airbnb, some big valuations. it's monday, november 30th "squawk box" begins right now. ♪ good morning, and welcome to "squawk box" right here on cnbc. i'm andrew ross sorkin along with joe kernen, who is back from a much-deserved vacation and melissa lee. happy thanksgiving, everybody. becky is off today as joe mentioned, let's show you u.s. equity futures at this hour and where things stand right now. looks like we're going to open down right now the dow off about 153 points nasdaq looking to open up marginally higher, seven points higher and the s&p 500 off about 12 point should mention today is the last day of trading for november. here is how the major averages stand as of right now.

the s&p up 11% the dow up nearly 13% on pace for its best month since january of 1987. the nasdaq up about 12%. check out the small caps because the russell 2,000 is up almost 21% in november alone. that's the stock world but, melissa, our other favorite topic, bitcoin that's been moving a lot, too. >> maybe joe's favorite topic, at least bitcoin after recently hitting 16,000 we're seeing it recoop some of those losses in recent days it's up by almost 2% today, above 18,000, 18,540 guggenheim is reserving right for 5.3 billion macro opportunities fund to invest up to 10% in the gray scale bitcoin trust which is only invested in bitcoin and of course this follows many large investors including stanley drunken miller voiced support for this krip cro

currency, joe. >> yes, it has been getting traction interesting recent trading and good to see you, melissa and andrew it's tough to come back from vacation, but having you here, melissa, i don't know, it just makes me feel very, very comfortable, happy >> my heart is warm. truly warm, joe. >> what about me >> you too you too. but i'm used to you. >> chopped liver over here >> yeah. i'm used to you. it's good to see you, too. i'm just trying to welcome someone who doesn't have to get up at this god awful hour. >> guest in our house. yes. guest in our house >> melissa, i'm not following it that closely, i did see a kid up pushing towards the old highs and then it was like, something happened do you know -- there was some news out about that but it then it drop 3d or $4,000 over night but now it's come back

>> how similar the march was to record highs is similar to a few thanksgivings ago, joe, we saw that initial record high when that was the talk around the thanksgiving day remember that? it was thanksgiving dinner. >> yep. >> when grandmother's were asking their grandsons and granddaughters about bitcoin when all of a sudden everybody was opening up an account on coin base and it was early similar to what we saw this time not a surprise we saw a little pullback but with these large institutional investors coming in, these are the new whales the thing about the larger institutional investors, they have large positions and large wall mets and they don't sell those positions. they're holding on the big stakes in bitcoin and not moving it's different in terms of the pace of trading in that momentum there. it looks like it's there's a little more staying power here >> hey, melissa, the reason it had dropped, joe, while you were out was this tweet -- these

tweets from brian arm strong effectively saying there's a rumor that the treasury department is going to start regulating what are called private wallets. >> right. >> and there's going to be a know your customer effectively regulation such that the coin base is the world and the big institutions are not going to be transabout with private wallet i would think that would make people trust bitcoin more and give it more support, but at least in the immediate aftermath of that and clearly the position that brian armstrong is taking that's not a good thing for bitcoin. >> to counter that, we know that gary is added to the biden administration gary against ler is a friend of bitcoin world. he taught courses on bitcoin at m.i.t. it will be interesting to see how this regulation shakes out in the end

>> but the operative word is regulation and nobody knows it the advocates say, yeah, you can try but it is built to try to avoid regulation i don't know anything can be regulated. i don't know how it plays out. you look into more deeply, melissa and andrew, and it's we're at how many mined out of the 21 million, we're at 90% but the last one doesn't get mined until i hope i'm around to see it 2140 or something and you know, the way that it's written, the code, the way that it was set up, means that there can only be 21 million unless code is changed at some point or if it's something was modified so, it's concrete and cast in stone but it's not concrete and cast in stone. so, it is the new frontier you hear advocates come on, paul tuder jones, the first inning or something of being in apple.

he said, you know, they get very hyperbolic and excite d at 19,000 i don't know where they were at $19. i don't know very speculative and you better strap yourself in i would think if you decide to look at it at these levels, won't you think, melissa and andrew >> not a forecaster. even if it can be changed, the point about supply, it's more fixed than monetary supply these days that is for sure. >> right that's always the backdrop is what the rest of the world then the pandemic on top of everything else with stimulus. really is only 21 million, some crazy math and the winklevoss do some crazy math and hopefully we can ask them. now to u.s. china tensions reuters reporting that the trump administration is getting ready

to add china's chip maker smic and its national offshore oil and gas producer cnooc to a blacklist chinese military companies. eunice yoon joins us live in beijing. is it me or you, you've been around i guess it's been me that hasn't seen you good morning >> that's right. you're on vacation so you mentioned cnooc it said it still has not received official notice from the u.s. but the stock price plummeted in hong kong any way. that's because cnooc has a lot of u.s. exposure, u.s. investors, uses american technology, partners with global players like exxonmobil and the belief here is that cnooc is on this list because it has been doing controversial drilling in the south china sea. so smic, the largest chip maker

in china also potentially on this list but that had been flagged earlier in the year. so the company had reiterated that it does not have any ties with the chinese military. the chinese foreign ministry, though, did respond and said that the u.s. should not create barriers or obstacles for future cooperation between washington and beijing, though there's a belief there that, here that that's exactly what the trump administration is trying to do in order to try to solidify what's been a very hard line stance against china so that president-elect biden will have a tougher time trying to unwind it if he chooses to do so. >> good ole cnooc. we talked about it quite a bit for around years and years and years. trying to remember the exact context, but obviously one of the giant companies in china

i don't know how to -- in a transition period this will play out long-term, eunice. >> yeah. >> it's not just cnooc of that issue. >> that's a question a lot of people are asking, joe president-elect biden could in theory come in and just decide that he's going to get rid of all these executive orders or going to change everything so, what's been discussed here is whether or not the chinese have certain level of tolerance for these all the attacks from the trump administration and people are saying, oh, well the chinese shouldn't actually is a couple to this and over react and in that way playing right into the trump administration's hands. at least that's the belief here. >> hey, i should also mention to joe, we've been talking about cnooc since they tried to buy

unical back in 2005 back when i was just a little merger reporter i remember that deal very well they had to pull back because of the united states government. >> right. >> but i was going to go back to beijing here for a second to try to understand if biden -- i mean, how hard will -- how hard, eunice, do you believe it will be for biden to undo this? do you think he will want to undo this? >> right that's a very good question. there is a question as to whether or not he would want to undo it because the belief here is that -- among in the conversations that i had with business people or with people in the government and then if you look at what's being said in the state press. the belief here is that biden administration is going to also be tough on china. the style might be different people believe the tone is going to be softer but that at the end of the day,

so much has changed in the past four years and so it would be really, really difficult for a biden administration to not take a tougher stance than say an obama administration and so there is a question as to whether or not biden administration would want to change the policies that trump has put into place and there's a real question as to whether or not he -- president-elect biden could actually use the trump administration's hard line stance as leverage over the chinese to say, well, i'm not going to do that i'm going to have these tariffs and so i'm going to it will change my strategy or potentially make it tougher for me >> all right, eunice as usual, we're going to need your expertise with all things china. thank you. and it was me. right. you were here.

i was out. i'm trying to assimilate a lot of things as you come back you know what it's like. it's difficult. coming up, two high profile private companies getting ready to go public details on this week's road show by doordash that clogs up my wendy's experience now only like 15 or 20 of those people waiting to get things when i get there that i have to take an extra hour and airbnb that's next as we head to break, check out this morning's biggest s&p movers stay tuned you're watching "squawk box" on cnbc ♪ this holiday at t-mobile,

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[what's this?] oh, are we kicking karly out? we live with at&t. it was a lapse in judgment. at&t, we called this house meeting because you advertise gig-speed internet, but we can't sign up for that here. yeah, but i'm just like warming up to those speeds. you've lived here two years. the personal attacks aren't helping, karly. don't you have like a hot pilates class to get to or something? [ muffled scream ] stop living with at&t. xfinity can deliver gig to the most homes.

welcome back to "squawk box" this morning two high profile ipos to talk about this week that are on our watch. doordash expected to begin its road show today with reports saying it will target a valuation of 25 billion to $28 billion. meantime, we're hearing that airbnb set to launch its road show tomorrow with valuation expected around 30 billion to $33 billion. so we will see whether december is the month for ipos and all of these -- they're not really stay at home, doordash is stay at

home stock i don't know what we think of airbnb these days, melissa. >> seems like doordash is a better time to go to public. you couldn't ask for a better time in context of the world to go public right now during a pandemic >> i've been told that i shouldn't complain instead of me going to wendy's can't beat them, join them i get these fries for my sinuses get them from doordash i like them where they make them and i get home within five minute and they're still hot or else they're not quite as good so i don't know. have you tried to go in? there's a board. >> to a wendy's? >> i go to a kiosk >> i don't know where there's a wendy's. >> okay. any way. that's scary any way, i go and there's a board. it shows where i am after i go to the kiosk

now i'm usually like the third page and every single one of them says mobile order mobile order they're all doordash up there. and i watch these shopping cart bags filled up with stuff while i'm waiting for my piddlely little fries. >> do you use your real name. >> it says joseph depending on the credit card you put in the kiosk. the name on the credit card. you would know these things. you're like george h.w. bush they scan that and the price comes up this is unbelievable can i pay with cash? melissa, where have you been >> not to wendy's apparently i don't know why i'm getting flak for not going to wendy's. it's not a sign of the modern world. >> melissa slis living in the future. >> she is. you get your shoes in the mail. >> everything in the mail. let's talk stocks here having potentially historic november, the dow up nearly 13%

so far joining us now liz young director of market strategy. great to have you with us. records for the nasdaq for the s&p 500 in the last session, the dow on pace for its best month since 1987 the russell on pace for its best month since its inception in 1984 have we pulled a lot forward >> i think we have pulled a lot forward. i was hoping we could keep talking about french fries i think we have pulled a lot forward. and there's a little bit of a risk through the end of the year that we have some of that steam come off it could come off in some of the economic data and come off in the market, but i think this is something that investors can and should look through. if we have a little bit of a wobble, we'll call it 3 to 7%. anything that could happen before the end of the year i would see that as a buying opportunity. and you really have to look out three to six months and think to yourself, are thing going to be better than they are today and i think the answer to that is yes. >> they are going to be better

i sure hope they will be better. but at the same time, liz, we had, what, 93% of the s&p 500 report earnings so far a lot of them have exceeded expectations what are we -- many companies still are not forecasting for next year. so how do we look at earnings in terms of 3 to 6 months from now things will be better. but what is the market pricing in terms of profits and do we have that visibility >> right so i don't think we have that visibility yet and a lot of the earnings data that's come in in the second half of this year certainly has been positive from a surprise perspective. but the bar was low. once we get into 2021, the expectations are going to go up. i would expect that more companies start to give guidance as they should particularly in the second quarter i think timing is the key factor here the fourth quarter getting through the end of the fourth quarter probably going to be a little bumpy fourth quarter we probably have lingering effects not only here but especially in europe from shutdowns, from increases in cases and just winter in

general. once we get into the second quarter of next year, i would expect more clarity from companies. i would expect more focus on fundamentals from stocks particularly in the u.s. and i would expect a pretty healthy recovery both in the market and in the economy starting abroad. so there's a lot to look forward to. >> a lot of market signals out there, liz that are surprising and maybe some might argue frothy you take a look at the spac binge out there and ev companies, you take a look at the vix trading above 20 since february you take a look at airbnb and door dash, these ipos getting up size what does that say if anything about the market you could throw in bitcoin if you want to. what does this say about the markets and the appetite for risk at this point >> yeah. to our earlier part of the conversation, some of that risk appetite has been pulled forward and i think some of the wind probably coming out of the sails. there are a number of things on the technical side that are at

extremes from an optimism standpoint, even if you just look at bulls versus bear. a lot of people out that are bulls right now. usually when that happens a couple tend to be wrong. some of those measurements whether it's optimism around certain types of vehicles or just optimism in indexes and broadly i think some of that is going to have to slow down but i don't see this as something even if we have a tiny slow down in the market not something that's going to send momentum completely in the opposite direction or be an issue for investors that's going to stick around for months at a time. >> in which sectors is the optimism too high? is it the sectors that we saw the biggest bounces in this month, like banks and energy, or where is that optimism >> yeah. let's talk about energy just for a second we talk about it so much, it's 2.2% of the s&p 500. and that's not to say it doesn't matter that's not to say it doesn't affect sentiment both from a consumer and a business

standpoint there's been a huge rally in energy for the last few weeks. but it was off such a lower base and if you invested from energy at the start of this year, you're still down 30%. if you have a big rally off a low base, it will look more dramatic, much like a lot of the economic numbers that we saw in the second and third quarter you bounce off a really low base, it looks dramatic on the way up i think that's what's happening in energy. and a lot of those stocks you have to remember they're still fossil fuel companies. i don't think that's where the future is. that may be the near term and the medium term even just from an optimism standpoint with demand coming back but for the long term, the puck is still going to that renewable side as an investor with a long-term perspective, you want to be in the energy market you have to think about renewables. >> liz, we'll leave it there good to see you. thank you. >> thank you liz young, bny mellon. details on what is being called the biggest deal of the year we have the details when we come right back vating. setting the course.

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♪ it is official s&p global buying ihs market in an all stock deal. the value of this transaction, valuing ihs shares $96.94. 4.7 premium to friday's closing friday total deal worth about $44 billion, that includes about $4.8 billion of debt we've got a lot coming up on "squawk" this morning. we'll talk to dr. scott gottlieb on the latest with the coronavirus news this morning including the up beat forecast for vaccine delivery and also talk about some of these rising numbers across the country and what happens post thanksgiving stay tuned you're watching "squawk box" right here ocnn bc

>> the government's pandemic pause on federal student loan payments will expire soon. tens of millions of americans will have to figure out how

they're going to pay for what they owe in 2021 cnbc's senior personal finance correspondent sharon epierson joins us with the story of a borrower who has come up with a unique solution to his debt dilemma. hey, sharon. good morning >> reporter: good morning, joe tlrn 40 million americans have student debt totaling more than $1.5 trillion and millions are worried about how they'll afford their payments i caught up with a borrower figured out a winning way to wipe out his student loan debt >> the winner of the $1 million, brandon lee. >> reporter: this fall brandon leak became the first spoken word poet to win "america's got talent". >> her smile is as wide as the universe her eyes glimmer like the stars. >> reporter: he like millions of other americans got college debt what was the first thing you thought that you would use the

money for? >> yes, i can finally get rid of this student loan debt and they can stop calling me. i would get reached out to all the time about, hey, you owe 30,000 plus dollars. >> reporter: like most borrowers, 28-year-old husband and father hasn't paid any of those loan bills since the spring. >> which has been a huge blessing. >> reporter: but the government suspension of federal student loan payments due to the covid-19 crisis is scheduled to end on december 31st leak, who worked as an academic adviser at a local college before his big win knows friends and former students who don't know how they'll afford these bills in 2021. >> there used to be a time in which going to college would assure you a secure position of work in which you would be able to financially be able to pay them off that's not the case. >> reporter: president trump could extend the pause before his term ends or president-elect biden may forgive some federal student loan debt when he takes office but experts say borrowers shouldn't count on that.

instead, they should get ready for 2021. >> find out what type of loans you have and what options you've got when payments become due in january and start working on a plan now don't wait >> reporter: because unlike leak, most americans can't depend on a wind fall to wipe out what they owe. now, if you're a borrower still needs payment relief, there are a few options. switch to another repayment plan like an income-driven one that will lower your monthly payments by increasing the time it takes to pay off the full loan balance or if you're out of work, and you don't qualify for zero payment on thatten pla, applying for payment deferment might be a better option. joe? >> so, sharon, in the cares act, isn't there money available that would help -- if you are employed f you're lucky enough, that would help an employer pay off loans for employees?

>> that's exactly right, joe there has been for a while a student loan assistance program, repayment program for employees that employers could use now about 8% of employers currently participate in this type of program. but under the cares act, there is an increase in the amount of money that employers can contribute to your student loan debt up to $5,250 this is a great benefit. it's tax free to the employee. it's tax deductible to the employer the issue is that, like those student loan payments, that benefit is going to expire on december 31st. so just like that pause on student loan payments, getting your employer to pay back some of your student loans for you, that's not going to last past december 31st either unless there's an extension >> we're in this weird netherworld, sharon. we don't know what -- you know, we're in between things. we'll see how everything plays out. >> in between a lot of things. >> there's a lot of awareness, though, about this issue

so, you figure policymakers are trying to come up with something. i don't know whether it will be good or bad, obviously, for people that need it. any way, thank you, sharon >> 40 million people yeah, absolutely coming up, dr. scott gottlieb on this morning's covid headlines. later, don't miss our interview with tyler and cameron winklevoss cofounders of gemini. look at the laggards in the s&p 500 this morning and reminder, watch or listen to us live any time on the cnbc app. ♪ ♪ ♪

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welcome back to "squawk box. it is time for this morning's executive edge shoppers filled virtual carts instead of real ones on black friday consumer spent an estimated $9 billion online, up 22% from last year's record 7.4 billion. traffic in physical stores dropped by more than 50% as retailers tried to limit crowds by cutting hours and door buster deal retail tracker says many people will still likely shop in stores but may go mid week when crowds are smaller. joe? >> good ole censermatic. been a while since i've thought about that company

and that stock i don't know what happened finally. we're just weeks away from seeing millions of doses of the covid-19 vaccine start making its way to patients across the globe. just crossing the wires. vaccine maker novavax saying it pushed back the late stage trial for its experimental covid-19 vaccine. it's now expected to begin the coming weeks instead of november but, will focus on some of the others much closer joining us dr. scott gottlieb and sits on the boards of alumina and pfizer and latest "wall street journal" op-ed discusses the complexitie of covid-19 after we start rolling it out and fda approval. we have to make sure, doctor, about the second dose. got to monitor that. make sure people complete the regimen. and i would imagine we need to know, as you point out in your op-ed, whether people are

contagious or not. whether we can count on the vaccine to have a beneficial effect on the spread in addition to protecting from the worst symptoms, does it make someone less contagious. do you know? >> right you asked me on the show before. we don't know the answer to that question we don't know whether the vaccine just prevents signs and symptoms of covid. which is what the trial demonstrated or is it also making people less likely to spread the infection we assume it's also probably preventing some infections and we also assume from some of the primate studies we did with vaccines from these vaccines more broadly that it gives you what we call a nonsterilizing immunity which means you have immunity at the site of the membranes where you would be likely to shed the virus like in your lungs or in your nose you're less likely to shed the virus after vaccination. these things need be demonstrated the way to prove it is with post

market data following people who have been vaccinate and seeing if they're less likely to spread the infection or get infected in the first place. the manufacturers are looking at whether or not people who get vaccinated developed parts of the virus. so the vaccine is designed to stimulate antibodies against the spike protein. look at people's blood who got vaccinated and see antibodies against other parts of the virus, that's an indication that they got infected and they just didn't get symptomatic there are ways to tell from the clinical trial data but by and large the post market data we monitor to try to answer these questions definitively. >> you just indirectly got at a point that i actually wanted to drill down upon and that is the the mechanism of the virus which actually the pathology of the virus or the reason that you get sick, we've seen the side effects seem to be manageable with the vaccines, but i was

wondering myself whether an immune reaction to the spike protein in and of itself could be -- could make someone sick. what usually causes -- what part of the virus -- causes a person to become really sick and die. hopefully it's not an exposure to the spike protein it's an exposure to the virus as a whole. >> right we don't know. it lookslike it's an overwhelming immune response to just having so much virus on board that makes a lot of people sick and generates what we call that storm but there are questions about exposure to the spike protein alone as a part of the virus can itself trigger some of these post viral auto immune types of reactions. we don't know the answer to that question that said the data from the clinical trials, we had a lot of patients in these clinical trials, none of us have seen the

detail data looks fairly clean that's a good indication the vaccines have a reasonable safety profile but a lot of these side effects, rare side effects, are longer term we need to follow the people in the clinical trials and we need good post market data collection if you look at the side effects that fda is looking for -- fda monitors for 20 side effects in the post market. generally rule of thumb. if you look at the compilation of side effects they're monitoring in including the things they're looking for are some of the kinds of sequelly we see from natural infections. that's an indication the regulators think there's the potential that some of these side effects we're seeing from people who get sick from covid might be also triggered by exposure to that spike protein so they'll be looking for it we don't think that's the case there's no real evidence to suggest that, but they're going to be looking for that to get at the very point that you raised >> doctor, i want to talk about the side effects i think it's so important that

people ultimately hopefully take this vaccine, but i talked to a number of doctors over the past week including someone who runs a hospital because they are going to have frontline workers hopefully get access to the vaccine early. they're thinking how will they distribute the vaccine even inside the hospital because so many have talked about at least short-term side effects of fever and chills and the like and potentially not being able to work for a day or two so the idea, for example, of giving everybody at the hospital, everybody in emergency room the doctors there this vaccine on the same day becomes a problem becomes a staggering issue of how do you do if if there are going to be short-term effects the other issue is apparently during these tests -- during the vaccine trials a number of people who have gotten fevers and such then decided they need to get covid tests because they're worried that maybe they did get covid during this period and number of people getting multiple covid tests all of a sudden you'll have new

strain on the system how much have you heard about that >> look f you look at the overall, we'll have detailed data and the side effect profile of these vaccines as that data becomes available from the advisory committees. and also the committees committed to publish this data in a peer review publication we'll have a good sense of what the overall incidence is it's manageable numbers in terms of the number of people who have low grade fevers and rashes. it's not everyone. there's is a component of people who do and that's going to be made public i actually am not sure of the detail data myself what i have access is the same top line data that you've seen but that is a valid question of whether or not if you have people working in the same environment you want to stagger the inoculations to make sure you don't have multiple people developing side effects all at the same time. the reality is they're not going to vaccinate everyone in the same day any way and space this

out over the course of the week. when people have a minor immune reaction to the vaccine, it's pretty self limiting it's a day or two of a rash or low grade fever that we're seeing these aren't for the most part we're not seeing sort of serious on going side effects from the vaccine the clinical trial data such it's been put out so far the top line data. >> all right dr., do you imagine the idea currently is that this will be authorized on an emergency use basis. how quickly do you imagine the fda would approve it on an official basis or do you think that's not something that would happen for either months or years >> i think what you're likely to see is the agency will authorize it for emergency use, hopefully some time in december if everything goes well for a certain population likely to expand that to encompass broader populations. i think their label will be something that's fairly vague. going to say it's authorized for people who are at high risk of contracting covid and having a bad outcome from the disease they're not going to be very

specific about it certain age cutoff or certain comorbidities but speak generally to people both more likely to get covid and more likely to have a bad outcome to covid which speaks to an elderly population or other k cmorbid conditions some of the debate will be because they talked about either recommending that second tranche of people is either older americans, people over the age of 65 or 75, 20 million over 75, 50 million over the age of 65 or recommended for essential workers instead of which there's about 85 million people who fall in that category but the first bucket of people who are going to get to, to your point, are going to be healthcare workers and people who live in long-term care facilities about 20 million healthcare w k workers who could be eligible and 3 million in long-term care facilities. >> if the fda doesn't formally

authorize its use beyond the emergency use, do you think that will undermine the credibility of it and effectively make it harder to get to a quote unquote herd immunity so we wipe this thing out? >> well, you know, it's unclear. i mean, i don't know how people are going to perceive an authorization for emergency use. most people if you look at the general public a lot of these products have been authorized for emergency use and people are comfortable taking it. i think in the second quarter of 2021 after the agency has more long-term safety data to authorize it for people who are 35 and 45 or 25 and don't have any covid-related risk factors that would be a general license, up until that point, i think you're more likely to see it distributed for emergency use to higher risk populations. and so eventually it will get approved some point next year if the continued data demonstrates that the vaccine is safe and effective for its intended use so we continue to have a good safety profile

people will be motivated to get vaccinated or people eligible to be vaccinated will be motivated to be vaccinated generally people at high risk of either contracting covid or having a bad outcome from it. and final point on this, remember by the time we get into 2021, we're going to have lot more data around this vaccine because the clinical trials will be longer term at that point and have fully read out. people who are in that first tranche who got vaccinate and a lot of people in the country who have been infected we'll have 30% of the u.s. population infected. look at states like north dakota and south dakota probably 30%, 35%, maybe as high as 50% right now. and so you combine a lot of infection around the country with vaccinated 20% of the population, you're getting to levels where this virus is not going to circulate as readily once you get to those kinds of levels of prior immunity. >> dr. gottlieb, a point you raised in your op-ed that is tracking once the vaccine has been distributed, there's a lot of talk right now about freezers and who has the right

refrigerators, et cetera but after people get injected, how important a piece is that tracking part, and should technology companies actually be part of operation warp speed, not just supermarkets and drugstore chains >> it's important and we need to start thinking about it. i'm not sure all the tools and the procedures are in place to collect that information rigorously, and vigorously actually, the chain store drug stores like cvs are doing a good job of putting in place systems. and the people we vaccinate are an elderly population. medicare is putting in place procedures to make that information available to help plans and providers. once we get beyond that population, that tracking is going to be difficult. people are getting vaccinated at nontraditional sites, special vaccination sites away from

health care providers, and somehow the information, about which vaccine they got has to get back to their primary care providers and health plans and the health plans need to have systems in place now to monitor them and report that information in sort of an anonmized fashion in some kind of data base that will aggregate that across the population that system is is not in place, and we need to put that fully in place. it's going to be very important to getting back to andrews point about assuring the public that these vaccines are fully safe and effective. that information is going to be hopefully very reassuring. we need to make sure we report on it. >> so, thdoctor, this was a touh time for everyone to be getting together in thanksgiving, based on information and infection rates we were seeing there's some talk of a surge on the surge, and i'm wondering when we'll know about that whether you think behavior was moderated so that people at risk

definitely didn't go over to relatives houses and maybe if there was, you know, social gatherings, that maybe it would be people not as vulnerable, but you would still think that we would see an increased incident, which is weird because it could be coincidence with the time the vaccine starts rolling out, hopefully. that's in the near future. will we see a surge on a surge >> well, we're going to see a bump in new infections there's no question about that. we are seeing it every holiday we're seeing a decline in the rate of new infections in the midwest in particular going into this holiday whether or not we continue to see that, we see a leveling off because of the increased social interactions around the holiday or a bump up is unclear. my guess is that what we're going to see is sort of a plateauing of infections in those parts of the country before they start to decline again because of the effect of

the holiday. they were starting to decline, you know, relatively aggressively because of the infections just burning itself out in some part of the country like the midwest. >> all right we have no time. i wanted to ask you about triptephan and whether a food coma is real we don't have time thank you, doctor. >> i'm glad we ran out of time >> tnkhas. "squawk box" coming right back things are a little different this school year it's different because i have to talk to a computer. i get like 6 emails a day... olivia please turn your screen on. okay, lift the... there you go. mondays remote, tuesdays at school... it's the other way around. we might not be able to solve everything. but we can help make sure students and teachers

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lamont, michael ruben, also tyler and cameron winklevoss, what they have to say about bitcoin, and we'll quickly show you the futures on the last trading day of november. nasdaq up just briefly you're watching "squawk" on cnbc (harold) twelve hundred strings of lights. (betsy) quarter mile of tinsel. (harold) and real snow all the way from switzerland. (betsy) hmmhm... gonna be tough to top.

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dr. fauci warning the nation

is heading into a difficult period when it comes to the pandemic we'll hear from connecticut governor ned lamont on restrictions and travel advisories ahead of the christmas holiday. major equities wrapping up a strong month for stocks. we'll run you through what you need to watch on this monday morning. and consumers shifting their holiday spending from the malls to online. ecommerce executive michael reuben will join us on this cyber monday as a second hour of "squawk box" begins right now. good morning, and welcome back to "squawk box" right here on cnbc. i'm andrew ross sorkin, along with joe kernen and melissa lee who's in for becky this morning. and hope everybody who took a long thanksgiving weekend had a great one. meantime, let's show you u.s. equity futures at this hour.

dow off about 181 points we'll explain why in just a moment nasdaq up marginally, s&p 500 off about 14 points. joe. >> all right andrew, breaking news in moderna. meg tirrell joins us now with more good morning, meg. >> good morning, joe it wouldn't be a monday morning in november without vaccine data moderna presenting the final efficacy results on its phase 3 trial for its covid-19 vaccine they now have 196 total cases of covid in the trial to analyze, and that shakes out to a 94.1% efficacy rate. 100% against severe disease. they saw 30 cases of severe disease in the trial all of those were in people who did not get the vaccine. they say also the vaccine was well tolerated no serious safety concerns they have seen to date. they plan to file with the fda for emergency use authorization today, and to start their filing in europe for conditional approval as well and they expect to have that

outside meeting of advisers to the fda meeting on december 17th a week to the day after pfizer's expected meeting on december 10th moderna says it should have 20 million doses of the vaccine for the u.s. this year globally, 500 million to 1 billion doses in 2021. joining us to discuss all of this is ceo of moderna your answers this morning gave us a lot of big answers. you protect against severe disease at 100% efficacy the vaccine appeared protective across age groups. what can you tell us about two other ones that we know it's early to answer, whether your vaccine can protect against infection completely, and how long that protection might last? >> good morning, meg, and thank you for having us back so indeed, those are two questions we need more time. to understand first the duration of a vaccine

soon we should be able to shed some data from phase 1 phase 1 started in march so we have more data on neutralizing antibody, i think we should be able to get a good sense of the shape of the curve to give an idea of duration in terms of preventing infection, we need a bit more data i hope in a couple of months we should have that data, and as soon as we have it, we'll share it and publish it. >> help us also put this update today into context when we heard from you two weeks ago about your efficacy rate what do these results mean, and really what do they mean for moderna as a company that is now heading toward its first product, reaching the market, and one that will help with the pandemic >> yes, i think the first piece of course is a covid vaccine, the data two weeks ago was very

promising, but it was interim analysis we define the protocol with the fda backing in july to at least 151 cases. we're happy this morning to have 196 cases, because as you know, infection is going very strong in the u.s. unfortunately, and we feel very confident about the 94.1% efficacy that we'll be filing to the fda today. as you say, the most exciting news yesterday when i learned the data was the severe cases because if we can prevent severe cases it means, you know, reduced or no hospitalization, and no death, and that will be of course, i believe, integral in this pandemic what it means for moderna, we're going to be fighting today around the world first regulatory approval for a product for regulators to review it, and told us that advisory meeting is likely to be on december 17th. it is highly possible between the 17th and christmas, you know, the product is approved. if you look at the fda, usually

it might be a few days after the advisory committee so it means we'll be able first to ship products, as soon as we get approval we have worked very closely with operation speed, and we should have up to 20 million doses by the end of the year. so as soon as we get approval, the teams are going to get all of the vaccine we have and start shipping it in the country its goal is to vaccinate americans within 24 hours from approval what it means for moderna is much more. as you know, meg, because you and i have been talking for almost ten years now, we have a platform mrna is a new molecule six more vaccines. we're going to start in 2021 against cmv, it's the number one cause of birth defects in this country. 10,000 kids per year are born with birth defects because the

mother got infected during pregnancy. phase 1 and 2 data were very strong i believe that we have a very high chance now that we know this platform is providing strong efficacy to have potentially a vaccine launch as well that vaccine we believe is 2 to 5 billion of annual peak sales, and essentially we're going to go into flu, looking at the str strong data in the elderly the flu vaccine various between 30 and 60% we think the world needs a better flu vaccine, and we're going to work hard to get that to the world. >> question for you, i wanted to understand to the extent that you can tell us about whether you could have the vaccine and still be contagious if you were exposed to covid do we know about that? >> no, that's the point that meg was making we don't know about prevention of infection yet, and so the

protocol has been designed to we can understand that from a scientific standpoint. we need to gather a bit more data, and i hope that, hopefully in the new year, we should be able to have enough data to share that information >> so stephane, well tolerated in terms of side effects can you describe the worst side effect that you saw and if there are any sub groups of the people we're talking about, whether it's someone with a compromised immune system or elderly or with some other comorbidity, not a morbidity but people that have different preexisting conditions were there any side effects that were concerning or more concerning given a person's medical history? >> yeah, so joe, we don't know yet details by subgroup. the analysis is ongoing by the team, and by the time it happened, we'll have much more data the fda as usual, we put out a

briefing book where the data, focus on top line data, we could file to the fda to spend the thanksgiving weekend reviewing data and quality controlling the data so we don't know yet, the safety side effect is typically to what we described two weeks ago, what you see in the vaccine you have local, you know, site infection pain a bit of redness for some people that goes away within 24 to 48 hours. those are for local side effects and then you see people have a little bit of headache some people have a little bit of fever. some people have chills. really, again, within 24 to 48 hours. without even taking an aspirin, so we feel this is a typical vaccine safety profile that you see from existing approved vaccines. >> your stock is hitting highs up 13%, i wanted to ask about

revenues and how investors should think of those. in terms of vaccine pricing, a lot of analysts are saying 20 to $40. it can't remain that high very long it's going to be price pressured given other competitors coming to markets at lower prices and vaccines in general over time come down in price and so how should investors think about peak distribution time and how long the price of the vaccine can remain that high >> yes, so nobody knows in detail because we have never been through a pandemic, but if you look at the clinical data of our vaccine, and the supply chain storage condition over a vaccine, we think we have a premium product. we think we have a product that you want to give to health care workers. you want to give to the elderly. again, 94% protection of adding

no disease, and the few cases of mild disease and so i think we can keep a premium position for a product, and so, you know, is price going to go down a little bit with time, but i think we should be able to keep a premium pricing that's the company position, and we're going to work hard so the health care system understands the positioning of a product, and its differentiation of other products >> stephane, it's meg again. you mentioned your vaccine is a premium product. does that mean it will really be available especially in the beginning to rich countries? what is your planning also for making sure that vaccine that works so well could be accessible to less developed countries? >> yes, indeed, meg, we want to make sure the vaccine is available around the world we have already made a proposal to covax where the pricing would be lower for low income

countries. we want the premium vaccine to be used especially for health care workers, for the elderly, for people with high risk. that is why we're having discussions with covax, i hope it can be finally soon, so we can provide the vaccine not only in the high income countries but mid income and low income countries. testing in kids, dr. fauci suggested that might start in january, is that right, and we know this is your first product, and getting a vaccine out on scale is a tremendous challenge even for as company as big as pfizer, is there anything you can do to increase supply more and faster >> so i think in terms of children, we have a strategy to go in two different age groups, 11 to 17, i think can start this year in december, and the younger children, i think we'll start early in the new year because for younger children you

have to go down in age very slowly, and you have to start at a lower dose to make sure it's safe it's going to take a bit more time our goal for children is to have data in the spring for 11 to 17-year-old age group. we have a goal potentially to get this age group to the agency at the end of spring, which will allow, i hope in july and august to vaccinate the 11 to 17-year-olds they can go back in middle school and high school to school normally in september '21. it will take a bit more time the end of the year of '21 to get the data in younger hildren, and potentially leave the data supported. in terms of manufacturing, literally on a daily basis, with operation speed, they have been extremely helpful first with suppliers to get priority for the materials we need. while we make the money and we

formulate it ourselves we're well at capacity, we do not do filling. this is done with an outside party. we want to make sure every gram or milligram of mrna that it's not wasted this is a place where it's been fruitful to us. >> stephane bancel, thanks for being with us this morning, and we'll talk with you soon guys, back over to you. >> meg, thank you for bringing us that interview as you have throughout the past several months as we have been getting this news on covid vaccines and new data. we have other news to tell you about this morning s&p global now buying ihs market it's an all stock deal the transaction valuing ihs shares at $96.94 a 4.7% premium to friday's closing price. the total deal is worth $44 billion and includes about $4.8 billion of debt. coming up, we've got a lot

more it's the last trading day of the month, the s&p up 11%, the dow up 13% on pace since january 1997 the nasdaq up about 12%. investors want to watch two high profile road shows, door dash and air bnb, ready to tell investors why they should be buying into the country. we'll bring you details on that straight ahead we're back after this. it's down to the wire,

the team's been working around the clock. we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work. i didn't know you were listening.

box," catching the attention of investors, a developing story out of china reuters is reporting the trump administration is getting ready to add the top chip maker and national offshore oil and gas producer to a blacklist of alleged chinese military companies. the move would limit their access to u.s. investors and escalate white house tensions with beijing, just weeks before the biden administration takes over joe. >> thanks. coming up, bitcoin back above 18,000 after a wild week that saw the cryptocurrency drop $3,000 more on that move. we've got the winklevoss coming on eventually, what it means for investors. i don't know whether we have that promo of the winklevoss, because i think we have messed

up we've got tyler labeled as cam ro -- cameron. we messed that up. i believe we need to reverse that those are rong that's tyler on the top, cameron on the bottom. i have no idea later, connecticut governor ned lamont on the battle against the coronavirus, and new steps to halt the spread. 'rgog brit ck wee intoe ghba change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business. ♪ by my health insurance. and this is the aflac duck who helped me cover it. aflac. these are all the cab rides to my physical therapy. and aflac paid me directly to help.

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welcome back to "squawk box," two high profile ipos set to watch this week one is door dash, expected to begin its road show today. with reports saying it will target a valuation of around 25 billion to 28 billion. meantime, airbnb is set to launch its road show tomorrow. the valuation there expected to be around 30 to 33 billion melissa. gouggenheim is considering

investing $530 million through bitcoin through the gray scale bitcoin trust. the news giving a boost to the cryptocurrency which suffered a significant decline over thanksgiving here to talk about all of it is michael sonnenshine. >> what would this mean to gray scale? 500 million plus would be, what, about 5% of your total market cap for that particular fund right now. have you talked to scott about this specifically? >> we have seen institutions show up for the gray scale family of products for the last 12 to 18 months. as of q3, 80% of the asset inflow was coming from constitution institutional investors. >> there are reports that increasingly family offices are also joining the ranks of those investing in bitcoin tell us what is different about the institution's holding bitcoin these days, and family

offices holding bitcoin in terms of their time horizon? i mean, i would imagine versus the run we saw to record highs a few years ago, the holdings here are more durable in that they're longer term holdings. >> there's no question i think most investors that are allocating to the space these days are really thinking about bitcoin over medium to longer term time horizon. we're not having conversations with investors around bitcoin 101 or 201 they're trying to think about where bitcoin fits in their portfolios, and i think for a lot of the investors we're dealing with thousand, there's definitely a rotation underway out of assets like gold and into assets like bitcoin. particularly, i think, you just saw in the last week, we saw some of the largest outflows from gold funds on record. a lot of investors are trying to figure out if it's an inflation hedge, high-tech investment, ultimately trying to scale up to the appropriate position for their portfolio. >> how much of a store value is bitcoin in your view, michael?

and i asked you this because i interviewed the ceo of a company, micro strategy last week michael sailor who invested basically 75% of the cash on the balance sheet into bitcoin rather than holding cash and short-term investments if you are a believer that it is as stable a store value as gold or perhaps u.s. treasuries, then, yeah, that's a good move but is it too volatile for that or would you say, yeah, it could be an alternative to cash on a balance sheet for a corporation? >> well, i think public companies adding bitcoin to their balance sheets has certainly been a phenomenon we have seen in 2020, and one that's really only increased public support and interest in the asset, but i think where bony really starts to outshine historical gold, is scarcity, importability, di visibility, and ultimately in a year like we have had this year, people are thinking of bitcoin along the

lines more suited to a digital world rather than an asset like gold which may have been much more suited to a physical world and so that idea of historic value is changing amongst investors' minds. >> hey, michael: question about your own business, which is really you're the only fund out there that exists in this way. why buy your fund and why would institutions like a guggenheim buy your fund rather than buy bitcoin directly and i ask specifically because the fee structure on your fund, dare i say, is very high. you're charging effectively 2% that's a lot. >> i think for a lot of investors, buying a bear asset like bitcoin can be challenging and doesn't fit within their legal or operational framework so as an constitution or as a family office whatever type of investor, by using gray scale bitcoin trust you have the ability to gain as much or as

little exposure to the asset you want and do so through a title security it's audited, and it's actually now an s.e.c. reporting company, so it files 10ks and 10qs, for a lot of investors, that makes investing in this asset something really normal and again within their legal and operational framework that they can get behind. >> michael, where do you see bitcoin headed in a certain amount of time we love the forecast i'm asking in the context of we're at lofty levels and right now, some are saying that the run in alt coins signal we are looking topee, and smaller investors are looking at them because they're cheaper to buyen that an $18,000 bitcoin. >> it's super difficult to predict where the bitcoin price is going if our inflows at gray scale are any indication of the types of investors that are interested this this asset class or the

sizes of the allocations being made, i do feel like we're just getting started. >> are you seeing heavier inflows into bitcoin right now or say the xrp fund? >> we're seeing inflows across all ten products of the grayscale family i think a lot of investors have now allocated, i believe, a third of our investor base owns more than one gray scale product, inherently, more than one digital currency, and that's a trend we have only seen gain momentum throughout the year. >> great to speak with you, thank you. >> michael sonnenshein. >> and later today we have tyler and cameron winklevoss, you don't want to miss what they have to say. a lot more to come on "squawk" this morning. connecticut governor ned lamont on the latest covid numbers, and how he's trying to battle the spread this his day. and fanatics executive chairman michael rubin is going

to join us anpid per sandler, and jimmy dunne, all that ahead here on "squawk box.

so we feel very confident about the 94.1% efficacy that we'll be filing to the fda today. as you say, the most exciting news to me yesterday when i learned the data was thesevere cases because if we can prevent severe cases it means, you know, reduced hospitalization, and no death, and that would be, of course, i believe, essential in this pandemic. >> that was moderna ceo stephane bancel earlier in the show businesses in connecticut can now face a fine of $10,000 for violating state virus protocols. joining us to talk about that and so much more, connecticut governor ned lamont. thank you so much for joining us we're coming up into this period now post-thanksgiving where

you're hearing from people like debor deborah birx who is effectively telling people, if you have been even at a thanksgiving dinner, you should either, you know, go get tested or effectively quarantine to some degree. are you telling, you know, citizens of connecticut to do the same >> hey, andrew, we're telling the citizens of connecticut to be very careful. we had one of the lowest infection rates in the country up until about a month ago we prepped up close to 5%. with all of those social gatherings in and around thanksgiving, we urge everybody just stick to your immediate family that's what we did my kids are all bored of my stories, but i think that's going to help us get through the next few weeks which are going to be decisive in breaking the back on this virus. >> and governor, how are you thinking specifically about schooling right now? big decision in new york city.

the mayor deciding to open schools for children that are in elementary school saying that that's not where this spreads? >> yeah, andrew, we have a little more of the european model. we're pretty strict but we want to keep the schools open we've got almost half of our kids have access to full-time, five day a week education. i think that's so important. education, emotional health, and we're going to try and power through to christmas vacation as long as we can do it safely. >> you know, we're getting this positive news about the vaccine. how is your state planning to distribute it? >> we put together a vaccine advisory board so we can get into the churches and get into other groups, so people, a, feel confident that when the vaccine is ready, they can take it we're going to prioritize nurses and docs and the most vulnerable >> but how does that work?

are you going to get contacted i mean, if i'm living in connecticut, is someone going to call me and say it's your turn now? >> what it says is we're going to get the vaccine delivered first of all to our hospitals. they have all the refrigeration ready to go. and the hospitals will then contact nurses and docs and make sure these people are vaccinated and can stay on the battlefield helping us deal with covid when it comes to the nursing homes, we'll make direct deliveries to the nursing homes to make sure all folks there are properly vaccinated as well. >> in terms of these fines that you have just announced, $10,000, for example, how many times have you had a situation where you think you would have find somebody $10,000 before you instated this fine system? >> yeah, andrew, as you can imagine, it's being implemented by our local municipalities, so if it's a local store owner,

they generally know who the owner is and they give him a friendly reminder to please be careful. if it's one of the big box retailers and people are packing in there, and we probably don't have the same relationship, those are the ones we would have implemented a fine like that we haven't had to. just the thought of the fine is making people a little more careful. >> and what kind of pushback have you gotten in your state around masking, around potentially a vaccine? have you thought, for example, about requiring all public workers that work effectively for the state to take the vaccine, would you ever do something like that? >> well, first of all, for those who are dealing with folks with disabilities on a daily basis, we want them to take the vaccine, just like we have had our corrections officers being tested whether you require it or not is a little more complicated but we

certainly are urging and the vast majority are doing the testing and i believe the vast majority will take the vaccine. >> governor can you talk to us about how your state is weathering the pandemic financially? it looks like officials are now projecting a state budget deficit of about $935 million compared to 1.2 billion just a month ago and 2 billion back in april, so what is looking better, and how do you see the state's finances in the months to come? >> it's complicated. look, our revenues are down quite a bit, and a whole variety of expenses are up i think that's true of about 49 other states as well thanks to capital gains tax and a lot of people moving to the state of connecticut over the last six months, you're right, our deficit got smaller, and thankfully, we have a rainy day fund so that will help us power through until washington can get its act together you know, mitch mcconnell is the second coming of herbert hoover,

we need the federal government to step up or else you could see another, you know, depression. >> and how confident are you that we will get some kind of stimulus that will effectively go to the states and what happens if you don't get it >> i'm relatively confident. president trump supported it incoming biden supports it, the house supports it. i think a lot of people in the senate do. so i think there's going to be some consensus around getting something done look, if we don't get it, i have to take from our rainy day fund to make sure we haven't placed the infrastructure to deliver the vaccines like you and i just talked about andrew. what we can't do as a state is bail out our restaurants, bail out our event venues, bail out our hospitals, all of those that have taken a big hit due to covid, there i think the feds have got to step up. >> governor, we appreciate you joins us as we always do

we like having this conversation hope we can continue it. and follow your progress thank you so much. >> thanks, andrew. be safe, everybody. >> you bet you too, melissa. coming up, traffic at stores on black friday fell 52% compared to the last year, as shoppers stayed clear of heading to malls and shopping online we'll hear from michael rubin and online shopping trends and the business of sports in a few minutes. and paired our losses on the back of vaccine news out of moderna, s&p opening down by 4 s stay tuned, you're watching "squawk box. ♪ should auld acquaintance be forgot ♪ ♪ and never brought to mind

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welcome back to "squawk box. we are watching the shares of moderna this morning the company says new data shows that its covid-19 vaccine is more than 94% effective. the shares right now, do you remember, historically where they were when all the hoopla came with bancel's sale of some shares i think it was at about 78

through one of those programs that automatically sells stock it was on the same day as some of the feirst results from clinical trials were released. that's the average timing for ceos half the time, melissa. sometimes i think someone throwing darts could be better than, look when they buy back stock at general electric or whatever look at when they buy back stock. any of those insider trading sales, corporate insider i don't know whether that's a positive i never know how to take it. oh, those guys, they should know what's happening at the company but they don't have the time about the valuation of their shares they usually always think they're under valued, right, and then when they're selling, you know, i don't know >> statistically, for what it's worth, joe. >> yeah, go ahead, andrew. >> statistically, i was going to

say, statistically, because i have written on insider trades, statistically, they are a demonstration of a higher point, though they are over time, on the whole, if you were just to follow inside trades as a matter of selling or buying, it would be helpful, yeah >> interesting. >> they have a different motivation. >> this may be an out liar. >> they have a different -- what do you mean, it's an outlier i'm just talking about the type of, you know, what you see in social media from -- a lot of them were test slackers, they were short tesla, and they good involved and thought they could be skeptical about moderna a lot of them are just haters. >> anyway, record levels for moderna shares pre-market.

coming up, the nfl playoffs are proepapproaching. it's been a wild season, not for the network and ratings. we'll talk the business of sports, with fatanic's executive chairman, michael rubin. "squawk box" will be right back. [ whispering ]

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traffic at stores on black friday fell by 52%, compared with last year as shoppers steered clear of heading to malls and opting to shop online. joining us with a look at how this is impacting sports apparel sales, and more, michael rubin, executive chairman of fanatics and partner of the philadelphia 76ers and the new jersey devils. you've got a wide array of things that you oversee at your company, michael it's good to see you, happy thanksgiving hope you had a good one. some of your properties are probably done really well during the pandemic, things like sports, other things probably not as well, so it's been kind of the best and the worst of worlds for you >> you know, the ecommerce business across both fanatics and rue lala have been very

strong this is a very different season. we think about black friday, cyber monday as the days that make the season. it's about the cyber month when i look at november for fanatics, up more than 25% rue gilt strong sales. it's not concentrated on black friday and cyber monday as it has in the past. sales overall, ecommerce, taking a big step function up >>. >> some of the numbers are just mind boggling for online i guess we shouldn't be surprised. i was surprised that the 52 it% lower brick and mortar operations, michael, because i drove past a mall, and they were not quite what you would see normally, but i was surprised anybody was out because the malls had been empty there were some people around. >> that's a very misleading number because this morning i spoke to my partner, we own part of lids, which has 1,200 mall bas base stores, and while traffic

was down overall in the malls their sales were flat to up because conversion is so much higher i think what you're going to see in the malls, traffic is down 50%. convergence up 43% it's buyers coming out it's a much different holiday season another big thing is for us, when i look atroph fanatics, comfortable sneakers, in people's office, sports memorabilia is driving business. what people are buying this year is different from previous years. >> who's jersey? what's the big jersey, mahomes. >> you're always very good at this, mahomes, tom brady, he's top jersey, lebron, mookie betts from baseball, lamar jackson, very popular as well so i mean, we're seeing broad-based, you know, strength, which what really has been

incredible, major league baseball, expanded playoffs were good for them. they invested digital commerce, this is been incredible and nfl is up over 20% as well. >> you didn't need to look any further than yesterday afternoon's match up, and if tyreke hadn't been there, i think brady would have won if brady had gotten the ball back in the last run, but who did they throw it, mahomes is amazing, the little things he does, drifting when he needs to, moves the ball to his left hand to protect it. he does so many things way beyond his years watching those guys, somebody made the point, that's like seeing lebron and michael jordan playing. you don't get to see that often to see brady, you know, at 43 versus mahomes, the new kid on

the block, it was an amazing game. >> incredible match up great for the nfl, great for the league, and i think there's so many great stores in sports overall, certainly as you mentioned in the nba and the nfl, and we're seeing that fan dom, one of the things i heard you talk about in your intro is people keep talking about television ratings being down. i think that's the wrong way to look at sports fandom because looking at traditional media ratings would be like looking at brick and mortar sales without ecommerce. you need to look at traditional with digital and social media, and we look and fandom has never been higher. nfl action for the year up 35% baseball, a similar range, and just terrific sales, and i think you see that in fans voting with their wallets and say i'm going to look at the traditional tv ratings is misleading. you're not thinking about social i get all of my sports news from

social media i don't watch sports news live other than the 6ers. i'm getting it from my phone, from social media. >> if we all go back to normal someday with the vaccine, does online ever retrench or is that just off the to the races, you know, the horses left the barn >> there's no question that the pandemic has been good for ecommerce. everybody knows it realistically, we probably grew by two or three years from the pandemic, so i think ecommerce definitely took a step function up traditional retail took a step function down. it isn't like ecommerce went from 15% of revenue to 50% you've probably got two or three years of growth. and retail probably took a 5 or 10% decline from this. >> michael, question about social media that you just

mentioned and it makes me think about ratings and the long-term value of some of these companies. if you don't believe that people are going to be watching these games in full, what that means to the regional sports net works, the licensing fees that come off to that play it out for us. >> yeah, i think the way to think about it is definitely sports will be the biggest consumed properties within traditional media. but traditional media as we know is shrinking at a reasonable pace each year i certainly think there's still going to be huge rights fees and huge consumption of sports on television the the numbers will be smaller each year better monetization of digital media and social media where young fans consuming the media if you talk about the rsm that's going to be reinvented i have heard exciting things about where that's heading i think you're going to see different product offerings that can really create more value for the fan and more value for

everybody involved i'm actually, you know, when people talk about just, again, we're where traditional rings have gone i'm bullish because you're going to better monetize other things, and if you think about look how much sports gambling, how much bigger that is today than it was just a year or two ago and that's creating engagement as well from a sports perspective people need to think about how i'm consuming the overall media and creating business models around shrinking television and increasing digital and social. >> all right michael, always good to see you. i haven't followed that closely, even though, as you know, i'm a huge 6ers fan but we looking good what holes did you fill? what needed to be fixed and is it fixed to the point where you're going to do it this year? the end of last season was disappointing. new president, doc rivers, we

think we have an incredible basketball organization built for the long-term, and i'm really excited i'm always very cautiously optimistic, but we feel great about heading into the season and i think we have made some really good changes organizationally, we need you, joe, we need andrew as well. we need you guys rooting for us, and helping us to get the big victories. >> i know you got my seat saved right next to yours. that would be great. >> first fan back. >> once that happens i'm counting on it anyway, thanks, michael, we'll see you. >> good talking to you thanks. okay coming up, a big hour ahead, including our exclusive interview with two of the biggest names in cryptocurrency, tyler and cameron winklevoss, cofounders of gemini, they are straight ahead a conversation you do not want to miss. and as we head to the break, sd t a look the laggards in the

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good morning, and welcome to "squawk box" here on cnbc. i'm joe kernen along with andrew ross sorkin, melissa lee is here as well. becky is off today we got -- i can't help myself. i heard from wolf earlier, but

we have to put wolf's shot up next to the winklevoss there's three. i think they're like triplets. u.s. equity futures down 135 points, as you can see the nasdaq indicated up has moved higher the vaccine news probably not hurting to some extent we have seen other days where the market definitely benefitted from news coming from pfizer or a moderna. what you're going to tell us about now. >> moderna is out with final efficacy results from the phase 3 trial of the coronavirus vaccine. data confirming the vaccine is more than 94% effective in preventing covid-19, and 100% effective against severe covid-19 the vaccine was well tolerated has not seen serious safety issues to date it plans to file with the fda for emergency use authorization, and says it should have 20 million doses available for the u.s. this year we spoke with moderna ceo last

hour. >> the most exciting news to me yesterday when i learned the data was the severe cases because if we can prevent severe cases, it means, you know, reduced hospitalization, and no death, and that would be, of course, i believe, again essential in this pandemic today's vaccine news coming as we learn this grim statistic, the u.s. has topped 4 million coronavirus cases in the month of november. that's according to the covid track project, and it more than doubles october's then record number of cases. andrew >> oil cartel opec meeting today in a virtual gathering with some very real world consequences under a previous agreement, the group had planned to raise production this coming january by nearly 2 million barrels a day, but with covid cases surging, the threat of economic lock downs in the u.s. and europe, a huge risk factor opec may have to change course will all of the members agree to do that.

that is the question, and with the answer is brian sullivan with more on all of it. >> good morning. arguably today the virtual opec meeting is the most important meeting that the group has had since spring investors, they have been in a red hot oil and gas state the last few months and they are watching what opec does closely. as you laid out, there is a preplan to raise output by cutting back the cuts. if you're an investor, here are the four scenarios you need to know the most bullish, meaning prices going up is that the current dole for cuts of 1.9 million barrels a day is not only extended by three months but extended more than three months. what is built into the market, guys, lateliy is that the curren deal will be extended three more months, january, february, march. a bearish scenario is there is no extension of cuts they allow it to roll off come

january 1st and they raise production, and the most bearish, highly unlikely, but it's out there, is that there is not only no deal, but they walk away kind of like they did in march, you have an opec break down, perhaps, and a price and market share war what about march you might remember, i know it seems like 16 centuries ago, but what happened in march is no doubt fresh on the minds of opec they could not get a deal. prices fell 30%. then you had covid really hit. then you had prices go negative. that's the spike down there in the middle of the april as well. if there is no deal, it's going to be bad news for american producers who needed price of oil to stay, if not where it is, they would like it higher, but they need it over 40 bucks after a horrible year, many energy stocks have caught fire over the last three or four weeks. look at some of these returns guys occidental, up 81% apache, 68, diamondback, 67.

all that pricing is built into the concept, guys, that we will get an extension of the current cuts by three months if we don't get back, some of the gains could come back down to earth in what has been a wild month. you mentioned the vaccines here's the story, it's all about global demand. china pretty much is back to normal we're looking at the traffic indexes in beijing and shanghai. you can see blue and red no difference year or year they need the u.s. and europe to get back to normal fast and that moderna news might help that >> so brian, in terms of the u.s. oil production issue, is that still part of the story >> it is it is, andrew, and for our audience, a lot of whom are no doubt in the oil patch, they have got to watch the opec meeting closely. u.s. oil production was the breaking point 13 million it's what caused opec to sort of come back together to firm back

prices we know that u.s. production has come down a couple million barrels a day. let's be honest, 45 may be better than 40, but it's still not good, andrew the balance sheets of these companies are debt heavy they need oil prices to tick up if there is no deal for opec today. oil prices could slide, prolonged periods in the 40s, even maybe low 50s for some of these producers would be very bad news for investors who have placed, as you saw, some pretty big bets lately on some beaten up names >> okay. brian, thank you brian sullivan with the latest on oil and opec. i want to bring you news on nikola, which we are seeing spike. nikola have signed a memorandum of understanding, it supersedes the agreement in which gm would receive a $200 billion equity

stake in manufacturing the badger pickup truck for nikola we don't know the terms of this deal, but a deal was signed, and that is important for shares of nikola there was a lot of concern they wouldn't get the deal done, and this of course the timing is interesting. it comes on the day of the lock up expiration. jp morgan estimates as many as 161 million shares could be available to be sold today on the day of the lock up expiration so this is one to watch. but we are seeing right now nikola shares up 8% on this news, joe. >> melissa, thanks, coming up, an in-depth chat about mergers and acquisitions under the next administration in washington with piper sandler's jimmy dunne, but next, cameron and tyler winklevoss together on "squawk box," talking about bitcoin surge this fall, and also that big dip that we saw last week, and the rebound deal news as we head to break. s&p global is buying ihs market

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the team's been working around the clock.wire, we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work. i didn't know you were listening. breaking news now from door

dash leslie picker joins us with that news hey, leslie. >> hey, joe, that's right. door dash kicking off its ipo road show with an updated filing that just dropped. seeking seeking $2.8 billion. seeking a valuation of $30 billion on a fully diluted basis. the range in the latest filing prices the shares between 75 and $85 each and the valuation on the fully diluted basis is nearly double the $16 billion that door dash received in a funding round just a few months ago in june now, the pandemic has no doubt been a huge boon for door dash's business, as stay-at-home orders forces consumers to order food to be delivered. the company reported a profitable second quarter, although dipped back into losses during the three months through september. however, revenue during the two

quarters jumped upwards of three times year over year now, we have also learned through sources close to the process that door dash will be employed a unique process to price its ipo used previously with unity's listing, pulling information about where the ipo price should be, and door dash will pick a final price and allocate stock to specific investors. the company is listing on the new york stock exchange under the symbol dash. guys. >> makes sense that was available that was available, which is nice thanks, leslie. >> thanks, joe. bitcoin, once again, well above $18,000 after last week's roughly $3,000 drop in less than 24 hours, and seema mody joins us now hi, seema, with two of the biggest names in crypto. we have had these guys on. i remember years ago, i think we had either cameron or tyler. it's hard to figure whether it's

cameron or tyler or wilfred frost when i'm talking to any of them see what i mean. there we go. see, actually, there is a lost winklevoss and there he is right there. anyway, seema, take it away. we have double trouble. >> thank you, joe. i appreciate it. i would like to welcome tyler and cameron winklevoss on cnbc, it's great to see you both. >> thanks for having us. i'm cameron by the way >> of course. >> i don't know who wilfred is. >> both of you are significant holders of bitcoin buying a significant amount back in 2013. tyler, i'll start with you, what have you been doing over the last eight months to accommodate this meteoric rise in bitcoin, and have you been doubling down on your investment in bitcoin? >> so we've just been hod, if it

does that, it has to have a market cap of 9 trillion, so we think that prices bitcoin, it could price one day at $500,000 at bitcoin, so $18,000 bitcoin, it's a hold or at least if you don't have any, it's a buy opportunity because we think there's a 25 x from here >> 500,000 within the next decade, that means that bitcoin would appreciate about 45 times from where it is right now, if i'm doing the math correctly, cameron, worth around $9 trillion, so basically you're saying that bitcoin could be about 40% of the market cap of the s&p 500. i mean, what takes us there? what's the bull case >> i think a lot of it is just investors coming in and realizing that inflation, there's a specter of inflation out there, and how do you protect against that i think there's not much of a debate on all of the debt that's

increased in the u.s the money printing and so how do you defend against that. a lot of people are starting to realize that bony is the best defense, and offers the opportunity for a symmetric return of 25 to 40 x from here i don't think there's an asset in the uniform that can offer that potential and protect against inflation. if this was was 1970s, we would probably be buying and holding gold >> with that, said it's a significantly volatile speculative asset, and comments from coin base ceo brian armstrong a couple of days ago, sent bitcoin lower, back to 16,000 concerns that he's hearing further regulation is coming from the treasury department, steps to increase data collection around digital wallets. what kind of impact could that have >> well, look, bony itcoin is s the best performing asset of the year, compared to equities

back in 2013, there was a question if bitcoin was going to be outlawed. we're way past that. we believe in healthy, thoughtful regulation, and that's been the case in the u.s. and many other jurisdictions through the last decade. we don't see that not continuing, so we think bitcoin is here to stay. we think thoughtful regulation around it in the u.s. and other sophisticated jurisdictions is also here to stay, so we're not -- i'm not really worried about the, you know, the boogie man of regulation. that was a conversation that we got past like five or eight years ago, but, you know, bitcoin is still the best performing asset of the previous decade it's the best performing asset of this year, and we think it will be the best performing asset of the current decade. >> hey, guys, question for you, when you really look at this chart, the biggest move obviously came this sort of

september, october, and that happened after pay pal effectively announced that as part of their digital wallets, people were going to be able to effectively transact in bitcoin. i shouldn't say they are transacting in bitcoin, the bitcoin effectively gets turned into fiat money. you have talked about it as digital gold how much of it has to become an actual currency, if you will, to get to the numbers you're talking about, whether it's half a million dollars of bitcoin or more >> so we think that bitcoin's really an emergent store value it doesn't really need to be a great medium of exchange it just needs to be better than gold, and it's better across the board, so bitcoin, the supply is fixed at 21 million. gold is scarce bitcoin's software, it can be sent through the internet. gold is hardware it's hard to transport, so really, you think, the bitcoin cold story it's a pretty clear win e and we

think that's going to play out dramatically over the next decade. >> and no one uses gold to buy coffee as a $9 trillion market cap. so if bitcoin is a better sort of value, that's still, you know, gets us to 500,000 bitcoin conservatively if it also can be used as a currency, which isn't off the table, then it's even higher. >> although that use case certainly hasn't been proven as of yet with that said, on the topic of treasury, tyler, it is widely expected that janet yellen will be the next treasury secretary, the former fed chair i went back and looked at some of the comments she has made about bitcoin when she was the head of the fed. she said in 2018 i'm not a fan before that, saying it's not a stable store of value. how do you make bitcoin mainstream when those who will be architecting policy arnound

cryptocurrencys, regulating this asset are clearly not supportive of it. >> we're happy to educate and have a conversation. maybe we should reach out to janet yellen and talk to her but when you see the likes of paul tudor jones buying bitcoin and extolling its virtues, square, putting their treasury into bitcoin to protect their valuation, because cash is trash, and they realized it, you know, that stock does a lot to mainstream, and at some point, it's just hard to look at those data points and deny that bitcoin is an incredible technology but it's also an incredible stored value. >> cameron >> yeah, i mean, bitcoin is this alternative emerging store of value, and i think that, you know, education is important we're regulated as a new york trust company at gem new york, we have been, you know, looiiveo

five years, and we're trying to make it easy for people to buy bitcoin. the people getting it today is dramatically different than six months ago before the pandemic, so it's really encouraging to see that, and we'll just see where it goes. >> it's been a fascinating story to watch and we appreciate both of you joining us to bring your insight and what you're seeing as early investors, and vocal about it early on tyler and cameron, we'll leave the conversation there thank you for joining us today. >> thanks for having us, guys. >> coming up, a new way to talk about covid that might get everyone from politicians to ceos to work together. pollster frank luntz will join us for that. and the do and die situation in georgia. stay tuned "squawk box" will be right back. ♪ ♪

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welcome back to "squawk box. new data from moderna this morning. showing the company's moderna vaccine is more than 94% effective in preventing covid-19 and 100% effective against severe covid-19. here's moderna's ceo with us last hour. >> the most exciting news to me yesterday when i learned the data was the severe cases because if we can prevent severe cases, it means reduced hospitalization and no death, and that would be in this

pandemic our next guest says changes wait we talk about covid-19 may lead to less political division. joining us is pollster political strategist frank luntz, what do you mean by that, frank? >> there are certain words to use that will connect and encourage people to behave the way they're supposed to. we did a study with the beaumont foundation, and found there are certain words and phrases that get people to act, and i'll give you a couple of examples of them if you talk about the pandemic, then listeners and viewers take it seriously if you talk about the coronavirus, it's something that doesn't kwakt them ta -- affect them if you're talking about eliminating the virus, you're doing what the public you wants you to do, the insistence on war like language turns voters offer

and gets them to ignore, and it's being done by the president and governors, the emphasis on the speed of the vaccine development is a mistake yes, you get political credit for it what the public wants is something to be safe and effective and so the fact they have used warp speed undermines people's willingness to take the vaccine. when you emphasize government health agencies, you're emphasizing what the public doesn't want about health which is bureaucrats, and paperwork and a slow bureaucracy that doesn't solve the problem. public health agencies communicate that it's about them, about their needs, and frankly about their safety so there are examples that are just like this, and i would urge governors and business people to use the right language. >> frank, you know, given how politicized masks have been, do

you see a distinction between those you have polled who think about the context of putting on a mask and taking a vaccine? >> yes, and this is a tragedy. and it makes no sense to me, if you're wearing a mask, people assume you're a biden supporter. if you're not wearing a mask, they assume you're a trump supporter. this is insane this is the most ridiculous behavior i have probably seen in politics in more than a decade you wear a mask if you're out in public you wear a mask if you're too close to other individuals, and it should not have anything to do with politics, and frankly, andrew, it's annoying, but it's actually unsafe for people that they have now so politicized it that your behavior is determined more by your politics than by your own commitment to personal safety. >> but, frank, as we move forward with hopefully a vaccine, what i'm asking is from those that you have polled, those that are refusing to wear a mask, would they also refuse

to take the vaccine or is it considered differently >> here's the amazing thing, that republicans love the speed of the development of the vaccine but they'rele less likey to take it democrats are more hostile, nervous about the vaccine, but more likely to take it our language, what the debeaumont foundation found, the way you communicate this, a lock down will be hated by republicans, but a stay-at-home protocol would be supported. simply changing the words actually changes the compliance, and changes our commitment to personal and public safety >> frank, in terms of persuading people to take the vaccine, we just had an interview with the governor of connecticut and one of the questions i asked, and it's a question a lot of people have been asking, which is are public and private workplaces

going to effectively require people to take the vaccine and clearly he suggested that there wouldn't necessarily be a requirement, potentially in certain circumstances, but that he is hoping to be able to persuade people to do so do you think that effectively we'll be able to get 70 to 75% of the country on a persuadable basis or you have to do things that require employees to take the vaccine or potentially businesses like airlines, movie theaters, restaurants and the like would have to require you having a passport effectively that demonstrates that you've taken the vaccine to get on the plane to try to instill the kind of confidence to get the business back? >> so you've used the word required and you should be using the word protocol if these are protocols, and they're public health protocols, people will take the vaccine if you call them government

requirements, they won't and i know this sounds crazy i know your viewers are going, what the hell? but that's the way it is, and so you accept it. if you're going to make it sound like it's a government mandate, you're going to get 40, maybe even 50% who refuse to take it if it sounds like a person protocol and if it feels like you're making a decision not only to help yourself but to help others around you, because what we found is that talking about the family is actually better than talking about the individual keeping your family safe is a higher priority to individuals than keeping yourself safe if you use the right language, you'll get the same kind of acquiescence that you're seeking. >> all right frank, always good to see you. thank you for that i'm going to screen shot that and tweet it out so hopefully business leaders and the like can use some of the terms that

you have been describing here. appreciate you joining us as always, talk to you soon >> thank you. melissa? >> earlier this hour, gm will no longer take the $2 billion equity stake in nikola phil lebeau joins us on the "squawk" news line. >> it calls for a memorandum of understanding. they're going to work together with general motors providing the technology for hydrogen fuel semitrucks, hope to have testing by the end of next year, and potentially also some of the battery technology could be used for electric, battery electric semitrucks nikola is designing for the future as well the shares are down more than 6% this deal was far more important to nikola than it was to general

motors, and you can tell by the agreement being reached with gm, while it doesn't take an equity stake in nikola, is basically gets out of this agreement that really was not going to work out very well for them by basically saying, look, we'll provide the technology for you, here's a customer who can help us get scale for our hydro tech technology, but beyond that, you know, nikola is going back to the drawing board in terms of what it's planning to do it's going to be focusing now on the hydrogen fuel cell semis, and the battery electric semis, and those were always the most important vehicles the electric pickup truck, the badger, that was the vision of trevor milton, and that was something that was never high on the priority list with general motors i think they looked at it and said, sure, we'll get scales for building this potentially. the fact that that's going away, not a huge surprise here you look at shares of nikola,

down more than 6% now they have come up with a new agreement with general motors. >> the badger is dead. >> it is, and it's not a surprise they have not talked about the badger for several weeks once trevor milton was out, you knew the badger perspective was not going to be around much longer. >> and you mentioned gm, and what it meant for nikola, versus gm it could have been a black eye for mary barra them coming out of this is not a surprise i'm surprised they have some kind of agreement still. >> i think they look at this and say, hey, here's a customer for our hydrogen fuel cell technology we're happy to work with them, and who knows, maybe the hydrogen fuel semis take off they'll be testing them by the end of next year

that market is still developing. some day, you could look back on this and say, hey, this hydrogen fuel cell was a big hit or you could look at it and say that was an interesting idea that never panned out. >> melissa and phil jumping on the early news on the release of a deal that had been signed after the speculation of maybe it wasn't going to be through, but obviously the devil is in the details, and melissa, you pointed out, and phil you probably know about it, the lock up period expiring i was thinking nice to have strength tosell into it, the lock up period that's no longer the case. i don't know what happens throughout the session it was up 8 or 9% when we were talking. now down a similar amount. >> now that it's clear there's no equity stake. it deal is basically at cost gm is not really investing money into its partnership with nikola, you know, shares reverse and as i mentioned, the lock up

expiration, trevor milton tweeted in august that he was intending to sell his stake, and the lock up expiration freeze up to 161 million shares to be sold according to jp morgan there could be extreme pressure in the stock, not just today, but days to come, phil. >> and i think that's what po m people are looking at. what kind of pressure do you see if the lock up period ends. >> yeah, yeah. went from a head wind, a good day to sell to i don't know. anyway, phil lebeau. thank you. melissa, thanks, andrew, i want to thank everyone, really. coming up, an early read on the likely state of m and a, once joe biden takes office piper sandler's mmjiy dunne will be our special guest stay tuned we're coming right back. and, in more and more cities, the unprecedented performance of ultra wideband.

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welcome back to "squawk box," president-elect biden is expected to name top economic officials this week. among the names being reported, neera tanden, the one and only neera tanden expected to be named to run the office of management and budget. okay other top advisers are said to

include cecilia rouse, chair of the council of economic advisers joining us to talk about the potential impact, jimmy dunne, senior managing partner, thank you for joining us you make some assumption that i think i probably agree with. i'm wondering how much they matter, and i'm talking about georgia, and i'm talking about president-elect biden may be able to work more with some republicans that had some issues with president trump for whatever reason, so those two things set up what would be a pretty good backdrop for -- in your view, for piper and for the economy. but certainly not a given, it's not guaranteed that georgia goes republican, at least for one seat >> well, hi, joe, and thanks for having me. i agree completely

the thing, i think, that is important and i think joe biden is actually rooting for a republican senate because i think that will allow him to deal with the far left part of his party easier i know a lot of people will cringe at that and think that's not possible, but i really believe it i think it's very important that the government be divided. i think everything considered, the republicans picking up seats in the house hopefully david perdue winning in georgia, which is really important to the whole economy right now, and i think a divided government, i think actually there will be some compromise across the aisle i think biden will be able to create some of that. i think he and mitch mcconnell will sort of feel like, look, we're on the back nine it's time to focus on completely undoing for what's right in the

country. i'm actually pretty optimistic as long as we have a divided government, if we lose -- if the republicans lose both of those seats, you know, it could become very bad very fast that's a great worry, obviously. perdue winning is really important. >> could be tactful here, we both have spent time in georgia. i spent quite a bit of time. i love going down to the golden aisles, and i don't know, i have heard rumors that maybe you have been to georgia a few times. the state has changed, but it's my perception that maybe there was something to the -- that maybe it was more about president trump than it was about whether the entire state had moved to center left instead of center right. how do you handicap senator

perdue's chances at this point for someone like you who's spent some time down there >> i think, you know, obviously i wish he had had the 50%, which would have avoided the runoff, and he was close i think he won georgia i'm not a georgia resident, nor did i move down there as several hundred thousand people have to vote, but i don't think it's quite right, and i think that's inherently unfair, but it is what it is i think that -- i think he will win. i think david will win the election i think there was a very -- you know, obviously president trump was a very polarizing figure, and he got reaction. and, you know, the vote came out pretty big, but i think you saw a move in the house of representatives where the republicans picking up the

house, that they feel policies are okay, it was the man they wanted to vote against and i think that's probably accurate, you know, and so i'm hopeful and i think that biden and north caroli and mcconnell can get things done i think we're in a position to do better. >> i think it's interesting that the point you made that maybe president-elect biden is secretly hoping for a divided government, so he doesn't have to appease the elements of his party that are so far left you're right, people would not like you to say that it implies that joe biden doesn't really believe in some of the stuff that the far left of his party is pushing, and he doesn't -- he can't really acknowledge that, i don't think. but if you look at nekne neera ,

that's a far left choice for budget director, right >> yes, but his other choices have been decent look, i'm actually optimistic. i think if you look at where we are, we're going to get a vaccine reasonably soon. exactly who takes it and doesn't take it, i mean, everybody i know is going to take it you know, and i think that's a real positive. i think we're a long way from where we were in march where certainly value stocks and particularly financials were absolutely pommelled now we've got a question about we're going to get a recovery. the two issues what are the real ramifications from credit, are the banks overreserved, they're in a much better position than they have been in terms of other crises they have more capital, aggressive with their reserves and they're not like the target. they were not the cause of this. in fact, in a lot of ways, they were a solution to a lot of the

problems, so i think in that t respect, i think a divided government, i think you can get a healthy m and a environment because we basically had a seven or eight month stoppage. you have credit concerns, and you have lack of confidence. that's going to bode for a very poor m and a environment we're answering some of the credit concerns, i don't know, we don't know, you know, it looks optimistic now we don't know exactly how bad it will be when all of the funding dies out, but on balance, you have an environment where people are going to regain their confidence you'll have low interest mates, a pressure on earnings, so i think you'll see numbers exceed where they have been the last couple of years. 270 deals a year i think we're up to like 80 now. i think you'll see a lot of announcements the end of the year, and all of '21

>> hey, jimmy, good to see you it's andrew here >> hi, andrew. >> as a supporter, as it sounds like you must be of senator perdue, speak to his active sales trading or stock trading, i should say he's one of the most active stock traders, you know, effectively in washington in an elected position there were questions about some of the stock sales that he made earlier this year. justice department did investigate them how concerned are you about that, and do you think that he should voluntarily say he's not going to be involved in stock trading nationanymore? >> i don't know the exact detail of it, and i'm not -- he's never -- i've never this a conversation with him about any stock, but that's true with a lot of smart people. they have not talked to me about stocks, andrew he's not different in that respect. from what i understand, what he did or didn't do has been

thoroughly investigated and he has been exonerated. and i think going forward, it would be advisable just to stop all together, just forget about it, stop, and don't do it. i think what people should focus on is that we've got at least one senator that's actually run the fortune 500 company, and we needy verseificatio need diversification i think for that respect, he's well credentialed, he understands how to run a business, and i feel he's the proper candidate for georgia, and more importantly for the country at this point. >> separately, jimmy, he made some comments that caused some controversy, got a lot of people upset about how he referred to now president-elect or vice president-elect harris in terms of how he pronounced her name, effectively appeared to be making fun of her.

there are people who have lots of concerns just about how he has behaved during this campaign can you speak to that? >> i know him pretty well. he's a good man that cares about people like a lot of people when you get on stage and you say something and you get a little laugh, he carried it, you know, too far. i think he respects president-elect harris, i think he made a mistake, and i don't think he'll do it again. and it's hard. you're on the stump, you know, 18 hours a day, you know from being on tv, you know, it's hard to be perfect with your -- be impeccable with your words every second, every moment i don't think he feels that way. it was regrettable, but he's human. i mean, and we've got to the point in this country where you can't, you know, people are going to make mistakes, they're going to say things, and i think that had a lot to do with -- one

thing that you saw when you had the supreme court nominee, by the way, the notre dame law school supreme court nominee, times when i or someone else, some women senators said something so ridiculous, i would have had to make a comment, make a little smart remark. she didn't do it she never ever did it, and that's the way you've got to be in those situations because, you know, he made a mistake. he shouldn't have said it, you know, but it's god, look at what he's done for georgia. look at his whole life he's certainly the spreuperior f the two candidates, that i firmly believe i'm not a political consultant, by the way i'm involved in financial institutions and bank m and a. you know, but obviously it will have some effect on our world. >> i guess it's only fair that i ask you about some of reverend

w w warknock's prior statements. we're going to grill you on both on the intricacies of all the candidates down there in georgia, and everything they have ever said in their life we're not going to do that maybe we are i don't know >> good. >> last but not least, 30 years ago did you know that it was going to be a golden era for bank mergers and acquisitions? because you make the point that, yeah, it's going on 30 years now, the m and a, that was a good career choice for you and it's happening to this day, and we have had some big deals recently, even cross ocean deals. is that going to continue? >> yep absolutely i mean, the reality of it is consolidation has been going on for a long time. it will continue we have an environment that's really set up for it because you have low interest rates. you're going to have real pressure on margin i think people are -- i hope on balance you have more capital, and people are over crude in

terms of potential losses. i know that there will be significant losses in restaurants, and hotels,and we'll have to see how that all pans out i think on balance, you'll have earnings pressure, you'll have, you know, financial technology advances that people are going to force people to move quickly. you'll have big cost savings because branches are not as important. we have learned that through so many things in this pandemic i think you'll certainly get back to the levels you're at and i think exceed them. plus, you have had sort of a year of no activity, and honestly, ceo ages have something to do with what happens at m and a so there's no reason to think there won't be some announcements the end of this year, and a greet deal of announcements through '21. >> jimmy, thank you, jimmy dunne at piper sandler

all the best to you as well. you've got the new name. you're even involved in m and a yourself, so it makes you -- >> the deal is going well. yeah, the piper people have done exactly what they said, and we're verypeople, thank you all, very much have a nice morning. >> all right, jimmy. thank you. coming up, novavak announcing it is delaying its vaccine, again we'll talk to the company's ceo. that's next. this holiday at t-mobile,

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want to show you shares this morning if we could of tesla looking at that stock up another 3% looking for its fifth straight session of gains. topping now $602.70. meg tirrell joins us with ceo of of novavax. >> stan, thanks for being with us this morning. you fully enrolled a phase three in the uk and you're expecting data early next year and fully enrolled phase 2b and your u.s. phase three is being pushed back another few weeks. tell us about why the delay here in the u.s >> it's just the typical process of making product at large scale

and interacting with the fda and getting feedback and getting it started. we're on our way >> and, you know, we've bipartisan gbeen getting all the news from moderna and pfizer and 90% efficacy of these vaccines how does that affect novavax's path forward your vaccine? >> all we can do right now is compare what we're doing with what we saw from moderna and pfizer in preclinical studies and for phase one studies. i think it's good news for everybody that the protein that is being used as an antigen to stimulus immune response is the right protein to use it's a spike protein our data shows that we have very high levels of protective antibody and t-cells against the spike protein. i think that predicts a good result for our vaccine trial, as well

>> do you think as some have suggested now that we do have the becausative results fe at p. >> i think the placebo and still plenty of room to run a phase three trial. so the phase three trial in the uk and the 2b trial in south africa are compared against placebo and it is the gold standard right now >> all right sorry for such a short period of time we're running up against the end of the show. but we appreciate you being with us this morning and we hope you come back. >> sure. thanks >> guys, back to you >> okay. thanks for that. breaking this hour, we have some other news to tell you about. a smaller deal on fuel cell systems. but gm says it won't take an equity stake

here's what nikolo told jim cramer last week >> we're interested in gm's hydrotech fuel cell system very inest thering to us we're interested in their battery system both of those things are interesting to us and we continue to talk to them about those things >> jim cramer joins us now to talk all about it. what do you do what do you do with nikola and gm, jim? >> look, i think there's a lock-up expiration and the numbers that they're selling are much fewer than they could and a lot of that. trevor milton is not going to sell nearly as much as i thought but what i kind of felt from that interview, just such resistance to even talking about the idea that there could be something good going on. now, this is a deal that frankly is not significant and i know that people don't want to hear that a lot of people in nikola hoping

that this is the big score it's just not the big score, andrew it's not like i like this technology very much and i think some of that is because the company has not particularly been, the kind of company that gm wants i think that's fair. perhaps many people think it's ill advised if they went with nikola and i don't think mary bara wanted to say i'm nikola's best partner because they're not going to be anybody's best partner. they haven't delivered the way people thought and you want to hear that they kicked out milton, but that's not happened instead, you heard kind of what i would describe as being a not clear approach to who is still at that company. i want to hear how much trevor's selling and then make a better determination. but to me, it's not a buy.

>> okay. jim cramer we will be looking forward to seeing you and the gang in just a couple minutes hope you have a great thanksgiving >> you, too. >> hoping to see you very, very soon >> very good >> melissa vaccine headlines giving a slight boost to futures and joining us now to talk markets mohammad also president of queens college campus cambridge. we priced it all in. what else do the markets have to go on with s&p and the nasdaq sitting at record highs? >> so, we've priced most of the vaccine news in because we had so much. i think we're going to look very carefully as to what chairman powell says this week. a lot of expectations after the fed minutes. that's the next big event. what does powell say on tuesday and wednesday. >> you also have an op-ed out between the tensions between and

with the u.s. top chipmaker and does that inflame the tensions between the two countries some. >> yeah, it also spills over to australia/china. so one big subject which is the trade tensions but i want to stress it's not going to have much of an impact on the market. the markets right now triven d three things vaccine and economic recovery and two is continued central bank support and more money coming in. so, we are going to, again, put aside all these other things they're not going to have much of a, mat impact >> path of least rezisistance i higher is that right? >> unless you get policy mistake or a series of defaults. i would focus on whether the defaults out there but otherwise, yes, the path of

least resistance continues to be up >> mohammad, great to get your perspective. mohamed el-erian guys, its a's pin a pleasurbeen. >> we need to do this again soon meantime, "squawk on the stree street" is up next good monday morning. welcome to "squawk on the street." i'm carl quintanilla another monday of positive vaccine data moderna 91% efficacy and m&a and a jobs number to fill out the week road map will begin with vaccine optimism moderna set to apply for emergency use of its covid-19 vaccine today. pfizer is on track to gain uk approval within days >> and we have a very large deal in data.