>> quick final check on markets. optimistic today we got the dow looking like it could open up 103 higher the s&p up about 7 points. nasdaq down 6 points we'll see what happens with doordash and talk more about that tomorrow. in the meantime, make sure you join us tomorrow "squawk on the street" begins right now. good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures mostly steady. the nasdaq, the russell, the dow transports, busy setup as this historic month for ipos kicked in road map begins with the ipo banner year. doordash set to debut today. pricing above the range. valuing the company at $39 billion. the ceo will join us exclusively this hour. >> plus, records for the market roll on. futures pointing to a higher open the s&p topping 3700

and as covid cases continue to surge, with vaccine hopes on the horizon, delta airline's ceo will join us, first time cnbc. we'll discuss his outlook for his troubled industry. carl >> all right, jim, let's start with doordash, we were just talking about it with andrew and becky and joe. your point yesterday was great story, but be careful. >> well, look, i think there are a couple of things that are going in favor of it people who know the brand, when people know the brand, the younger investors just say, you know what, get me some i don't want them to lose what discipline they have because then we're starting to get into a 1998, 1999 period where they put market orders in and whatever price you get may end up being the top price for the day. what i do think is important is people recognize that easy comparisons, for a little bit, but then when people can start going out again, they will choose to go out as much as they

will use doordash, i don't think doordash goes away i think that it is more of a duopoly, than it has been before because of uber eats great business i don't know it is still a delivery system. it is still -- they had to make a suburban -- they made a suburban footprint, which is really brilliant but, david, in the end, we know that the moat is only as good as the fact that they have low pricesand they have got good technology. >> right they had very strong revenue growth, but to your point, jim, this may be a unique opportunity that they have seen over the last, let's call it nine months, in terms of growth and the comparisons will get tougher, they got to, a year from now, and hopefully we're all back to sort of normal behavior and people are not staying home quite as often and ordering in quite as much. you would expect that will reduce it is going to trade at a multiple to revenues that is going to be double digits. and i wonder how you view it from a valuation perspective,

obviously great growth huge market share, 50%, which you do also have to wonder how much bigger can you get than that >> the one thing is certain, carl, this newer brand of investors, i've been profiling on "mad money," have a lot of capital. people say, where did it come from i don't want to ask that i just say, they like things and when they like things and they use things, actually the lynch model from magellan fund for a long time at fidelity, they're willing to keep buying look at snowflake. i speak to frank slootman, he's not sure who his investors are but knows a lot of them are retail investors doordash is used by a lot of younger people in the suburbs and in the cities. i think you're going to see incredible enthusiasm. i wish that people would use limit orders, but that is a parlance, that they don't understand they don't get that. >> yeah. yeah it does sort of remind me of another callout this morning and that's from jpmorgan they cut crowd strike. they cut docusign, they cut okta, they cut zoom, not because

the business is going to take a turn for the worse, but post vaccine, you could see some of these high multiple names at least underperform the software industry average is that all part of a piece? >> yeah. look i did a piece last night about how okta's one of the favorites of this new cohort and it is up a great deal, i use that as often i talk about on the show is being that's the one that you watch to see if there is a turn. they keep hitting the numbers and the numbers are amazing and the stock goes up every time if they keep hitting the numbers, at what point do some of the people who work at okta or some of the insiders at okta say, david, we made a lot of money, it has been a great run, let's issue some stock because you haven't made a profit until you take it >> that's true that's true. you said the insiders would sell and you're talking about the company issuing stock, two separate things?

>> no, i'm thinking about the year 2000, where the insider said, pretty good price this year but they haven't sold. it is -- >> insiders -- >> the insiders. >> i thought you were bringing up -- >> tommy kid is the ceo and he loves the company and this new breed of investors, they don't -- new breed of insiders, david, they just don't sell much and it is rather incredible. >> they don't. and they don't ring a bell and i can even look back now, i don't know what you would point to as the factor that turned things completely in 2000, why we hit our high, on march 10th, 2000, went down more or less enormously from there. what was it at that point? >> i thought -- >> he ta. >> we talked about valuation for years. greenspan's comment was '96, wasn't it? >> i know. i know we did have offering after offering after offering from insiders and then the numbers came out and then the numbers were bad.

the difference here, for instance, i had chewy on last night. this is the stock that just has been red hot i know it didn't go up huge after the quarter. look at what it has done for heaven's sake. the insiders seem to love it no cash out. they have such a level of belief at the same time we get snowflake. who are some of the largest shareholders of snowflake. berkshire, hathaway, not warren buffett, another fund manager. you have marc benioff in there, institutional names and this weird thing happening where you get these stocks to a certain point that even the tesla instance gets added to the s&p, it is a cap stone, carl, back to you. >> we're going to talk about tesla later on this morning, guys first, delta is focusing on holiday travel obviously amid the pandemic, as well as how soon vaccines can get to the public let's get to delta's ceo with our phil lebeau today. hey, phil. >> hey, carl

let's bring in ed, thank you very much for joining us you're just announcing that you're going to be permanently waving change fee for international flights. we'll talk about that a little bit. right out of the gate, i got to ask you about the latest numbers from the tsa 500,000 people screened yesterday. there is a concern -- serious concern within the industry that we're starting to see the slowdown and people are just saying that's it, i'm not going to fly right now give me your take on business right now. >> well, first of all, thanks for having me, phil. good to be with you. the virus is our top concern not just for our industry, but for our nation and while our people are doing a great job of providing a safe travel experience for our customers, including locking all middle seats through the end of march, enforcing masks, making certain that every experience is clean before we take off, the virus is having an impact. customers are are heeding the warnings of government

authorities. the cdc warnings have been important in that regard quarantines, stay at home restrictions you continue to see are out there. so i would expect that the travel we're going to be seeing for the upcoming christmas period is going to be similar to what we have experienced over the last few weeks we're currently at about one-third of normal traffic trends and i don't see that changing here for the next couple of months so that's the challenge. the good news is that with the vaccine, on the horizon, spring, we know there is enormous pent-up demand, people are waiting to get back out again, and there is a promise that by march, april, may, in that time frame, tens of millions of americans will have been vaccinated and ready to get on with their lives and that's what we're looking forward to. >> the passenger levels are right now somewhere between let's say 63 and 70% somewhere in that range depending on the day of the week is that where you expect it to stay leading up to the christma holiday, end of the year holidays and in first quarter

when we know that it is always the slowest for the airlines, or does it get weaker do you see a dropdown where we see passenger levels down 70, 75%? >> well, we're in a period month of december, it is really two parts of the month first half of december traditionally is a very slow travel period, even in normal times. and we're seeing that with the current month as well. once we get through the middle part of the month, we do expect to see traffic increase. i'm not sure it is going to increase more than maybe a third of what it was a year ago. and then january should probably be another slow travel month we raised the cash of delta, we have over $17 billion in the bank we'll get through the next few months and i'm quite optimistic by the time we get to the spring, we're go to be looking at a real resurgence people are ready to get back with their lives. >> jim cramer, it is great to see you, you always come on no matter whether it is good or bad. that's terrific. really interesting you're talking about --

>> good to be with you, jim. >> -- adding a voluntary contract tracing program for inbound international customers which will provide essential tracing information directly to the cdc. how do you think that will fly i think that's what we need in this country to make sure that we all feel more secure. >> well, one of the things that is really important, jim, is that we figure out how we reopen international travel domestic travel is moving. the trends aren't good, but it is open. international is the biggest challenge we have. we need to create quarantine free lanes of traffic and the good news, delta, we have done that, starting next week we'll be launching flights from atlanta to rome as well as from atlanta to amsterdam that will be quarantine free meaning that the customers will be tested before they get on board the planes, those planes will be covid free as a result of that. and when they land in both rome as well as in amsterdam, they won't be subject to local quarantine restrictions.

so we have been working closely with the authorities both in europe as well as the u.s., the state of georgia, tracing, which is a part of this, is voluntary for inbound traffic. the cdc is seeking information and we support it to be able to identify customers coming back into the u.s., whether it is a u.s. customer or international customer, that in the event of a health emergency, that they be able to notify customers the important thing, jim, in all that, though, the mayo clinic, which had been our great partner throughout this entire pandemic journey has told us with a trace -- with the testing protocols we put in place on these tests, the odds of someone being subject to a covid transmission are literally one in a million so the odds of anything happening on these flights are incredibly low and that's what we're going to need it do to start re opening the world. >> it is david faber we talk about reopening, we talk about a return to normalization, many people focused on your

industry also, though, wonder what does the business traveler look like when we get to that point? given the ease with which they have been able to communicate, via all sorts of different technologies that perhaps were not really available or useful that long ago. how do you view it do you see business travel ever coming back to the levels it may have had in 2019 >> i think it is going to take some time, david, but over the next several years i do see it coming back. there is some video technology is here. it is going to continue to be used, no question about it but it is not a substitute for relationships for doing business it is a complement and i think it will be used in a complementary form but business has to be done in person i'm a firm believer of that. i think it is going to take a while before businesses are open again and customers are starting to see and take in visits from sales folks. but people need to get back out to see their own customers and business travel is not only the big corporates, there are so

many business traveler, many more business travelers that are small business owners, people that are out on the road, those are the true road warriors every single day, they need to get back out and be with their customers. so today our big customers are back about 15% i don't see next year it being any more than maybe 40% to 50% but it is going to take some time business travel has always rebounded. takes a while to come back, but i think it is going to come back before we know it. >> i looked into the rome flight, we have a business in italy, seems like an extraordinary opportunity even though italy is a little dangerous. but can you describe the people, this testing process i think if they knew about it, they would be much more inclined to go to places. >> yeah, it is actually a relatively simple process, jim customers will be required to have a pcr test 72 hours in advance. we work with quest and wear giving customers the information where they can get those pcr tests. when they arrive at the airport in atlanta, we will be supplying

at no cost to customers a rapid antigen test it will -- it is a ten-minute test, the abbott test, supplied by the georgia public health authorities. assuming they pass, and they're clear from those two tests, they'll get on the plane and when they land in rome, the italians have the same abbott antigen test they'll apply on a rapid basis whoile you wait for your luggage or wait to depart your airport, you'll be given the opportunity to take the test assuming you're clear in all three tests, you'll be free to travel in italy and in europe kwaurn t quarantine free. >> if the rollout of the vaccine is smooth and happens quicker than many people are even forecasting right now, and you do see a surge in demand for the summer, how quickly can you bring the aircraft that you have parked back into service, get the crews in place, get the maintenance facilities ready to handle that resurgence and

demand you're expecting? >> well, we're already ready to go we're flying with load factors today that are probably 40%, 40 to 45% we're blocking middle seats through the end of march when it is safe, when the vaccines are out in large numbers, certainly will be returning those middle seats back to the market, so we'll have a lot of flying seats that will actually start to put customers back into. in the spring and the summer, so i don't expect that delta, there is going to be a huge increase in the number of aircraft or departures that are ready. we're ready to go. we have the seats in the sky today. >> and one last question for you, ed. as you look at the next three months or so, you have announced that you're going to be permanently waving international change fees. there are skeptics who say, you know what, we heard from the airlines, we're getting rid of change fee and it will come back in a couple of years when business comes back. you're pledging you're going to

keep these -- wave these international change fees for good, correct? >> correct they're gone for good. we were on this path before the pandemic about eliminating friction points between us and customers and change fees being one of those when the pandemic hit, it was the perfect time to wave them. we don't want just another reason for -- why customers have nervous about booking and making advance travel plans so any ticket you purchase going forward, from delta, from any north american destination, there will be no change fee required if you decide to change your plans, whether it is domestic or international. >> ed bastian, ceo of delta airlines joining us from the flight museum down there been a while since i've been down there hopefully maybe in the first quarter, second quarter. >> we need to get you and bob back down here, phil. >> we will -- bob is right here. he's ready to go we'll see you hopefully in the

next few months as things slow down in terms of covid-19. what is interesting, you listen to ed bastian, i've heard this from a number of ceos, they believe they have the liquidity in place to weather what is going to be a brutal couple of months in terms of travel demand >> that's been key all year long, phil great interview. it is go to be a good day when we get you back to atlanta as well phil lebeau, thank you very much. we'll talk some jpmorgan, bank of america, disney, apple and dwayne johnson, the hollywood superstar will talk about the success he's having in the spirits industry, breaking some records with his tequila brand. that and a lot more straight ahead. ♪ ♪ ♪

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big travel plans. >> why not >> after listening to ed bastian, let's go to europe. >> where can i go? >> once you get there, got to just hunker down, but -- >> we're going to go away together and hug all right, let's get to a mad dash this morning. lowe's is what you want to talk about. >> people keep saying when is this market going to go down when the bad news comes. right now we have good new marvin ellison announcing total home strategy, numbers are good, to be better comp store sales in the 20s.

$15 billion common stock for purchase, real strategy. we know that marvin ellison is so competitive they have robust levels of prakash flpr precash flow go ahead, go against the stock, it is up 33%, buying $15 billion, but the incredibly good ceo, this is the tale of the tape. >> you like this one and like home depot. >> yeah, they're both good companies. very unusual to have both really well run companies of both places you've got them. >> and costco is well run. >> and the trend here in terms of -- even if home buying were to slow, home repair and rehab and making sure everything is -- that seems to be not going anywhere. >> people with discretionary income, not going out there and -- going to sporting events. >> or traveling. >> or traveling, right there is so much discretionary income because we're a service economy and the service economy is, like, let's go to the grand

canyon or four seasons no let's go to lowe's let's make our place look better. >> right >> it is pretty good investment to get your house going up. >> seems like it we got a lot more coming up for you here that exclusive with the ceo of doordash, on that company's initial public offering. keep it here this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

coming up in our next hour, hollywood superstar dwayne johnson on his big push into spirits. future projects. the environment for media and content in 2021. that's coming up on "squawk on the street" this morning n'goway.

take a look at the post

where doordash makes its debut today at the new york stock exchange we normally talk about this when the ipo market heats up, to what degree does this take oxygen out of the room. but i wonder if you think that's a dynamic this time. >> not yet i think that airbnb and then we have robin hood, and then i think at that point if people go on vacation, they do another deal, look out, there won't be enough money around. there is plenty of money and there is rapid money i think there is money that basically says we don't really care what that opening price is going to be, david, they have 102, 110, 130, you know, david, it is not going to be a lot of discipline in the market buyers. they're not going to put a price on it. limit on it. >> no. there is expected to be a significant pop at the open. sometimes we get surprise, give you all of the data on how many times oversubscribe some of the offerings are. but occasionally remember

smiledirect? >> how about uber? >> of course, uber, remember sitting there as the smile started to be more and more forced as we watched that thing trade below opening. in this case, that's not expected early on, half hour ago, checking, people were saying, 130 to 140. >> really? >> yeah. you got a lot of the people in the pre-ipo rounds who are investors who are getting access to the ipo why? it is a tip. hey, thanks for helping us out early, here is an opportunity to flip some stock. so you got a little bit of that go on, people fighting for allocations as they always do. we'll see where we open. >> it is exciting, carl. and that's a word that a lot of people fear. excitement i've been hearing it over and over again i talk to people, and they say, how do i get in? this is so exciting. initially excitement is okay but, remember what lee cooperman says, the euphoria stage is always dangerous we're not there yet. we still have lots of people that went in $5 trillion

>> that's true, jim. and there is some enthusiasm on the sell side on other names as well, which we'll talk about after the opening bell. nyse, doordash celebrating the ipo today. as we said, ceo tony xu will join us in a couple of minutes at the nasdaq, digital advertising company celebrating its own ipo. i thought of you this morning, jim, i know goldman's sell on apple is annoying to you. >> yes. >> i know you don't like the term supercycle and that's what web bush does when they take it to 160 today. >> this fellow, he's -- the kohl's supercycle, the fracking sands supercycle, don't put the jinx on a good situation by talking supercycle that gets people too excited, brings in a lot of people who say how could it go wrong? you know that's not good you know that that kind of talk, david, is historically not been helpful for investors.

>> no. it hasn't been you're right but doesn't mean they're not going to use it. >> 5g supercycle. >> when you hear other things from analysts, for example, i will reference tesla today right. we have got this report out this morning from jpmorgan, talking about the addition of the stock to the s&p 500, which will take place on september 21st, do people want to listen? december 21st. did i say september? december i'm trying to do seven different things here. >> right >> but here's the language they use. i was trying to get this up while i was talking there and trying to -- they say, listen, we don't recommend investors, we recommend investor not wait tesla shares in their portfolios as equal portion of the s&p because tesla share in our view and virtually every conventional metric not only overvalued, but dramatically so. it trades at 1,325 times last 12

months pe and 291 times 2020's estimated and 175 times the next 12 months. that's not stopping anybody, is it >> no. they're not bound, these younger investors, which, by the way, robinhood, big valuation, they're not thinking like that, david. they don't care about earnings per share. they don't care about the whisper number, they don't care about what the relationship is for sales. they just believe, all right and how is their belief rewarded them so far? >> really well. >> well, i rest my case. >> really, really well since december 8th, 2018, tesla is up 808%. >> it created a lot of millionaires, carl people want to be millionaires it is shocking they want to be. i was dealing with someone who san 18-year-old last night and the 18-year-old wants to have a very big allocation in tesla. and i said, why? and the answer was because it

goes higher, stupid. what am i going to do? how do you deal with that? how do you say, well, it can't go to the sky and come back and say i bought it at $200, what do you know why are you keeping me in my chains why are you making it so i can't make money too that's what i hear >> yeah, jim, of course, musk yesterday talking to "the wall street journal" in that live event, the move to texas and basically reiterating what he said to employees in that memo earlier in the week, last week, and that is cost discipline is going to be the name of the game, going forward as we get heightened competition from other players and new models coming out next year. >> you watch nfl football, do you ever see a tesla ad? >> i haven't seen one, no. >> seldom sells. >> at your point, the enthusiasm, jim, is not just confined to tesla. quantum scape. >> i'm working on skwauquantum .

i'm working on t. >> they said there was some news out, but not clear it was new news, has to do with the capacity of the battery and the ability during 15 minutes to charge to 80% capacity now, yesterday, there was a press release out from quantum scape that said the newly release the results based on testing of single air battery cells shows solid state separators are capable of working at high rates of power and 80% capacity we had the ceo on when they closed their deal. that was november 12th they said the same thing -- they said the same thing. >> right >> it is almost identical, jim in terps of what they told us in the presentation that a company -- the moment that they actually closed their deal with the spac i'm not -- not clear to me what was new and what was released yesterday. >> no. they once again used the magic words, next generation solid state batteries, and then you look, it is kind of huge

unbelievably good investors. look at the volkswagen people they have got. and they got stanford university, anybody from stanford not become a -- you go to stanford, a billionaire, my backup school, i could have been a billionairement you lo mentbie and you look at these guys worked at sienna, ms computer science, in stanford i want to give -- i want to create a spac of spacs everyone who is a computer scientist at stanford, i want to give them money and then go home >> spac of spacs >> would be a good idea. >> an etf of spac of spacs. >> volkswagen, roots, tesla roots, they have everything that you want and the issue is -- >> they're repeating press releases. >> the issue is -- >> it is saying it is new and it is not really new. >> no. but -- >> it is enough to get quantum scape's stock up 24% at 4:00 a.m. >> new and improved. the guys have 1.5 million in

committed capital, ten years of r&d investment, extensive trade secrets these are the bu wozzwo that matter to the younger investors. yesterday, i know anyone who is now listening to me will say you killed the short squeeze and then, david, they'll say, david, david, quash quantum -- why? he mentioned there is nothing new. >> we looked at the language they used and it was unclear guys, if we have just 30 seconds, i want to hit an m&a situation. reported by bloomberg and omni sell baxter it was reported by both bloomberg and reuters, late in the day yesterday, that baxter made an approach to omni sell, it is a company that provides a range of services that helps hospitals manage and dispense medication and engage patients to improve the adherence to that baxter has drug infusion

solutions, so you can imagine why. there certainly was conversations between the two ceos, they did talk. and in fact there was a hope on the baxter side they would lead somewhere. at this point it doesn't appear to they got a no. now they're willing to pay 125 people familiar with the situation told me perhaps it would be even a bit more than that one thing they're not willing to do at baxter, jim, go hostile or pursue an unsolicited in the sense of trying to challenge for the board, the window for which nominations open up the later part of january. it is a classified board it is staggered. but you have the ceo upduring that they won't do it they won't go that route, i'm told they're hoping they can re-engage in dialogue. they got a no initially. that may be all it is. ly simply a no they see a real opportunity here the company sales have been hurt this year as a result of the

pandemic, but are seen going up fairly substantially next year. >> got baxter up, people think baxter needs it, i guess and has been maybe not enough hospital work and yet omnicell is up. what kills the stock >> what bad news sometimes does still. sometimes. >> really? >> yeah, really missing earnings in a big way. >> like who? >> i don't know. like when you have a growth rate that is incredible and a multiple that is unbelievable and you just totally screw a corn quarter up, but i don't know much >> people didn't like the slack deal. >> no. >> that hurt salesforce. >> what do you think of the $50 billion revenue number he's using for fiscal 26. >> morgan stanley, doesn't move the needle guy slams it look at this campbell's soup. it is down i thought it had a good quarter. >> you did >> yeah. >> there you go. see. >> there you go. >> i thought it was a good quarter. carl, stocks can go down

stop trading what can i say now it is going up oh, lord help us, carl >> i'm trying, guys. we'll take a break as we said earlier, tony xu of doordash will join us and dwayne johnson later on today some record highs on the dow, the s&p, disney all time high, 156. don't go away.

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is, set to begin trading at the nyse this morninging joining us now exclusively doordash co-founder and ceo tony xu congratulations. i know this is a huge deal and it is not like you were born running big restaurants, but you were in the restaurant business when you started >> absolutely. it is great to be with you, jim. you're right, i wasn't born in the big restaurant i was born really as a son immigrants who came to the country to make a better life for me people like my mom who started this company for, my mom came to the country, worked three jobs for 12 years, one of which at a local chinese restaurant and i got see that a bit, washing dishes on the side with her. it certainly is a big day for all of us at doordash and a huge day for all of the businesses we serve as well. >> i think a lot of people interpret your company as being a delivery company, woman comes to your door, gives you the package, contactless these days,

but actually you are doordash platform that makes a lot of people money, not just doordash. >> absolutely. doordash is a platform whose goal is to grow and empower local economies. we have been fortunate to have generated tens of billions of dollars of sales for brick and mortar businesses, and billions of dollars of incremental earnings opportunities for millions of dashers. really if you think about what we're doing, we're bringing online for first time many of your favorite local businesses that have never been able to compete in the convenience economy before and so there is a huge economic transformation underneath all of us and we're there, right there with them, bringing them to the forefront. >> i know it is a big day for you. i know that you really own the suburbs and small cities, but you did something i think was really special i want to mention it these are things that we in the media have to mention. you introduced new initiative to support black-owned businesses on doordash. tell us about that

>> well, doordash really is a reflection of all of the local communities that sustain us. if you think about all of the turbulence that we have seen, certainly not just in this year, but frankly in the past decade, there has been a lot of change and i think a lot of issues and topics are now getting the attention that they deserve. i think one of them has always been making sure that there is an equal playing ground for everyone i always believed that talent is evenly distributed, but access to opportunities isn't whether it is highlighting black-owned businesses, or our kitchens without borders initiative to highlight immigrant restaurateurs for the first time and giving them their shot just like everyone else deserves, that's really what doordash is about. >> tony, it is david faber a couple of quick questions about just the current environment specific to the pandemic, which has benefited your business. we have seen a number of your key markets pass what they say are temporary laws to cap your

commissions or your marketing fees at 15 or 20% combined how is that affecting your business right now is there a concern perhaps that that will actually be extended when the pandemic is over? or are you able to sort of deal with it by passing it along to the consumer >> well, let me start by saying that just like everyone else, i wish that the pandemic is over will be over soon. i truly wish that we would be having this conversation right now inside gyms, restaurants, or inside one of the many fantastic local restaurants in this country. that's really my first priority, making sure with others to bring forth that solution. i think had it comes to merchants in the three decades i've been observing the restaurant industry, this is one of the most difficult if not the most difficult obstacle i've seen restaurants to have to overcome it is why, for example, we were the platform that cut 50% of our

commissions at the onset of this pandemic, why we built products so merchants can get their payments every single day because liquidity is king in surviving a crisis it is also why we built in products so there wouldn't be commissions on them, whether it is doordash drive or doordash storefront so merchants can create more channels to be able to survive this pandemic i'm super proud of a lot of the initiatives that we have built, in order to allow merchants to have six times the odds of surviving the pandemic versus the average restaurant for me, it is about figuring out how we're going to do that and how are we going to drive incremental sales and that's why at doordash we have been more about making sure that we can help merchants grow out of this pandemic, and instead of, you know, seeing local officials and elected officials try to suppress the demand that go into these stores. >> yeah. do you ever see pricing comes

down for the restaurants i mentioned it because there are a number in my area in new york city that encourage people to come and pick up their food themselves and get a bonus as a result of doing that so they can avoid services like yours because they're so costly for them >> well, one of the things that, you know, we do at doordash, we have a marketplace where we bring in new customers for these restaurants for first time, generating tens of billions of dollars of activity for them over the past several years that we have been in business and the other part of what we do is we have a platform, where we create products like doordash storefront, that gives small businesses an online ordering solution they can have that direct relationship with their customers. build products like doordash drive so they can offer same day and on demand commerce to their customers like we do to ours to me, this is about an e ecosystem and initiative where we're trying to bring on line the businesses only 10% of take-out sales in

the industry actually happen through a digital connection 90% of the time we're still placing phone calls to get take-out orders, still driving to do pickups, through drive throughs and the like, and so if you think about what is happening, we're creating a big transformation to help these businesses come online there is a cost to doing that. we invest hundreds of millions of dollars in marketing to generate business for these businesses we pay billions of dollars to dashers so that they can receive incremental work opportunities that they desperately need, especially in times like the one we're in right now and we also have to pay for payment processing, customer service, and really take care of the end to end experience in order to serve these businesses. >> you know, look, as a -- when my restaurants are multiple right now, but as a customer, the incremental gains are terrific and needed. one thing is certain, you are

growing and part of that because of 200%, that's remarkable, faster than snowflake, isn't it true, tony, some will say they'll never make money but if i were in your shoes, i would like to spend as much as i can so i have the big moat and no one >> them demonstrated we are in the investment phase right now because we are so early into the opportunity compared with others 10% of restaurant sales are being delivered today. commerce travel over 30% of travel sales are now on line we are playing in one of the biggest and still most

underpenetrated categories in the world. really now is the time to invest >> likely your sales brother rate is going to slow dramatically because so many people are home using your service. if that happens, where are you going to be focusing on and rely on to tell thestory. with tale winds to the business and if you think about how we behave as consumers. once we get used to a habit whether buying things over the internet and travel through a mobil app instead of a phone

call, we tend to stick to those habits when i tend to think of those over the long run, we add to the new use cases to keep those competing in the economy and serving other categories like convenience so that consumers can get access 24 hours a day. we are building products to effectively not have to rely on those. also how we'll have a great business partnership for the long run that reflects a strong demand in our ipo process. >> a big story is our proposal to add a $3 tax on the

deliveries to help the mta if you fear municipalities will say this is a big structure shift the cash cow and price over time. making sure we can work out the best solutions watching through the city and country. we have to maximize commerce we have the number of opportunities for everyone when we can grow her economy that will go past the pandemic thank you for coming and congratulations on your very big

day and all you've accomplished at a very young age. founder, ceo at doordash >> great to see you too. >> we'll check with dwayne johnson and his new push to the spirits sissbune that's coming up in the 10:00 a.m. hour. don't go away. some companies still have hr stuck between employees and their data.

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>> we haven't mentioned the trezy $916 billion proposal. >> $600 per child, $600 per adult. checks to you for a family of four this is something you'll hear about and people will say, wait, how can we not do this and give the country a holiday present when we are so beaten doubt and people are out of work is it the right unemployment figures for the democrats. keep in mind, a check from the government is something a lot of people will like there will be a little more of a ground swell over this than others it is very, very significant and

should not be ignored. $600 per child, per adult. people want it they want it badly >> it does seem like we are zeroing in on direct payments as opposed to state and local or liability insurance a lot of people think it is good or if they've lost a paycheck because of this darn pandemic. >> we are going to watch that. one of the sub themes today. along with door dash, it is a lot. what is a guy going to do during

a period where we have a president so deeply committed to cutting carbon there is a war over the glucose monitor. abbott has a competitor. i can't wait for tonight i can't. >> and airbnb. >> how could ai not have been taken. >> a lot of people don't like snowflake. >> like ai should have been go to >> spac me we'll keep an eye this

morning. >> but mark loves you. >> we'll see you tonight some record highs for the dow. s&p, dow and russell good wednesday morning welcome to "sqwawk on the street." it is all about doordash among the busiest months for ipos. let's get to rick. >> wholesale inventory expected up .09 up 1.1 solid on inventories and replaces the read up 1.9

on the sales side. a very healthy number. better than expected in the rearview mirror up .04 september final and finally for the money ball number. job opening and labor turnover comes in at $6,652,000 so this is the fifth month in a row we are over $6 million why? important. this started in december of 2000 and took 15 years to reach the $6 million mark. five in a row. we could do better it is a start. morgan, welcome back >> let's get to doordash making its public debut. we caught up with the ceo in the last hour of the company's big

day and big impact >> this is one of the most difficult op stickle i've seen restaurants to have to overcome. why we were the platform that cut 50% of commissions at the onset and why we built products like daily pay so merchants could get payments every day this is key to surviving a crisis why we build many products so there couldn't be any commissions on doordash drive so they could create more channels to survive the pandemic. >> let's bring in bob and leslie for more on this company going today and bob, we'll start with you more broadly in the ipo market in terms of companies going tub lick whether threw spac's and listings. it has been a gang buster year

doordash being the big focus today and airbnb tomorrow. all of these going public before the christmas holiday comes to us in the next two weeks. >> if you would have said to me in april, in 2014, it was alibaba, i would have laughed at you. we've had 202 companies go public this year raising $73 billion. the record year is 84 when alibaba came and that was $85 billion. we'll get close to the record year of $85 billion. today, the biggest of the year $3.3 snowflake was very close number two in terms of total market cap

this would be number two in terms of market cap. this is a remarkable way to end the year almost the same amount of money has been raised with spacs as well you put it all together, we got north of $130 billion raised between spac and ipos. that's an enormous amount of money. the ipo and the spac people are just delighted given the potential head winds they were facing >> i think about the strong years they are facing.

in 2019, how does that change things for wall street >> it is a great point, morgan it was kind of a refreks after 2019 and you saw a burchl of downed rounds. companies went from a lower valuation. causing people to say how can we improve the process. doubling down and the debate of pricing too low and not leaving the potential. now you are seeing companies really try and improve on this that's what we saw with doordash and something we saw with airbnb they are doing this hybrid auction system talking with people familiar with and spits out a bunch of

information about the command curve. the bankers in the company can come together. it wasn't a pure auction and not that they went with what they went with. they popped on the green shoe. doordash doesn't have that option they are doing things in a way that they don't need as much banker attention you have

more of the algorithms if you do a green shurks you don't need the banks to sell more of the offering than the actual ipo so you are cutting out a bit of their process you've been covering it so closely. the numbers there have been raised through traditional ipos. we were lamenting inthe fact investors have the opportunity now prerevenue to make their

decisions. >> spac had a bad reputation up until a couple of years ago. burger king expected facts that it floated with small cap affairs. the after market performance has not been that good. now as you point out, younger companies are coming in. we don't want more to become middle aged people before they go public. so hair is the question.

let the younger ones with the performance. good question. we'll have to watch the after market performance of these there are 200 spacs looking to buy companies. >> thank you we'll be hearing from you throughout the day as doordash finally opens for trade. we'll toss it over to you. >> let's bring in the initial rating you put the 93 number on when the range wasstill 95 to 85. what do you do now >> they've upped the range we'll have to reassess that things that would potentially

cause us to look that's an important factor we don't give. that's what we are looking through as option at as a call option and pushing the valuation. the large chain and small chain. can you talk about that. >> one, focus on the supply side of the marketplace there is a

lot of focus on the large chains those national chains bring a lot of consumer traffic and those large players are able to negotiate down the rates with the platform you need to have a balance you don't want to have too much. the other thing i can point to that the doordash provided and tony touched on earlier. a lot of ipo filings we have seen from tech companies we've seen those customers that don't really improve in terms of the

more recent cohort that is the same strength of the original markets that company went after. those would be for the time. >> key point especially given that they have so much loyalty lacking in the space it is a fierce competition and begs the question, tom, can dash achieve sustained profitability. clearly that deployment was there pointing to these guys at the margins here in a reasonable time frame.

>> secondly, we've seen a lot of consolidating m&a. from uber eats and grubhub thirdly, just the act of doordash going public will be important as well. all of those major guidelines under a public company last year in the spring, uber and lyft went public within a couple of months, you just had both companies on the earnings call talking about moderating we think the doordash listing itself is important.

thank you. we'll see what happens today >> we have a huge show huge still ahead everybody has a spac, he'll discuss it along hydrofacial. that's the company don't miss dwayne johnson, the rock talking about his teat th a brand.

>> announced a deal to take hydra facial public valued at $1.1 billion the ceo, thanks to you both. you move very fast here. give me the confidence you do the best deal possible i've done a lot of deals at the time we've done diligence at five or six companies. from the get go. hydra facial was our first choice the day we cleared the ipo of the spac and lawyers freed us

from engaging. this is our first call i'm so thrilled to be here and got the deal done. so excited for the future. >> why was it your first call? >> this was a category reindicating the maurk et. it sits at the intersection of beauty where there is explosive growth those are a global brand best in class brand. this is a growth story for future platform and driving value for share holders. >> coming back to revenues in 2019, this has been an off year as a result. what kind of growth rate are you

looking for for example 2021 >> it has been a heck of a year. we were affected in april like everyone else. the company's bounce back in q 3 and strong q 4 expecting $180 million next year in revenue with he see our market bouncing back strong. leads are up the consumer and provider are anxious and pleased with the way we are getting the business. >> one of your units is $27,000. the treatment itself about $200. what about competition from people that want to have in home i can go on line and see things called trophy skin that cost about the same as one treatment from your system why isn't that preferable or

something that would be a serious competitive threat to you? >> great question. if we had a home device, we would have been excited. we work with a lot of these home care, skin care devices at home. really not an or, it is a both and an and it is an opportunity as we grow the brand. >> to piggy back off of that with this growth opportunity, how big is this market and where do you see as this deal is being inked. where do you see this ultimately expanding beyond facials which i imagine is targeted towards women right now.

>> this is a huge market >> this is huge. it was said, if you have skin, you are a potential customer it can live in a doctor's office or in retail, we've talked to sephora. we can be everywhere we have tremendous growth opportunities outside the united states >> so much opportunity about growth selective and making the right return on investment even though in 8,700 countries we have a pop up shop in london with bifrp box a great endorsement its been

remarkable we are in early innings of expansion opportunities. >> you are going to be executive chairman who may be unclear. buying and rolling out 25% i assume they'll sell out over time what about you, will you be a serial spac guy? >> i'm committed to making the company premier in the world this will be the focus we are a great team putting $100 million out on the balance and look for other products to add

looks to be the focus. what is the growth opportunity here via growth opportunity. >> this is a frag nlted market when you look at beauty health it is the prement nent brand providers like nurses and esheticians, to service them better than any other company. they have the greatest training program, they train the most in the world. we want to continue and grow that and build that loyalty.

>> appreciate it thank you both >> thanks, guys. >> starting to get indications on doordash. now indicated 125 to 130 pricing at 102 and not long ago 75 to 85 early going, we are seeing movement not as exciting but to talk about research on facials. >> i'd like to have it done. apparently, a lot of dirt comes

out. >> biggest reason, roku with a street high of 375 that stock up 750% over just last two years and you thought tesla was the only name that makes moves like that we are watching the market and taking a quick break we'll be right back. - [narrator] at southern new hampshire university,

we're committed to making college more accessible by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer and i said, "look, we can do this." - [narrator] take advantage of some of the lowest online tuition rates in the nation.

find your degree at snhu.edu. the headlines on stimulus are flying as we get comments from leader mccon. >> speaker is slamming democrats. saying the democrat response was

bizarre and skits friendic we have gotten a copy of the detailed summary of that $908 billion bipartisan framework and pretty much tracks what we thought. no stimulus checks but $300 a week boost of unemployment and includes $300 billion for ppp. it punts on the tough questions of how to disperse money given the comments we just heard on the senate floor, it does not look like we are any closer. >> basically flat lined. time for a news update we go to sue >> morgan, great to see you.

with the daily count of confirmed cases averaging 200,000, hospitals are filling up a third of the country's population now live in areas where more than 85% of hospital icu beds are already occupied. hospitals fill up and airports thin out. in the uk, regulators are warning that anyone with significant history of serious auto letteringic reactions should not get the pfizer and biontec vaccine as they look at two who are reactions. both are recovering. >> and shipments arrived in israel with the prime minister on hand.

he plans to get the first shot to show it is safe we are now up to date. back to you. >> robert earl may best be known for founding planet hollywood. the dining concept plans to use existing restaurants to cook and package foods for delivery other brands thank you for being with us. whether doordash is seeing the best growth and opportunity it will see given that it is been a major benefactor or if this is really a shift of a bigger, broader shift? >> i would say the latter. doordash and the other companies are essential for restaurant

survival they've been more critical now as the future evolves to go back to dining out. they play an important roll that can only grow. your company uses a number of providers, doordash, post mates, uber eats. who do you like working best with >> they are all fantastic. they all see the marketplace the important criticism is that there has been wrong criticism

of the third party still throwing off a healthy bottom line today, to doordash we'll buy some stuff >> that will come down to the valuation. >> fair enough >> just to talk about what we are doing. >> all praurestaurants need ppp landlords have been supportive and we are all in trouble with the exclusion of drive-thru restaurants. the greater industry is in big

trouble. what do we do? we have to maximize sales. more delivery to core bricks and mortar brand a virtual brand is online virtual brand only the largest, fastest growing brand ever and will be an enormous component as well as competitors. a virtual brand is where we come in several ways brands are currently being delivered. there are cloud kitchens and the company called kitchen united. car park operators like reef doing excellent jobs we are going to the restaurant industry and saying here is a

ready-made formula for you to become a market partner with your exclusive territory here are some brands that our company have created for you we give them every single move they have to be the distributor the last mile and by the food and packaging. it will throw off to their bottom line in excess of 30% when we discovered the mariah

carey cookies. wonderful frozen cookie dough and you can become our partner >> i'm not sure why mariah carey's cookies appeal to me he sold largely among the stake and largely in to ghost kitchens largely at this point. it is an inexpensive way to go i like my model because it is helping the restaurant industry. the exiting industry and there

is room for all of them. >> robert, you have your hands in so many different aspects we look forward to digging into other pieces at a later date >> i look forward. i'm going to send to the studio, so he can eat his words, the beautiful mariah's cookies >> okay. great. i'll eat them. all i do is eat cookies. i'll let you know. i plromise >> thank you for having me >> speaking of guests, dwayne johnson coming up. i don't know if he makes cookies. he does a lot of stuff including his own tequila brand. more stay with us

see yourself. welcome back to

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>> watching ipos today, buckle up 130 to 135 now the dow with headlines that won't surprise many. airbnb expected to prize above $56 to $60 a share range it sbeeks to the hybrid model playing out. d.c. continues to negotiate a national stimulus package. rahel explains that. >> for those still out of work, money is drying up to create an end to those lost jobs the mayor in d.c. is issuing

$1,200 payment to residents on unemployment assistance and an order to help others qualify new jersey expanded the program. pennsylvania now speeding up the process of back dating claims to make up for those long delays. the question is, are these measures a band-aid fix. saying these are like stitches necessary and helpful but doesn't get the at root problem. saying while the effort from states plausible, it has to step up and fund these. >> when we come back, what else do we need to say?

the rock dwayne johnson

the spirits business going through changes as a result of the pandemic new opportunities where we find our next guest

superstar dwayne johnson launched his own tequila brand back in march. what a pleasure to have you on good to see you. >> thank you, my friend. i appreciate it. i'm digging the battle we have going. with some of your fellow leading men who have launched someof them that time in march to approximately nine months later, we wound up moving 3,900 cases

preparing to ship 400,000 cases. those numbers as serious to say the least. we've found it prudent and shows that we have to go back to work. >> been called the biggest launch in spirits, which is amazing, if that is true >> talk to me about how this would come about is this a dream you'd have to chase down or come to you? what is the genesis of this? >> i would say, well tequila has been in my family a long time. i've always been an enjoyer if you will for the good times and

not so good times and everything in between about 10 years ago, i thought it would be a good time to go into the spirits business i'm a big proponent to listening to the gut and meeting up with the right partners we've decided to put our best foot forward. i will tell you when we talk about these numbers and breeze buy, talking about the moment to acknowledge the numbers and what those mean

as i have learned, baptism by fire and as we are learning. these numbers are spectacular. look at the numbers con sexually, a buddy of mine as we know, george clooney with a big splash acquisition for a billion plus now those run 300,000 so maybe there would be a nice high-dollar event down the road for now we continue on to go back to the again sustain of it, we decided to launch in march. here we are. it has been a real learning experience for me. also one extremely gratifying.

ideally, through the generational play. the legacy brand and build getting to the without me. again, we can't get away from me being a celebrity, but eventually i would like to get to that point. i always like to say i can come in and give something the jet fuel and then i can hopefully back off if i'm able to back off and the brand live on its own, then i've done my job. >> help our viewers understand, dwayne, what it is about spirits that draws entrepreneurs, celebrities like yourself. because production is not easy, as you obviously well know, distribution is completely cutthroat. you could do apparel, you could do restaurants, travel, you could go into banking. what is the draw here? it looks like fun, but it looks

hard >> carl, it's an extremely hard business to not only break through and get into, but also it's extremely hard to make it it is a cutthroat business i came from a cutthroat business in the world of professional wrestling, so i'm certainly used to it. but there's also the upside, and i think the upside -- aside from the dollars, if you're lucky enough and fortunate enough to surround yourself with a good team and find success, there's also an upside to it and i think when you approach a venture like that, truthfully as i do all things that i do, all the initiatives, with audience first and consumer first, and doing everything you can to -- doing everything you can to improve their day in some way. so what i have found is, you know, with spirits, always what spirits represented to me, and, again, like i said at the top of

the interview was, you look for moments where you can find the silver lining in tough times there was a time where i wasn't always dressed in somewhat of a nice shirt, when times were pretty tough so during those times i would find a moment with my family and my friends and loved ones to give a toast to the silver linings and what that meant. so, for me, i can't speak for the other entrepreneurs in the industry, but there was an emotional connection for me because i thought if i can create and produce something that gave me the same feeling, that gave consumers the same feeling that it gave me, toasting to the good, the not so good and everything in between >> i think everybody knows what you mean about improving your day, especially in the wake of this year. friday nights, there's no question, man, there's nothing like pouring a glass i do want to ask you, when you launched in march you had no way

of knowing how spirit sales would take off through the rest of the year, and next year i imagine the comps are going to be kind of tough, or maybe not maybe this is part of a secular change and we're just going to build on this as an industry year after year after year >> well, as you and i talk now, the overall spirits industry is up nicely, i think at about 17%. the tequila category is indexing really nicely at 50% it's doing very well so the category of tequila is doing very well. overall spirits is seeing a nice plus but i also think when we did launch back in march, carl, not only was there no way of knowing what our sales were going to look like, i was anticipating that we were going to take a real kick in the gut and quite frankly, we did as we started to open because we opened during march and covid hit our shores so i felt at that time the best thing for myself and our partners to do was just to remain steadfast, and also what

i think we can attribute to our success was not moving forward in any way at that time and as we got through the summer, trying to put together a traditional marketing and publicity campaign that felt polished and produced. we put all that to the side and i've always felt over the years, whether it be movies or television shows or certainly this or anything else that i do, i never want to feel like i'm marketing to the consumer, but rather having a relationship and i really leaned into that, carl, back in march. what i mean by that is, we had no traditional marketing or publicity and i just utilized the social media platform i had. i thought once a week, here's what we're going to do we have no idea what sales are going to look like, in all likelihood we're going to take a real hit because while the off-premise business was doing well, obviously the on-premise took a hit. i can't wait for the restaurants

to come back but the off-premise business, you would think, oh, we're going to do great. as long as you're in a liquor store, you're going to be fantastic. the truth is, the consumers at that time, and it makes sense, it's human nature, when they went into the liquor stores, they only wanted what they were familiar with, what made them feel good. for us to go in and try to pierce that behavior was tough what i did every week, i had teremana tuesday while we were locked down in quarantine. i broke out the bottle, and fortunately i had a pretty decent following on social media and i was able to pop open the bottle and say here's what we're looking at as a family and by the way, my entire family had covid, so we understand the real effects and impact of that. my wife had it, my little children had it. so from that, and having this

relationship with the audience from march until now, what we found is an explosion of a personal connection and audiences -- consumers, rather, going out and saying i've got to try the teremana i always say we can dance one time, but once we get into the dance, the feeling, the tone, the temperament, and then here we are. >> so, dwayne, i can't let you go without one question on hollywood, which is going through its own changes and you've got so much dropping next year "jungle cre "jungle cruise" is on deck how are you managing producing versus tv and acting, that kind of thing >> i'm managing it by slowly surrounding myself with the right team and the right people. that's always the key. while i way be forward-facing publicly and while my face may get the headlines, the truth is

behind me there is such an incredible team of partners that i have, who make the whole ship go i always like to say that my business partners, danny garcia and the team she puts around me, they're the ones responsible for building the spaceship and i get in and fly in terms of hollywood, as we know there's some uncertainty with hollywood with our theatrical partners, which we have to protect, that relationship and that experience, but also making sure that we have our finger on the pulse of the consumer, because they are our number one boss, my number one boss besides my wife and girls, and we want to make sure that we're taking care of them, too, and paying attention to where they want to consume the content and where they feel confident and not confident going. so you did mention "jungle cruise". let me back up quickly i know we have to wrap this up we have "young rock" coming out

on nbc, which i'm excited about. i grew up in a forrest gump kind of lifestyle while doing professional wrestling and this is a look back on my wildlife. when you look back, it's truly amazing that i'm actually sitting here with you today. it doesn't get lost on me. i'm so grateful about that i do want to bring up "jungle cruise" a movie based on the iconic ride at disney. it comes out this summer and i'm also excited to share with our viewers that when you were 20 years old, you're going to hate me for this, i'm going to get a text from you, but when you were 20 you worked on the "jungle cruise" at magic kingdom. is that right? >> it is true. it was a long time ago, man. but something tells me from seeing the footage that your ride was a lot different than mine >> it was, but that's okay, because here we are today.

>> d.j., i hope you'll come back we've got so much to get to that we didn't have time for today. we'll talk about financial literacy i know you're a big advocate with acorns, which cnbc is as well congrats on teremana again. >> thanks so much. we'll come back and talk business and all the other cool and fun stuff. i look forward to it thank you, thank you to the viewers and behalf of teremana, thank you for the support. >> dwayne johnson, thanks so much good morning, everybody. it's time for "squawk alley. it's 10:00 a.m. 11 a.m. at doordash headquarters, and "squawk alley" is live ♪ >> it certainly is a big day for all of us at doordash and it's a huge day for all of the

businesses we serve as well. ♪ good wednesday morning welcome to "squawk alley." i'm jon fortt with carl quintanilla and deirdre. we are awaiting the opening of doordash latest indications o