company in the world >> yeah. one day, in one year, the growth there -- heavy got to sell a lot of cars. they have got to sell a lot of cars and palantir also having a nice day today. >> they have to sell cars, solar roofs, mega industrial wattage units. they have to sell -- they have to sell the furniture at this point. and palantir up 17%. thank you for joining us, everybody. we will hee see you here tomorrow on "power lunch." and "closing bell" start right now. >> thank you kelly welcome to "closing bell." i'm sara eisen here with wilfred frost. stocks mostly leer to start the week, retreating from friday's record highs let's look at what's driving the action a significant jump in covid-19 case is hitting investors sentiment as we get dire warn prosecution health officials that has the growth names back in favor value underperforming, one of the reasons the nasdaq is still in the green at new all time highs. faang stocks, tesla all rallying

today. faz stimulus negotiations weren't enough for congress the government shuts down on saturday without a spending bill investors eyeing any progress on those fronts the dow up just about -- 208 points right now we have 59 minutes left of trade, wilfred. >> certainly do. come up on today's show, exxon is facing an activist investigators from one of the biggest pension funds in this country, calstrs and domino's ceo relationship allison has the latest for delivery competition. and former fda commissioner dr. jane henny will give her take on the timeline for vaccine districts and what it means for the u.s. recovery. first let's focus on the big stories of the day mike santoli is tracking the market action as always. meg tirrell has the latest on a big week for vaccine news. the other big theme for us a couple of high-profile ipos.

leslie picker has the latest for us on airbnb mike over to you. >> market starting the week a little bit heavy footed after about a five-week upward sprint that took the s&p up 1%. look at the year to date, really extending this rally you might look at this and say incredibly modest pullback supported by some of the big growth stocks getting a bid. what would it mean to have just what would be called a routine pullback what has been the pattern? the pattern has been when we have gotten a pullback it has gone back to the prior ceiling that becomes the floor if you look back over here, this is how the market has stare stepped up you can talk about going down into the 3,500s on the s&p before you can call it a pullback that's the range 5% down is 2,500 a lot of folks looking at that area would feel worse than it would look on the chart. look at bonds they have been

associative for stocks corporate bond eps beth high yield and high grade in this burst higher, for high yield debt prices that means more people willing to take on more risk. the debt spreads on the riskier bonds are going down today, wiggle in the other direction. a give back of this aggression strayed. tracking this rally against the one we saw in 2009 both had a major market low in the month of march and have continued higher amazing synchro nicety in terms of the percentage game to this date beet this year and in 2009. most likely these will at some point diverge. it was nowhere near an all-time high in 2009 you were coming off a two year bear market which had a ways to go before it would hit an all-time high. in december, nine months later deep into 2010, so it is not

unheard. even in a long bull run, even when the economy continues to do well and corporate profits spring back which happened in 2010 you still have sometimes a bit of a phase where things flatten out. >> keeping that shot on the screen wouldn't most people looking back at various different moments of history that we could compare the current moment to wouldn't the 2009 scenario be the best case sna i don't remember >> absolute will he right. we are this the league of the strongest rebounds over this period of time over eight or nine months than we have ever seen there is no doubt about it, there is a wide range of outcomes here. if it went like that, nobody would have much to complain about. >> at least the bulls. mike, thank you. mike santoli to the vaccine and rollout we are entering a critical week here meg tirrell with the details. >> sara, wilf, today of course the pfizer biontech vaccine is

getting rld out to hospitals in the uk for the start of administration tomorrow. here in the u.s. we have a huge week as well tomorrow morning we are expecting the briefing documents ahead of a key meeting of fdaed a surprisers on the vaccine. they will be briefed probably in the morning. this will give us tons of insight how the fda is looking that the vaccine, what questions they want the committee to discuss and perhaps more details about how the vaccine works in different groups lots of stuff coming out tomorrow morning thursday of course is that huge meeting of outside advisers. it is scheduled for 9:00 a.m. to 6:00 p.m. with a vote probably at the end of the day. the fda could really act on the vaccine at any point after that. today the cdc has also scheduled an emergency meeting of its advisers for both friday and sunday this is the group that just voted on the prioritization of the vaccine. once it gets the go ahead it needs to do a vote specific cle on the the pfizer sbooin biontech vaccine if it gets the go ahead from the fda.

we expect that friday or saturday and we heard new york's governor about the time line of when we might see americans getting vaccinated he said it depends on the government working well and convincing people they need the vaccine but by the end of december he 79ed is health care providers and people living in nursing homes will be vaccinated in the beginning of next year, the prioritized groups beginning of april we will see people who are not a higher priority getting access to the vaccine and then he said a full-court press through april, may, june for everyone to get their two shots that we could see by the end of summer quote we should be in good shape that's what he is hoping for anyway until then, though, guys we are really in a tough spot and we warned we are not even seeing the brunt of thanksgiving effects yet. he said typically it takes place two to two and a half weeks after the event.

we should start seeing the numbers as a result of all the thanksgiving travel later today and through the weekend. scary to at this we are not even seeing those numbers yet. >> he also warned about christmas saying it could be worse than thanksgiving if people get together with their families then as well. meg, for this week, for the process to play out here, what will you be watching in particular where could there be any hillary clinton ups or questions that could delay this pivotal process? >> there is going tow to be so much for this advisory committee to discuss because there are so many complicated things here the questions we have are how much protection to people get after the first shot what happens if people don't come back exactly 21 days later for the pfizer biontech vaccine? are there data around that what recommendations should be made for how long you can push it if you don't get back on the day 21 a lot of those questions will need to get worked out we will start to see how the fda is thinking about that and how

the advisers are recommending different issues be worked through. and we will see if there are hillary clinton ups that could lead to the fda to say yes after this meeting it. could be immediately it could be a week later >> meg tirrell, as always, thanks so much for that. airbnb set to go public this week it is also boosting the range for the initial price. leslie picker has that on what's shaping up to be a busy week for offerings. leslie >> a busy week indeed, wilf. airbnb raking in better than expected demand hiking from 56 to $60 per share up from the prior range of 44 to $50 a share. that's a boost of 20%. the company now seeking an offering size of $3 billion, $42 billion on the the fully diluted base door dash raised its range on friday and is expected to select a final price tomorrow

airbnb is planning on doing that on wednesday and debuting thursday. excluding spacs we are expecting to see $7 billion worth of ipos this week. since the start of 2014 only three other weeks surpassed that kind of volume most recently in mid september there was a large number of ipos before that, the only weeks that saw greater issuance was in may of 208 when uber went public and 2014 when alibaba went public. >> a nice end of year flourish for the investment banks as well, leslie thank you investment pour this that. up next a very different holiday season we will get an update on retail

spending so far and how much business is movingan line with matt shay. plus with all that shipping with returns risk overwhelming some businesses this year that's after the break you are watching "closing bell" on cnbc. flexshares may look simple on the outside. but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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the we have to find just nosomething else.it. good luck! what does that mean? we are doomed. [laughter] that's it. i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [laughing] that works.

we are back. a rise in on line shopping could yield a record number of returns this year. frank holland has more on what this means for retailers and the logistics industry frank? >> hey wilf, .holiday returns are expected to increase 73% over the five year average a new report finds the average return loses almost 60% of its value when you send it back. that's anything around $50 some value loss is because it is out of fashion or a new model comes out but a large percentage of that value lost is logistics cost like transporting, processing and storage 30% of all e-commerce is returned compared to under 10% from rick and mortar that's not new what is new, the added

sanitizing for jewelry and clothing because of covid-19 cbr, e says the returns cost will return to lower margin for retailers and major players in lodgist i lodgistics make money on the shipping and then on the returning. according to another report, return space will industrial warehouses will be added >> wow for more on how the rising returns may affect the holiday sales outlook let's bring in matt sha the president of the nrf, the national retail federation welcome back, good to have you on the show. the rising returns is indicative of the online shopping season that we are seeing overall, is it a net positive for retailers? or is it not enough to make up for lost traffic at this point >> certainly we have seen change this is year and tremendous

innovation taking place. black friday this year, just last week, we saw 100 million shoppers on line for the first time ever. that's up almost 10% from 2019 so we have seen this happening and playing out over the course of this year and you have seen retailers both in terms of their relationships with their logistic partners, the way they are using their own stores using buy on line and pick up in store or curbside delivery i think this is something we have been seeing come. i think they are going the achieve additional efficiency in the supply chain this is part of it finding solutions to these kind of challenges >> i wonder, matt w the holiday season very much on right now we are also seeing rising covid cases and rising lockdowns across this country with no fiscal stimulus in sight what that adds up to overall for the retailers in their make or break season right now. >> you are right

we put out our holiday forecast a couple of weeks ago forecasting sales would grow this holiday seen between 3.6 and 5.2% they may sound very, very high it is a little higher than a year ago last year it was 4%. we are actually sort of in the middle of the pack other analysts forecasted 7, 8, 9% we are not that bullish. we think it is reasonable given overall consumer strength but it is absolutely true we need additional stimulus. there are millions of unemployed americans. we have been vocal in our support for the bipartisan legislation that's being discussed now. in fact we were the first major trade group last week arc week ago today to put out a statement in support of that $900 billion package that's being discussed i discussed with it secretary mnuchin, people like senator mark warner of virginia who is leading it the chairs of the house problem solvers caucus as well as leadership in the house and senate we are going to continue to push that and support it and we hope

it arrives in time to help all these families that need the support right now. >> matt we talk of course very often about all the older retailers this that are struggling in the moment but is the flip side also true, there has never been a better time for someone who start their own retail venture with platforms like shopify and frankly rents if you wanted the open a brick and mortar store at record lows? >> we have seen that show up in a number of places look at what happened a decade ago, look at the companies that was created in the midst of the great recession, 2008, 2009, 2010 and in the midst of all the new ipos this is a great time for innovation some of the predictions this year about the numbers of stores that would close or bankruptcies we would see haven't materialized part of that is because consumers have been relatively

healthy. part of that is because we have seen new businesses opening to offset the closings and there is an enormous amount of innovation taking place optoro has opened, helping retailers process returns successfully i talked with u.p.s. to talk with them about their shipping issues great delivery record so far we are looking forward to getting all of these gifts to american families and the biggest gift of course would be additional pandemic relief. >> yes on that front, matt, wall street, everyone is very focused on the vaccine this is shaping up to be a critical week on that front. once it comes, once people start getting it, what does that do for the retail picture in this country? both for the consumer, but also as far as what's permanent and what's temporary in terms of comebacks. >> sara, inthat's a great

question the issue of how much this consumer behavior is changed permanently and fundamentally and how much of us as americans go back to our old behaviors, i think that's going to play itself out of a lot of this is going to be personal inn change. people will do more -- we saw across all demographic groups this entire year regardless of the age people doing much more on line. some of that will remain sticky. great efficiency in the supply chain. those gains are not going to be given back we will have more efficient supply chains. customers will expect delivery and full itemment opportunities that have been rolled out by retailers this year. they won't want to give that up. they will want the convenience and expect to be able to maintain that in the future. i think with those innovations and resilient in the system against the backdrop of a year next year that could be really bullish, we get the vaccine rolled out as we all believe it will be, i talked to a senior

executive at one of the major pharmaceutical companies next week they said end of april, early may for everyone that wants it i know the time line is going to move based on things i think we could be set up for a comeback for consumers jobs will rebound. lots of consumer confidence. there is pent up demand. war going to want to go out and travel and have experiences. >> consumers have been remarkable even in the face of all this matt shay thank you. >> thanks sara. up next on the show from the big apple to the sunshine state, we will tell you why gdmolan sachs is moving hundreds of jobs down south that's next on "closing bell."

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welcome back goldman sachs will be moving a few 100s hundred asset related management roles to florida to palm beach and miami this. compares to 10,000 people currently in the their 200 west street office in manhattan, salt lake city and dallas hubs, 3500 and 1500 accordingly the bank explained we are putting more jobs in high value locations throughout the u.s. but we have no specific plans to announce at this time. sources confirm that few hundred number to florida. while that's part of the broader

preannounced well-known move of work force to cheaper hubs like salt lake city and dallas it is different in that it will be relatively high paid client-f e client-facing roles. florida was picked because there are asset managers already in that rea this is not for tax reasons as management suggested but it clearly represents a move to a cheaper place overall and means lower tax force the employees that get to move there gold medalman owns its manhattan headquarters and doesn't expect the head count there to fall below 10,000 but their presence in new jersey has fallen significantly in recent years and may be seeing those jobs shift to have the salt lake city hub interesting headline only a couple hundreds at this stage. and it is not like they expect the head count in the new york city office to fall below 10,000 at any time in the next five years but it is something to keep an eye on for sure. >> especially in the context of so many other businesses right now rethinking their real estate

footprint. we just had hewlett-packard moving from silicon valley to texas. palantir doing to denver, and elliot management going to palm beach. it is another blow to the cities on the coast, california and new york whether it is companies rethinking how much they need to pay for commercial real estate as people have been rethinking where they need to live or just quality of life issues where people can operate from home it's just a lot of rethink right now going on an interesting trend to watch this definitely, i think the big thing that's already started happening, gold medalman shifting people from their new jersey building to salt lake city is a great example of this for the big banks, they realized that support staff don't need to be super close they have tested all of their it systems and they can be remote. partly because these companies own their own massive building

is a goldman sachs or anyone like that moving in full from new york city. maybe that will change for them in their children cities or vice versa for a bark close or b and p pary bar, et cetera will reduce their footprint in new york because they can chop the floors they take and that will save them money. that doesn't apply to a jp morgan or a goldman sachs because they own a massive building in the city they may as well fill night just noteworthy to watch where they are opening new offices a trend we will continue to follow here. bill gross calling for a truce in his legal battle with his neighbor robert frank has more. >> bill gross hoping to end his legal battle with his neighbor over dueling restraining orders. this coming before gross is scheduled the testify either tomorrow or later this week. in an open letter released a couple hours ago gross said all

the money and public attention spent on the harassment case against his neighbor should be given to covid-related charities. gross writes in the midst of this global tragedy a portion of the media is transfixed on the man who plays the theme song to a 1960s sitcom - gross accusing his neighbor of being a quote peeping tom and stalking him and his girlfriend and "the christmas chronicles 2"ing gross in his boxer shorts. this spat began after he rented his house out to be used in the tv show ballers which apparently blocked the driveway for months. he said the absurdity would be

laughable even to me if i wasn't an active part pan over they says this is bill gross trying to buy his way out of accountable for his horrible behavior it doesn't sound like over they is ready to settle here. we could see gross testify tomorrow or later this week. >> i only heard you do this story earlier. i didn't see you do it now i have just seen the picture. that sculpture that blocked his view, the one we just saw, it is not like it was a 20 foot wall what's they are complaining about? >> that's what they are complaining about. >> you can actually see through it >> yes. >> it is hardly the end of the world, is it >> no, you know how it is with these neighbors and with the size of these egos it is probably a culmination of a lot of things and the netting and sculpture is one of many

things these guys are driving each other crazy. again, it is an inordinate amount of money and attention spent over what you pointed out is not a big deal. but to them it is all consuming and that's why this trial has gone on and will continue to go on as long as it has. >> robert frank, thank you still to come activist investment firm engine number one is calling for changes at exxon mole we will talk with the ceo of callsters why the nation's biggest pension fund is supporting the move. the ten-year hovering just below 1% it is near the highs of its recent range at .93%. "closing bell" will be right back

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we are back. time for a cdc news update with tyler mathisen. >> wilf, thank you very much here's what is happening at this hour georgia has recertified its election results after

completing a third recount of the state's ballots. the secretary of state, brad raffensperger says there is no doubt president-elect biden won georgia. >> okay. good morning glad you are here. >> well, the virginia military -- we thought we were going to hear something from brad but guess not vmi, virginia military institute removed a statue of the confederate stonewall jackson, the board voted to remove the statue in october after accusations of racism on campus. boris johnson says he will go to brussels in a last-ditch attempt to secure a brexit deal with the european union. significant decisions remain after they made little progress over the weekend that folks is our cnbc news

update for this hour. >> tyler mathisen, thanks. coming up, activists are going after he cannon mobile urging the company to focus on clean energy we will talk to christopher aleman of calstrs about why the pension fund is supporting this effort hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

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exxonmobil facing pressure from activist investment firm engine number one with support from pension fund calstrs. in a ledger, engine number one urges the oil giant to better position itself for long term sustainable value creation those plans call for refreshing the board, cutting back on aggressive spending, cutting back on -- and exxon says they are reviewing the letter joining us now, chris aleman of stallsters great to have you on in light of this letter. is this overall something you guys have been thinking about for a long time? have you put these points of view across to the company and failed to get a response leading to this more sort of public criticism? >> wilfred, you hit it on the

head it is recognizinger becoming activist shareholders. we have been very active with a group called climate action 100 plus in engaging with exxon. very unsuccessfully, sadly, for a number of years. trying to get their attention, trying to change their behavior. and on those highlights, those bullet points, i would really focus in on the capital allocation plan this company is just throwing money after projects that are not going to be successful, and it really does need to turn around. >> chris, you mentioned capital allocations, one of the factors, you also mentioned climate change and engaged on that topic with them. it is one of the four key bullet points in the letter, more investment in clean energy, commit to meeting emission reduction targets, et cetera it does sound a bit odd that you are criticizing an oil company for not meeting climate initiativ initiatives. why not just sell the stock? >> that's what the divestment

crowd would like us to do. the problem, that just turns our back on the problem. this keep on going and use other people's capital we want this company to change from within. in life if we want to bring about change in any life, in our lives, it's all about engagement it is about talking to people and getting them to wake up and change their behavior. when i think about exxonmobil, it is a company that has been focused in on drilling for every last molecule of carbon. they need to wake up and recognize the future is different. we want it to become an energy company. that's the real nuance, wilfred is get out of the oil and gas focus and get into the energy focus as we are starting to see many of their global competitors do >> to push back on that or provide the different point of view you mentioned you already tried to engage with them on climate and failed to see what you want to happen isn't the only next step tovot with your feet and sell your significant holding i think over $300 million which itself would

put a lot of pressure on the board because it would likely pressure the share price to the downside >> i wish that was true, wilfred -- but honestly -- we have done diversements -- we have done six different divestments over 20 years. none of them, none, has brought about social change or change in the company when esell our shares somebody else buys them we have been approaching them as a shareholder with shareholder resolutions and engaging management now that's got to change we are stepping up we are supporting engine one and their effort to change the board to change the tone at the top and wake this company up they have got a great board of ceos from other industries, none of them with expertise in oil and gas, and frankly they are not thinking about the future. they are burying their head into

what they have known in the past and not recognizing the future is changing. if as a large shareholder as a pension plan for teachers we want them to change we have got to talk to them and engage with them not turn our back and i go author the problem divest asking dumping your shares is equivalent to disappear asking ignoring a problem and hoping it goes away or somebody else steps up to deal with it >> well, the share price has fallen significantly, so you have that going for you, chris you mentioned you have a $300 million stake. reportedly engine number one only has about a $40 million stake. together it is not that much when it comes to creating major activist changes and board members for a company that's valued at what, almost $200 billion? >> you have nailed it on the head that's the challenge that lies before us, especially inn fro of engine one the key people are talking to the three major index funds.

we hold this stock because we hold it in our index fund. but talking to vanguard, black rock, state street, ssga -- global is going to be critical. talking to the proxy adviser is going to be critical and talking to their retire res. there are a ton of retirees that own this stock because of the high dividend. that dividend is threatened. management knows that. unless they do a better job of capital allocation, changing the future of their company, that dividend is going to be slashed. so i just -- i cannot emphasize enough, this is the time to take strong, bold action. so for us we feel this is strong, bold action of asking for a change at the top and suggesting that other people take a look at this. >> have you talked to black rock larry fink has made a huge deal about holding companies accountable to these issues, esg, climate change, and putting his money where his mouth s.

they are one of the top holders. >> sara, i totally agree i have got to tell you, he hasn't returned my email yet yes, that was the first person i emailed. i have the chance the know larry fairly well. black rock has their own process, they are going to go through their corporate governance team and everybody is going to look at the proposals and make up their mind but i think this is the time where shareholders who care about the future who recognize climate change is a fact, and real, and science, and they want to bring about change -- these are the kind of proposals where people have to step up and take a look at it. and i am sure we are going to have lots of dialogue between now and the annual meeting which is way out in the early spring about this company and about what's the necessary steps to be taken. yes, engine one is a small holding. but i think with the backing of us, and frankly, the global 100 -- you are going to have non-u.s. and u.s. pensioning taking a look at this and saying, yeah, it's about time

for a change this company has got to turn things around. >> chris finally on the point about time, as you said, it's science. we have known about this for years, for decades when do you draw the line and say, i have tried to make them change, they are not listening, so me, larry fink, everyone else we are just going to sell the stock. people could say this is calstrs trying to cover their own back saying we are trying to support climate change yet worry happy to collect the dividend despite the science that's been ignored for many years. >> active investors and active managers have been out of this stock for a long thyme because of the price decline and the capital allocation my passive fund which is the most efficient way for me to own the market in billions of dollars -- this stock is in that passive allocation as i start taking slices out of

that passive allocation, which we have done, it makes it more difficult to trade our tracking -- is off i have got people chomping at my feet constantly, constantly in my face about divesting because they want to bring about social change i have got to tell you divestment hasn't brought about social change in the past 25 years. it is a matter of ignoring divestment is an investment decision whether you want to be exposed to a risk or not there are lots of people that would like us to get out of the oil and gas industry hoping thatological change the industry i have said this before. it doesn't, it hasn't. engaging is the best way to go if the engagements fail and we decide you know what, this company is going to stick with just carbon and that's it, like we did with coal like we did with tobacco -- we decided two decades ago that was

a failed industry. we have been wrong for two decades but eventually we are going to be right. we know we are right about this. >> chris aleman joining us from call stars. straight ahead, intel and lyft gets an upgrade those stories and more when we go inside the "market zone" next when you switch to xfinity mobile,

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[sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. just over ten minutes left in the trading day we are now in the "closing bell" "market zone," commercial free coverage of all the action going into the close mike santoli here to break down these crucial moments of the trading day. and today we have got keith bliss with us here as well

keith, good afternoon to you a mixed day on wall street as the nasdaq is on track for a record close meanwhile, the dow is lower for the first time in five sessions. of course we have had some record closes just on friday of course a slight pullback more than anything else mike, clearly, so many indicators as we have been discussing suggesting we are getting overly stretched a similar tone as we were in late august and mid october as you pointed out. >> right. >> does the fact we are doing that for a third time lower the importance of those indicators or does it make a difference >> i wouldn't say it lowers the importance what it tells you is it has been a strong and persistent uptrend for months and months. we periodically in the short-term overshot. it goes sideways or we chop lower and it has been refreshed in that way. i don't think it is a sort of a boy who cried wolf situation where you said we were stretched two times before we are and all it has relevance for is

the short-term path and how that gets reconciled. i don't see a lot of change in that down mick and today's action not much net damage at all. but you do have a little bit of a bid in treasury. so just a slight moderation of the recent trends we have seen the last several weeks. >> today is also a reminder that the covid cases are rising, lockdowns are rising, new york city u.s. talking about closing indoor restaurants again after what we saw out on the west coast. how much news like this can investors handle i get it, we can look to the vaccine, look to next year when the economy is going to rebound and recover, but how much bad news economically can the market handle at this point >> i think what you are seeing play out today is exactly what you are saying there is a battle being waged. the uptick in cases hospitalizations and deaths across the country versus a vaccine coming and a relief bill coming out of the washington, d.c. it is instructive to look at the price action in the market today. if we were really concerned about massive lockdowns across

the country we would see a much more dramatic pullback especially in light of the fact we have been overbought since the second week of november and have been expecting a pullback if you have that frothiness and people concerned about an economic slowdown of an immense proportion because of lockdowns you would see a bigger pullback. december is usually a strong month. investors and trade letters try to hedge their bets and keep an eye on what's going on with the vaccination rollout. thursday is a critical day for all of that and also what is happening in washington. new york and new jersey are so far holding the line and waiting the see what happens we will probably know more next week to see if we have empirical evidence of spikes incases fro the thanksgiving holiday that could change the mark and we would see a pullback to more neutral ratings, 2600 on the s&p. >> tech is dolg well today apple reportedly working on a

new series of mac chips that outperform intel's fastest chips. josh lip ton has the details. >> new chips for the mac are on the way, coming as soon as next year that's according to a new report from bloomberg which says these would be successors to the m 1 chip that apple unveiled last month. reportedly these new chips could outpace the performance of intel's best apple expects to complete its transition away from intel to its own silicone in 2022 apple's share of the pc market is less than 10% now if the knew chips outperform rivals at the high independent tim cook can perhaps take more share and give another boost to the mac. >> keith the hits keep coming for intel. under pressure on this. >> yeah. >> is there a trade here on you on apple diversifying away from intel with its own chip. >> it is bad news for intel.

tim cook for a long time has been looking for ways to keep a closed loop ecosystem for all of the products now if they are outperforming on the chip sets they are going to be putting into their main products that spells real trouble for intel and the regular pc market growth is not going to offset that chain i am not sure i would be long intel. i would be standing wait neutral but i am not adding into any kind of position at this point in we we consider the likes of apple and the strong year they have had if we do get the broad pullback some are suggesting we might see is that now across the whole st. patrick's day or does the rotation trade of outperformance versus underperformers still apply. >> early september the nasdaq stocks have taken a back seat. they have been sitting it out, cole date issing going side baes below their highs. that includes apple, too, to a lorge tree

if your argument is things look ahead of themselves, the market is overexcited about a rebound next year, it look like we might have for technical and sentiment and mechanical reasons that back off a little bit that mostly applies to areas outside of big tech if that's the basis of what happens next if we got some kind of a pullback then you might imagine that the big growth stocks might even be able to hold up relatively well. hard to say in advance. >> piper sandler upgrading lyft from knew trillion to i don't have weight siding covid's impact on ridership. it also cited recent regulatory developments that benefit these companies, certainly the ones employing gig workers as well as the stock trading at a discount to uber. what's the valuation telling you

for lyft >> you know, it's already building a fair hope for some kind of normalization. it is not necessarily the case that it has somehow been completely neglected and left aside. what is interesting is even before the pandemic these stocks, uber and lyft, had a very difficult time kinds of persuading investors as a group to really value them based strictly on users myers or whatever metrics there were. they were kind of stuck before this i think they have done fine recently in terms of pricing in a somewhat more normal environment. it is interesting that you have this back and forth between is it good to be in food deliver ree or not we are going to be door dash coming out it is going to create a new comp for that part of uber. we will see how that dynamic works. it is not to me the case that somehow this is among the super cheapened merchandise out there in the market based on when we have already gone through in this cycle. >> keith makes me think of door dash as well does that ipo attract you?

do you get nervouswhen you see the number of ipos rushing to market >> it is obvious why we have so many ipos. it is always a good time to go public when the markets are as frothy and in demand as they are today. i think door dash offers a different themma if you believe we are coming out of the pandemic crisis in 2021. it is true that many people decided to use the service for food delivery and door dash has been using their drivers for deliveries of other things like out of walmart rt super stores if you believe that life will get back to normal maybe first quarter or second quarter 2021 then door dash's revenue should come off a little bit relative to 2020. the revelation is for any of these companies unless competition increases and unless they can build walls to the competition will they be able to sustain the business and continue grow, have indicatinger

revenue growth year over year in the 10 to 15% range. i am not sure that's the case for door dash. >> just over two hins left mike what are the experience telling you. >> a little bit of a give back we had a broad rally the advance/decline line has been hitting new highs and it is soft 2.2 billion shares in the new york stock exchange to the upside it is well mixed but skewed lower by this metric it is some of those more cyclical and aggressive stocks that have led the way up to now that are ticking the hit today it is a little bit of that froth getting skimmed away look at the high beta s&p versus utilities. the high beta stock, they have had a tremendous run they are giving back more and utilities rallying a little bit today along with treasury bonds, yields down right this the volatility index built a little premium into it on a monday that happens but still independent could of

in a neutral state probably would be falling farther if not for all the speculation in call options as we have said before. but right now it is compatible with the market holding together near the highs here but, et cetera not exactly in plunge mode. all it would take for the nasdaq to hit a new record would be to close positive just about a minute left to go in the trading session a reminder for the dow the session low was down 251 points. we made up about 100 points from there. if you look at what is outperforming in today's session leaders like apple, nike and boeing this dow the big losers intel, which we just hit in that report dow and chevron. which sectors are doing the best communication services, tech, and utilities. that's what is shining in today's trades

laggards, energy, real estate, and financials keep in mind, we are coming off another strong week for stocks where we saw record closes all around the focus today really is on some of the gloom around the rising restrictions going on in this country as cases for covid-19 continue to surge and hospital capacity continues to be limited there goes the close we are well off session lows down 155 on the dow. the nasdaq positive by almost half a percent wilfred and that will do it for a record closing high yet again for the nasdaq. >> record close for the nasdaq you so domino's was ringing the bell, the ceo relationship allison will be joining us record close for the nasdaq. up .5% the russel would have been -- any one of them would have been had record closes if they were positive dow down about half of 1%. down 150 points, earlier in the session it was down 250. this was 20 minutes ago. nice rally at the last half an

hour of trade. the hot housing market takes the stage in a few minutes when toll broergs release their numbers. then red fin on how the interest rise in interest rates could affect the housing market. we have a panel to have the conversation mike santoli to you. the rally continues in the nasdaq interesting to see the russel outperform on a day when the sector construct might have suggested otherwise played out by the fact that the dow is down half a percent. >> right exactly. you know, it wasn't exactly a one haddan way trade that explains he everything that was going on today i think you could look at the nasdaq and say tesla is up 7%. that matters a lock for the nasdaq right now in terms of overall performance. so i think it was idiosyncratic in that respect.

in general a little bit of fatigue in some of the largest cyclical stocks, industrials, consumer discretionary that have had this nice run. really the position market is in now is we have already mostly gotten on board with this idea that we are looking into what's going on with covid cases and vaccines how much of that is priced in at the moment people just new reembraced stocks in the last four or five weeks in a way they had not before today it is much the same story. benign action overall but still leaves that question out there. >> absolutely. to that point, ali, what are you hearing from your clients in terms of levels of bullishness i ask because it really feels like it is becoming consensus to be bullish on the market and the economy and to the vaccine next year. >> yes i think it is counter-intuitive,

and counter-to what we are seeing when we go outside and see businesses that have come down we all changed our thanksgiving plans. we are concerned around all of the issues, my kids are not in school as mike said, the issue as mike said we are way looking through here my clients are uncomfortable putting more money into equities but what you have to remember is that the s&p 500 is made up of a lot of stocks that have done extraordinarily well and contributed to that 17% up year to date and a lot of stocks that are down materially from their precovid trading levels. and when you take out the mega caps, we are looking at a pretty reasonably valued global market at 17 times. that's history that's history in a time when we were being flooded by goble, federal and government sentiments we are buying laggards, emerging markets. we are taking the breath of the

cyclical trade doing it through public markets and increasingly through private market as well. >> jj you just came out with your monthly report. overall i was interested to see that in the month of november your clients were in fact net sellers. >> they were net sellers for the first time since february of 2020 i thought it was really interesting that the exposure they were willing to take in the market was down 5% month over monday i think there were a couple of reasons for that as we just hit on, the health care stocks, very popular, pfizer being the number one buy pretty much in every single week of the money with moderna also in the top ten but what's really interesting to me was sales we saw stocks like disney and starbucks being sold, which i think shows a little bit of a disconnect between the hope everybody has for the vaccine, but the nervousness people have for the lodgistics of it being delivered and sort of the when

will it be delivered to me, when can my life get back to normal and maybe each fear of going into a disney park or something like, going into a starbucks i thought that was interesting the other sellers last month were financials. led by jp morgan and bank of america. they both had about 20% bumps during the month we just finished the election cycle and you are going to have a new administration i think there is nervousness around will there be regulations around the financials and let's face it, this has been the first time the financials have had an tube to take a nice bump in a monday. >> what about overall enthusiasm jj in the markets and for trading from the retail investors? it was so big a couple months ago and was seen as a tail win for the individual stocks and overall market where does it stand right now? >> it is still incredible. i will go back to the friday after thanksgiving which let's

face it for most of us that's a mail it in day we have seen tradinglike we have never seen before on that day. that entire week we continue to see our clients very, very engaged with the margaret and with our education. both combined we are continuing to see the momentum we have been seeing the rest of the year. >> keith bliss, what level of pullback would you need the see to be very, very bullish again if all the ingredients stay the same are we talking about 5% pullback or something like a 20%? >> well, no, not 20% i look at the market through the lens of a pretty short-term viewpoint. on the s&p 500, wilf, we have been -- as i said earlier we have been overbought in the market since the second week in november the frothiness that mike alluded to earlier in terms of breadth in the advance/decline line has been ever present since that time that's why we have seen this thing kind of grind higher can

at least move sideways and not have a big pullback. a pullback around 2 or 3% would do it for me, put me in a neutral state. i believe the equity markets are the best game in town. you have to put money in there you have to be invested long term, i would go in at that level. >> what sort of proportionali would you say you should put into the growth names, the big tech names if you look at today, treasury yields have come down and growth concerns -- but that hasn't been the trade. and when you consider the vaccine a lot of people are bullish on the cyclicals >> we are rotating and cutting back especially as we reallocate for tax purposes and for strategic purposes into next year much more interested at this point in getting back to equal weight in those areas and getting some small clap and some cyclicality in there much less about financials and

energy which as you have said has had an extraordinary five weeks. and much more trills and materials. the other thing that i would add is, you know, we are in a period where vaccines are going to be rolled out in the uk today and by january, we see about 15 million a mont here in rollout 30 pie april, and 40 by june remember that this vaccine is so, so effective -- we have efficacy rates in the 90s that even if we don't get to herd immunity i can tell you once i get the vaccine i am getting on a plane, going to a hotel, going to disneyland. that sort of empowerment from vaccination with that high effective night i think what needs to start getting priced into the markets and i still think we see upside there. it is probably about half priced in. >> ali, i see you are also positive on gold you like the cyclicals, the rebounding growth, but also the protection >> yeah, so gold has a couple

different places in a portfolio right now. first of all we have much less traditional fixed income than we have ever had because the relative return versus risk in the environment that we are in with the appreciation that we have seen is much lower. as we lower your fixed income allegation and as gold has some ballast aspects to a portfolio, but also with the falling dollar and not competing with yield for fixed income we definitely think there is going to be some acc e accrual there. >> just to bring it, mike, back to the positioning of all this, i was looking over the weekend tees are getting crowded trades. everyone hates the dollar right now, going against it. which has been helpful for stocks that the dollar has been weakening so much. but i wonder how crowded these trades are getting, long stocks, increasingly long cyclical stocks short the dollar those types of things and whether at some point that's going to backfire. >> yeah, i think long equities

in general is relatively crowded in the sense that you look at hedge fund positions and there is high equity exposure. retail flows has been at a record in total dollar amounts and the speculation options market shows complete heedless activity where people just want to play lottery tickets to the upside that being said in terms of s&p futures they don't look very extreme some of the more slow nov institutionally oriented things looks like okay maybe there is room for those to go higher. what that tells us is everyone is looking a the same trends, they feel like they haven't played themselves out yet and the question is when we get a shake outdoes it kmapg the trend or does it refresh this move eyer there is not a lot of argument about what is going to happen eventually the question is how much have we already taken account of with the way the markets are valued. >> thank you all for joining us. we are getting news on uber.

the company is selling its self driving unit advanced technologies group, to aurora innovation, the self driving company founded by former waymo engineer chris i recallson no price has been disclosed for the deal uber is set to retain a stake in atg of $4 billion. the union was valued at more than $7 billion in april of 2019 the two companies also launching a formal partnership that will see uber's ceo added to aurora's board and a $400 million investment in aurora from uber uber is down a little bit after hours. some sort of shuffling around of equity holdings there it seems like as opposed to a complete and total transaction where the two companies will still be fairly intertwined >> right up next on the show former fda commissioner dr. jane henny on when most americans will be able to receive a coronavirus vaccine.

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stitch fix earnings are out, eric chemi has the numbers for us >> wilf, that's right. big beat here for stitch fix actually they reported a gain, an actual positive earnings where a lot of street was looking at an actual loss for stitch fix that is certainly big news also beating top and bottom line you can see the stock doing very

well interesting tidbit announcing a new cfo coming from amazon where he was head of digital video. amazon studios, the ceo of that division a big move for stitch fix. a big beat in earnings, positive rather than negative and a cfo hire. >> people still buying clothes sneef'd. we have break news on tomorrow's big vaccine summit at the white house. meg tirrell. >> reporting that moderna and pfizer ceos will be notable absences at the vaccine summit that the white house is holding tomorrow they of course have been the first to report that it existed. moderna and pfizer have not confirmed they are not attending, however nbc news confirmed they are not on the attendees list this really appeared to be an event to celebrate really the progress on the vaccine but it comes at an awkward time just two days before pfizer's vaccine was due to the reviewed by this outside

committee of advisers to the fda. as both vaccines are in front of the fda dr. peter maxx had also been invited that puts the companies in kind of an awkward position still, moderna and pfizer's ceos will not be present at the summit, executives from fedex u.p.s., cvs, walgreens and mckesson will be there this white house summit tomorrow on vaccines will be missing at least the ceos of the two companies that make the vaccines guys. >> are you suggesting they are skipping it because they don't want to have the experience that they are doing it at the same time or the fda might very well be approving their vaccines? >> i think that could be a

consideration for these companies. there are other considerations too. this is the outgoing administration and they will be working with the new administration you know, they are very busy right now. but it is weird you know to see ceos turn down invitations to the white house. but the idea of conflict while the fda is reviewing their application is a real issue. >> got it. meg tirrell, thank you. as meg mentioned officials from the fda due to meet this thursday to review pfizer's coronavirus vaccine it developed with biontech and it could receive authorization almost immediately. this as the uk will begin their rollout of the pfizer vaccine tomorrow joining us now dr. jane henny who served as the fda commissioner from 1998 to 2001 these currently on the board of amerisource bergen what will you be looking for this week as we perhaps do

paperwork tomorrow and await a decision by thursday >> it is going to be a very interesting week as this advisory board meets fda convenes, advisory set up -- there are people that represent a wide array of expertise to deal with the product in question in this case, a vaccine. there also are always emma member of industry and a consumer representative on these advisory committees. and what they are asked to do by the agency is two things one, listen to the company's presentation of their analysis of the data. and the fda has provided all of the raw data by the company as well they undertake the scientists and clinics at the agency and take their own analysis. that will be presented to the committee. and in advance of this meeting, as it was noticed, they asked

for any information from experts or concerned members of the community to provide that as well to the advisory committee the advisory committee will meet, will discuss what they have heard, and they will make a recommendation to the agency the agency, after that time then is in a position to make the final decision about this emergency use application that they have in hand. >> if you were on that committee or still in your role as fda commissioner what are some of the safety questions that you would be looking at? right now we have some great looking press releases that show very high efficacy rates but what sort of questions are still out there in determining whether, et cetera safe for broader use of the public? >> i think in this case you are

always looking for what is the efficacy rates and if these as we all read about are in the 90 to 95% range that's truly outstanding and astounding but these have also been made with a new technology. so i'm sure there's going to be scrutiny over that and there is two months, two to three months worth of safety for side effect kind of information. again, it has looked promising from what we have seen in the newspaper and what we have heard from the companies it's cautiously optimistic that the agency will have enough information and the advisory committee will probe carefully so that they can give the agency their best expert advice >> dr. henny, what did you make of the fact that the uk regulator managed to approve the

pfizer vaccine quicker and what did you make of the fact that some criticized the uk regulator for doing that >> well, they use a different process in the uk. in the uk, the regulatory body receives the analysis that has been done by the company and they essentially do an audit of that analysis. contrast that with what happens at the fda the fda receives that analysis, but they also receive all the raw data and do their own analysis so that gives a different level of independent review. the other thing that happens in the uk, they send some of their reviews out to advisers, unlike the agency that convenes

advisers that are set -- so these are people who are not only experts, but they are quite familiar with the review process and do it i would say more frequently so i think there are clearly two different processes. the countries have developed they both have their strengths they both have what some might be seen as drawbacks but the fda standard has been known as the gold standard around the world and has earned that for years >> dr. henny, how much of a problem is it just -- i mean it is a problem for a number of reasons but just in mind the plan to vaccinate a whole nation imminently how much of a problem is it we

are seeing such a spike in cases in the u.s. that's likely to continue over the next couple of months does it make it harder to vaccinate people and distance the time of when we will reach herd immunity? >> this sustained surge that we are seeing right now is very worrisome. simply because it's filling and overloading our hospital system. there is another very weighty problem that you have raised and that is the development of this vaccine was done with astounding speed using new technology but now the challenges will be on manufacturing, deployment, distribution, and then deployment i think with the distribution we already know that pfizer product

requires extreme temperatures in terms of their cold chain distribution system. and that will be a challenge i think the other challenge in terms of finally deploying this vaccine is convincing those people who need it, which really almost all of us -- to get the vaccine. some people are fearful of vaccines or any medication others actually believe they don't need it, i think but i think that we'll need to have a program in place using people that can strongly influence, because they are trusted advisers of different groups, whether they are ministers, whether they are sports stars, whether they are movie stars, whether they are

broadcasters like yourself, that people learn to lean on their advice in addition to the health care community who will certainly be supporting this massive vaccination campaign >> dr. henny, thanks so much for joining us. >> you are welcome it was good to be with you. money market fund assets have increased by a trillion dollars since the start of the coronavirus pandemic up next, mikwie ll have a look whether that cash could soon be put to work in the stock market. we are back in a couple of minutes. [ whispering ]

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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 let's get over the mike at the telestrator looking at whether or not investors are going all in yet on stocks mike >> they might be closer than you think. there is an argument that there is $5 trillion in money market funds. it was 5an $5 trillion at the peak it has come down half a trillion or so. interest rates have gone to zero people would say look at the money market assets. maybe that goes back into stocks look at what households already own in terms of equity exposure. historic highs here. close to 50% all in, all financial assets, all households

they are pretty much back up to where they were back in the late '90s this is deposits held by households it is down i think the cash is by markets who sold debt. bond holdings in individual wealth management accounts are very, very low because people feel like there is nowhere to go for bond yields but up i think it is not to say that all this cash is going to pile into stocks any time soon. coming up the ceo of real estate company red fin on how new signs of economic weakness could impact the housing market, which has been red hot we'll be right back.

welcome back time now for a cnbc news update with tyler mathisen. >> sara, thank you very much here is your news update at this hour the michigan house of represe representatives will not hold votes tomorrow some lawmakers may have been exposed to covid-19 by trump lawyer rudy giuliani who as you probably know has tested positive is in the hospital for it. giuliani spoke maskless before a legislative hearing for four hours last wednesday separately, arizona's state legislature is shut down for a week because anyone legislators there met with mr. giuliani. no-knock search warrants are banned in virginia the governor signing breonna's law into effect today. its first such law enacted by a

state since breonna taylor's death in march of this year. japan obtained a piece of a asteroid and brought it back to earth. the mission took six years and covered three and a quarter billion miles. and break dancing is now an olympic sport. i am not kidding no an olympic sort. the ioc announcing it will be a medal event starting at the 2024 games in paris wilf, it's about time. >> tyler, i have got some news to announce. i will be stepping away for six months to enter, of course >> to train and enter that >> i don't need to train i am just naturally born talent. >> rhythm is your middle name, man. >> i would not -- they probably wouldn't have a worse candidate in the world >> me either maybe i could do the broadcasting while you do it. >> brilliant brilliant. ratings -- actually ratings

might be quite high, but for the wrong reasons. tyler, we must go. thank you very much. >> see you. up next, domino's ceo on how surging coronavirus cases could affect pizza sales and ingredient costs. after a break we will have a look at plan al tear won a deal with the fda to help power drug reoou vi review and inspections back in a couple of minutes. p b. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

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on-demand glucose monitoring. because they're always on. another life-changing technology from abbott. so you don't wait for life. you live it. domino's pizza shares are up about 30% on the year as people hunker down and order out amid the pandemic the company is celebrating its 60th anniversary today and joining us to talk about how the business is faring domino's ceo relationship allison congrats on 60. >> thanks sara, thanks for having me on the program. >> your business is considered a lockdown winner. what are you seeing right now as cases spike in this country and restrictions start to rise again? >> we continued throughout the pandemic, to see, you know, a steady tail wind in demand,

particularly for delivery, you know, in our businesses. that has been the cases -- cases ebbed and flowed throughout the course of the year not just for domino's. but i think we have seen broadly across the food category substantial dpand for delivery this year. >> then what happens when a vaccine comes and people do want to go out more, eat out more how much of a head wind is that going to be to the business next year >> we don't yet know exactly how customer behavior is going the change you know n the new year. we do expect it will be a godual rollout of the vaccine as i think we are all seeing and hearing around that. and certainly, we expect, you know, folks to want to get back into restaurants over time but you know, this trend in delivery and this trend broadly in offpremise consumption was well under way even prior to

covid-19 and certainly the trend in customers moving to digital ordering platforms was in play well before covid-19 as a brand, we've put a lot of time and fun into innovation around off premises and into digital. the pandemic accelerated some of those changes over time. >> when you talk about delivery, what's the percentage split between people that order direct lieu domino's versus the food delivery platforms and do you care that so much growth is come from author platforms? or because the margin is lower or do you welcome any growth whatsoever >> in our business in the u.s., we don't participate on the third party delivery platforms we have been one of the very few restaurant companies that has held out of that and we have done it really for two reasons. one is to maintain control of

that customer relationship because there is really two points of contact, when the customer places that order and when you show up at the door with their food. and we really feel like it is important for us to own that customer relationship. secondly, it really is about the economics for our franchisees. and by having our own digital platforms -- and digital for us is about 70% of our orders, about 75% of our u.s. sales -- you know, we have already had the platforms in place at the beginning of the pandemic to bring that digital experience the our customers. >> but, et cetera competitive out there, rich. and we are seeing gains from papa johns and yum brands pizza hut and they are all doing well and all catching up with the technology to you. how do you plan to keep the customers from being away and continuing to gain market share? >> we have got to continue in invest in innovation and we have got to be great at execution every day. at the end of that experience,

you know, there is food on a family's table at night. so it starts and ends with the food we have got to be great there. we have got to continue to bring terrific value to the customer in particular, you know, coming out of this pandemic and the recession that we are all finding ourselves in, you know, being very focused on value is going to continue to be an important part of our strategy we have maintained a $5.99 price point on delivery for about ten years now. we are going to continue to stay focused on value and then as it relates to innovation, continuing to find ways to meet our customers where they want to be, how they want to receive their food. and as you have seen lately, more food innovation brought to wear as well as we try to capture more occasions from our customers. >> relationship, it is great ri great to see you today with you bringing the bell, you

typically come with lots of pizza, maybe we would have gotten free slices today if it was normal times the we would have brought a bunch of pizza today for sure look together to the time when we can be back together in person. >> book rich on the first show >> thanks wilf. toll brothers. >> 1755 versus estimates of 1.24 revenue at $2755 billion versus estimates of $27077 billion. the real headline is in the net signed contracts up to 3,407 in the fourth quarter. that is up 68% year over year. the highest total for toll brothers of any quarter in the company's history. the ceo said this is, quote, the strongest market i have seen in 30 years he said demand was so strong

that they continue to increase prices and remember, toll brothers is a luxury builder so their prices are already high in the $800,000 range. he says what is driving demand, low rates, undersupply of existing homes and home as sanctuary because of the existing pandemic. we have seen stronger sales on the higher end of the market the realtor posted in september home priced over $750,000 were up 102% year over year and 80% for $1 million homes year over year >> slight surprise i know the stock has been very down down 1.6 that's a huge revenue beat there. diana thanks for that. we will discuss in more detail on the other side of the break when we are joined by the ceo of red fin as well as an analyst as welcoming up on toll brothers itself

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i feel hopeful keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. claim your seventy-five-dollar credit when you post your first job at indeed.com/promo welcome back toll brothers just out with earnings, as we mentioned. home sales revenues up 9%. ceo doug yearly saying despite the challenging times toll brothers is currently experiencing the strongest housing market he has soon in 30 years. for more on the market, let's bring in red fin's ceo

thank you for joining us. >> great to be here. >> i mean, one has to ask the question, if toll brothers ceo is seeing the best housing market for 30 years, isn't it overheated a little bit? >> it is a very strong market. rates are below 3% that can't last forever. but we think it can last through 2021 we know, though, this is a cyclical business. there is going to be a bust if there is a boom. it is a matter of when we don't think it will happen soon >> are you starting to see signs of a slowdown now that we are in a different phase of this pandemic no >> cases are rising, restrictions are rising? is it changing inventories or buying no. >> no. every week i think it can't get crazier it gets crazier. if we see people getting more comfortable letting others into their home we are going to see more inventory on the market and that will drive sales volume today we are inventory constrained. there aren't enough homes for people to buy.

they are going traez frooig to get in the door. if sellers could get more comfortable putting properties on the market more people would move people want to be able to work in different places live in different places and finally the inventory has met command. >> when we talk about some of the differences to the '05, '06 '07 times, what is different. >> what is driving this boom is true demand. people want to live elsewhere. there is less speculation. there is less predatory lending. this isn't just a fnt finance fueled boom. it is driven by a true change in consumer behavior where people want to go to montana or at least sacramento or tucson rather than living in the major urban centers. >> that's what i wanted to ask you. we did a segment about how companies are rethinking their own footprints goldman sachs asset management adding jobs in florida just the

latest, hewlett-packard going to texas from california. do you think they are where their employees are moving how do you see this trend playing out? >> it is a dynamic where the companies follow the employees, the employees follow the companies. five, ten years ago there were people who wanted to live in more affordable metropolitan areas but couldn't find a job there. now the employees leave, the companies follow and that drives more employees to places like texas, florida, the rest of the sand belt. >> in terms of glen what -- maybe the margin pivoting back a little bit have we seen cities who may have seen plateaus or falls in prices start to come back a little bit? which cities in particular >> there are some cities that are coming back slightly mostly you are seeing a massive outflow. migration from narc and los angeles is up 50% year over year inbound traffic to sacramento and las vegas is up 70% year over year.

the cities that depended on massive amounts of corporate tax asks high net worth individuals paying taxes are losing their tax base it is going to be a long five, ten years for major coastal cities and i am not sure what we ought to do about it the federal government probably needs to step in at some point and help with the infrastructure of those cities bus they are mott going to be able to do it on their own. >> that's quite a dire prediction finally with all the red hot demand what is happening with pricing? how much are people going to beological to pay up >> pricing is strong the hard thing to figure out is if there is no seasonality demand honestly we saw strong demand through thanksgiving. it may be that people have nothing better to do than look for a home to buy. we are trying to figure out if demand is really strong given the season or if seasonality

doesn't matter at all. prices are up 15% year on year you can't imagine that happening for more than a year just because at some point even more affordable places become unaffordable. >> yeah. glen kellman, always good to check in with you. thanks for the report. >> it is great to see unafforda >> thanks for the report. >> good to see you. >> you too still ahead equal economic opportunity. new survey shedding light what good e gen z thinks

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up next pandemic highlights key disparities for young people entering the workplace, we break it down with gen z when "closing bell" comes back hey, dad!

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tonight hospitalizations and lockdowns. the new measures states are taking and the backlash. as gen z enters the job market the covid-19 pandemic has highlighted key disparities for many people, a new survey out highlights what some teen think are the key issues sharon >> reporter: most teams believe there's a lack of economic opportunity in the u.s. based on race, ethnicity and gender according to a new survey from junior achievement a key obstacle is the pay gap. the survey about teens and economic activity are asked are people paid less based on race,

ethnicity or gender, 61 percent said yes, 19 percent so no and 20 percent not sure. and another survey asked are people having harder time getting financial support to start a business based on race or gender, 69 percent said yes 73 percent said racism is embedded in institutions such as laws, rules and procedures financial advisors say this shows the importance for teens to recognize economic disparities and how to consider how to address them. more than 1,000 students responded to this national survey conducted by engine insights and not surprising i the overwhelming majority of female black and miss panic -- hispanic teens responded overwhelmingly yes to those three questions. >> lot of notes for employers there, thank you by the way, cnbc, and junior

achievement partnering with live panel of experts to talk about this very tom topic tomorrow at 1:00 p.m. eastern and nbc universal comcast are investors in a corns later this week race and opportunity in america focused on the latino community that's thursday night 8:00 p.m. eastern time as we look to tomorrow's trading, slight pull back in the s&p 500, but before we get to that you're looking at a new offering involving bitcoin. >> micro strategy which is a software company, really became pretty buzzy recently when it decided to use some of its own corporate cash holdings to buy bitcoin, has been a pretty significant buyer of bitcoin a lot of these public stocks are shadow plays of the bitcoin boom announcing they will do $400 million convertible use offering

and proceeds will be to buy more bitcoin. they're doubling down on this bi bet and it's kind of fascinating that this company, again, a software business has kind of found itself in the center of this particular market boom. because if you go back couple decades it was an accounting restatement near the paesk the nasdaq in march 2000 it was one of mike trouts on the camels back that seemed to break that bubble fascinating long term there's always drama >> they should have said they were going to use the proceeds to buy bitcoin and tesla stock. >> right. >> then they'd have a better performance off the back of that lot to focus on guys in the week ahead. also on the financials conference for goldman sachs, not possible in person this year, we'll have comments from that in the show so looking forward to that

there's a sector that's had a great run since early november. >> excellent run in the stocks yeah, seems as if the business probably can see to the end of this too will be interesting to hear their assumptions in terms of credible losses. things like that. >> we finish slightly low he on the s&p and dow higher on the nasdaq, thank for watching "closing bell. "fast money" starts now. thank you very much. in for melissa lee i'm tyler this is "fast money. tonight's trader lineup -- welcome one and all. glad you can be with us, such loving settings, tonight on fast a regime change for stocks heading into 2021, chris harvey will tell us the names he's betting on. palantir stock up 21 percent today alone, we'll tell you the headlines that drove those gains. we'll all over