contrary, you will see a latino participation rates over indexed compared to the rest of the country and so you're seeing that in these positions where we
4:47 pm
tend to over -- particularly in retail, in the food industry as well as service and hospitality you're seeing that there's significant participation for latinos and so it goes to make that case that not only is the la the i no economy key to the u.s. economic recovery but it's also an indication of our economic power when it requires that participation and requires that corporate america recognize the importance to hire latinos and especially latinas. >> how do we close the gap to the ceos watching of small and large businesses, what is your advice to fix this issue? >> so my advice, step one is to recognize that this requires intentionality talking about equity and inclusion i call intentionality.
4:48 pm
we have to recognize that we have to understand that it's not about asking latinos and latinas to assimilate to an existing corporate structure but how can they aculture rate to the needs of the community and recognizing our family structure, recognizing the challenges that latinas face in terms of balancing health care, child care, education with also making sure that they have opportunities that are -- not only are fair but also equitable but that means that corporate america must invest more, more pro procurement. because of the growth for latino economy is small business but looking at the employment numbers you see that the -- examples of the supply chain
4:49 pm
issues that larger companies are weathering this better than small business and given the growth of hispanic employment and small business to give this attention and requires intentionality >> so why do you think small companies are lagging the big companies on this? just a lack of awareness or are they against taking this forward and making that intention? >> while the first challenge is recognizing that our economy is going to grow by supporting small business and the hispanic association on corporate responsibility we focus on the large corporations and understanding that it's the creating the culture of inclusion, making sure that there is a pipeline of development.
4:50 pm
mentorship, sponsorship, as well as creating that intentionality coming to advancing hispanic inclusion and one thing that we noticed time and time again is that while you may see that at the early career to mid level once you start going from mid y that as the early career to mid-level, once you go from mid-level to senior, there is a dropoff. that means there is a pipeline issue that corporate america must give attention in order to be sure we are hiring latino at all stages within our careers to help move our economy forward. >> hope they are listening thank you very much. really good information there. sid wilson >> thank you very much >> we are getting breaking news. on the spending bill in washington, details. what's moving?
4:51 pm
>> democratic leadership is barely barreling ahead on th infrastructure without the vote on the social package. the vote was supposed to be happening now, but it is pushed back because progressives are not in favor of voting on this they want to vote on both of them together. the house speaker pelosi said she does believe many will vote for the infrastructure once it is on the bill she said she is confident they can pass the other part by thanksgiving when asked if she had the 218 votes needed, she said we will be this will be a nailbiter to the last vote. but democratic leadership still plan to move forward on the vote
4:52 pm
for the infrastructure package >> shares tumbling why, next on closing bell. everything you've seen me do was made possible by what you don't see. cause when you're not looking, i go to work. ♪♪ strength isn't a given. it's grown. it's earned and tested. ♪♪ we all have the strength to see what's possible. it's up to us to unlock it.
4:53 pm
tonal. be your strongest.
4:54 pm
4:55 pm
shares of canopy sinking today. >> after a miss on revenue and profits. stock down 53% for the year. two big reasons for today's dip, failure to beat. recreational cannabis is more than 90% of the canadian market and the only place it can sell other big players also falling this is the only canadian major producer positive for the year >> and profitable. >> we have earnings coming up cling disney -- looking at all of the dismy plus subscriber metrics. how that might impact the stocks, straight ahead on "closing bell.
4:56 pm
we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones hey businesses! you all deserve something epic! let's partner for all of it. so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing customers our best deals on every iphone, including up to $800 off the epic iphone 13 and iphone 13 pro.
4:57 pm
♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ (vo) is three hundred and ninety-one thousand four hundred and thirty-four square feet... enough space for your ambition? loopnet. the most popular place to find a space. ♪
4:58 pm
[laughing and giggling] (woman) hey dad. miss us? (vo) reflect on the past, celebrate the future. season's greetings from audi. another huge week for earnings week on deck. we will get -- we will speak with these ceos
4:59 pm
and will have those on closing bell monday afternoon. we have news here. the electric vehicle that makes trucks out that the range would be 72 to 74, up, that would bring it to $52 to $54 billion remember ford holds approximately 4% stake in rivian back in august they were looking for an $80 billion valuation they had high hopes. >> the 12% stake of ford in
5:00 pm
rivian, that also explains the excitement about the ford stock. >> super strong first week of november >> next week we will get a read on inflation still expect it to be high same story, short-term things look a little hot, but longer term pretty firm trend >> four record closes today. have a great weekend that's going to do it for us on closing bell "fast money" comes on now. >> this is "fast money," i'm melissa lee. tonight on fast, lighting up in the last half hour of trading as one republican lawmaker makes moves towards decriminalization. plus shares ending 2.5% down onmaet

74 Views

info Stream Only

Uploaded by TV Archive on