Transcripts For CNBC Power Lunch 20240711

One of the hottest stocks in the market, General Motors dives in and the ceo will join us in just a moment power lunch starts right now welcome to power lunch. Im dominic chu. One bright spot is the Housing Market you have restoration hardware, williams sonoma, theyre jumping and then you have trex, which makes decking and railingtype products for homes and two Retail Stocks hitting new highs, will brands a the a 52week high, target at an alltime high yet again today after its big blowout Earnings Report yesterday. And, kelly, you mentioned the electric vehicle trades tesla a the at a new high is up 20 in just this past week kelly. All right, dom. The dow sliding today and heading now for a down week. Lets go to bob pisani for the action the markets are still having a hard time to figure out on what to focus. Do you focus on the spring reopening in 2021 and Second Quarter or on the covid winter right now . Today a little more focus on the covid winter the good news is tech which has been a little wobbly this week is holding on. Its not lets ignore tech on a day were worried about covid. Facebook is kind of flat but most of these stocks have been flat this week, which is an okay performance given how far theyve come same this evening with the workfromhome companies, slacks had a good week and zoom has had a good week. Thematic tech etfs young people love buying these in packages. The Cloud Computing with wcld, ark innovation, the big investment in tesla, shes been a big success this year, and social media, socl, the one on the bottom people buy thematically these days huge volumes and creations of these etfs throughout the year and its happening this year tremendous volume in anything value related, Small Cap Value etfs getting tremendous value. Nobodys cared about that for years. Suddenly theres real momentum behind these i dont know how long its going to last. This is the first time in a long time ive seen real active trading in some of these value etfs thank you, bob. Despite all the head winds heading into the year, our next guest is raising his 20 price target for the s p 500 to 3800 from 2850. Tom, i wonder, if theres any time in your professional history that seems like this is today. I cant think of one during mine well, i started off in 93, so i experienced seven years of a bull market that morphed into i think stock pes are really cheap against equity risk premium and theyre super cheap against bonds. I think theres a feeling because stocks moved so much since march theyre topping. We have to keep in mind we went through the biggest stress test for stocks in five lifetimes and they survived. I think that really argues pes are going to expand pretty dramatically in a couple years my real question or issue is i remember the dotcom boom, i remember the mortgage crisis and the recoveries from both of them none of them are like a pandemic where a market is, again, at record highs how exactly do investors navigate this knowing full well were not through the worst of covid19 but put markets at record highs yeah, i think the reason markets manage to get to here, which is record highs, is because 76 of the s p is a growth i decndex, which means is not that economically sensitive. And, in fact, they benefited from stay at home because these are category killer, dictionary killer stocks like facebook, google, amazon but it not like the economy did well i think just those things going back to their old highs is 200 points in the s p. Tom, its kelly here. One of the things supporting that 7 call as you outline is that you talk about how the covid19 third wave could be slowing. Without delving into the science there right now, what happens if it reaction sell ratcelerates . Wave three is a huge wave across the country every state is being engulfed by covid. I dont think people should think they arent witnessing in their on back yard the worst six states, wisconsin, illinois and texas lk liook like that are rolling over. That might be the part good news the bad news is it doesnt mean cases can erupt in the east coast, new york, massachusetts, connecticut have been kind of largely spared in this wave. If it gets bad, wave three is going to grow. So were somewhat optimistic that theres some signs its rolling over in the signs that get hit really early in wave three but it doesnt mean its over one more question, tom, about the election irregularities were continuing to hear a lot about. Does that at some point morph into a front burner concern . Right now markets have been marching along, more or less ignoring those issues and focusing on a Biden Administration and what it knows about the senate at this point does the election become a big are problem . In the short term it certainly would. I dont think anybody would say that 2021 would be worse if trump is president , and i dont think anybody would say the markets would go down if bidens president in 2021. So i think its really the uncertainty and the repositioning people would do around that. So i think people need to watch it closely i dont think the market needs to price it in because its not a central outcome yet, but of course its a tail risk. Tom, before we let you go, a 7 move from here into year end implies that the leadership of the s p will be with the biggest cap companies. Is that still your thesis or does the rally broaden out to other value sectors as well . I think that the hand of the market is going to be revealed this week. Weve had the s p really trade lower for ten days weve made a new high ten days ago, yet the epiaccecenter and e stocks have advanced a lot my guess is between now and december 31, the rotation is going to be into these economy reopening epicenter trades out of the utilities i think the mega cap, growth faang will track the market but if you want to perform it will be through the epicenter thank you very much we appreciate it kelly. Dom, thank you. The cdc today saying it strongly recommends people not travel for thanksgiving this year lets go to meg for the latest this was one of the rare briefings weve gotten from the cdc and they used the opportunity to try to warm people before the thanksgiving holiday. In addition in recommending against travel completely, if people do decide to travel, they want them to do that as safely as possible, wear a mask, distance, wash your hands. They say theres reason to hope with the vaccine on the horizon but its not here yet. Weve looked back to see the pace of the brieflyiings, they r holding them a few times a week, 7 in january, 7 in february and down to three in march and own sporadically over the rest in the spring and summer, we had one last month. They did say they plan to start communicating more regularly thats what Health Reporters expect in a middle of a Health Imagine to hear front and center from the cdc one could argue the covid White House Task force started to take over critics would argue it is not the same level of information as you get from the cdc now, we talked about that vaccine, it not being here yet we did get some new data overnight from astrazeneca in oxford this is phase two trial data this is not the efficacy studies from pfizer and moderna. And they saw side effects less common in people over age 56 this vaccine was halted as they investigated some safety signals in the trial kelly and dom, back offer to you. Meg, what about the latest case counts . We were just talking a little about with tom lee about this. What do we know . Theyre bad were more nthan 150,000 new casing every day on the seven day da daily average the numbers of people dying every day is increasing as well, up now to 1,800 yesterday. Thats the highest level weve seen since may and people are really worried about travel over thanksgiving, putting people in the hospital around christmas so thats why youre seeing this recommendation from the cdc today. Yup all right, meg, thank you. Kelly, coming up on the show, tesla hitting a record high as the ev stocks are on a tear and General Motors wants to be taken a serious competitor in that industry president mark royce joins us now with their latest push into the electric game. Plus hotel stocks like marriott and hyatt both down more than 20 so far this year and the American Hotel association out with a very stark warning, more than 70 will close in the next six months without some kind of federal assistance weve got those details. Much more coming up ahead on power lunch keep it right here we love the new apartment. The Natural Light is amazing. Hardwood floors. There is a bit of a clogging problem. clog dancing at least geico makes it easy to bundle our renters and car insurance. Yeah, helping us save us even more. For bundling made easy, go to geico. Com welcome back shares of tesla hitting another alltime high today. The stock up 500 this year. Its nothing compared with nio up 1,100 . Lets get details of todays announcement from our own phil lebeau hi, kelly this is a big investment General Motors is making a and a big commitment to do more in regard to electric vehicles it was plan on insisting 20 by 2025 now theyre saying add on another seven. They will cut the ev battery pack costs by 60 . Thats a huge goal by mid decade and selling 1 million evs worldwide by the middle of the decade General Motors cut in Development Costs with the battery pack, thats a huge deal so is the commitment for cutting the Development Plan for the vehicles look at the gmc hummer, electric Sport Utility truck on the way in 2022. Gm said we cut the time for developing of this vehicle and other evs and well continue cutting them in half they need to move quickly. When it comes to ev sales, they lag the competitors. Here in the United States, this is yeartodate u. S. Sales, no comparison here. Tesla sells four out of five, gm a very distant second here in the u. S. Lets bring in mark royce, the president of General Motors. He is joining us from the companys tech center in warren, michigan you know the reality of whats going on when it comes to electric vehicles. Youve made big commentments in the past, and you are miki maki commitments now. What has General Motors saying its not enough, we got to do more good afternoon, phil. Thanks for having me today is a further demonstration of our commitment and acceleration to electric vehicles this isnt something that, you know, weve been on for a month or two weve been on it for a year and a half, two years and we really took a step back and said that we are going to have a vision of 000. So zero emissions, zero congestion and thats a big deal for us that commitment is manifesting itself in the way we have brought our battery chemistry and manufacturing, our joint venture with lg and our pack itself and then the vehicles these are all new platforms, dedicated platforms, very different from in the past with vehicles like the volt or the bolt that weve done in more recent history this is a dedicated platform and propulsion system. When we get over the first hurdle, we can see we can cut that in half because were doing it ourselves. The speed and agility is there for us and the commitment is there. On paper nothing is arguing this doesnt make sense that, General Motors doesnt haves the assets and will to do better but you know, youve been talk about this and laying the groundwork for some time why should people believe that gm truly has the horses to catch up and pass tesla . If you look at the synergy that we have across the country, we make combustion engines you look at our launches oaf the la over the last few years and they look very, very good. That industrial might and fight is something were bringing in the space. I dont think anyone will be able to do what were doing. Theres people, including some of our competitors and that vertical integration into the cell and pack production theres nothing like product and so for each product that we bring out and the commitment behind that and the scale and the manufacturing, were going to have to show people and we will. And doing what we say were going to do is everything and we will do that mark, its kelly here theres been a lot of speck l s speculation about gm spinning out its electric Vehicle Business does todays announcement take that off the table nothings forever we looked at the synergies we have throughout the manufacturing and the engineering and r d pieces of General Motors, those are across internal combustion engines and electric vehicles. That scale in mess and we announced we were going to hire 3,000 more Software Engineers we have today that that synergy which comes with putting something into a separate unit, that energy can be very costly on a and we have to get to the point where our battery chemistries have made a big leap from 60 of the cost. Theres more to come on that and weve got a clear road map to do it that doesnt come from some different place, finding it out and trying to execute it the sin were ynergy and amount y are critically important the business changes, the market changes but for now that synergy is incredibly important to go as fast on things that we can on things like hummer and were bringing the cadillac lyric ahead nine months. These are big, important things and creating the disc synergy is something were just not prepared to do we studied it, oo and our Human Resource expertise we have in General Motors i believe is a real competitive advantage our people are the best. Youve been with gm since the mid 80s. Youve seen this company go through a lot of changes you know how long it takes to develop a new vehicles generally speaking a little over four years and thats if everything goes well what gives you the confidence to say we can do this in half that time we can develop an ev in two years as opposed to four years i think if you look at our recent launches, in many cases theyre quite a bit less than four years, phil weve been taking time out of that for quite a while now if you look at the tool celts, the simulation, the crash models, those are a very highly developed place. The simulation of Battery Power density propulsion, anything that we do that touches a car and the ability to engineer, validate and then finally make a physical property, weve honed that over the years. So that expertise, we know exactly what we can and cant do and where we can go to production tools with our supply base right out box in terms of the math we create for Something Like a hummer and lyric and go right to production tools and, cute t execute. The only thing left is few physical properties for our engineers. I have a lot of confidence, ive done a lot of car programs ive been here for i think up said maybe too long but a long time and i have all the confidence in the world. Mark royce, president of General Motors i know youve got the hummer behind you someday well get a chance once we get past all this pandemic stuff to get in the hummer i want to try out the crab walk in that vehicle. Thank you for joining us kelly, no doubt this is a very ambitious plan General Motors has laid out today now can they deliver on what they laid out today . Thats the big question. The devils are in the details. And our own phil lebeau, thank you as well. Gold do you more than 10 from its record high we saw pack in august citigroup is out with a new call saying a move back about 2,000 is inevitable. But dpo the charts agree plus, Indoor Dining set to close in new york as restaurants across the country brace for a very bleak winter. We have the telast details more pour evwer lunch after t break. 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. Well except now youre binge learning. See how you can become a smarter investor with a personalized education from td ameritrade. Visit tdameritrade. Com learn aflac now tell me, what does aflac do . August break. With unexpected medical bills. And is Aflac Health Insurance . No, but it can help with expenses Health Insurance doesnt cover thats right. Are there any questions . Coach yes . Can i get one of those cool blue blazers . You know i cant play favorites. Alright lets talk coverage. Its go time get help with expenses Health Insurance doesnt cover. August break. Mmm hmm get to know us at aflac. Com new projects means you need to hire. Gers. 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. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Welcome back to power lunch. Gold is down 10 since its august peak. Citiis o is out with a bullish. This part of a secular trend for the metal, high as 2,700 at citi your trading nation team is here to debate that today mark, ill begin with you. Where are you on gold . So, kelly, weve seen some nearterm consolidation since the beginning of august. That did directly correlatewit yields starting to bottom out. When you see yield rates rise, you do see gold start to sell off. In this case we saw a little bounce in the dollar and rates rising so gold sold off my thinking is we can get under 1850, see further consolidation and weakness in december so near term i think its still right to avoid buying dips too aggressively intermediate term basis the stocks look compelling we moved from august of 18 into august of this past year and the weekly trend still looks quite bullish and one would want to really buy into any sort of pullback we see over the next month. Im looking at 100 lower, 1560 as being a very attractive area to buy gold and that should coincide with the gold rolling over and be an excellent time to buy dips and holding on pore foe tensi for potentially highs next your. We dont agree. We think it stopped. Gold used to be a hedge against currency and rises inflation now its become just a pretty volatile trade commodity were advising clients to lock elsewhere, diversify risk, Something Like a mutual fund or a Global Macro Fund where you dont have to worry about the trading and volatility of what gold has become. I guess if you really need to own the space and you really want to own the space, either look to the gold miners or just go buy some gold bars and some gold coins and put them in your safe downstairs and move on. I thought you were going to say some gold jewelry. That, too well leave it there for now. For more trade ptrading nation follow along what girl couldnt use more bling . Thats all ive got to say on that covid prompting new shutdowns and the window for Outdoor Dining closing, are restaurants heading for a very rough winter . Plus, a new report shows over 70 of hotels could close over the next six months without government sport and is bitcoins bull run here to stay . Well hear from a former goldman sac trader and top crypto investor on that keep it right here now, latest from trading nation on cnbc. Com and a word from our sponsor welcome back, everybody. Im sue herera across the nation the lines are getting longer for covid tests ahead of thanksgiving. Some people are waiting for hours, even though u. S. Testing capacity has doubled since the summer in new york city parents are protesting the shutdown of inperson classes at public schools, even as bars and gyms remain open. We were promised that decisions would be made based upon data and science. Well, the data and science are in, and the risk of spread in schools is low and the harm that we are doing to our children is high and you can add ground hog day to the list of events going virtual. This february Punxsutawney Phil will make his prediction on the coming spring without the usual crowd at gobblers knob. You are up to date dom, back to you sue, thank you very much for that as sue mentioned, today new york schools begin a temporary closure as coronavirus cases spike. New york city mayor bill de blasio addressing that at his briefing today a lot of peoples frustration emanated from the fact that they thought there was another kind of disparity they looked at schools closing and a lot of people say what about restaurants . Well, the governor made clear yesterday that its just a matter of time before Indoor Dining will close. So if it is only a matter of time for new york restaurants, other cities are likely to do the same thats another blow to Restaurant Owners. Kate rogers has more on their story. Good afternoon, kate hi, dom thats right we first flouncintroduced you td mckay last year. His restaurant was thriving in seattle. But today hes closed as the second time just as his group was able to move back toward profitability. New restrictions were announced to stave off coronavirus resurgence and there is no Indoor Dining before mid december nobody thinks the governor will let us open for christmas and new years. To have to walk out and just see the pain on peoples face just is hard. Washington state Hospitality Association projects this will cost 100,000 people their jobs in that sector alone mckay also isnt the only one whose fate hangs in the balance. Recent data shows more than a third of Small Businesses say they dont know if theyre going to be able to survive given the current Economic Situation its a huge point here. Hospitality very much in the cross hairs. We also want to ask you about another issue facing restaurants and their owners and thats the minimum wage effect. President elect biden says hell raise it starbucks increasing pay for its workers. Meanwhile we learned in some states many mcdonalds employees are among the most getting government assistance like snap, so to speak and medicaid as well how does the compensation theme play into a restaurants cost structure . Dom, a lot of chatter about the minimum wage that study from the gao was prompted by senator Bernie Sanders finding walmart was one of the Top Employers of those on the federal benefits nationwide, mcdonalds was one of the top four employers in just nine States Mcdonalds did push back on the study according to the washington post. We should note walmart and mcdonalds pay above the major, which is still at 7. 25 whether or not he can get it done is an entire lily different story. A lot of Restaurant Owners have been dealing and surviving in the face of progressive wage hikes around the country many cities and states taking that on, their own account to hike pay for workers its something the Small Business community is prepared for. Ill notice if this happens while theyre continuing to struggle, theres going to be a lot of push back as well. The conversation goes to another area of hospitality now. Yes, another struggling industry, the hotels one recent study showing 71 of them can only operate for six months or more without any kind of federal assistance. Joining us now to discuss the dire situation for the Hotel Industry is chip rogers, president and ceo of the American Hotel and lodge beiing Social Security y association. Hotels in particular, theyve been left out in the Federal Reserve program and ppo loans were a huge issue. What targeting do you need in the next relief package and what kind are you actually betting on thanks for having me. The number you cite are devastating. When you ask hoteliers, as we just did recently, how long can you make it, 71 say they cant make it six months if things dont change we never imagined anything that could be like this the ppp was on a limited basis helpful. It was created to last eight to ten weeks. That was back in may and june. We had nothing since the main Street Lending program to help people stay afloat have been an absolute failure i dont know of a single hotelier in the entire United States that received a main Street Lending loan. When we secretary Steven Mnuchin to get it fixed, just simply didnt do it theres a lot of people that will be glad when hes no longer in his office, in his position the program has been a miserable failure and the money sits there and goes unused. Why do you this i nk your industry doesnt have more friends on capitol hill . And how many of these hotels as well are kind of the big brands we think about with big publicly owned companies who we know and who have told us, weve spoken with the cceos who say we have solid financial backing, were fine and how many are Small Businesses who arent going to be fine . We have a lot of friends on capitol hill on both sides of the aisle. The problem is politics always destroys what most of us see as common sense whether its us, the restaurants, theaters, live music, all of it getting destroyed right now. Politicians seem to be more concerned about their elections and now counting elections and a couple of senate races in georgia theyre more concerned about that than getting their jobserve that frustrating the question about the size of these companies is important we are part of franchise models. The names you see at the top of the building, the large recognizable corporate names, in almost all cases, they dont actually own the hotel theyre the brand. Those hotel owners, Small Business owners, they dont have the resources to last nine months with almost no revenue. What recourse to biehl hapeo at this point . What do you tell your members when they say what are we going to do . Do you have expect the fed may change its rules, try to help the main Street Program be a more viable option are you counting on a reup of ppp here in the next six to eight weeks . Absolutely. The ppp supported on both sides of the aisle its caught up in politics there are about 140 billion left over from the last one. All were asking for is that those businesses that have been hurt most get a Second Opportunity to get access to ppp funds. With the main Street Lending act, all they need to do is change the rules congress appropriated a half a trillion dollars to main Street Lending act and almost none of it has been lent out thats as clear a sign that you can find that the program is not working. Let them get access to lowinterest loans our member are willing to pay the money back we need a bring between now and late in the spring when we believe things will start picking up again with the vaccines and theyre compup the tes tests. Chip, thank you for your time today. You got it. 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Welcome back weve spent much of the day in negative territory the dow is now eking out some fractional gains weve got i dont know heten hec schumer and Mitch Mcconnell have agreed to resume negotiations over a covid19 stimulus package. Well continue to monday itor te headlines. From stocks to the bond market, Rick Santelli tracking the action at the cme group. Looking at the intra day of tens, weve drafteifted and if u look at the one week chart, we may close at a level we havent closed at in one day shy of two weeks. Dom brought up maybe stimulus gets a kick out of the markets but lets face it, were still a 29,000 handle on stocks, best existing home sales number in 15 years and continuing claims dropped about, well, close to a half million so the data hasnt been that bad and if you look at the bund yields versus tens since the beginning of the month, you can clearly see were all moving together and the vaccine gave everybody a shot in the arm. And finally, a september 1st, at these levels were close to closing at levels we havent seen since the first trading day of september kelly, back to you thank you and one particular crowd watching the dollar is those in gold and Bitcoin Bitcoin is above 18,000 again right now. Every time its spiked in the past, theres always been a pullback will there be a better time to buy . Well ask. Plus the Company Fighting covid with ceiling fans. Wait until u hear die an diana olick say the companys name next on power lunch. These days, we want sophisticated but simple. Cutting edge made user friendly. In other words, we want a hybrid. And so do retailers. Which is why theyre going hybrid, with ibm. A hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. From retail to healthcare, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. Before we talk about taxsaudreys expecting. New . Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. What is this . We call that a window. Window. Dundundaaa the first big screen. We really need to limit thunks window time. Not now. The birds are on. In my day we fought them. Let me live my life heart monitors that let your doctor watch over you, just like you watch over your best friend. Another lifechanging technology from abbott, so you dont wait for life. You live it. A new weapon in the battle to fight covid by cleaning the air. Its from a Fast Growing Company with a name you wont forget diana oleic reports. Reporter they are big ass fans thats the name of the company but their real selling point is now they claim to be covidkilling fans. We tested that with an independent third party level three Biosafety Lab on the actual covid19. Reporter the fans can be equipped with either uvc or Ion Technology pairing those germ killers with circulation to clean the air in an average room in as little as an hour. Uv light kills the back tears and as the blades turn the blades around the light the air is cleaned the fans emit bacteria killing ions which attach to pathogen asks viruss and make the air clean. Fans range from 52 inches to 24 feet price force the small rest not small. Starting at around 1,700. We want that air to be clean in spaces that are occupied so people can come back to work, come back to school and get back to living their lives in a for moral fashion but yet be safe. Reporter big ass fans are now in commercial spaces like this orange theory Fitness Studio in denver, colorado. It continues to give us the confident level, you know, that we can keep a safe environment reporter the company spent about 3. 5 million over the last six months to incorporate this technology into their fans and offer it to their more than 14,000 customers the new fans will in jps, schools, restaurants, a toyota plant and even boxes overlooking the breeders cup. And dom, the company says they are in talks with star burks. It can be a trend seeing big fans and ion type germ killing technologies out there. Bitcoin mania is ckba but after spikes, big drops followed is it going to be different this time around . Keep it here, well be right back high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. 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. Unmatched value. In some ways, things in other ways, well. Any questions . The good news is. Weve learned, we can do this. Turns out when were hitting our goals, nobody cares if were wearing pants. We just need the right tools. So our team, stays a team. So no matter what comes next we can work better do better this is going to work. Bitcoin is continuing to massive climb back to 2017 record highs, currently sitting right around 18,000 and change. Just a hair below that not far from the record of 19,640 just before the crash depending upon what measure you want to use. What makes this rally any different . With us, general partner at block tower capital. Mike, thank you for being here what is different this time around can we believe the rally sure, dom thanks for having me so the big difference here is march really changed everything. It changed everything from the market micro structure of bitcoin to really its place in the macro community and how its viewed so you can kind of i think summarize it in that the market has changed from speculators to allocators what ds that mean and how and what are the data that show towards that there are two things you can look at easily one being the Google Search trends indicator which right now it stand about ten. What does that mean . That means the amount of individuals searching for bitcoin on google is onetenth that of the peak which we saw in 2017 the other piece of data thats more market oriented is around the markets in which binn is being traded from spot volumes to derivative values from just january this shows how dramatically march changed the market we are down to a 3 to 1 ratio and spot volumes exexploded. What does that mean . It means we have a much better version of price discovery in bitcoin. It most likely means it is institutional buyers if you dig into the Derivatives Market you notice most the derivatives flow has drifted from crypto native exchanges in 2017 to institutional products like the cme i think that firmly indicates at that retail missed out on this rally this year it has been primarily and firmly in institutional bid. Mike, take us through how as an institutional trader you actually participate in this market how do you get exposure . Do you buy wholesale right now do you leg in . Whats the move. Take it any which way buy a block, dollar cost average. There is a enormous around amount of on ramps whether it be paypal, whether it be square you have even the largest bank in singapore for example, dbs is launching a crypto spot he can change. There are many ways to play it the easiest and safest way to do it are through apps like kin base or square or paypal just initiated their service last week seamless i tried it myself. It was fantastic. Before we get you go, we have just got 30 seconds left here mike as you look at the way things are moving right now, what scares you most about the price action i think with any run like we have had it has been a fairly linear bull run for bitcoin. I think towards the tail end and particularly as we recapture the highs of 2017 at 020,000 you are going to see this sort of blow off top. That will be really a function of speculators starting to reenter the market. That in essence will bring us up to a level that, you know, we can drop price targets i dont think i am as excitable or as exciting as the 300,000 price target of citi group but we could get to 20,000 quickly at which point we could see a full reback. But i think a steady 2021. Thank you very much we appreciate it kelly. Thank you very much dom, it has been a pleasure. Thank you for joining us, everybody here on power lunch. The markets turned positive on some of the headlines about perhaps a restart in stimulus package talks that does it here for us on power lunch. Closing bell picks it up right now. Thank you kelly and dom welcome to closing bell. Im sara eisen here with wilfred frost. As always. Stroks have been struggling to find direct all day though we did see a move higher in just the last hour. Lets look at whats driving the action a continued steady uptick in covid case is weighing on sentime sentiment. The cdc urging people not to travel for thanksgiving next week testing delays are also returning. We are also getting weak Economic Data signaling the labor market continues to