welcome to "squawk alley." the dow is up 260 at the hope. we lost some of that on weaker than expected manufacturing data down about 2% after that debut and direct listing yesterday our next guest has unique insight into that name he is a palantir board member. he was the ceo of zillow

good to see you. >> can't wait to talk to you about all of those things. what kind of a grade would you give on the direct listing yesterday? >> i would give it an a. it didn't have the wild volatility or a huge amount of money left on the table that traditional ipos have. i think it was a pretty good day for direct listings. >> spencer, good morning, you took zillow public nearly a decade ago if you had to do that again with a company, that is the same, would you do something else? >> i would either do a dreskt listingov or a spac merger. they don't allow the company to leave money on the table we went public at $20 a share. we closed at 37.

so we lost a lot of money on the table for an ipo so i think that there is a lot of innovation in the ipo space since a decade ago when zillow went public and i think there is now great alternatives available. >> it's julia here we look forward to sees what you do with your speak a question for you now that it is a public company. we have seen so many of the public tech companies face so much scrutiny from washington i wonder if now that palantir is public will it face more regulatory scrutiny? >> big tech has been enduring a lot of scrutiny for good reason. they monetize user behavior and they make money if you'retizing. the management team has been very clear about why they're on

the other side of this issue and they went to great lengths to distance themselves from regular big tech so looking at software for the government, that is what they do they are quite different from monetizing user data which is what traditional big tech does >> a fascinating story that we will follow as it develops i want to get to your spac early here i want to talk about what you're trying to accomplish, and i want you to comment on the atmosphere of everyone rushing into this new tool and whether or not you think it has legs in the long term some have their doubts >> that's right. i need to limit my comments, of course i will say generally i think it is interesting

the benefits of a direct listing, a spak merger and i have been pretty vocal about some of those issues so i think they offer additional details, but for now i need to limit my comments to that. >> and spencer, i hope we do have you back on when you start trading, but i guess broadly speaking can you give us a sense of what sectors you think the biggest opportunity is in right now? >> sure, a lot of spacs are tech focused. they can issue projections and they can't for a traditional ipo, so whether or not they're electric vehicles, tech companies, cannabis, they share

through a traditional ipo. >> where do you think we are in terms of inningings. we talked about the way in which the country adapted mobility there has been some you floout flow, what do you think they will do? >> all of the cards have been thrown up in the air because of covid, right companies have untethered us from corporate headquarters. it allows people to own a portion of a second home and it makes home ownership more affordable noise that, you just see people being much more possibly and people reevaluating where they live people moving outside of city centers and in some cases moving

from cities to truly rural areas. we no longer have to commute to headquarters i don't see that trend changing. i think it is a real permanent shift that will create more mobility and allow people to live where they want to live and not live where they want to work >> very interesting. those that argue that remote working, and in their words, they say it doesn't work >> i think we're going to have a high bridge approach they are, you know, for being provocative and controversial, they're putting themselves in a position, i think at one end of the spectrum, and i think it will be a hybrid where employees may be required to be in the office one day a week or a

couple days a month, but i think it will be a lot different employees will be able to live an hour or two hours away from corporate headquarters in the suburbs where they can get houses where they want, and they won't have to be in the office every day. so no i don't agree with where they are on this issue >> so the second house demographic, you think, is larger than maybe what many people think of it >> it is owning a second home is a luxury, only historically accessible to the 1%, and second homes are an incredibly under utilized asset so we're trying to do co-ownership of second homes instead of buying all of that

lake house, buy a quarter of it and have other strangers own the other three quarters, strangers that pacaso fill out, and right size your ownership in that home and we think that will make the more affordable and accessible to more people >> let's move on to stocks our latest survey shows investors are bullish on tech and confident that those names will buck the september swoon trend. at the same time, even within tech, and our survey, 63% think that facebook, amazon, microsoft, alphabet, will continue to be leaders in the coming months. what is your reflection on that given that names like that have given a huge valuation uptick at the same time. >> i'm not a stock picker. so i don't know if they're

properly values or under values, as a portion of gdp, or the importance in corporate life, or the lives of people, tech is over, tech as one, right these companies, if they're streams services, like the service we're using now, they're such an integral part of the economy and our life so it is clearly a long-term trend. the only thing that could put a king in that is potential regulation or anything else that the government throws at big tech i'm pretty kept kal that even that will slow big tech down >> i do want to go back to

pacaso but the questions i have have to do with liquidity and cash flow. if you sbie this second home property, and there are few hoers that have bought in, how do you sell out of it? is it baits on the zestimate value, and there is no cash flow if you want to build a real estate portfolio maybe there no way to do it >> there is not cash flow, but there is appreciation. if it goes from being worth a million to $2 million in the next ten years, your 25% appreciations. in terms of resale, it is very easy, you pick up the app, you press a few buttons, and you have just listed it.

unlike timeshare that's are very unliquid, it is truly real property so it gets displayed on all of the major sites. we already had resails, so issues like scheduling, who gets to use the home when, that has been worked out and it is going well you schedule your portion of how many of the property you own retails we tested and it is true ownership. you own the right to stay at what is basically a poe tell at a lower price in the future. it doesn't feel like hope ownership, because it's not. >> spencer i'm curious about the inventory issue. we talked about how people are leaving cities and moving more

permanently to the areas where the houses are, doesn't that limit the availability of the kind of properties you're trying to get >> the inventory is what it is on the market. so if someone was looking for the pacaso so if you find a home in santa barbara you love, you can buy a quarter, and we will lease our three quarters to other buyers what this does it allow you to access current inventory and bump up to the nice price tier instead of buying all of that, you can buy a quarter of a $$4 million house. so this flexible ownership allows you to access more inventory. >> that is fascinating

we know that the lens through which you look at the has value. we look forward to having you back >> thank you >> fractional ownership of stocks and now fractional ownership of second homes. >> sales that were better than expected the estimate was for gm sales to be down 13%. they were down 10%, what stands out is the inimprovementment where they were down 10% the sales rate will be 15.9 million vehicles guys, if that is the case, there are some that say we could see the sales rate tickle $16

million. pickups and suvs still in red-hot demand back to you. >> thank you, i have one of those suvs myself for covid roadtrips. ron howard and brian grazer are teaming up with a silicon vaey gend stay with us

welcome back subpoenas have been sent out by congress for mark zuckerberg and others ylan has more. >> it is trying to force the ceos to come back to capitol hill they are accused of using their market power to control person data >> there has never been such an ag are gags of power in the history of human kind as big tech enjoys today with money, marketing power, and the hubris that coming with up unchecked exercise of power. >> this was a dramatic move, but today the committee brought in their subpoena to address

privacy and the exact on media >> i think the issues that we're distressing of how we function in an information age are of extreme important. i think the issue of privacy and also media domination by the platforms when they put their foot on the throats of local news media is also an issue. >> i would point out that they were just testifying over the house. dorsey was over a different senate committee in 2018 i have reached out to all three companies but no comment thus far. >> a question for you on the timing of this, what is the timing of this and if it happens before theelection what is the typing of topics that will come up with that concern around election interference. >> there is no actual date set

yet. the systems have not been formally issued, but there was a desire to have them come testify before the election because of the concerns around misinformation and bias. i expect there will be a lot of back and forth on when they can make this happen ylan, thank you. dick's sporting goods is announcing highs, that move comes as other retailers pause expansion plans or close stores due to the covid downturn. we'll be back in a moment.

brian grazer and ron howard after the break. don't go anywhere, "squawk

alley" returns in just two minutes.

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welcome become, everybody. up to half of all bars and

restaurants in new york city could close permanently because of the pandemic. the audit also found that three-fourths of the city's restaurant workers were unemployed testing is ramping up in areas that have been locked down and they have been preparing for restrictions in and out of the capital. in hong kong at least 60 people were arrested on suspicion of unauthorized assembly and a frenchman is facing fines for doing that climbing a german skyscraper he did it wearing a silver suit and cowboy boots why, you ask i don't know that is the news update at this

hour >> thank you, sue. impacting creative seasons, an offshoot of imagine entertainment founded by brian grazer and ron howard. they are joining us now to talk about this and more. thank you for joining us really appreciate it brian, i want to kick it off with you this was part of your other business, your studio, for so long now you're decided to spin it off. tell us what this new company really is. >> what is, what impact is is a content accelerator. it is designed to connect and centralize the labor force and content force of hollywood it is one app that will be able to access that

so really the principal of the whole idea is that ron and i realized that after doing this for 35 years that hollywood is so hiearchial and narrow that i is keeping people from coming into the business. so we knew that original voices are not only inthis narrow kor doer, but all over the world so what we wanted to do was create like a funnel in the world that enables all of the people in the world, now we have 100 countries involved in this, to have access into this media capital. and they are not disabled by this system, they can enter at a

higher place and that is exactly -- >> it is called development for a reason it has been development hell it is a system that does inadvertently block new voices from coming in it boils down to an cien ancient system of just making list, so this was a solution to give people opportunity, mentorship, leadership, and to help cut through. and it is really, really been working, growing, and we have 30,000 writers that we now now are very capable of doing work, and they come from all over the world.

and then we evolved this app and we recognize that we could take it much, much further. that it can also be, you know, a way for lou the line talent to interfashion with one another, understand what is going on, and again, democracitize it and broaden it in a powerful way >> so it is really all about democratizi democratizing, and you're going to launch what is like a linkdin for entertainment jobs low that operate and how will it change hour companies in hollywood work >> we should both talk about it, it is essentially going to replace this system of it all being word of mouth and personal

relationships which, of course, still matter but as production globalizes more and more, it will facilitate people who, people with needs, production managers, producers, studio execs, to be able to reach out not just to writers, but also to below the line people. cineatographers, and find the best people at the best time and quickly figure out who is available, who is good, and you know, it is something that when we looked around we realized it was just very absent in our industry so we think it will fill a tremendous need >> so for example -- >> and brian, why. >> go head >> sorry, go ahead >> i was going to say for example, i was giving an example of this, we're doing aretha

franklin it is a ten-hour series under the banner of genius for disney. you'll go to the set and hear the crew talk about where is your next job. and they don't know where their next jobs are because there is no centralized system to provide them transparency of where the jobs are it will connect everyone in a transparent universe for them to be able to get writing jobs, a writer on a big show, ron howard's next movie maybe. the writer will be replaced or we need a new one, there has to be a way that is different from whispers in the hallway. it is designed to help people in a very disorganized environment,

and covid has not helped that, to find their job. it could be writers, directors, or below the line. >> and brian, i'm curious from, your experience 35 years working in hollywood, the two of you together, to partner now with a silicon valley giant, why is it so important to have that vc funding and what do you think they will bring to this company. >> what was more important is bill and benchmark's intellect and building a tech company from start is something they have done quite often and they were you recallly on uber and other companies and it involves large scale populations. they're able to help us with a deeper understanding and capability of execution on a

tech company that will incapusulate -- and when i pitch it'd to bill gurley he said i'll come down tomorrow he came down and he spoke to myself and tyler mitchell who is now the ceo, for five hours, kpauzi exhaustively someone with that kind of sustainability, interest, and labor forces and large populations in the tech industry >> hey, guys, while we have you, ron, i would love your take on theatrical distribution today. we spoke about formats and what matters these days in terms of platforms and screen size. and you told the story about watching "the grapes of wrath. what does that mean now for the

future of theaters now that we have the house and senate calling for help from the distribution change? >> formats are changing, interests are changing, and covid is accelerating that it is something we're aware of, and the -- but you know that is an important aspect of the industry still if is going away, as covid continues in the country, it was important for the theater owners, for them to make this request, and that is what that was. >> brian, how much traction do

you think will get on the hill i hope it gets a lot >> i'm wondering about this effort to change the way that talent gets into the system. is there a problem of over supply particularly when it comes to new talent i'm hearing that covid resulted in a back up of projects and the projects with big names will be at the front of the line still markets collars amarketin are limited, aren't they >> no so much now. productions are getting going, you know, we have productions at imagine that are back up and running. and we're excited about all of

that but yes, i mean, in the very short term, of course. the a projects, the projects that the companies feel are most important about their platform or distribution system, they may get moved to the line, but there is a great ongoing need for, you know, for stories and for fresh voices as brian was saying. >>. >> in our first impact accelera accelerator, a kid from zimbabwe came in, he had $12 to his name, and after he got through our impact accelerator, after that eight weeks, he was able to get into a four-way bidding war in which netflix won this animated movie that is a seven-digit experience

so then we had several girls, women, from india that had very successful television shows. 30 years ago, it wasn't thought of that way, sadly i think we're more koaware of ta and they want to produce content that is very rewarding >> it just opening the door for more and more unique voice that's is exciting and great for the business >> as far as the money side, brian, the benchmark, some of our viewers may remember that imagine had a brief experience

as a public company. i don't think it was something that you were especially fond of looking back, and now here in this spac boom is there any reason to think you might return >> possibly. we learned from a trial and error experience, but i think there is a rewarding possibility ahead, sure. bryant, brian, we talked about the theatrical business, but am wondering about the streaming business i know it is something you have pioneered and been a supporter of for your whole career, why does it make sense for net frflx to bring some of those voices. >> i think you should definitely

ask them they, why is it snornt it is recognized, again, that first of all it is a movement, an important movement, to be acknowledged for me and my career i can only speak for that personally. i started off knowing eddie murphy, and it was the far the of many movies that interested me the most. it was a positive effect in the culture. was it boomerang, nutty professor, was it "american gangster." was it "empire." was it "made in america. these are just things they was internally interested in and they happened to intersect.

>> don't forget about chris rock's directorial debut of "cb 4. >> and the final request of where covid leaves the entertainment industry you talked about the importance of the movie business. we have seen a surge in streaming. you have deals with a lot of streamers. i'm curious if you think that covid will have a permanent impact on the way that people consume content and drive people permanently toward these streamers. >> i think that was happening in one way or another however, i just don't believe the theatrical experience is going away entirely. and streamers are growing straight throw this, that is very understandable. that is the case in our household. story tellers are building

relationships with the streamers, and you know audiences are althoughly ultimag to dictate all of it they tell us how they want to receive our stories. however, i would say that, you know, throughout our careers and when i look back there has always been numerous powerful media companies that lead the charge things shift around always networks, studios, i think the same will be the case with streamers. and audiences again will dictate. i think it will change things, but when people can they're going to -- we're seeing it in europe and asia. people want to get back out to the movies, you know it is still serving a tremendous function >> but to reach into the heart beat of your people, also, streaming is here to stay, it is

the center of the life force of story telling right now. and many of these companies other than netflix, of course, disney, apple, amazon, warner brothers, they value to be very attentive to the world of streaming and create their own path wayway. it is the path way to their survival and success >> brian and ron, thank you so much for joining us today, and we look forward to seeing some of the content that impact creative systems brings to the market as it democratizes the pathway to hollywood >> phil lebeau back with us. >> take a look at shares of boeing, the company announcing that it will be consolidating it's production of the dreamliner and it's facility in

north charleston, south carolina until now they have been building some there and some in washington by the middle of next year they will faze out production and consolidate all of that production down in north charleston you take a look at shares of boeing, this has been a heck of a run up almost 15%. guys, back to you. >> take a look at amazon today pivotal takes it's price target up to 4500 on some under valuation, they say, of thetizing business in the meantime the headlines continue to fly on stimulus. the white house now saying they are willing to look at a clean bill for airline workers we're back in junction a moment.

take a look at salesforce today. pretty lackluster. they dropped nearly 10% in september. worst for the period responsible for 140 point decline. stay with us, we're back in two.

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there's a new report out talking about the role that covid is having on women in the workplace. julia has some more on that. julia. >> that's right, carl. lean in founder cheryl sandberg says the effects of coronavirus could in one year, erase all the progress that women have made in work force in the past five years or more. a quarter of the woman surveyed said they are thinking about down shifting their career or leaving the work force entirely because of the impact of covid-19 this is just the first time in the six years since lean in started the survey that more women say they are intended to leave their jobs than men.

the departure of senior level women in particular will slow down progress for all women because they are more likely than senior level men to advocate for gender and racial equality and black women have been disproportionately impacted by covid and racial violence this year. they are more likely to site health and safety concerns as a reason they have considered don shifting their career or leaving the work force and they are more than twice as likely to say the death of a loved one has been one of their biggest challenges during covid there's a handful of bright spots in the survey. women's share of sbc roles has increased from 23% to 28%. c suite grew from 17% to 21% there's also more opportunities for di veers hirings who can't relocate or manage a long

commute. she hopes companies look beyond the quarter to the work force they will need and take steps to address the concerns of women and people of color and really retain them. carl >> julia -- >> go ahead, john. >> we have bryan and ron howard but i'm thinking of james cameron here this is not necessarily going to happen it's just it could happen unless there's some intervention. i guess that's the point here. >> exactly this is warning sign to have a quarter of women sap th -- say they are leaving, that cobu could be warning sign. people are working at home, dealing with children studying at home. to encourage companies to take this as a moment to see what they can do to retain women.

>> another ipo making its debut on nasdaq. the ceo will join us dow is u87 p

welcome back mission produce going public on the nasdaq today as we await that company's opening trade the ceo joins us now in a first on cnbc interview. steve, good to have you. good morning i want to take it big picture now. what has happened to demand for avocados in covid? the restaurant business probably isn't what it used to be are people buying more avocados at the grocery stores, ordering take out, what >> that's exactly right. food service dipped a bit. the fast casual has picked back up and is probably exceed where it was pre-covid where people are doing take out retail has continued to grow although the habits have changed a little bit

people are shopping less but buying more when they are there. kind of like the toilet paper issue. avocados are the same way. they are buying bulk we sell a lot of ripe fruit too. that number is down because they are not shopping as often. overall, we're great avocados are a super food. they are healthy and we're seeing an uptick during covid. >> i wonder where your company stands, how you're positioned when it comes to esg you have big operations in peru. you have 10,000 acres there. other places in the world. how you treat workers there, is there something that investors should know? >> yes we didn't have workers, we couldn't be in business. we have about 3500 employees there. we'll use that as an example we provide transportation, meal, health care. we have doctors on staff

we have a nurse on staff we have pharmacy there and we take care of all the workers there and their familiiefamilies we do a similar thing in mexico. the tree is tapped with a sensor it sells the computer when they are thirskty we don't waste water or knew tre - nutrients. we try to be as efficient without possible we're not going to be around we definitely take care of our esg side of the business and continue to grow >> what's the environmental risk though i'm hear in california we've had fires this year.

how do you think about the risks to your crops in crew and elsewhere. >> weather will be factor whether it be a heat wave in california or heavy rain in peru we are diversified enough in multiple countries we operate in eight countries on multiple sources of supply we have back up plans in that regard even in peru we're in different regions. we're not all in one area. we're in north we're in the middle. mexico, we're spread out over three states as an example we realize there are issues. we try to diversify and make sure we have supply at all times. >> a fascinating look at the business agriculture and food inflation will remain stories for the market over the next couple of

months thanks so much look forward to the opening trade. >> we are too. should be right around the corner in the meantime, keeping an eye on the markets and some of these conflicting stimulus headlines. the swous swhite house saying t might consider a specific airline bill let's get to the half. appreciate it. welcome to "the halftime report." the final quarter of a tumultuous year for stocks where will your money work we'll debate the markets with our investment committee joining me are josh brown, steve weiss, jon and liz young october trading is under way dow is still up triple digits. a third of a percent nasdaq having a pretty good day today. josh, one of the principle