good morning it is 8:00 a.m. at airbnb headquarters in san francisco and 11:00 a.m. on wall street and "squawk alley" is live

good tuesday morning welcome to "squawk alley." i'm carl quintanilla with jon fortt. it's a mixed fwoog day retail earnings, amazon pharmacy, covid-19 restrictions, fed speak. we're going to begin this morning on capitol hill as both mark zuckerberg and jack dorsey testify before senate judiciary on censorship, suppression, and, of course, the 2020 election our julia boorstin is monitoring this and can tell us what happened so far. julia? >> well, carl, senator lindsey graham focusing on what he sees as a need to revise section 230, that's the rule that protects social media platforms for legal liability for content. he says facebook and constituenter wetwitter were making editorial decisions and far more transparent

standards are necessary. he called out the mental health risks associated with social media use. on the other side of the aisle, richard bloomenthal, he is calling for breakup of the platforms. mark zuckerberg supports change to section 230 dorsey pointing out they need to walk a fine line >> we are facing something that feels impossible we are required to help increase the health of the public conversation while at the same time ensuring as many people as possible can participate and in order to do so, we need to make policies so people feel safe and free and they can express themselves

he denied bias and enforcement of facebook's rules and defended the neutrality of the rule he said he would not take down steve bannon's account and saying the officialive posts that he put up didn't violate the rules. he stressed all the progress that facebook has been making in terms of protecting integrity of the election >> i believe this was the largest election integrity effort by any private company in recent times this is what people expect of us and i'm glad that from what we've seen so far our systems performed well election interference remains an on going threat that will never fully be solved. so we continue to improve with each election. >> dorsey also talking about all the positive steps that twitter is taking in flagging misleading tweets and protecting the integrity of the election. jon? >> all right julia, thank you one of many things happening today in tech, let's talk about it with former hp ceo carly

fiorina and john chambers. good morning one of the major things that we got our eyes on this morning is the s-1 from airbnb. john, i want to start there. you certainly navigated cisco through some tough times, the d dot-com bust we get to see revenue drop by a third in the first nine months of 2020 compared to 2019 but airbnb is profitable in q-3. what does that tell investors about operational discipline there? >> well, i think it basically says that these new start-up companies are running their focus in terms of precash flow and profitability. they're here to stay i do not agree that the high-tech companies who benefited from the pandemic and reverse way like the zooms of the world, the docusigns of the world will be affected

negatively in the long run either so i think it speaks to the next generation of major companies in america being on the high-tech foundation a airbnb being an example of that. great to see y'all again it's a pleasure to be on the show >> it's like we're in the 20000s again but in a good way. carly, you and john both did a lot of m & a when you were ceos. john mentioned companies that benefited from the covid-19 period doordash comes to mind they just filed an s-1 days ago. as you look at results like these, investors are trying to understand them now. what do you look for to understand where the long term value is and i think airbnb, door dash,

zoom are all examples of companies that are going to benefit from those changed habits yes, it is true that when we have a vaccine in the pandemic is behind us, people will go back to some things they used to do but what is not going to change is people wanting to eat what they want to eat when they want to eat it. what is not going to change is people wanting to have a meeting without having to get on an airplane and what is not going to change is the fact that people want to go off and barrow someone's home for a lovely weekend instead of changing into a big hotel. and a focus not just on top line growth but on what is required to drive bottom line profitability. and i think that's why you have seen investors be quite encouraged by some of these s-1s because that's what it looks like these companies are doing

>> carly and john, good morning. a lot of tech news this morning. we're also keeping an eye on that judiciary hearing with jack dorsey and mark zuckerberg john, i had to do a double take a few moments ago when i heard zuckerberg say accidehe doesn'tk the research is conclusive we certainly don't want our products to be addictive first, do you buy that second if you don't, what is the point of the hearings? if we're going to let the ceos get away with something like this when clearly that is the business model >> that's a challenging question let me break night pieces. first, i'm a huge believer in the future of our country. it's going to be around tech and high-tech in total and it's very important as we think through regulation to understand the implications of that the large companies in my opinion clearly overstepped. if you would have watched the interviews from two years ago, the ceos were caught off guard.

i think you now see tech understanding you have a capitalistic objective and a benefit to society of having that balance carly was on my board for a number of years and thank you, carly, but when john door and i found the tech net 21 years ago to work with government and business, we had no issues for the first 15 years in fact, we worked very close, for example, with president clinton on his infrastructure strategy which generated 34% gdp growth over eight years, 22 million jobs, real per capita growth at 24%. where i'm leading you is i think technology companies need to work much closer with government for the very legitimate needs and we have to be very careful of the regulation for the unintended consequences no the on the big companies they can afford it but on the small startups which literally regulations done wrong can literally destroy. #. >> john, that's a goint. what year hearing from

zuckerberg certainly to extent dorsey, carly, is their willingness to work with the government but is that genuine? do you think they truly want regulations the way government may implement them, the lawmakers? or do you think they just want to set the field themselves because it protectis their business model >> well, what they want and what is wise over the long term are two different things i think what they want is a continuation of what is in the past hands off tech in washington, d.c. that is not realistic. it's pretty clear now that both republicans and democrats although they don't necessarily agree on the solutions, they clearly both agree, all agree, that something different needs to be done whether it's around data privacy or don't management or lack of competition. and so i think john has it exactly right. i've said this on other occasions as well. these companies are going to have to get together and become part of the solution

working with government. aztec n as tech net tried to do so many years ago. this he cannot say hands off, we no he what we're doing that's not going to play anymore. and on the other hand, it is very dangerous to allow politicians, many of whom don't understand the platforms of the algorithms, really, to just devise regulations and so i would hope that these ceos are going to get real now and say, you know what we're going to have to pull our industry together. we're going to have to sit down with politicians and regulators of both parties and figure out a set of solutions here that doesn't kill the golden goose. but lays out some rules of the road i was bate heartened to hear we need rules of the road we're being placed in an impossible position. there is a lot of truth to that. >> you know, as usual, carly and

i agree on many things if you watch the tech leaders, many of them took very strong stands politically on one party or another and we're actually tough in the employees the same way technology has to remain neutral. it cannot be tied to one party or another think started saying to us three years ago if, you don't change, regulation and antitrust is coming and it is >> you see today an example where amazon says they're in pharmaceutical business. walgreens drops by 11% so the power of the big companies has never been stronger and it has to be focused in a twha is a win for society and understand the impact on jobs across the nation especially on start-ups. >> zuckerberg said that steve bannon did not violate enough policies to get suspended from facebook when he called for the beheading of anthony fauci and

chris rahe i guess the question, it's an unfair question to you we don't have the answer but if that's not cause for suspension, then what is >> that's exactly what and that's why mark zuckerberg's continued insistence that, hey, wee h. we've got this, we've got this understand control just let us police ourselves isn't going to work anymore. people don't understand what the rules are. secondly, people are suspicious that the rules are not consistently applied we don't know if that's true or not. if the suspicion is, there then politicians are going to keep pressing i just don't think it's realistic for zuckerberg or dorsey or any of the technology companies to john's very wise point, when you have this much market power, this is market power that far outstrips the oil companies when they were at first regulated or the telephone

companies. these companies have enormous market power and to continue to insist that we've got all this under control, isn't going to play again, i hope that these technology companies will decide that they are prepared to be part of the solution here. because politicians on their own aren't going to come up with the right rules. >> hey, john, let's talk more about section 230 which this hearing is all about i let me tie it to the other news buried in the airbnb perspective, under the risk section, the company lists section 230 as a risk. after all, airbnb is a platform. they have come under fire in the past for some perceived discriminate torre effects on it i wonder, how far does this go in terms of lit limiting that or debating that liability shield and could it affect companies beyond the social media platforms that we're looking at

right now? >> it absolutely not only could but will it's like the general privacy rules that came in place the california attorney general put the impact on business and at $91 illion. by what a state legislature did. but the companies that got hurt to the point i'm going to hit again and again is the small companies that are responsible with job growth and creating it. so the unintended consequences of regulation often results in a very bad outcome so i would encourage people to work with business and government, high-tech very closely with government. not with a stiff arm, but say how do we address the very legitimate needs of government how do we realize it's important to make money? and represent our shareholders but also important to give back to society and if they don't do it, they're going to be regulated. but with very to get back to this nation be it a start-up nation if we come out of the economic down turn, we have to get the start-ups going at a faster pace and the unintended consequences

of regulation on start-ups are fatal. i'd like to see our nation pivot quickly. let's become a start-up nation again. let's create 25 million jobs through startups >> carly, finally, we're talking about cooperation potentially between tech and government. i can't help but notice in california just now we have this gig economy legislation and then a vote that pushed things the other way. right now, you know, we got dueling perspectives on exactly what ought to happen with section 230. how do you think we get to a point of even there being clear positions in a process of debate and then legislation around so many of these rules that technology has thrown into a bit of chaos >> well, it's a really great question and i think in california, they put it up for a proposition. the gig economy. i think people were a little

surprised in some ways by how the voters responded to that proposition. but i think to john's point, you know, john and i spent a lot of years doing a lot of things together but onest things we worked together on was helping government and the political process understand the unintended consequences of internet taxation. and john and i both and many others spent a lot of time on capitol hill talking through what are the right rules of the road for internet taxation i think there was impact of that so, yes, we are highly divided nation on the other hand, a shred of hope, perhaps, to john's point about becoming a start-up nation again. joe biden, our incoming president-elect has an ambitious program around climate change. that represents an issue around which startups can and should form and so there are real

opportunities, i think for the united states to take a lead around some of these big issues. and it will be vitally important that these big tech ceos decide that they want to be part of the solution here and that they understand that we can walk and chew gum at the same time. that companies can grow and make profit while at the same time meeting the needs of an american society and doing our part to build a better world the i know that sounds corny but i think technology has always been a driver towards a better world >> right >> and it needs to be now as well >> that would be nice, indeed. carly, john, thank you >> thank you very much, carl carly, a pleasure.

>> likewise. jon, dhek out shares of walgreens and vcs this morning if you wonder why they're down big, we'll tell you next john chambers talked about it main ago stay with us at fidelity, you'll work with an advisor to help you build a flexible wealth plan. you'll have access to tax-smart investing strategies, and with brokerage accounts online trades are commission free. personalized advice. unmatched value. at fidelity, you can have both. this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart

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amazon laurnlging an an os line pharmacy today. sending walgreens and vcs lower in the trade we have more on the pharma play. bertha, this is a big move by

the company. >> after paying a billion dollars for pill pack two years ago, it was clear that amazon had designs on pharmacy. building on that today, they launched a full online pharmacy that is in network with most ensurers and medicare if you're paying with benefits, can you use your health saving accounts or flexible spending account for co-pays. can you talk with pharmacist onzline or over the phone. if you need medicine right away, can you print out a card and go to a physical pharmacy they have networks of 50,000 of them prime members get free two day shipping and a prescription savings comparison at checkout if they're paying the cash price without benefits that puts them direct competition with good rx to get a look at the comparisons, you have to open an account. though you have to enter, i thought i would have to enter my insurance information when i did this but as a prime member with just

the last four digits of my social and date of birth, the system automatically generated my insurance membership number which begs the question about personal data. t.j. parker, the founder of pill pack says that the experience inside the pharmacy is separate and different from amazon.com and that data will be stored in compliance with health privacy rules and not used for marketing unless you opt in. now good rx taking a big hit on the news the best known of the discount cash price companies, amazon integrating and certainly appears to be a big threat the news hit the drugstore chains hard as well. though in part anticipating this, they've been building up their pharmacist in store role and added medical services and certainly play a critical role during covid-19. the pbns already offer mail order and some discounts walmart also a big player here

on this morning's earnings call, doug mcmillan reacting to the amazon news, he thinks that consumers want an omni channel approach in health and wellness which includes instore services as well as mail order. but, boy, the gauntlet has been thrown this morning. >> once again. amazon likes to do that. bertha, thank you. i'm so glad, guys, that bertha brought up walmart at the end. we're focusing on shares of good rx, rite aid and walgreens i really think this is a move to become more competitive with walgreens. amazon prime users have typically been more affluent consumers. but over the last few years, we certainly see amazon trying to capture, you know, a broader base of prime users including walmart's customers. but, of course, carl and jon, this isn't guaranteed, right not everything that baez oes or amazon touches turns to gold i think about ambitions in

grocery and 14 billion plus acquisition of whole foods, i think the ambitions have still yet to be realized they have a big boost amid the pandemic there is third party data that shows it may be looging behind other grocery stores when you think about the pharma states, there are issues of privacy and data involved as bertha outlined. >> i wonder what microsoft thinks they've been a partner with walgreens. they've been a partner with walmart as well. so from a technology perspective, that might be a place to look. this virtual call strategy from amazon, carl, might prove difficult it >> it's bointed out, amazon doesn't need everybody to just go away completely they just need a small enough piece of the pie to make some money which is easier for them because of their low cost scale. just one of the beauties of the model. by the way, keep an eye on tesla this morning we're off the morning highs. we were up 11% now at 7%

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visit chevycybersalesevent.com today. . welcome back, everybody. here is your kcnbc update. chuck grassley is quarantining after being exposed to the coronavirus. it could jeopardize a procedural vote on judy shelton the pentagon says that for the first time it has successfully tested a ship based missile capable of intercepting intercontinental nuclear attacks. military officials call it a critical milestone in missile defense. in vienna, the streets are

deserted as austria starts a partial lockdown people are banned from leaving their homes except to go to work, get essential supplies, exercise, or help others who need assistance. and this is how you start the second half of a football game chicago bears return specialist core del patterson taking the vikin vik kickoff and returning it a record -- he keeps going and going and going, 104 yards for a touchdown. you're up to date. that's the news update this hour out to you >> thank you, sue. it's been a busy few days for ipo launches door dash is on friday airbnb will be over a decade old when it goes public. there say lot to dig through however, it was a little light on some key areas despite it being 400 place pages. there were lots of mentions of covid-19 and pandemic. not a lot on specific businesses

beyond home sharing. what i wanted to see was more information on experiences there is hotel exposure and china. gross bookings, they recovered since the spring people favor vacation rentals and car trips. and airbnb scaled back on ambitions amid the pandemic. it is really difficult to see what remains and how much cash is burning or not burning. the s 1 leaves a lot on the pandemic to tell us why business is hit hard over the past year there were signs precovid-19 like the 2019 loss that's can be concerning for investors i think that there is still some questions remaining from that 400 page plus per inspectous >> the huge irony here, i think, is that air bnb waited all these years arguably it could show stability and consistency to investors and now the coronavirus has hit. you can't see a consistent growth trajectory now if you're an investor looking at this. you have to think okay, well, i

have a bet three to five years out. what is this going to look like? is it going to return to the same growth gentleman trektry. if they went public five years ago, they would be in a limb lar passion. this one kept being pushed back and back you were looking at the door dash per inspectous too. this is a lot more revealing it outlined what the company wants to become. i no he it's very different situation. demand has, you know, surged amid the pandemic. it wants to be sort of this platform for everything. you see door dash inking partnerships with retailers and grocery stores beyond food delivery so i thought that was interesting point. for good measure, i did count the number of covid-19 and pandemic mentions. it was 150 so nearly half of airbnb this is another business that is greatly affected in different sense by the pandemic. >> yeah, carl. i think in a way door dash's pro

inspectous may be deceptive in that, boy, they're riding high right now because of that covid-19 demand. so, yes, tony shoe brilliant, he had the strategy that was going beyond the dense urban areas into the suburbs i remember talking to him about that a year or two ago when he raised around specifically for that purpose the order sizes out there combined with the loyalty program that's door dash put in place pretty effective >> it's true, guys something as widespread as the pandemic obviously had enormous consequences both positive and negative depending on the space. d? >> yeah. absolutely it's a good point that jon brings up. it's suburb focus versus city focus. i would have liked to have seen that from airbnb, how many listings are in cities and outside of cities? we'll dig into this further. our next guest is on door dash's coming debut

he joins us now. mark, what did you make of the two s-1s which did you find more interesting or more revealing? >> yeah. you know, just listening to the conversation and there was certainly incremental data points that we picked up on in the door dash s-1 thats what certainly helpful i think from an investor lens in particular, i think they spent a lot of time articulating what that platform strategy is going to be beyond simply the existing food delivery base. think give us incremental data points is food delivery ever going to be a good sfwhbusiness they offered economics of a customer look like in year one when you're acquiring them and what do the costs look like versus what do they look like two, three, four years down the road from where i'm sitting, that type of covert analysis is something that, you know, i hope becomes a, you know, a required insert for all of the internet companies that are ipo'ing >> absolutely. it gave us a good look into the

unit economics. >> yeah, certainly the strategy that door dash pursued by going after the suburban markets, going after the tier three, four cities, appears to have played itself out quite well. at that time, remember, it is counterintuitive where everyone thought the demand was going to be in the big metro markets. density is there the order volume is there. but what door dash has proven effectively growing the share from about 17%, you know, a couple years ago to about 50% of the market is that once you get into the suburbs, there really isn't a lot of competition and so you're the only game in town you're ordering for families versus individuals so the order sizes are bigger.

the delivery you can plan your logistics can get there quicker. uber grew aggressively into markets where they were not the first player we see it in london play itself out recently and trying to gain share. in order to do that, that's going to cost more dollars up front. they can grow that business. what i think door dash shows is that once the land grab played itself out, it's a good fundamental business underneath it >> mark, i think tony shoe is potentially dangerous. i mean that if a good way. dangerous for the competition. i spoke to him about this strategy before he launched it he was talking about how door dash uses data on road quality, on the speed of pickup, on even where you park when you're outside a place if you're a dasher to pick up a meal and uses that sort of waze style to inform efficiency i'm not sure that uber and

others are doing that the same way. certainly not in the suburbs from a technology perspective, what advantage do you think door dash has, if in fact, it that's data usage and efficiency leap over competitors >> you know, that would certainly hard to say. it is certainly one that we hear uber talk a lot about their investments in the own platform and routing capabilities and batch processing and i certainly expect that we'll continue to see those investments. if you want to get food delivered you to, it gets picked up from the restaurant and then to your door f you're in a dense area, it gets harder to route that currier to the right point to actually get the food delivered whyas, it appears that what door dash has done is take the data points into account it is something i imagine if everyone else hasn't done, they

will do. but it certainly seems like something that is paying off >> mark, whether we're talking about door dash or airbnb's s-1, what is your strategy looking past the covid-19 impact by the end of next year we'll have a vaccine or two or five in circulation. but how do we know what the growth trajectory starts to look like again beyond this period? are you still looking at growth rates? or are you going to look at something else >> i think you have to that is certainly the big unanswered question for both s-1s you know, what happens once we start coming out of the pandemic and certainly perhaps an argument with air b and n that there is pent up travel demand that will materialize. you may see that pent up demand to go back into the restaurants. you have to look what goes past 2021 and into 2022 and

understand where things land once we're in a new normal the question is now is this a permanent part of our behavior perhaps, you know, we now migrated cooking exercises and we're not doing, you know, effectively food delivery. what happens with the ordered size it's we go back to the office you know, on the same side with airbnb, were they seeing a lot of growth in the domestic travel in travel within kind of 50 miles of where you live? folks are going to effectively work remotely. we'll see that return back to metro markets. but how much of that is durable and persistent once we get into 2022 and beyond? that is certainly the top question investors' minds for both s-1s. >> yeah. and a really difficult one to answer, mark on that point, i mean, airbnb scaled back the hotel offerings to focus on the core which seems like a good pandemic move, vacation rentals how might that set up airbnb for the long term when travel does return and people want the hotel

listings >> it's a good question. we didn't see a lot of moves into the hotel business. you know, it was curiously not mentioned all that much. i think what we've seen from airbnb is a real pivot something admirable given what we've gone through and the layoffs that they had to go through to reeffectively structure the entire cost base and focus energies to where demand is today. you can only control, you know, so much from the macro i bl environment that once we get into kind of a reopening, you know, management to both companies, we'll take the opportunity to reassess their investment strategy, you know, the capital deployment strategy and effectively follow where demand is going. >> certainly can't be easy putting out an s-1 thank you for your unsights today at bernstein >> thank you for having me >> check out shares of kohl's today. stock up 7%. michelle gass talks about

improvements in categories in the quarter. better traffic in september and october. that is an exclusive interview on "closing bell," 3:00 p.m. eastern time in the meantime, we're off session lows "squawk alley" continues in a couple minutes - [narrator] at southern new hampshire university,

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pre-ipo. take a listen. >> you had a chance to invest with jeff bezos early and you didn't why? >> i'm so stupid don't embarrass me i'm so much regretting my life he and i just had one-on-one in a small, small hotel in switzerland talking a couple hours investing in -- he and i almost agreed. and, you know, i -- >> what year was this? >> before his ipo. before his ipo so we were talking some time in the $100 million to own 30% of the company. and so the variation we were talking is like $300 million and he said, no. you're crazy we're not $300 million company

we're a $350 million company >> $50 million difference there for him and a lifetime of regret though he did get benefits can you see the interview on cnbc.com i can't help but wonder how many calls he's made since trying to undo that call meanwhile, take a look at shares of gamestop as we head to break. that company being pushed to conduct a strategic review by activist investor and "squawk alley" guest ryan cohen, founder of chewy he owns 10% of game stop said the company's business model is outdated and says game stop should reduce the number of reick-and-mortar stos. more "squawk alley" straight ahead. stay with us

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bidu topping estimates but the streaming service showed stagnant momentum. that's clearly disappointing investors datoy. the stock down more than 15% we will be right back. my name im going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you

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medicare advantage plans, and you get telehealth coverage with a zero dollar co-pay. you get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare. before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these.

lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. tesla, as you know by now, being added to the s&p next month. shares are up on that news of the 25 biggest stocks in the index, tesla's forward pe would be the largest by far. nyu sterns valuation professor joins us welcome back >> glad to be back >> i remember when they were not

included as some additions it was seen as a sign of discipline by the s&p committee i wonder, what do you think changed between then and now >> you can't evade reality when you got a $400 billion company out there and you call yourself the s&p 500, how long can you hide from not having the company in your index? it was only a matter of time so i'm glad it's in there. i think the inclusion of the index by itself is not going to change the game. tesla's always had a story of its own, traders who basically trade based on its future. but i think it's about time. >> i wonder, you know, last few days have seen stories of out of the u.k. and it was canada yesterday where they will begin to ban the sale of new gasoline powered cars either at the end of the decade or in 2035

it does feel like ev is getting legitimatized and i wonder if this is a big piece of that. >> i think it's part of it i think if you think about ev being the market of the future, it's not just tesla that will benefit to the extent that other car companies are also making these evs. they forecast that tesla will be the leader, not gm or ford or volkswagen and that's a pretty solid bet at the moment. whether it pays off in terms of a $400 billion market cap is the big question >> i ask you broadly about valuations in a pandemic and certainly tesla plays in here, too. oh my goodness, at the trough in march it was down at $75 now it's at 435. but the recent s-1s from door dash and airbnb, how do you

value companies through a time like this? >> i think you got to regain perspective. in the crisis you lose perspective but then you lose faith and the first thing you need to do is step back from the damage or gain because 2020 and 2021 are going to be unusually pretty much every company. so you almost have to pay attention to those years first and then you got to think about what happens after the crisis. right now people are so focused on the crisis that they can't even lift their eyes up and think about what will these companies look like after the crisis and airbnb i think is being helped by this crisis in a strange way. the biggest competition, the mayor yots and windhams of the world have been so damaged by this crisis that being less damaged than they are gives airbnb a competitive advantage now. >> certainly we've seen those trends and lots of folks are saying how that could stay

beyond the pandemic. when it comes to airbnb, we don't know how much exposure they have to hotels. how would you sort of look at that as one and put that picture together >> right now we're just getting glimpses of the business and i think what they're -- i don't believe for a moment that they made money. the lead story seemed to have been that they made money in the third quarter. i don't for a moment believe that i think the only way you make money is -- the reality is they lost money might as well accept that. but they did make their way through the pandemic a little better than most expected they would. that's the good news the bad news is there's a lot of opacity. they're not breaking down their businesses, they're not telling us where they're in the most crisis, but i think that

would -- i mean, this is just the first prospect is there will be another filing. i think we'll get a little more information. and i hope that they're more transparent because i think they had an opportunity now i think that they could get a pricing well above the 30 to $35 billion, that's being mentioned but i think they need more transparency >> i wonder, professor, have you seen any indication that either opacity in prospectuses or duel class ownership structures have done anything to act as a suppressant on multiples >> not for the most part i'd love to tell you that markets punish opacity but they haven't. last year was an extreme example and arrogance added to that mix. i think the last decade this has been more the rule than the

exception. i think twitter might have been the one exception to the rule and look how that played out, even though he didn't have dual class shares i don't think markets are punishing companies for being opaque but at the same time, i think it depends on the mood of the market and the market kind of turns you have to start to give them the information to trust you >> professor, thanks good covering some ground with you, both tesla and otherwise. john, i know you're watching good rx. what an impact amazon did have this morning >> it a bad cut. amazon really bulking up on pill

pack >> and it's been a theme of these market, do we move away from the stay-at-home names as the vaccine gets closer? >> watch for powell headlines today. the retail earnings parade goes on let's get to the half and the judge. >> thank you, carl i'm scott wapner, welcome to the "halftime report." what warren buffett is buying and selling and what it says about the world's greatest investors say about that and the ceo of momentum's adviser institution al investmen group. the dow still down a half a%, s&p a little more than a third, virus cases, in your