tv Squawk Alley CNBC December 21, 2020 11:00am-12:00pm EST
♪ >> good monday morning welcome to "squawk alley." i'm jon fortt with carl. the s&p 500 and nasdaq off by more than 1.5% and on "squawk alley," beyond the morning's action, land of the giants, whether it is the big tech's names influence on the mashlgts, fighrkets, fights other other the tech giants continue to change the
landscape. we'll talk to head of the antitrust division at the department of justice. and we'll talk to kara swisher about the data fight between apple and facebook a little later in the hour, carl. but big tech is leading big marks as usual >> yeah. we spent most of the morning, jon, talking about the market dynamics overall, the vaccine distribution, the conditioningtiaconditioningressl stimulus and the way banks have shown leadership nice to carve out time to talk about antitrust. o than point, it's been such a big story over the last eight or nine weeks, we're joined by julia boorstin who has a very special guest. >> thanks so much. i'm joined now by the u.s. district attorney for the department of justice and he is talking with us today. >> good morning, thank you for
having me, julia >> so so much has happened in the last several weeks in terms of antitrust action, most recently we got news that the doj's suit against google which you started years ago, it won't be heard until 2023. is that too late will things have changed so much dramatically in terms of technology and market dominance by then? >> well, it's going to be something we're going to have to take a look at i think all policymakers including congress needs to look at our antitrust enforcement actions the best way to address this new sector. i think the antitrust laws are adequate but the process to adjudicating these may take so long i mean, you have an investigation that is started, takes a year, year and a half. you have a trial that might take four years before we have a resolution, then you're going to have appeals process it may be seven, eight years you tell me if technology
advances during that period of time i think we have to i that a real look at this >> what are you advocating what do you think about the proposal there should be a separate regulatory agency just vo focused on regulating big tech >> i'm not a big fan for agencies this he can get captured by the industries they're supposed to regulate i don't need to give examples of the number of these agencies that exist now they may not address the changing business models i think we should take a look at some models that are hybrid. certain rules can be changed quickly and then imposed that may be a good model i don't have a specific proposal
now. and these are my personal views. i think congress needs to take a look at other mod thalz shouelsl work here. >> yeah. it's interesting there's been this split approach to pursuing google and facebook. of course, the d.o.j. filing suit against google. the ftc taking action against facebook the ftc lawsuit against facebook was supported by 48 attorneys general. what do you make of that case against facebook do you agree with it >> you know, you can't really comment. one, it's a live litigation. two, i wasn't privy to the facts and the evidence that the federal trade commission had before it. you do have five member commission there and two of the commissioners dissented. whereas three of them legally, the lawsuit still goes forward and, of course, you have the 48 state a.g.s.
you have two kbhigsecommissionet dissented from bringing that case that is a mod that wiel that is difficult for law enforcement. i've been in my capacity in legislation that senators mike lee, josh holly, i think senator bloomenthal advocating taking the antitrust functions from the federal trade commission and combining them it is one you really need to have one person who can make a decision and, of course, if they're recused, you have a chain of command but to have a five-member commission, get involved with law enforcement it makes for a difficult process. >> so are you arguing for a combination of the ftc and doj's antitrust controller or antitrust authority? >> this is a good time to take a look in the next congress.
but, you know, i think the ftc plays a valuable role. and they were createded to take a look at what does the rule of reason and antitrust mean? there is a lot of great functions like consumer protection that they do well i think the competition function should be combined into one single agency you don't have two agencies, you know, fighting for jurisdiction over a period of years. just to even investigate a company. it's just not a good model for good government. i think you can reorganize some of the functions and deliver much more efficient law enforcement for the consumer and for the economy, frankly >> good morning. as you mentioned, you are a law enforcer, not a lawmaker do you have a take on whether the legal frame works that you have to work with are adequate to the task of dealing with big tech and the actions and implications that you see? >> first, i think the legal
standards we have are adequate there's been a lot of debate over the past few years, you know, some people call it antitrust, left, right, it's really not a partisan issue of whether or not the laws are adequate or whether they should only be testing for price effects of anti-competitive conduct or mergers the law is clear that things like privacy is an element of quality r you diminishing quality? in addition to price these are all factors that law currently considers. the only thing i criticized, and it's not really a criticism, it is we should constantly be looking at our laws and updating them when it's needed. it is really the process that the judicial litigation process is there a faster way? is there a more efficient way to get the results especially as technology is moving so fast these days >> you say we should always be updating our laws. is that updating process working
at the pace that it should be to deal with the kinds of tech issues that are on your december snk. >> well, the substantive laws, again, are fine. i would look at the process. you know, the way -- i had some time i spent a few years working as a chief counsel for the senate judiciary committee the last time the antitrust laws were changed. i think what we need to look at is -- and hear from experts. look at the pros and cons and come up with a solution to address the time it takes from an investigation to adjudicating a matter in this area. whether you have a specialized set of judges appointed by the chief justice. that's been one proposal proposed by one of my former predecessors and chief justice there are other ways of trying to look at the rulemaking, you know, europe as proposed certain
regulations, just last week we'll see if european parliament will pass that and how it's implemented. but, again, not to get regulatory about this industry, but is there a way where we can speed up the process so you have certainty for the business community and you protect the consumer from any anti-competitive conduct sooner. >> i was going to ask you about europe of course, we're not dealing with big tech regulation in a vacuum how would you characterize and evaluate the eu's response to this issue and i wonder if there is things you learned about big tech in their response to them in particular >> well, you know, i think you're right we're not dealing with this in a vacuum you have now an antitrust. there is not, you know, unlike intellectual property where you have code for the substantive law. you no you have 138 anti-trust
agencies around the world. i used to joke that, you know, a couple decades ago there used to be about 20 or 10. it's been our greatest export out of the united states it's been antitrust enforcement. a lot of ways, it's good the about it where it becomes problematic is if antitrust is misapplied and misused where you actually harm markets and harm consumers. and when you have a technology product that can be produced and sold across the world, you want to be sure that you don't have different standards around the world and it's really incumbent on us as antitrust enforcers to make sure that we harmonize as many of the rules to apply >> i'm curious how china plays into that. you made the big step of creating these antitrust regulations that many countries signed on to but china was not one of them. and, of course, there's an increased attention on some of china's tech giants such as bite dance which owns tiktok. how does china play into the
international risks? >> well, you know, china just recently reformed the antitrust laws and enforcement into an agency called sammer they're an agency for market regulation, they call it they used to have three agencies and combine them into one. and there are laws have only been around 12 years the anti-monopoly law in china went into effect in 2008 so they're still learning about how it is. what i worry about china there is that they use antitrust laws as an offensive weapon against companies that may not be chinese. so, you know, u.s. company or a german company or whatever and that's where we continue to have dialogue. we had a great dialogue. i made one of my first international trips is to go to china and met with their judiciary, their executive branches, their academia to discuss how we address antitrust law. the proposal you mentioned, we
have 73 countries signed ton to this framework to make sure we don't discriminate against another country. we put out there a proposal called the multilateral framework on procedures. these work to provide the basic due process procedures for antitrust investigations but you're right china is the major economic power that has not signed on everybody else has signed on >> and i have to ask since we're talking about the antitrust action against facebook and the rise of tiktok, do you think that the fact that tiktok has become such popular, we were just talking about the speed in which technology moves, because it has become so popular, so quickly, do you think that will help facebook in the defense >> well, you know, i would not be surprised if facebook used the emergence of tiktok to show there is new competitors i don't think it would address some of the -- some of the allegations in the federal trade
commission's case about facebook's predatory acquisition of competitors such as instagram or whatsapp. you know, i make no comment about those actions. but i think tiktok will certainly be an exhibit there. and, you know, we'll see what happens with tiktok. it is successful because it's great technology my kids are on it 24/7 it seems like or is it something that is, you know, it is a clandestine effort by the chinese government and i think we need to have better controls and i no he that the u.s. government is looking at that >> i want to ask you about fintech. you sued to block visas, acquisition of plaid but at the same time, there's some big powerful finntech names out there remaining like stripe, for example. you know, looks like amex will be allowed to buy abbage how are you making those kinds
of decisions about fintech names that are not you fully mature that, could morph into something else we could see plenty of competition from start-ups around what plaid does it is premature, perhaps, to say that visa acquiring that would have an outside impact on the overall market >> so on the last question, is it premature it is not premature. you know, one of great designs of our antitrust regime here is that we don't pick winners and losers we don't determine which technology or company survives wlachlt we what we do is protect the noosh market to determine who is going to be the winner what we don't want and what my job is to make sure that that d competitions occur wlz it is from anti-competitive conduct by a single monopolist or a conglomerate concerted effort that keeps somebody from
entering the market. companies like stripe and others rely on the input, the technology that plaid provides in order to deliver what they do for the consumers. and it's the first time we have seen the number of these technologies that can really help merchants, that can help consumers, and transferring money. we have a lot of new technology in the block chain world you know, there's a lot of crypto discussion lately but blotching has a lot of other complications than just crypto and what we're seeing is that they're beginning to disrupt the incumbents that have market power. our allegation was that visa has close to 80% of the debit, online debit market. and they intend to purchase plaid in order to keep that new competition from entering to the sun of $400 million or $500 million a year that would be a cost to them
from new competition and so our job is to make sure that doesn't whatever plaid does to be successful and companies like stripe and a number of others like square cash and others, you know, we let the market decide who wins >> finally, i want to make sure to get your thoughts on consolidation of the media space. you filed to terminate the paramount dissent decree which prevented studios from owning movie theater chains now there is so much disruption in the media space we had warner brothers announcing their putting movies in theaters at the same time as they stream them on hbo max. do you anticipate this to all drive more consolidation in media? and do you think that we will see whether it's a streamer or a media giant acquire a theater chain? >> well, you know, it remains to be seen. about you what the we have seen -- i think to the benefit of consumers, benefit of artists and filmmakers, we're seeing
this transformation in the entertainment industry the naktfact that a company cano direct to the consumer and not be beholden to them is a benefit to the consumers we'll see what happens with warner media strategy to take the whole 2021 slate of movies they made a decision they're going to lean some money in profits on the table in exchange to try to advance their hbo max offering and catch up with some of the other players and competitors. i think that's generally good for competitors. and for consumers. what we will -- it remains to be seen is what happened to the theater market, of course, they've been devastated by the covid-19 pandemic. but we will -- after 70 years where they were under regulation by consent decree between my
division and the regulated by the courts, there were a lot of business models that could not be out there for example, you know, you could have a subscription program in a local movie theater that provides a lot of family films as a father of tleef youhree yog children, i would love to add that to the disney plus or hbo max or netflix subscription. there's a lot of models that could now occur. and those consent decrees prevented. and i hope that fact that paramount dissent decree determine natured might provide for new opportunities for the theaters that have been so badly hurt by the pandemic >> certainly so much changed and so much activity now in the antitrust space. what a perfect time to have you join us and talk about all this. antitrust chief for the doj, thank you so much. >> thank you so much great to be with you >> and thank you, julia, for bringing that to us.
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federal government seizing voting machines on that hack of u.s. government agencies says "certainly appears to be the russians." finally also saying no need in his view for a special counsel on either hunter biden or on allegations of widespread voter fraud. making several headlines that appear to really break with the president's take in the past few minutes, jon. >> oh, yeah. you can say that again imagine he is slipping out rather quickly after statements like that which are quite different from what the president has been saying, carl. and we mentioned that mystery chart. take a look at, well, there can you see it, it is fubotv up 270% since the ipo. one of the biggest winners of 2020 as streaming names took off during the pandemic. joining us now is fubotv co-founder and ceo david gandler. wow. the stock is up 21% today at the
moment what's been driving this is this the stay at home, boy, i miss sports and can get them on fubotv >> yeah. look, i think fubo sits at the intersection of three mega trends the first is the decline of television viewership and the shift to tv ad dollars to connected devices and, third, the fact that fubo has over 50,000 sporting events on the platform we also sit at the intersection of wagering as well. you have three mega trends and clearly we're excited about it and, you know, we're happy to see investors notice it. >> this one of the trends is the most critical for you right now? and to what extent are people asking you about whether you run head long into espn or if you're just an entirely different animal >>, no look, we're virtual our job right now is to really focus on video you know, its a duel revenue
stream with video and advertising. we have done a great job third quarter monetizing we raised guidance higher. i don't foresee any issues we're strong partners with all of our media partners. so we monetize the content and give access to the platform. we think it's a solid relationship it's one we think will continue going forward. >> talk again about which of those trends and drivers you mentioned is the most important you mentioned. that in a way makes me think about robin hood and its impact on the financial markets is there a wagering or financial stake impact on sports viewing along the same vain? >> yeah, what we said during our road show is we're going to be focused on enhancing our video
experience clearly, you've seen companies try to step in and use interactivity to create more engagement it is so heavily towards sports viewers. we think that is an angle that will drive more engagement which will drive more viewership which will result in more modernization. it is the core business of video and advertising and, again, we've done a good job of selling customers and we sold 800,000 attachmentes in the third quarter. and also, obviously drive profitability. >> david, quite a chart. quite a story. a lot of people trying to figure out if this might be the next netflix in a way we hope you'll come back and tell that story more >> thank you enough for having me and happy holidays.
>> happy holidays. >> when we come back, kara swisher has a way to characterize facebook's attack on apple e' elaouple words, tone deaf shllxpin in a moment don't go away. o know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you choose, you could have your doctor, hospital and prescription drug coverage in one convenient plan. from humana, a company with nearly 60 years of experience in the healthcare industry. you'll have lots of doctors and specialists to choose from. and, if you have medicare and medicaid, a humana
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a bunch of interesting cross currents in the markets this morning including the travel names getting hit hard we have more on that as well as the european close >> hey, carl at least ten european countries responded to the new coronavirus var yant that is spreading faster than the original strain of the disease by suspending flights and trains from the uk france temporarily halting inbound freight transport across the english channel. several countries in arab yashgs too, enacting their own travel ban. the u.s. has yet to stop british travelers from am coming here. about six flights on average a day from london to jfk european travel names under significant pressure, a combination of airlines and hotel chains like intercontinental which along with marriott and hyatt have a
decent footprint across europe for marriott, 50% of the earnings are deruived in europe prompting a significant selloff in the cruise lines. remember, they're not at sea right now. the concern is that this will lead to an extended shutdown the cruise lines are eyeing a restart in the spring. we're looking at norwegian cruise line down 4% at this hour >> thanks. let's get a news update from sue herrera. >> good morning, everybody here's what's happening at this hour the justice department unsealed new charges in the bombing that took down a pan am jet, pan am 103, over lockerbie scotland 22 years ago today. attorney general barr made at announcement at the last news conference in that role. on capitol hill, a statue of robert e. lee is removed it represented virginia's contribution and stood there for
100 years. virginia will replace it with a statue of barbara jones. the protest of poor dnz at her all blook high school became part of the landmark brown versus board of education decision but struck down racial segregation in public schools. on hawaii's big island, the kilauea volcano erupted in spectacular fashion. 160 feet lava jets in the air. it is the first eruption in two years. and the new york jets have finally won a game but they may have lost the first pick in next year's draft. the jacksonville jaguars will now go first if neither team wins in the last games of the season >> you are up to date, jon i'll send it back to you >> the jets can win but they just can't win >> i know. >> thank you, sue. >> exactly right >> yeah. well, watch apple today. that can win temporarily shutting down all of its brick-and-mortar stores in california due to a spike in
covid-19 case there's. the you can see that stock is down 1.5% with the rest of the market this morning. we're back in a moment it's been a tough year. and now with q4 wrapping up, the north pole has to be feeling the heat. it's okay santa, let's workflow it. workflow it...? -uh-huh. just picture it... with the now platform, we'll have the company you always imagined. efficient, productive, seamless. ok, i'm in. whatever your business is facing... let's workflow it. servicenow.
>> good to see you >> what did you expect, carl >> is this just in your view, is this bald faced deflection or, mine, are there any legitimacy to their claims here >> you know? of course. i mean, obviously advertising is how facebook works and lots of small businesses are, you know, we did a really good segment on pivot this week about this you have to advertise on facebook if you're a small business you don't have other choices hence, we should talk about antitrust. i would like it if facebook said our advertising business depends on this just be honest about it instead of trying to pretend they're the savior of small businesses it's typical of things to do this instead of saying, hey, this is our business we think that apple has too much power over this and pointing out that they have too much power over the advertising industry. none of it looks good for any of them as pointed out in the column but in general this idea of being the savior of small business is exhausting to watch. >> yeah.
you do say let's be clear april -- apple is no saint. how does this get recommend did youed remedied if it does at all? >> if they focus on advertising and search and going hl several lawsuits from states attorneys generals this is going to grow stronger that's where the money, is right? i think there are issues around apple where probably solved by a bunch of regulatory issues or rulemaking or things like that you've already seen the move they need to move more obviously on the power over the app store. but i just feel like advertising is sort of the people don't have choice in advertising and i think if you're online you have a clois betwehoice between googd apple -- google and facebook it's a difficult situation i think facebook is calling attention to that issue which will be part of the ftc investigations as i said in the piece, it calls attention to the fact that there
is too much power in the hands of the tech companies and showing the giants are sort of fighting and the fact that the matter is they control everything between them which is problematic. >> care yashgs ikara, i'd love where a column about the two beg red herrings in beck right now small business and china small business is like the pardon working americans of everybody loves small business you can't argue that if you don't let us do what we want, then china is going to come in and take over. >> in both cases, small businesses are struggling. and they can only choose things like facebook. and china is a threat. it's just they use the things as shields. and so i think, you know, obviously apple is much more exposed than china in terms of manufacturer and market and things like that it's every excuse. i like them to tell the truth of what is going on we're big companies. they have control over the
mobile system along with google. we have control of the advertising system along with google and just like let's be honest there very little choice for small business and very little choice for app developers. will. >> so, like you say, those are both real issues they set concrete rules whether it is competition or data security. >> privacy why can't we opt in? like, of course, it ruins their business if people opt in or if there is say question mark or stuff like that. i do appreciate those warnings from apple and there are a lot of people that don't like all, you know, the relentless sucking sound of facebook data or anybody's data. and so i don't know -- i want them to explain what's wrong with opt in? and what's wrong with giving the consumer a choice about that i'd like them to have a good debate about it. i'd like them to not pretend they're on the side of people that is not really the
motivation here. it's about their stock and it's about their strength and they have a lot of dominance over these small businesses you want to talk about that? i think that's a good debate too. it just drags in the groups when it's just big powerful tech companies fighting each other for power. and that's really what it's about. when you see headlines cross on ftc, congress, doj, state ags, i mean, of those four, what really gets you to click. >> gets me to click how? in terms of reading about it >> yeah. where is the locust of the firepower? where should we be paying attention? >> all of them i think the ftc might be a little bit stronger than you
think. as i said before, david did a good job on hearings i think it's all part of the same thing what are the rules of road going forward for the incredibly large companies and which ones deserve which relief you know, and rules and things like that they're all different, whether it is amazon or facebook or apple or any of them. all of them require a different situation to deal with them. google and facebook are the closest in terms of dominance over advertising but they have dominance over social media apple has issues around the app store. >> they've all got issues, you know, kind of thing? and they should be done correctly. these are innovative companies, too, at the same time. some more innovative than others, of course. >> right right. it's great read once again, kara good to see you. we love to talk to you on mondays. >> thank you so much
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what a difference a year makes last december soft bank was taking a lot of heat for the implosion of we work today though, the vision fund bacti back in the black. you're coming off two very big wins with doordash and open market so looking ahead, jeff, into 2021, spacs and specifically vision fund acquisition vehicles, is that part of the strategy >> we're really fortunate that vision fund to have a platform that gives us a lot of flexibility to invest in multiple sections of the financial markets. predominant way of doing that is investing minority stakes in to private companies. but we have the flexibility to invest in public companies and a spac is another vehicle to allow us to help take great technology driven companies who were changing their landscape and their industries public. >> right we're seeing this with opendoor, of course. but for the vision fund going forward, can we anticipate to see some spacs of its own?
>> well, stay tuned for that we're in registration. i can't speak specifically until the filings are out. >> okay. let's talk about opendoor. the ceos of opendoor, they were on "squawk box" a few months ago talking about why they chose the spac route i know your involvement with opendoor walk me through what the model looks like in an economic down turn >> well, as you know, people are on the move. even during the pandemic housing is the largest asset class around the world real estate makes up about 16% of gdp globally. and so people are going to move and buy homes and sell homes during various economic cycles and opendoor is making it instant and sim will ple to buyd sell a home. they sold more than 80,000 homes in 21 cities representing over
$10 billion of value >> right so for those viewers who aren't super familiar with it, it's essentially automated home flipping what happens in a housing down turn or do you think that home prices are just going to continue to go up? >> well, home prices will go up and down over a long period of time, as we've seen through the data, real estate continues to rise. in fact, it's usually the single largest asset that a family in america owns and so i'm confident over time as opendoor builds the platform to make it simple and easy with one click, buy and sell a home they're going to do well not through various economic cycles. and, in fact, when you have a down turn, sometimes unfortunately people need to sell their homes quickly you can go on to opendoor, list your home, and get an instant quote and be able to get access to capital you need to either upsize or downsize your housing. >> jeff, good to see you and
talk to you again. i'm wondering if there is a unifying theory in your investing right now. you're in opendoor which is real estate doordash which is lidge loogists you have investments in pharmacy and meats. is there a investment in pharma and in meats >> good to see you as well the unifying theme in the vision fund and my investment portfolio is, flauirst of all, looking for amazing entrepreneurs who have the vision to establish industry using technology and specifically through using data through machine learning and artificial intelligence to provide a better customer experience and capture and differentiate themselves in their respective markets >> so tell me given that, what is the role of big tech in that
ecosystem that you look at is it too powerful is it potentially crushing this innovation and these companies or enabling them in cloud and other technologies >> it's both we need to continue to create a level playing field so companies can flourish that's the great american dream. the vision fund is providing capital and connections to allow the startups to compete with the googles and microsofts and amazons and facebooks of the world. they need access to activity, human capital and financial capital and so we're not just creating a handful of companies. but on the other side companies like amazon and google with cloud services are making it easier for companies to get started much easier than it was. >> jeff, how concerned are you about the behavior of financial markets, maybe particularly over
the past two weeks, we saw a firm and roadblocks pull back from ipos but we see other companies planning to go public. does that concern you? >> no. the financial markets are very stable it's been helped by the global coordinated effort of central banks, creating a lot of liquidity through low interest rates. the best place to be putting your money is equities given the nature of bonds. we see in '21 and '22 a robust financial market and an ability to continue to tap the public markets. in the vision fund we're expecting on average about an ipo every month for next year. >> at the same time, jeff, appetite has changed somewhat in public markets i mentioned last year around this time public markets weren't so receptive to some of the vision fund companies like we
work and uber. these were companies burning through a lot of cash and they used nontraditional accounting metrics. open door has both those things. what do you think has changed over the last year >> well, i think companies want to be more disciplined about their unit economics and understanding how to nail it before they scale it you're seeing managers be more prudent around managing the capital that they're intrusted to do. we're also seeing a chase for growth so companies that are growing their top line with a clear path to roprofitability a doing quite well and a year ago it was just enterprise companies that were outperforming. you're seeing multiple expansion, led by liquidity from the central banks and people want growth. the vision fund companies are changing entire new industries so they're investing in the future and we're excited about
where we are today but even more excited about the potential going forward. >> so, jeff, where does the vision fund fit into that broad are po-- broader portfolio is the aim to raise more money from outside parties how does it fit into the larger conglomerate >> the official fund's a really important piece of massa's overall strategy he believes in the next technology companies as the way of the future. now our focus is on artificial intelligence, machine learning and data and being used as a true differentiator and softbank is approaching all-time highs in its market cap. we have a lot fire power to continue to invest in public and
private markets. >> so with that turn around, especially in returns we've seen over the last few months, should we see vision fund-raising more money from outside investors next year? >> i think we're focused right now in investing out of fund two, the sole lp is soft bank. as i said, we have more capital than ever before on the balance sheet, so we don't necessarily need outside capital, but we're very open to helping to manage other people eaves mon's money future >> okay. we will stay tuned to jeff thanks for being with us today we'll keep an eye on open door and their other investments. >> thank you >> getting close to session highs here on a volatile date for the markets. keep your eye on bitcoin had a bit of a volatility run lately on its own. elon musk with words about the crypto currency over the weekend. you can really what musk said on cnbc.com stay with us we're back in a minute
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agreed to the request to require negative covid tests to land the state could take action of their own. we're seeing a lot of emphasis placed on travel out of the u.k. today. >> we are getting that movement, carl i've got my eye on snowflake not a lot of green on the board this morning but there's one that's up almost a percent you can see it's well off the highs from earlier this month but still hanging in there with that strong valuation post ipo >> yeah. speaking of recent ipos, john, i'm talking last few years but all-time highs this morning on z-scaler, square, okta, clo
cloudflare and they go to a 272 target on microsoft, even though helping the dow even more today are names like jpm and goldman sach and nike, all at 52-week highs and more let's go to the headquarters and the judge. welcome to the "halftime." i'm scott wapner the fate of the santa claus rally after concerns of the virus take stocks lower today. joe terranova, courtney gibson, and good to have steve weiss,
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