Veterans day as we thank those who served us in the past and continue to serve us today im becky quick along with joe kernen along with Andrew Ross Sorkin things are in the green once again. Looks like the dow is indicated up by about 181 points and if we were to open at these levels and hold it through the session, you would be looking at the dow closing at a record high it has been up six out of the last seven sessions. Up another 626 points yesterday. Dow futures are up, s p futures up by about 26 and then the nasdaq, which has been the weaker part over the last several sessions, down more 1 , actually indicated higher today as well. Up by about 130. The bond market today the is closed in ob sservance of veters day. Well talk with David Petraeus later this morning andrew thanks. And an important day in the United States of course. But there is also a holiday going on in china, very different kind of holiday, made up of a shopping a made up shopping holiday i should say called singles day and much like amazon prime day, singles day started november 1 and culminates today on 1111. And we want to get over to eunice yoon who has some eye popping sales numbers. Antitrust moves are raising eyebrows and youre right, this day which used to be a 24 hour shopping period has now been extended to 11 days for ali baba so the numbers are looking pretty good for them they said so far the number of transactions and orders that crossed their site has reached 56 billion. So that is a record for them jd also recorded good numbers saying that their transaction volume reached about 28 billion. So some very good numbers. And companies are really doing everything they can to try to reach out to consumers for example, right now instant Noodle Company is Live Streaming its products on ali babas site, a popular way to try to be engaged about yowith your consu. And some of the trends that we were seeing are really pandemicspecific in that the chinese are very famous for traveling out and buying a whole lot of stuff so far this year, we are seeing that imported goods are doing very well. For example, ali baba specifically said that apple, nike, estee lauder, those products are selling well. And Luxury Brands also this time around when they havent in the past as much been a little reluctant to go on line but this year prada and among others are selling quite nicely. And a lot of people excited about buying anything to do with skin care and wellness and while this whole festivity is going on, and a lot of excitement, there is a another event that he alluded to that is overshadowing this festivities and that is that the Chinese Government speakers to be t app targeting big tech they unveiled antimonopoly regulations. Just a draft proposal, they are seeking Public Comment until november 30, but it appears that they are trying to define what monopolistic practices are and that got a lot of people nervous in the market because some of the concerns are for example price discrimination based on data. So offering different prices to different consumers based on their data bundling sales, redistricting sellers to one platform. So these types of concerns of the regulators are something that we see quite commonly in ecommerce as well as food delivery and that is why for example Morgan Stanley said that they were a bit concerned about what this could all mean for ali baba or the food delivery app, for the as much about jd, but still a lot of nervous investors as well as people in the Tech Community here because of those regulatio regulations. So just in terms of what weve seen, you didnt hear about the Chinese Governments talking about monopolies in the past any other crackdowns on industries in the past when we would hear about monopolistic concerns, it is usually antimonopoly investigations for Foreign Companies. This is what is quite striking what is striking this time, it is going after Chinese Companies. There has always been a push and pull between the government and private industry but this time around, it looks as though the authorities here are really trying to make sure that private industry doesnt necessarily get too big. Pretty interesting, eunice, like open position the hoingpos for what a lot of this works and what is possible when you have that type of market clout in the digital world. And this one quote that i like, the government wants to make sure that chinese consumers are not prisoners to algorithms. Which i mean that is such an interesting way to say it. Because i dont want that to happen either. It reminds me of like when the machines take over or something. To be a prisoner of an algorithm. But rich people pay more, you know, depending on quid proce qo with sellers and were finally coming to grips with the double digit 258 age and watching it happen in a country where they want kil cone all hear about going to a Consumer Society so you want consumers to do well, but once again, you dont want to hurt your big great Tech Companies either rate. I thi right i think the Chinese Government would say that they always want to protect consumers and they would also note that the consumer is becoming increasingly important and they would want to make sure that consumers have their rights, at the same time i think ultimately the Chinese Government likes to be the one in charge here. They have not really been happy with the idea of Foreign Companies for example or private companies gets a lot more influence than, you know, than the communist party. Is that is kind of the underlying i think narrative even though, you know, there is a lot of other language that and references to algorithms that might be put out there as the main reason for these new regulations. Interestingly the narrative in the United States as you know, being especially among Silicon Valley, is to go to washington and said to the Trump Administration and others, look, please dont regulate, dont break us up because look over there, you know, in china these companies are five times the size and they have National Champions and if were going to compete against them, we cant be broken un how much of that conversation do you think is reversed now in china . Ill be very curious if they go through with these measures what that does to the discussion here about big tech well, i think here there is always an assumption that the communist party will want to maintain control especially under the Xi Jinping Administration xi jinping has shown that he and his administration likes to make sure that they have a firm grip on what is going on here and when companies here operate, they do assume that at some point they could potentially run to the government if they get too big. So in that way that the assumptions here are really quite different i think than in the u. S. Where, you know, there can be more of a discussion about whether or not it makes sense for a big tech to be broken upp or not. And such interesting stuff. You think back to xi jinping and the moves hes made in the past to cut down on corruption and that may play into part of this. But probably the biggest part has to do with just capitalism and people getting too big or Companies Getting too big. I dont know what the solution is unless the Chinese Government were to take a stake in some of these or to really break it down so that no one gets to be that important. I mean, this is going to be pretty telling about where china heads in terms of capitalism too. Yeah, thats right. And actually, you know, i can relate that to ant as you well know, we were expecting to see this massive ipo for ant but because of the regulate to haves aors and theis about ant and the micro lending, now that that ipo has bin put off. And one of the potential solutions that has been put on there that they would have to accept state capital in order to make it more acceptable to the government, but from the government eve explanation, it would be that we are mitigating risks because part of the government is in that company. So you know, i think that it is kind of exactly what you were saying, like is this the way forward in order to try to find the fine line. But then not necessarily capitalism the way you and i would know it, but maybe the way the chinese know it, which is always capitalism with chinese characteristics. Yeah. Mitigating risk to their own survival in the future eunice, thank you. And when we come back, breaking early this morning from russia, well tell you about new data from the first phase three vaccine trial. Thats next. Plus much more on the rotation out of technology and into the value stocks well talk strategy straight ahead. U. S. Equity futures this morning up being a cross the board, dow futures up by almost 200 points. Just 132 points to a record high from here. 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. Youre choosing whento get connected to xfinity mobile, to the most Reliable Network nationwide, now with 5g included. Discover how to save up to 400 a year with shared data starting at 15 a month, or get the lowest price for one line of unlimited. Come into your local xfinity store to make the most of your mobile experience. You can shop the latest phones, bring your own device, or trade in for extra savings. Thats simple, easy, awesome. Visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. Breaking news out of russia, early this morning the countrys National Research center for epidemiology says that its sputnik Covid Vaccine had an efficacy rate of 92 says that figure is based on interim data from a double blind placebo controlled trial involving 40,000 volunteers. Pfizer did 90 , so russia is 92 administers. And not to say that that number is not real, but i can just tell you that i thought the same thing when he i heard that. There was a piece in nature that highlighted an open letter from 40 of the board scientists about some data that russia presented back in september where there were these strange repeats of patterns in the data, almost as if it was just duplicated to show that i mean, i like that they call it sputnik. Me too. Last time that they beat us at something for like a month, they were ahead of us in the space race so they are like what can we name to show our domination over the westerners so geez. I thought the same thing. Every single thing you just said, i thought the same thing watching this roll out and by the way, pfizer by the way, and i also pfizer said greater than 90 so we still might be better. So 92 then would actually be 93 . Right were gist, you know, just conjecturing making it an interesting time. Based 00 whon what weve seee last 40 years. Sgaexactly. Lets talk about where we are with covid nearly 62,000 people are hospitalized in the United States right now with covid19 it is nearly 2,000 more than the peak back in april and the number ofs expected to climb hospitals in oklahoma, minnesota and texas now grappling with crowded sbrebs receiin sbrenints and case continue to surge in new jersey as they had the single day total since april officials in newark says the average Positivity Rate for covid tests reached 19 and the city instituting an 8 00 p. M. Curfew that goes beyond the new state measures and this is across europe as well, italy reporting its highest daily toll since april, 580 deaths and 36,000 new cases in a 24 hour period. And despite the current rotation in the market, our next guest says that value in tech stocks can coexist and both do well joining us is gene todd from fiduciary trust company. And i understand the logic that the Tech Companies can pin to put up big numbers in earnings and show growth, but it seems that if value is going to start doing better, it will come at the expense of the value stocks. What is happening . Yeah, thank you for having me good morning to everyone yeah, look, first of all, they both can coexist. And while growth and tech in particular has taken it on the chin the last couple days and weve seen a bit of a rotation, is that rotation sustainable ie rngs is it a big r rotation or small r rotation. Big r means that it will last for weeks, months and quarters, small r temporary a few weeks. And so it is a reopening story the positive news about the vaccine, you know, people will go back to life as we know it and when that happens, that means that some of the stayathome stocks will be under pressure and so that makes sense. The other thing that were seeing is look what is going on with bond yields and as bond yields go up, the value agtations in tech come un pressure so that explains a lot of the recent movement, but we dont think that yields will stay at the current levels we think that they will drop back down. And the virus has a couple more months to go so we wouldnt give up on tech, there is a place for tech especially the faangs who have just dominant market positions great Revenue Growth, great margins, great leadership. Those will continue to do fine but over time, as the economy reopens, cyclicals value, a place for them as well fair point on the bond mar t market the ten year c bond market is closed []for the holiday, but watching the bond prices tick up back towar1 , th a fair point and is it a good idea you think to distinguish between some of the stayathome plays that are purely pandemic plays and then some of the bringing tef of thb will see massive growth no matter what happens in terms of stay at home or go back to work . We do and i think some of the stayathome plays maybe got a little bit ahead of themselves when you look at some of the companies that have seen their stock price increase 100, 2 oor00, 300 , and if you look at the forward pe multiples, some of the companies are at 100 to even well over 200. It is hard to make a case that that is sustainable at those levels they are great company, they are doing well, but as the economy slowly starts to reopen, it is a big difference in how those things will continue to perform versus these big large cap well established brands that also have such diversified revenue streams. So what are you telling clichblt clients to do, to move money out of those names or back into the Technology Names one thing that they have to remember is to rebalance as we saw a lot of the tech names move up, we took a lot of money off the table. Everybody talks about buying low and selling high, but rebalancing forces you to do that and so our clients have had the discipline to do that. So they are not overly exposed if you see a large dip in some of the wellknown brands, it is a buying opportunity we think. Thanlgs thanks for your time good to be with you thank you. Want to see what kind of method the russia vaccine was, and it is like the others, not the pfizer i actually at one point worked with some guys from the university of moscow and the scientists are top notch russia. So it doesnt mean that it is like Vladimir Putin is there, you know, in the lab or anything that is one thing that we can count on hopefully around the world. Yeah, but the way they presented it and with sputnik, they said that they were the first ones with the vaccine but they arent done phase three and we had similar stuff, we were just waiting on it, not declaring a vaccine until fda approval and so that was the concern, this was the government authorities, not the scientists, who were taking the short cuts so that they could claim that they caould come up with it first. Yeah, thank god that would never happen here. And so revlon is on the brink. And leslie picker will have that and here is a look at the premarket gainers everyone wakes up every morning to a world that must keep turning. The world cant stop, so neither can we. Because the things we make, help make the world go round. They make it cleaner, healthier, and more connected. Its what we build that keeps things moving forward. So with every turn, well keep building a world that works. Welcome back an update now on a story that we told you about way back in early onkts, th onkts october, that is when it revlon said take a haircut or risk more. Yeah, a critical deadline just passed for revlon the company had been coaxing bond holders to trade in notes for about a third of their principal in cash. They have need to reach a certain threshold to stave 1 bi. And while we have yet to see an official declaration from the company that the exchange was successful, the market does have high hopes revlon shares soaring yesterday up 47 although taking it down this morning. And some investigators have been betting that ron perelman will bail them out. But we know that he has been selling everything not nailed down from real estate to yachts. And so the Debt Exchange also requires carl icahn who also cut his teeth in the 80s. Wall street journal noting icahn didnt think that the exchange provided enough return. So stay tuned i cant believe you said anything not nailed down that does describe tough to nail that big yacht down youd need a really big nail. Dry dock or something you got a question, beck yeah, leslie, just in terms of carl icahn thinking it is not a Fair Exchange but we dont know if he ever tendered it, is in any chance that he could get a premium for what he was offering up or is that not allowed . So this is what is really interesting about this whole exchange, there is a small fraction of bond holders yet to be identified, about 90 million worth of bond holders who they have not been able to reach out to so there is this kind of discontent among bond holders that are known that say, well, if they cant reach out to these bond holders and they decide not to tender, the exchang