World is a good investment lets get straight to julia who has all of the details on this news. The big question of what content social media giants should allow users to share is in the spotlight as facebook and twitter limited the distribution of a New York Post story that claims to show smoking guns and video related to President Biden and his son. A story the Biden Campaign refute saying it wasnt asked about key items in the article twitter blocked the story on wednesday saying it violated its policy of distributing material with hacked material with personal and private information. This comes after President Trump filed an order that the scope does not permit companies to editorialize activity. Today it was said that he intends to move forward with a rule making. Now following this announcement, two democrat fcc commissioners have come out in opposition they say he should not do the president s bidding. This seems different in that twitter and facebook have sensored the distribution of the article by the publisher itself. This is one of the most circulated newspapers in the united states. Well, thats the question is it different if its a verified account we have had both facebook and twitter say they are going to treat the president differently and his tweets because they want to make sure the public can see what he is saying, but the question is whether a publisher like the New York Post, whether it is that different i think specifically what twitter said about the idea that this is violating a specific rule they have about hacked material and personal information. They are rieg to tie it back to something very specific in terms of their service thank you, julia. Texas senator ted cruz is fired up and sounded off on this earlier today on cnbc. This is what he said on power lunch. We have been seeing them get more aggressive on silencing voices they disagree with. The last 24 hours marked a dramatic escalation and they have crossed a new line. Certainly we have gone down this path before we have seen headlines like this before are the social Media Companies platform or publishers a critical distinction to their Business Model i dont want to make this a political conversation, but can they do this to any publisher, New York Post, New York Times or any publisher. The question is do they have the place . Should they be sensoring these publishers and by doing so does that jeopardize their business fascinating i think you can understand why people are feeling this way about this and why this will be used as a talking point. Maybe justifiably so but Companies Like twitter and facebook are allowed to make stupid decisions if there was a law against making stupid decisions, we would all be in jail i think it was a really poor decision with that said, the stock traded really well today if you look at twitter. I know people dont want to hear that, but thats what we are here to arbitrate. It traded from 11 00 this morning, along with the Broader Market i understand. So the market doesnt seem to be worried about it, at least for today. That is having twitter seeing a run from 30 to the current price. So every opportunity to sell off in a meaningful way from this morning. Earnings on the 27th or 29th i am not sure, that tells you everything you need to know about twitter. Brian, your take . This reminds me of the drug stocks and pharmaceuticals leading up to the 2016 elections. That everybody was concerned if Hillary Clinton got in, their Business Model would change. So here we have a situation where politics are playing a role in corporate Business Models again i think it is a threat the more that twitter and facebook or any platform decides to editorialize, that changes their Business Model but for investors, how does this impact the one thing in general, it looks like tech is in the crosshairs of politicians which could keep the lid on the nas dak. Nats dak, but it didnt have that much effect on the market the s p was up today there are good things in the market outside of the head winds. Lets break this down at least today the threat to twitter or facebook would be to lose users but the question is would they in fact lose users i am going to tell you about this Research Study that says that 92 of users identify that. And of that subset 95 identify themselves as democrats. So they probably wont lose many people the electrical college. Lets not talk politics because i think the Politics Around this are absurd the politics for the companies are that if they were quick to take this down, they get in trouble and if they let this go, they are going to get in trouble. Facebook has been through the wringer on this. I am not defending this or feel sorry on them. I think the stock will do nothing. If you think about what faceback went through during the early days of black lives matter and to the extent their site was not doing anything and advertisers were upset and biggest advertisers were pulling their support until twitter became some arbiter of what the truth is which facebook continues to say they will not do and wont change policies for anyone so back to what do the stocks do facebook underperformed apple but outperformed the s p by 20 . Might sense is jack dorsey appearing in front of republicans in two weeks i dont think is going to change the trajectory of the stock. I think what matters for the stock is their ability to monetize Everybody Knows its a political season i dont think these guys can get on the right side of this. If it is not them not doing enough, hate speech and things that arent up to snuff or whether or not they are doing the proper due diligence, and then we overshoot completely on this side and completely editorialize something from a credible source. Its tough is it too hot or too cold. I feel like they are inviting additional criticism that will be dictated to them in terms of what they can and cannot do. I dont think it is positive for their business view. I would expect litigation and editorial costs to increase because of that. In terms of the stock price, thats what we are here to talk about. Nothing is happening if you look back at facebook, all of these Smaller Companies boycotting and you are not seeing the stock move at all the same translation into the current situation. Gene is joining us. Thanks i am sure we have had a variation of this conversation at least five times. This time it feels different for twitter to sensor effectively a publisher. Is it . I dont think it is i think this is still deja vu. The details dont matter what matters is the overarching theme. Legislators on both sides of the aisle want greater restrictions on social media. Today it is the republicans. In the past it has been the democrats around black lives matter all of this means greater regulation ultimately, if i am correct that there is greater regulation, that they will have to find ways to manage their content more aggressively, one of two things will happen. The cost will go up and that is negative for the overall business, or secondly, you will see that advertisers may not be happy in terms of whatever decisions regulators make. So this is a can of works that these two companies are navigating i understand the lack of movement in the shares given this will probably take one or two years to sort itself out gene, its b. K. I am glad you brought up can of worms. It strikes me if any social media platform now has to have an Editorial Department before anything gets out on their platform or maybe not, i dont know but that seems it would be a tremendous cost and as an investor, it would be almost impossible for the model going out. Is that what you are thinking or is this just an annoyance these companies are going to have to deal with . Its a continuation of what we have seen facebook will spend even more money. I think thats not fully reflected. I think you will see broader views as a publisher its also important to note, when you think about that view as a publisher, even though social Media Companies dont like that direction, they are asking washington for direction. They dont like going through these fire drills. Ultimately, i think there will be a greater cost. Aside from things that are factually incorrect, why do social Media Companies have to go down this root . As an investor, wouldnt it be cleaner to consider them platforms . Thats what they are trying to do, trying to be platforms and stay out of this but ultimately, the content that gets us most engaged is the content thats most toxic. This is one of the fundamentals. I am veering off from main street and getting into social media, but ultimately i think these platforms are toxic and there needs to be greater rails around the way the content is and operate as a platform as it stands today is not advancing humanitys thinking right now. I want to ask you one last question you said you know in your heart of hearts that these are good stocks, but a these are toxit are these good stocks to be invested no. There will be regulations around it longterm and there are better places to put your money. Favorite stock in a social space and that can include the likes of pintrest or snap, your favorite platform. If you look at pintrest, it has had a tremendous move. I think you could stay there and snap, i think that stock has done wonders for itself, but i think a lot of it came while facebook was facing it it snuck under the radar schoen and allowed to flourish. Twitter, i dont think there was anything nefarious going on there. I just think it was a stupid, dumb business decision that the stock market can penalize them for or reward them for to stay with twitter, if this is something that outrages you, you dont have to be on twitter, nor, by the way, do you have to be on facebook same question to you . I have a hard time betting against facebook whatever might happen four or five years down the road, you will have the opportunity to reassess but i would stay with it now we have a news alert out of washington, d. C. Senator Elizabeth Warren is calling for an investigation into the Trump Administration for what she calls Insider Trading. This is following up on this insto story this morning saying that trump may have been saying things behind closed doors about the coronavirus from what they were saying in public about the same time. This is what she says Insider Trading law is very complicated when it comes to washington and what is considered Insider Information and what is not. But Elizabeth Warren making the point she views this as unhealthy behavior to say the least. The other question we have to look into is what did these Trump AdministrationOfficials Say privately to investors, donors and allies that they werent saying to everybody else was there a difference between what they were saying privately and publicly all of that will require more investigation. Thank you brian kelly, got a comment this goes to the heart of what is Insider Trading. Was this information you couldnt have gotten elsewhere i remember back in february. You saw this virus spreading across the globe, so i think any astute investor would have stood up and said there may be an issue. Politicians lie to me all of the time i am not sure i am going to listen i am not sure there is insider training saudis more like political theater. We have record dose of highs to tell you about. And how the mortgage situation may light a fire under housing businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. 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Only with xfinity mobile. A pair of big wins for the stay at homes. Peleton with a new high at 150 bucks a share. Tim, do you buy into that . I havent to this point kudos to that point who understood the secular trend here was it just a Hardware Company of course not. Was it just a Software Company of course not. 100 million subs isnt that preposterous the stock in the shortterm, and say what you will, this is a run thats absurd. Its up 500 the opportunity is great i dont thinkit is right now i was saying that 100 ago when i think the stock maybe has another 100 to the upside that beats me to the downside but valuation is so tough and something i missed you revealed that you are a new customer, b. K. I am. I ordered one about two or three weeks ago. I have a november 19th delivery date to me the stock makes sense that the thing is a runaway train here everybody is losing investors. They are buying this thing and seeing sixweek lee time it was like llue lemon, everybody would look at it and say how much did i buy i think the same thing for peleton. You have to look at it rationally because you have ir rational behavior. I dont want to short this thing because it is such a freight train. Guy i think we have been steadfast on this for a while. When square became public, everybody said this is just a Hardware Company and discounted all of the ancillary things. Its similar to what is going on here in peleton. Now it is trading close to nine times next years revenues deep end of the pool stuff they are building another factory. I think december the factory will be done huge demand. B. K. Is on board i think you might see that 150 target that bernstein put on it for earnings which i believe are early november do you have one no, but as i said a couple shows back, i own the stock but let it go a little too early the stock is at 135 or 137 the target is 150. Risk reward, i think you buy it back website engagement, all of those things translate well. Winter is coming, covid is spiking. I think you could make the case why this is the perfect storm for them but i think a lot of this is for subscriber engagement. I am holding off breaking news out of washington melissa, we are getting a new readout from Nancy Pelosis office about stimulus negotiations pelosis office saying that phone call took place at 3 30 this afternoon and took place more than an hour. She saying that mnuchin said he will accept that language with a few changes along testing. There is still a long way to go from nancy pelosi. Speaker raised leader mcconnells concerns about not being able to put a comprehensive package on the floor. It was indicated that the president would weigh in with senator mcconnell if an agreement was reached. No indication an agreement was reached. But indication that the president will lean on senator mcconnell. But there is indication there was another call and incremental sides, but no indication there will be a deal any time soon incremental is the key word given the jobless numbers we got this morning, the markets are hanging on to that is incremental good enough for the market i think it has been the markets are able to trade around i default to neither side can go without a deal i dont think democrats can have President Trump signing a big deal the day before election i dont think the republicans can look like they are not willing to compromise off of something. Thats my view and i think the market is trading as if it is because regardless of where the market goes between now and elections and whether it could woman after elections or not, the economy needs something and more than the Federal Reserve and frankly at this point, thats all we have got you are the only one on this panel who said there would be no stimulus deal. Here we are, still no deal what do you think happens now . I still dont think we get one until election day this will be all posturing both sides want to look as though they are trying to help the American People, but both sides dont want to compromise the American People need this help the government decided to have a mandated recession thats not anybodys fault in business the right thing to do would be to pass some kind of stimulus, but not the right thing to do when it comes to politics. Everybody wants to gesture and posture. I dont think anything happens until after the election, but i think the market is looking ahead and saying after the election comes along, we will get some stimulus. I think thats why we have seen the rally. We have much more coming up a new record low for Mortgage Rates, the tenth time that has happened this year. Why that stat may tell what is going on in the market and what do historically low rates mean for the housing sector hmms and ahhs heard incall. Lively hearing aids have been a game changer for me. 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