morning. it's 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ good wednesday morning i'm caro quintanilla with jon jon, who is back and deirdre joins us as well stocks are in the green as the session remains volatile, and of course the story and the headline chase around stimulus

remains complicated. domm is watching what we're seeing in today's trade. what is behind the surge today >> it's about the tweets it's about the idea that we could see some form of stimulus, although not the massive one you're going to see that happen and i'm going to show you the charts here over the course of the past two days, and 24 hours. this is the two-day chart. we kind of started yesterday right around here. you can see as we can move into the session, we have just gotten back everything that we lost and a little bit more over the course of the last 24 hours or so so, again, this move here higher and i can tell you word actually happened and positivity returned take a look at the 24-hour chart of dow futures as things have moved, remember, a steep drop yesterday going into the closing bell and we were much in negative territory throughout the overnight session until just around 10:00 p.m. eastern time that's when president trump started tweeting out this notion that he could put out there more targeted stimulus for things like the payroll protection program and airlines and other

parts of the market as well. that's when you started to see a little bit of the sentiment turn and it's been off to the races since. so we'll see whether or not that sticks now, if you look at the parts of the market perhaps most impacted, check out some of these particular names free port and mining, gap, consumer and discretionary, martin marietta, this is asphalt and concrete and then key corp. on the bank side of things all betting on an economic recovery those are the most volatile upside stocks. and of course the reflation theme plays out in macro markets as well. take a look at the ten-year treasury note yield. it had been moving higher over the last several days and we are back 7.77% still, right there hovering near four-month highs at this point it's interesting to watch what's happening with these particular markets. we'll see if that trend continues throughout the course of today, guys back over to you. >> domm, it's not a clear

picture. normally we try to divide the market day between it's a stay-at-home economy kind of market or a reopening kind of market today the reflation trades and the materials, the dynamic you're talking about, collides with netflix being one of the best gainers on the s&p, obviously off of the pivotal note where they go to 650. but it's an odd mix of whether or not this market is looking at a reopening or re-closing. and i see boston just is pausing the reopening of their own public schools as infection rates go to 4. so it's a more complicated story today. >> oh, much more so, carl. you bring up an excellent point. i don't have a lot of those charts to show you right now because i'm constrained for real estate here, but i'm going to be watching today what happens not just with netflix because of the research note, but also the stay-at-home trades that have been so popular. we're talking about zoom communications, we're talking about fastly when it comes to cloud computing, even salesforce

and oracle and some of the other names we've associated with the bigger theme of working from home those types of stocks may give us some kind of an indication about whether or not this is a general reopening or people fear some of the headlines about a surge in coronavirus in certain key parts of not just here in the united states, but elsewhere in asia and europe as well so yes, zoom i'm still watching. i'm still going to watch a juggernaut in peloton. it's got to come down at some point. the question is when. >> thank you, domm now let's turn to big tech and house democrats anti-trust report out yesterday dre deirdre, this is interesting because it seems that house democrats are trying to shift the antitrust standard to more of a european standard they acknowledge that's going to take a change in the law but even the republicans who seem to be onboard, i'm thinking about ken buck here from colorado oh, seem to suggest a breakup isn't in the cards so i'm not sure exactly what's going to come of this report

>> right, and i think that's one of the biggest questions, jon. what actually comes out of this, there are lots of recommendations that could certainly reshape the marketplace for these digital platforms. but what actually gets passed, now i know that you were digging into this report, too, jon 449 pages. some 16 months in the making now, it detailed in pretty amazing depth how these four tech giants, apple, amazon, facebook, google, and i'm using the report's words, went from scrappy underdog startups to monopolies last seen in the era of oil barons and railroad tycoons. a notion that these platforms shouldn't be able to control and compete in related businesses. so this could have enormous implications, jon, that could plausibly take apple out of the app game and it could halt or crush amazon's ambition in private label and it could

split-up aws, it could separate google's search and advertising. but going back to your question, really the partisan cracks emerged at the end of this so what gets pushed through, republicans, they're focused on something that wasn't even mentioned in the report and that's article 230, the idea that these platforms have a conservative slant. >> yeah, i mean, the big tech companies already pushing back against some of the conclusions in this report, and what it does is something that i know we've been talking about, i've been talking about for awhile, which is the idea that the idea is not smart phones as a whole. iphones and ios are their own market is what the house democrats are proposing. and if that is the case, carl, then you can argue that apple has a monopoly over distribution in the iphone market i guess even if the house democrats can convince the rest of congress to follow this line,

the supreme court might end up weighing in here. >> yeah, it just feels -- jon, i don't know whether you agree or not, but the parallel tracks that are building between apple and epic and then sonos and apple and logitech and house judiciary dems, we talk about things coming to a boil. this is definitely moving directionally toward the boil. >> we were talking about overlapping platforms. let's bring in the editor-in-chief of the verge, patel, a cnbc contributor. i know that you have talked about platform power and these monopoly type issues, but i can't help but think, yes, the democrats in the house have laid out a particular point of view here, but it's going to be tough to defend. >> i absolutely think it will be tough to defend. and i think you've got it exactly right. the end game here is changing

the standard of the antitrust laws, of moving to a place where what we're trying to regulate is competition in the market as opposed to the prices consumers pay. and that has been the underlying current of this entire process over the past year, year plus. the real question, i think, for the house dems is obviously there's an election, but they do have, as you noted, ken buck saying i agree with 330 pages of this report. so something is going to happen, both republicans and democrats think some regulation needs to happen is there a compromise in the middle will anything move before the election all big questions. what i would pose to this group, the thing that jumped out for me in this report, more than anything, is just the high cost of entry to known good businesses so i'll put this to the cnbc audience the report notes that the only two companies that operate full web search indexes are google and microsoft. that, to me, is crazy. you know search is a good business google is minting money in

search no one else thinks that it's valuable to create a search engine the barrier to entry is too high and i think this report points that out over and over and over across all these industries. >> wouldn't you admit that the idea of a search engine in itself is in a way ant kuwaited? not only do you have your duck, duck out there, but you've also got amazon doing voice search through alexa in a way that's not technically a search engine, but it is the consumer, the user indicating intent and then a search to bring back information, and amazon also has an advertising business on the back end of that so you can make a search engine argument, but that seems kind of myopic to me >> sure, i mean, duck duck go has to license the google search index. that's how their business works. they're paying a fee to google that makes a margin on the business i think the idea that core technologies that power economic activity across the internet are

locked up into a handful of companies. means of the cost of entry is too high google is not great as a search engine they're cramming their mobile search results full of more products and ads that's how they make their money. they're reducing their consumer experience it should be really easy for any of these companies to say we can make a better one of those none of them do it because the lock-in is there and the switching costs are so high. and i think that fundamentally is what this report lays out in exhausted detail now, some of the recommendations are subject to political compromise, some of the recommendations, i think, are flatly unworkable. parts of this read like the congress wants to ban business we want to prevent you from using superior bargaining position, like how are you going to enforce that? how are you going to write that into a law but the reality is, so many of these markets are locked up and their key markets to build any kind of business now, and that's

a problem. >> right now, one of the recommendations is to not just look at the potential harm to consumers, but also to businesses and to entrepreneurs, which would be a widening of the definition and i usually don't read tweets but i thought this cut through as i was reading through the document someone tweeted these companies got us through the pandemic, i don't hear americans screaming about them leave them alone and worry about something that really effects people like jobs and the economy. and it's sort of a relevant point as we look at the markets today and over the last 16 months as this investigation has been ongoing, it hasn't done anything to halt the rise that we've seen in the prices of these companies and we don't hear consumers screaming for any kind of change >> you know, i don't know about that you know, you were mentioning zoom earlier it's on a tear this morning. google aggressively has tried to kill zoom across all of its products they're adding google meet buttons to every piece of the

google stack that you can find you can barely look at an email without accidently starting a google meet meeting right now. they're aggressive they're competing and they're using unfair advantages to compete. so yes, the pandemic has been difficult, yes, i'm talking to you over a microsoft product right now on an apple computer yep, all of that is true but i think the question is, is the market competitive is competition the way that we want to create value here or do we want the big companies to just tell us what we're going to get? and i think that balance and that tension has gotten more real for more consumers. >> that is a growing chorus of folks that are dissatisfied with the so-called monopoly. >> yeah, there's a great quote about amazon being the sun and you can't get too close to the sun or it will just burn and kill you that is a direct reflection of how much power amazon has to just look at the space around it and take whatever it wants and if we're finding it harder for entrepreneurs to make money in the spaces that surround the big companies, then we're

actually just shrinking the amount of space for people to compete, invest, innovate and i think that is a real problem and i think i've heard it from developers and to a certain extent from users who just want their things to interoperate and work better and find themselves constantly in the middle of a fight between big companies that really doesn't relate to what they want to do with their lives. >> we'll see if lawmakers have the discipline to chip away at this and compromise or if they just want to score points and let this go by the wayside thank you. good to hear from you. >> always great to be on meantime, facebook has announced it will ban all qanon groups across its platforms. julia boorstin has more on this development. julia. >> this appears to be facebook's broadest content ban ever. mark zuckerberg, after years of defending facebook's open platform as a place for the free exchange of ideas is drawing this line and banning all qanon

books and pages from the platforms. this is a meaningful escalation from the policy created in august that initially only removed qanon accounts that discussed violence now facebook is treating qanon the same way it does malitia and terror groups. they say messaging changes very quickly and we see networks of supporters with one message and quickly pivot to another we aim to combat this more effectively with this update that strengsens and expands our enforcement against the conspiracy theory movement since facebook started cracking down on content, the company says it has removed over 1,500 pages and groups for discussions over potential violence and over 65 pages and groups tied to more than 300 mill militarized movements. since facebook's initial restrictions, despite taking down all the content, qanon

groups have found ways to evade the rules. using coded language, they have been able to add members so facebook will allow individuals to post qanono content to their profiles as long as it doesn't incite violence >> thanks for laying that out for us f we still have a huge hour ahead. the new td ameritrade chairman joins us as schwab closes its deal and later bookings holdings ceo glenn fogel still handcuffed to a stimulus deal. and at the end of the hour, we will bring you the ceo of door dash with us breaking ne hwsere on "squawk alley." don't go anywhere. a big show continues in just two minutes.

plenty of all-time highs, roku, peloton, twilio, also ups, as all but two of the dow 30 are green. we're back in a minute

$22 billion acquisition of td ameritrade this morning. the former chairman joins our bob pisani in his first appearance since it was signed. >> we're talking to the chairman of ameritrade and now the former chairman joe, congratulations the deal closed yesterday. i imagine this is a bittersweet

day for you. it's a great merger, a great deal, there's great synergy, but a great name that you've led is going away how do you feel about the synergies for this deal? how do you feel about other potential consolidation in the financial services industry? nelson pelts is getting involved saying there should be more consolidation. how do you feel about that >> i feel like the bottom line is i'm a little sad our name is going away, but having said that, i have tremendous confidence in the entire team, as well as chuck, in terms of being able to realize the synergies which are going to be considerable if we get a little help from the market, the schwab going forward could very well be a $100 billion market cap we'll already have $5.5 trillion in assets. when i began 19 years ago our market cap was $700 million. i'm a little sad, but i couldn't be prouder of what we've been able to accomplish over that time and we couldn't be in better hands with regards to schwab going forward

with regard to what nelson said as far as more consolidation in the marketplace, i think if you look at financial services inspect general, there should be more consolidation when you specifically look at the online brokerage world, per se, most of that consolidation is taking place. ideal clearly was transformational and then morgan stanley bought e-trade and there could still be a couple of other things but i think real consolidation is in general financial services as opposed to the online brokerage. >> i'm curious about whether walt beninger is going to use you. you did a lot of mergers this is a big integration project. are you going to be involved in helping with that transition and that integration given how successful you were in the prior mergers that you handled >> we had done, whether our ceo or chairman, we did 11 mergers and i think we were 11-0 with regard to the success of those but we've been talking to walt and the different teams at schwab for the last two, three

years now and they are more than qualified to be able to handle this they don't need me going forward. i have every confidence that they will realize the synergies that we've talked to wall street about. they'll do that. i'll still be emotionally connected, but i'm not going to be part of that going forward. >> i want to ask you about the retail traders, because that is one of the big stories this year we always used to assume that retail trades were about 15% of overall trading. it seems much higher this year, maybe 20%, 25% ameritrade's own daily average revenue trades are up 100% there's a lot of trading going on and also robinhood. how do you feel about the retail trader this year is it good news that are more retail traders involved or are you worried some might get burned by excessive trading? >> somebody can always get burned by doing excessive anything but i think the reality is you're right as far as the numbers go i think it's probably double what normal volume would have

been a year or two ago i think covid has got a lot to do with that one of the things i know has happened at td ameritrade, we have some good educational systems and products and services that our client base can take advantage of and they are doing that so the combination of those two are really pretty good in the past, when you and i spoke in the past i said that i've always felt that the retail trading was a lagging indicator in terms of what's going on. i think it has improved significantly over the last year or so and i think they're doing a much better job now of buying on weaknesses and selling on strength so i think for the most part they're doing better now, is there going to be somebody that maybe takes it to an extreme that's going to have a problem? that can always happen any place, anywhere, any time in any field. >> the second big story of this year is spacs, and what do famous and successful people like you do in 2020? they started spac.

you started a spac do you want to tell us what this is doing briefly and what do you feel the role of spacs are >> as i go forward, i'm chairman of fundamental global and capital advisory group, which is an asset management and wealth management company the fundamental global new america, as you pointed out, i think spacs going forward allow more flexibility in terms of working with a merger candidate that is interested in bringing something to market. i think we differentiate ourselves in a sense that we've got an incredible operating experience the other thing i think we'll do a good job of focusing, on, everyone looks at the numbers, but at the end of the day, when you run stuff, the experience that i've had, it's all about the people you've got to have the right management team that has the right strategy, but is good enough they can simplify it so

they can execute and be a leader in the market niche they choose to participate in. with regards to us, all the compensation is based on equity and our objective is to bring a deal with a company that would really be proud of down the road >> yeah. joe, we've got to let you go congratulations on closing the deal and good luck on your future former ceo of td ameritrade and now also former chairman of td ameritrade a lot of other things he's going to be involved in in the future. joe, come back and talk to us soon thank you very much. >> i appreciate that, bob. thank you. and bob, our thanks to you for bringing us that interview coming up next, deal or no deal, confusion over where stimulus talks stand and if a deal will even happen before the election. that's taking its toll on travel stocks the ceo of booking holdings, those shares up in today's market wl igh in with us next. don't go anywhere. d felt aght

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welcome back, everybody. i'm sue herera here is your cnbc news update at this hour. boston's mayor, marty walsh, has paused plans to reopen that city's schools after boston's coronavirus positive test rate jumped above 4%. the texas supreme court has blocked houston's plan to send 2 million ballot applications out to voters. the justices sidestepped the issue of whether mail-in voting

was safer in the pandemic. a frag appeals court has ruled that president trump must turn his tax records over to a new york state prosecutor. a trump attorney says he will ask the supreme court for a stay of that ruling it remains unlikely that the tax record fight will be resolved before the november election and new england patriots corner back stephan gilmore has reported by tested positive for covid-19 as a precaution, the team has canceled today's practice. you're up to date. that's the news update this hour carl, i'll send it back to you. >> thank you very much in the meantime, we're watching travel related names as we continue to hunt for information and headlines about potential airline stimulus we have the ceo of booking holdings. >> thank you welcome, glenn foebgel, ceo of booking holdings we're trying to make sense of what is happening on the stimulus front mixed messages over the last 24 hours. as the head of the world's

largest operator, help us understand what is at stake if the latest relief is not passed. the latest data paints a concerning picture they say 1.3 million jobs will be lost by december if stimulus is not passed. >> thank you very much for having me. obviously, this is a horrible thing if we don't get a stimulus package across it is so important for the industry to put that money to work, help make sure we maintain employment look, nobody wants to have the airline industry, you know, terribly impacted by not having enough people. i mean, how are we going to get these vaccines when they're produced offshore? they're going to come by freight? we need to have a viable airline industry and that means putting money to work now, not two months from now. in addition, we need to be preparing for more money for the whole travel industry. the travel industry has taken it harder than anybody and there's so many jobs at risk so when travel is safe again, we need to have programs and

stimulus to help bring back this industry the way other governments are doing it we're working right now with a government in thailand and japan and we have programs out there producing thousands, literally thousands of travel bookings right now because it's safe to travel there and those governments put together programs that are helping bring back that industry and i say, please, to the president, secretary mnuchin, madam speaker pelosi and minority leader schumer, please, please, get together and come up with a package that will help bring back this great industry. >> you're in dc quite often, meeting with lawmakers, glenn. this idea that a targeted bailout plan for the airlines could be put forth before the election, how critical would that be for these airlines that use your platform to drive bookings >> well, i think it's very important right now. right now, the major airlines are in the process of furloughing people and yes, you can bring them back when the money comes in, but the longer you wait, the harder it is to get the people back, the more damage it is to the

industry sooner rather than later in fact, i would love to hear about it very, very soon, that that money is going to be coming through. >> you've got 17,000 employees unfortunately, you've had to make the painful decision to announce that you're laying off 25% of your workforce. what other contingency plans are you putting into place if this additional relief does not go through? >> well, we think we're pretty well set going forward and, you know, i do believe the travel industry will come back as soon as it's safe to travel people are start traveling it's really a function of how fast it will come back and how much damage is there to the industry i see no reason that we should have to wait extra years because we took time putting money to work now it just doesn't make any sense to me. when people tell me that we're at war with this virus, if it's a war, let's supply all of the forces we have, overwhelming force now. don't wait until later and during wars, i mean world war ii, did people say, gee, i

don't know, this tank is really expensive, maybe we shouldn't build so many or we'll build some more next year. i urge everyone, bring the money to force now >> glenn, you know, we're back to the conversation that we initially had over ppp and that is these airlines, and in particular, still have the option to raise more debt. we know they've already raised a lot and their liquidity positions aren't in dangerous territory at the moment. how does that lend itself to an argument for more free money >> well, first of all, i believe that there's a benefit to the entire economy to have a vibrant, successful economy, and part of that means having the airlines working well. and as i pointed out earlier, when you start letting go your people, bringing them back is not easy it may be elsewhere. so by not bringing that money to work now, we are damaging that industry it makes no sense to me. we need to have a great air business why do we want to wreck it

>> glenn, it's deirdre as we wait on stimulus or no stimulus, let's talk a little bit about your business model. some third-party data shows that home sharing is actually recovering, airbnb in particular, quicker than hotel travel are you seeing the same thing and how are you thinking about your mix of vacation rentals versus hotels? >> yeah, no, we are fortunate that the overwhelming amount of our money is made in the hotel accommodations and that can include things like home sharing, things like that. so we are fortunate in the industry to be doing that. and we have seen a substantial shift. we talked in our second quarter earnings announcement how over 40% of our new bookings were going to places like a home or an apartment, not a hotel, which is a big change from the yearly earlier when it was half that. that being said, if 40% of the new bookings are going to home type places, that means 60% are still going to hotels. you're right, there have been

more people who are going to a home fortunately, we offer the greatest selection of both >> right, and how do you get sales for those vacation rentals? google has a new platform, at the same time do you wear about them as a competitor at the same time you're handing over ad dollars? >> i worry about every competitor and certainly google is one of them and we do get a significant amount of traffic from google, but also a lot of other places one thing i'm proud to talk about is over 50% of our bookers are coming direct to us. that means they're not going to google or somewhere else they're coming to us because they know we offer a great service, great products, great selection, and they come to us and then come back again. >> google overwhelmingly dominates the search market. that was the take-away from the house judiciary report last night. glenn, how many now are anticipating some type of action from the doj, how much would your business benefit from

restrictions being put on google's business? >> well, i haven't read the entire 450 pages yet it did just come out yesterday and i admit, i went to law school, but in my three years at harvard law school i never took an antitrust case, so i'm really not that familiar with exactly what the situation is right now. i will say this, though, we want a fairfield for everybody. we want to make it so we can produce the best customer service, the best customer products, and the best customer selection. we want it to be open for everyone now, whatever sort of new laws may come down the road, we'll figure out then what that may do for us or anybody else what we're looking for is people shouldn't be regulated just because they're big and successful we're pretty successful. we're the biggest travel company in the world so we don't get regulated just because we're doing something good for the consumers we want regulations to make sure it's a fair playing field for everybody. >> and back to airbnb, upcoming

ipo, $3 billion ipo that we're expecting in december. how are you preparing your business for this new competitor to come to the public market we'll now get a better look at their financials and their market share in vacation rentals. >> yeah, they are successful and they've done a great job i just tip to my hat to the whole team at airbnb they've done something very, very impressive. that being said, we think we're impressive, too. we like our system better than theirs i always talk about you go to our place and you get a home and you click and go you don't have to negotiate with everything it's instantly bookable on our site and we don't hit you with a fee at the end we don't do that, either there are a whole bunch of things that we think we do better they have done a good job and they're going to go public and get more cash and it will make the competition harder. >> we look forward to talking to you more around that time frame. glenn, thank you for joining us

today. appreciate it. >> thank you. >> ceo of booking holdings carl and deirdre, back to you. now, the dow continues to flirt with a 500 point gain this morning just off session highs at the moment. mu me tay rng about 1.5% gain choronod'sally and the rekters to watch next. do stay with us on "squawk alley.

dow is up 440, close to session highs. the ceo of door dash is here after announcing a new delivery option in the meantime, all three d dices positive for the week anthe early month of october we're back in a moment

did you miss yesterday's cnbc at work summit on the future of work don't worry. good thing it's 2020 you can head over to cnbc.com for highlights and insights into

how the top companies in the world are learning to work from home, to listen to employees stay with us "squawk alley" is back in just a moment >> one of the big positives, i think, that will come out of this tragic situation, is that we as a society, and particularly the c suite in corporate america and around the world, now understand what can be accomplished over this technology and clearly, i think, many of ouremployees want that hybrid environment where they're in the office some, they're home some, maybe not home every single day, but some will work from home every day. but i actually think the technology has made that work much more effeivy anctelth i would have expected it to, to be honest with you. >> announcer: at work is brought to you by workday. workday, for a changing world.

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so top of mind, the question of fiscal stimulus. we just heard from booking holdings ceo ben fogle saying the travel industry needs it what's at stake for the restaurant industry? >> good morning. it's good to be with you what's at stake for the restaurant the restaurant industry and, frankly, many small business owners is millions of jobs that's what's at stake that's why at doordash we're proud to support legislation like the restaurants act which we hope congress will pass soon, because this industry desperately needs that stimulus injection so that we can keep the economy going. you know, let's remember that the restaurant industry certainly has been severely impacted while we're proud a restaurant at doordash has six times the odds staying open during k covid-19, we realize the work to get to the other side.

we're working with state and federally elected officials to do something in concert to get to the other side of this. >> tony, you were on cnbc at the start of april and you said, fortunately, the vast majority of restaurants were still going strong what has the last five or six months brought are you still seeing, you know, a good number of them going strong or have you seen many fall off what's the state of restaurants on your platform >> yeah. the resilience of the restaurant category has been incredible and i know that everyone is working creatively and tirelessly to do what it takes to make things happen. whether it's, you know, restaurateurs selling meal kits or selling ingredients at grocery items or turning, you know, their kitchens into opportunities to create new brands and other types of menus. i think that the innovation in the restaurant industry has really, really met the

challenge. at the same time, it is a very, very difficult time. so, you know, we certainly are doing everything we can from investing tens of millions of dollars in marketing campaigns to, you know, working with elected officials to try to work together so that we can help these restaurateurs make it to the other side >> this corporate plan, this doordash for business that you're announcing today, how should we think about how it's going to fit into your overall revenue? is this more like the uber and lyft corporate plans that are sort of additive and maybe it's just for companies that are ordering in for a meeting, or is this going to be a eplacement in some cases for organizations like bon appetit that have supplied on-campus dining and now that employees are working from home, do you expect some companies to provide them lunch

every day? >>. >> doordash for work is a comprehensive solution for organizations to, you know, live in any reality, including the current pandemic whether you want to support your employees at home, which many of us are working from home, or on the road, some are still traveling, and some have come back into the office, you can do that so doordash for work solves all of these needs if you think about it, in 2019 this used to be a $65 billion category that collapsed almost overnight given the advent of the pandemic so what doordash for work does, it gives businesses the opportunities to serve their employees wherever they are with products like dash pass, where they can offer our industry-leading subscription program as a corporate benefit or they can expense meals subject to budget dairy guidelines or even give gift cards if they want to continue to put on virtual events or take

out clients. and for anyone that is back in the office, we are also shipping a group orders product, and that is, you know, tailor made for these times, where everything is individually packaged and it's really optimized for safety during the pandemic. so, doordash for work is a comprehensive solution that will give merchants these restaurateurs we've just been talking about the much needed extra profits with the long-standing businesses that they've served for many, many decades. and that's why we're very, very proud to have already served 5,000 businesses and teams who are using doordash for work. companies including zoom, hulu, charles schwab as well as many nonprofit organizations like mt. sinai hospital >> you know, tony, it's a tough conversation because we're talking about the potential for a lot of business deconstruction

there has been government data that business creation is setting new records as well. the number of people starting new businesses in this country and i just wonder if that's reflected at all in your data, if you're seeing more people who are some capital and say, if i'm going to get into the restaurant business, this might be a good time >> we're seeing as a category, again, it's been very, very resilient. i know that the distribution is a bit uneven the mom and pop stores certainly are struggling, but they're near 75%, 80% of what they used to be doing sales prepandemic. some of the larger restaurants and chains, some are even doing better than before the pandemic. i think what you're seeing is you're seeing lots of create you're seeing lots of consumers who really want to support all of these organizations that reside within their cities

and so i think that ground swell is what's leading to some of the job creation, organization creation and, frankly, the resiliency of the category. >> three months ago we had your chief operating officer on as you announced a partnership with walgreens on delivery. what update can you give us on quickly that program will be able to roll out to more local neighborhoods and local markets, and what the reception has been. >> the reception for our convenience and our grocery offerings has been incredibly strong recently we announced partnerships with the likes of 7-eleven, walgreens, and grocery like meyer and others, totaling thousands of stores in the country. we have tens of thousands of stores that will be expanding into very, very shortly. all of these offerings are included under dash pass, the

largest food subscription program in the u.s so with no additional fees, in addition to getting your restaurant or favorite restaurant meals delivered, you can now have convenience and grocery items delivered as well. >> tony, i know dash pass is part of the enterprise push as well i have to ask you about regulation, particularly in california prop 22, now the most expensive ballot initiative in the state's history, which doordash is helping to fund. i wonder if it doesn't go your way and ultimately doordash has to reclassify dashers as employees, are you considering leaving the state all together as lyft and uber have? >> well, i think the conversation about proposition 22, i think, is very, very, very important. and, you know, to us at doordash and many others, we believe in two fundamental rights we believe that every worker should be able to work whenever they want, wherever they want. and we believe every worker

deserves basic protections such as health care and proposition 22 is a mechanism that will deliver both of these things. it's just very different from the traditional employment standards that were created 75 years ago. and it really reflects what the dashers, the drivers, and other gig workers really want. 90% of gig workers, at least at doordash, work fewer than ten hours a week they're voting both with their words and their feet that they really want to keep this flexibility. and at the same while, we believe that they deserve extra protections. so, this is a widely supported effort where we have 93,000 drivers, we have public safety groups with the california naacp, all in coalition supporting proposition 22. >> at the same time, are you prepared, if that doesn't pass, are you considering leaving the

state? >> we're prepared for all scenarios. while certainly there are no guarantees in politics, to us it's all about always working on what is best for the dasher. and the dasher has told us repeatedly and again by a 4 to 1 margin, that proposition 22 and what's under proposition 22 is what they want >> tony, thanks. that's all we have time for. we hope you come back again. thanks for talking about do doordash for work. speaker pelosi was on "the view" on abc and talked about the president's stimulus last night. >> all he has ever wanted in the negotiate was to of send out a check with his name printed on it forget about the virus forget about our heroes. forget our children and their need to go to school safely and the rest he's just, again, rebounding

from a terrible mistake that he made yesterday and the republicans in congress were going down the drain with him on that. >>. >> we'll watch for more information regarding the speak speaker and mnuchin. fed minutes are on deck in a couple hours let's get to "the half". >> welcome to "the halftime" report to stimulate or not stimulate, that is the question. the answer it changes by the tweet. but it may decide the direction of stocks and your money we'll debate the market's best move let's check the markets, which are higher on prospects, maybe, of some sort of stimulus agreement in washington. though that is very much uncertain. i thin