Million. And beyond meat, those shares are down sharply amid slowing sales, while mcdonalds launches a new plantbased product line carl well get to that later, guys first, jim, a lot to unpack with the covid cases, pfizer news, lilly news today, azar on squawk saying the timeline for a vaccine delivery is getting pretty specific now. Right look, were back in that same world and i listened to the fund manager speak on squawk, got to buy value and sell growth where were they yesterday whenle have you went from being okay to being overvalued in about a threehour session i find that when i look at some of the stocks that i like in the industrials, they have gone so far that i think now everything has to happen right and these arent going to happen righting. They are hostage to earnings Cloud Computing stocks, they have a lot of room to go down because theyre so high. When you look at faang, for instance, does it make it so alphabet is worth less the principle method of how alphabet makes its money is advertising and where it makes its money is in travel and leisure advertising. Thats come back i know were all etfd in case by case. But there is a lot of companies that yesterday went from being cheap to being overvalued, in a half hour. It is important not to get caught on the what i regard the quick sand that some of these moves have been made on. Equal weighted s p ov outperformed the russell very strong yesterday. You think the rally ends then in terms of these stocks that were talking about, not the ones that have led this market for so long, but these one day leaders . The industrials have been going up, up, up, since the quarter. I find them suspect. The bank stocks, david, we went what is the tenyear doing . It is still below 1. I think like 1. 25 and 1. 5 to justify some of the bank stock moves. Where as at the same time, i look at lets say some of the Software Service stocks, i wonder whether they really are too high, simply because they im trying to out the ones that were hiding it, and, carl, find ones like mcdonalds, which i think have done substantive things that are not expensive and could take over the world given the fact that theyre doing so many things right yeah. Were going to hear from chris later on in the hour and then throughout the morning to your point, a lot of the trends that got developed before covid and then accelerated during covid talking about digital delivery, drive through, he sees melding into a picture where you dont talk about digital as a thing it is all one thing. Well get to that and comments about mcplant and beyond meat and the rest. That is so right. We realize that you have if you can digitize, then what you really are doing is becoming more efficient i look at chipotle, what do i see about chipotle, they got religion on tech, i can say, they found a way to be able to have which i pochipotle, they cn do delivery, supply chain that is terrific. Why do i have to Sell Companies that got better during this period why cant i Sell Companies that didnt improve and have run up i dont know. Why cant you . I think you can okay. Then you think you should. Youre right. It was rhetorical. I appreciate that not looking for endorsement, i was looking for recognition i answered you ask me, you use my name, im, like, whoop, hello, yes, what can i do for you . What are you, scoobydoo . Yeah, kind of. You look at citi, okay, lets say citi it is so far below book value. Yes that you have to say, this represents somewhat of a bargain. What level do we decide the back value is worth something Morgan Stanley downgraded today. It was downgraded. What is that about Morgan Stanley, that guy developed a bank that, that guy, can he call me gorman, that guy, that guy with that other guy. Gorman is so you know the guy. Hes, like, sir james, his bank is at nine times earnings oh, yeah, thats where i want to take that thing off thats a dangerous stock no case by case it is but i mean you cant fault investors for thinking a oneday a rally like the banks had yesterday should potentially be sold given the performance of the sector overall. Ten year going to 1 , whoo bank of america can be sold citi i dont know what to do how about a quandary wells, youre not a buyer. Wells stagecoach. Wells has a fundamental problem. It is not good thats carl sometimes, carl, just that simple, it is not good. It is not good. Carl, i think we have to get into very serious mumbo jumbo of wall street. Wells is not good. Not good. Jim, there is still this narrative that the Economic News is going to get worse before it gets better. You had Scott Gottlieb on with schweppe last night saying covid cases are going to explode hospitalizations in ohio, the governor said, are happening at an unprecedented rate. Morgue capacity in texas, west texas is very tough. And then de blasio in new york city saying we have one last chance to avoid the kinds of measures that we had to take in the spring is the market prime for that i dont think you can look through my travel trust sold tjx yesterday. Everybody got very excited the stock went up, i dont know, 20 . Why . Because it looks like theyre going to make it, and then you think about it, wait a second, you have to go through two quarters of abysmal reports before you get to the Promised Land i think that the numbers that were hearing made me feel like megs incredibly good reporting with david ricks says, okay, maybe we get something that is therapeutic, but, david, we might be out of hospital beds to help the people in therapeutic. Right what we want is therapeutics available like lillys and others and, of course, we want a vaccine as soon as possible to be widely available. Carl, i know you retweeted this, alex azar, hhs, on squawk, he did say Vaccines Available to everyone march, april, did i read that properly his line was, end of january, all First Responders and senior citizens, this is in response to joes questions about vaccine delivery at a retail level, and then by the end of march, early april, quote, every american who wants a vaccine. Well see what that number is. Wow thats thats a lot sooner than many people expect, certainly. Yeah, much, much. Yesterday and everybody is weighing in on this, but most people still talking about the summer as being a real time. But, again, as he pointed out and carl points out, it is everyone who wants one, that gets back to this key question as to how many people are going to be resistant, hopefully that will change. Right now it seems there will be a significant percentage that is resistant to taking a vaccine, initially, again, that may and hopefully will change over time. I wish we knew, do we know distribution yet cvs is in the mix, but i look, i was frantically calling doctors yesterday and feel like i have, you know, fortunate enough to give a lot of charity to some of the hospitals in new york i would say i didnt get any comfort that im going to get it im not trying to pull strings. Listen, take my call i didnt get any comfort for february some comfort for april april seemed like it is within reach, david, which then, carl, means that we have got two bad quarters ahead of us and i dont know when we we could be excited about pfizer, and then a number gets reported, you think the analysts will cut numbers or raise numbers thats exactly what i think it was cap who said this morning we have to get through the next two quarters, what it comes down to it has been a busy morning of news, you saw lilly at the top of the full screen, meg tirrell has more on what david ricks told us this morning good morning, meg. Good morning, carl. We talked with david ricks after last night, the fda granted emergency use authorization to its antibody drug for covid19 patients just diagnosed with the disease. This is for people who have mild to moderate covid19, not people who are in the hospital. Remember, this drug did not work in patients who were sick enough to already be in the hospital, failed in that nih trial thats who it is indicated for it is administered as a single iv infusion. And it will be specifically for high risk patients how do you define high risk . A couple of measures that are included in this eua from the fda. One is obesity, bmi over 35. Another is if you have another disorder like kidney disease, diabetes or immunosuppressive disease. The other is age, over 65. There are other stipulations included as well and david ricks telling us that doctors will have some discretion here who should get the drugs but a key question is what will the infrastructure look like to administer these drugs theyre iv infusions, but supposed to be given as soon as possible after patients are diagnosed. Thats when they work the best here is what he told us about that were working with the government to make as broad a footprint as broad a set of choices to get this iv infusion as possible. Including potentially in nursing homes, in outpatient centers, or even popup facilities that could happen as we did with testing, so that people can come in without having to go inside of a hospital where if you have newly diagnosed covid19, mostly the signs on the door say dont come in. So were working on that solution now and, guys, just as we were talking about yesterday with pfizer and biontechs vaccine, they will have 1 million doses by 2020, one dose is one treatment, enough to treat 1 Million People, but thats for the entire globe they say as of today, theyre shipping 88,000 doses. But thats why this is designated for high risk groups right now. We have to prioritize who will get this drug, who can be most helped by it the hope is if people are diagnosed and get the drug early and high risk for severe disease, this could keep them out of the hospital. So seen as an important tool in the tool belt in this pandemic, guys i dont want to be critical, this is all good news, and it is not critical of you, your reporting is unbelievable, but no one seem to be ready for the actual good work that science has done here. I feel i deal with high level doctors, no one has a clue about that is happening. Is it going to government, it is embarrassing, frankly. We have scientists who have done amazing things, at lilly, and at pfizer, and a country that has not a clue about what to do with it when i deal with the doctors, i cant get the thing, im going to protect the class, i cant get the thing. I mean, like, hey, jim, april, meg, who is in charge . What is the plan . The federal government is in charge, operation warp speed has a Distribution Plan that involves the military. But at the same time, you know, states have to have their own plans for distributing vaccines and they have to submit them to the cdc and to work with the federal government to have those. But theyre still getting in place. Jim, you know, thinking with this antibody drug too, Scott Gottlieb on this morning talking about how he thinks it would have been better if we had a system for Home Infusion of the antibody drug because the people are sick theyre vulnerable and you dont want sick Vulnerable People going to places with other sick Vulnerable People. This is a contagious disease it is a catch22. I want to go to the hospital, they wont let me go to the hospital i want to do it at home, there is no Home Infusion. You mentioned the plant. You mentioned the federal government, thats all go ahead, carl meg, thanks, as always. Busy week for our meg tirrell. Well take a break as we said, few moments ago, later on this morning, an exclusive with mcdonalds ceo Chris Kempczinski, talking about mcplant, breakfast, the elecon ana t re dont go anywhere. Before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Crossed 130,000 yesterday for the very first time. The Restaurant Industry is on the lookout for signs of new restrictions we talked to mcdonalds ceo Chris Kempczinski yesterday about that Pfizer Vaccine news, and what it means for mcdonalds, the industry, and america. As we worked through this strategy, we always assumed that there would be an effective vaccine out there. For us, it has been focused on what are are the changes in Consumer Behavior that we think are going to be enduring and certainly one of the or a few of the enduring changes are about more of consumer interaction happening digitally, happening contactless, and then also the prevalence of delivery. So it doesnt affect our strategy as much, but it is a great announcement for humanity as pfizer said and certainly something we were counting on as we were developing our plan. Yeah. I guess the good news, jim, is that the news appears to be falling into Corporate Americas base case, you certainly would not have wanted to see something that fell to the downside of that. No. I mean, look mcdonalds is showing its true colors here, which is it is a great execution machine. Theyll go with what the consumer wants, slightly ahead of the consumer, dont want to get too far ahead of the consumer more trustworthy now than ever this is a group after some management turmoil that really is kind of extraordinary they dont miss a lot of beats there. Not like they have they had a couple of bizarre shakeups, all that happens is people keep going there and do a good job. I salute this team i think theyre very strong. Yeah. Digital is now 20 of sales. I know youre a fan of Loyalty Programs in general. Theyre work on that interestingly they will alter their marketing. Chris said, to where as we have seen in many examples, mcdonalds takes a stand on certain issues they believe the corporate facing relationship and the customer facing relationship are beginning to blend and that if you dont take a stand on a variety of issues, Diversity Inclusion is one example, the customer thinks of the company differently in a way that in this case mcdonalds doesnt want. Think about that. Think about how forward that is. They are a national look, international company, but nationally divided nation. But they think that there are certain issues that cross the divide, and theyre not doing it in order to sell more burgers. If anything theyre taking a risk the risk, carl, is were patriots, were real good and we are doing the right thing. Carl, it is hard to disagree with them, i think yeah. Well talk more next hour about beyond meat and what exactly is going on with the plant which well probably see next year in the meantime, quick break here, a lot to get to with numbers, of course, out of dr horton, the eu charge on amazon, disney furloughs, american, new Common Shares out in a moment. Dont go away. That came from me. Really. My first idea was in one quarter of an hour, your savings will tower. Over you. Figuratively speaking. But thats not catchy, is it . Thats not going to swim about in your brain. So i thought, what about. 15 minutes. 15 percent. Serendipity. 15 minutes could save you 15 or more on car insurance. And look, it feels like im just wasting time. Thats why Td Ameritrade designed a firstofitskind, personalized education center. Oh. Their awardwinning content is tailored to fit your investing goals and interests. And it learns with you, so as you become smarter, so do its recommendations. So its like my streaming service. 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And this is when you issue 38. 5 million shares at the price of 13 and you may say, well, thats a bargain. Because it was up yesterday, a lot. A lot. Or say, oh, geez, are you kidding me you have an up day and you smack us in the face with this dead fish but i do think that thats what you should do if youre American Airlines, i mean, it is a it is a reflection of what is certainly going to be continued difficulty in the industry even with the vaccine coming well, is 130,000 people, you then get back into that reactionary world of i dont know, i was thinking about flying. 130,000, referring to new cases in the United States. Yes but there is a substantial part of the people in the country who think it is a flu. It is not david would that it were. There you go again. You keep insisting on the facts. Im telling you,im reading my twitter. Thankfully for some it is a flu or less, but for others, it is a lot more serious. It is out of control right but, david, that depends on control. Im just playing devils advocate. Okay. Depends on control. Right. Right im telling you it is in control. But it is not but it is but its not. Weve only got a couple more months though and then we can get to the other side. And, you know, the 130,000 cases, and how much does david ricks have enough to cover us today no.