Record close since february 12th. Right now, its above that at the moment. So we look to the s p 500. That should set its first record since september 2nd. Its 23rd record of the year. We have that moving higher right now pretty significantly. The nasdaq just a bit off the mark at the moment. From the Pfizer Vaccine developed in conjunction with German Company biontech and the stock basking in the halo effect from the blockbuster announcement to the mask makers and Rapid Testing stocks on the move. Weve got team fox business at the ready. Market mavens bill snead, jon core pe corpino and Tracy Maitland and Hillary Vaughn live in delaware, with the president elects plans Just Announced and how it might affect your money. The two matadors in charge of todays record bull rally, pfizer and its german partner biontech. Both stocks hitting 52weeks highs on the news that their covid19 vaccine candidate is more than as we said, 90 effective. Pfizer jumping 8. 33 at the moment. Biontech up 15 . The pharma giants say they will ask for emergency approval as soon as possible. Minute by minute, Lauren Simonetti has been monitoring both the breaking news and the stock moves on this very positive development. Lauren . First, how soon could we see distribution of this vaccine . Lauren the minute its approved. Within 24 hours. So operation warp speed, thats the government and the Companies Say they are ready and the third week of november, which literally is next week, pfizer could approve for the emergency use authorization from the fda so that would mean its safe. They have already demonstrated its effective. That could be a home run. The question is, can everybody, say everybody wanted this vaccine, all 300 million americans raising their hands, lets just say that happened, could it happen . The answer is no way. No chance in he double l for 2020. Only 50 million doses will be available worldwide. For 2021, yes. Thanks to a near 2 billion investment from the government, they will have about 100 million doses with the right to purchase 500 million more. Nonetheless, not everyones going to get it right away, liz. Liz lauren, multiple related sectors, we are watching these on the move. When joe biden outlined just a few hours ago how hes going to ramp up ppe production, of course, the mask makers and people who make the gloves, et cetera, we are talking about honeywell, henry schein distributes them, 3m distributes them, during his speech what was it, about three hours ago when he announced his covid transition group, we also cant avoid other biotechs and pharma names in the vaccine race. Where do they stand . Lauren we need more than just one. Thats the key here i want to point your attention towards two of them. The first would be moderna. This is the same messenger Rna Technology the Pfizer Vaccine uses. Pfizer and moderna are likely the first two out of the gate to be distributed. But Johnson Johnson has a oneshot vaccine and why thats important is when you have these two doses, you have to keep them at these very very very cold temperatures. You have to figure out how to distribute not one, but two shots while theyre kept cold. If you have a oneshot vaccine, obviously thats going to be a little bit faster. Were not putting all of our eggs in one basket here. Many different vaccines are looking promising at this point. Hopefully one comes before the end of the year. Liz yeah. Most are moving higher. Astrazeneca, the holdout, down about 1. 8 . Quickly, we are seeing a fascinating move i wanted our viewers to see. Palantir which recently went public, it is related to both the pandemic and the president ial race. The Big Data Company backed by trump supporter peter thiel, is tacking on 7. 33 , it marched about 40 higher last week alone. Barrons is predicting this company can do well under both President Trump and president elect biden, right . Lauren yeah, and half of its customers are the federal government. Thats where it gets half its revenue. It would be good for palantir if president elect joe biden wanted to do more testing and tracing. Also, potential deals with other governments like the uk to do the same thing. Just for perspective, this is a stock that opened direct listing, what, october 1st at 10. So its up about 15 now. Quite a bit. Yeah. Liz perfect. Lauren, great to see you. Thank you for that update on all that is really propping up this massive rally. We need to show you the relief rally propelling some of the names that were hardest hit by the pandemic. Look at the airlines. Take a look at jetblue. This was at its worst levels a 6 stock. Jetblue jumping 23 . Now at 15. 19 followed by united airlines, up 19 , american up 16 . Flip it to the cruise lines. Carnival dropped to 7. 80 during the grounding of cruise ships early on in the pandemic. Carnival spiking 36 at the moment. Its now 18. 74 followed by Royal Caribbean up 28 , norwegian up 26 . Then we got to look at the Movie Theaters, guys. They took a brutal gut punch after being forced to shutter for months. Amc entertainment, which at its worst point dropped to 1. 95, everything had to close up, it is jumping 62 to 4. 04 at the moment. Cinemark higher by 55 . Imax getting a nice bump of 21 at the moment. There is a caveat here. Hours ago we do know the head of the National Association of theater owners warned of a wave of bankruptcies and liquidations if congress does not act on a relief package. We have been waiting for that but lets spin it forward to our floor show. We are bringing in bill snead and jon corpina and scott bauer. We have a twomonth stretch between the election and inauguration and there are still question marks hovering, not the least is a defiant President Trump Whose Campaign says he will continue to fight results. On a day like today, do you go allin or just dip a toe or stay away completely because we are at record highs for the dow and s p. Yeah. We think you have to avoid the popular tech stocks. Its the most intense concentration of capital other than the dotcom bubble since 1929. So the people that are barbelling, in our opinion, will get hit in the head by their barbell because we think both republicans and democrats recognize that it isnt healthy for too much of the success of the United States to go to a relatively small handful of people who basically had it in for President Trump and they all have exposed themselves in the aftermath. So we think that youve got to focus on some of the things you just talked about. You know, we like the oil companies. We like if joe biden restricts the drilling of oil, the price of oil will scream higher as people go back to driving more and flying more. So that is were looking at proven reserves. We want to buy the most proven reserves in the ground as possible and not pay too much attention to where you can poke holes because for awhile, you can make a ton of money off proven reserves. Liz yeah. Jon, you have seen many a rally but not this dramatic. These are few and far between, with the dow now up 1272 points. Give me a sense of any kind of feeling that you get, that spidey sense that maybe the markets a little ahead of its skis at the moment. Liz, we have been on tv together during most of those rallies so its good to be back on today. I think what we are seeing today was expected. Obviously not the timing of it. But the fact that a vaccination headline came out. We knew it would happen some point in the near future. The market was going to react this way. We are doing exactly what was expected. The next major catalyst is going to be the economic package that the government will put together, stimulus, for our economy. That too is going to move our markets higher. But we cant have such a big swing like we are seeing today without some ramifications to it. This market isnt going to stay up this high. We might get a 1 or 2 pullback which would be healthy. Need to see a little stability, then grow from there. As we have gotten the date of the election behind us and the results are in front of us, in our face now, i think there is some calming effect, the biden peace dividend we are getting into this market here thats allowing investors to understand and get a better idea of what the landscape is going to look moving forward. I think one area we have to keep focus on is tech. Bidens first hundred days of office, he is going to be faced with u. S. china relations, where that got left off with President Trump, and thats going to come to the forefront. We saw how much that Tech Industry was so volatile during those talks, one day they are on, one day theyre off. That area is something we got to what was that . Liz one thing we probably wont see with joe biden is sort of governing by tweet, where sometimes we get one, two, four different tweets in a single day kind of gyrating what people expected as far as policy. Scott, what looks cheap right now as so much moves higher in this broadbased rally . I think you have to take advantage of some of the name stocks, name stocks, that just got annihilated today. Two of them to the forefront. Peloton is one of them. Yes, its been a stayathome stock. It has been very expensive. That pullback we saw to 95 today, that is a buy area. It bounced off of there. If it trades there again, i want it. The numbers they came out with last week, phenomenal numbers. Whether its stayathome or not, thats a buy. For me also, im liz but its got a pe of 700. Im sorry to interrupt. Its got a pe of 700. How is that cheap . It absolutely does. They were ahead of the curve in terms of when they started profitability here, and listen, covids not going away, unfortunately, in the next six months. Probably not even in the next 12 months. In terms of getting back to where we need to be. Liz got you. Okay. Let me just get bill in here one last shot. What do you make of the pfizer news . You know and have said this is the pr story of the century for them. But you like two different names. You have talked about some of them. Im interested to know where you stand on this rally as a value investor. Yeah. Can i comment on peloton also . Every generation comes along at age 30, they are all just working out like crazy. In five to ten years, those peloton machines will be sitting in a garage and wont sell very well at the garage sale. Liz yeah. I dont know. Im a big peloton fan. All right. Great to have you. Thank you so much, guys. Again, right now, folks, we do need to just let you know that the Covid Vaccine is looking like the biggest gift under the markets tree. President elect biden wasting no time in putting out a pandemic blueprint, but the projected election winner also issuing a warning. We are going to take you live to delaware, where Hillary Vaughn has a bead on bidens latebreaking strategy. Closing bell ringing in 48 minutes. We have records for the dow, record for the nasdaq. The claman countdown is coming right back. Look limu someone out there needs help customizing their Car Insurance with liberty mutual, so they only pay for what they need. False alarm. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. All otc pain relievers including volthave one thing in common none are proven stronger or more effective against pain than salonpas patch large theres surprising power in this patch salonpas dependable, powerful relief. Hisamitsu. 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Liz president elect joe biden appearing before the cameras earlier today to declare that as he assembles his covid task force, hes formulating a plan to ramp up testing and will make any viable vaccine available for free. Thats not all. We go to Hillary Vaughn in wilmington, delaware. Shes following the president elects first moves since being called the winner of the 2020 race. Hillary, if you read between the lines, theres an economic component within his earlier remarks. Reporter liz, there is, and hes not just promising to provide the vaccine free of charge but he also thinks the u. S. Government should be providing things like ppe and Safety Equipment free of charge to small businesses, schools and child care facilities to get them back open but while president elect joe biden is waiting to get into the white house, to deploy these resources, biden says the best things americans can do right now while they wait is wear a mask. The goal of mask wearing is not to make your life less comfortable. The goal is to get back to normal. As fast as possible. And masks are critical in doing that. It wont be forever. But thats how we will get our nation back, back up to speed economically. Reporter biden announced the members of his covid19 Advisory Council that he says will shape his approach to getting covid under control. Biden also says he will provide immediate ramping up of Rapid Testing, Contact Tracing and also increased made in the usa personal protective equipment to trigger a surge in supply but even though biden is celebrating the Promising Development with pfizers Covid Vaccine, he does not want people to get their hopes up, saying this is not a cureall, in a statement. Quote, it will be many more months before there is widespread vaccination in this country. This is why the head of the cdc warns this fall that for the foreseeable future, a mask remains a more potent weapon against the virus than a vaccine. Todays news does not change this urgent reality and liz, president elect joe biden has had gone back and forth on whether or not he would call for a National Mask mandate but we are also waiting to get more details on the National Standards that he promised to put in place as president , guidelines to get businesses back open, to get schools back open, but we are also waiting to find out not only how he would what those standards are but how those standards would be enforced. Liz . Liz yeah. That is one of the question marks. Hillary, thank you. I hope you guys saw mckesson up 6 . Its one of those companies that is going to be very much key to the distribution of a vaccine when we finally get it. All right. Covid seemingly unbreakable grip earlier this year on the world has helped clorox clean up since the start of the pandemic but pfizers vaccine revelations dirtying up the giant intraday. Its one of the biggest laggards, shares down 9 but still up 31 year to date. Clorox not the only pandemic winner taking hits at this hour. The royal court of stayathome stocks under attack at this hour. We are about to show you where those popular names stand right now. Closing bell, we are going to see that in about 40 minutes. The claman countdown is coming right back. Were related to them . Were portuguese . I thought we were hungarian. Can you tell me that story again . Behind every question is a story waiting to be discovered. This holiday, start the journey with a dna kit from ancestry. Some things are good to know. Like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. Something else thats good to know. 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Humana even rewards you for making healthy choices like staying on top of Preventative Care. Many plans also include, dental, vision and hearing coverage. And when it comes to prescriptions, in 2019 humans Medicare Advantage Prescription Drug plan members saved an estimated 7,800 dollars on average on their prescription costs. So if you want more from medicare, call now to learn about humana Medicare Options that are good for your health and your wallet. A licensed humana sales agent will walk you through your options, answer any questions you have and help you enroll over the phone. Plans with a zero dollar monthly plan premium are available in many areas. Call now and well also send this free guide. Humana, a more human way to healthcare. Liz okay. Folks, can we look at an intraday of the Dow Jones Industrials . Yes, we are still rallying by 1203 points but we are seeing a teeny bit of profit taking. The number to watch for is 1228 points to the upside. That would put us at a brand new alltime record, the first since february. At the moment we are just below that, 1202. Weve got this fox business alert as well. Party stocks are partying on the Pfizer Vaccine news. Dave busters up 34. 75 on the prospect that an effective vaccine could finally allow the entertainment and Dining Company to reopen all of its locations. Of course, some of them are still closed. The stock, though, is still down about 35 year to date. Party City Investors partying it up after the retailer turned a profit for the Third Quarter, boosted by halloween sales. That stock is jumping 36 . The Party Supply Chain also said Ecommerce Operations were a big winner. Demand for balloons and birthday supplies starting to tick up. Amusement park chain cedar fair are racing higher at the moment after a 36 drop year to date. Its racing about 23 at the moment. Checking other theme park operators, got to look at disney. Disney obviously was hammered, its got the global theme parks that had to be shuttered for quite some time. They are reopened now at a limited basis but walt disney jumping 13 . Six flags up 19 . Sea world up 15 . We are seeing broad advances in stocks that depend on you going back out to eat. Cheesecake factory, darden restaurants, chewys grill and bar owner Brinker International having very nice days today. Weve got cheesecake best Ticker Symbol ever, cake, up 20 . Can we look at what people use to swipe their cards, to pay for all of these pursuits . Credit card giants visa, mastercard, amex all in the green with amex the highest mover, up about 22 . Payment processors fiserv and Global Payments are also moving higher, if we can flip that over. Yes, indeed. Fiserv up 7 . Global payments up 13 . But financial fintechs tied into Online Purchases such as square and paypal, they are taking a leg lower right now. Youve got square and paypal very much related to the struggling names today as well and that would be the online names. If the cloud payment names are struggling, stands to reason we would see ecommerce leaders from wayfair to amazon to overstock moving lower. Wayfair down 20 . Overstock down 19 . As you can see, amazon down just 3. 5 . Amazons not going to suffer either way. Cheryl casone, lets talk about some other stay and work at home laggards. There are quite a few having a tough day. Cheryl thats right. Im here with the not so fun task frankly of showing you stocks that are not winners during the session. Thanks a lot. Lets start with zoom. The stayathome Video Conferencing winner is down almost 16 . Its one of the biggest losers in all of this right now as you see the Broader Market taking off. One headline today said zoom stocks plummet as vaccine news raises hope we wont be trapped on video calls forever. Remember, the stock is up 523 year to date. Then weve talked about this a lot, peloton really took off this year. The stock is up 262 year to date. Right now its down more than 17 . The question, though, for peloton, does that really spell losses for those that signed up for the app who already bought the bike, remember the app is 12. 99 a month without the hardware, the bike, all access, 39 a month. Im asking for a friend. This is a revenue stream, right . Come on. Then netflix certainly a huge winner going into the pandemic, as americans just frankly seemed to prefer the convenience of what they want to watch, what they can binge, where they want to watch it, the whole thing. The stock is down 7. 5 but remember, this stock is up 47 year to date. Obviously its under pressure today but analysts have always discussed the competition coming against netflix from hulu, from amazon prime and more recently, you just talked about disney, disney plus. We will get earnings from disney later in the week. All of this will factor in obviously to their Earnings Report on the call. So what a heck of a day for these names, liz. Liz yeah. Im just not worried about some of these names, because it will be a while before we get the vaccine and dont forget the psychology and the fear that may still be in place if people dont feel like going to the gyms although i know Planet Fitness was having a great day today. Maybe we have a universe where both sides can exist. Let me take a look because with the dow up 1151 and the s p up 78 points, we have just decided to go commercialfree the rest of the way as the markets make a charge at new records although the nasdaq is now falling 50 points. I would want you to know that we do have a low of the session of for nasdaq it had been down 28 points. We have fallen through that floor there for the moment. We got to look at oil. Cant ignore this. It is rocketing higher on vaccine news. I know bill said he would go into some of the oil stocks. Crude gushing about 8 higher. It now stands at 40. 16 in the aftermarket session. Thats the best day since may 14th. In particular, youve got refining stocks surging on the hopes of renewed fuel demand. Take a look at names like bf energy up 35 , valero gaining 31 , marathon muscling higher by 16 . Japan, which imports all its energy, was already seeing a wild jump in its benchmark index. The nikkei 225 hit a 29year high overnight and that was before the pfizer news came out. To our traders. Phil flynn and scott redler, thanks for getting in front of the cameras, guys. Phil, first on crude. Youve got i dont know if they are crosscurrents but two currents that are floating oil at the moment. The prospect of the vaccine superimposed over president elect biden who is not exactly seen as friendly. Can oil keep these numbers up . How high do you think we see by the end of 2020 . Yeah. I absolutely think they can. Right now, if you look at where oil is, it hit a lot of resistance at 42 but the news overnight is historic. Lets face it. When you talk about a possibility of a vaccine next year, thats a lot faster than people thought we would have one. Thats very bullish for oil. In fact, coming into this week, oil traders and Money Managers had their biggest net short position on oil in history because you were betting on another, you know, shutdown, betting that we were going to see more shutdowns in the u. S. , that a President Biden would shut down the economy. Now the odds of that happening are dramatically so they are caught on the wrong foot. On top of that, overnight, you got opec basically saying hey, guys, we might tweak the market if we need to. With a production cut, we have more oil coming on from libya so that also is providing the market with some support. Lets face it. A vaccine is a game changer for oil mainly because we have cut back so much on investment. You know what that means. We are shutting down refineries, we have cut back capital spending, we shut down rigs and closed oil fields and guess what, if we start to have demand, we are going to be undersupplied in new year. Liz got it. Mr. Redler, you love to look at the charts. You are one of these chartist types. So when we see that the nikkei 225 jumped through a ceiling that is 29 years old, that is unbelievable. I have been doing Business News since 1998 and i remember my old coanchor bob sellers like when is japan going to start to get back to those days from years ago. We are seeing this right now. What do you see for the s p when youve got jpmorgan making the call earlier today, just a few hours ago, of breaching the 4,000 level for the s p . You know i always say long term, the bull market wins. I would have liked to see some of these guys make the call on november 1st while we were down 9 to 10 off the highs heading into the election. Right now we are seeing a little excessive bullishness. We had a big week last week into an emotional gap up based on the vaccine so i do think knowing your time frame, if you are investing every month, keep going. We can definitely see s p 4,000 next year. If you are a trader and trade for a living off of cash flow, hopefully you had some of these rebounds, trades on and are the no chasing today. Hopefully you bought some things today and arent chasing because the oscillator hit plus 45 which is very overbought today. We could see a few days of digestion which is why we are coming off the highs a little bit. Overall very healthy action. Great to see the nikkei at 29year highs. I think the shanghai and hangsen will follow suit so that will be a tail wind for us. I also think our markets will head higher but you can have a few different head winds coming up, whether its people talking about georgia for the senate and the republicans, whether its cases over the next month although we have a vaccine, the numbers can get a little grim so we will have a little backandforth. There will be opportunities for traders to pick up some of the cruise lines, probably a little weaker, the airlines, a little weaker. I dont think most of tech will fall apart, just the ones that really had the outsized gains like zoom. We love peloton but we both said at 25, you are a seller of peloton. At 25 to 75, we were buyers. Liz yeah. Yeah. You made a great call there. Phil, very quickly, what will you be watching, with 26 minutes left to trade, we are going commercialfree but is it the volatility index, is it you tell me. What is your metric that you would tell our viewers right now, keep your eye on that through, of course, the claman countdown because we will have it . I would say just the direction of the market in the last 15 minutes. Because what happens when you get a big move like this, a lots going to depend in the last few minutes because people that are caught on the wrong side are people that have to take profits, they are generally going to show their hand right now. I would expect that you are going to probably see a late surge of buying into the close for people to try to catch up. We have had a little bit of a pullback after the surge but i think we will go, you know, move up. If we dont see that, be careful tomorrow, we could get turnaround tuesday and that could be an opportunity to buy a lot lower. Liz yeah. Well, that is the situation where people are sitting there watching the sports race saying i will bet on that horse, no, i will bet on this one, wait, im waiting for somebody to fall back so somebody else can jump ahead. I want to quickly mention copper, a big indication of industrial strength. Copper has moved higher. It was higher earlier today but at the moment, we do see it standing at 315. Guys, thank you very much. Phil, scott. All right. You know what . I want to, if we can pull up the dow, inintraday specifically, t Dow Jones Industrials at the moment, we can see as its superimposed over bitcoin which we will get to in just a moment, the high of the session for the dow, 1610. We are at 1,187. Just slightly below the 1228 level that would indicate a record. Flip it to the s p intraday. It is still above the number we need to see for a record high. That is a gain of 71 points. We are up 81. We told you about the nasdaq. The nasdaq in third place, of course. It is just losing a little bit at the moment. Its down 41 points. The closing bell ringing now in about 24 minutes. As we talk about bitcoin, i just referenced it, we can also talk about stayathome tech winners getting beaten up. Cheryl just pointed out, look at bitcoin. Bitcoin last week, it was doing incredibly well. But we know bitcoin is one of those things where it depends on the news flow. Bitcoin is down about 22 bucks. It was down 130 earlier. Let me just get gold. Lets not ignore that. This has not been a pretty day for Gold Investors or for any safe havens, for that matter. They are getting stampeded by this bull run. Gold at the moment down 4 . Or 84. It was down more than 90 earlier. We are at 1,867. The tenyear treasury getting absolutely crushed. The yield which moves inversely to its price, is spiking from. 82 friday, ready for this, all the way up to. 94 right now. Risk on lights up stocks and not treasuries. Is there a way to split the risk . Meaning participate in the upside of these markets but protect on the downside . Tracy maitland is widely considered one of the best convertible Bond Investors in the nation, the cio and president and founder of advent capital management, 10 billion in assets. Great to have you with 23 minutes left to trade. The markets are clearly jubilant on the Pfizer Vaccine news. What do you make of todays rally just at 30,000 feet . Well, i think that we believe that this was going to come. Its absolutely come a lot quicker than we thought. But we are still convicted and holding recovery stocks so thats what we are focused on. We are exuberant about today but we think theres more to come. Obviously theres going to be volatility which is why we like the convertible asset class. Its about symmetry and capturing the majority upside opposed to owning a portion of the risk on the downside. Were happy where we are today. There will be more volatility but we think its the best way to be exposed in this market. Liz yeah. Lets just explain to people, convertible bond is a fixed income corporate debt security where you actually get the yield on the interest rate, however, then it converts to a predetermined number of stock shares and that number can be actually the timing of it can be at the discretion of the bondholder. So you get the upside of the bond yield and then it converts, am i correct on this. I understand liz hey, listen, we all need an afterlife, right . A plan b. But give us a sense of which convertibles you like right now. Sure. We like cinemark, the Movie Theater chain. In a normal environment, they can operate at only 25 capacity. Again, we think, last time on the show we talked about companies that can make it over the liquidity bridge. If companies can make it over this bridge, over covid, we think they have a great opportunity to get back to where they were, back in march. So a lot of these stocks are down 50 . Cinemark is one of those where you have a great convertible with a 4. 5 coupon. Again, they are able to operate with very low, 25 capacity, did over 3 billion in revenue before all this happened. 260 million in free cash flow. We think the stock could get back to 24. Live nation is another one. Its a company we think can make it over the liquidity bridge with 1. 9 billion liquidity which will take them through Third Quarter of 2021. Interesting, only 17 of people have asked for refunds not to go to concerts so people want to roll their tickets and we think liz sure they do. Yeah. Absolutely. When a vaccine is through the system, we think its going to be a home run. Then you look at Companies Like southwest air. This company has 15. 6 billion in liquidity on the balance stheet. Thats three years of operating the company in this current environment. Obviously, southwest air is more focused on leisure than they are business so we think leisure will come back quicker. We think thats a great way to be in the marketplace. Finally liz can i just jump in . Hold on. Let me just jump in. You have actually made a bet on one of the cruise lines. That i looked at and said wow. That takes a lot of bravery. We are talking about bravery in bonds. This was pretty gutsy. You held on all the way through on the convertibles for Royal Caribbean. By the way, we should let people know that your advent fund that is specifically for Institutional Investors is jumping 30 for the year. So tell me about this Royal Caribbean convertible and explain how many shares somebody might get on this conversion. Well, Royal Caribbean, they have three convertibles outstanding. One we own now is the one that trades around [ inaudible ] so the Downside Risk is 278 upon maturity in just a short time. Royal caribbean has 3. 7 billion in liquidity, 13 months of runway. I think thats operating in a zero revenue environment. Obviously we are starting to see some cruises starting to come back so we are encouraged where Royal Caribbean is. Also, we are seeing pentup demand once they open up again. All these companies, leisure companies, people are excited to get back to normal life and we think they will do very very well. [ inaudible ] with a nice yield on it and knowing maturity is three, four, five years, the down side risk, assuming theyre still in business, is a great way to have equity exposure. You get a significant portion of the upside and if the market goes down or doesnt turn around as quick as you want, you get a nice deal. To me, they have done very very well. We have seen the markets over half a trillion dollars now. We have seen 100 primary issuance in this country. So a lot more convertible to choose from. We are very excited about the asset class. Liz tracy, you are a guy who made a fortune during this very difficult time and you know, i would love to know as you look at what is a new landscape, certainly, as we have president elect joe biden, we have President Trump who is still contesting this, hes been tweeting in the last hour saying hes finding all kinds of issues, were waiting to see the actual fabric of these lawsuits that they are going to apparently file. Tell me what your thought is as a wall street guy who could very well see your taxes go a lot higher for both corporate and personal, you know, federal income tax and for all that you have to do, how do you look at this landscape that is before us right now . So first, let me say that i have personally spoken with joe biden several times during the campaign and i found him to be very thoughtful, coherent, pragmatic and he wants to be inclusive. Thats really what you want in a leader. He says what he means. I believe that that is what the market, thats why the markets are rallying today. Its not just the vaccine. Now you have a president where people can start, businesses can start to organize themselves because they understand the rules of the road. Before we werent always understanding what was going to come next or why it was coming next. I think theres a couple things happening here. One is the Covid Vaccine. Two is a president where people can understand what the objectives are and how we are going to achieve those objectives. I think we are encouraged. As far as taxes, the reality is in the United States, its about where europe is, the g7. G7 average tax corporate rate is around 25 . He talked about going back up to 28. Im not sure he will get there with a republican senate, if in fact thats the case. Somewhere between 25 and 28 . Were about where the g7 is. I think its important to have a country that is inclusive. Diversity and inclusion is important. This country was built on diversity and inclusion. The irish, italians, all these people brought the best ideas to this country and that is who we are. That is why we have achieved in this country what we have and why we are so far ahead of the rest of the world from a wealth perspective, from an education perspective, so on and so forth. All that is important. Diversity, diversity of ideas, you get the best ideas, the thoughtfulne thoughtfulness in those ideas come from wherever they come from. Why would you just limit yourself to ahomogenous society . The problem with that is groupthink. When you have groupthink, you lack innovation. So the diversity and inclusion encourages innovation and i think thats why this country is as great as it has been. And kamala, i have known for very very long time. Shes strategic, shes relentless in pursuing solutions to challenging issues and i think shes going to do that for us going forward. She is truly driven by the greater good and it goes without saying thats pretty refreshing these days. I think the markets happy about joe biden and kamala. Its optimistic. I think the market is truly inspired like many people are. Liz all right. Tracy maitland, great to have you. Advent capital, now 10 billion in assets. I watched you rise and rise and rise. Its great to see that success is coming at the moment and certainly over the past several years of a lot of hard work. Thank you very much for talking about convertible bonds. Thats why we do this, folks, so you can see its not just stocks or treasuries that you can buy. We are looking, though, at a session low for the nasdaq. Right now, the nasdaq is down about 64 points, at 11,830. We still have the s p above that key 71 point gain level, which makes it an alltime record. But there are 14 minutes left right now in trade. Will we see more profittaking which would not be anything alarming, certainly, after the runup right now. We have the clock ticking on the markets. The clock is now ticking on lame duck period of President Trumps term and just what will he do with it . Charlie gasparino, are you talking with people within the campaign and within the president S Administration . Charlie people that are close to joe biden and his inner circle, there are two remaining pretty big market issues out there that didnt get taken care of before the election, thus, the only way they get taken care of is in a lame duck session. As you know, that would be very controversial to do something this big with these two issues that galvanized us for awhile, particularly the first one im going to mention it tiktok. As you know, tiktok, the deal with oracle is still not done. The second one i want to talk about is fannie and freddie, thats reforming the gses, recapitalizing them and releasing them. Another big story that market calabria, head of the fhsa was ahead on. Thats going to be put on hold if its not done in lame duck session. Unless they do it in a lame duck session, both of those issues are probably, i say probably because its not joe bidens got a lot on his plate, im sure hes not debating tiktok right now. But its going to come up and hes got a lot on his plate and im sure if fannie and freddie is not something hes worried about right now with covid going on. But both these issues, if they dont get done in a lame duck session, they are going to probably get a very very stiff review from the Biden Administration. Fannie and freddie simply because joe biden has a more expansive housing policy liz why are they moving higher then . Charlie moving higher when . Liz right now. Freddie is up 1. 7 . Charlie everything is moving higher today. Liz not everything. The nasdaq is down. Charlie it may be moving higher on the notion that trump, as i was going to say, is going to do something about them in the lame duck. Thats been bandied around. Thats been said recently. A report came out today. Clearly, both of these things have to be done in a lame duck because biden, the biden people are skeptical. On the fannie side, they are skeptical because they want expansive housing policy. Mark calabria, head of the fhsa, which is leading the reform, wants to reduce the footprint in terms of housing policy and then will release them as Public Companies with a recapitalization and massive stock deal. Thats probably not going to happen for awhile. In a Biden Administration. And if calabria goes that way theres a good chance they will remove him. The second thing is tiktok. The oracle deal rubs a lot of people in the Biden Administration the wrong way. Why is that . Because Larry Ellison is a good friend of trumps, the current president , donald trump, and this was kind of a sweetheart deal. Its being looked at, giving him essentially the rights to manage all of tiktoks data and then maybe benefiting from an ipo. So again, these two issues if they are not done in the lame duck, we are going to be talking about them probably in the new year under a Biden Administration. For all i know, trump will push the button on both of them. Its in his power. The white house can do so. I would say on fannie and freddie liz Charlie Charlie if he does Something Like that, theres going to be a lot of talk in congress. Liz President Trump has been tweeting in the last 55 minutes and a couple of them, i want to read some of these to you. He says nevada is turning out to be a cesspool of fake votes. He also said wisconsin is looking very good. I dont know what that means. Oh, needs a little time statutorily, will happen soon. Now hes talking about georgia. Georgia will be a big president ial win as it was the night of the election. Pennsylvania prevented us from watching much of the ballot count, unthinkable and illegal. You know, where do you believe this will shake out . Charlie i believe well, i dont know. Listen, what im hearing from people that follow this stuff is the president really wants to go full bore on this thing. He wants to take all these things to the supreme court. What i know from the republicans that i talk to, they would like him to focus not so much on the president ial race which they think is over, they would like him to focus on georgia. Because georgia holds the key. I urge the last guest, you know, fascinating guy, made some good points, the markets are not up because of joe biden is going to go in there with kamala larharr. The markets are up primarily because we have a vaccine but they have been up since the election because of divided government. The notion the republicans will hold the senate and put a lid on all the crazy tax increases, going after investors, we should point out, that joe biden has proposed for his massive expansion of government including Green New Deal which could be off the table if the republicans pick up one of those georgia seats. I guess you could make the point if it helps the republicans keep the senate, the voter recount efforts, particularly in georgia, people would i know the party would rally around this. But that is the key thing right now that i talk to everybody in republican circles and on wall street, on hedge funds, people with hedge Fund Information services. They do think the republicans are going to keep at least one of those seats and maintain control and thats why the markets are up. It has nothing to do with joe biden being a nice guy. He is a nice guy. Liz i would point out that there was a bump overnight in the futures. They were already up 400. Then the pfizer story as we said was like a cannonball shooting out. Take a quick look, though. We are now up about 900, we are seeing a little selling in the final, lets see, eight minutes. Charlie can keep talking. Okay. We are seeing a little bit of selling as we see in the last eight minutes of trade. That is not a surprise. We predicted that would happen just a few minutes ago and indeed, it is playing out. The s p and dow are still up sharply. But they have fallen out of the number that we would need to see for record territory at the close. The nasdaq solidly in third place. Stayathome tech winners are getting beaten up by pfizers vaccine news. Tech, though, is not alone in having a pretty raw session. Beyond meat seeing red ahead of the Quarterly Results that are due i would say in about six and a half minutes after the bell. Nikola, nikola is also getting bruised ahead of its quarterly report. T hindenburg fraud claims sure to come up, in essence there were all kinds of questions about the founder of nikola. At the moment General Motors has said they are sticking by the ev truck maker. The stock down about 4 . Workhorse is up 10 . Thats the rival, faring better despite missing quarterly revenue estimates. A purchase order for about as i understand it 500 of its delivery vehicles by Pritchard Companies are powering shares of workhorse into the close. We were just talking about live nation. Live nation convertible bonds, that Tracy Maitland is invested in. Live nation stock investors are pumping up the volume on hopes of fans packing empty stadiums again for concerts in a postCovid Vaccine world. That stock spiking 15. 8 . By the way, its up about 30 at its session highs today. Its biggest intraday percentage jump since way back in november of 2008. We have so much going with five 1 2 minutes left of trade. Retail not to be outdone. Retail, macys, nordstrom, kohls all surging. Nordstrom up 26 . Kohls up 20 . Based on potential return to the mall based on the, the Pfizer Vaccine 90 efficacious. Were seeing benefit after upgrade of jwm from kelce to outperform. Kohls also moving higher. Home improvement giants, home depot and lowes riding the bench, warming the bench. Do you ride the bench . You warm the bench. Due to appliance and home upgrades during social distancing efforts under threat on possible return to the real world. We have them down down. Lowes leasing 8. 6 . Home depot down about 4. 6 . Online retailers are not doing well but our nest guest says online is way. And first to you joanne, were seeing selling in final minutes of trade. What do you glean for tomorrow . We list in individual stocks for our clients. What were seeing today, shows why that is valuable. A lot of folks see appreciation in some stocks that will turn around. Were seeing a little bit of that today. If you look at cyclical growth and cyclicals you an find room for appreciation. 5g, for example, it is a trend for Cellular Technology is just beginning t has several years to run. You have a stock like broadcom gives you appreciation and income and for People Living off income in retirement. Or corvo provides key components for smartphones, with a real deep moat. I would suggest nokia. It has been beaten up. A new ceo comes in. It has a new product slate before the contend of the year. We think it has good chance of appreciation. Liz it sure makes sense to go into sectors that hit the point of no return. Refrigeration, were going back to the ice box. Im investing in the ice box. Christian, give me a sense as weve looked at online names done so incredibly well during the lockdowns and pandemic plays. You believe there are opportunities just not amazon. Which ones . Thats right, liz. We have only moved from 11 online sales to 16 online sales in the u. S. So only about 40 market share. Online has been on fire. We like etsy, car vaughn carvana, chewy. They have digitized the Online Shopping experience. They are not like amazon that has some platform risk. Also the different businesses that amazon has, whole foods, aws, as being makes it a little cloudy on line. We think the trend continues well into 2025. Liz two minutes, folks before we hear the closing bell ring. The dow holding on to gains of 897 points. Joanne, we look at stimulus package, lower unemployment rate, do we need it in the biggest form and if we dont get that does it hurt the Market Sentiment . It would be nice to have certainly but we dont need it. You can already see the economy is beginning to recover. Jobs are coming back. Interest rates are rising longer term. Were getting a steepening of the yield curve. That is consistent with new fed policy. One way to play the economic recovery with or without a stimulus package, liz, look at smart cyclicals. Companies like train technologies or honeywell exposed to some new regulations in europe on cleaner air and more Efficient Air handling systems. There are ways to invest that dont rely on that stimulus but there is also a caution there, right . The Income Distribution of this shock is pretty dramatic. We dont get a stimulus, we have to worry a little bit about lower income for households at the lower end of the income spectrum. That suggests names like a target, tj maxx or a walmart as a way to cushion a portfolio to provide a some of that income that a lot of our clients are relying on for their retirement. Liz joanne, christian, you get to witness a pretty big day but not a record day. We would have seen the record if the dow was up 1228. No records for the s p 500. [closing bell rings] we needed a gain of about 71 points. Were up 39. The nasdaq closes at session lows, down 86. On a day we get hope of a viable vaccine that will do it for the claman countdown. Connell big picture we have a vaccine breakthrough and we have a big rally on wall street. A little more to it than that though and well talk about throughout the show. Im connell mcshane. Welcome to of a after the bell. Dow, s p, nasdaq, looked like they would set records today but that was not the case. The big story, pfizer and biontech announce their Covid Vaccine 90 percent effective. That is a big number, 90 . The dow, s p, well off the highs ofhe
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