tv Worldwide Exchange CNBC October 15, 2020 5:00am-6:00am EDT
it is 5:00 a.m. and here is your to which five is big tech on the chopping block in europe? they may be ready to bust up some of the big names. and stalemate on stimulus. first it was fake accounts, now wells fargo in hot water once again this time over coronavirus stimulus money tensions rising as the white house looks to add one high profile china based company on the official black list. and k-pop backed ipo taking investors on a wild ride this
morning. and ready for takeoff? we're asking you, loyal viewer, if the time is right to get back in the air it is thursday, october 15th, and this is "worldwide exchangeexchange exchangexchange ♪ >> good morning, good afternoon or good evening, everybody and welcome from wherever in the world that you may be watching i'm brian sullivan it could be a rough day for the markets. dow off nearly 300 now, lack of stimulus from d.c. and concern about new lockdowns in europe will probably get most of the headlines, but we've nine th known that for a while and this could also be hitting sentiment right now. the financial times reporting that france and netherlands seem
to be on board with a possible plan to go after big u.s. tech companies, a leaked paper suggesting that an effort to break up some of the big names is, quote, on the table. look at those losses in europe, apple down 3%, facebook off 2 and amazon down 2.5% and here the dow shedding another 160 plus points and on track to snap a two week win streak this is the first time in three weeks that the dow, s&p and nasdaq and russell 2000 have seen back to back days of losses think about that it had been a good run transports continue to outperform there are names in the s&p that even in weakness hitting all-time highs best buy, our his friday chart yesterday, etsy, mcdonald's, deere and fedex, off their all-time highs and stocks are do you know being
a down across the board in europe karen ho has the early headlines. >> here in europe, we've got an aggressive selloff we started off weaker, but the selling has intensified in the last ten minutes or so you can see the market action is concentrated around the dax. and we have a 3% number stripped off the markets at this point, 400 odd points to the down side. deepest across the european markets since september 21 2.4 hrs o 2.4% off in france and as you mentioned, some concerns around fresh restrictions around covid-19 when it comes to france, curfews at 9:00 p.m. at night.
and just the last hour or so, there is a focus as to whether london will be put on high alert with more severe restrictions. and we're also watching germany which had its highest caseload of coronavirus cases since the pandemic began so those numbers i think the market is closely tracking take a look at the sectors investors doubling down selling in those sectors that were were hard hit in the beginning, in particular travel and leisure, that has been hit. and oil and gas, there are question marks around the demand story. it is down heavily 3.3%. probably worth noting, we didn't have any distractions around the u.s. fiscal stimulus, so the market very much focused on the lack of a vaccine and where these infections are going in europe at this stage >> karen, just quickly, i'm seeing a headline right now that londoners are banned from mixing with households indoors this
weekend in an attempt to curb a rise in the virus. is that thing, i mean, i say that in reality, you know, we're hearing that headline like your lockdowns are still generally more open than most of -- nobody here is gathering inside with other families that i know of. >> we've been a little bit behind other jurisdictions since the very beginning we can currently mix requewith r household, a six pen rulkx pers, but there is pressure for a full national lockdown for two weeks. so this is a halfway measure if we get the changes friday night that we can in the mingle with any other household, it would be a strict measure taken.
>> karen, thank you very much. and part of the weakness can be linked to the stalemate over stimg husba stichl husba stimulus in d.c. frank holland has more on that the sun is not yet up, but you and i are up the sun is not up, but we're up. >> we're up and time is not quite up for a stimulus deal steven mnuchin says he and nancy pelosi remain far apart on another covid-19 economic relief package and that deal would be hard to reach before the november 3 elections but mnuchin heading that he will keep trying as president trump continues to champion his efforts in these negotiations. and don't miss secretary mnuchin live on "squawk box" at 8:30 a.m. wells far go has reportedly fired employees improperly expecting covid-19 relief funds.
they determined former staffers knowingly defrauded the small business administration for falsely applying for relief funds for themselves and shares of big hit entertainment behind k-pop superstars bts more than doubled as retail investors rushed into the country's initial public offering in three year hes the management company that makes almost all of its money from the boy band opened at $235 in seoul shares rose as much as 30% and you will have to stop pretending, you're the person that told me to down load that bts song >> well, listen, i've often said that the music industry and capital markets with regard to the boy bands may be in siync
oi'n sync you become a boys to man frank, thank you see what i did there have to have a laugh on a friday wish it was a friday back to the broader markets. they are lower off 255 and your next guest says that while estimates for third quarter earnings kind of look bleak on the surface, there may be reasons for optimism underneath the hood let's bring in bill stone of stone investment partners. bill, good morning and welcome to thursday. i said friday, i guess that was probably more, you know, optimistic thinking. a freudian slip. why is there reason to be optimistic underneath it all >> we saw some of it here in the second quarter which is huge beats in terms of the actual earnings versus what the estimates with are going in.
i don't think that we'll gets a big of aare going in i don't think that we'll gets a big of a beat. we obviously has a little better idea as things have stabilized more than a little bit but i still think that is at least good news. and honestly so far the beats have been significant, you know, we don't have a lot of companies in so far, but even in the financials setting aside wells fargo which has its own specific issues, the banks have really beaten across the board. stock market hasn't been as kind to them necessarily, but you've seen underneath they have not had to set aside as much for loan losses because frankly the economy has come back better than most had expected going into the quarter >> i don't want to throw a giant bucket of cold water on our coverage the next two week, but i'll do it anyway. because goldman sachs out with a
note that says that the vaccine and health is the most important thing for the markets. stimulus is probably second. and then way down there, you got corporate earnings do corporate earnings matter right now? >> in the end they always mattematte matter in the short written it could be the other things, and certainly a worry anytime you see a spike up on the virus, you probablywre the other things, and certainly a worry anytime you see a spike up on the virus, you probably see a decline in economic activity in my view, we don't have an overall lockdown again because i don't think that that will likely be what people will put up with, but that doesn't mean that you don't have local lockdowns or you don't see pressure on specific companies and that are impacted. so i think at least in the short run, but long run i guess i should go come something else if earnings don't matter. >> goldman's point was that you have the vaccine is the number one thing for the market
and sti stimulus number two. and arguing that those two macro issues in these bizarre weird time that we live in codo trump pun intended in some way, earnings by the way, love the pinball machine. >> thank you i'm a big james bond fan so i have to keep it going >> bill stone, hey, by the way, adams family world's greatest pinball machine. if you find it, check it out bill, appreciate you coming on thank you very much. >> thank you when we come back, much more on the market, one sector that may be ripe for stop picking and shares of fastly dropping, but jim cramer is sticking with
it we'll find out why and china is looking to black list a financial technology company. a live report from beijing feed a healthy lifestyle, with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein. the best combination to help you stay fit.
considering adding ant financial to its trade black list. this coming just days before the company is slated to go public now a look at the potential impact on that very high profile ipo. y eunice, good morning. >> and investors are largely dismissing talk that the black listing could dampen enthusiasm for the aunt ipo and the demand is so strong, it is as if every aunty wants ant and it has interesting numbers for you, funds targeting the ipo report $1.4 billion were invested in the first hour of their offers 10 million people invested in the first 14 days. in fact people here have been talking about how the u.s. move could actually inadvertently increase demand for ant by stoking nationalist sentiment.
one investor told me it is as if the u.s. blacklisting is a badge of honor threatened countermeasures for what to sees as a u.s. effort to oppress chinese firms, and some fund managers did caution that the details of the proposal are still sketchy, u.s. banks are involved in the sponsor of the hong kong leg of the listing and also i've been speaking to some business executives here in the american business community who say that one other thing they are watching is whether or not this proposal could potentially extend to cover them because they work a lot with ant's payment system >> eunice, a follow july for you he too. you told us about the possible state department's action but what about the impact on actual
company operations >> the statistic that keeps coming up in my conversations is that only 5% of ant's revenue comes from outside of china. so these are merchants dealing with chinese tourists or people who have ties to china but it is not a really huge group though not insignificant. but the other point that people have been saying to me, if you look at the prospectus, ant says over the next ten years, most of their business is going to be coming from mainland china so because it is so domestically focused, it is not really seen as -- it has been seen as if the u.s. doesn't really have as many levers over ant as perhaps they would lining >> eunice, i said good morning, but good evening to you. like to see you either way take care. still on deck, talk about hitting the mark on social distancing and safety.
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$2.4 billion in the third quarter. now, that was well short of analyst estimates. sales down nearly 80% however. yunited has flown less than its rivals throughout the pandemic, a tranlg strategy it says will help control its cash burned. by the way united xi ceo scott kirby will be on "squawk box." and alcoa improving demand for the auto sector, but warning that aluminum business could face challenges on the cost side and shares of sleep number are rallying the maker of smart beds reporting better than expected third quarter results and fourth quarter guidance they also plan to resume their stock buyback program, shares up nearly 7%. even small businesses that
should naturally have some form of social dancing saw an impact from the closures. stu stumpy's hatchet house had to close down but now reopened every one. and while physical safety is always a priority, they had to adjust their spaces with new coronavirus guidelines an training joining us now is kelly, co-owner a pleasure to have you on. i'm glad to hear all your spots are open, you are a new jersey company and expanding and you are in florida, in texas and other parts. let's focus though in the northeast because that is where probably most of our audience is watching right now what is the state of business for you in new jersey, connecticut and other parts? >> women, good morning, thank you for having me on we are all back up and running with all our locations the northeast is still on limited capacity, actually all
the locations are. but northeast is most affected by that. we're at about 25% in new jersey and pennsylvania and everyone is moving along business is up 75% since we reopened in july not where we want to be yet, but of course we're looking every week and noticing increases and really happy about that. on so our customers are starting to feel a little bit more comfortable. groups are getting a little larger week over week, we normally would have very large groups come in for team building and various celebrations that kind of dropped off we're starting to see people book again >> can you make any profit at 25% capacity is it sustainable? >> well, the goal has really been to break even at this point and wait, you know, and kind of build. but we're a little bit on the black this month and happy to see that it is
looking up >> unfortunately, what else is up are coronavirus cases i don't know what the governor's office in new jersey and other states plans to do, but we've heard all this talk about renewed lockdowns. starting to see it in europe and as it gets cold, everyone is talking about what might happen here we might pull our hair out and might even three some axes if that happens just to burn off some frustration but if the governor comes down with his own hatchet and locks things down again, how are you going to do? >> that will be a real challenge and we're really hoping that that doesn't happen again. you know, of course we're being very frugal at this point. fiscally responsible but yeah, it will take a hit on the business if that should happen >> yeah, you're spaced out, you've got alternates pit, everything is sanitized afterwards as well you are doing everything that you have to do to make sure that
people have fun and are safe let's end on a positive note i would imagine in this environment given what we've gone through in new jersey and the northeast and other parts of america, throwing a hatchet while downing a couple beers sounds like a darn lot of fun right now. >> no doubt. and people are coming out -- >> i could have used a different word i apologize. >> it is okay. yeah, we call it hatchet therapy and a lot of people are coming out for that, they are feeling relieved we just lad a customer cohad a come in for a birthday and said that this is the best time they had since lockdown which is great to hear we want people to have a good time, forget about their problems, take out some frustrations and connect again as best they can so our tag line is social throwdown. and of course being social is not really in right now, but people are feeling confidence when they come with their group that they can have a good time and let off a little steam
>> i got to imagine that when your business model is throwing sharp axes, you are probably pretty good at the safety thing already. sharp ax es versus covid, and we're rooting for you, a true new jersey success story with 24 locations. just started a few years ago gee. i'll be back and we'll all get through this kelly, thanks for coming on "worldwide exchange. we'll take the team out and throw down some axes when we can. thanks >> would love that thank you. >> we'll all need it but they might throw the ax at me when we come back -- he said yes in my ear. getting ready for takeoff, there is still more on the news docket by the way, there is my twitter page, a poll whether or not you are ready to fly would you fly, have you flown? for you won't. but first one article that should be on you
this morning, and in the "new york times" they take a deep dive into the white house and pin versus private messaging during the early days of the pandemic, detailing a summary of some private presentation by trump administration advisers a and, quote, consultants assessment quickly spread through parts of the investment world. stocks were already spiraling but traders spotted the immediate significance, presidents aide appeared to be giving wealthy donors an early warning of a potential impact from the contagion at the time that the president was publicly insisting that the threat ways nonexistent. markets down 270 back right after this. while i was in the navy,
i decided that i wanted to go for electrical engineering and you need to go to college for that. if i didn't have internet in the home i would have to give up more time with my kids. which is the main reason i left the military. everybody wants more for their kids, but i feel like with my kids, they measurably get more than i ever got. and i get to do that. i get to provide that for them.
whoever you may be, i'd like to personally welcome you to "worldwide exchang "worldwide exchange. markets are not having a good start to the day futures there off about 275 points you got a lot of reasons going on here. most articles are probably going to say it is a lack of stimulus deali deal in d.c. and new cases of lo lockdowns in europe. i would differ cases have been on the rise in europe 14 weeks, nothing new there. stimulus fight, nothing new there. i think more it could be an article that crdropped about ho france and the netherlands may be on board with a broader european union plan to go after and possibly break up big u.s. technology companies the article suggesting that they have released a paper that
breakup or going after them in some way is on the table and we are seeing apple down almost 3%, facebook down 2%, and amazon down about 2.5%. covid, the stimulus story, that has all been in the market zero new you news there except for a minor tweak in the uk policy program but the european antitrust potential, those big names, this i don't need to tell you, they are the ones that control the stock market they go down, very hard for the market to go up all together that is a story to watch all right. that brings us sort of to this morning's rbi. and despite some recent weakness, there may be life at the end of the tunnel. this one is courtesy of bespoke. they took a look at the nasdaq in 2020 and this one ran democrrandom but interesting. mondays accounted for nearly 21% of the gain so far
in other words, 64% of the nasdaq's gains have all come on mondays. so if you think about selling stocks or not owning stocks into the weekend, you will cost yourself about 64% of your net returns this year. doesn't say why that is the case but mondays have been the money maker for the markets. we're doing the rbi by the way that one today we don't normally do it on friday, but still bespoke noting that mondays are key to the markets and your money i guess there is a reason to like mondays back to the markets and the election and your money. november will surely be a big month for health care policy with the election looming and the supreme court health care act vote on november 10th. but despite the likely turmoil, there is still money to be made. and joining us now, principal at ag health advisers anna, well welcome
i don't think there is any segment of the market or the economy that could be more in play given what happens on november 3 than health care. how do you see the various scenarios playing out? >> good morning, good to be here as you say, there are two big investment controversies, the first is the fate of the affordable care act with the likely confirmation of amy coney barrett as the conservative supreme court justice. and then what happens after the election from a legislative perspective to the act and then on the other side, of course, we have in health care the pandemic which is impacting in so many ways, the creation of a vaccine, possibility of a second lockdown, but the second wave as the winter comes in, that might drive even more deferral of elective procedures and services then on the digital health side, american consumers have certainly adopted virtual care and telemedicine and digital
health services in a big way so if that pandemic progression kind of continues on the bearish side, that is actually a positive for telemedicine and digital health names so coming back first to the aca, she looks like she will be confirmed after the three days of senate hearings i think and i'd be very surprised if on november 10th company tuesday scotus in any w law. there is judicial precedence for justice kaffer gncavanaugkavana. and i would say from her early comments on the issue of sever ability it does not look like she will side with the liberal justices >> yeah, they say that you are a democrat or republican and you automatically do x or y, i think it does the justices a lot of
disservice to automatically assume that they will ignore 30 or whatever years of judicial training but that aside, if aca is upheld, what happens with the sector, what are the good places to be? >> so we think aca will be upheld and possibly even strengthened post the election if there is a blue wave. i would be a buyer of a couple of the managed care names. they have seen upside, but not pricing in the probability of a through wave they are still from a multiple perspective quite inexpensive. from a defensive perspective, i'd be a buyer of united health group which saw some down side yesterday. i think investors are getting overly concerned about a pickup in utilization as the pandemic subsides and they have pricing under control and i think a multiple is discounted
for what they have in their portfolio and i'd be a buyer of humana, as well, both from a demographic story and privatization of medicare advantage. and digital health names, a buyer from a number of perspectives, technology adoption, a lot of deal activity and ipos coming in the pipeline. >> all right good stuff there humana, united health. united health a very important stock to the dow because it is 315 bucks. ana, really appreciate you coming on. thank you very much. >> thanks, brian coming up, we asked, you answered what our most loyal wex viewers told us about your interest in flying again we did a poll on air travel and results are coming up. but first as we headed to break, some of your other top stories on this thursday robert smith reaching a $140
million settle mgt with tment w justice department over a tax probe. he will not be prosecuted but will have liability for taxes owed and not properly filing reports. and e-commerce giant breaking its safety promises due to the prime day rush. a court filing says that the company has resumed track warehouse workers productivity despite the promise to stop the practice because of safety concerns in a statement, amazon says that performance expectations ensure workers have additional time to sanitize work areas, wash hands and socially distance. and tesla ceo elon musk is cutting the price of the model schlgt for t for the second be time time in k saying that it would be $69,420. he often works the number 420 into his comments which by the way is the numerical code word
numerically lower than the dow, futures have been almost as bad as the dow futures generally does not bode well for the markets. of course we know, you know, the top five or six stocks are the ones that control everything we told you the headline for the ft about a possible european union plan to maybe look to break up an apple or amazon or facebook or google didn't mention specific companies, but you can infer the big tech nasdaq futures are almost down as much as dow futures, du futures off 300. have you flown recently? would you? well, shep had a tv special last night on the industry and how it is suffering so it got us thinking maybe it would be a good time to a poll so we asked, have you or would you fly right now? your options, yes, you have and yes you would, but nowhere to go, or no, i don't feel safe and look at this, over a quarter of you said yeah, you actually have flown in the last couple of months about 40% of you said you are
ready, willing and anticipate but you probably just don't have a reason to. there is nowhere to go nothing is open. and unfortunately for the airline industry, 35% said no, i don't feel safe flying right now. but all in all, i would say our little poll may be good news for the airlines aggregate it, 65% you say you either have or would fly. normally about 2.2 million people traveled every day, so still haven't hit a million now, but we will get there again. interesting poll there on flying meantime the ongoing struggles facing the retail sector is having broad ripple impacts including on real estate of course which houses many of the retail stores as we know barkley suggests that the problem may be getting worse saying that 17% of all u.s. malls may be nonviable
for more, we're joined by director of credit strategy at bark which is ale barkleys, one of the authors of that noefte as a human, you don't want to see a bunch of empty malls in your area. they are bad for property values but i took away a pretty grim outlook based on that note how bad is it? >> well, i think it is pretty bad, although in some respects it may be better than what is currently priced in the market so talking to our cmbs team for example, they think that up to 30% of the mall loans that they look at right now are already in some sort of delinquency or default. so if we think that say 15% to 17% of those will go away and he redeveloped, it might be an improvement over where things are being priced right now >> and cmbs is collateralized mortgage backed communities.
getting the acronyms back in business this is a gigantic market that as i understand it has grown considerably the last couple years with new issuances how much money ultimately may be at risk here >> so not my area, i won't put a specific number on that, but i think if we're talking about malls here, if you think that the u.s. has something like 1100, maybe 1200 malls, we could be thinking about 200 malls closing across the country if our forecast model is correct. >> 200 malls across the country. so not quite one-50s what is the rip emeffect ple ef malls closing? anchor tenants often give other stores an ability to break their lease because they have the contract clauses what is the trickle down effect if this happens? >> well, i think the first thing that we've seen going back it
that anchor store question, when and an core leave, you see traffic drop by about 10%. so that is a big hit right there. and what that does,an core leav traffic drop by about 10%. so that is a big hit right there. and what that does, about 20% vacancies and get into the place where they are at brisk for actually tipping over into default. and then once a mall closes, the question is what can it become pchb a and a few things they have done, turn them into multiuse developments, or regular neighborhoods, but what has gotten a lot of attention is turning them into warehouses for e-commerce companies >> which sounds nice if i'm a simon property group, and not picking on them, but probably the most well-known stock, if i'm a simon or another mall developer, the good news is that i can turn that jcpenney or whatever it is into a warehouse. bad news is that my valuations
will drop considerably whatever else i do that is not straight retail correct? >> yeah, i think that's right. so in our look at the data, it looks like the drop in value is about 60% versus what its use was as a retail space. but that is a big hit right there. and the other thing that complicates that, there is a limits to how much of that space can be turned in to e-commerce warehouses the issue is that amazon in terms of generating square feet, even if you swap dollar for dollar for sales, you only need about 15% of that space to be turned into warehouses in terms of what will potentially close >> wow, a 60% potential drop in valuation, if you change it into something else, ryan and your team, a fascinating report on retail and real estate valuations appreciate you coming on thank you. on deck, why your next guest
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money is fleeing >> and jim is sticking with fastly after the cloud country reported disappointing numbers expecting third quarter sales between $70 million and $71 million. part of that is tiktok, one of fastly's largest companies and the tifcontinued uncertaint around tech tok. and another market watcher is sticking it with vastfastly tiffany mcgee from institutional investment services at momentum, wearer of socks and apparently lululemon based on your tweet this morning which i will not comment on my sock status right now. you know, if you love a stock, you are supposed to buy it lower and sell it higher i know fastly disappointed, but maybe look to add positions today, buy on the weakness, right? i want a 30% discount if you
like it. >> absolutely. how are you? good morning i do have my fuzzy socks on and my lulu. but yeah, this is like a perfect scenario where i like to buy things on sale and this is on sale on let's just kind of level set, you know, fastly is up 513% for the year that is stupid second only to zoom which is up about i think 648% for the year. these are stupid numbers and, you know, i don't love the news about teiktok, but i think that we have to consider really kind of putting more emphasis on the time that we're in right now. you know, and so what does fastly do? all these virtual events, all of these -- this new world that we all live in where we're having to do everything vigilartually c i believe will continue even after a vaccine, fastly makes
all those things go fast so i do have conviction around it and i think that it is a good time to buy. >> well, listen, it will teach people a lesson on momentum stock, live by momentum, die by momentum you cut your revenue guidance by $2 million which i think is like 3.5% or 4% and that's it that is the stupid number that you are talking about. momentum matters when you have those kind of valuations >> yeah, that is a little stupid and that is an official term but i do still have convictions on it around the business model. aga again, we tend to talk about the technical aspects of these stocks and especially these tech names, but you have to consider the time that we're in >> yeah, and another sign of the times maybe is that the fedex
guy has started renting out a u-haul because i guess they have run out of trucks. they are so busy, they don't have enough of their own vehicles to meet demand. stock has been hot, but a name and u.p.s. you continue to like. >> absolutely. this is kind of like an offshoot of our tech play so we like tech. i kind of created category, tech, techeded adjacened a jaad enablers we love to be in e-commerce, it is the way of the world right now, you know, even though there was e-commerce before february 2020, we've all been forced to increase our e-commerce utilization. and i think again, we're just they ever going to g never going to go back to where we were e. before and fedex and u.p.s. is a play on that whether ordering internationally or domestically, you have to be
in both names. >> people have said that financials like energy, they have not performed well. i've called wells fargo maybe the most important stock in the country given its size and scope for the economy and people's mortgages. and another scan dell there, where 100 employees were apparently fired for taking and misusing estimate husband money. by the way, don't did that it is like whac-a-mole are there any banks that are worth owning right now >> absolutely. yeah, i would say that wells fargo is probably not one of them i really like investment banks over the consumer banks, but i really want to just make a note here we recently had a lot of bank earnings between monday and tuesday and yesterday. i don't even know what today is. but when you look at like
goldman sachs, goldman sachs reporting strong market revenue. bond trading, quarterly revenues up -- sorry, 49% from last year. right? so bank of america, their investment banking business had its second highest performing year in its entire history jpmorgan looking at like trading revenue up 32% from last year. fixed income trading up 29% from the year before. we're comparing -- they are posting numbers that are beating last year's numbers when we were not in a pandemic. so i'm really paying attention to that. so i do like those names i like the investment banks, i like the banks with trading revenue. and given the influx of retail investors and really the influx of trading activities over the past, you know, two quarters, these banks are really positioned to do well. >> all right
tiffany, it is happy march 282nd. whatever day it is, we're happy to have you on >> thanks, brian >> it is a good day for cozy stocks see you again soon thank you very much. and that does it for us here on "worldwide exchange. dow futures off 300 poirntd o00, nasdaq the one to watch. i will see you tomorrow morning. ve gatay squawk and the gang are up next.
days until the election. tonight president trump and joe biden will hold competing town halls. that's good, isn't it? and united airlines posting a $1.8 billion net loss in the third quarter. we'll show you how the stock is reacting on this thursday, october 15th like tax day and also ides of october. and it is still 2020 "squawk box" begins right now. good morning, everybody. i'm becky quick along with joe kernen, andrew will be here in a moment we've been watching the u.s. equity futures at this hour and after two days in a row of losses for the markets, you are looking at a third day ore
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