name. >> stephanie link? >> xpo the spinout news last week of a logistics business is absolutely positive, multiple enhancing and shareholder value creating so i like that stock a lot. >> so does sirrate i don't know why he's not shaking his head yes he owns it, too. >> all right, guys. >> i like that and paypal. >> thank you, guys "the exchange" is now. >> thank you, scott and welcome to "the exchange" everybody. i'm kelly evans. ahead, it's v-day, pfizer's covid vaccinations begin albeit in the uk. are are the vaccine stocks a sell on this news? we will ask. plus, goldman raised its gdp outlook and jpmorgan says any market correction is a buying opportunity. is it? are people too optimistic. we'll debate and uber's autonomous losses, tesla's huge stock offering and apple is turning head today that's all coming up and, first,

let's hit the markets a. >> markets have moved higher to put the nasdaq and s&p at record highs with the dow 1% from yesterday's intraday high. the level to watch is 30,200 that was a weird looking 3 30,333 watch that level among the stocks to watch, stitch fix trading it at an all-time high, trading at 40% after expectations for double-digit growth, shares up 370% from the march. year-to-date up almost 100%. finally, take a look at the home builders among the worst performers in the s&p today as they follow toll brothers lower and that's despite on being on every metric, the luxury ceo saying it's the strongest housing market seen in 30 years at the company and that they continue to raise prices in nearly all of their communities. >> kelly >> strongest market in 30 years

and the stock is like, yeah, it's priced in. >> no big deal. >> thank you so much we appreciate it let's get to now the vaccine news today a 80-year-old woman in the uk becoming the first person in the world to receive pfizer's vaccine, this as our fda released its vaccine review data today. meg tirrell is here now with the key takeaways from this report. >> hey, kelly, so these briefing documents contain our first look at how the fda is looking at pfizer and biontech's data did their own analysis on all of the trials so far and released ahead of that meeting on thursday of their outsize advisers importantly on the safety. they say the trial date has suggested a favorable safety profile with no specific safety concerns identified that would preclude issuance of an emergency use authorization. we're getting more information about side effects that happened in the trial that they are tracking, specifically things like fatigue injection site reaction,

headaches, muscle paints, chills, joint pain and fever they are warning, you know, after the second shot, people could really feel this they have compared it sort of the to the shingles vaccine feeling the side effects from getting the shot they also noticed four cases of bells palsy in the trial cases, zier in the placebo. the fact that there were four on vaccine and zero on placebo suggests that the fda suggest there be a lot of attention paid to that. overall very safety profile. very safety on efficacy, it's 15% effective in prevented covid-19 after two shots but check out this graph this shows protection after one dose starting at day 14. you start to see a real split. the orange line there is the rate of covid-19 infection after two weeks, and the blue line is people on vaccine. the orange line being placebo so you can see after two weeks,

after the first shot, people are getting protection from covid-19 the fda saying that there aren't enough data to recommend approval of just one shot for this vaccine but certainly it is heartening to know that, you know, after one shot you do get some protection. kelly? >> that's a great point. so, meg, there's also a lot of concern about how much supply we'll have for the general population next year the president is holding this vaccine summit hat 2:00 p.m. with executives. i don't think pfizer and biontech will be there congress me if i'm wrong, moderna, maybe, maybe not, but the point is he going to sign this executive order that would allow us to kind of reclaim some of that supply that has now been given up to other countries? >> reporter: so it's not exactly clear what this executive order would actually do, ostensibly it sounds like it's designed to ensure that americans get vaccinated first, but experts say they don't really know what teeth this executive order

really has in order to accomplish that. dr. gotlieb is on "squawk box" saying even there's a supply chain in the united states or at least in europe and manufacturing sites in the different places to supply different parts of the world for pfizer, raw materials could come from other places, too it's a delicate dance trying to say something made in the u.s. has to be given first in the u.s. considering that the supply chain really is global, so not clear that that will really affect anything in terms of supply. >> we'll see what comes out i suppose in about an hour's time on that front, and certainly if we get, you know, news from moderna next week and others kind of following suit hopefully that will ease the bolt neck. meg, thanks for now. always appreciate it meg tirrell for us pfizer up 3% and biontech as well is this a sell the news kind of event for vaccines names with big runs joining me is a senior analyst

at bernstein ronny, great to have you back. are you recommending that people take some profits here >> so, what i'm basically saying is that what it looks like more than anything else is we have an earlier wave of vaccinations in the united states. most people think it will be around mid-year and it now looks that we've had a significant amount of vaccination in the first quarter and once you pass roughly 50%, we can see the epidemic plummet so the argument is that the stock that they should perform on thisnews are the stock that are part of the reopening trades so like the hotels, airlines and my colleagues just upgraded this morning. less so if the drug companies which are probably more funds for the trade. the stocks are seeing a little bit of pressure from the nominees that the biden administration is putting out. becerra for hhs is not known as a friend of the drug

while the vaccine has been brought to the marketplace is not a way to play the opening trade. >> right you know, that's interesting i'll reiterate it to make sure that everyone is following what you're saying. you think a lot of investors will sell the vaccine names as a source of funds to buy the other names and once we hit about 50% of the population, there's -- there's not going to be as much takeup how profitable are these vaccines going to be for pfizer and the rest of them, and i guess maybe the more direct question to ask is are there any of the vaccine names that you have an outperform on right now? >> so, i have one of i guess of an outperform. i've actually not argued that you want to necessarily sell pfizer and moderna here on this set of news. as a matter of fact, the other companies falter and they end up being in the muck and they could end up doing very, very well here as a result of that, but we don't know that and we don't know how long the things last. historically vaccines have not

been a great product, and i'm reasonably sure that they are making the typical 80% plus margin on market sales, but typically you think about the vaccine as being more of a 50% gross margin product which had relatively low for drug companies and most international purchases, there will be several vaccine-makers that make it to the market over the next year, by the time we get to the boosting doses in '22 and '23 and '24 we would expect the price of those vaccines would plummet to about $10 for booster shot. >> wow. >> in the developed market which is what the other vaccines are selling at simply because there will be so much offering here. yes, i do think biontech, pfizer, moderna will do great in terms of vaccine sales and revenue near term, we think we have close to $10 billion for pfizer in 2021 for this. it just looks like a one-time spike with revenue coming down on labor.

>> sure. what about a company like moderna for whom this approach was entirely new they have what appears to be a smashing success with it does that make them much more attractive as a long-term investment, or is it that a lot that have is already priced in >> to be clear, the company does look to be benefiting quite a bit from this. the future is probably not be in covid-19 to suggest another significant move up. they have to take the technology developed here and apply it elsewhere in other vaccinations and also in things like aids vaccine. biontech already has a clinical program today with regeorgeon doing just, that so the real question is can they take all the learning, all the manufacturing capacity, all the cash and find a way to expand their footprint into additional diseases to become kind of like a mature pharma company in the verdict is obviously still out at this stage. >> fair enough

ronny, thanks for joining us again with a market perform on pfizer and some of the other major names. meanwhile, stocks overall are erasing some early losses. the dow on track for its fifth gain in six days the s&p and nasdaq hitting more record highs had, and two wall street giants out with some bullish calls. goldman hiking its gdp estimate while jpmorgan says any correction is a buying opportunity since we're only in the middle of the bull market. too much optimism, here to react is the president and portfolio manager of the permanent portfolio familiar life fund and jamie cox is a partner at harris financial group. welcome to both of you jamie, i'm just going to start with you remind me, are you bull bish on this market, you know, cautious for the near term as some now are. what are your thoughts. >> i think there's going to be a two-tiered speed, you know, to this recovery for stocks i think you've seen over this past, you know, past year 2020, you've seen high-flying tech stocks and seen stocks that have completely run away with it. that's not going to be the story

for 2021 so i'm not necessarily bullish, large-cap tech and some things have already run but i'm definitely more bullish in dividend growth, some things that will pick up the pace as the recovery starts to take hold we're in a vaccine dependant, you know, recovery, and as the vaccine begins to get distributed here in the united states and around the world, we're going to start to be able to figure out just how fast some of these beaten down sectors are going to recover, airlines, banks, all these things that can't be replaced by technology, maybe banks can, but airlines are difficult to these are sectors that have been just absolutely hammered, and i can't wait, you know, for these particular companies to recover and i expect 2021 to be that year so for those particular companies very bullish but not necessarily for the amazons of the world which i think will be funding sources for some of this rotation. >> michael, let me ask you and barry bannister of steiffel was out, has a price target on the(1) you know, is everybody who is

saying, you know, because of these preconditions, stocks will continue to perform well ignoring the fact that a lot of these gains might have been pulled forward in much the way that a lot of the acceleration of the economy has just been pulled forward into 2020. >> very legitimate point, kelly. i'm in the camp that in the short term and probably into the first half of next year at least you are going to have a good stock performance. you've got great comps going into next year you have the vaccine, you know, coming online, the pre and post-covid, penned-up demand, all the factors that would sort of be the sugar high for getting back to normal and that's the case for the first half of next year and then it's really murky with a lot of risk factors i don't remember a time when investors have had so much simultaneous risks to their portfolios and long-term investment strategies in what they are seeing, health, employment, trade, politics, economic activity, changing dynamics of how -- >> yet the markets are loving

it that's what's so fascinating about this you're absolutely right. you throw everything at this market and the nasdaq is up 40% this year. >> well, to some degree there's nowhere else to go because the fed is on the sideline and capital is cheap and real interest rates are negative and you do have a fivecation going on where people are definitely trading are the current environment, the covid stocks, the shut-in type scenarios, you know, jamie mentioned tech and other industries have all been winners. you would expect as the economy recovers those things will start to vans, and they certainly have, and that's a trade, that you know, commodity cycle is in a multi-year trough at this point. that's likely going to increase with pent-up demand and resuming global growth and easy monetary policy you have a potential multi-year trade and commodities on the upside and that may take a while to develop you also, have you know, the issue of employment, the sustainability and the -- the

breadth of economic recovery right now that's been very bifurcated going forward you are homing that broadens out, and how will that impact economic activity so they are a lot of risks, politics, fiscal policy will play a huge role going into the latter part of next year and beyond depending on what policies we produce and the economic benefits or costs to implementing some of that have stuff? >> yeah, still, it seems, that again, the bigger the worry the list, is the higher we can climb t.jamie, the final question to you is kind of to reitiate what we've talked about already, the point that jim paulson made on friday, that there's a huge amount of stimulus in this mark. we, have you know, 25% growth in the m-2 money supply and 16%, 17% deficit to gdp spending, you know, multiple times over what we had during the recovery last time around. isn't all of that more than enough, not only to overcome the worries that michael is outlining but to keep liquidity

and stocks rising for a very considerable period of time. >> there is a literal sea of money sitting on the sidelines and in a typical election year you typically see $200 billion flow into money market mutual funds versus 40 billion going into equity mutual funds n.2020 through the end of october, the number was $750 billion in the money market mutual funds versus a negative or an outflow of $283 billion so you're talking about a 6x differential, you know, in money that has to go somewhere probably not going to stay in money markets for long so there's a really, really strong undercurrent that will i think flow into the markets in 2021, and it's all going to be dependent on, you know, how things go with the vaccine if we have a very smooth ride which is something that people need to be very cautious about because it could be bumpy, i think that there's plenty of underpinning that if we get some selloffs that they will be temporary and won't be violent like they were in march of last

year like the shutdowns so there will be buying opportunities. >> kelly, one other point real crick on that chasing a lot of things around. i'll introduce the word inflation, and -- and, you know, the lack of labor and materials and capital gets reduced, you're going to potentially have inflationary pressures that we've not seen in a while. >> and we'll give you more than a word on that as soon as the ten-year cross is more than 1% i totally take your point. it's just being shrugled off right now but we'll see that definitely feels like that will be a part of the 2021 debate. >> michael koejno and jamie cox. thanks. >> credit suite introducing their top picks for 2021 the names include the names of alta, coca-cola and booking holdings for a full list hold on over to cnbc.com/pro still to come, main street

hits a dead end. the fed stimulus economic program is already being felt. we'll tell you where and wall street is loving paypal and square's bitcoin offerings one analyst went out searching for answers and we have his surprise findings and what it means for the stocks ahead stay with us we're back in two. no one likes to choose between safe or sporty. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪

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welcome back the treasury's decision not to extend the main street lending program is having an immediate impact on the economy. steve liesman has the details for us steve? >> reporter: kelly, thank you. the decision by the treasury secretary not to have funding for the main street lending facility after december 31st looks to be cutting into lending even though it's open for several more weeks we've learned that after mnuchin made his decision on november 19th some borrowers said there was no time to close the loans one such borrower said there's a huge impact on our ability to remain liquid and finance our businesses a banker who has approved the loans worth $463 million said he can process only 130 million in his pipeline and john steinman the chief investment officer

says interest has been off the charts and they haven't been able to handle it. it came three weeks after the fed and treasury opened it it up after more businesses including lowering the minimum size of the loan to $100,000 a senior treasury official telling cnbc, quote, there are many banks including the big banks that are continuing to lend and they expect the loans will be completely refunded by the time it end on december 21st so just over $6 billion in loans, main street ended up loans out the 600 billion but the two best weeks of the programs were the ones before the secretary announced it would shutter. bankers said, kelly, that approval processes had been speeding up. >> steve, stick around, i have more questions let's bring peter boockvar into this and talk about what it means for the fate of business for aid and the economy. he's chief investment officer at the blakely group and cnbc contributor. peter, listen, we've had some real success stories in covid.

ppp has been one of them and main street lending has absolutely not been. what should be done with the fund now do we need the funds repurposed into the economy in a different and better way >> there were a few ways you take it from the borrower side and those who need the money there's definitely demand there and it was more nuanced, there's unclear ebitda coverage numbers that you had to meet that was necessarily clear a lot of borrowers had to take personal guarantees that they didn't want to take on, a lot of existing debt that businesses had wouldn't allow another form of debt to come in, even pursue and above and from a bank perspective if the loan was so great, why would i want to give 95% to the government. it's still 5% that is goes bad

and maybe i'm less inclined to give out that loan because my lending standards have tightened anyway so while on paper it may sound good, i think a bank would make this loan anyway i respective of the fed's presence. >> so, steve, here's a question. if they wanted to revive this program at this point, could they if not then, i mean, is this where the whole point of what's going on on washington right now is to figure out a way to say, okay, let's repurpose that as ppp or jobless, you know, benefits or some other direct form of assistance. >> yeah. first, let me say peter boockvar's talents are wasted in analysis because he sounds like the community bankers that i spent the last three days meeting with he's right there with the losses of the federal government, are the ebitda considerations too strict this is a program that did not do well because it was not

designed to do well in a sense the government took very little risk with its own money. congress gave the treasury money and the treasury decided it seems early on not to loose any of it with the idea of being that mnuchin didn't want me to lose that much okay, and then what happened is you made a sires of loans that were essential lit way a bank would make those loans i can give you an example. it takes 30 days to approve a commercial loan. that's about what time it took, plus fed approval time to approve one of these loans i'll ask you a question, kell, and i'm sure peter has the same answer which is if i'm giving you a $5 million piece of a $100 million loan, are you going to spend any less time looking over that loan because you could lose 5 million and not 15 million, and i think this the answer is no >> yeah. it would have to be pretty big for that not to make a difference peter, let me give you the last word here then, for those people who are say, all right let's take a step back and have a fresh slate come january or if

this is under debate in congress at this very moment and we need something done by next week. what is the answer >> well, for these businesses the answer is really more equity, not more debt for those that already have a lot of debt. now, i know you can maybe restructure the ppp to sort of widen and liberalize the requirements to be able to get it, but also inviting -- there's trillions of dollars of private equity money out there let's try to convince them to make some equity investments in these businesses that need capital, both small and medium sized. >> yeah. it's just too bad that medium sized businesses are a really important part of the economy for them to fall through the cracks like this it's a shame. >> peter and steve, thanks thanks for your reporting in particular on this peter boockvar and steve liesman on the fed's main street lending program. >> coming up, uber unloads its

autonomous driving unit and tesla is looking to sell another $5 billion of its red hot stock. smart strategic move or warning sign for investors shares are down fractionially. don't forgot one of us live on thgo using our cnbc a. "the exchange" is back in a few. things are a little different this school year it's different because i have to talk to a computer. i get like 6 emails a day... olivia please turn your screen on. okay, lift the... there you go. mondays remote, tuesdays at school... it's the other way around. we might not be able to solve everything. but we can help make sure students and teachers can stay connected to learning. it's why at&t has connected more than 200 million students to brighter futures.

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welcome back to "the exchange." markets have shaken off the earlier losses, dow up 146 at

we're up 120 we were down almost 100. .4% gain for the dow, leading the major averages and today is the opposite of yesterday. today has more of a reopening tilt also consumer staples, materials going positive discretionary and communication services though are hagging right now, at least relative to the other sectors of the market. some of the individual movers is u.s. steel after news of the buying of remaining stake. it will give us a steel actress to advance steel technology. shares of thor lower despite beating on top and bottom line analysts are caution on profit margin pressure because of higher labor costs and supply chain issue. we've heard this a lot lately. thor down 2% and shares of autozone are down after better than expected earnings and comps. revenues were in line and gross profit margins were lower as the customers used the company's loyalty program, something we haven't heard as much about

recently let's get to sue herera now for our cnbc news update. >> here's what's happening at this hour. the army is firing or suspending 14ves aers and soldiers at ft. hood in texas and has ordered sweeping policy changes to combat violence and sexual harassment on the base a pair of two star generals are among those being reprimanded. ohio's governor mike dewine says lethal injections are no longer an option for executions in that state. he cites difficulties finding the drugs needed he has asked ohio legislators to choose a new method for capital punishment. cyber security researchers say millions of smart devices are vulnerable to hacking because of software flaws. products from an estimated 150 manufacturers are affected the most vulnerable, remote cameras and temperature sensor, and in rome the pope marking the start of the christmas season with a traditional visit to the city landmark.

normally thousand attend that event. this year though it was done in secrecy because of the pandemic. you are up to date, kell can i'll see you again in an hour h.back to you. >> what was the landmark, sue? i've only been to rome once? >> a statue of the madonna, the virgin mar be, and it's the immaculate conception. today is the holy day of the immaculate conception so the pope normally does it, and it's a big -- it's at the bottom of the ropeman steps -- spanish steps, rather and they normally have thousands it of people but they can't do it this time. >> beautiful that is a good reminder. >> i know because my girls go to catholic school and they are off today so there you go. >> exactly. >> holy day of obligation. >> there you go. >> still ahead, if you build it, will they come wall street loves square and paypal's move into bitcoin and what about consumers we do have answers about what that means for the stocks which

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ful. welcome back let's catch you up on a couple of stories that should be on your radar time for rapid fire. here to break down the headlines are michael santoli, deirdre bosa and bob pisani. welcome, everybody uber is selling its self-driving unit for a lot less than it was worth a year ago the decision to sell the group is worth $4 billion, half of its 2019 valuation uber will invest $400 billion into aurora's bringing aurora's value to $10 billion deirdre, why, i mean, listen we know uber, it seems to be sell off some things that it can. it's clearly not interested in waiting around to command a higher valuation for this unit what does that tell you?

>> it's been commanding a higher value by selling off the units the owner is an operator, not a founder like travis kalanick who sells the self-driving technology was existential for the company's future and the way it got to profitability. the other day i was reading an art until in "the wall street journal," "uber, an online taxi company" which is what it has become it sold off other parts of the business that made it the disrupt their it was earlier they sold off their e-bike and scooter business early on in the pandemic when they were trying to shed some of the money-losing buses, and that's actually turned out to be quite a good business people are going back to it. it's rebounding and commanding higher valuation did it happen in haste i'm not sure, but it's certainly working for wall street. >> bob, what are your thoughts >> kelly, well, in one sense i get it look, it eliminates a major cost center and you're right. i think he clearly wants to move

the company on the path to profitability so all of that makes absolute sense come on, aren't you a little disappointed about this? it's kind of like where's my jet pack crowd remember when travis used to talk about the car is going to pull up and there hose not going to be anybody in it and it will take you all over the place and we'll have the giant transport system around the world. it turns out the jetsons are a lot farther away than we all anticipate that's a little bit disappointing, you know. i do get it, and i'm holding out for the jet pack, by the way. >> it's disappointing and important and, mike, this is going to take us right into the discussion on tesla because a third of the bull case for tesla at least is predicated on the full self-driving kits on the technology that they are going to sell as, you know, subscribe as a service well, tell meal i'm supposed to be bullish on tesla's self-driving after selling it for half of what it was worth last year. >> there were supposed to be a

million self-driving tesla taxis on the road. >> actly. >> you can seep this stuff right out in front of people, keep them moving in the right direction. yeah, who is to say it's not going to happen eventually when it comes to uber though, i do think it's interesting because it wasn't just travis kalanick saying this is integral to our future business model, i think there was a general sense among investors that in fact the numbers really only work if the company moved in that direction. that might not be the case it may just be a dispatch app and a food delivery company is enough, but, yeah, when it comes to tes larks they are selling enough cars. the volumes are going in the right direction so i still think there's a secondary story than eventually they will all be you a thon mouse and by the way, all equipped with the software all we'll have to do is flip the switch when the day comes. >> right, exactly. to catch up with the tesla news they are offering $5 billion value of stock, the second stock offering in three months and third this year, bob. >> yeah.

>> again, tesla is selling cars. going back to the goldman upgrade last week in which their bull case, the highest priced target on the street fortes larks $780, predicate asked on 2040 targets for the car birks okay, fine, also predicated on basically every new roof in this country being a tesla solar panel roof and on tesla selling tons of these full self-driving kits tell me that doesn't -- at least one part of that have story doesn't look a little dubious. >> it doesn't make a lot of sense to me, but this is one of those companies where there's an absolute cult-like belief in it. another one that's developing is pelton, too, excuse me, palantir that's a company making 12 cents and trading 240 forward numbers. the street believes somehow these guys are real geniuses, have ai and believe in elon musk and almost partly a reaching can you say that this is zions of frothiness when you do three capital raises in a year but not when you're at $500 a few years

ago and not when you were at 633 and this is causing issues for s&p. they are going into the s&p at the close on the 18th. we're talking about $85 billion that they have a buy of of this somewhere around, i haven't doesn't numbers this morning but that means sub-is going to sell $158 billion and all the other stuff in the s&p 500 that's going to be the biggest rebalancing in the history of the s&p. that will be an interesting afternoon. >> yeah. and i wonder if this is the moment that the kind index investing jumps the shark and let's talk about fedex which is hitting a new record high after a bold call from ubs the firm it maintaining it its buy rating and raising its street target to $830 a share, another 26% upside the shares have been on an absolute tear and doubled since january and more than tripled off of the lows since march and the thing is that we know the

narrative. it's just a matter of price targets now trying to figure out where to fit a price target on this story. >> yeah, and you have to wonder, kelly,ing if some of the other wall street analysts have to reconsider their targets because you just laid out the enormous rise that we have seen from fedex this year so certainly its target price is catching up with those gains. i read that know part of it has to do so interesting, right, what is old is new again and part of, you know, you would think that fedex and ups would have a really tough year given, you know, business parcels are down and consumer parcels making up with it and with air travel so constrained, right, you have less supply for some of the shipment but the demand has been there with the rise of e-commerce and the digital transformation that we're seeing and ups has been a beneficiary that have. >> good point. mike, last word onthis. >> i was going to say it's gone from being a discarded two-year

bear market and global trade and in the shipping business and now it's an earnings momentum story. the current fiscal year estimates for fedex have gone from $9 on june 30th to 17 in change right now so essentially it's up 70% and it's all about how people underestimated what a return, to you know, high capacity usage in the shipping business has become. >> will they have to worry about a 2021 hangover or is this the transformation of the economy, bob? >> just back to what mike has said, the biggest move fedex has had in several months is on their earnings day they had big moves up when the earnings were announced. people are underestimating the number which is why i can understand why they got an upgrade today. they have been great on earnings. >> great point yeah and finally apple just made some big announcements today. one is that its new fitness subscription service will launch

on december 14th costing $10 a month. rival peloton's app starts at $13 a month, a little bit below that level peloton shares sold off initially and now reversed course higher, a monster stock, up 1.5%. apple unveiled the air pod max for $549 mike, which of these two announcements is more significant? >> i think longer term the fitness announcement is likely more significant just in the sense that with the way that apple tends to do things is we're going to enter a business, we're not claiming we're going to take it over right away and down the road if there's going to be a all-inclusive apple subscription that basically is apple as a service, it's kind of thereof already, but if it really gets filled out with a full slate of apple-tv plus, then it becomes a bigger story longer term, and when it comes to, you know, the air pods max, they put max right in the narmgs right, so they are not telling you they are going to be gm.

>> i couldn't come up with a name i said do we have a photo of the air possible, the beats things and i'm just doing this and i'm getting it confused with the newspapers of the phones what do you think? >> well, hold on do we have a picture of the case that's what really caught my attention for -- there it is. >> i don't know what they are doing with that. i've got to disagree with mike i think that the air pods max are the more significant announcement because when apple does soft weigh alone i'm a little bit meh on it i still use spotify even though i have products in the apple ecosystem. when they combine their software and hardware and have that vertical integration that's deadly competitive it, and i already, you know, rely on my air pomptds i was telling jon fortt this morning that they are the best piece of technology i bought since the iphone so i think the air pods max are a extension of this and has a lot of possibilities in gaming with developers, so i think that's the one to watch

in my opinion i still -- i'm skeptical that they can get the kind of instructors and stuff that peloton has. >> grinch pisani last word. >> it's low barriered entry. that's what the story is you buy the bike but you stay for the video. well, that's a problem when you've got a company that can provide an infinite amount of videos and have a better platform with the apple music platform peloton is $12.99 a month right now. apple if you max it out a for the year, it's like half of that that they are going to offer right here that's very serious competition. it's more than just about the bike and apple's got that other component. >> we know you're a big music fan, bob do you see a product like the airplane pods max and think i need to have this? this is top of the line tech. or do you think it's way overpriced >> well, it's way overpriced, but if people like us that love that kind of thing, apple fanatics like me will buy almost any new apple product just to check it out against the other apple products i think it's fine, but i'm

talking about the competition with pelt crop overall that's what i find i think peloton has a problem. >> i take your point and these are totally a new statuscism bol. bob pisani, deirdre bosa, michael santoli, thanks for joining us today for rapid fire. the street is the bushel on paypal how do users feel about that we'll dig into that right after this break

welcome back a huge comeback for bitcoin this year, up 160%, nearly crossing $20,000 for the first time part of the boom came after it was added on paypal and square, and those stocks have cbs massive gains both this year and as a result. square is up more than 230% since january. paypal has more than doubled wall street may lost crypto additions but are they being adopted by users

joining us is james freedman, a research analyst at susquehanna. james, great to have you again, anecdotely, i've heard a lot and looked at myself on how it works on the cash app, you know, buying bitcoin what have you discovered in terms of the takeup right here >> yeah, thanks, kelly it was very interesting. we hosted a survey looking at consumer adoption this time of crypto in general on the square and paypal platforms i can run through the summary with with you, but in general you can see there's a lot of pent-up and active demand for crypto for both these companies. >> so your takeaway would be that the stocks have run up tremendously, are both because of the pandemic but also because of their exposure to becoin, and you think that they still could have quite a tailwind from that? >> you know, we think that there's upside to both stocks. is it crypto-related

perhaps. the companies do -- well, square historically has the mine share and the customer base in crypto. they adopt it had three or four years ago, and they have a lot of revenue from it though at a thin margin. now paypal really just announced announced their crypto initiatives in the last four to six weeks. there are differences in the initiatives of the two companies, but right now square has the more economics from crypto than paypal there are differences like i described. >> what would you say is the most important finding for investors? >> well, i would say -- let me just run through some of the things you might find more intuitive. about 13% of those that we surveyed indicated they have used the square cash app to purchase bitcoin the interesting thing is 22% of

those surveyed indicate they have now seen or heard of the paypal initiative in crypto. 39% of those surveyed say they think more favorably of paypal now that it's offering crypt o f functionality and in terms of the durchifferences of the stray 53% said they would like to use crypto if they owned crypt yo checkout you can fund your account with are credit card, debit card, you can buy and sell stuff, goods and services at checkout with your crypto, if that makes sense. >> the numbers are small enough that it could grow significantly from here. as high as bitcoin is now, think

about a whole new field of people getting involved and maybe doing it this way. james, it thanks fthanks for joa buy on both paypal and square. dry ice is in very high demand as the covid vaccine needs to be transported and scored at subarctic temperatures next hello everybody, ya know something?

after the year we just had, the usual gifts are just not going to cut it. so we have to find something else. 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. no, santa, we're going to take all those family moments that make the holidays and package them. oh, you are getting so big! woahh! it's down to the wire, the team's been working around the clock. i'm not sure it's going to work. it'll work. i didn't know you were listening. hmm. (laughing) that works.

welcome back one of the challenges of rolling out a covid-19 vaccine is keeping it at subarctic companies. seema mody is in bridgewater, new jersey with more >> these containers can stain dry ice. they come in different sizes this is a large block would you esao inside a fedex truck. the ones in demand for hospitals are in the form of a palette that you can find inside of a pfizer vaccine container that holds that vaccine at that subarctic temperature. chris vita says the average size of orders placed by hospitals

ranges around 170 pounds when it comes to dry ice, you cannot stockpile it because over time it turns back into a gas ands that why he says hospitals are trying to set up contracts with his facility to enthsure te can come back for retilfills. there's a lot of confusion people don't know how it will be stored, how it's going to be shipped and how much do we need? it's doubled our volume of business >> speaking to a number of different distributors across the nation acme dry ice says their team is going to work through the holiday to fulfill every order that is coming in. >> we're definitely working through the holidays listen, the vaccine has to keep on the move. so there is no sleep for the vaccine or the covid virus >> all right now the trade volume that represents some of the biggest

dry ice manufacturers and the co 2 suppliers say they have enough to meet the demand for the vaccine. linde says they have enough to meet the demand. back to you. >> seema, thank you very much. such app important plank of this whole distribution story we appreciate it seema mody that does it for "the exchange" today. next on "power lunch" tilman fertitta will join us. we'll talk gaming to lockdown orders to ipo rumors i'll join tyler mathisen after this quick break ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

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from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. good afternoon, everyone welcome to "power lunch. stocks are at record highs the s&p 500 is now up nearly 70% from its march lows. is this market now showing science of froth speaking of froth, how about tesla out with a $5 billion stock offering to take advantage of its soaring shares. that its third move to raise capital this year. and another soaring electric vehicle play is blin