tax treatment than in the state of ka which i guess he has called home for a long time. we wish mr. musk well, right, kel kelly? >>i of course. i should also cnbc has a write-up on this on the website already but musk said that california used to be the center of aerospace manufacturing my company's meaning tesla and spacex, are the last two left. really making a broader point here as well tyler we will see you tomorrow thachg for watching "power lunch," everything "closing bell" starts receipt now. >> welcome to "closing bell. i'm wilfred frost along with sara eisen stocks broadly higher this afternoon. the dow was up 176 at the high now it is about 100. either way, well off the lows of the session this morning let's will be at what's driving the action the pfizer vaccine rollout begins in the uk the astrazeneca candidate gets a small vote of confidence that's helping sentiment. we just got in head lions on stimulus negotiations signaling congress might be moving closer

to a deal. though of course we have heard that before. although it is a lackluster session overall, anything positive would be a record close once again for the nasdaq. keeping an eye on the dow as well s&p could get there though not there at the moment. 59 minutes left of trade sara. >> lots of intraday records all around door dash's ipo price coming this afternoon john chambers, the former ceo of cisco and long time silicon valley deal maker joins us for that discussion later on the ceo of h&r block will join us the company out with a brand-new strategy launch for its investor day. we will dig with in the ceo jeff jens. first the storieser with watching today mike santoli on the market hey la tausche -- kayla

koushy -- >> the market is comfortable around these levels. market looks extended, sentiment is too happy is what could be said but no warnings showing up from credit or other capital parts of the market to say there is stress going on. zero real interest rates for high grade corporate debt right now. hard to get in too much trouble. you see a gentle but steady up trend we have had. pointing out the old highs probably would be the floor to this new range if indeed we do get a pullback we are about flat for the week for the s&p 500. it is important to keep an eye on the fact that the high adrenaline parts this market continue to really put the impetus to the upside meaning the more speculative racier areas of the market have been driving thing. this is a handful of sectors, handful of etfs.

ivbj small tech biotech. clean energy, iwc, micro cap etf. small hear the the russell 2000. the micro cap sector of the market, up 28 since the end of september as against 10% for the s&p 500. moves moving fastest, the biggest payoff and i keep describing what's going on in the calls and buying in the options market. this is from deutch bank, calls versus puts. in history they work together. ream call volume gives you exposure to the upside friday's number was up here. towed we are up in that zones. the put call has gone this way today it is .3 i don't reca

normally it is double that. poem patio are bold up in those parts of the market and it is giving a general sense to the animal spirit, how far that can go before we have some kind of a get check is anybody's guess. >> that's the question is it too bold up. how about snowflake? did we have that chart. >> last i looked it was up 10% valued at $120 billion now surpassing the valuation of ibm, which does $75 billion in annual revenue snowflake is projected to do half a billion does that make sense >> you have to make massively aggressive assumptions but this is a market valuing future dollars at a fast premium to current or pass dollars of wretch there is no other way of splitting that that has been the case for some time we are getting into those periodic extremes, almost like this is the stock of the week we are going run this thing until we run out of people to pile

into it in the short-term. there is a great fundamental story behind it. we could argue about the merits of it. palantir is one that's kind of cooling off a little bit today a lot of these are kind of capturing you know the tail winds of some of this speculative breeze that's blowing through the market for a short period of time and it is not necessarily distorting the overall indexes just yet but there is no doubt there is a lot out there by the way a lot of companies are hitting the markets big. there is a lot of issuance both in the books and also on the way. more on that next hour. >> $108 million per month are the options the ceo of snowflake said unbelievable i guess you would have to say he is earning his fee based on the performance of the share price. a white house event on vaccines is under way. kayla tausche has the latest for us. >> just last hour president trump and officials were operation warp speed were cheering the deployment of the vaccine which is forthcoming and trump said the vaccine will be the ends of the virus.

he also signed an executive order that's expected to lay out the guidelines for distribution here before the u.s. assists other cups with companies reich cvs, walgreens and fedex on hand to distribute the vaccines trump says he will invoke the defense production act if he runs into any issues every american who wants a vaccine should be able to get one by june of next year with multiple vaccines crossing the finish line this after the report that this summer the white house refused more vaccines the rollout of the vaccine could encounter hillary clinton ups after this initial burst. >> without urgent action by this congress this monday to put sufficient resources into

vaccine distribution and manufacturing, which the bipartisan group is working on, there is a real thans thchance after an early round of vaccinations the effort will slow and stall >> president trump was also asked why the biden/harris transition was excluded from today's events president trump reiterated the false claim that it is unclear who the incoming administration will be. >> anything new coming out of the biden administration that's das stickcally different from the plan under president trump or is this all hands on deck, let's roll it out as quickly as we can >> accompanying the rollout of the health team today president-elect biden did include a few different policy initial tiffs for the first 100 days of his administration he said on day one he will sign an executive order for a federal mask mandate in federal buildings, interstate travel, planes, traipse, buses he will work to get the bulk of

kids in school and staying in school they will also work to get the vaccine into 100 million people by those first 100 days. we are still awaiting details on exactly how the plans come to fruition ambitious policy goals from the incoming administration. >> kayla tausche, thank you. we have also got a few updates on the vaccine rollout and approval process meg tirrell has been following that for us. >> sara, today was a pretty big day in the process toward getting approval of the first vaccine here in the u.s. when the fda released its briefing documents looking at all the data on the pfizer and biontech vaccine ahead of that meeting thursday of its outside advisers weighing in really for the first time for us to hear what they think of the data. on the safety, their analysis was good they stayed the trial data suggests a favorable safety profile with no specific safety concerns identified that would preclude issuance of an emergency use authorization. there are side effects from

setting the shots, injection site pain, at that teague, muscle and joint pain, things that you normally get from a flu vaccine. they also saw balls palsy in people who got the vaccine it is not clear whether it was caused by the vaccine but it is something the fda is going to watch as the vaccines get rolled out. that's essentially a temporary weakness or paralysis that you see in the face. in these documents, we knew that the vaccine showed 95% efficacy in preventing the disease after two doses. what about after two doses people among the placebo group got -- you can see the

protection that people got the vaccine after one dose that says, they are not saying that one dose should be approved because they tonight have data on how long that broke could potentially last finally we are looking for the fda meeting on thursday. and the fda to potentially act at any point after that. then a meeting of the cdc's advisers are going to convene on friday, and sunday, in order to vote specifically on this vaccine. and guys we start thisall agai next week with moderna's vaccine as well. this is coming very fast back over to you. >> meg, the questions about the u.s. government, purchases from pfizer i know we got an answer from scott gottlieb who is a board member of pfizer this morning reiterating that the u.s. had the opportunity to buy more. is the government right is that it is trying to spread its bets and it is going to have enough supply when it comes to the multiple vaccine candidates that are out there, pfizer and moderna at the front of the line. >> we have to see how the pace of this goes, sara

but right now the government has secured 100 million doses each from pfizer and moderna. and that will cover 100 million americans together at the pace that operation warp speed has laid out through the end of february that's when they are hoping to get 100 million people vaccinated after that they are counting on either johnson & johnson and astrazeneca coming through from whom they have already supplied 100 million from j&j and 300 million from astrazeneca and slaoui was saying toes could be approved by february if the data is good and we might see that in january. they are also working it sounds like additional supply deals with pfizer and moderna. of course when those doses from pfizer and moderna could be delivered is the debate today. and slaoui has been out there saying they are working with pfizer to try to get the doses delivered faster if they need help with the manufacturing. up next, door dash expected to price its ipo after the bell today. the company raised its price

target range last week we will discuss the valuation with a darr douche bull this afternoon. you are watching "closing bell." it's a thirteen-hour flight, that's not a weekend trip.

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welcome back dow is up 100 points s&p on track for a record close. the countdown is on for doordash's ipo the third party delivery company set to price after the bell today. it is expected to raise up to $3.1 billion in its ipo. plans to sell 33 million shares between 90 and $95 per share they will make its trading debut on the nyse tomorrow under the ticker d-a-s-h it comes after palantir, snowflake as airbnb prepares to make its public trading debut on the nasdaq later this week let's bring in raoul vorra a tech investor, founder of the email app super human. i know you are bullish on

doordash at the high end of the range, if it prices above $95 that's a $36 billion valuation for a company that was last valued in the private market i think about half of that or even more than that in 2018 how much of the valuation is due to the fact that we are in this pandemic and lockdown where everyone is at home ordering food >> i think the precise amount is really hard to say i think what we all know is that this is a really exciting ipo, one of the most exciting this year and doordash is one of the best big economy companies growing 2x in 2019, 2.3x in 2020 so far a little bit of growth still to come they are winning in their space, growing faster be that grub hub and twice as fast as uber eats and post mates a lot of folks are skeptical what will happen once covid is finally done. >> there is a sense whether this is as good as it gets in terms of the growth.

but also the idea about running a profitable food delivery company? i am not sure it is envogue. it was a knock against uber when they opened uber eats. only now has it not been a knock because of the pandemic. is this viable on wall street? >> yes think about what happens when the vaccine is here, when covid is over. will we head back to restaurants en masse or are we going to summon our doordash my perspective is that the cat is out of the bag we have all had a year essentially of training, when we get hungry we push that button and just like uber a car arrives, with doordash our food arrives. it is an old-fashioned example but let's think about amazon and all the worries about profitability that people had about amazon back in the day people are forgetting the state of doordash's business today and in the things they could build

in their s-1 they mention a delivery business being a service provider of choice to merchants. and the thing i am most excited for is the doordash subscription, a $10 a month consumer subscription product. right now it gets you delivery for free like amazon prime. amazon prime is such a driver of growth for am. i think doordash can create the same thing, an amazon prime for the real world. >> are they a threat to u.p.s. and fed exor just food deliveries >> i am talking about a consumer experience subscription. imagine being a dash pass subscriber and you have access to menu items other people can't have imagine being a dash pass subscriber and instead of being lined up trying to get a hold of a ps you can ask doordash to

queue up for you and bring it directly to your home. it is that kind of service that are not available today but with the logistics network that doordash is building will be a possibility in the future. >> are you or have you ever been an investor in doordash or any of the competitors what has business been like for you with this -- to the torrid ipo market we have seen so many deals, m&a is hot what is it like for a growth investor, a tech investor like you? >> i am not personally an investor in doordash or any of its competing companies. i am planning to buy doordash when it becomes public this is one of the most frothiest times i have season, public markets boyied high, vaccine, low interest rates, a stimulus package, that money is all looking for somewhere to go. there is no better asset base

than private companies they are becoming faster than ever before, bigger than ever before and deal velocity is at an all-time high. it is not uncommon for me to sit down with a founder remotely, listen to the pitch, sign the paperwork and wire the machine all in the same day. a year ago that was unthinkable. >> that's how you are currently making investments yourself and similarly there are all sorts of factors in play in the broader markets like the pace of ipos like this extraordinary growth in spacs do you not look back at some of those factors and be worried that we are in a bubble? >> absolutely no perhaps i am the contrarian on this i 100% do not believe we are in a bubble i think something most commentators are missing is how fast these companies are growing and how big they are getting slack which caught our attention over the last week or two was the fastest growing software company of all time.

yes, there will be more failures by absolute number, more companies will fail. i stands to reason, if more companies are funded however the companies that succeed will gro faster than ever before and will become bigger than ever before and it will be more than enough to pay for all the failures as an investor it does mean that getting into the right companies is more important than ever before but to the winner go the spoils. >> raoul thank you for joining us much appreciated. straight ahead, can you imagine making $200 million by accident it happened to legendary value investor jerr wrooe anam bgrthut not in one of his value plays. interesting nuances to this story. we will have it for when we come back

jeremy granham just made $200 million by accident seven years ago grantham's personal foundation invested into battery maker quantum scape. it was also backed by bill gates and volkswagen they went public two weeks ago threw a spak merger filing the company at $3.3 billion. shares more than doubled since, and quantum scope revealed to the its batteries can charge electric cars to 80% of their full capacity in just 15 minutes. despite these gains, grantham say spaks get around the listing

requirements so it is not a useful actual for most companies and it is speculative. however, he still encourages people to invest in private companies going green. meanwhile, gmo continues to favor value saying despite the uninspiring performance since 2007 no matter where you look and how you slice it value looks cheap. so many nuances as i said there sara in this story i think those two converse views it as relates to quantum scope about trying to encourage people to invest in green companies but not liking spaks was grantham's attempts to balance out two of those themes he fees the maskt is massively overbought and things like spacs are a good sign of that as we discussed in the last interviews we have done still he is owner of shares in the company, still believes in that company and in green technology so he doesn't want to disparage that trend itself.

a couple of balancing facts to that an interesting sign. he has been saying we are at the top. stuck to his guns on that and pointed to factors like spacs as an example. >> he poppooed them. >> he benefitted from one and so i think it is interesting someone who made $200 million from one is sticking to his guns to the fact that as he said they are reprehensible. >> i have been read being the company, quantity up scaquantum. there is a profile about what it does, the notion that it can charge batteries 80% in 15 minutes. now it takes about an hour to do, that get an 80% at least this has been the whole thing, getting the market share of evs higher to compete with the

internal combustion engine where you can get gas in ten minutes it is interesting that he made $200 million off of a company that developed that. >> he has investors alongside him. he didn't accidentally get into it he just didn't expect to it ramp up fourfold in the last couple of months based on listing via spac shoo good accident. still the come, the health care sector is higher today after the fda gives pfizer a high report on its covid vaccine. we will discuss what could be the next catalyst for this industry coming up. the two year note in the green right now. we are seeing generally stocks are in favor -- mixed picture in bond yields. the ten-year note yield, .%.91

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dow is up 116, heading for a record close on the nasdaq and the s&p. we will get a cnbc news update with sue herera. >> held sara hello everybody. here's what's happening at this hour the republican head of the senate armed services committee says he would vote to override if president trump carries out his threat to veto the defense spending bill. two of the biggest rivals in college football will not play each other this year michigan has canceled its annual game against ohio state due to a covid-19 outbreak within the wolverines' football program. in miami, residents waited hours for grocery cards worth $250 some are criticizing the giveaway where people were packed together in long lines saying there wasn't enough focus on safety. in central indonesia, residents are breathing a bit of a sigh of relief, apparently, after a local celebrity returned yes, this is a huge crocodile

with a motorcycle tire around his neck it had not been seen for some months some tried feeding the reptile including a man who brought a live chicken we will not be showing that to you. just the crock >> a very long yawn. just wide open >> apparently, he comes every once in a while and just does that and people come and throw food at him but they can't get the tire off of him understandably so. the thing is like 15 feet. >> sue thank you. the fda giving pfizer an upity beat report on its covid vaccine. ahead. a top analyst on how much the vaccines will cost. we will talk with h&r block's ceo in anexclusive interview.

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25 minutes left to go. let's check on individual market movers stitch fix surging after posting an earnings and revenue beat after the bell yesterday the online clothing company also says appointing a former amazon executive as its new cfo the stock is up 40%. big short squeeze there. shares of u.s. steel are jumping today on news that it is buying the imring 50.1% stake in big river steel. u.s. steel trading up 12.5% heading for a record close on the s&p, above 3700 for the first time ever. >> 12.5% for u.s. steel. vaccine front runners, pfizer, biontech and moderna also getting a lift today with pfizer hitting a 52-week high this comes as the pfizer vaccine to be approved for emergency use in the u.s. as soon as the ep of this week. the fda also expected to sign off on moderna's vaccine next week joining us now, jared holtz of

jeffreys thank you for joining us i mean, clearly, vaccinations started in the uk today. it seems like that will happen fairly quickly here in the u.s kpt expectations that this is already priced in to pfizer's share price? >> i think we thought it was but the stocks continue to go up on nearly every headline that comes across, whether it is approval, whether it's data. it is fair loo unprecedented where you see such a consistent move in stocks such as, you know, pfizer, biontech, moderna. they seem to be all catching a bid you know with the release of any news,whether it is significant or not we kind of thought that once the excitement had abated so to speak we had the data out and it was really more about execution that the stocks would have started to languish to some degree that has not been the case at all so far. >> what more did we learn today about the astrazeneca vaccine candidate?

could that or potentially the j&j one derail pfizer or moderna give the latter two are more expensive? >> i think the market sort of made up its mind for better or worse on moderna and pfizer as being the two category winners at this point with astrazeneca in a distant third you know, we've heard from many that potentially the azn vaccine will be used in the developing world for, you know, regions or runs that are more price sensitive that kind of makes sense. i don't really know whether, you know, the new findings that were released today from astrazeneca are going to make a big dent we have 90 to 95% efficacy from fizer and moderna. that's considered the gold standard as we speak we will see what happens with j&j. i agree. i think as you mentioned this is going to be one program that will be under scrutiny as one injection that doesn't need the same sort of supply chain

constraints this the others do if this shows anywhere in the realm of 90% i think this is what could really dampen the day for moderna and pfizer short-term. >> you mentioned execution, jared. this is going to be a hue cuelyian task for the governments. for the companies. is the moderna up to the challenge? they showed that they were able to do a really big stage three clinical trial chl i think is new for them this whole idea of mass producing a vaccine is also new. what are your expectations >> we have no idea sara. i really couldn't tell you this is going to be the first especially release for the company. it is going to be the first widely released mrna technology that the mark has received the supply chain and the logistic logistical component is something that hasn't been seen before on this scale we are you canning about holdups

of millions of viable candidates for receiving the vaccine. we don't know. the clinical trial itself seemed like it wasn't that big of a deal when you consider how many companies have wound up running successful clinical trials over the past six to nine months in this vein. it is hard to know whether the success of running a clinical trial is scaleable i don't know. >> is it achievable to issue 100 million doses in president-elect biden's first 100 days >> it seems achievable the companies are adamant that they have the manufacturing under control. this is going to be one of the most highly anticipated drug rollouts you know in the history of the country, in the history of the world, in many respects i think it is feasible i mean pfizer is set the release 50 million doses between now and the end of the year. potentially another 50 to 100 by the first quarter of next year, give or take, i am not sure what

date that brings us out to, but april or may of nextie year, that seems reasonable. what i am trying to better understand is that the government has procured contracts with both pfizer and moderna for more people than exist in the country we will have to see how it plays out with the pricing dynamics over time. >> yeah. we should be so lucky to have more than we need. jared thank you, jared holtz, we appreciate it, at jefferies. we have a news alert on elon musk phil lebeau with the details. >> for the last week starting with an article first written by cnbc.com talking about elon musk moving to texas a number of people have said has he really moved to texas as you look at shares of tesla, which is at a all time high today saying it is going to be selling $5 billion in stock elon musk said yes today in a ceo council on line form up with the wall street journal he has moved to texas then when asked about business

this the state of california, here's what mr. musk had to say. >> they tend to get complacent, entitled and then they don't win the championship anymore california has been winning for a long time. and i think they are taking it for granted a little bit >> that is not the say that tesla will be moving facilities out of california. remember, you still have the plant in freemont. its headquarters still remain in the bay area one other interesting note, guys, elon musk was also talking about the business, the state of business in california and he said the silicon valley has way too much influence on the world of business. interesting comments from elon musk this afternoon. back to you. >> very interesting, as always, phil lebeau thanks for bringing those comments tesla stock of course was lower at the open today by a couple of%. it is up half a percent as we speak. we are awaiting pricing for doordash's ipo set to cross after the bell and new comments from wells fargo's ceo on stimulus and

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we are also saying an strasha record intraday high force the russell 2000, for dow transports doesn't take much these days but this is overall a pretty bullish market what are you telling your clients to do at these record levels >> it has been definitely a one-directional market and a lot of the enthusiasm has been priced in you can justify given the vaccine news and i think people are looking for reopening trades they are looking for catchup trades we are absolutely continuing to do that for 2021 if i were to take a tact particularcal view of the market and think about the next month or couple of months i would say the setup is becoming susceptible to a pause, a consolidation or a pullback. you are right, there has been lot of bullishness and optimism priced in on the vaccine front now as many people put pun into the equity markets you look for

a catalyst if the right one comes along i wouldn't be surprised if the market tactically consolidated it could be disappointment on the vaccine front, disappointment from the fed. it could be the january 5th georgia elections. it could be a variety of things. if we have a pullback in this market what we are telling clients, this is a pullback we want to buy. the type of thing you might want to be buying on this pullback might be different than what you have owned this year has been the year of the virus. anything tied to digital has worked next year is likely to be the year of the recovery and healing. so we are looking for those recovery trades. >> mike, a lot of people saying that they can see rationale for a pullback but also they would want to buy any deputies does that limit therefore the size of pullback we are likely to see >> maybe it lens to see why we are waiting for the potential

pullback maybe what has to happen is the market suggests we are not going to pullback and people say i guess we better melt up. it is difficult to say the frame of what the logic tree is when we are talking about how to play these tactical moves i think underlying it though is the sense that nothing structurally or in the financial markets is telling that you the trend is due to change for that to remain the case we would have to see credit continue to be strong. we would have to see some change of tune from the fed for that to change all these things are fitting to the and i understand why people are deferring to the seasonal bias yeah, there is a case to be made this even though all the sentiment and data say people are bulled up and exposed to the market that maybe we don't get the pullback because there is this extra energy underneath it that they would be willing to bid at whatever came bay way of

a pullback. charlie scharf acknowledged that we will see a quick recovery once the vaccine is rolled out give all the pept up demand that exists his tone was cautious. >> the government stimulus was meant to be a bridge the bridge has ended surges are being seen fairly broadly across the country the vaccine is on the way but it is not clear we sit here today and certainly believe that stimulus is necessary as another bridge. but there is an end in sight. >> a similar term stuck by goldman sachs's ceo saved solomon in his opening remarks he said quote broadly speaking we expect a bumpy road ahead an are preparing for a wide range of economic happenings ultimately we expect solid growth of 6% globally, 5% in the

u.s. tomorrow we will be joined by brian moynihan exclusive at 3:00 p.m. tomorrow. cautious on the macro and on wells fargo specific like when they might see the asset cap lifted and why they might reengage in buybacks he was clearly to the fact that they have capital to deaye employ when they are allowed to. >> i see him in underpromise mode to some degree and there is no reason to get people excited about catalysts that you can't specifically control i get that also the caution on the macro also makes sense given that we have this mortgage forbearance cliff that possibly going to hit and we don't know whether the enhanced unemployment benefits will be continuing that all makes sense to me and the stock has given reprieve it is not like he needs to not

tell people that thing are not perfect at the moment. >> an tasha, what are the stocks in your basket of stocks that you want to buy in a dip. >> value stocks. i will say cautionarily, cases are surging and we don't have a stimulus in place and rates are pegged at zero it is a tough business environment for the banks. as you look into next year and continue to see the unemployment rate come down what you found out is that a lot of the banks are actually overprovisioned for even the economic scenario that we have today. as long as the economic environment improves next year i think that it is possible to see some of the long lost reserves come down and that's going to be the initial leg higher for profitability of the bank. on top of that you add the steeper yield curve and the

ten-year moving towards 1. % i think it is going to be a more constructive environment for the banking sector but there is lots of other trade ideas that fall into the recovery trade's well. we particularly focus on the industrials and material as well as the hardwarecomponent of th technology space as well. >> quickly mention sara as well in terms of the capital return plans the results of this sort of second special stress test this year is next friday ten days from now. we will keep an eye on that. also moynihan tomorrow but jamie diamond presents at the goldman sachs conference in 30 or 60 minutes. we hope to turn a little bit of sound from that today during the back end of the show. >> we will be interested to see if he echos the cautious tone on recovery and the outlook. meantime, toll brothers under a lot of pressure today. diana olick with the details after such a good report. >> that's right. despite reporting strong q 4 guidance shares tanked today

because its guidance missed expectations and suggested that home prices were overheating on this morning's analyst call the ceo said there has been some sticker shock out there from some clients as we have been raising prices there is no question he said that was self induced because of the incredible demand but toll then guided to lower prices and lower deliveries than expected in the coming fiscal year of course that hit the stock. >> it has also been so strong. diana, thank you anastasia, time to take profits on the home builders >> we still like the home builders they have been consolidating a little bit but the reality is that inventory levels are well below last year's levels they are down 25%. so this level of home building activity has to continue to keep up with the demand the intrarates are still incredibly low i think they work with a lag we are going to see that be

transferred into the next year as well. and then the demand just from the pandemic and the relocation. it is not abating. and again, we will see that carry through to 2021. so not taking profits, but actually adding on a bit of colization here. >> doordash set to price its highly anticipated ipo after the close today. leslie picker has a preview for us >> wilf, that's right. the color from sources close to this one is that doordash is likely to price at the high end or above the range that's a range that has already been boosted and would allow doordash to raise $3 billion and put it on pace to be among the largest ownerships of the year the company and its advisers use intel from a portal to pick a final price, the subject of a meeting that i am told is about

an hour from now guys >> leslie, thanks for that one mike, all eyes on this but it has already done incredibly well as leslie has pointed out with them upping the price range. that said, judging by other ipos of late, fit doesn't have a strong initial day or weak performance, they will be disappointed. >> probably so it is a receptive hrkt for the long term concept story that's going to produce profits any time soon but is addressing a massive market and has also had a boost from what's going on all of that suggests that the market is well primed for reception of this one. even though i would admit there is an overlive a of skepticism about this entire business grub hub hasn't necessarily long term been a great call is the industry rationalizing? is it not? what does it mean once we are out of pandemic mode

all of that stuff is hanging over it. right now it is a hot triggered market when it comes to a hot new growth story we would be disappointing if it doesn't play well. >> what does it mean that they have already managed to up their range and get such a high evaluation is it an appetite for stay-at-home stocks, the ipo, a bubble what does it mean? >> people are looking for the digital transformation stories in this case this is a transformation of our food consumption thabts this is a huge and growing market what i would say is pandemic highlighted how essential. like many thing it has front loaded several years worth of adoption into the last several months i think that's what you see in the valuation. but the reality is this market is not yet fully penetrated. the growth rates for some of the stocks that we are mentioning are 20% plus and likely that for the next foreseeable four or

five years from a market strength opportunity it is absolutely there. i will say a lot of these companies are not yet profitable so the investors have to balance the market opportunity and volume growth with the path to profitability with some of these names. >> always a question with these food delivery companies. looks like we have got just two minutes left to go in the trading day. it has been a strong final hour of trade mike what do you see in the internals. >> market breadth has been strong solidly to the positive at a time 275 billion shares to the new york stock exchange on the upside equal weight s&p and small caps all outperforming. look at the new 52 week highs and lows in the nasdaq that's an overwhelming number. we haven't gotten close to 500,000 rightly against 20 new lows that shows you we are stretching the strength of some of the

pockets in the nangds. usually that's a good sign for a longer term base even fit means things are overheated in the short-term the volatility down toward the 20 level we touched here in august. a lot of folks looking for a breakthrough 20, more of a normal long term trading range it might bring in this last group of expect mystic trading firms. maybe that would be the final boost. it is one of the few classes of investors out there that are knot fill up with equity right now. >> just one minute left to go. looks like we will have three out of four record closes w the dow just missing out, only slightly s&p is there up a third of a percent. nasdaq is up half a percent. any positive close for the nasdaq today was going to be positive russel doing well also in the last couple of hours now up 1.4% and set for a record

closing high the dow is up a third of a percent and 100 points off its high of the session. energy the best performing sector health care secretary. worst performing real estate and utilities. the dollar up, gold strong up half a percent at the close, three records for the s&p, the nasdaq and the russell 2000 the dow just missing out but all four indices higher. >> unbelievable the see record after record closing high for this market. welcome back, everyone, to "closing bell. i'm sara eisen here with wilfred frost. and mike santoli look at how we finished up another good day on wall street at least for the bulls the dow finishing up 104 points, dow, inc., the chemical maker, the best performer on the day, gm, travellers and j&j also doing well s&p 500 closing at another record high. it was energy that was the best

performing group on the s&p 500. so far for the week we are up 1.5% on track for a second weekly gain. nasdaq closing at a record high, its 48th record close of 2020. you know i am keeping track, wilfred. it shows how strong and resilient the tech sector has been the small caps also doing well closing at record high of 1.4% they actually did the best we have seen a number of record highs notched for the small caps as well as we have seen this rotation into value into some of the cyclical groups like financials and industrials that do better in an economic recovery investors are on watch for the pricing of the doordash ipo. set to go public tomorrow morning we will bring you the pricing as soon as it is released joining us robert

still with us, an stoeshia first to you mike. maybe obscene optimism, vaccine and stimulus stories continues to fuel this margaret to record heights? >> i will buy it the atmospherics alongside this market which has a positive bias it is just a market day where small cap energy stock are up almost 3% and cloud software stocks are up almost 2%, well outperforming the broad market this is something for everybody. the market sloed down. we just closed three points on the s&p 500 then we did three days ago when we last set a record which is fine. i am not saying it is a huge new push of energy it is just kinds of tick tocking higher as we go. >> are you a believer that we are due a little bit of a pullback if we see one, would you be a

buyer of it? >> yes we would remain invested and stay patient with this market. you know the market has responded positivity to the clarities we have seen over the next month the election results, knowing who is going to be in the white house in 2021. the strong third quarter gdp the most on record and we look for that momentum to kin the profit estimates were exceeded by the analysts in the third quarter. we lookford to a strong fourth quarter. we would not be looking to trim back at this time. economically we are looking for growth of 4 to 5% in 2 first quarter. maybe not as much as last year because of the rising case counts but overall for 2021 we see more growth in the second third and second half of the year giving us an average right of growth to 2.5% to 3% on a

gaap, a level we have not seen since 2017 when the tax cuts were implemented we like that corporate earnings prbl poe need to be increased. we think companies are going to be able to meet or exceed earnings estimates for 2021. we would definitely stay patient and stay invested at this time. >> the 50th record close in the nasdaq of 2020 i said 48 earlier, i correct myself i was reading an old note what do you do about the high flyers right now after such a strong run >> look, nasdaq is up obviously for a very good reason the stay-at-home trade, the digital transformation trade that's worked very well. we love technology, we are going to stick with technology the investment angle when you think about technology is the rotation within the tech sector.

the stay-at-home tech darlings have done welcome well i do think as we head into the first quarter and second quarter necked year it may help to take some profits on the names that have done essentialally well and as we did out there into the real world i think the likes of video conferencing apps and some of the other stay-at-home names can be due for a pullback. so -- however, it doesn't mean that you should abandon the tech sector because there is plenty of growth there, it is just that you want to add some cyclicality to the tech within the growth sector this is where we look at the semiconductors anything that's powering -- the gaming center, for example, or the data center build out or the electric vehicles trend. i think the semiconductors tied to do are still going to continue to do quite well. look for smaller technology names as well because they are not trading at the same extended

multiples that some of the larger software companies are. >> vaccine optimism helping to drive today's rally. meg tirrell has got the latest details for us into here in the u.s. a big day, the fda released its briefing documents are pfizer and biontech's vaccine ahead of a meeting on thursday we heard what the regulator had to say about the safety and efficacy of the factionine no specific safety concerns identified that would preclude issuance of emergency use authorization. in terms of the efficacy, showing even after one dose the vaccine does provide some protection we have a graph here that shows the difference between the placebo arm and the vaccine arm. after one shot, 14 days later, you can see that the vaccine is protective i am not sure we have that graph there. but you can see some of the other side effects that you have in terms of this week, the fda

outside commission meets on thursday to discuss the vaccine. after that the fda will vote cdc's advisors meet friday and sunday to potentially recommend this specific vaccine. all of this is coming up fast. moderna's meeting is next thursday we will do it all again next week this of course as the first patient in the uk was vaccinated this morning, a 90-year-old grandma -- next week is her 91st birthday she got the first shot of the approved vaccine in the uk there. >> big news and generally uplifting photos and videos to see. remarkable victory of science. >> it's motional to watch these grant parents get their vaccination. >> a classic interview with one in particular which i retweeted. well worth watching. meg, more data today from the astrazeneca trial, albeit not the sort of full release that we are also still waiting for >> yeah.

so the astrazeneca and oxford results from published in a journal. you got to see the full results. really what they showed is essentially when we already knew, one dose showed 90% efficacy, another dosing system voed 62% efficacy. some of the criticisms of it was the 90% efficacy was a group that didn't include older people and it was a smaller group and it was a mess take that they got the half dose first hear the than the full dose we might see it cleared in other countries. maybe not as quickly in the united states. guys >> meg tirrell, thank you. robert nobles, are you investing in health care is there money to be made still in any of these vaccine stocks which have done remarkably well or any of the display chain providers like thermofisher?

>> i like health care. i don't have any specific names to give you. some of the ones you mentioned we research, file and actually purchase for our clients' accounts we like health care. we think it is going to be do better in 2021 as we determine the policies that the new administration might target on health care. flad, we also like technology. we think the large tech companies should be the lead part of our portfolio. those companies, the faang stocks, if you want to call them that, have become more of a toll taker. you either pay them to play or get squashed by them technology is an important part of the portfolio consumer discretionary should be an important part, too, as we move through with vaksations, the more people that get vaccinated the more likely the return to the prepandemic lifesty lifestyle. we like industrials. we think the goods economy has somewhere to run before the

service economy returns to the lead in 2021. we are getting breaking news in on fire eye josh lip ton with the story. >> fire eye is down hard here in the after-hours saying it was breached by suspected nation state hackers who acted they say can destinly using tools it says working with the fbi in this ongoing investigation no evidence they say that customer data was exfiltrated from systems which stores that information. down 9%. fire by saying it was breached by suspected nation state hackers. byes, back to you. >> josh lip ton, thank you mike, stock down 8.5% after hours. that doesn't sound good. >> well, no. the business is network security, software for that purpose. presumely also why it was targeted in this way

you would want to know a whole lot more and also know if there were perhaps other competitors that might simply have been targeted or if it is just a one off story. not surprising to see that reflex, though that stock has had a good comeback. >> down 7 or 8%. anastasia and robert thank you for joining us up next, shares of h&r block closing down 8% today after earnings and the company's investor day ahead we will talk about his plan to reposition and target small businesses we are back in 90 seconds. ♪ ♪

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we beat on rev, we improved our pretax loss, our eps loss was solely due to a tax strategy that will be favorable on an annual basis it is important the keep in mind that this quarter only represents about 5% of our business what was most important today was block horizons which you alluded to we reintroduced our investors to all the work that's been happening at h and r block and our focus on small business, financial products and continuing to digitize the tax experience, what we call block experience. >> what do you think the problem has been jeff. i am looking at the year to date performance. up to this year, down 25% while the s&p is up 15%. is that investors think of you as an old school tax shop that you have to go to in person and all the stores are closed? is that the problem?

>> that's what was great about today was to start to share more clarity about what we have been up to. because we have a lot of real estate footprint i think people naturally think retail and put us in that category. what we share with investors today though was remembering that our footprint is an asset in today's business. it's incredibly flexible all of our real estate is leased and every year, about about one third of our real estate comes up for renewal we have a lot of flexible and frankly expense leverage to reposition as we need to. >> is block express something you feel you should have launched earlier as a business is it a response of other on line offerings or are you ahead of the curve >> a great question. this is the third year of building these capabilities. what is new this year is positioning it within the context of our three imperative. but we are at a point now based on investments we made in 2018

where if you want the expert help from a block tax professional you can get that through your mobile device, you can approve on line, pay on line, submit on line, upload your documents on line we had all this in place for the last couple of years it was really stress tested in covid in the last tax season so we feel very good about these capabilities and are excited to go to market here in a few months >> why emphasize small business right now when it is such a painful time for small businesses across the country and it is such a competitive market in. >> you know, it is funny i think a lot of times people wonder, why are we diversifying? the fact is we are already in all three of these businesses. this is really about investing more in business we already have today we serve about 2.5 million small business owners. so they already turn to h&r block for tax expertise, for bookkeeping, for payroll

and there is no question that the pandemic has impacted them in very bad ways but we absolutely believe small business owners will lead us out of the recession just like they did the last time. and we think we are well positions between block and wave our software company, to serve their needs. >> you have done some surveys as well of how they are managing their business this is year. what have been some of the sort of surprising takeaways to you, and how you can capitalize on that >> well, i think it really reflects the multiple hats that small business owners wear we have been staying in touch with the panel of small business owners citizens the summer understanding their struggles, how they are recovering what they are worry being we were stunned to see that most of them have not turned to any professional adviser for help. and so you know, if you think about, if you are an entrepreneur you have so many worries right now. our message to them is get help. there are so many things you

could be taking advantage of to improve cash flow. think about your entity structure. to have tax strategies thinks that a small business owner shouldn't worry about. we want to take that off their shoulders so they can worry about running their business, what they do best. >> what about individuals, jeff? what kind of tax year are we looking at it feels like it is going to be very messy high rates of unemployment, stimulus checks. what are you preparing for. >> that's exactly right. we are expecting another round of stimulus. we will see when that happens. but i think the big message for consumers this year given unemployment is most people don't fully understand that their unemployment benefits are taxable. they also don't understand that withholding generally isn't happening in unemployment benefits like it is with payroll. so the average american who is getting unemployment benefits if they are not actively thinking about their withholding they might have a tax surprise when it comes to tax season

so we are taking steps to educate them obviously we will be ready to serve them here in a few months. >> jeff jones, thank you for joining us today to talk about the new strategy we appreciate it. >> tlanks for having us, sara of. >> of h&r block. chewy earnings just out. eric chemi with the numbers. >> that's right. chewy earnings you can see the stock popping after the bell here, 5%, a loss per share only 8 cents. better than the street average was looking for. the revenue is also a beat a 45% rise in net sales year over year. a 40% rise in active customers let's, the revenue guidance for the fourth quarter and the fiscal year much better than the street was expecting good all around results for chewy. up next mike will head to the telestrator 20 look at whether strong dpland for equities could be getting overheated as a rinr u emdeyocan always

watch or listen to us life on the go on the cnbc app we will be back here on "closing bell." every year, we set out to do one thing:

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we are back. let's send it over to mike santoli taking a look at how the growing demand for stocks has

been and whether it can continue >> what happens when there is strong demand for stocks is supply comes to meet that demand we are seeing that in a lot of different ways this is a handful of etfs that show active deal making and capital raising activities going on in the last six weeks. spacs, we know that has been an active area. that's a spac etf right now they just raised money to buy something. and xbd spacs. versus -- this is q 4. keep in mind we have three weeks left to go this total doesn't include $7 billion for airbnb and doordash,

doesn't include $5 billion for tesla, the secondary offering, it doesn't kplu micro strategy raising convertible debt to go after bitcoin. point being, we have an increase year over year this so far in the last three quarters is a trillion dollars on a year to date basis we have already done there is a lot of sly coming in that the market is going to have to chew through, add to that tesla going to the s&p 500 indexes have to make room for that it could be a test for the resiliency of this market. so far it absorbed very well a lot of ways this is a bull market just doing bull market things at some point if it becomes too much of a seller's market that sometimes create turbulence. >> the spak etfs are attractive.

and if they would spelled with it a c not a k it would have been more interesting. >> $75 billion has been raised for spacs themselves this year that's up from almost in the single digit billions in past years. it seems as if there is an huge edifice of potential equity in the market and people writing blank checks for it. >> literally mike thank you mike santoli. uber just announcing the sale of its air taxi business to joby aviation. coming up, jy'obs execute live chairman on that detail and when air taxi service could be coming to your city that's next.

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welcome back we have an update on a story we have been following here at cnbc today. shares of penumbra sliding consequent essential alleging that they have misled doctors and investors. they are critical of the company's jet 7 catheter and claim a substantial portion of their research is authored by a fake doctor. quintessential directed the allegation was misconduct to the u.s. fda requesting the agency launch an investigation in a letter dated today a representative of the company reiterated the claims on a

"halftime report" earlier. penumbra responded calling the claims baseless and they attributed the research to their cofounder and chief innovator. they are reviewing options how to further respond shares off the lowest levels of the day, still down 9% taking a good chunk of market value on that activist fight or at least red flag. time now to get a cnbc news update with sue herera hi sue. >> hello, sara hello everybody. here's what's happening at this hour trump lawyer rudy giuliani says he feels better and is recovering from his bout with covid-19 giuliani says he expects to leave the hospital tomorrow. in los angeles, a judge says county officials acted arbitrarily with they banned outdoor dining and that they failed to did a risk assess men of their decision. however, the ban will remain in place because the county order has been superseded by a state

mandated lockdown. bank of america estimates the state of california paid at least $2 billion in fraudulent unemployment benefits. that is roughly 2% of the total unemployment benefits paid out between march and late november. president trump may have pardoned michael flynn his former national security adviser but that does to the mean that he is innocent that's what the judge overseeing the case said formally before dismissing the charges. >> his 43-page opinion also questioned the quote extraordinarily broad nature of the pardon that's it. you are up to date at this hour. let's check in on the market how we closed today. record closes for all three of the d the dow is up 104 points not quite at a record. but the s&p 500, nasdaq composite and russel all have record closes of intraday up

significantly. first hp announced it was moving its hq from california to texas. now elon musk is trading in the golden state for the lone star state as well. you have next, fmeorr cisco ceo john chambers will weigh in on whether the high cost of doing business in california will force even more companies to leave. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um...

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tesla's ceo elon musk confirming his move to text texas on a ceo council with the "wall street journal" today. >> teams that have been winning toned the get complacent and then they don't win the championship california has been winning for a long time and i think they are taking it for granted a little bit. >> this after hewlett packard announced its moving its headquarters from california to texas. john chambers joins us, former cisco ceo. a slight rewording of our question given that sound bite from elon musk

do you agree that california is taking their winning streak for granted? >> i do. i think there is no entitlement in this new world. that innovation can happen anywhere in the world that when you have government and business and citizens working together you are very likely to see the next silicon valley pop up perhaps in texas if i had to bet on one state at the present time i saw this occur in boston where the industry took it for granted that we could continue to be the high-tech center of the world. we ignored silicon valley, i was with a laboratory company, to our peril. i think when you see schwab leave leave seattle, when you see them moving, it is a telling thing about our jobs f. the city doesn't get back to a pro business pro job creation we may not be the leader inasmuch as

three to five years. >> is it easy enough to focus on what the taxes are for the company but also for employees we had a story yesterday that goldman sachs is moving a few hundred jobs, asset managers, to florida. are tax rates the key factor here with the salt deduction returning sort of stop the flow? >> no, i don't think so. i think it's a combination of issues regulation is a huge issue here in california. you saw the propositions that were voted on that the legislature had been supporting. all three went down. the voters voted against what the key trends were. i think californians realized if we continue down a policy of regulating business more, creating that environment that it is easier to have your employees outside california then we have got a problem coming at us i actually think regulation is the toughest issue of all on it.

merely the security issue in terms of privacy, it was probably $47 billion it could cost companies to comply with. i think the tax issue, regulation, an environment that doesn't make the businesses feel welcome. and i would be surprised if in every board room this hasn't been at least a discussion in the last couple of months. >> john a, it's sara. i wanted to talk about the ipo environment and the spac environment. i am surprised you yourself haven't launched a spac. what do you think? >> i think you nailed it if you watch the number of ipos we are actually setting a record this year. the last year we were anywhere near this number of ipos was back in 2000 397 at that time we are up to 420 already and you see a painline that is very good i think you are seeing three trends occurring first is technology will be the

future that's where almost every company will become a digital technology company -- [ no audio ] >> we might have lost. he is frozen. >> john, we lost you rewind 20 seconds. >> it was the most brilliant thing i said today i was talking about the trend. i will bullish about the trends of ipo this has been the most increase we have seen since 2000 when there were about 397 ipos if i remember right we are already at 420. the pipeline is very good. if you watch and see them coming at you, airbnb, doordash, robin head, instacart, one after another. think of unicorns as an indication of future oips. up to 500 worldwide. slightly half are in the u.s the number is increasing at 60 to 100 per year in terms of pipeline within my own portfolio i have

three unicorns and three or four more out of my 18 companies that will be unicorns in the next three years. you are going to be see more ipos, the pipeline looks really good and your seeing a tremendous amount of cash available in the market. the local banks probably have 50% more cash than two years ago because the tech companies are raising money and having a pretty good arsenal for the future if you watch the trends, if i were betting, high-tech will outperform the dow two to win over the next five years >> over the next decade will the u.s. tech industry lead the rest of the world's tech industry, particularly europe, in the same way that it has over the past decade. >> and do you see regulation from the likes of the europeans coming down much harder over the next decade on u.s.'s massive tech leadership?

>> i think you raised three great questions wilfred in our approach first is i think the major challenger for tech leadership isn't europe it is clearly china. if you look at the number of eun accordance china has, over 180 e -- unicorns china has, over 180 to our 70. the u.s. under the biden administration will probably work together with the principles that both of our regions agree with in terms of democracy and intellectual production if you believe all companies will become a tech country this is not something at that either the u.s. or europe can give up to a third party country i think they may work together third part of my question, president-elect biden said he is going the take a close look at the power of the high-tech

companies. president macron in france and prime minister mody as well a india as well. going back to the end from the u.s. is only leading in five of the top 15 technology areas versus the chinese that we consider very important to the future we are leading in a.i., biotech and quantum computing but the chinese are leading in 5g, drones, electronic vehicles, solar, wind energy so i think the u.s. and europe will actually work together on these objectives. >> john chambers, always good to talk to you. thank you for joining us. >> sara, it is a pleasure, you have a great day. >> you the. up next, uber continues to sell off its moon shot slimming down its business just today in the last hour announcing its air taxi business is going to be sold we are going to have an exclusive interview with the buyer, up next

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uber just announced it is selling its air taxi business called uber elevate to joby aviation which will receive an equity investment in uber to continue plans for urban air transportation phil lebeau joins us with joby's askedive chairman for an exclusive interview. >> thank you sara. paul schiarra of joby aviation

jones us tell us why this deal is so important in terms of joby elevation now folding in uber elevate. >> first, phil, thank you for having me on i appreciate you guys making the time today this announcement today is really almost a decade and a half in the making joby intended from the get-go to not only design a vehicle but also deliver a service with that vehicle. we have been laser focused on the first piece making sure we have the vehicle and making sure it is ready for certification. this is about the second piece, getting ready to go to market and deliver that service there are three pieces of the deal, first the investment from uber, second our acquisition of the team and the software they developed and third and finally an expanded partnership with uber that gets our service in front of a large number of customers from day one let's talk about when we actually see that service. are you targeting 2023 is it realistic to think that

you or i may be somewhere and we can use an anticipate, use the uber app to say okay, i want i don't knowy aviation to pick me up here in a particular city and take me to another place ten or 15 minutes away? >> yeah. so we are pretty confident on getting type certification of the vehicle in 2023. then our goal is going to be a staged rollout from there. we will start with a few cities, get deep in those cities, get a large number of vehicles a large number of takeoff and landing locations and expand so we go deep before we go wide. as i said, we feel confident about that goal. >> you have not yet announced what the pricing will be for a particular ride over how long of a distance you will have to charming x amount of dollars realistically how much of a market do you think is out there for an urban taxi service? >> i don't know if you have ever spent time sitting in traffic.

that's the problem we are trying to solve we want to deliver a new mode of transportation and get tex folks to their des ination five times faster, safely, at a cost that's less than driving and at zero emissions. it is suitable for trips between five and 150 miles that's a wide swath of trips we aim to start at a slightly higher price point but the vehicle itself, and the service, was designed to get down tocos comparable the a or an uber today in the relative short-term. >> spall schiarra the executive chairman of joby aviation joining us exclusively on "closing bell" on the news of they are acquiring uber elevate. looking forward when we actually see that vertical takeoff and landing plane up in the air. >> big time. we look forward to that immen immense immensely. thanks for bringing it to us.

igngcoming up, jamie dimon wehi in on the stimulus bill being negotiated in congress and how this money should be spent the details when "closing bell" returns. investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade. personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this at fidelity, you can have both. i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't.

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he addressed the need to address a relief bill from congress. >> we need another stimulus package and should focus on those who need help. long-term unemployed and newly unemployed you can debate the 300 thing and the airlines those two need help. think of putting them to may or june of next year. >> jamie dimon similar to the comments we had earlier from charlie and from david solomon. clearly the banks are very tied to the potential risk -- year end as to whether they want to

release buybacks and some of their deserves i guess it will depend on the stress tests >> democrats and republicans both want stimulus for small business, but they can't agree on things like state and local aid. we are at a record high in the stock market it's hard, when you have the market humming at these record levels and continued signs of recovery to get the urgency even with the case load we will see if we can get the sim luis -- stimulus but jamie dimon adding his words to it. slamming hbo max amid the

latest announcement. "closing bell" will be right back

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some of our industry's biggest dealmakers went to bed

thinking they were working for the greatest movie studio and woke up to find they are working for the worst streaming service. christopher nolan slammed the warner brothers decision to put movies on hbo max the same day as theaters. we have seen distributors respond by getting films out online there is a vocal contingent of hollywood angry about it, both the profits they might lose and the big screen viewing experience christopher nolan for sure a film he got how did poorly in large part due to the pandemic this is changing not only for movie theaters, but companies. i recommend going on cnbc.com and reading the deep dive behind

this decision from warner media. he calls it a case of netflix envy are they going to destroy artistic value from some of their biggest movies and hbo there has been a ton of criticism. >> you would want a filmmaker to want the biggest stage and production and have theatrical production but you wouldn't want to dictate the media on this shift. there is a villain warner brothers is in this position because of the pandemic it isn't because they decided to become netflix they have all of these movies produced and might be able to get half a million box office, you budgeted for them and you are stuck with them.

i don't see it as being any kind of betrayal. it's just an adaptation to the world we are in. >> i love the fact that nolan has sacrificed a profitable relationship he has to say what he really believes in and much respect to him for doing that. to your point, mike. this is a time for the studios to try something new they have no other option. they tried the theatrical release and that didn't get them much money so they may as well give it a go >> theaters are much more open it is not as if you are sacrificing the whole premise of putting things in movie theaters you are not necessarily doing this forever, either >> this is not in a vacuum warner media has made a lot of changes and seen a lot of high profile executive departures at

hbo, received criticism along the way since they were bought by at&t for this strategy which is centered around streaming maybe they are forced to do that >> a ten-year low and the market does not give at&t the same terms it grants to netflix in terms of saying burn it all, don't worry about cash flow, just grow subscribers globally that's a different bargain >> from a consumer p perspective -- anyway, it's a great article. a great talk about those comments from christopher nolan to hollywood yesterday a lot to look forward to the

rest of the week tomorrow is bank of america ceo brian moynahan bank results are coming up soon. three record closes today, s&p, nasdaq and russell we are out of time "fast money" starts now. i'm in for melissa lee this is "fast money. this is trader lineup. tonight on ast, ready, set, price. we are awaiting pricing information on that big door dash ipo it's expected to be one of the biggest of the year. we will bring you the numbers as soon as they cross the wires plus, banks, metals and cars the three best looking charts to play as we head into 2021. an