anti-trust around acquisitions that they made years ago in the case of whatsapp and instagram and also the treatment of certain app developers and how they acted with respect to them. the stock, as you see there, down more than $5, almost $6 or 2% not a huge drop there really, kelly, but because i think a lot of people expected this to happen, and the ftc also filing a separate suit. >> nasdaq at session lows. we'll hand it off to closing bell see you tomorrow on "power lunch. >> thank you, ankly and tyler. welcome, everyone, to closing bell i'm sara isen with wilfred stock. the nasdaq down nearly 2%. let's look at what's driving the action in this final hour of trade. doordash surging in its debut as the market focuses on the next ipo today. is it the sign of froth in the market or next high-tech growth stock or both?

we'll dig into that. senate majority leader mitch mcconnell saying congress is still looking for a way forward, but talks have not produced any kind of deal so far. and if you're not named doordash, tech growth severely underperforming. anti-trust lawsuit against facebook, 48 states and the ftc just unveiled. we'll dig into that in a moment. nasdaq down, 59 minutes left of trade, wilfred, down about 130. >> s&p down .8%. brian moynihan will join us on expectations of the economy and also a new organization he's spearheading along with the pope, pope francis, pushing for more inclusive capitalism. big beat by campbell soup as the pandemic changes how we eat. mark clouse will join us on

where campbell goes from here. leslie picker on that incredible first day of trade for doordash, and mike santoli, as always, tracking the markets mike, first to you. >> we're taking a step back. we hovered around the highs just as doordash opened, matter of fact, is when the overall nasdaq had a sharp pull back. it was almost this last little burst of enthusiasm. november 9th, the intra-day high was actually 3645, less than 1% down from here we actually touched that level going back a month at this point. we're still hovering a little bit above that right now seems as if the market is still holding together just fine we've been talking about it being stretched on a technical basis. a lot of build up of bullish sentiment and maybe that nasdaq move was one of pent-up selling hitting the market in terms of its reach for faster moving stocks lately, russell 1000 has tremendous overlap with the s&p 500.

you can see they ride one another largely. this is a two-year chart look what happened recently, though, separation smaller stocks doing better. some of it is the very large market cap stocks that are not yet in the s&p 500 zoom video, tesla was on the way in you can look at square you can look at shopify. they're all not in the s&p 500 been the real reach for stuff that's moving fastest and has, it seems, high bang for your buck another kind of signal out there that people were stretching for returns. this is another one. renaissance ipo, etf it's been an amazing performer for a couple of years. just this quarter, you see the spinoff ipo, which has lagged quite badly. these are companies that are just spun off of the larger company into this basket they've actually performed really well. again, outside the index people are looking for relative performance. we have a little bit of a reset right now today. we haven't had a 1% down day in

a while, guys. we'll see if we get one. >> all right, mike we'll see you in a bit another ipo. another unprofitable high growth company and another huge pop at the open doordash surging in its debut today. leslie picker has more on the stock story, up 71%, leslie. >> that's right, sara. there were all sorts of systems in place to avoid this day, using a system to try to find the most sufficient price for the buy site and the sell site from trading today, you can see there's little price sensitivity around this deal i spoke with a few bankers last night and this morning who expected this one to trade to 130 or 140 i'm not sure many people expected it to open at 182, at least nobody that i spoke with did. today's trading values, doordash at $70 billion on a fully diluted basis, that's more than four times its valuation in a private funding round in june. its ipo, i'm told investors are

drawn to doordash's growth at scale. a top line that quadrupled in the third quarter. plus glimmers of profitability over the spring. but with this deal and all ipos, there are inherent risks doordash notes it may not keep up with this pace of growth and that it has a history of losses. additionally the food delivery industry is fiercely competitive and potential changes in regulation, particularly as it pertains to the classification of their dashers as well as caps on their commissions could alte doordash's business model. guys >> leslie, thank you so much for that more discussion to come in that extraordinary first day pop for doordash in fact, markets, of course, near highs although, pulling back today we'll discuss that, and more importantly, our outlook for the economy now with the chairman and ceo of bank of america, brian moynihan always a pleasure, brian thank you so much for joining us. >> it's great to be here, wilf good to see you again. >> we want to start off on the

macro, if that's all right you always have a great set of insights on what the economy is doing with your live data, particularly on the consumer i remember earnings a couple of weeks back, you were surprised how strong it had been, september had shown even a year on year growth in u.s. consumer spending based on your data. what's the latest on that front and how is the holiday season shaping up >> sure, wilf. let's back up. our team at bank of america securities and the research team is one of the best in the world. they have, this year, finishing up about down 3.5% gdp growth, fourth quarter being up over the 40% plus in the third quarter. we look to the first quarter next year, they have it at 1%. it starts growing for 21 to be up 4.5%. that's the backdrop. negative 3.5 this year, positive 4.5 last year. we look inside what our consumers are doing. when you look at what they're spending year to date, they spent more in 2020 than they did in 2019, and that is now across

$2.7 trillion of money moved by our consumers. and so if you look at it by month when i was back with you, way back in may, you can see it already flattening out, starting to grow. you looked at me a little quizically it's grown every single month since then the month of november is up about 4%, and the month of december so far is up double digits, and that's a little bit because of the way people are shut down on black friday and thanksgiving it was a little bit different. and some of that activity, which is usually around the thanksgiving weekend push in the first weekend of december. we'll see how it plays out consumers are spending relatively strongly. >> i don't mean to come back to you quizically again, brian, but i guess the question at the moment with cases spiking, despite that optimistic outlook on the data front, is there a risk of a double-dip recession if we don't see, say, fiscal stimulus in the short term >> well, let's sort out two

different questions. one is fiscal stimulus is needed to ensure that the human aspects of this health care crisis don't take a toll that they shouldn't take when you think about people wanting to come to work, we may have people in our companies that want to come to work because they want to come to the office and normalize their life, but they're working every day. there are lots of americans who can't come to work because their companies are closed or they don't need as many people. that's what we need another stimulus for, for the unemployment side, for those americans and also for the businesses, another round of ppp to support them. that would lower the chances of having what we see in the first quarter next year of slow growth economic quarter it would increase the possibility that would be more positive and you would hit the second half of the year growth rate as you have the conversion. that stimulus, plus the convergence of the vaccine being in more people's arms. yes, there's a possibility there's always the possibility with rising cases, you're not seeing the shutdown orders and things having the same effect so far, even through the last few

days when you look at restaurants and stuff, yes, they're changing in places like the northeast and the central states where they hadn't really changed the outcome at all positively, how you opened up a lot more -- it's being delayed. but underneath it, people spend money. they have to live. they have to eat they have to do -- they're improving their homes and things around the home are just going up very strong, and other things are down restaurant is down 20% year over year in terms of spending, credit card spending, that's down other things make up for it. >> in the absence of political deal and stimulus, should the fed do more is the impact of the marginal dollar spent by the fed or marginal action by the fed much reduced such that they should wait and hope that the politicians act? >> well, i think chair powell has been clear in that in terms of the need for fiscal stimulus. the fed has done a lot by the way, the work the fed did and the administration did,

secretary mnuchin and others around this crisis, was really going to be the textbook way to respond. quickly, deeply, across the board and move, and congress backing up and that enabled this whole pandemic crisis to be a lot less than people thought. defense rates are near zero. they've got the market stabilizers. we're talking about ipos being open and that issuance strong, and the rate structure is low, and mortgage lending is strong you know, they've done a lot there's lots of facilities out there. it really is a question of getting the last part of the american economy that is still affected in the heavily affected industries, generally those that required people to be close together to conduct the activity, going to a stadium going to a theater, eating at a restaurant, flying on a plane. that needs to be helped. that is a fiscal question, i don't think a monetary question. >> we've talked, brian, about how some parts of the economy are hurting more than others you're part of the council on inclusive capitalism and met the pope recently as part of that.

he embraced capitalism positively, i think for the first time, saying it was an economic system that is fair, trustworthy and capable of addressing the most profound challenges facing humanity what did you make of that comment from him, and your meeting with him and how much is there to be done to make sure that it is inclusive? >> well, i think that's the goal of this effort and the goal of a lot of efforts, whether it's the long history, metrics we're doing at the ibc and council for inclusive capitalism, smi with his royal high necessary, prince charles. i think the pope's engagement with us over the last year or so on this is really a testimony to the view that we need capitalism done right and it needs to serve all of society

on that group you'll find chairman from a trade union organization, you'll find companies like ours. you'll find all kinds of people in that group saying capitalism can be done right, the format, the basis of christian ethics anding people like you would like to be treated yourself. it applies to all religions. it's not a religious exercise as much as how do we do capitalism right? and i think it's important that the pope is endorsing a capitalism done right can do good things. i think that's an important statement. >> brian, do you think that means in the next four years under biden and yellen economic team that taxes will go up which taxes do you think would derail growth the least, if we saw them rise? >> i think as administrations look at the tax policy, you have to really think about the things that we achieved before, which was to make the united states competitive so people around the world wanted to put manufacturing facilities and

sell into the huge demand we have in this country you don't want to compete with your tax rate. that's not exactly what you want to do. you don't want your tax rate to make you anti-competitive. that's what happened in the last tax reform, we did a couple of things one was lower the rate some of the work around the technicalities of how taxes were calculated was important even if rates go up, we have to be mindful they should only go up in a way we keep jobs, businesses and people wanting to come to the united states, to manufacture goods. huge final demand of this economy that doesn't exist anywhere else in the world consumers are pending more this year in the middle of the pandemic than they did last year the world wants to get to that base any tax policy has to recognize the balance in that equation i'm sure the new administration will be thinking that through, as every administration has had to do for years. >> we expect the stress test results, the special extra stress test for this year next

friday you should fare well based on your capital position, which has improved since the last round. are you hoping to approve buybacks again early next year and would you do so if permission is granted? >> oh, absolutely. as soon as we're allowed to do it, we're going to go in and buy the stock. that's part of the core shared value proposition of our company. one of the ways we do that is dividends and another way is by share purchases after we earn good money for the shareholders. we have to get back into the stock repurchase we have enough capital to serve our clients. we have enough capital to do what we're supposed to do as a company. through a crisis of the highest order we're able to stand tall and receive $72 billion, go through ppe, engage with distribution of benefits and things like that, all while we actually made money, put up

reserves and increased our capital. the idea of when we're allowed to, we're going to go back and buy it as fast as we can, subject to what the board believes the economic conditions we're facing. >> brian, i get that i was looking at the numbers with a number of analysts today. you have 35 billion of excess capital, 13% of your market cap. it's a huge amount but you just also have spoken about the need for inclusive capitalism this has been a terribly tough year for many people out there do you fear a pr backlash, even if the fundamentals are, as you just outlined and as analysts and i understand, do you fear a pr backlash if you go out and deploy billions of dollars on your own stock when you've also spent the back end of this year talking about inclusivity? >> well, let's think about what else went on during this year. during this year, we went to $20 an hour minimum starting wage, part of a program we completed a year early we started years ago, 15, went to $20 an hour for everybody starting in our company, starts

at least $20 an hour plus full benefits during that time we kept our expenses flat. through the hard work our team did. increased minimum starting wage. when the pandemic hit, free mental health visits, free vaccines, free testing on top of that, we also said people will have a hard time working at home who have kids and responsibilities, so we allowed them to hire child care help at our cost of $100 a day and have had 2.5 million paid by our company. our teammate scores are the highest they've ever been but more importantly our customer scores increased, tremendous work from our team, that came from investing in our team the end of the day, we're a great place for people to work, our billion dollar program, race for social justice, and we deliver for our shareholders part of that is returning capital. and i think that's part of

getting that capital back to the people, have so they can invest it in something else if we don't need it to serve our customers i think it's a completely fairway to think about that. if we were doing that and not paying our people, having massive demands on our vendors to pay $15 at least and things like that, you could criticize i don't think we should be criticized. >> fair enough, brian. fair enough. my final question, to bring it pack to the markets. you heard us discussing doordash's extraordinary ipo, up 18% today. it was worth $16 billion in june it's now worth over 6-0 billion, $60 billion. the nasdaq is up, brian. you're quite positive for the outlook of the economy, up 40% or so this year, tesla is up 600 or so plus percent do you think there's a disconnect between the markets and the economy, and are there any aspects that make you think back to 2007 itself, and that we're in bubble-type territory

>> the stock market is reflecting views of future growth and future optimism, about a vaccine for the virus, which is not a theatrical concept. just last quarter we had been talking could they develop a vaccine? it's developed, going in people's arms. i think it's reflecting that mood and elements, and these companies that have created markets, that's terrific remember what happened in '07. you had real estate lending that was overborrowed and overlent, and that created a problem that's just not true the housing prices maintain a good, solid loan-to-value ratio, housing prices are up, but not up crazy you're sort of back on long-term trends those mean big parts of the society. is human crisis still going on because of people unemployed and needing help to get through over the bridge, the last part of the river? absolutely that's why another stimulus is needed you don't have widespread speculation on, frankly, one of

the largest distributed assets, people's homes consumers are in much better shape. banking system is in a much better shape we still have a human crisis and health care crisis and that's what we need to finish up on. >> brian moynihan, thank you for joining us much appreciated. >> thank you, wilf stay safe. >> chairman and ceo of bank of america, brian moynihan there, sara. >> yeah. optimistic still on the state of the consumer, spending more this year than last year. that breaking news we got in the last hour or so on the anti-trust lawsuits from the ftc and a number of states 48 of them julia boorstin getting a response from the company. julia? >> that's right. facebook responding, saying we're reviewing the complaints and will have more to say soon the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day.

of course, there could be big implications here if facebook is forced to sell off either whatsapp or instagram, the two biggest acquisitions in focus. sara, back over to you. >> julia boorstin, thank you let get to ylan mui now with more background on these anti-trust lawsuits. it was worse for facebook than it was expected to be. >> sara, there are two lawsuits being filed against facebook they are coordinated, but they will be separate, but they both essentially accuse facebook of the same thing, and that is a buying up of smaller rivals rather than competing with them and access to third-party buyers that they see as a threat. consumers get locked into the platform and then the company is able to milk their data. >> we will not allow any company to think that they are too big to fail, and that is why 46

attorney generals across this nation have filed this action, and we will continue to take action against any company that engages in these predatory actions. >> as julia did allude to, some of the recourses states are seeking from the courts could include dwesting assets such as whatsapp and instagram they also want facebook to get approval for any future mergers or acquisitions, and the stats s have set the tlev hold as low as $10 million. now, 48 attorneys general, including some territories, have joined in this lawsuit from the states both parties are represented the vote by the ftc to move forward was 3-2, guys. interestingly, the two democrats on the commission joined with the chairman to vote for suing facebook the two republicans voted against it back over to you. >> that is an interesting breakdown. i was going to asks a follow,

ylan, how a new administration would affect all of this, especially the demands from prosecutors at the ftc to divest instagram and whatsapp. >> this will eventually be -- right. this eventually will be decided by the courts. that's why they filed the lawsuits it would be up to the court to decide what exactly the remedy would be there is a possibility that down the road the court could even combine these two cases into one case, if they are similar enough and if all parties agree to that, just sort of streamline the arguments going forward. but i think that what you're seeing is there is a broad agreement here that facebook overstepped the boundaries that's coming from regulators of both parties and so i think a new administration coming in, we've seen bipartisan backlash against big tech in washington this is one more example of that today. >> ylan, thank you so much for that much appreciated. up next, vaccine billionaires, big money that's been created on wall street and

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welcome back the race to help deliver coronavirus vaccines has minted new billionaires in the process. robert frank has the details for us hey, robert. >> hey, wilf, quadrupling this year, adding $4 billion to

founderfoun er ugur sahin. the german twins have added 7.8 billion to their wealth. moderna, created three new billionaire this is year, including ceo stefan bencel, worth $5.3 billion tim springerwas an early invest investor, now worth $2 billion, saying he still bikes to work and plans to fund a new knot-for-profit for creating new antibodies m.i.t. bob langer, an early investor in moderna, now worth $1.5 billion today's doordash ipo creating three new billionaires, ceo tony xu, stanley tang all worth over $2 billion, highlighting this disconnect that, wilf, you

mentioned with brian earlier between the capital economy and what's happening in the real economy. back to you. >> yeah. just gets more stark every day robert, thank you. robert frank coming up on the show, campbell soup ceo mark clouse on whether the approval and rollout of coronavirus vaccines in the u.s. could hurt the company's sales. just off earnings today. as we head to break, quick check on bonds for you yields higher across the board today. dow is down 168 points slight tick-up in yields we'll be right back.

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>> time now for our daily coronavirus tracker. more than 103,000 americanss right now are hospitalized with coronavirus, another record. among the 17 states with record hospitalizations, delaware, massachusetts and california, seeing the biggest weekly increases. many cities and towns in the u.s. are not equipped to handle the latest surge "the new york times" reporting el paso, texas, down to 13 icu

beds fargo has only three in albuquerque, there are currently no open icu beds vaccine new, roche said it's partnering with moderna to include an antibody test roc hechlt's test will help to determine whether moderna's vaccine is helping patients to develop and maintain those all-important coronavirus antibodies. >> we're just getting news on another vaccine trial from j & j. meg tirrell has the story for us hey, meg. >> hey, wilf johnson & johnson is confirming it has reduced trial participants to 30,000 they planned to enroll up to 60,000 people in this phase three trial. essentially in this statement they're saying it's because of the high incidence of covid-19 in the general population. they say now 40,000 participants will generate the data needed to determine the safety and efficacy of the vaccine. this was first mentioned by operation warp speed today in

today's briefing because covid-19, unfortunately, is so prev laalent they expect o get that information faster. the interim data will be available by the end of january. if the vaccine is safe and effective, emergency use application could be submitted in february. a faster timeline was given today, guys, suggesting that the data could be coming in early january and eu granted in late january or february. that would add a lot of supply to the u.s. covid-19 vaccine supply chain this is just a one-dose vaccine. so you get a lot farther with the supply of it guys >> and, meg, the j & j vaccine uses different technology, right, something more established for a vaccine than the mrna than we're seeing with

pfizer and moderna what about the efficacy rates that we were seeing from pfizer and moderna? >> johnson & johnson's technology is a little more tried than the mrna technology for vaccines but it is new technology, using a harmless virus to fairy genetic material from the advice russ to our body j & j's ebola vaccine is approved with this technology. we don't know how well one dose of this technology will work the data from the pfizer and biontech documents that were posted yesterday on protection after one dose are encouraging that provided about 52% protection after one shot with the mrna vaccine and so will we be seeing around 50%, will we be seeing higher is a key question and one, sara, i'm particularly excited to find out about. hopefully we'll find out in

early january. >> meg, thanks for that. j & j up a% percent or so time for the cnbc news update sue herera has it for us. >> thanks, wilf. john hop kins whopkins who foun school and hospital that bears his name owned slaves. the findings are important, because they challenge historical accounts that portray hopkins as an early abolitionist british prime minister boris johnson and ursula vonderland are meeting to hope to break the log jam that must be approved before britain leaves the eu at the end of the month. in paris, soccer players taking a knee in protest against racism before they restarted a game that was halted yesterday by a walk-off protest when a referee was accused of making a racist comment at a black coach.

france's sports minister says she is proud of the protest but turkish president erdogan blamed the incident on, quote, france's racist stance even though the referee is romanian. wilf, back to you. >> sue, as always, thanks so much. up next, ceo of iron ore miner cleveland cliffs on the incoming biden administration. first up is this exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row!

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welcome back 22 minutes left of trade cleveland cliffs, the combined company now the largest flat-rolled steel producer in north america with 2019 refb news of approximately $17 billion. it's the second acquisition for the company in 2020 after fi acquiring ak steel cleveland cliffs ceo laurenso gonzalez your stock has doubled since september, on this epic run along with prices of steel and iron ore what's driving it?

>> the real economy. by the way, nice talking to you again, sara. it's great to be on with you and wilf again it's been a challenging year but it's a great ride for us we act when other people are frozen and we tend to move ahead of the pack when opportunities come in front of us, and we act. so we're very happy with what's going on. >> you mentioned it's the real economy. oil production in particular has been strong, auto demand has been strong. how much does that have to do with it versus a broader sort of bet on the cyclical recovery that will come with the vaccine? in china, which is huge, obviously, but also in the u.s.? >> a lot of what's going on is about ougautomotive by far we have the largest supply of automotive in the

country. we produce around 3 million tons a year, and with the new assets, we add another 3.5 to 4 million tons a year. that's half of the steel needed in this country. they change consumer behavior since the pandemic has been a huge boost for our results. >> i find it interesting that your stock has rallied during the election president trump was thought to be very friendly for the steel industry, put on those tariffs on steel how do you expect a biden administration and its policies to affect the outlook and be different for your industry and your company >> look, i think it's -- the biden administration will show time for things we've been

advocating for a long time and it was great to hear brian moynihan today talking about inclusive capitalism capitalism is not about creating billionaires and a bunch of people driving for uber or instacart. capitalism is about sharing, about generating good-pay, middle-class jobs. these are the consumers. these are the ones that move the economy. and the steel business is in the foundation of capitalism i think that the restriction will be the breeding ground for inclusive capitalism that will be environmentally friendly and very friendly to the people, to the middle class, and it will be united states' time. >> interesting answer. lourenco, good to have you on. thanks for joining us. >> very nice talking to you. up next, a big debut for doordash and rising risk for another highly anticipated ipo, when we take you inside the

market zone with the&p s down about a percent with just under 20 minutes left. hey, dad!

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about 8% on the s&p, 1.9% on the nasdaq mike, intra-day selling, particularly, of course, focused in the nasdaq, was it linked to when doordash ipo'd or was it convenient timing? >> circumstantial evidence was it was all around the same time. i don't think it was a genuine supply/demand issue that somehow the opening demand was sapping energy to the market it contributed to this idea that's been building for a while, which is what more are you going to ask for in the short term this market is maybe giving you a rush of enthusiasm as a final burst. the overall market was spinning a little more slowly in the last several days it's about a year-end rally when people think next year will be spring-loaded to the upside.

>> do you think this is an overbought market, josh? >> i think in a lot of individual stocks and industry groups, it was overbought. we have always said "we. i'm speaking of the royal "we. i have always said this would not end with some sort of calamity it would end with oversupply in other words, wall street would timely satiate the demand. the old saying on the street, when the ducks are quacking, feed them. i've said this on the show many times. we may be there. when you look at doordash at the open, it was the same size, market-cap wise, as chipotle, dom knows, shake shack and papa john's combined. on what planet would the company delivering those things command a higher value than the company that makes those things and actually makes most of that check? so, we have a little bit of a

problem here, which is that there's so much enthusiasm for next generation, cloud-based whatever, and there weren't enough names to go around. that's where if we haven't hit that yet we're like very, very close. and today's reversal is a really good example of what could happen there's no fundamental news. sara, the ipo etf started this year at 40 million, with an m, under management it's now 530 million so i would say we're getting close to that level. now, that being said, the queues are up 11 straight days. on the 12th day can we rest? i don't think it has to be the end of the world that's the way i'm thinking about things right now. >> quick note, that ipo etf is going to buy doordash at 181 it didn't get it at the -- >> take it down. >> that's what it does, grabs on to the new -- >> i wish i had shares to sell

to that etf. i wish i did. >> swrosh, i wanted to take it down what's the saying? when the ducks are hungry, there's doordash. >> feed them. >> when the ducks are quacking, feed them doordash ipo do doordash i own uber half their business is the combination of uber eats and now post mates, which they acquired. i'm not anti-delivery. i've been known to take delivery on a couple of meals, sara all i'm saying is we're at a point, how many of these can the market support at once we may have just seen where the limit is. >> let's talk about -- >> i know, burgers in particular. >> true! very true. >> we don't have that sound? >> i thought josh made his burgers at home. at least i've certainly seen that on instagram over the course of this year. we'll come back to doordash, i'm

sure, later in this show there's another ipo that may be coming some time soon. kate rooney has the details of what that one is. >> hey, wilf, robinhood reportedly hired goldman sachs for the lead banker of a 2021 public listing with a valuation of $20 billion that's according to reuters. the banking hires aren't yet official, but that valuation is almost double what robinhood was worth on paper after its september funding round. vlad tenev as the sole ceo meanwhile, facing new competition, gaining thousands of users from robinhood after some recent outages. >> thanks for that one we joked earlier that robinhood traders will eat up the robinhood ipo like there's no tomorrow but clearly this is clearly in a sweet spot and it

doesn't have to disappear once the pandemic is over, in the same way that you could argue about all day long with doordash's demand this year. >> right it's certainly somewhat of a phenomenon related to the pandemic but not one that has an end once people start walking around because you trade on your phone t looks like a nice, fun game when you do so. i think it will be viewed as a fin tech for younger users type play as compared to some kind of comp that is big and boring and has cash and earns money off the cash cash oriented, we'll figure out how to make money off of this some time down the road is the business model that's been working in other industries as well absolutely, it's kind of the -- this bull phase shouldn't actually be able to end without having a robinhood ipo. >> i don't know. how does that look to you? i find it interesting, josh, one of its competitors is a chinese

owned financial firm making head way in the u.s. market with u.s. traders. >> yeah. let me take you back in time to 1998, when a young josh brown thinks a good investment in a prior bull market era is dlj direct san to santoli is probably grinning i can't see. this is what was going on then when people said why bet on the market just bet on the brokers making all the money from the market and, literally, the existing online brokers, like td waterhouse, they were changing their name to tdwaterhouse.com and they would get a huge valuation boost. at least in those days, dlj direct and e-trade and waterhouse were actually attempt ing to make money on trades. so now what's actually happening is you've got payment for order flow, a little bit of income from margin, but not that much,

because it's small accounts and then just a whole lot of activity that, to michael's point, could potentially be monetized, but i would love to get a look at the profitability of this company and what the projections are. i really don't get why you would want to be invested in it. as a venture capital play it's worked, because that is like extremely smart people, selling it to slightly less smart people when it's on the open market it's different then wall street gets a look at it and i think they're going to want to see some sort of a road to much more profitability the most interesting thing about robinhood to me, let's say their service went down and you couldn't trade on there for four hours. what do you think most of the users would do i don't think they would go trade on fidelity.com. i think they would go to draft king kings and just start taking games. is it fin tech i don't know i have very complicated thoughts about this, but not a buyer. >> okay.

thanks for giving us a window into that. shares of facebook under pressure this afternoon after the ftc and more than 40 states, 48 states attorneys general filed lawsuits accusing the tech giant of engaging in behavior. a new statement from facebook, julia. >> yes, she says this is revisionist history. anti-trust laws exist to protect consumers and not to punish. facebook invested billions of dollars for the millions who enjoy those products the most important fact in this case which the commission does not mention in its 53-page complaint, is that it cleared

these acquisitions years ago the government now wants a do-over, that no sale is ever final. people and small businesses don't choose to use facebooks because they have to but because it delivers the most value we'll vigorously defend people's ability to continue making that choice sara and wilf, fighting words from facebook. back over to you. >> absolutely on the defensive julia boorstin, thank you. >> the stock is down 2%. at the lows they were down about 3% this could be setting up for a very long and messy, legal battle and there's a lot at stake ultimately, the prosecutors here are pushing for them to break up the whatsapp and instagram acquisitions what do you do with the stock? >> i think there's a lot of revisionist history going on here let's go back to 2012, and this is like around the time where "pitch perfect" was first hitting theaters and facebook

was getting ready to go public, a very, very long time ago but they, in the month before their own ipo, they took $1 billion in cash and facebook shares and bought out instagram. people don't remember, but instagram only had 50 million users, and they were losing a ton of money and 50 million users, there were like five other photo-sharing apps like flicker and many others that had the same amount of users instagram wasn't a billion users, like it attained in 2018 when facebook bought it. how did it get there because zuckerberg took the entire facebook social graph and pushed everybody on to his new toy, instagram it wouldn't have worked otherwise. there was a time when you could upload instagram directly to twitter. i don't know if people remember that there's a little bit of revisionist history. it's not like zuckerberg bought this market-dominating platform. they built it! they should be allowed to build it the second thing is, if this leads to, three years from now,

after a lot of money spent and lobbying, if this leads to an instagram ipo, i don't think facebook shareholders are hurt that badly that's probably why you're getting a lack of reaction in the shares right now, sara. >> is this playing into the. >> we were backing off already a little bit big nasdaq stocks have not been making new highs they've just been going sideways for a while. that includes facebook in there. i agree with josh, when they made the instagram acquisition, people mocked how much they paid for it. >> yep. >> it's not like it was a slam dunk on the other hand, microsoft didn't go out and buy some magical thing that they then bunled in with windows and try ed to put netscape out of business it's not necessarily a free pass for facebook to say we didn't buy this dominant company. it's using their existing advantage in a noncompetitive way.

however the microsoft example will show you it takes a very long time to prove these things and, you know, it's just very difficult to have -- >> mike, mike, exhibit a. >> and now say you have to unwind it. >> just real quick, exhibit a. if i'm defending facebook, exhibit a is twitter all-time high, exhibit b is snap chat all-time high, exhibit c and tiktok's global growth how are we being unfairly monopo listic. >> you would look good in one of those british wigs if you were defending them on the stand. >> order. >> with just under two minutes left of trade. >> that is true, josh, but flickr is not exactly thriving at the moment. however we'll take a look at the internals of this market skewed to the downside but not dramatically so. new york stock exchange, declining stocks, little more than 2 billion advancing

a well mixed market despite the headline losses. on a month-to-date basis, semi conductors against the industrial sector. semis actually down like 3% today, but they had really run up you see industrials kind of hanging right in there not having a problem very much bellwethers and the semis got way overheated in the short term volatility index is bouncing today, as you might expect, with the weakness in the index. we never got under 20, but 22 is still pretty much in this range. we've been stuck in a little while. single percent one down day will not necessarily change that, sara. >> keep in mind, the context as we are coming off very high levels, four stocks near record highs for a lot of stocks. take a look at where we stand with a minute left of trading. the big loser, of course, is the nasdaq, down -- there's the dow, down about 80 points right now hit a new intra-day all-time high in the session. s&p 500 down .75%.

and there's the nasdaq down 2%, worst day since october 30th it's actually been a while since we've seen a 2% slide there for the nasdaq year to date it's still up 37% on pace for its best year since 2013 looks like, though, we'll take a step back, particularly on those red hot technology stocks, wilfred. >> yeah, but off the lows at least at the close i'm wilfred frost along with sara isen and mike santoli .8% on the s&p, .3% on the dow, nasdaq still down the best of 2%, but have been down around .3, .4% at the lows of the session. industrials and energy just higher tech the worst performing sectors as you might expect. doordash shares skyrocketed

after going public today, up 70% or so. now investors are waiting airbnb's pricing, which could be unveiled this hour no dobt they've been watching doordash today we'll bring you the details as soon as that happens. plus an exclusive interview with campbell's ceo, people stockpiling food as coronavirus soar sarah malik joins the conversation very good afternoon to you, sarah. mike, i will come to you first in terms of the performance. one thing we haven't touched on yet, the yields ticked up today and so did the vix you might expect that with the selling. things to keep an eye on as well. >> it sort of shows you that this wasn't really about any kind of stirrings of macroeconomic concern hitting the equity market. it was mostly just the positioning story, atmospheric conditions have been there for some kind of a stalling out or pullback in the stock market

because of sentiment, positioning and a little bit of stretch index. it's all that stuff that leaves things ripe for a switchback we're starting to get the sense in the nasdaq, that things got a little overexcited in certain parts of this market, whether you want to look at snowflake, tesla, doordash ipo opening and maybe gave a sense out there, not exactly that a bell was rung but that this market doesn't owe you much in the short term. >> we should mention doordash in the context of today's move, sara the stock almost doubling and its market debut almost incredible ipo, despite the weakness we saw in the broader tech space and broader markets how do you read the action >> this is a company that is so structurally well positioned going forward that i think they're bucking the trend. what we're seeing in the markets is that breather as cases, unfortunately, continue to increase, while we roll out that vaccine. but there is a light at the end of this tunnel the vaccine is here. stimulus should come the first

quarter, and the key to 2021 is is can we pass that baton from the market that has been driven to evaluation expansion to a market driven by earning growth? we think we can do that, that consensus for 2021 has upside and that should be the driver of the market going forward. >> when you do look at the likes of tesla, for example, pulling back, is that something you focus on a bit more of the door dashes of this world and whether we went too far in the short term >> you know, i really don't. i focus on them like everyone else does. it's one of the most amazing stories, probably, of our lifetimes in terms of the stock market but i don't look at that as being like a bellwether necessarily for other companies. it's really so unique, so idiosyncratic. i have my eye on it. it's a little bit of a barometer for risk appetite. if it is, today's action makes sense where they sell off all the cloud stocks, they sell off

a lot of the red hot biotech names and just for the hell of it, let's throw tesla in there, too. tesla doesn't trade with the auto companies it trades with the names i previously mentioned so maybe you could look at it that way even if you did, it's probably mover a concurrent indicator than a forward looking indicator. i think it's important not to get lost in the weeds there. >> >> yeah, zoom video i would add to that but it got hit today, mike. >> sure. >> where do you look at what the factor is that moved the market? things got exciting for the market that wants stimulus, that talks reignited, though it doesn't look like they're tuckly progressing. >> no, they're not the silver lining in terms of the near term action is that i don't think they're baking in anything big or soon yes, we might learn that the

economic data gets bad enough that we might crave it more. it's not truly priced in having such certainty about this very rapid comeback in the economy three, four, five months down the road that what happens between now and then has been somewhat set aside but, yeah, i think everyone would love to see it as a net positive but i don't think that it's really a linchpin. where you would look is things like the consumer finance stocks, i think, tend mo move pretty directly with the stimulus stuff capital one is up 2.5% today i don't think people were necessarily taking the lack of progress today as necessarily a reason to really change their expectations about that. >> bank of america chairman and ceo, brian moynihan, joined us last hour. here is what he had to say about the bank's plans for buybacks. >> as soon as we're allowed to do it, we're going to go and buy the stock. that's part of the core share for proposition of our company we want our company to help

deliver for our shareholders one way we do that is dividends and another way is share repurchase after we earn good money for shareholders we have enough capital to ser serve our clients. we have enough capital to do what we're supposed to do as a company. >> also, citi's cfo mark mason is currently presenting at the goldman sachs conference and similar to that sound bite from brian moynihan, he said it's more likely to see low less reserve releases his comments on trading revenues likely to be up mid teens and other factors welcomed by the market the stock moved up about a percent or so in that final hour of trade the buybacks, we talked about this a lot although we haven't gotn through the second round of the stress test bank of america has 15% of its market the ability to deploy this is large and very clear there from brian moynihan, once they got permission, they'll really go for it as quickly as they can. do you think that will really

play like for like in share price performance? >> it will certainly be supportive of it i don't know that you'll necessarily be able to tack on that market cap right away the market has been valuing the large banks on essentially a no-growth expectation, maybe something close to gdp level, top line growth, and essentially not believing that they have great return prospects by investing their capital internally all they want to do is have these banks shovel out the excess capital, have a more sufficient balance sheet by whatever likes you want to look at it. i think, yeah, it would be part of the positive story. they would continue to participate in any further rotation toward cyclicals and value, but i don't think there's any magic to it that, you know, you flip a switch and all of a sudden they're going to be top performance because they're buying back stock. >> we did see higher treasury yields where do you stand, on which cyclicals if any you like, on this whole trade that the economy is going to come back, the vaccine is going to happen, whether it's small caps, banks

or industrials where are you? >> just very pedestrian. i'm in like all the main street consumer reopening plays i don't really feel like i have any edge on like will deere sell more tractors after the vaccine, but i feel pretty good, because i put that trade on over the summer, and it started paying off even before we got to phase two, phase three, all that stuff. those names include capital which i added to throughout the pandemic, starbucks, simon property group shake shack is going -- i think shake shack is up 45% year to date it's higher now than it was before the pandemic started. these are all companies that are accelerating the digital aspect of what they do, and they're obvious beneficiaries of the vaccine. and the combination of those two things going on at once has been a tailwind, and i'm sticking with them. >> sara, if you're -- >> uber is a big reopening stock for me.

>> if you're buying domestic u.s. cyclical stocks, should you also be buying overseas stocks in europe, for example >> we like financials. we like the consumer we like small caps and overseas we like emerging markets where can you get the most bang for your buck? weaker dollar, emerging market trends, really deep value in areas such as latin america that really need that vaccine to reopen and countries in asia like thailand, leveraged to tourism. small caps that can do well are at the cheapest valuations we've seen in almost two decades, very leveraged to reopening and also as rates start to creep up, as we think they will, small caps sent out. >> mike, as far as catalysts going forward, tomorrow will be an important day where the fda advisory council will get a look inside the pfizer data and determine whether they approve it, which would then toss it back to the fda for final approval just as far as those kind of headlines, they still have potential to juice the market here moderna next week, j & j

potentially coming after that. how does that all factor in? >> i think j & j would be the one that would be the most incrementally positive if, in fact, they had very good results. it would expand people's understanding of what supply can get out, to be distributed in terms of vaccine that's probably the one i would look toward. every day that passes, i said this before, is bullish, because you're a day closer to when you will have mass distribution of vaccines the market has almost been kind of clicking forward in that fashion for a while. but, obviously, it doesn't mean every day you go up. i do think that j & j is the one thing that is not as priced in as the rest of them. >> josh, just want to come back to your point about liking uber. doordash is up, not just asking why uber didn't perform as well, but doordash was worth $16 billion, today it is worth over 6-0 billion dollars. why has uber not performed

better given its exposure to a similar business >> the stock is up really, really big from when the pandemic hit. this thing looked like it was going to $10 it's up at 55. it's a record high i don't know if i 100% agree with that assessment. >> what about today? i mean, are you surprised that door dash jumps so much, 80%, and uber flickers? >> i think there are mechanics involved where one company has a smaller flow, hasn't had a lock up just yet, stuff like that, that could effect how much juice is on the upside or downside any given day. i think uber, long term, will be a much larger business than doordash i think doordash reminds me more of pelloton where the desire for the product or the service will diminish as we're allowed to take off the masks and go be human beings again, whereas in

the case of uber, that's when the most profitable part of their business first gets ramped up and they were, before the pandemic struck, they were like already two quarters ahead of schedule in terms of when they would be cash flow positive and ultimately profitable. and i think they've cut tons of costs andthey're going to be there just as fast when we get out of this pandemic for me, uber is a much, much more important, structurally important business in america and around the world than doordash can ever be, and i'll stick by that. >> while we have you, let's get a final thought on nasdaq, falling 2% today, worst day for the nasdaq since october 30th. it's still up very nicely, 37% so far this year, but what do you tell people to do with their tech winners this year is it time to take some profits, or you stick with them >> well, i think it's important

that when i give an answer to a question like that, it's in the context of everyone's situation is different so if you, for example, are riding fang names or cloud names and are in a tax-deferred account like an ira, rollover ira, sepp, you're not making any decisions december into january. however there's a little bit of game theory involved there because other investors might. when are people looking in gains? do they think they'll be at a higher tax rate under biden? we don't know what the outcome of georgia runoff will be until january. there's a lot that have stuff going on but i just think big picture, the primary consideration should always be has this position gotten so big that it could threaten like my lifestyle if things go wrong? and if you're in that stone, of course, the right thing to do is to be trimming on the way up, no matter how great you think a company is. >> don't threaten your lifestyle for a tech stock got it

josh, thank you. >> never never. all right. i've got to go, guys talk to you soon. >> talk to you later we'll talk to you this time next week up next, campbell soup ceo mark clouse on the food company's latest earnings report on whether strong sales can cce inue once a coronavirus vainis widely available. we're back in just 90 seconds.

the company increasing its quarterly dividend by 6%, however it did give q2 guidance, the stock closing down 2%. very strong earnings but it was the guidance that gave people cause on this. are you being overly cautious or see growth slowing here? >> i think the guidance reflects our continued confidence in the business, both from a macrostandpoint and expecting elevated demand to continue, while also having a strong bias to making the most of a moment where we've added millions of new households to our brands and businesses so i think our outlook should

only be interpreted as us continuing to build confidence going through the year and believing, quite frankly, that many of the trends we're seeing now have the strong poe text to continue even well beyond the pandemi pandemic. >> build on that why do you say that? why do you think once we get a vaccine we'll see millennials continue to buy canned soup? >> we're excited about the progress we're seeing on the vaccine and hope that comes to fruition quickly as time has gone on, we have continued to strengthen our belief that what we're seeing now is a dynamic that can be sustained. three basic areas. the first is on the macro. we've seen millions of new

consum consumers become cooks, first out of necessity, but then building confidence. and we would see that behavior continuing on. part of that has been an influgs of millennials into that behavior which again are experiencing it in a very positive way regardless of whatever timeline you put in place, the fact is that in-home meals, especially lunches and snacking oaks, both of which are well suited for our products, we expect to continue. ceci that whether that is the long-term outlook as you think about working from home, virtual workplaces or just the slower return to normal we expect that that will continue going forward and i think overarching the whole thing is this demand or belief that value will play an important way. and so as consumers have sourced more of their meals from the grocery store, i think they've seen the ability to have a positive experience while also being at a better value. you pair that with what we're doing, which is the success of

investment in this quarter we increased our a & c by 17% because we do see this as a window to really connect with consumers, and what we're excited about, the impact of that, is that with the millions of households we've added, over 70% of the people that have bought our product once during the pandemic are buying it again. the single biggest demographic that is fueling that is millennial i think the combination of those elements together give us a lot more confidence that this isn't a one-time situation but really material trend changes that we think we're very well positioned to take advantage of it going forward. >> mark, i wonder if you're expecting stockpiling in the coming months, for two possible reasons. one, the wintertime here, and the spike in case count that we're seeing before we hopefully will get to the other side and vaccinations, but also if we see a no-deal brexit, which we might know more about in the next couple of days, headlines that

the uk was planning for that and expecting it are those two scenarios likely to see stockpiling of your products >> the name of the game right now is to remain as agile as we possibly can hard to predict that, but what i will tell you is that one of the things that we feel very good about is the progress that we made in q1 as it relates to supply and inventory level, which although we still work through a couple of different areas where we know we want to continue to strengthen that as we go into q2, but i think our ability to adapt to a variety of different outcomes, if we see demand that exceeds where we have projected it to be, i think we'll be in a much better position to meet that. clearly, that's done in partnership with our retailers, as we think about that you know, there's a lot of capabilities and muscles that have been built through this pandemic which are better positioning the company to be able to react to some of those dynamics that maybe in the beginning we had to learn ay

little bit of what that playbook looked like. as we sit here today, our strongest position is to continue to control the controllables while we put ourselves in a position to be as flexible as we possibly can. >> so, are you saying no more goldfish shortages >> we've made a lot of progress on goldfish. as you may know, we put the largest goldfish line in history into willard, ohio we're in a much stronger position you see us now returning, kind of marketing and promotion to fully loaded levels, and that's having an impact on the business already. we've made great progress on our soup business, our prego business clearly, we still have a few areas like broth and our cookie business, where we're working to continue to strengthen that supply position, but all of that put together, i would say we're in a much stronger position than we were even a quarter ago and as we continue to see that strength of execution, i think it continues to give us confidence as the year unfolds.

>> so beyond prioritizing the manufacturing of goldfish, where we did see some shortages, mark, what other key insights do you have, key learnings you have from the pandemic and the remarkable strength you've seen from consumers and sales that you can carry over into normal times, whether it's in the recipes or the product lineup, or just pivoting the way you think about the consumer >> one of the things that have been very interesting is in the realm of cookies, i don't think anyone, you know, is surprised by the fact that in the pandemic environment that cooking was required and that people that may not have been your traditional cooks were having to learn some of those skills i think what's unique about where we are right now is that we're watching the dynamic of those consumers building confidence, and their repertoire of meals and recipes and solutions are expanding. and so, you know, in the initial days, it might have been fairly

simple cooking now we see them adding their own flavor to that, whether that's ethnic dishes, whether that's dishes that reflect more what they might have been consuming if they were go iing out to eat and their confidence to do that, paired with our ability to really cross a range of options and flexibility from a simple, you know, pasta, pasta sauce with prego, to more sophisticated dishes being made with our specific broths and condensed soup that dynamic we see coming through in the recipes, which also gives us a strong conviction that when, you know, the pandemic, as we pass through this, at whatever point that is, that that's a skill people have invested in and they'll continue to do. i think our ability to match that growing desire for relevance and, you know, variety in what they're cooking is where we are really focusing we see a lot of our effort

we've doubled our digital spending in q1, which is really designed to reach those millennial consumers that are going through this transition and really trying to set up our brands and businesses for the future. >> mark clouse, thank you for joining us. >> thanks, sara. >> we appreciate the commentary. have a noise day big tech stocks hit hard today, the nasdaq closed down 2%, tesla, zoom were down around 6% more on the die nam beiynamics e market coming up. plus the former president of j. crew on the outlook for retail as the pandemic rages on and whether companies are doing enough to adapt. the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking

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welcome back let's look at how we closed here on wall street not here on wall street. but second half much worse than the first half we opened at record highs in positive territory industrials, materials, energy, the positive sectors, the other eight negative communication services and tech, the worst two sectors. let's get to mike, taking a look at the valuation of the small

caps the russell, of course, has had a great run of late. up, what, 26% this quarter, mike >> yeah. tremendous run recently and it comes from a level of deep relevant discount. this chart shows very long term going into the 1970s small caps have not been cheaper, relative to larger stocks, since that low in 2000 and the late '70s. these were all multi-year runs of outperformance by smaller cap stocks so far, so good. look at an absolute basis and you'll see small cap stocks are not, in a sense, cheap they're much cheaper than large ones are forward pe model of the small caps 600 these are profitable companies s&p 500 have a lot of not profitable companies much more expensive. interest rates are much lower, earnings are depressed that's the reason valuations are higher right now it's not career that you can expect better returns in prior cycles, because we're already

coming from a higher level we'll have to see, though, guys. >> you also talk about the fact that the russell, for example, there's banks, energy companies and as much a cyclical rebound as it was a small versus large cap. >> no doubt about it by the way, one of the other reasons people have justified very large companies having a big premium is that it's more of a winner take most economy right now. the profit margins are very big companies are unusually high and sturdy it's unclear if we can use those lessons of the past, whether it be the cyclical content of the russell 2000 or the relative valuations as something that's going to tell us how things turn out from hooe here. >> mike, thanks for that doordash soaring in trading today, cloegs higher by 86 prs extraordinary. however, it was an outlier among tech stocks, tesla, zoom, palantir sold off big today. let's discuss all of this with santosh. >> thanks for having me.

>> i've been looking at these numbers all day. june private fund-raising was 16 billion valuation. for doordash at the ipo price of 102, already massively increased would have been 32 billion closing today worth more than 60 billion. i mean, that is extraordinary, isn't it >> it is it's absolutely extraordinary. i think it's a combination of events driving this whole thing. fear factory of missing out. there's a broader theme, risk assessment overall in the macroeconomy all of that will play in here. so all of that is driving this whole thing. and it's not unlikely the other portfolio companies, consumer tech companies, the expectations are way ahead of reality they come out blazing, and then they settle back and people see the real numbers. so i think at this point, it's unusual, way ahead of what we

expected or we would have expected, but i think it will settle down at some point, but overall it's a good statement. it shows the positive sentiment in the market and that people are excited about stocks right now. >> certainly excited about this particular stock santosh, does this give them the ammunition to actually crush uber and other rivals, such that we'll have a one-player market, or is this sort of validation for uber eats? >> no. it's more a validation for uber eats they have 50% of the market, but there's still a long way to go they have to prove themselves. this valuation does not show -- it shows more than what they're capable of doing at this point they need to grow into that valuation and it will take a while. i remember when lyft came out and said forget it, it should be a $5 stock, $10 stock. no one is going to do what they're doing. it doesn't make a business sense. it will make more sense.

logistics company is going to be important, more so as our lifestyle changes more and more and as doordash has to prove itself, they have a place there. and they will be delivering more than just food it's going to be a whole set of consumer goods so i think it has a place in there, whether it does it alone or in combination of a bigger company, we don't know yet definitely it is the place for this kind of business. delivery as a service is here to stay, and they are believers. >> what strikes me about this whole doordash, wall street bang, it really was an incredible debut, it's emblematic of the divide that we're seeing in terms of the real economy, the winners and losers if you think about who relies on doordash, it's the restaurants who are struggling and closing by the thousands in this country, and having to rely on a doordash to get some business. it's just an interesting sort of phenomenon that we're dealing with in this economy, santosh,

which makes me think of airbnb, not in that winning position as a result of a pandemic and what it may mean for its debut. >> yeah. to some extent, it was a beneficiary, but not as much as doordash they benefited becauso they gott business theway they're set up in the remote areas, rural areas and independent houses, all of that played into airbnb's hands they're set up well. but it's nowhere close to where they were before the pandemic, and they're getting there. for them it's getting up to speed. there's a whole market ahead of them brand name, market share, brand share, everything. so i think airbnb will give a story. it is a real business. it's close to profitability. they have right sized the business, and they manage it very well. that's the beauty of this thing. the whole business model is very resilient and they manage the whole thing very well. they're very well set up for the

post-pandemic world. >> looking forward to getting the pricing of that ipo shortly. santosh, nasdaq down 2% today. clearly off the back of a record close. but do you think the broader markets, particularly in the tech space, are due at least a plateau if not a pullback? >> maybe a modest pullback remember, there's a whole set of tailwind behind this and there's going to be more stimulus in the post-pandemic world, the virus -- what do you call the medicines that are here now. so i think all of that is where we're playing to this thing and the stimulus package, as i said. i think the market will come back, will go back up. this is just correction. it needs to correct itself here and there. but i've been listening to mike wilson and the other experts this morning on cnbc, and they said this is a correction and the bull market is still there i want to believe that, and i

think it will come back. >> santosh rao, thank you very much. >> thanks for having me. >> doordash's valuation now makes it the size of a pnc financial, fifth largest u.s. retail bank. news coming in from starbucks, moving the stock, kate rogers with that. kate >> the stock up by more than 3%, starbucks having its biannual, virtually, of course long-term starbucks says rising between 10 and 12%, update from previous guidance of at least 10%. in the beginning in 2023, it expects ongoing revenue growth, one percentage point higher than its last investor day at 2018, also said its global store portfolio, expected to grow by approximately 6%, starting in 2022, fuel bid new unit returns. the company says this is a bit lower than the previously guided range, also talking about new product valuations, oat milk

across the country also new store formats, portfolio mix moving forward in the future 45% of stores will be either pickup or drive-thru, mostly drive-thru by 2023 right now that number is around 35%. ceo kevin johnson sounding positive on what the company has to offer in terms of catering to new consumer preferences and all the changes that may stay with us moving ahead out of this pandemic he will be on "squawk box" tomorrow and talk about more of that. >> he will, kate, and i'm seeing that they've announced a new iced shaken espresso for next summer, which i might order just once so that i can say i'll have the iced espresso, shaken, not stirred. >> it sounds pretty good, wilf cold beverages growing 45% over the past few years it's a high-growth category for the company, bringing a lot of returns their way. >> we know you have a complex, wilfred, you want to be the next james bond kate rogers, thank you. >> it's not just the next james

bond, the original, the current, the next, always that was straight over kate's head my apologies, kate you didn't get the -- >> i got it. >> -- niche joke. just ahead on the show, former j. crew president jenna lyons on blduiing during a pandemic and the brands she's trying to compete with we're back in a moment our univ. seismic or small, it continues. change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business.

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time for a cnbc update with sue herera hi, sue. >> hi, w lichlt f. president trump wants to ask the court to join texas challenge. >> president-elect biden's son hunter biden says his tax affairs are being investigated he is confident that the review will show he acted legally in california, the 13 county region around sacramento is moving into that state's most restrictive category for coronavirus rules after available intensive care bed units fell below a key level a stay-at-home order goes into effect tomorrow just before midnight. this will warm your heart, in minnesota, paying it forward at this dairy queen in brainard.

for 2 1/2 days, every customer paid for the one behind them a total of more than $10,000 in sales. you're up-to-date. sara, back to you. >> that is nice. love blizzards. >> thank you. >> you're welcome. called the woman who dresses america, jenna lyons taking on a new lifestyle brd.an she'll join us to discuss it when "closing bell" comes right back

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gold bond champion your skin she has been called the woman who dresses america, jenna lyons is the former president and director at j. crew. it became an iconic brand showing at new york's fashion week and favorite of former first lady michelle obama and her daughters. she left j. crew in 2017, started love scene recently. also the star of a new series streaming now on hbo max called "stylish with jenna lyons," and she joins us now great to have you on the show. welcome. >> hi. thank you so much for having me. >> it's an interesting time to make a big comeback with the show and multiple businesses, right in the middle of the global pandemic. the fashion industry, in many ways, is in a crisis i don't have to tell you, including your former company in bankruptcy why now? >> i mean, listen, it wasn't

intentional. i think if i had planned on launching a business, i would not have picked to do it during a pandemic it's a little bit like business twister. everything that is normally hard, like building a team, is doubly hard when you are doing it over a zoom call. so, yeah, it was not my choice. >> talk us through the tv show and what exactly that's going to be about it's a bit of a reality show, a bit of a documentary what exactly is it >> that's a really good assessment we started off really wanting to take the word "reality" and undue the quotes we wanted it to feel real. all the associates vying for a job are doing projects i would actually give someone in a real-life interview, something i would want to be able to test their skills we give them real time and real money to do it as opposed to putting them through real twists and turns and in the end we actually do hire one of the associates, and that's been kind of interesting each episode is based on a different transformation

they focus on home, fashion and beauty and, really, about helping people ideally, giving them takeaways, tips and tricks they can do, things i've learned along the course of my own career. >> i want to get some actual style insights from you, jena. i cover a lot of these retail stocks, and a number of them are doing well if they're exposed to athleisure, nike, lululemon is killing it, they have earnings tomorrow and styled to more comfy clothes. that's working during the pandemic what's going to happen when we get a vaccine? do you think that trend evolves or we do a 180 and go back to heels and business suits >> i visit my high heels every day and tell them i'll take them out again. i cannot wait to go out to dinner i will want to dress to the nines. a little bit like maternity clothes, for those of you who have had a baby, after you're done with the nine months in

maternity clothes you never want to see them again. i, for one, will put my sweats in a drawer and hope everyone else does, too. >> do you think people are preparing for video meetings more than they may have done in the past for in-person meetings? has that become sort of a surprising trend >> absolutely. i thin i also think it will stick a lot things will continue i think getting people back together will be imperative. >> what designers or retailers do you think really get it >> i think the people who are meeting you where you live and understanding what you are going through. there are people doing interesting things about how to deal with what is happening. how to actually look good on a

zoom call. things to think about. neck, necklaces and cleavage and tut tutorials and meeting people where they are rather than just selling them a shoe. >> you were at j. crew for so long now that you have seen the company fall into bankruptcy, what do you think is key for other retailers and brands struggling >> at the end of the day, one thing i know for a fact is that product is king. you can do marketing, go on sale, but the fact of the matter is the product is connecting to the customer if it doesn't make you feel good, and as soon as you lose sight of that -- i don't want to

comment on j. crew's business. i am in a new chapter of my life, but i think focusing on your product and talking to your customer and giving them a reason to understand why your product is good. >> good to talk to you good luck on the new ventures. >> thanks for having me. >> rh pops after their earnings meeting. and taking a look athe t efforts of the latino community. we will be right back. change is all around us.

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lati let's get a check on lowe's which defied the wall street slump. closed up after it announced a buyback plan marvin ellison said the company will focus on capturing market lowe's also reiterating its outlook expecting sales to grow by 22% helped by an uptick in

home improvement projects. marvin not only turning around the company but now poised to take market share and fight home depot. i think we saw a tech induced slump today. you have the fda meeting from the outside advisory panel on the pfizer vaccine there is a meeting that is expected to ramp up stimulus what will you be looking for as far as market action >> i would say that jobless claims have been a sticking point in terms of not really improving as fast as people would like the tech stuff is caught up in its own dynamics of reacting to itself people are kind of overenthusiastic about them. we will see if it is more than a one-day blip

>> also keep an eye on the pound overnight. boris johnson meeting. perhaps there could be positive news out of that meeting the pound is up about half a percent so maybe positive expected we are out of time here. thanks for watching "closing bell." "fast money" starts now. >> i'm melissa lee this is "fast money. door dash slaying in its public debut. we will bring you the numbers as soon as they cross and starbucks in the move after hours. and later hackers take aim, fireeye hit by a highly sophisticated attack by a foreign gove