Arizona for biden. Dow is up 191. Were going to start with disney though and a surge for shares this morning following the strong earnings last night and that enormous pop for disney plus subs. Julia boorstin is going to break that down for us hey, julia carl, disney plus accrued 73 Million Subscribers. The companys 120 million paid Digital Subscribers are a bright spot the company says suspension of the next semiannual dividend is in part to priority the direct to consumer initiatives. Its very clear what the new content has subscribers. I think youll see continued increase in investment and then that will fuel some of the growth that christine will talk about at the Investor Conference that we expect on december 10th. The company says theyre reassured by booking trends that cruise ship bookings for next year are very strong pushing to open disneys closed california parks, he called californias restrictions arbitrary. Were very encouraged by the prospect of a potential vaccine. Were extremely disappointed that the state of california continues to keep disneyland closed despite our proven track record a number of positive analyst reactions to the results theyre increasing the price targets on the stock those worth noting that the disneys reorg to focus on digital does add some risk lets bring on our next guest. The cofounder natasha lamb is back with us natasha, julia laid out what the analysts are thinking. Largely wall street likes disney right now. This recovery play with a streaming asset. So why did you sell out . We sold because of profitability challenges there was a 700 million loss in the Fourth Quarter versus approximately 700 million if profit last year the pendulum has swung in the complete opposite direction. Now you can look past the near term numbers but there is no doubt its been a tough year and its going to continue to be a slog. Its really a tale two of cities or two assets. You have the parks which last year made up 40 of revenue. That revenue is up 61 and the revenue for the parks is the same as the revenue for the Media Networks at least it was last year. And this year is really about the Media Business its about content and streaming. I think it was very bad time to lose bob iger as ceo he build the Media Business. And, you know, as you know, we look at the environmental yeah . That story though of two companies is what a lot of wall street is liking exactly what theyre liking about this story. So when you look past the short term and that profitability metr krichl metric, what dont you luke about the story long term . Going back to bob iger stepping out, he built the Media Business this year is about the Media Business we look at the environmental, social and governance factors, the esg factors of companies and with he see governance concern there. Right . He stepped down right as covid19 hit i think he saw the writing on the wall what was happening in china with the parks. Hes been replaced by bob chapman. I dont think that is the expertise that disney needs right now. There is also a big difference in styles. Iger is all about partnerships chapick is more aggressive he is hounding the state of california to reopen disneyland which is a high risk area and puts disneys customers at risk. We just saw disneyland paris close early november i think another longer term head wind is the cost covid19 costs money theyre going to be adding bailon dollars to their cost structure next year for Safety Measures natasha, i wonder, you know, one thing that stood out in the call is chapek talking about the premium Pricing Strategy on disney plus as it pertained to mulan at the time. And in his words, he said we think we have something here what is the delta in margin on film content versus going through the traditional exhibitor pipeline if theyre going to commit to this what does that mean for margins on the studio side. Yeah. You saw with mulan they broke even for that film and you really see a change in consumer patterns. I mean this is what is working for disney, right . Theyve been gaining subscribers through loyalty and releases like hamilton. Pixar soul is coming out in christmas. And when mulan hit, 29 of u. S. Users purchased mulan for 30. Im guilty of that myself for my family and, you know, i think thats been a net positive. Its important to note there are few big releases and theyre pushing out the big blockbusters to next year like bl black widow and west side story. Im also guilty of purchasing mulan too a mulan too and i didnt like it very much. Zhnt prove the power of the library . I mean 76 Million Subscribers and basically what theyre going on is the library. Im trying to understand what you dont like about it. I understand that maybe chapek you dont think is the right person to lead the Company Something he did quickly is reorganize the company to make streaming practical. Language term, i like disney. I think the decision was about the short term challenges with profitability. What we saw this quarter is very promising. Hitting that 70 plus Million Subscriber growth piece, that revenue is up 40 this year. And they just hit the loaned of their fiveyear goal for disney plus in 11 months. Thats unbelievable. And we can thank covid19 for that youre sounding like a bull in the end in a tash yashgs thank you so much for being with us natasha lamb carl thank you all right lets dive deep near the disney plus streaming strategy and specifically what it means for the competition. Heather musnic joining us, former svp of content partnership at hulu and youtube. I hope i got your name right, forgive me. You did youre perfect thank you for having me. Netflix and amazon prime are looking in the Rearview Mirror at what disney is pulling together i think even just disney is taken by surprise. This is long before covid19 when they came out a year ago. Out of the gate, they had 10 million users. Subscribers. And those are numbers that took years for netflix to hit this is one to watch and here to stay it accelerates the time scale on a number of fronts you saw the success for disney plus before covid19 hit they were approaching 60 million anyway parents understand the value of a trusted brand like disney. A paurnt neerent needs to be abo hand their ipad to a kid and not worry about what is on it. Nobody does that better than disney i think covid19 accelerated the understanding the value of disney plus. But that was already there it was already on its way. So im very bullish this is something this is a strong competitor for netflix and amazon for long term, especially when you add in hulu and espn plus to the mix so that you have a cradle to grade strategy that is broader than what disney plus itself can deliver clearly the number of subscribers show the strength of disneys high braer. At the same time, they only had one hit original show. What makes you confident that they can continue to, you know, release these and continue the momentum that they have seen disney has all of the talent to produce hits. It was a big show for disney they didnt have march for baby yoda ready to go which is an unusual move for disney which just goes to show they just you know, they werent even ready for how big this was going to be. So disney has all of the main ingredients for being able to turn out hits. They were very smart with the fox studios acquisition. And they have just bolstered their ability to continue to create super content Going Forward. So, you know, it is not an accident disney goes big with fewer numbers. When they do them, theyre big hits so i feel confident theyre f g going to have all of the resources at their ready to turn out the super fan contents, you know, tv and films yeah. When you think back at say the last decade or so, maybe going back a bit before that, but the big mna, large scale mna that they deployed, what do you think theyre most grateful they brought into the tenor well, i think its a combination of the fox studios as well as hulu. They each bring critical content. They bring an Incredible Library of fox animation in particular bamtech brought all the technology they needed its the backbone of why disney plus is out of the gate such an incredibly smooth experience and really forward thinking in terms of the kinds of technology they have been able to launch with theyre now coming out of watch parties which is taking years for others to get onboard with so bamtech is incredibly important for them as well hulu rounds out the offering so they can take the consumers from the cradle to the grave, right so they can go and keep those consumers in house with the disney family of brands for the long haul. All of those are really critical pieces to a strategy around winning and streaming. Heather, fa scinating. Your hulu bias shows but we wont begrudge you for that. Thank you for your time and work. Cant blame her for that. Iac considering a spunoff. Well ask the ceo about it next. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Carl, joey levin, thank you for joining us today you reported earnings last week and the big headline out the earnings is the news that youre planning to spin off or looking into spinning off the nio. Tell us about this decision and why now . Sure. Its been doing unbelievably well its a trend we were expecting for a while now, predicting for a while now has come to fruition which is people want to access their audience not just in their store but in their physical location but in a broader audience that is Small Business and business like yoga studios, fitness, churches, big businesses they want to do town halls and so its really having an unbelievable time right now. Its fls a category of software which people love. As a result of that, the access to capital is probably meaningfully cheaper outside of iac. It seems like the decision to focus really on that business consumer has certainly paid off. 44 growth in revenue for vimeo. How stansable do you think there is and if there is a phenomenal of a pull forward or whether you can maun taken that kind of growth we think about that a lot of the most compelling thing is once you start doing this, you start doing town halls with all of your employees, are you going to stop post pandemic . And the reality is a lot of people have employees not just in one physical location or cant fit everybody in one physical room and so youre going to want to broadcast to that whole group kind of forever more same is true for Small Businesses you reached a larger audience. Even when you cant have all the audience back physically in your store, you dont want to reach that bigger audience i think it is more of a breakthrough than a momentary pop. But, you know, well see as things progress. I want to make sure to get your perspective on mgm. You announced an investment in mgm in august. I believe mgm shares are up 30 since then good timing there. Tell us what you think of that investment and how that makes you think about both mgm and other potential moves Going Forward . Were as or more excited about it than we were when we got started. It certainly helps that were weve made a little paper profit but thats irrelevant to the long term thesis for us. Theyve got an unbelievable hand i think right now. First of all, were very confident that the world comes back to normal at some point obviously, the current news on whats happening today in vud s covid19 is terrible but there is going to be a vaccine and solution and move past that is very encouraging for mgm i think people will come back into the buildings and the conference business which is key to that buzz is going to come back so were pretty excited about that and the Digital Opportunity just continues to look better with every passing day. When youre in a market that is a huge tail wind which is what is happening in u. S. Sports betting and online gaming, then every day continues to get better thats really what were seeing there. Pretty excited about it. Joey, when you look at potential acquisitions, how you are weighing that balance, sort of the recovery story with the Digital Transformation and what the opportunity looks like there . What industries are you looking at were always looking at a pretty wide range. I think that the sort of short term covid19 impact is not really a focus i mean, that might make some opportunities. I think mgm is one of those opportunities. Im not sure if there is a huge amount more in that vain that were focused on but really for us its long term opportunities. And what we can say is were looking to the future. It is obvious. Obvious to us, for example in, gaming that a lot more people who are doing it off line today are going to be doing it online in the future. Just due to the convenience of that other categories where the there is still huge categories from off line to on line transformation has not happened yet. Some of the existing businesses where hopefully well continue to book more capital are great examples of that and were always going to prioritize acquisitions in areas where we already have a bet. Certainly like to make new ones. But well priority yize the ones where were already focused. You said on the Earnings Call that some people call vemeo the other youtube or cooler youtube. What are the differences in your words and what do you think prevents, perhaps, youtube with as much larger scale from going into the untappeded areas . Yeah. I dont really think about youtube at all as a competitor or relative to vemeo that is where they started the it is more of an artist friendly advertisement free platform but right now vemeo is in different business vemeo is tools for people, businesses to create video its not so much a broadcast platform although we do offer that service its much more the tools for video creation, the tools for live stream and to enable people to do that significantly on their own platforms. So in their own work environments or in their own for the dedicated customers. Thats really what vemeos business does today. I think meaningfully different when i think about the competitive set, i focus less on youtube and more on people who are really focused on Enterprise Software joey, speaking of the competitive set as well as youtubes parent company, you and i taukt a lot in the past about the challenges of competing with google for advertising dollars which a good number of your Portfolio Companies do weve also talked in the past about the need for regulation. Im wondering what youre anticipating in terms of this new biden administration, how theyre going to approach tech regulation and antitrust issues and what that can mean for your Portfolio Companies . I think regulation is a certainty in that area what it looks like, nobody knows. I think talk about breakups, i think people have different opinions on that i dont think a breakup is a terrible idea, frankly but i think regulation is unestable. My only concern with regulation, not knowing exactly how its going to go is generally it favors the incumbents. Its very hard to write the rules in a way that dont do that but im optimistic that there are very smart people focused on this and very committed to the cause. And hopefully theyll come up with clever ways to level the Playing Field and encourage competition. And for you as you look at your Portfolio Companies, the likes of angies list and care. Com and a number of these platforms that both require people to go into other peoples homes and also this question of whether or not workers are gig workers or employees or contractors, how do you think that regulatory issue is going to impact these companies . N. T you saw a big victory for the companies in california a couple weeks ago. And i think that hopefully is a good setup for the rest of the country. Generally speaking, i dont think that the regulators and thats one good example, i dont think that is one way they were trying to accomplish is really deciding what they want to do for the gig workers or consumers. The funny part of some of that stuff is so focused on the profits of the businesses and that theyre taking too many profits at the expense of the workers yet theyre losing massive amounts money and continue to lose massive amounts of money i think that in general there needs to be a framework. I think actually businesses like uber and lyft and others in this category want to do right by the work eastern create worker benefits and a framework to do that but theyve been trying to fit that new platform into bold box and it just doesnt work that way. I think it will be nice to see if those groups collaborating, figure out how to do right by the worker and how to do right by the consumer and make it a valid product than what so far seems to have been one side completely one sued or the other side just trying to push it on the other. Well certainly a lot of different moving parts and fascinating different areas of your business joey levin, ceo of iac, thank you for joining us this morning. Thanks for having me, julia julia, thank you so much for bringing that us to. As we head to break, take a look at shares of palantier upping its 2020 guidance tha shares are up 6 today and year to date 62 . 50 this month alone were right back stayitus wh this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. We started by making the cloud easier to manage. But we didnt stop there. We made a cloud flexible enough to adapt to any size business. No matter what it does, or how it changes. And we kept going. So you only pay for what you use. Because at dell technologies, we stop. At nothing. G. I can file and manage myss claim, all on the geico app. Its not just easy. Its givingyourdog yourfitnesstracker easy. Oh, good boy. Yes, you got it woo already got my 40,000 steps today. Can i get a what what no pain, no gain haha. Its geico easy. With fast and convenient claims service. Look how fast im running good boy, chester. See yourself. Welcome back to the mirror. And know youre not alone because this. Come on jessie one more. Is the reflection of an Unstoppable Community in the mirror. State investigators are on the scene. The Washington Post reporting more than 130 secret Service Agents have been ordered to isolate or quarantine due to the coronavirus. This in the wake of president trumps heavy Campaign Schedule with rallies where many attendees did not wear masks paris is remembering the fifth anniversary of the 2015 terror attacks that killed 1030 peop 130 people and Major League Baseball now has its first female general manager. Within the last hour, the miami march lunz named heroin ang to the job. She has 30 years of experience including 21 years in the offices of the white sox, yankees and dodgers. Congratulations to her that is the news update this hour ill send it back out to you, d. Congratulations indeed, sue there are some of the biggest names in tech and industry jyesterday at the counsel sul summit including the ceo of paypal which i spoke to about cryptocurrencies have a listen. I think we learned as we have we have gone through more and more m a were inquiztive company and we learned a lot. Weve walked away from some acquisitions because we did not feel there was a cultural fit. In our culture is really about operating as one team. We have a robust road map in terms of our embracive Digital Currencies theyre both crypto occur uncy like bitcoin and also working with Central Banks and regulators to embrace central bank Digital Currencies when they eventually become issued. And so i think more and more of our world is going to move from paper money into Digital Currencies that will be funding struninstrt and a way of having shop and potentially a way of how we reward people as well. To see more from our workforce executive council, head over to cnbc. Com. Squawk alley returns in just two minutes. At fidelity, youll work with an advisor to help you build a flexible wealth plan. Youll have access to taxsmart investing strategies, and with brokerage accounts online trades are commission free. Personalized advice. Unmatched value. At fidelity, you can have both. Welcome back door dash has the upcoming ipo we have more on what we learned and, leslie this is just first f1 of many that were expecting over the coming weeks. Yeah. There should be a few more that we can expect over the next few weeks with some revisions here but just in the initial glance of this first s1, were compared with many ipo filings that we look at. What door dash has done here is and there is the first three quarters of the year its narrowing that loss showing a pocket of profitability even in the second quarter. Door dash posting nearly 200 million in Free Cash Flow and has quickly scaled to become number one in market share in the u. S. Food delivery space thats all remarkable. But remember, investors want to know the trajectory for the future theyre going to be asking how much of this can be attributed to the pandemic and assuming one day the world goes back to some semblance of normal. Do the trends revert back to the mean door dash acknowledge thats might happen in the s1. The company saying in as part of the s1, the circumstances that have accelerated the growth of our business stemming from the effects of the covid19 pandemic may not continue in the future, and we expect the growth rates in revenue, total orders, and marketplace gov to decline in future periods. Now any type of guidance will be critical here for investors as this Company Begins its marketing and its road show process which can begin two weeks from now guys some. Right and, leslie, i heard a few folks this morning call door dash a clear covid19 play. I think that might be overly simplistic yes, its in the food delivery space which has seen huge demand amid the pandemic. But if the trends are here to stay, who is going to benefit and who is going to have a tougher time one of the first things i did when i went through the s1 is look at the share prices of uber and grub hub is doing. Uber made the big pivot to food delivery which makes up more gross bookings than ride sharing. And uber shares declined and grub hub went the other way. They jumped on this s1. That comes to the measure of profitability. Remember last year when we watched uber and lyft go public and all we can talk about profitable groe profitable growth and how it was ending and what door dash has given us is this incredible growth with certainly more of a path to profitability than i have seen from uber. So this could be a pandemic play but food delivery is here to stay and door dash has 50 of the market right now, it seems like a pretty good bet and i think a lot of folks in San Francisco that ive been talking about talking to were expecting to see the good financials but now we sort of have the proof in the pudding as you say though, is it sustainable . And that certainly going to be around the edge of really important question yeah, the request he is what do you do with time now . Youre showing positive Free Cash Flow. Youre narrowing the losses toward awe path of profitability here so what do you do with that . Do you invest in the model that allows you to be, you know, profitable when the pandemic if it ends . Do you unveinvest in your compas you tun to gacontinue to gain s this space do you buy a competitor . Do you do thing as long those lines that dont allow you to see the same type of growth that youre experiencing now but youre able to be more competitive in the future and show investors that you have a plan and a path to do that leslie, you know, when s1s come out, we read the financials and the risk factors too which we talked about earlier. One that stood out though, unfavorable Media Coverage could harm our business, Financial Condition and results. They do point out we have previously received negative Media Coverage related to the manner in which dashers were compensated. That is par for the course for consumer facing companies . Yeah. I thought that was really interesting too. And they noted some litigation surrounding that as well they changed practices with regard to dasher tipping practices. Noting that people may have misconstrued thinking if someone didnt leave a tip on an order that the dasher is adversely impacted they said they changed the tipping model to account for that youre right, as with all these things, Media Coverage is tremendously important remember, these are untested companies. Especially a company like door dash its never been public before. Its been private. It had multiple rounds of private funding. But when you become public Media Coverage is so much more important to your day to day stock price fluctuation which then in turn impacts employees who are oftentimes played with the restricted stock units and we were talking about the exact issue yesterday. One day before releasing the s1. The Company Announced the main street pledge which is a way to get back to dashers and the community. So there is this Charm Offensive element to all of this if youre consumer facing company and you have things like drivers and the economy. Before you go out and woo investors. Carl, you like reading the risk section. I love the ceo letter. And this was a good one. Tony shoe is such an interesting character. He immigrated with his parents from china to the u. S. When he was 5 years old. I dont know how many folks know this carl, he named himself tony after tony danza because he learned his english from watching whos the boss. And growing up he washed dishes at his mothers restaurant so a different kind of founder here one that im sure investors will enjoy learning more about. That is awesome that is awesome. Melting pot as we like to say. Leslie, thank you for. That it will be fascinating as we watch door dash come to the Public Markets keep your eye on shares of Software Maker game Software Maker unity. Revenue estimates as a first Quarterly Report as a Public Company topping estimates. The company says other industries are looking to use the tech including architects and automakers shares up more than 11 today. Squawk alley is whaback in man. Youll have access to taxsmart investing strategies, and with brokerage accounts online trades are commission free. Personalized advice. Unmatched value. At fidelity, you can have both. Unmatched value. And sweetie can coloryou just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Speaker pelosi making talks on stimulus, mcconnell and facebook we have more on that thats right, carl. The speaker had some tough words for big tech and facebook in particular on the question of whether the platform has done enough to combat the president s claims about voting irregularities on the platforms. Im not a big fan of facebook i dont know what they have been doing. But i know they have been part of the problem all along she also said that social Media Companies have been poisonous to our democracy and that the technology has been a double edge sword because it contributed to the spread of misinformation now remember that pelosi had her own run ins with Mark Zuckerberg over manipulated content zuckerberg is testifying next week before a senate panel hell be facing some angry republicans in that hearing. Clearly democrats not happy as well so right now, carl, big tech doesnt have a lot of friends on capitol hill back to you. Yeah, especially a day after that report out of reuters that zuckerberg said steve bannon had not done enough to be suspended despite calling for the beheading of chris ray and anthony fauci. Thank you. One more thing out of washington as we go to a break bitedance has a 15day extension to sell the u. S. Operations of tiktok well monitor that dow up is almost 1 . Shares of amwell getting hurt as they report the first results after the ipo last month. Shares are down about 11 . Amwells chairman joins us doctor, great to have you back good morning good morning, carl. Good to hear your voice. Some of these comps have to be read to be believed total providers, up 900. Total visits up 400 revenue up 80 ill start by asking, what do you think the street sees that it doesnt like today . Well, i dont really want to react to the stock price may go up and down. Were very encouraged to read the reports from a very smart analyst this morning most of them if not all of them are as bullish as we are about the future of the company and what were doing were really focused and realizing the vision of the company more than anything else. Talk to me about the tail winds which are obviously more than evident at this point you know, but if we move to an era where were talking about america and the world post pandemic, how much of telehealth sticks in general . Thats a great question well, Pretty Amazing things have happened only last year, only 8 of americans tried telehealth this year 22 of consumers tried telehealth for first time. Interestingly enough, last year 22 of providers tried telehealth and now 80 of the doctors tried telehealth there was a sea change in awareness and popularity when you look at the visits, as you know, you mentioned dropped very dra mat jumped very dramatically and 62,000 active providers from 4,000 last year, we can really see readiness to look at telehealth not as a service to talk to a doctor you never met around the very simple areas but rather as a legitimate modality to connect patients with their own doctors that they can see in person and trust based on our dialogue with our clients and partners, were confident that that trend is never going back that trend is here to stay its going to transform the way we think about telehealth or health care in general doctor, digging into that question of sustainability, what are some specific appointments or virtual visits that you think can still be done virtually once the economy fully reopens and we have a vaccine well, you know, mckenzie did a study recently that estimated that 20 of Current Health care can easily move into telehealth. We have a fractional percentage doing that now others even much more bullish. When you think about the role of telehealth, people think its a simple thing like individual crow conferences between two points kit do much more when we talk about digital connectivity, we talk about the reality where most of our care is moving home we can think about new ways for other situations and engage with patients and doctors with new way thats are full linlt greated with existing payment. Another way, we think that in the next few years youre going to find out and whether have enough to go to Wonderful Church or center or not as lucky and living far away in the Smaller Community people who still get the care they need not only is it as it relates but really through the entire continual care. Thats key, smoothing out the lumpiness in the Health Care Access for sure. I help to talk about all kind of other massive issues for the industry thanks for the tilme keep your eyes on shares of cisco this morning the workfromhome trend boosting demand and the stock today currently up more than 6. 5 stay with us more squawk alley straight ahead. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. With original medicare youre covered for hospital stays and Doctor Office visits, but you have to meet a deductible for each and then, youre still responsible for 20 percent of the cost. Next, lets look at a Medicare Supplement plan. As you can see they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance, but they often have higher monthly premiums and no Prescription Drug coverage. Now, lets take a look a humanas Medicare Advantage plans. 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There is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. Humana a more human way to healthcare. Airlines, hotels and Credit Card Companies getting creative for you to use your points brian, good morning to you before we get to points, i do want to ask you, one of your reporters, i understand, is on be a cruise and tested positive for covid19 what can you tell us about his experience and what happened next our cruise reporter was on the sea dream cruise when one of the passengers tested positive and now four people around that passenger tested positive. Luckily gene was the only passenger on the ship wearing his mask, so were pretty confident hes okay but nearly 10 of the passengers have been infected its not a good start for the restart of cruising. It probably doesnt bode well for all of these travel points that people are holding on to. What do you think this does at large to sort of peoples appetite to go out and start spending them again, even though we are seeing a surge in cases, but even a few months down the road if we see an improvement . Travel is going to come back. I think this reminds us its critical to wear a mask, even on a cruise a lot of countries have maintained the virus by requiring pcr national testing, not the rapid tests they had on the ship when i went to polynesia, they had a test to give people to take four days into the trip as well i feel more comfortable traveling internationally than in the u. S. Since we pretty much have no policy here. What do you think about people accumulating point and having nowhere to use them i call it mileage and point hoarding it its an epidemic in itself people dont know how to use them chase is allowing customers to use their point for statement credit, groceries. The Credit Card Companies have been loosening up the ease in which you can use points for nontravel, but i still think they need to do a little bit more even though travel has been coming back and a vaccine will certainly help, theres a long way before most people will feel comfortable traveling. Well, but i wonder, brian, if it comes time where travel is easier and people are ready to go places if the airlines are going to be like, look, we need the revenue so badly, were going to tighten restrictions on point use. Its the opposite the airlines have gotten through this by selling billions of these points to the Credit Card Companies. In order to keep that gravy train going, they want you to use those points they dont make money when you hoard it they wasnt every single seat full it has been a good time for those using point and miles. Brian, i wonder whats the most popular card at the moment . Are people sort of switching away from their travel cards and perhaps getting an apple card or something that gives them different kinds of rewards the apple card hasnt been as big of a hit as i thought it would be cash back is making a comeback, even for travelers when you have so many travel points and you dont have plans to travel, i do remember get a 2 cashback card so you can realize the gains. The capital one points back is one. The amex platinum just came out with a new offer and thats one of the top cards brian kelly, the points guy finally, carl, the journal reporting this morning that chinese president xi jinping was the one behind that sudden halting of the ant groups halting. The relationship had been tense but reached a breaking point just a few days ahead of ants debut when ma criticized the Financial Regulation saying it was holding back technology development. Carl, this development should really send a shiver down the backs of american Investors Holding on to some of these companies. They were supposed to be sort of the gold standard, these National Champions able to list on american exchanges and theyre entrepreneurs, billionaires like jack ma seen as untouchable by the communist party but what were learning from this report tells us that may not be so. As i said to cramer earlier this morning, it harrowing to see this demonstration of xis power, even on someone who arguably has brought enormous benefits to china. I guess the question what mas next move might be reporter right and for tech at large, big tech at large, right . We know we saw those draft rules from beijing and the regulator that could be putting limits on not just alibaba but ten cent, which is a huge Company Listed in hong kong theyre big are than many of our companies and as i mentioned, carl, listed here as well so we do have exposure yeah. In the meantime, a reopen be play today, mall operators, vegas, hotels. Well see where it goes. Lets get to the judge front and center this half hour, the road ahead with stocks facing for their second positive week in a row. Big earnings in what is a broad based move in the market joining me for the hour today are stephanie link, liz young and jason snipe, the principal Odyssey Capital adviser, also a new cnbc contribut