today. does that catch anybody by surprise i think it does. >> yeah. >> nice move. >> all right joe, last but not least, what have you got for us? >> perkinelmer, about to make a new all-time high and scott, your showup and sipe, that's the line of the week. >> guys, thanks, thanks for watching it was fun today "the exchange" is now. >> thanks, scott welcome to "the exchange." i'm kelly evans. november saw a huge leadership change in the market as energy and financials broke out along with sill version conquer and even bitcoin will this pattern continue into year end we will ask. plus a biotech warning traders saying vaccine stocks are starting to trade too much like speculative plays as moderna rallies 120% in a month a look at where it can go. and one firm getting bullish on airbnb before it even goes public

first to dom chu with the state of play in markets hi, dom. >> reporter: the state of play right now is we're peaking into positive territory for the s&p 500 so we're kind of near the session highs had right now. as you can see very modestly it's flat but still it's green and not red. rising kind of steadily throughout the course of the morning. the dow industrials flat, down 20 points and the nasdaq, the underperformer, off .25 of 1%. taking a look at two key parts of the market. we're keeping a close eye on them right now one of them is what's happening with the overall picture for say what's happening with semiconductor stocks advanced microdevices over the course of the year-to-date period more than doubled and land research up 50 opinion and xilinks up 70% and the big etf that tracks the semiconductors was six cents psi today of one point of setting another record

high so watch those semiconductor stocks, a big tell for the overall market, and then if you're looking for that reflation trade. kelly, you mentioned before kind of the rotations going original the value orientation. look at energy names oil prices up again, trying to break a three or four-day losing streak apache, 8% gains occidental 7% gains and 9% for holly frontier and a refiner like valero up 6% as well. the reflation and value orientation playing out in the trade today so we'll see whether or not the energy names, kell decontinue the near-term turn. they have been down significantly so far in 2020 i'll accepted things back over to you. >> leading the charge today, dom. thank you, sir, dom chu. let's turn to the bond market where the ten-year yield has been jumping towards 1% and checking with rick santelli for more on the moves. what do you make of it, rick >> you know, i think, there's a lot of wrong positions out there. think about the logic. the federal reserve has done everything to try to keep

interest rates low, an they buy $80 billion a month in treasuries and 40 billion a month in mortgage-backed securities as money gets higher they will buy more they have done that in the past. started out buying a lot more but there's a rub. if the economy heats up on vaccine side, they may not be able to control rates the way they want look at a one week of 10s, definitely move up, and if you zoom back to november, you can see the 96-basis point close that happens to be 174 for 30s if we close above those levels this woke you'll definitely see 1% and you'll see closer to 2% in the 30-year bopped. finally we go back to march and you can see that's the bogey, the 120 close there right in mid-march. foreign exchange one week of the dollar index, like exact opposite of the ten-year yields. moving down aggressively and moving down against the pound and against the euro and trying to stabilize against the chinese

uan and right now the dollar index is hovering at fresh 30-month lows based on where it's going to close right now. kelly, back to you. >> wow, so we're down near 91. it was about 91 and change there on the dollar index, but, rick, how significant do you think the bond market moves are that we've seen over the past week because all of a sudden you have the ten-year yield jumping and inflation expectations rebounding to me it reads not so much as an inflation trade is coming but more as, you know, hey, the macro is starting to look better, and so you just wonder if you compare that with the stock market, you know, even if we face problems here in the near term because everything is so overbought is the bond market telling you that it's seeing brighter horizons? >> see, you don't understand the term overbought anymore and i'll tell you why, because on the other side of covid when vaccine distribution starts, a.d., i fares khallafalla, it after difficulty abuse, i think the dow could get to 35,000. what does overbought me?

is it overbought based on the fundamentals of the companies it represents most likely, but it's never about what companies are doing now. it's about what companies may do in the future. it's about how the demand and so many of the old-line industries is going to ramp up when we have covid vaccine and how we're going to keep a large chunk of some of the digital expansion that we've thrown in, and all that is going to be a real tough issue for the fed to deal with they want to control rates they don't want them to go too high and slow the economy down but the economy might be firing too hot for a while, and that's the rub. >> rick, you want to put your stock market trader hat on today. we've got to get out of the bond pits and over to the option pits or something. >> i've been saying 35,000 for five years, ever since about 2015 i said you never want to be short stocks here because the federal reserve and all the central banks of the world have pushed everybody into the auditorium of stocks so they will not leave everybody stranded there look what the governments do now. want to take care of everybody in every possible way.

very humane but not the way necessarily an accountant would run a business. >> i see but you're still keeping that call intact for now as a result. rick, thank you so much for that appreciate it. >> anyone who short stocks is crazy, crazy >> rick santelli in chicago for us today >> let's talk more about the stock market during the huge move we saw in november. we also saw a rotation out of tech and into other sectors, the financial and industrials and materials. financials and industrials up more than 15% last money you can see the performance there. big tech has been under pressure since september with the exception of alphabet. apple and amazon down 8% and microsoft down 6%. i'm joined by the chief investment officer and i'll start with you, john want to kick off what rick said. do you think people would be insane to short market >> rick did a pretty good job of

summing up the markets, kelly, just saying. in general, yeah, in summary, yeah bonds are not offering us enough yield to cover inflation and not offering enough yield to produce income we see the stock market offering plenty of dividends and earnings next year so, yes, we would agree it's tough to short stocks in this environment. still got to be incremental around stocks but it's stuff to short stocks higher. >> all right crazy, i'll ask you for people who are saying, well, you know, i'm a little nervous about some of the weakness in big-cap tech and that sort of thing do you think the market coalesces and can move through this period where we might see adjustments in some of the high flying names, or do you have to kind of take the chips off the table and wait and see what happens over the next couple of weeks here >> so we do think the market can move through here. in fact, the broad anything and

recent rotation is probably a positive sign. in fact, you want different leadership because that's what drives the bull market forward, so we're still favorable information technology we also like consumer distropical depressionry, communication services, and we've recently upgraded materials and industrials. >> okay. john, what about you we haven't talked tactically are you saying that people should stick with the markets you know in, a very broadway or do they need to be careful or more strategic about what sectors to have exposure to. >> so we are -- we are broadening out we've done that twice this year. we've rebalanced twice and broadened out twice this year. small caps we would say are the next point of confirmation as marcy talked about with the broad anything stock market they are 5% from their all-time high in 2018. in the sector space what our equity team told us this morning

is they are very much benchmark aware so they are staying close to their sector weightings so they are looking to seat earnings growth next year. next year in our view, our equity team is going to be earnings growing into stock prices so january will be an interesting month for stocks >> but you're sticking with names like apple and microsoft as some of your top equity strategies. >> okay. >> will give you, tracie, the last word here where do you think people should be positioned? is it kind of broadly in the reopening sectors? does it need to be in some of the more specific names and should they look for buying opportunities if tech and other stay-at-home names correct >> yeah. so we would say look for buying opportunities, but it's really interesting. you know, november was such a strong month and we look back at other very strong months in history. in fact, it's the tenth strongest since world war ii, and when we look at those other

periods what we see six months out and 12 months out is average return of 13% and 15% respectively, so it's very possible that we could see additional positive returns from here, especially if we get a strong holiday season and if we get a stimulus package like the market is looking forward to. >> all right john and tracie, thank you both for your thoughts on market today. we really appreciate it. and if you're looking for other buying opportunities, goldman sachs says investors should look to the british stock market despite brexit jitters and the ftse 100 was lower today, down more than 14% this year and it's no goldman outlines ten reasons to buy across the pond included discounted stocks particularly compared to u.s. valuations and they say impending the uk trade deal will be a tailwind. you can read the other eight reasons at cnbc.com/pro. ahead, the vaccine is almost

here but the money is not. states are calling for funding from d.c. as they prepare for the massive task of distribution who is most in need a and who will get them the funds they need plus, what happens when hospitals start receiving the vaccine? we'll speak with the ceo of a new jersey hospital that will be among the first recipients and a big warning from elon musk to his employees about tesla's stock price. it's all coming up on "the exchange." in a land not so far away, people are saving hundreds

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welcome back to "the exchange." shares of pfizer and biontech are hour after authorization of the vaccine in the uk. meg tirrell is here on how the country got a head start meg? >> reporter: they shower did, kelly. this is a world first, the first covid-19 vaccine being cleared by a government or completing phase three clinical trials. so as you said these doses will start to go out in the uk next week we're hearing about 800,000 doses in that first shipment that's of a total 40 million that pfizer and biontech have agreed to supply to the uk this year and next year operation warp speed here in the u.s. is holding a briefing right now, and the chief adviser to that effort was talking about

this uk approval process really saying this is a gold standard agency who reviewed this and making a comment about how he hopes americans will take this clearance. here's what he said. >> they have not been part or involved in any of the politicization that surrounded the development of this vaccine, and i hope this will be another evidence for the american population that the data with these vaccines are clear, are transparent and demonstrate that they are effective and safe for use in the general population. >> now this comes more than a week before the pfizer and biontech vaccine is even going to be reviewed by outside advisers to the fda. that meeting is schedule for a week from tomorrow, december 10th moderna's meeting that have same group is scheduled for december 17th it's expected the fda could act pretty quickly potentially to

give them the green light. if we do so we could get more unexpected vaccine supply. of these two different vaccines together, they now be a tis pate there will be enough to treat this many people remember, these are two-dose vaccines but this is enough doses to treat 20 million people in december and 30 million in january and 50 million in february all together, kelly, that's 100 people by the end of february who will receive both dozes of their vaccination according to operation warp speed and that's really taking us through the most high-risk populations who are prioritized for this, d dr. slaoui saying and noting if we get other good data from other manufacturers like johnson & johnson that could be potentially more supply. that's just for those two right now. >> still, meg, it stings a little that the uk is able to go ahead and approve the pfizer vaccine eight days before our fda is set to meet on it why is that? if slaoui is saying, look, it's not like they are giving this

process the short shrift, called them the gold standard in all of that i mean, why are we still waiting? >> that is a question a lot of people are asking right now, and, you know, the white house appears to be asking fda commissioner dr. steven hawn from these reports that he's been summoned to the white house about why the fda's process is longer than other countries or at least uk. what we know is the fda goes through this incredibly carefully. they do their own analysis of all of the data made available to them and then all of this will be made public next week in this meeting we will get to see the briefing documents that all of these advisers are looking at and be able to see all of the safety and efficacy data ourselves. there's also a very complicated information about manufacturing, so, of course, there are some sort of insults being lobbed at the uk for going too quickly on this, particularly from their neighbors in europe, but also questions about why we can't go faster >> interesting they are always lobbing insults back and forth in europe, but this reveals a lot about how

each country goes about this process. meg, thank you so much our meg tirrell. once our fda does green light distribution in this country states will face massive challenges to roll out vaccine, including how to afford it ylan mui is here with that story for us. >> reporter: well, kelly, this is an unprecedented public health campaign, and it's coming at a time when state budgets are already under strain first, there's the cost of just the logistics like buying all the super cold freezers to store the vaccine and then states have to build out the technology to track who has gotten a dose and make sure they come back for a second up. they need to market the vaccine to those who are eligible and reach out to those skeptical and state health officials say the biggest cost of all will be hiring and training enough workers to actually administer the medication >> it's all well and good to have a vaccine but unless we can figure out a way to get it into people's arms it's not doing what we need it to do and in order to get it into people's

arms we need to recruit higher and properly reimburse a diverse away of vaccinators, pharmacists, physicians is, emts, et cetera. >> reporter: it's estimated they need $8.4 billion to cover the costs and so far congress has distributed 200 million. there is growing momentum on capitol hill to try to get some of this money out. just this morning the number two democrat in the house, steny hoyer, told reporters that vaccines don't do any good sitting in a, would. they have got to get out to the public and, kelly, he said he is optimistic that lawmakers can strike a deal on another covid relief package by the end of this weekend back to you. >> fascinating ylan, thank you for that angle on that story, our ylan mui. with a vaccine just around the corner, how are hospitals preparing to distribute it and what financial and logistical challenges do they face? joining me now is the president and ceo of holy name medical center in teaneck, new jersey.

i understand you're among first advantages open recipients if that's true how did that happen in. >> it's supposed to be true. we haven't actually received the vaccine yet so new jersey as a whole is slated to get 130,000 doses in the first tranche the state will then decide how that gets allocated so we're optimistig we've done a lot to be in the front lines already, and we're prepared for it, but we actually haven't received it so i can't say with certainty that we will be first or how much vaccine we're actually going to receive. >> i would like to ask you about the cost of these vaccines, because, you know, a colleague the other day told me that hospitals were actually telling their workers they couldn't administer the vaccine because they couldn't afford it. i mean, hospitals have been under huge financial pressure this year. they have had to delay, you know, discretionary treatments covid, of course, has piled up tons and tons of costs that they haven't been able to deal with i don't know if that's an

idiosyncratic case, or how is it that you understand these vaccines will be paid for, and how much are you as a hospital going to have to pay for them? >> so, right now our understanding the cost of the drug itself and the kits that come with the drug which are the ppe and the syringes are all going to be provided by the government, right, so there's no direct cost to us. we're not going to bill for it we're going to start vaccinating people the hospitals themselves actually already have the infrastructure new jersey is already prepared they have a vaccine registry, and so we're in a much better shape than many other states in terms of having personnel who are training saying we're going to use pharmacists and medical assistants and nurses where we can. the big chunk of our critical care nursing staff are already involved with the uptick in cases that we've been seeing, but we don't need them to actually administer the vaccine so we have enough resources and i think it's best than rather than duplicating effort that we

tap into the existing provider infrastructure that exists and if we do that efficiently and effectively it won't coast that much to administer and they are all willing and very anxious they see the vaccine in being extremely helpful in getting us through the recent uptick so i think you'll find great enthusiasm on the health care providers willingness to put in a little extra to make shower it happens. >> so once the hospital workers, the front line workers themselves receive these vaccinations, is the hospital system still going to be involved in distributing the covid vaccine to everybody else in the future? >> i hope so. >> you don't want to give the vaccine and then have somebody unobserved for a period of time. you want to know who you gave it to, track them and see sure there's no long-term side effects or ramifications can, and i think it's important that the hospitals are front and center and here what we're going to do is go to the high-risk areas and the high risk people in those areas so i will not be

one of the first ones personally receiving the vaccine, one, because i've already had the virus, i have the antibodies and i'm not a high-risk area i get to be in the administrative office oz, but our e.r. staff, our icu staff, critical care staff, those on front lines and then those on the front lines who have the co-morbidity conditions, might be hypertensive or have a weight issue, they are the ones that should get it first. >> as you say, you hope that hospitals play a prominent role in advantages negotiate the rest of the populations so that they can keep them upped observation, that sort of thing and keep track of everything. moy understanding about it after reading about it in the "wall street journal" is that grocery stores could play a role in distributing the vaccine certainly pharmacies, the likes. retail drug stores, and they are arguing that they have the capacity and the space in their shop aisles to keep everybody well apart and to be able to administer it to be a big part of the population all at one time do you think that's ill

individuals? >> i wouldn't call it ill advised. it is not ideal, and so we're weighing two resources, so getting the injection in everybody's arm. they absolutely can be beneficial but they are not going to be the once tracking that video over the period of 30, 60, 10, 180 days to make sure there are no side effects and people are tolerating the vaccine well no matter what, if you go there because it's faster and easier, that's fine. convenience is a big factor but you should follow up with the primary care physician and let them know that you've had the vaccine and let them know the minute when you do text appearance side effects. that's how we're going to learn. we have to remember this is a new vaccine, new science in how a vaccine is developed, and the studies are very promising and very robust and everybody has a high degree of confidence that they are going to be successful, but we're still pretty low on the learning curve so we should be prudent about how we go about following the individuals who get the vaccine.

>> that's a good point about maybe taking some initiative on the recipient's part, you know, keeping the health care system informed about it. michael, thanks for your time today. appreciate it. >> michael maron of holy name. still ahead, airbnb says you should find a home in your portfolio and puts an overweight on the stock before it even goes public we'll discuss that call. and what goes up must come down one technician is here with the meteoric moves in vaccine stocks like moderna, and don't forgot you can watch us live on the go the use the cnbc app "the exchange" is back in a couple hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medicare. many plans provide

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welcome back to "the exchange." the dow is down 224 points at the lows today, but it rebounded to briefly turn positive, it up 18 on some headlines about possible stimulus in washington. we're down 26 right now. the s&p is eking out a less than one-point gain the nasdaq is down 22 and in terms of sectors it's energy, communication services and health care that are leading the way. materials and consumer staples are lagging today so definitely a mixed bag but energy is up 4% and that's a solid mover here are many so of the video names moving this hour shares of pallenier are down morgan citing negative risk reward after the 150% share run-up they have had since listing in september they are down 14%. shares of kohl's are higher on

an upgrade from a buy to hold on the new partnership between kohl's and sephora poet ceos joined us execs conclusively here on "the exchange"ier kohl's adding 5% and shares of salesforce are sinking after agreeing to purchase slack mark benioff insite offing that slack changes everything still, the shares are down more than 8% right now, and to see more of jim's interview with mark benioff go to cnbc.com. let get to sue herera for our cnbc news update. >> hello, kelly. hi, everybody. here's what's happening at this hour today georgia's republican secretary of state is blaming president trump for in effect prompting threats against election workers >> even after this president trump try to quell the rhetoric being borne out of his continuing claims of winning the states where he obviously lost, he tweeted out expose the

massive voter fraud in georgia this is exactly the kind of language that is at the base of a growing threat environment for election workers who are simply doing their jobs >> president-elect biden has no plans to replace fbi director christopher wray unless he is fired by president trump before inauguration day that is according to a senior biden official quoted by the "new york times. and in texas this morning, this is a boeing 737 max jet taking off with journalists aboard the first public demonstration flight by american airlines as it tries to boost confidence in the plane now that it has been cleared to fly again after being grounded for almost two years. you are up to date that's the news update, kell i'll send it back to you. >> would you have any qualms about being one of those journalists? >> you know, i don't know. i'm assuming that the faa has done its due diligence so i

probably would get on it i would probably do it. >> i know. >> because it's a great story. >> i know. sometimes it makes you pause and go, all right, good for them sue, we'll check in with you next hour. appreciate it. >> sue herera back at headquarter. >> coming up, big box delivery wars airbnb getting its first outperform before it even goes public and disney getting a new street target as it looks to become the streaming king. all that have and more coming up in just a couple of minutes. stay with us

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>> welcome pack. let's catch you up on a few stories that should be on your radar today with "rapid fire." we welcome julia boorstin, michael santoli and deirdre bosa good to have you all here. elon musk isn't mincing words as the tesla ceo reiterated the need to keep costs under control. he wrote to workers investors are giving us a lot of credit for future profitability but if they conclude that won't happen our stock will get crushed like

a souffle under a sledgehammer the stock is set to join the s&p 500 later this month and he's named the business person of the year after he leaped frogged bill gates as the second richest person in the world. mike, i wouldn't quibble as business person of the year. >> right. >> he's incredible the quibble is with the stock price and it's fascinating to see musk weigh in on that. >> it's fascinating. this tone. it's prudent and sounds like a ceo or manager should be doing saying don't get complacent. had an amazing run let's focus on the details and get the profit for vehicle up even if it's by five or 20-sent increments it's not a half trillion dollar valuation because of those factors. the shareholder base right now is we're saving the world, and if that doesn't work out we're going to mars. so it's not clear to me it's even true if they come in short on mar ninsthe stock gets vum

ed. >> what do you think is the biggest risk factor for the stock. what's the biggest tripwire? do we now? >> i don't think we really know. if something causes the fever to break in the general enthusiasm for the very long dated secular growth stories, obviously if they do have hiccups in production, they are still consuming capital, they are having plenty of it, of course, but they still have to expand capacity, so there's definitely hurdles that the company has to cross, and if there's any sign that there's market cherish use in evs i think we're still so early it's hard to discern that, but those things over time would have wear and tear on the stock. >> the new hummer looks pretty good deirdre, what would you add? >> i would add one thing that some analyst somewhere is writing down crushed like a souffle under a sledgehammer as the title of a future note aside from that, does it sound a little tone deaf elon musk became the second

richest person in the world this career so he's telling his employees you've got to cut costs and pinch pennies wherever you can so that we can keep this run going, but i tend to agree with mike there, that this is what a good manager does, a good ceo does have you to keep your eye on stocks even when the stock is surging. >> that's an interesting point now, mike, i've got to ask you this one ironically musk is rich because the stock price is so high. >> yes. >> so if he ever had to like personally keep funding the business to deirdre's point about how it seems a little, you know, a little tone deaf, wouldn't he have to sell the stock and then -- then the stock -- i'm sure there's plenty of other buyers, but he's not a liquid second richest person in the world. >> he's not liquid none of them are you're wealthy on paper only, so i think we're so far from begun to worry about that. he can peel off stock. by the way, we were talking about he's got margin debt against his holdings and might be trapped by the stock price going down

i mean, we're so far in the money on that. stock-based compensation with the companies, $1.5 billion on like 30 billion in revenue this year. >> wow that's impressive. all right. let's move along and talk airbnb today. it's a buy even though you can't buy it yet apparently. atlantic equities had an overweight waiting and a $75 price target saying they have, quote, significant secular growth potential and a brand setting them apart airbnb is set to set to debut later this month an atlantic said the ipo, and this is what's interesting to me, deirdre, couldn't have been any better timed. what do they mean by that? >> i think basically they are talking about airbnb's sheer resilience i mean, they wanted to go public for a number of years, they haven't. it wasn't going to be earlier this year. they were hit really, really hard by the pandemic but they have shown the company's resiliency and one thing that the note says that i would zero

in on is brand strength. it was a line that i found one of the most interesting lines in the ipo perspective that said that they get something like 90% plus of their bookings directly or through unpaid channels that just stands in such stark contrast to the expied yeah, the bookings of the world that have to rely on a search engine like google that, you know, may eventually and is already competing with them so when it comes to the home rental and home sharing market airbnb is certainly the strongest brand and the other guys are just trying to catch up >> julia, what would you say >> i would say not only is this a strong brand but the timing is great, kelly, because they saw a surge in iris and many of the new users going to airbnb to rent houses that were out of city, out in rural areas, and so i think it will be really interesting to see how they hold on to the users and get them to stick around and book more my family is an example and went ahead and rented a house on

airbnb and needed to get out of los angeles. this is a perfect opportunity to not only show that these are customers that will come back but maybe see it's a better alternative to hotels over the next year or so as people have the option of starting to return back to hotels kell >> julia, there's nice places in nevada, you know >> there are a lot of places, kelly, but what i think is really interesting here is that it's all about getting out -- getting out of those big cities, and the question is how many of those users that they saw during this pandemic were iris and almost, kell, have to point out this is a company that cut 25% of its staff so, you know, speaking of showing that efficiency that elon rusk was pointing to, this idea that they can cut their staff a focus on margins and figure out how to operate even in the tough times, that resilience. >> a great point, like they have proven the right kind of maturity as to go public at this point. let's move along to disney which got a big boost from citigroup,

a street high price target of $175 a share, talking about their direct consumer business which grew 41% last quarter, including disney plus, hulu. sti expects parks to continue as we expand the covid vaccine. rival discovery, now it's getting into the stream where it's launching its own discovery plus streaming service today julia, it is getting crowded out there. discovery is a no-brainer to do this, but it's getting really crowded. >> it is getting crowded, but we just heard discovery ceo david zaz lo zazlov and said in many ways it's going to be very similar to disney plus with a huge following and discovery plus is expanding just as disney did and they said they won't really be

competitors because the content is so different. it's really complementary to what disney is doing and netflix is doing, the reality tv, home and cooking content which are not the areas of strength of the other streaming services and one other funny thing, kelly, they said while if you're watching a serious drama or a f-mow you have to really be focusing on it saying people like to watch discovery in the background. that it's kind of the companion for their day and they think that people will be willing to pay for it today and have it on in the background when they are cooking and stuck at home. >> i can vouch for in a. >> i know people who watch it that way $5 a month for discovery plus. we know how many different streaming options disney has at this point, but, again, what's going to reboundle all of this will we be permanently in a world of the consumer turning one service on and another one off and trying to use the remote control these days is getting overwhelming. >> i think it's already been reboundled in a virtual way by the rokus of the world or apple tv or smart tv itself.

it's apps on your wcvb way to think about it as opposed to i'm now turning on the thing called the tv and it has a bundle inside of it i think that's in process. maybe won't be as neat and tidy and we'll have more control to toggle around so it is fascinating. by the way, the disney call, the price target of 175. fascinating how you get there at that price target. it's 45% of the value of the business is the streaming units, so that's up from now, not contributing any profits at all and basing it on fiscal 2023 earnings for the rest of the company so you have to stretch a little bit if you're a traditional media analyst to make it work into the framework of getting like 60% upside from here. >> yeah, fair enough. >> quick programming note, the ceo will be on cnbc tomorrow he'll be on "squawk box" at 8:00 a.m. to discuss the launch of discovery plus don't miss it is. finally covid fatigue and extra savings from people staying at home has people

leading high in holiday decor. the median price of a christmas tree is up to $81 pucks and up 23% from 2018, so cue the competition. lowe's is offering free tree delivery while home depot is beefing up its own holiday offerings. shares of the stock drop 25% this year. would you trust lowe's to pick out your tree, deirdre >> i would trust basically any service that's going to bring it to me and take it away which is exactly what we're doing this year my tree actually arrived this morning. got a real one and this is another idea, but we rented it, so including all of the ornaments, we're not in our usual san francisco home this holiday season so perhaps, you know -- >> you rent it had. >> airbnb could have a christmas tree delivery service for all those people who got out over the holidays and now maybe want to go to airbnb and have their own freeze instead of a hotel. harder to get a tree into a hotel room. >> i thought my tree was sad i think we can show what kelly's

tree looks like right now, sitting on the tuning room table because when you have a 1 and 2-year-old, the tag is still on. did i get this at home dew point, julia, but you can't even tell how tilted it is in real life but -- if they had said this is my producer maria, if i could call up lowe's, send me maria's tree, this is -- she's not going to home depot and lowe's that's an independent local gardner, what would the boorstin household be doing >> look, i think there's really something about getting into the nature of getting into a bunch of trees it smells great getting to pick out a real tree and i think this is going to be a real big year to ship people who are used to buying artificial trees or storing one in their basement to have the pleasure of a real tree there's nothing like that smell in your living room. we are way behind on this, and maria's tree is very impressive, but i think the key thing here is more than ever people want to make their house feel nice hand

nothing like the smell of fir to do that. >> mike, i'll give you the last word to put a button on it all. >> people aren't going to wait for the prices to go down so they will have it sooner and more likely to get a real one. i didn't know everyone who went down on the avenue an haggled with the guy and they were always willing to bring it to the building that's what we'll be doing. >> what's old is new again doesn't have quite the same, you know -- doesn't feel quite the same when it's like a guy from the lowe's ten miles away. anyway thank you all. we'll see you for now. julia boorstin, mike santoli and deirdre bosa for rapid fire. moderna more than doubling over the past month it's up more than 118% and one strategist has likened this rally to someone running are up a snow-capped hill as fast as he can only to slide back down again. he's going to talk about what he means by that in just a moment first, boost stocks found a bid on vaccine hopes we'll hear from the ceo of moulson-coors is ashes lt areap

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welcome back despite a sleep drop in the past woke alcohol stocks have been catching a buzz on the past month on vaccine hopes budweiser is up 25 it is and moulson-coors and diageo up almost as that much. frank holland joins me now with more >> reporter: hey, kelly. alcohol stocks up today but overperformed the past month as vaccine news has increased confidence that sales will rebound in 2021 after bar and restaurant sales were hit so hard by the pandemic global brewers and spirit-makers like constellation brands and diageo and more gaining double digits in the past week morgan stanley increased the price target for diagoe and pernod and the ceo of

moulson-coors says a vaccine would have a major impact on revenue and on margins because bars and restaurants generate higher sales of premium products >> marketplace will have the biggest impact in our european business and in particular in the uk business. 70% to 75% of our revenue is driven on premise in the uk and about half is driven in our central european business. 17% of our revenue in the north american business unit is driven by on premise. and, you know, getting back out into sports events and fairs and festivals gives us an opportunity to sample some of our new innovation >> here in north america b 20% of all beer and spirits are consumed at bars and restaurants and other venues globally it's just over a third. another factor generating a lot of investor confidence is the growth of online alcohol sales they are forecasted to increase by more than 80% year over year

here in the u.s. kelly? >> still a reminder as we talk about all the reopening names and energy and financials, the beer stock should have been front and center franks, thank you so much. frank holland. shares of moderna are skyrocketing this year, up nearly 650% as they get closer to bringing their covid vaccine to market. those monster moves higher come with mondayer drops along the way. i'm searching for info on options trading, and look, it feels like i'm just wasting time.

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welcome back shares of moderna on the rebound today after its selloff yesterday. it was also its largest trading volume day ever. more than 125 million shares changed hands. that's six times itsd recent average. my next guest says the stock's rally is being exhausted after yesterday's, quote/unquote, outside down day joined by matt miller. what's setting off your alarm bells? >> well, kelly, two things number one, you had this stock incredibly overbought after its huge rally that you mentioned. you say it's rsi, revtive

strength index is 90 as mentioned this outside down day where a stock goes higher than its previous day's high, lower than the previous day's low and stays below that previous day's lows. it doesn't happen very often it shows people have kind of become exhausted they -- nobody left to buy and the thing just drops it's kind of funny i use the example saying, someone trying to run up a ski slope in their ski boots you run, run, run. if you run too fast, you get exhausted, fall and slide back down a decent amount, and then it takes you a while to regain your strernt be to move back up. i think that's the reason for the stock to make it tougher to bounce back in a big way. >> the question is, you know, where does it go from here are there other vaccine stocks you also think are just acting, you know, too frothy and too much like a bitcoin or a tesla or the kind of speculative -- these kinds of plays, and does it matter for investors and for

the rest of the public does the fact that we're all looking to moderna to have this incredible vaccine coming, do you ignore the share price unless you're one of those who might have bought in and what hopefully won't be the highs in that case? >> right there's definitely concern there's sometimes a difference between a stock and a company. and sometimes it's a difference between the story behind the stock and the stock's price. and i think in this case, that's what's happened with moderna i mean, you have a question politically, how much money can they, pfizer, whoever, who has these vaccines, how much money can they make? politically for themselves, they don't want to be seen as gouging meme of course, washington, d.c. won't like it if they make too much of a profit on these drugs. also remember that merck, smart people at merck, they sold their entire position of moderna recently and the ceo of pfizer sold 60% of his personal holdings one thing i've learned is when smart people sell, you take notice, you pay attention. doesn't mean there's anything

wrong with the drug or the company but the stock price has gotten too ahead of itself. >> we have to go, matt, but do you have a downside price target in mind? >> i'm thinking 120, but to be honest with you, it could fall as low as 100 on a technical basis. with the old resistance level becomes its new support level. i think 100 would be the ultimate downside but that's a lot further below from where it is right now. >> it is thank you very much for joining us with that analysis today. stick around that does it for the exchange. mario gabelli will join us to tell us where he sees opportunities. ♪ ♪ ♪ you're all, you're all i need ♪

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good afternoon and welcome to "power lunch. the market is taking a breather after yesterday's record rally we're awaiting the release of the beige book from the federal reserve any moment now it will give us a closer look at the economic recovery as it stood there back in early november plus, that recovery hanging on th