Welcome to squawk box. Im Andrew Ross Sorkin along with joe and melissa lee, becky is off the s p looking to open about 12 points higher. Well explain why some of this is happening and lets show you treasury yields as well the ten year note right now looking at 0. 931 . But maybe a little bit of an explanation coming up here, melissa . Yeah, some optimism Mitch Mcconnell said that compromised deal was within reach and well get a live report from washington at 6 30 a. M. And we heard it before, but it seems like btoth sides are comig a little closer. On a much lower number. And im just thinking about, i dont know, andrew, what did we do to deserve this i mean we are living right or i mean, who ushered in the new week on squawk box on monday who is helping us usher out the week that was on squawk box . A monday and a friday. Is this46 w was this planne melissa, what did we do to deserve this not wouldby not by me how long has it been, stimulus vaccine i guess the election, although we dont talk about it much here pfizer shares came under pressure late in yesterdays trading session after a wsg report shed light on the companys shifting vaccine forecast meg terrill here to set the record straight. Might be who is confused needs to listen in, maybe dvr it and watch it again good morning, joe so these headlines came across yesterday essentially explaining what was a change that pfizer had made in its projections for its supply of the vaccine at least a month ago. So this was a change that we observed between september and november in projecting first 100 million doses being available bay t by the end of 2020 and in november they cut it down to 50 million. And that came on noofvember 9 we they presented their efficacy results. They are still projects 1. 3 billion being available next year and there were a few factors that impacted the number of doses available this year. They said that they are scaling up this vaccine at a pace that is unprecedented. And they say that the supply chain took longer and also Clinical Trial outcome took longer and they say modifications to the full Scale Production lines are complete and finished decembers are being made at a rapid pace we are confident in our ability to supply at a pace at approximately 1. 3 billion companieses by t es doses by thf 2021 and i also checked in with the chief adviser to operation warr speed and he said that there is no change to their commitments to the u. S. And i havent been informed of any issues so this is a story that explained why there was that change between september and november, but in terms of all the projections that are going out now for how much vaccine will be initially available from pfizer, there is no change right but if you cant do 100, 1. 3 billion, obviously you will think and, okay, i listen to what you said, but, you know, they are using doses for the trials for the later Clinical Trial, but nowhere near millions and millions of doses. I wish they would have is he had 100 million and oh, wait, we have to give twice or whatever but that was not that would have been a betttter explanation for me i hope some of the other vaccines are effective too i dont know, a 70 confidence in 1. 3 billion of a thafter frot 100 . I dont know what i understand is the supply of the vaccine will start ramping quickly after they get the initial batches online but the first few weeks they get a bid out and then more and more and more and so when there was a delay in this sort of Raw Materials supply chain that is what i mean it was a helpful story to explaining that. So it is possible as understand, there could be other problems. I mean, we shouldnt be surprised when there is this unprecedented pace of manufacturing a new vaccine. We have also never manufactured rna vaccine on a scale like this before and so im just i dont know, so just speculating, i dont know how you ease a bottleneck in Raw Materials if it was a Raw Materials issue what makes them think that there wont be an issue with Raw Materials. So you can imagine what type of supply you will need for 1. 3 billion. So i take it with a grain of salt yeah, they noted that it was early batches of Raw Materials that failed to meet their standards and they fixed that. I saw barons put out a separate headline saying that pfizer denies this and im so just im still to behonest bhonest and i think investors are baffled. You saw the pfizer stock move and also moderna move. Yeah, some felt that the projections that weve been getting from governors about how much vaccine will initially be available, i think the headline made people worry that suddenly there would be only half that much and that is not the case what it explains is the Number Available this year between september and november and as joe points out, yeah, that could make people nervous also a reminder this is the first time that any companies have done anything like this on a scale like this with a Technology Like this so there will likely be hiccups in the road. They are still expects 1. 3 billion next year. And well follow that. And over the next few week, well start to see the first 6 million doses go out in the United States. And start to see states administer them. Could we see similar issues come up when it comes to bottlenecks with Raw Materials or the manufacturing process these Companies Hold the information about who makes their Raw Materials to deliver to the body for example. So there is competition for these things but of course they have also spent months preparing for this and securing their supply and figuring all of that out so possible that there could be issues down the road all right, meg, thank you coming up, the countdown is on, well get november job numb nums and check out shares of cloudera, it beat estimates. That stock up 13. 5 . Its down to the wire, the teams been working around the clock. Weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. It is expected an additional 440,000 nonfarm jobs down from october. The Unemployment Rate is expected to fall to 6. 7 our next guest expects the jobs numbers to come in lower and michelle gir rard expects an nick of 375,000 nonfarm payrolls she is cohead of Global Economics at net west markets. Might chelle michelle, what accounts for that gap . When we with aare talking abh kinds of numbers that weve been looking at, job be glans in tga, the discrepancies are hard to overhighlight. But one of the things that has held our number down is well, two factors. The headline number which im sure everybody is taking into account will be reduced by the continuing rolloff of census workers at the federal government level and even at the state and local level, we know that municipalities are obviously struggling with the covid pandemic and have had to shed workers and that continues to weigh on unemployment levels. But with payrolls and a lot of data that we see in the coming weeks, we are just likely to see less seasonal activities than we usually do and so when the names that are expecting an up lift, whether hiring for the holidays or individuals youts spending money at restaurants over the holiday season, none of that happens as of this year because of the crisis and when the data do the normal seasonal, they expect the upt k uptick, and they dont get it, it could make it look worse than they may be. So that is a factor. Less retail and Service Sector hiring exacerbated and also the impact of the lockdowns. It is only going to be the first two weeks of november. So could this bes last quote unquote good jobs report that we have in a whirl . I think that you are right. To some extent markets will takes numbers with a grain of salt good in the sense that s numbers surprise to the up side, it may feel that the market feels that it is old news. Because the real bite from restrictions being reinstituted in many places will be reflected with weaker test and january numbers. So again, it does feel like some of the news is not as fresh as we would need to be. And the other thing to keep in mind, i do feel with the news on the vaccine in general, the expectation is that it is i think there is a wide expectation in the market. Near teerm it wont look good. It will be a difficult economic period again over the next couple of months, but we are looking forward and honestly, you know, while numbers for the near term have been revised down, weve taken the First Quarter gdp number negative, weve raised the expectations for froet growth and so to some extent markets are able to look over this valley so a long hard road for the economy between now and back half of next year. And im wondering if there is anything in 24 report that could lead the fed at its next meet being to change its tenor and the tone of its as set buying practical which a lot of people are watching very closely. I think markets may worry about how policy makers will react to the numbers and it could be that the numbers are better than expected, the markets worry, oh, there will be less pressure on congress to pass additional fiscal stimulus, less pressure on the fed for change their Asset Purchase Program. And iconically, good numbers could undermine, you know, some of the expect tagss th s thtagsn from more of a policy response we come down with next weeks fed meeting in not expecting the fed to make changes to its Asset Purchase Program actually, we expect kind of quaulg taitz difference guidance, the fed talking about a sense of what would impact its decisions to ultimately reduce the asset purchases. But i will agree, it is a close cale even for us a call even for us and we expect the fed will extends duration, it will buy further out the kif curve. Which effectively from a practical standpoint is sort of like yield curve control we just saw the spread get to, what, 76 basis points or Something Like that this week. Could we see that narrow yeah, there is certainly that element. As they buy longer term debt, they will obviously help to keep longer term market Interest Rates. Like the ten year yield, that Mortgage Rates are tied to, you know, from rising. And weve seen upward pressure even this week some sharp upward pressure as news of the vaccine and potentially more fiscal stimulus have bowling sistered expe bolstered expectations for economic gloet Economic Growth. But usually you are talking a more formal target in the u. S. , it has been more about actually anchoring maybe two or three year shorter term Interest Rates to signal a guidance that policy wont change im not sure that im going all the way to believing that extended duration would be comparable to yield curve control. It is just not that much of a xlimts anchor and it will keep Interest Rates from rising. Michelle, great to speak with you. Thank you. And we have some breaking news to tell i about doordash now estimating the price for its ichlts pchlpo wile between 90 to 95 and that is expected early next week a lot more coming up, the announcement that had theater investors running for the exits. Warner Media Planning to release its movies on streaming as the same time as theertss. A theaters and docusign posting better than expected results for its Third Quarter and upbeat guidance for the if you would year. That ceo will be joining us at 7 45 a. M keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo now to the announcement that is shaking up the Entertainment Industry warner media saying that it plans to release its entire 2021 slate of films directly on the hbo Max Streaming Service at the same time that they hit theaters theater stocks have cratered sources tell cnbc that no Financial Arrangements were made with the theaters before the announcement and in an interview, warner media ceo called it an overreaction and urged investors to take a breather he said the decision was pandemicrelated but he refused to say whether the theatrical window would reappear in 2022. He also said that Entertainment Companies like disney and comcast would have to decide in the next couple months whether they would follow warner medias lead but a big decision i dont know whether you can put the genie or the toothpaste back in the tube o met information you want but the sxhik he chicks will be challenging. And a great jolt for hbo max in the short term, but it could up end the whole noodle model. And i feel for amc. They need to sell shares to stay in business. And they said if they didnt sell that amount, they will go out of business effectively, it will wipe out equity holders so the timing of the announcement is terrible from the standpoint of an amc shareholder. It was happening anyway that was the point everyone is making movie is ready, you have streaming capabilities, why do the reason you do it is because there are people who still really like the old way of doing it so there will always be people who like the popcorn shocker, i like it you can just not melt a stick of butter and pour it on the popcorn . That is real butter i need the fake yellow stuff and a lot of salt. Theater salt no, but there are people that will go either way but there are those people that if you are torn between streaming and you got a 70 inch screen, there will be some loss. And i think that that is kind of sad. Im glad all the old stars arent seeing what is happening. Because it is sad. What about the money though, the economics of this. So a family that goes to watch one movie is usually going to spend 50 picks, you know, on a friday night easily. And now you can spend 15 bucks for the month and you might get four or five of those movies in that one month everybody is going to want to go out there is going to maybe that is just an initial bounce after all this is all over, but i know people here where dying to go back there will be a whole donation who dont know the Movie Theater experience and have no attachment to it and entire generation to come. And they already irritate me that if they dont want to go to movie, then fine what does the movie experience become, meaning is there a it will have to become a Premium Service it might then cost 100 and then what do you get for that in the future alcohol the streaming services can they afford to do this at these kinds of oh, for streaming i dont know what 2022 looks like i really dont and the 17 films are some that weve talked about in this house that we were looking forward too. It is nice to be able to stream something if you are not going out and there is nothing else going on it is a tough one. But it was heading that way anyway and it has been accelerated. How about other industries where you think that it is gone and then you see the great players stick around maybe well be down 30 from theater capacity or something. But i dont think it is the end, do you not in the short term i dont know. Is the issue of the kevin oleary view of the world, he says there are just some companies that dont deserve to still be in business, that the world is shifting, they dont deserve help because were just going to be living in a different era. And the question of course is whether Movie Theaters if its in that category you know, hbo max is unique too, dont you think they need kind of a jumpstart maybe more than i dont know. I dont know how are they doing, do you know . It is expensive. Are they doing as well as some of the others . This will help jumpstart their subscriptions. Well talk to rich greenfield in the 8 ong ho the 8 00 hour. Sure, people will sign up, but the question is whether people will get clever about the subscription game and going to turn Certain Services off and there will be churn and if there is churn, then the whole cost of doing this doesnt make sense at all. And i do think because technology is so interesting these days that well get to a point where people will be able to turn these things on and off in ways that we havent been able to thus far well see. Another wild card coming up, a live update from washington on stimulus negotiations look who were bringing on seems like it has been forever and i mondongahelday jaeamon ja. And here is a look at yesterdays winners and losers i made a business out of my passion. I mean, who doesnt love obsessing over Network Security . All our techs are pros. They know exactly which parking lots have the strongest signal. I just dont have the bandwidth for more business. Seriously, i dont have the bandwidth. Glitchy video calls with regional offices . Yeah, thats my thing. With at t business, you do the things you love. Our people and network will help do the things you dont. Lets take care of business. At t. Good morning welcome back to squawk box. A beautiful shot of the big tree in rockefeller center. All lit up meantime, take a quick look at u. S. Equity futures. Dow up about 93, nasdaq up about 43, s p about 10 and on the back of maybe are we really going to have a stimulus deal . I dont know you need to listen to ro khanna, he might have a different view might have mcconnell says that stimulus deal is within reach. He spoke yesterday with House Speaker nancy pelosi eamon javers is joining us with more what is the latest you saw how excited i was. First melissa lee and now you on the show so when it rains, it pours, i think. Are