Im becky quick along with joe kerr de kernen and Andrew Ross Sorkin. After two days of optimism, the get out there again trade was on turned around a little bit yesterday. We did see people rushing back to the stayathome stocks as covid cases and momentization hs continue to climb. And some states are imposing restrictions and the nasdaq ended up 2 after being down monday and tuesday. Yesterday the dow ended flat, right now indicated down by about 115. Never made to the record, still waiting circumstanling around tt s p 500 down by 2. 5 and nasdaq indicated up another 51 points this morning these were the stay at home stocks, amazon up, apple up 3 , zoom which had gotten hammered, yesterday up by almost 10 took c docusign 5. 2 and netflix 2. 2 and treasury yields, yesterday it was closed for veterans day this morning it is open and you can see the ten year still around the very heightened levels, again, not historically, but based on what weve seen in recent history within range of 1 andrew lets talk about unfortunately the covid cases in the u. S. Because it has intensified. We are not rounding a corner in any way. The 7 day average of new cases is up 33 in the last week to 1 121,000 per day. Hospitalizations position halsoa record in new york, Governor Cuomo set new statewide restrictions in an intent to try to curb some of the outbreak in bars, restaurants. They will be shutting down dining at 10 00 p. M. But can stay open for curbside pickup. Gyms will have to close at 10 00 p p. M. As well and private gatherings are capped at 10 people just ahead of the Holiday Season all of this against the backdrop of shares in moderna, which are rising hopefully them have good news for us the company says it has enough cases of covid in its trial to start to take a look at the data within a week, a signal that preliminary results could be released soon. And independent panel will look at how many sick people got the vaccine and how many got the joe, my big question, we you saw the big move in the market the day we heard about the success of the Pfizer Vaccine and then obviously weve slipped back in part because the covid cases have continued to rise shouldnt have been a surprise frankly given so much that weve heard from dr. Got leib and ttld the socalled dark winter. And when we hear the moderna news, lets say it is similar, how does the market react . Well, at Scott Gottlieb says all the time, he talks about the epitope. So we know that it is the same type of delivery, the sasame mechanism. A little snap pbi snippet of the mrna. You would expect that the data would be similar i read quite a bit you talked about the hangover, the flu you feeling, but people said i would do it again in a minute. And ive had some experience with hangovers when i was younger. And you would imagine if that is all you had seriously, if you had a one day hangover, even a bad one, like a jagrmeister hangover to take the vaccine. Yeah, id take the vaccine. Im not a skecht tirept tic e vaccine, but i know people who have been in the studies and they took two days of work off im not saying that that is what will happen to people, but im suggesting in this particular instance they said it kicked you in the you know what but as were looking through the side effects of these things, even short term by the way, that may be a fair trade, to take two days of a hangover. Yeah, but you could do that in your sleep. But i think the question is about the markets, whether you think when we get hoe der in a new, assuming it is as good, should that have already been built in, meaning since it is the same kind of protein situation, should we say okay, this thing suggests that so therefore the market is so rational it does this . Can i just say, yesterday we heard from dr. An thothony faucn he said it wouldnt be surprising at all to see the same level of case and that wouso two vaccines would be pretty amazing. The bad news would be if the second only had 60 or 70 efficacy, then everybody wants the one and nolts tt the other. But if you get the result that they both work that well, i would think that is still good news for the market because you are talking about a massive number of additional doses that would be just as good. How often are you going in and out . You are always worried about these short term moves if Goldman Sachs is looking at for 2021. 00 so what, you think that the s p might back off 100 points . You are still not on this train. The train has been back and forth three, four, five times. What are you worried about, the market might back off initially . We have viewers, i get emails from them r, whether zoom or whatever, and they say oh, my god, the world looks like it is falling. Aen by the way some of these people are older so they are thinking i need this money later. Other people have cash on the sidelines and they are thinking did i want to be in this market, do i not want to be. And those are the decisions that are being made not just by professional traders, but hopefully people all across the country. So there is a little bit of timing to this not to say that we shouldnt be thinking long term, but there is always the possibility of a bear market otherwise we wouldnt show the stock prices on the screen either you believe in people like mike wilson and Goldman Sachs or you dont there could be a lot of reasons why we go into a secular bear market, but it is always like that if a market starts at 800 and ends at 30,000, you pick your points there are times maybe to get some dry powder, but i dont know what is going to happen in the next month but i dont think the world will end again from covid and it didnt end the first time i didnt say the world was going to end or the as to being mar recei market when ackman said we were going to hell, but that was a pretty good buying opportunity, but well see. If you are worried that moderna is going to cause a selloff bill ackman osaid that we would go to hell if we didnt do anything about it. But for him and everybody else, it was a good to buy it was played up, yes, it was played up, but actually i would argue not by him i dont think it was his finest moment, but he made 4 billion, 5 billion, whatever it was. Time for the squawk planner. Economic data due at 8 30 includes the weekly jobless claims and first read on inflation. The Consumer Price index well hear from Cisco Systems and disney after the closing bell and fed chair powell will speak at the European CentralBanking Forum at 11 45 today is the deadline for tiktok to strike a deal to a shutdown by the trump administration, but bytedance has won a legal battle that could halt the shutdown order. And the masters, golf tournament, i thought long and hard about wearing a really green tie. Ill never have a green jacket, closest i could come is a green tie, but it is today and it has been rescheduled from april. Do you know what the difference is i think the days are much shorter, arent they so have you talked to your husband, becky, i think coverage starts much earlier. And the weather but well be able to watch like at 1 00 and usually it goes to 7 00 or 8 00 at night. So for people when go to bed early, pretty good anyway, no fans are permitted. Players can bring a plus one players are bracing for rain the forecast calls for an 80 chance of showers and 100 chance of a recount. And thunderstorms will begin at 1 00 p. M that is bryson dechambeau, they just showed him. I dont know if you saw any of the u. S. Open, but he has a technique that he is using to hit the ball far he is hitting drives apparently 400 yards at times so if youve ever watched augusta or watched the masters at augusta or had the privilege and honor of playing there, there are places on the course where he will be after his drive that make no sense i think a number 2, i would wager he will have a wedge into number 2, which is a par 5 number 3, i would wager he might be going for the green unless he doesnt want to, but i think he probably could so it is going to be great to watch. And it will be a diversion and there is a lot of sub stories too, like de shechambea, rory wants to win a green jackets something fierce jon rahm a lot of really good stuff tiger is back it is a diversion from worrying about vaccines and the stock market and the election and Everything Else and we need it once in a while and i probably wont bet on it, but i will say my parlay yesterday, i won okay so take that, will you so thousand doubling down and super addicted i put 6 down and won 20 no, the three favorites won in the midatlantic conference last night. Guys, we have news that just breaking right now a spac is buying a Health Care Provider for seniors, the transaction valuing the combination at 4. 4 billion. And well learn a lot more about this deal a little later right now when barry himself will join us at 8 15 with the founder and ceo. It is the latest there so a little bit of breaking news to tell you about. Joe. Coming up, weve said this already, a lot of rs here, rotation reversal, tech stocks bounce back, well talk strategy next with tim lesco and where he thinks that you will see action in some names. Futures not done triple dig s ds anymore. And here isa look at vroom are that reported a small her than reported loss, but guidance in the Fourth Quarter disappointing the street consumer demand for used vehicle has returned to precovid levels at calvert, we know responsible investing is hard. If youre concerned about the environment and climate change, how do you find companies that are driving the right outcomes . If you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities . For nearly 40 years, calvert has delivered competitive returns by investing in Companies Making a difference because we see value in doing good. Talk to your Financial Advisor about investing responsibly with calvert. Talk to your Financial Advisor about investing responsibly 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. Renewed interest, like two days, but renewed interest in value stocks has helped fuel the rise in the dow, but will it continue in its march to 30,000. Here to talk about some of the high flying dow stocks is tim lesco, partner and Portfolio Manager at what i would consider one of the most solid investment firms around granite investment mr. Slate worked there, i think, didnt he . So make the case i dont think that you are necessarily saying that amazon or docusign or zoom are not good investments, but you think that i wont call it a dog, but some of the stocks that have been overlooked might be the place to look right now. Certainly anytime you have Something Like a Global Pandemic and hyper cyclical recession that followed, a lot of stocks went down 30 , 40 in the spring and did not rebound as the stay at home stocks did. So i dont think that apple, amazon, and the like have to go down, they can just stay where they are as money comes off the sidelines and begins to look for value. And i think you saw you that when people began to see that vaccine was on the way, they started to look at what would earnings be like in the second half of 2021, not whether or not they will go to the movies next week so i think that it is not just a rotation, it is also a lot of money that has been it is being on the sidelines so lets go over some of your favorites. You think disney is just think about i have a thought, i dont finish sentences, i know that, but think about disney prior to this happening. It is kind of weird how universally loved it was it was like everything they had, everything they touched, they were hitting on all cylinders. It was the perfect domg bin nati nation of assets and then now people are questioning the makeup of disney but you nowyou like it again. Right and i think you hit the nail on the head precovid, disney was what everybody else was trying to become that combination of blaroadcast media, creation and the theme parks. And that came to screeching hal in the spring. And coming out of it, what weve he seen is that content is king, whether it is the content that hbo and netflix and disney creates has legs for a long time they are great content creaer cs and they have a Library Everybody would louvre to have and we think it will become a more profitable business you make a movie, you get characters, you put the characters Walking Around the theme park, you have a build a ride with the theme. So you do need to have like everything open and everything working to fully maximize what happens with your assets so you are assuming that will happen correct and i think that disney has shown through their somewhat tempered reopening of the theme parks that they can create a safe atmosphere for their customers, because this thing is going to last longer we are very excited by the vaccine, 170 different vaccines in production. It is not the kind of thing where well have a ticker tape parade in new york city for the scientists that created this, and there wont be a day we can say it is over, so it will be choppy along the way but disney still has the assets that we really like. So normal things that people used to get treated for have been put on a back burner, so that is why walgreens is hurt, you think that reverses. Right and both walgreens and cvs were under some pressure because the profit ability of the nonpharmaceutical business was being challenged by amazon but as they have moved to more of a health care providing business, they are creating the visits within their stores and getting the subscription prescriptionpre prescriptions and front of the are store business but we feel that the to being has been unduly hurt by a complete lack of noncovid related medical Services Medical use services went way down as nobody wanted to go to the doctor and that will come back and those conditions are probably worse coming out of covid. Stuff that is even half electric difference half needed being put off. You like procter gamble, the cleaning products will be selling for longinger. And the whole notion of just the virus just just everywhere. Just disgusting, isnt it . And you want everything clean. Gyms, supermarkets, restaurants. So that is not going away. And cleaning products, that could boost p g as other things come back. And i think you saw a run on the products that they sell in the cleaning space and now youve had the inventory rebuild that has taken 6 to 8 months so they are in a much better position into what looks like a longer term change in behavior and that is what you look for, what are the businesses that haved a daptsed a ed a daptadapa way that will keep them strong into the future. Some really arent and you stay away from those and some in a way this was a darwinian extension event for bad businesses and maybe made good businesses stronger. So if you are going to retire in six months, should you sell everything should you try to time it . Did you look at the overall market were long term investors and i listened to the discussion you were having before our piece together and i think you hit it, if you are a long term investor, you cant worry about what next weeks covid numbers are going to be. You know that they will be bad, they have been telegraphed to be bad and bad headlines sell so we expect well see a choppy market hard to see what is right in front of your face and think, wow, i should but we know how the market looks ahead all right. Thanks, tim. Granite, solid thats why you choose a name. Thats right. Like prudential, the rock. All right. Thank you. Well see ya coming up when we return, some new data real esta statate tumbling rent prices pulling back into the city despite the pandemic and take a look at the top premarket gainers in the nasdaq 100. 5g. Just got real. Iphone 12 pro max and iphone 12 mini are here on verizon 5g. The iphone is mini, but the 5g is huge with the coverage of 5g nationwide, and, in more and more cities, the performance of 5g ultra wideband the fastest 5g in the world. Whoa. Mobile gaming just got infinitely better. Preorder iphone 12 pro max today and get another on us. This is the phone to get. This is the 5g phone everyone wants. On the 5g americas been waiting for. Only on verizon. Welcome to new york welcome back to squawk box. Time for the executive edge. Big question right here in new york, how low do rents have to go to attract people into new york city during this pandemic new York Real Estate numbers might give us the answer and robert frank has been watching the trend it may be surprising it is surprising. Because after more than a year of declines, new rentals in manhattan actually increase in october by 33 now, of course one month doesnt mark a turnaround, but brokers say low prices are finally luring young renters back into manhattan. Rent prices falling by 19 , that is a record drop landlords are offering over two months free rent as an incentive. Good news on the sales side as well sales contracts between november 1 and november 11, so after the election, they increased 21 , that marked the first year over year increase in manhattan since the pandemic now, weve had a long way to climb back here. There are 16,000 unrented apartments in october, that also is a record. And the vacancy rate which manhattan, they could see normally around 2 now were over 6 . You add in the citys high unemployment rate, the 9 billion budget hole in the city, the states 16 billion budget hole and of course the prospect for higher taxes and service cuts, buyers are likely to remain a little cautious and they have a lot of choice. This 2,000 square foot three bedroom was listed for 14,000 a month, cut by more than 20 to 10,000 a month. But guys, there are 25 other apartments for rent in the same building and that will be the challenge for landlords even though they have dropped it 19 , still could have more to go. Back to you. So robert, when you think about the rental market, even a year out from now, is the expectation t