much a big day, folks we're getting there, it is the beginning of the end and it is the d enof the show as well "squawk box" is next

good morning, the u.s. hitting some new records for covid cases, hospitalizations and deaths that is the backdrop for today's fda panel meeting on whether to approve the pfizer vaccine everything you need to know straight ahead facebook hit by sweeping

antitrust allegations by the ftc and 46 states, they want to force the social network to unwind its purchases of whatsapp and instagram. and airbnb going public today at a price above the expected range we have a full breakdown of the company's business from ceo brian chesky it is thursday, december 10, 2020 and "squawk box" begins right now. ♪ good morning, i'm becky quick along with joe kernen and andrew ross sorkin let's take a look at what has been happening with u.s. equity futures. yesterday it was a down day for the markets, a bit of an interesting day because the

major averages did hit new intra day highs before pulling back. but the big loser was really the nasdaq it was down by almost 2% and that was the biggest decline it has seen since october 30 this morning you are seeing some green arrows dow futures indicated up by about 62, s&p 500 by close to 6 and nasdaq up just fraction alley. and if you have been watching the treasury markets, you will see that the ten year looks like it is yielding 0.925. >> and we have a huge lineup today. i know sometimes we say that, but today is different in a few minutes, we'll have an interview with airbnb ceo brian chesky, his company begins trading today at an ipo price that is above the expected range. could turn out to be the biggest ipo of the year. and we also have ceos of three more major high profile companies later, including cvs health, starbucks and united

airlines so much to talk to all three of them about meantime i'll send it over to joe who i know is thinking about the pandemic >> in the real world, the united states is -- not that the others are not real, but the united states is hitting new milestones for the pandemiced the death toll yesterday, 3100, that is the single day record. and the case count of nearly 223,000 also broke the previous high water mark. the number of people hospitalized with the virus has doubled since the beginning of november more than a third of americans now live in areas where hospitals are running critically short of icu beds. becky. >> in the meantime cnbc's reporters are covering between big stories this morning ylan mui has the update on the ground breaking lawsuit against facebook, but we'll start with meg terrill to talk about pfizer and biontech's covid vaccine

this is what the world has been waiting for. >> it really is. it is essentially the last step before the fda officially weighs in and potentially gives the green light to 24 covid-19 vaccine from pfizer and biontech so this meeting officially kicks off at 9:00 a.m. this morning. and it is actually a meeting of outside experts, advisers to the fda who will discuss allthe efficacy and safety data and there will also be a lot of presentations from the fda itself about how it looks at emergency use authorization. we'll hear presentations from the cdc as well about how it is looking at vaccine safety and effectiveness monitoring we'll hear pin input we will also hear from the company about its own data and then this commit committee will have this discussion, they are scheduled to take their vote at around 3:15 today but of course this could happen at any point it is scheduled to go until 5:15 this afternoon so we'll hear what they discuss and of course, a big topic is likely to be these allergic

reactions that we heard about in two health care workers in the uk uk regulators suggested that people with a history of severe allergies should not take these shots. so it will be very interesting to hear the fda and this committee weigh in on how to approach issues like that, which could emerge when this vaccine gets rolled out to thousands and millions of people when of course the trials were in just 44,000 so a very big day. >> meg, the hope is that the vaccines can get rolled out very quickly, but i know the cdc still has to say exactly who should be getting these first. so next week is potentially the earliest we'd see any in the united states? >> it all depends on how quickly the fda acts after the vote today. possibly they could even act today to issue this emergency use authorization. the cdc does then, another advisory committee, have to weigh into specifically recommend this vaccine and they have other things they

need to talk about like what should be recommended for pregnant women, breastfeeding women, people who are immune know s immune know suppressed and so things that the cdc will discuss, but it shouldn't hold up the rollout of the vaccine.k. and so things that the cdc will discuss, but it shouldn't hold up the rollout of the vaccine. so we could be seeing people getting their first shots early next week. >> anything like this, this adverse effect, obviously it was so early on in testing and it has only been a year for the vaccine, so people immediately think -- i just started thinking about allergies and exactly what we're talking about, meg and i realized that allergies, whether it is a food allergy or a hayfever or -- i'm allergic to everything i remember when i got tested when i was a little kid, all those little dots on your back so that is an immune system

response that seems to be in hyper drive for certain substances and that is what happened i guess yesterday. and these were people with severe i think food allergies. so i'm just trying to talk myself into saying that the vaccine itself in a person that isn't hyper allergenic, if you would, probably wouldn't have a problem. so this could be isolated and it is not something we need to worry about. is that your thinking on this? >> well, so they didn't include people with severe allergies in the trial, so they didn't see these kinds of allergic reactions in the trial of 44,000 people the recommendation in the uk is for people with these severe allergies to holtd od off on geg the shot dr. fauci talked about the idea of just understanding the issue better could alleviate the problem. he didn't say carry an epipen, but perhaps the folks in the uk

had to use enpipens for example so experts are saying perhaps there is a way around this or hopefully the other vaccines won't cause these kind of issues >> the people had epipens, so they were aware of the issue so it was not a big -- they knew that they had this potential vulnerability. anyway, i know we got to go. >> yeah, meg, thank you, we'll have more about the vaccine meeting at 6:30 a.m. we all have so many questions about this and it is the huge story of the day but there is other news out there too. let's get over to ylan mui, she has the antitrust lawsuit against facebook what you ccan you tell us? >> both federal and state regulators are accusing facebook of systemically snapping up its smaller rivals before they can turn into true competitors as well as restrinktsing access to third party developers that they

view as a threat in fact in the ftc's complaint, they point to an email that mark zuckerberg sent all the way back in 2008 that said it is better to buy than compete as a reflection of the mindset that the company had just become entrenched over the course of more than a decade now, to fix this problem, the regulators are asking the courts to consider breaking up the company including 134rsubmittinf whatsapp and instagram >> we are pretty confident that we will succeed. again, just look at previous actions that have been taken by doj and our office as well with respect to microsoft, with respect to at&t, it is critically important that we have the power and jurisdiction to seek remedies including but not limited to divestiturdivest. >> on capitol hill, lawmakers welcome the news josh hawley caused it a necessity. and david cicilline called it a

major step but facebook is calling it revisionist history and pointinging out that regulators did not object to these acquisitions when they were initially made back over to you >> as we get ready to look at a new administration coming in, obviously both republicans and democrats have complained about this, but what does it do to a potential case if there is a new administration and maybe something else running the ftc >> so one thing that was interesting is the split of the makeup on the vote for the ftc both of the democrats that sit on the ftc's board of commissioners voted with the chairman to sue facebook the two republicans who sit on that board of commissioners did not vote to sue facebook so you are seeing that there is democratic support for this. and then the state lawsuit is bipartisan 46 states, it is almost all of them, so it is very likely that that will continue to go forward. i think that one of the questions that is outstanding is will these cases eventually be

combined by the court or will they continue on separate tracks because they are two different lawsuits even though they were filed on the same day. >> ylan, a couple things i've now read every page of this several times. irrespective of the politics of who is on both sides right now in terms of who is in office, ultimately i think this is the kind of case that could go to the supreme court. given the current makeup of the supreme court and the approach that those justices have thought about these things, do you have a view or do you think that there is a view of actually whether the companies themselves will be broken up? >> you know, that is really hard to say, andrew what we do know is that the companies -- facebook does intend to fight this vigorously, they know that it will take a very long time and what they are warning is that, you know, if this does move forward and if they are forced to divest some of their assets, that this is a shot across the bow to other

companies that you can sort of go back and have a do-over of acquisitions that at least in the case of instagram, the ftc did look at and didn't find any problems with. so this has major implications obviously for mergers and acquisitions in the future and also point out that it affect facebook's business down the line because one of the other remedies that both regulators are seeking is the ability to approve any future acquisitions by this company and the bar for states is as low as $10 million. so this could also in-jenkt a high level of regulatory oversight for many years to come >> ylan, thank you by the way, i'll haanswer my ow question for a second. i don't think that this supreme court would break up these companies, but i agree with you which is to say that i think longer term for facebook itself, it would be very hard for them to pursue other acquisitions and i'm sure there will be other types of regulatory elements that will ultimately have to

surrounds tsu surrounds the company. we have more coming up including my interview with brian chesky ahead of the company's big ipo today. he will explain how the pandemic drove users to his business even as the travel industry ground to a halt a fascinating story. and then later, an update on stimulus talks from house minority leader kevin mccarthy, he will join us here on squawk

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enroll now at coveredca.com welcome back airbnb going public today, the company priced its ipo at $68 a share, higher than the original range established earlier in the week, bringing its valuation to $47 billion. i spoke with co-founder and ceo brian chesky in an interview earlier this week. he joined me inside the first airbnb listing ever. i started out by asking what it felt like to get to this moment. >> i remember october 2007, arriving in this apartment from los angeles via a honda civic,

totally broke and my roommate joe and i were trying to figure out how to pay rent and so we ended up actually inflating a few air mattresses and we turned this apartment into an air bed and breakfast. if 13 hours years you would have told me i'd be on the eve 6 of ipo, i would have told you you were crazy >> even two, three years out, did you have any anticipation you would be where you are today in terms of how large the company is >> no, i remember when we started airbnb, we felt like we were on to something i remember saying, you know, one day this is going to be huge thousands of people will use airbnb so i thought we always thought it was going to be big, just, you know, when you are 26 and like my parents are social workers, my sense of scale, i couldn't tell the difference between a thousand and a million and a hundred million people so i think it gradually began to dawn on us that this would get

bigger probably around like 201 1, 2012, but it was definitely a long road. >> airbnb planned to go public this year, in fact brian chesky started writing the letter with his co-founders back in march. but that was before the pandemic and i asked him how this health and of course economic crisis has changed the company as it enters this next stage >> well, i feel like i'm now 39 going on 59. because i feel like the last eight months we must have made a decade or two worth of decisions. probably like a lot of people, kind of came into 2020 thinking my life would go a certain way and all of a sudden, you know, march happens and i feel like i'm the captain of a ship and all of a sudden a torpedo hit the side of the ship and suddenly our business drops by 80% in eight weeks. and it is not typical to run a business it drops by 80% and you

live to tell about it. we had to basically rebuild almost the entire -- everything about the company from the ground up. but i think that crisis, it kind of reveals a lot you can learn a lot about somebody in a crisis i think i learned a lot about myself in a crisis and we just got incredibly focused. and i think that the crisis instilled a sense of resolve and a sense of focus about like why we're even doingthis in the first place. and it was the same reason we did it when we started and everything else, all the other distractions, they kind of fall by the wayside and only like what is most important is kind of left in a moment of crisis. and that is kind of what we ended up focusing on >> so tell me what you think this looks like, what this business looks like today but also on the other side of what we all home is this vaccine coming this spring, summer of 2021 >> when the crisis happened,

people really stopped traveling. and i didn't really know -- i was expecting the business would take a long time to recover. but this past summer, something happened that surprised us people found new ways to use airbnb you know, we found people who were working from home and they were just really like stirred up in the house and they decided i'm going to get in another home and work fromm an airbnb college kids didn't want to move back with mom and dad, so they ended up staying in airbnbs together other people didn't want to live with their family. and i think what happened is we often yearn something when it is taken away from us travel for many is taken away from them right now. maybe even something deeper that is taken away is the sense of connection the idea that we can spend time with the people that we care about and meet other people. so in that way i think that there was a yearning for what we offer. and in that kind of sense, i think this company was new again for many people and millions discovered this company. now, what does it looks like in

the future well, i don't know for sure. i think anyone that was in the business of predicting the future about a year ago has been humbled. so i certainly can't predict the future but what i will say, i do think that once vaccinations are here, i think that the roaring '20s came after the spanish flu, there will be another roaring defense a '20s and i think they will discover an authentic way to travel where they can connect with people they care about. >> and i asked brian given the complicated relationship between the u.s. and china, how they see the trade essential tensions im company given that they 345 a big bet there. >> we're not the first hospitality company to operate in china hilton and marriott have massive presences. and where we found our sweet spot is really the cross border business, actually mainly how we're rely vachevant is chinese

travelers, mostly millennials, that want to travel around the world, leave china and have an authentic travel experience. so that is the primary way that we exist that is where most of our revenue, most of our chinese profits come from, our chinese travelers that want to experience the world we just want to make sure that people all countries around the world with internet access ideally can have an experience with airbnb around the world >> and we'll bring you a lot more of that interview and conversation with brian chesky, we'll do it in the next hour, including his perspective on what business travel might look like beyond the pandemic it is an interesting answer and could have huge impacts on the business and consumer world. he makes a pretty interesting connection which we'll show you in a little bit. joe. coming up, a closer look at the looming eviction crisis in

america, diana olick will tell us why millions of renters won't be celebratie ing end of 2021. as we head to break, here is a look at the biggest pre-market gainers specifically in the s&p including a move higher by starbucks after some upbeat guidance and we'll talk to kevin johnson at 8:30 a.m. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

an eviction crisis is

looming, the moratorium is about to expire and that could leave millions of renters without a place it live on new year's day. here is diana olick. >> reporter: christina kelly had no problem keeping a roof over her family's head in omaha until she got laid off from her job last summer when the business closed due to covid. she hasn't paid rent since august >> there are no options. right now the homeless shelters are all closed to new people because the pandemic obviously and i don't have a vehicle for me to even sleep in. >> kelly is one of up to 5 million renters across the u.s. who face eviction at the end of this year when a moratorium imposed by the centers for disease control expires. >> you have been sued for the possession of premises and -- >> reporter: kelly may be out even sooner because her lease is up you, which means she is no longer covered by the cdc. >> this is really an epidemic during this pandemic that people are facing and i don't think a

lot of people realize. >> reporter: the crisis is national, but some states are seeing a higher share of renters at risk because they either don't have their own state protections or have higher unemployment rates >> i think that there will be an avalanche of evictions because there is a lot of people who are falling through the cracks of aid. >> reporter: this attorney says some landlords are finding ways of getting around the cdc order which only covers nonpayment of rent they are alleging things like minor property damage, noise or even pets they already knew about. >> they are getting the violation notices evicted for that >> reporter: and applying for state aid is also difficult. in kelly's case, her former employer is closed and she can't get the proper documentation she needs. she has applied for dozens of new jobs, but so far no luck >> i just want landlords to know that we understand it is hurting them, but it is hurting us as well they have somewhere to lay their

heads at night and at some point we may not >> reporter: and of course landlords argue that they need to make a living too in fact the smaller mom and pop landlords who depend the most on rent for their personal income are beis hardistest hit, and bo break that they need more help from the government. >> this was something when you remember the first piece on this, it was a while back and here we are. you would have thought that maybe -- how do we expect the cdc to extend the moratorium, what does that look like >> we've spoken to sources within the cdc and they say while they are considering it, they have not made an announcement yet they are likely waiting on congress now which is working on that next relief bill. there is significant renter relief in that bill, they just need to pass it and they need to get that money to the rechbnter and landlordses. and also a potential for extending the moratorium by

about a month, but the question is, when will it happen, is it going to happen, and will it happen by january 1 when this expires. no one knows yet >> always look forward to the outdoor shot is it raining or something what happened? >> it is dark. it is pitch dark, joe, come on i have a little tree a little something all right. no, that is very cozy. looks very -- that chair i got my eye on over there i'm look nodding off a little thinking that i could curl up in that baby. >> that is where i'm headed next >> i could get invited, or not, some day anyway, thank you, diana we wish luck to -- i don't know what to tell you, but nobody likes to lose their home to say the least. becky. by the way, i noticed diana didn't take you up on your

offer, fishing for an invitation there. >> no, silence >> when we come back, the rapid development of a covid vaccine is one of the biggest stories of the year we'll get you ready for today's crucial fda meeting on whether to approve pfizer's. and a look at yesterday's winners and losers things are a little different this school year it's different because i have to talk to a computer. i get like 6 emails a day... olivia please turn your screen on. okay, lift the... there you go. mondays remote, tuesdays at school... it's the other way around.

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good morning u.s. equity futures at this hour are in the green but just small moves today. we had some news that we're expecting obviously, but how much of the big gains we've seen in the averages were sort of based on the final occurrence hopefully of what we'll see today in terms of vaccines,

maybe even the stimulus package. becky. >> joe, thanks that fda advisory panel meeting today to talk about pfizer's covid vaccine potentially putting us one step closer to approval, a big step actually. joining us is dr. peggy hamburg, former fda commissioner. doctor, thanks for being with us this is a historic day and a lot riding on what happens today with this panel. in your experience with the fda with these panels, what do you anticipate will happen today >> this is a historic day, imagine in less than a year going from the recognition of a novel coronavirus to a vaccine authorization potentially, that is what will be discussed today at the hearing it will be i think, you know, a pretty routine meeting in some ways though because the data coming in on this vaccine is so

promising. the initial evaluation by the fda has shown really dramatic efficacy and no significant safety concerns. so i don't think that there will be a lot of fireworks at the meeting. but there will be a very considered discussion with the fda scientists discussing the data and their analysis with the company scientists and with the panel of outside experts making sure that all of the important issues get discussed and there will be some areas of intense focus including what will happen to this study once an authorization for broader use might be made. will it continue or will the individuals in the placebo arm be offered vaccine >> that is a big ethical question obviously if you've got this

effective vaccine that looks like it is so promising as you mentioned, you want to be able to give it to the 50% of the patients in those studies who got a placebo, you want to offer them protection and thank them for stepping up and being the ones who stepped forward to allow these tests to happen. if you do that though, it limits the amount of information that you will have done the rodown ta about longer term effects. so how are the scales weighted on that question >> well, you are absolutely right about the dilemma posed. and it is a scientific one and an ethical one and it is going to be an important focus of the meeting i think the fda has indicated their interest in continuing the study in a controlled way and i think pfizer has indicated that it is in a somewhat different place. so i think that that is really the discussion of the day. and it has broader implications for other study, i might add, in terms of how do you structure

other vaccine studies. this is obviously the first vaccine to be making it towards the ifinish line in terms of emergency use authorization. but there are many other vaccines in development and they will probably be second and third generations of covid-19 vaccines >> one of the big questions i would assume that would get some attention today is what happened in the u kuchlt with tk with twg allergic reactions after getting the shots. what are the implications, does it concern you, or is this something that maybe is not surprising given how quick of a rush that was and the fact that you usually don't have people with extreme allergies enrolled in trials like this? >> an allergic reaction is always a concern any potential adverse event related to a vaccine has to be

looked at in a very serious way. but i think it reflects the ongoing process as we learn more in the pfizer study, individuals with a history of serious allergic reactions were actually excluded from the study. i imagine that the advisory board meeting today, there will be a discussion about appropriate use of the vaccine, what should the label say. and that they will discuss whether there should be contraindications for individuals with history of severe allergic reactions. but that is something that comes up with other vaccines as well it needs to be addressed, search provi certainly providers need to be thinking about the possibility of allergic reaction in the

context of providing vaccine but i think that we have a lot of experience now in fact with this vaccine that is being discussed at the advisory board meeting today and may be the first in the united states to receive an emergency use authorization. we will need to continue to it you haddy i study it one important thing that people need to understand about the vaccine process, always is that it doesn't stop with an approval or an authorization, the responsibilities responsibility of the fda of and others is to continue to monitor the use of the swrak even in van the real world and to investigate any safety concerns and to adapt recommendations as indicated in terms of ongoing information that is collected.

>> sure. doctor, just one quick question. when i first heard allergic reaction, i thought well of course, even when you get a flu shot, they ask you if you have allergic reactions to eggs or things but other vaccines have egg based -- things that happen in the manufacturing process. these are different vaccines, they don't use those do you have any guesses about what may be causing an allergic reaction in. >> i don't and i think it needs to be looked at quite carefully. but there are other components in a vaccine, other issues, and it could be unrelated to the actual vaccination itself. we just don't know right now and it is best to let the professionals investigate and report back. but i think that it also should be noted that the data does tell us that this vaccination does cause some reaction at the time of administration that is fairly

routine, but notable if you are receiving the vaccine. local swelling, irritation, some pain, a sense of fatigue, sometimes headache in a percentage of patients they had chills and low grade fever. so, you know, you will know when you get the vaccine, but that also tells you that it is working and your body is responding >> right one of those times you want feelings like that dr. hamburg, thanks for your time >> thank you when we come back, international travel has been at a standstill now for months, but now there could be signs that it is getting restarted we'll bring you the details about that plus a huge lineup of guests still to come including the ceos of cvs health, starbucks and united airlines.

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welcome back the white house coronavirus task force has recommended to the president that the united states begin allowing travelers into the country from brazil, united kingdom and the 27 countries in the european union if the president signs off on

that proposal, it would reverse bans on inbound travel that were put in place at the beginning of the pandemic the suggestion was not unanimous. in fact sources tell cnbc that the cdc strongly opposed the reopening of travel. we'll talk much more about the travel issues with the ceo of united airlines, that interview is 8:45 a.m. eastern time. yep, but in the meantime, desktop metal going public on the nyse today after going to market through a spac this summer we'll talk to the founder and ceo ahead of its debut, that is coming up next don't forget to subscribe to our podcast. you will get interviews, original content, and behind the scenes access. look for us on apple podcasts or on your favorite podcast app and subscribe to squawk pod today.

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making its public debut on the nyse, 3 d printer maker, desktop metal, has big backers including chamath, joining us is rick fuller, ceo of desktop metal i think you have been on the show i know you've been on cnbc before before we get into the financial details, rick, it's so fascinating, the idea itself, that these really smart guys including yourself came up with -- it would be interesting to go on exactly what we're talking about in terms of additive manufacturing and the way that 3d printing can sort of lead the way there for much less

money, and probably much faster times. how does it work, and who needs it >> yeah, i mean, this is a real technology that is super broad, and very horizontal and can touch many industries, everything from transportation of every kind to consumer electronics, medical devices, you know, pretty much a large part of metal components could be produced this way, and today we have $12 trillion worth of goods that are made and a small percentage that's made with additive, and what's unique here is we've got a method that's 100 times faster than legacy systems and that leads to broad adoption in number of industries that before couldn't afford this type of technology, and now they can leverage all of those benefits and it's a real opportunity. >> so let's say you're an ou auo maker, bmw or ford there are certain parts that

it's not cost effective to make, and this satisfies that need in a sort of a custom way that ca actually be scaled up to pretty large numbers, using this technology >> yeah, we work with a lot of major vehicle oems vehicles are made with cheap metal, and you create a body in white, an assembly of sheet c e components those are the type of parts that are now, very applicable to this type of process, things that have high complexity where you can actually benefit from 3d printing, lightweighting and the ability to make the parts and not have inventory and not have tooling, which is a huge benefit. you can have faster design cycles and more sophisticated shapes and in terms of spare

parts in the future, you print them when you need them. it's a huge opportunity. >> well, let's talk about -- those ink cartridges are a pain, they're expense icive, you know you can find them. tell me why about why this method, how much money are we talking about, what are we using the money for, why did it make sense, the trying relationship >> yeah, i mean, we were fully funded before, you know, we had raised capital, and fully funded before we did this transaction i think this puts our company with a strong balance sheet and the opportunity to do some inorganic opportunities and fast organic growth that we have right now, so it's a real opportunity to scale the business, and allows us more degrees of freedom, and in a market that has gone from a billion to 12 billion over the

past decade, in this decade, it's going from 12 to 146. it has been compounding at 20% for a decade, and it's projected to continue to compound over this coming decade, so we're at an inflection point, and they think there are lots of opportunities for growth in our sector. >> iohey, ric it's great to see you. it's andrew here. >> how are you >> help us with the investors thinking about investing in the company in terms of comps, in terms of comparables, should they be thinking about the multiples that are historically on the sort of classic autoparts ma makers and stepping that up? do those companies effectively go, i mean, is this a zero sum game, can they win while you win? i know you have a lot of patents, in terms of competition, longer term, speak to that if you could. >> absolutely. i mean, i think that there are many different types of comps. we are working end use parts,

versus prototyping and tooling, which is in this industry. there's a number of technicals and industrials, as well as companies like protolabs or materialized that are very good comps for our business and, you know, we're growing much faster than the market, so it's another consideration >> not hard to remember the symbol if you have ever dm'd anyone were you -- you're an mba from sloan, did you do any engineering work before that at m. m.i.t. or what was prior to that >> yeah, i have been a technical founder since i was 20, so a number of technology companies, and then went to business school halfway through it >> okay. >> thank you, we appreciate it

great to see you we'll see you again, ric thanks. >> it's a pleasure talk to you soon when we come back, house minority leader kevin mccarthy will bring us an update on stimulus talks and what's happening in washington right now. and later, three big ceo interviews still to come, including cvs health, starbucks and united airlines. "squawk box" will be back after a quick break. everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round.

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a big day for airbnb we'll hear from the company's ceo about the current housing environment. the path to profitability and the ipo process. also, investors awaiting the fda's decision on the covid-19 front. this as the united states hits new death and case milestones for the pandemic we'll tell you what you should be watching in today's trading sessi session. we'll hear from house minority leader kevin mccarthy the second hour of "squawk box" begins right now good morning, welcome back to "squawk box" right here on

cnbc i'm andrew ross sorkin, along with becky quick and joe kernen. big morning ahead. let's show u.s. equity futures at this hour, about 2 1/2 hours before we open dow 250 points higher, s&p 3 points higher, and nasdaq down we'll talk about facebook and so much else just a little bit later. the big news of the day, the fda vaccine advisory panel meeting to talk about the new pfizer vaccine that's out there at this point. this is something that we've all been awaiting, not just on wall street, of course. this is a huge issue for what's going to be happening beyond that one small sticking point in today's review, however, could be the two allergic reactions reported by uk health care workers. they're telling anyone right now with a serious history of certain allergies to try and avoid the pfizer vaccine at least for now. we're going to have much more on the story later in the show, and speak to cvs health ceo larry

merlo about l rthe rollout. a hugely important issue, one that so much is riding on. joe. thanks, becky. all these great guests, plus, the all america survey is out. can you believe that the cnbc all america, i don't want to confuse it, survey is out, and it shows -- did you write this, steve, a not so jolly holiday consumer senior -- if you didn't write it, you wish you had senior economics reporter, steve liesman joins us now with more ho ho ho, steve. >> kernan reads shakespeare at 7:03 in the morning. joe, this is a little more serious. americans are struggling this year to put the cheer into the holiday with lower incomes you've got the covid crisis, and of course the concerns about the economy. the data shows the all america economic survey finds 40% of

americans plan it spend less this year on holiday gifts that's the highest number in the category we have had since the u.s. was recovering from the '09 financial crisis 11% planning to spend more, and the gap between the two, the widest since 2009. 2017 was the narrowest gap we saw. responds on average will spend about 900 bucks this year. that's down 10% from a year ago. top reasons for spending less include need to save, concern about the economy, and covid, and most of all, a loss of wages, 29% saying they're going to spend less because of lower income or wages. not surprisingly when americans do shop, and of course they will shop, they're going to do so online in far greater numbers and percentages than they have ever done before, at least according to our 14-year-old survey 55% of americans say they will do most or all of their holiday shopping online. that's a 12-point jump from last year, the biggest jump we have ever recorded, big box stores and department stores, you can

see bearing the brunt of that online search. though our data also showed they had made some gains in online spending the surge in online shopping follows three years when the percentage was stagnant. a question for investors, not whether they're going to shop online this year, we know they will, it's how much of that surge remains after the crisis ends a question for the economy is whether a new relief bill could help the final holiday numbers bringing cheer to families challenged this christmas season. >> would you be surprised if people say they are going to spend this much and actually spend more, steve? moynahan says consumers are flush. >> you would not be surprised or you would be surprise sd? >> i would not be surprised, joe. i think people can, a, extend themselves, and b, our data show a correlation with the level of spending, but it's not precise when more people say they are going to spend less, we tend to

have lower increasing in spending we don't necessarily have decreases. i wouldn't be surprised if it's better than expected i also think, joe, there's the lot of pent up demand out there. you can see some of that happen in the holiday season. that would be a help also you can see it next year if things begin to brighten, the situation with the virus brights, people start going back to work. you know as an entirely weak knee father, spineless when it comes to the request of your kids, you can find any number of excuses to buy a gift for your child at any time of the year. >> yeah. no is not an option ever i'm trying to think. >> right, ever. >> i don't think i have ever said that, actually, no. >> may comes around and you'll be, like, hey, yeah, sure. >> right, maybe my daughter was going to get a whole arm tattoo. she wasn't, that might be be a no i don't think i've ever --

>> the nose ring, no >> although we've decided, hey f that's what you like, go for it. who are we doesn't work for us. you'd look kind of cool with one of those big sort of ring, with the hair, and then you got to go full on with the, shave is all like i have asked you for years. >> like the rodman thing >> like a dennis rodman thing. >> maybe i'm thinking of it figure something out. >> let me write that advice down, joe. >> he already got the tattoo for me when he was down at the shore, so she doesn't -- you can compliment that maybe, andrew, some piercing, i don't know. thank you, steve, i hope it's better than we're thinking here. some people have money because they haven't spent it on travel. maybe it will go into gifts. all right. we'll see.

when we come back after this, actually, i should say before we go to the break, a couple of stocks to watch this morning. we just have news crossing on moderna as joe and steve were speaking the biontech company announcing it's begun to give healthy adolescents the covid vaccine in phase 2 and 3 trials, individuals between the age of 12 and less than 18. the goal is to have the results sometime in the spring of 2021 in advance, of course, of the school year that would begin in the fall of 2021 facebook remains on watch after falling yesterday. a news of lawsuits filed by the federal trade commission, accusing in engaging in anticompetitive behavior and seeki seeking to force the company to sell instagram and what's after. looking at that stock down airbnb cofounder brian chesky thoke about the ipo route and pa to profitability ahead of

his big ipo. that interview is ahead right after this it's a thirteen-hour flight, that's not a weekend trip.

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share, much higher than the original range established earlier in the week. it brings the evaluation to $47 billion. at one point, people thought the company was worth $18 billion, pre-covid, there was a view that might have been worth just north of $30 billion, so it's a remarkable thing to consider where we are right now and the optimism that this market has not just around the market more broadly, but of course travel and what the world may look like post a vaccine i spoke with cofounder and ceo of airbnb, brian chesky and asked him about going publicly traditionally, given the spac frenzy we seem to be talking about virtually every day. >> you know, i have a lot of respect for a lot of people that reached out to us, and it was humbling to see that we had a lot of interest for a lot of different proposals. you know, i think that like fairly early on, you know, actually earlier on, we had contemplated a direct listing.

i think an ipo became the very obvious path for us, because, you know, ultimately, i think airbnb is a different kind of company. it's not like other companies, so we wanted to have the opportunity to tell our story, and what makes airbnb to as many people as possible i think an ipo is a very good way to tell the story to the most number of people so when they consider buying stock, they know what they're buying i think that was very important. >> bill ackman was reportedly one of the spacs that approached airbnb they turned them down, and here we are with the ipo today. i asked chesky about airbnb's path to profitability. >> we were ebita positive in 2018, on an adjusted ebita basis. i think that the way to think about it is we think this model has really good long-term inherent margins built into it now, the thing about airbnb is we had to do hard work to get the company going.

we had to design the system of trust, build our own payment system, invest in trust and safety to be able to make sure that two strangers could live together, to be able to localize our product in 200 countries and regions around the world we had to invest in building a brand, known as a noun and a verb around the world. we had to built a lot of difficult things, made a lot of investments. i think as you see in 2019 we are over an investment hump of sorts and i'm feeling good about what the nature of the profitability for this country is on an ongoing basis at the end of the day, this is a primarily capital light business it's a community communities are extremely scaleable. you do have to invest in them if you want to build a truly global brand of hundreds of millions of people. >> for the investor class thinking should we be buying into this ipo, one of the questions they invariably ask is who's the comp, what's the comparable company to think about, and of course they are the bookings.com, and the expedias, and then there are the hotel companies on the other

side where do you think you fit in that mix or do you fit in a different mix? >> we fit in a different mix we basically said we created a new category of travel, and therefore we're in a category of one. i mean, the otas booking.com, expedia, they're really distribution channels mostly for hotel rooms that existed before them they don't do all the services and all the tools that we do, so we don't think that's the best comp for us, and obviously we're not a hotel. that's pretty obvious as well. we do think we're a totally different category, and investors are going to have to probably value us, you know, just by looking at the fundamentals of the business >> i also asked chesky about the various classes of shares, and how investors should think about that structure of governance given the control that he and his founders will have. >> my cofounders and i, you know, we are -- we want to build a company for the long-term, and you know, i think everyone says

that you know, when you're a founder, you want to build a company that's going to be around longer than you, and we wanted to make sure that we had some insulation from pressures that would, you know, i think make us make compromises on a short-term basis, so we do have a duel class of stock to allow us, i think, to make really long-term decisions, and i think, you know, investors can decide if that's something they want to buy into. >> you're setting aside shares as part of a host endowment. can you talk about what that is and how you see that >> our hosts are so important to airbnb, they really helped us build this company and we wanted to make sure that we could create a way to continue to invest this our hosts for as long as airbnb exists. if you took over 9 million shares of company stock, and we transferred it into an entity which was a host endowment and then created a host advisory board. it's about 16 hosts that

represent hosts all over the world. they're going to advise us on how to invest that endowment in the host community we're going to be investing in the long-term over this community, and i hope this endowment continues to grow in value as airbnb grows in value i'm taking $100 million of my own stock, and putting it into the endowment as well. >> one of the other things we addressed is perhaps one of the biggest issues right now for our viewers, business travel expected to decrease post pandemic bill gates last month said it could be cut in half, which could mean that hotels in big cities will not be filled the way they used to be. i asked chesky about that and the impact of lower hotel prices and what that could mean to his businesses, especially in big cities. >> the hotel industry has been very much centered around business travel. there is going to be no doubt a shift overall in travel from business to leisure. every one of us is going to d .

adapt. that's the first thing business travel is going to go down i also think masked tourism, people waiting in line to get photos in front of landmarks and double decker buses, that's probably also going to be smaller in the future. i think people are going to desire to want to travel, go to the cities i think you're going to find new reasons to go to cities. if hotels price their rooms lower, i'm sure our hosts will adapt as well. i think our community is inherently resilient, and most of our hosts never were hosting before airbnb, mostly whatever they charge per night is incremental income for them. >> and we're going to have a lot more of that conversation with airbnb, ceo and founder, brian chesky in the next hour ahead of this big ipo later today, and we should also mention that brian is going to join the gang on "squawk on the street" hopefully when this thing lists a little bit later today, this morning.

joe. >> hey, andrew, just a quick question in terms of business travel, i always kind of think of airbnb being a consumer driven trial. i stayed with air bnbs, never with business. did they give a break down of how much is business travel? >> oh, i don't know if they actually ever have i think it's de minimis. i don't think it's a business travel product at the moment at you will a i think the issue they're going to confront is big cities where they historically competed sort of on the margins or competed for the consumer while the hotels have competed for the business traveler. if the hotels start to have to compete for the consumer travelers, airbnb has a bigger competitor, if you will, because prices may go down in the hotels which means that the airbnb hosts will also have to maybe bring their prices down as well. we'll see. >> drop their prices, yeah >> all right coming up, we're going to talk

markets and maybe some stocks you might want to consider buying, and then later in the show a big lineup of guests, larry merlo, and kevin johnson, and united airlines scott canki in the state of the business there. time for today's aflac tvia ri question, what is the oldest chain restaurant in america, the answer on "squawk box" when cnbc continues. these are all the cab rides to my physical therapy. and aflac paid me directly to help. aflac. what he said. and this unexpected bill is from... the two-thousand-dollar specialist. thanks. aflac. when you're sick or injured, aflac is there. we can help with expenses health insurance doesn't cover. get to know us at (aflac!) dot com.

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welcome back to "squawk box" this morning it has been a week with too massive tech ipos, door dash earlier this week, airbnb, door dash making the debut yesterday and ended up with a $60 billion market cap, signaling new investor hope in the gig economy. today we're anticipating airbnb's offering in the sharing economy. which business model represents the bigger economic opportunity. jon fortt is here to weigh in with on the other hand. >> door dash's ipo was impressive but the bigger opportunity lies with the sharing economy, not the gig economy. sharing means you own something and you're renting it out for other people to use. that's a huge proven market ripe for invasion, whether it's homes, offices, cars, there's things people own they're willing to let others use for a fee. that's why airbnb in what should be the worst possible year for travel and tourism company to go

public, the big knocks are regulation and quality going to lock airbnb out and will the accommodations be nice enough consistently. this pandemic has shown that demand for airbnbs is coming back faster than hotels and that should make cities eager to diversify lodging options if they want tourism to come back, sharing all the way. >> so hold on, though, door dash just getting all the attention now, is that because we're forced to order in >> well, i mean, on the other hand, uber and lyft earned it a bad rap before door dash is showing there's a lot more to the gig economy than losing money door dash raised about $3 billion over the years. it has half in the bank, despite the fact that it has been gaining share from rivals kwhofb spendi -- who have been spending more.

mostly about luxury items, most people don't have an extra house or boat to rent out. the gig economy is about hard work that's something we can all do, and technology lets people have more control over when and where they work. door dash has gotten a lot of hype during the pandemic it drove the value up. that's a good thing. the gig economy, uber eats, instacart, door dash lived up to the hype the pandemic has shown us that not only is the gig economy here to stay, we almost can't live without it, andrew >> do you really think the market is being rational here? i think that's the real question, the way the ipos are being valued. >> gosh, that is the question, and i think especially when you look at door dash, is there ever going to be a moment where the case gets made for door dash more than this year, and this is the point at which that stock is being valued for the first time. so are investors going to end up taking a bath on this, priced at

102. and look, 180, as for the end of the first day of trading that's something investors have to think about how long are you going to be willing to hold on to this on the other hand, you look at airbnb, what would the growth rate have been like if we didn't have the pandemic. the investor need to take the long view on that too. >> john, we will see we will see which side of the many hands is right here, and i need to mention, and i'm very proud of you, a programming note, jon is going to be hosting the path forward, race and opportunity in america, he's going to do with a carl quintanilla, the program is going to take a closer look at the economics of the latino community, including representation in corporate america, education, and entrepreneurship, and they're going to be exploring whether there's an opportunity gap for latinos in the u.s., and potential impact on the economy. please join jon and carl tonight. that happens at 8:00 p.m. eastern time, and of course happens right here on cnbc

thanks becks? >> andrew, thanks. still to come on "squawk box" this morning, stimulus talks and a vaccine rollout on the minds of investors we're going to find out how you should be positioning your portfolio right after this break. and speaking of stimulus, house minority leader kevin mccarthy will be our special guest, coming up in a few minutes. we'll get his thoutsgh on what it might take to get a deal done in washington. "squawk box" will be right back.

check out the futures this morning, after a down day for the markets, you're going to see we have turned into negative territory here dow futures indicated down by 13 points s&p off by about 7 and the nasdaq down by about 56. joining us right now is james mcdonald, he's the founder and ceo of hercules investments, and james, you think that we have kind of had our run with the good news we're seeing out of the vaccine, the markets have taken the most they can out of that

you actually expect us to turn down from here make your case for that. >> well, there are expected vaccine setbacks there's supply chain slow downs, and yesterday's allergy warning is something we need to pay close attention to the stimulus hopes are fading, and we have never had a market run up this high for this long in history we are at levels of valuations that have just exceeded those prior to the 1929 crash. just prior to the dot com crash in 2001. in a normal bull market, we would be ready for a pause and a correction, and in this current climate, the risk is probably stronger than it's ever been in history, given the covid situation was what caused the market to come down after a record bull market from march 2009 to this february. there are too many risks in this market relative to the run up we have had it's time for the markets to stop going up and to come down,

and i believe that when they do come down, they're going to come down really hard. >> you're also a little concerned because the percent of the market activity that's made up by retail investors, the robin hood traders and such is fairly large, 20 to 25% on some days what is it that concerns you about the retail investor playing such a large role. >> i think market euphoria, due to the retail presence, is too strong, relative to the risks in the market call option has reached a record high in november even though professional buying was flat on the chicago board of trade, and now retail is 20% of activity on average, and 25% on peak days, and this crowd doesn't understand the risks in the market they understand that if they buy and they sell, they might make a profit, but when it stops, it can become very dangerous. we saw this back in 2001 as well with rules instituted by the regulators for quote unquote day traders, and what we want to be

careful of here is tech up 42%, consumer discretionary up 42% through this rally those are sectors that can go the other way very fast, and we want to be careful about chasing this and the nasdaq 100 up 42% year to date in a market that is extremely risky. these are all risks that we think need to be factored into a portfolio design, and where we are is very defensive here >> you say that you see a pull back between now and the inauguration day on january 20th, to 3485 and after that, you look all the way down to 200. that's a decline of more than 12% from where we are now. what are the one or two things that could change that or prop the market up. >> only a stimulus bill or fed intervention could push markets higher we have extreme partisan tensions in congress that make a stimulus deal unlikely, and divided congress makes progress hard biden can impact green energy

but we think that the stalemate from our legislators is going to keep the stimulus bill, probably it will be a last minute thing and when it does happen, obviously it will happen because it must happen let's understand what the stimulus bill is, a necessary precaution to keep our economy safe, and in the face of the risk of the lock downs, this is something that is also going to be a risk to growth in q1, 2021, and going forward, and i think there's too much optimism given that what brought us down in the first place is back, and we're seeing cases spike again i do not think that this is something the market is going to continue to be able to shrug off. >> james, thanks for your time today. good to see you. >> thank you so much >> joe thanks, becky, lawmakers buying time for a broad coronavirus relief lawmaker kevin mccarthy joins us in a few minutes to discuss. a huge lineup of guests to come,

including the ceos of cvs, starbucks, united airlines, l al will be along with us. we're coming right back. woo! you are busy...

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first up, starbucks says that it saw a significant 2021 rebound with the coffee chain predicting earnings growth of 20% for fiscal 2022. ceo kevin johnson will join us in the next hour to talk about this walt disney is going to be unveiling a significant amount of planned movie content today, as well as whether each movie will have exclusive theater runs or go directly to streaming servicer did i s servicer disney plus, according to "the new york times." that presentation will take place at a 4-hour investor meeting. "squawk box" will be right back. don't forget to subscribe to our podcast. you'll get interviews, original content, and behind the scenes access look for us on apple podcast or on your favorite podcast app and subscribe to squawk pod today. ♪

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when we come back, an impressive lineup of guests still to come, including the ceos of cvs health, starbucks, and united airlines. as we head to break, a check on the futures that are in the red. the dow down 26 points or so, sd ainto yesterday's pretty significant losses. we'll be right back. it's been a tough year.

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this morning >> reporter: announcing it's going to enable people to shop in reels, short form video format when i spoke to head of instagram, adam, it was before the complaints were filed yesterday. i asked him about the range of antitrust remedies that they could seek including the forced sale of instagram. >> breaking us up is the one that comes up the most often i think the key thing there is to understand, what problem we're trying to sovlve and what the consequences are the consequences would be significant for the people who use and rely on instagram. we can make our messaging products more compelling by working with and leveraging the work from the messenger team we can make our creator suite of tools more compelling by leveraging work from the rest of the family as well to help creators reach more people and have more modernization tools. possibly most importantly we can do more to keep people safe.

>> painting a contrast, the ftc's allegations of facebook monopolistic behavior, today's announcement enabling brands and creato creators to sell things within reels will allow people and small businesses to make money from the platform. >> what shopping in reels allows is it leans into two of our bets right now, which are reels and the shop tab it allows creators, so anybody who creates content in their brand as part of their business online, to tag products and make them shopable in reels, which is a new format, which you can see in the reels tab right now, and we think this is important for the business, yes, but more just to make sure that instagram stays relevant for everyone who uses us every day. >> mosseri stressing they are not squashing the competition, which is one of the key antitrust allegations and in fact, that they're making these changes to catch up with tiktok,

when he called the most formidable competitor that they have ever seen >> they are very focused, they're determined, they execute incredibly well. so this is us trying to play catch up in a lot of ways, building a suite of features for creators to inspire them to use our platform more because without compelling content, there's no reason to go to reels in the first place, and it's important to us that we create meaningful ways for creators to make a living on instagram, otherwise they're going to go to the competition. we've got stiff competition in you tube, snapchat, et cetera, so it's actually primarily interested in helping them better make a living, but also because we think an important part of the future of shopping is shopping through the eyes of people that you look up to >> now, mosseri didn't have anything additional to say after the complaints were filed. i asked him to specifically respond to those remedies, but he did point me to facebook's statement which notes that the

ftc did seen off on facebook's acquisition of instagram eight years ago. guys, back over to you. >> hey, julia, that's pretty amazing, actually, even though you interviewed him before all of these things were filed, before we knew the ftc, and 48 attorneys general we're going to be going after the company, he kind of answered all of the questions anyway, the company must have known that this was a very big potential, and it makes it pretty clear there are two things they're going to defend on the first is it's better for the consumers, it would be bad if we couldn't split off, service them as well. the second is that they're facing very formidable competition from the likes of tiktok like they have never seen before you have to guess those are the two points the company makes in its defense. >> absolutely. becky, now, look, i did anticipate that these complaints were going to be filed i didn't know it was going to be coming yesterday, otherwise i would have tried to schedule that timing differently, but i do think that, you know, they knew this ftc complaint was

going to be filed. it was going to be in the works for so long, and something they knew was coming. they have been preparing the defense, and the fact that they face competition, good for small businesses, and also, becky, that very important fact is the deal was approved. they want to say that you can't rewrite history, you can't go back eight years, and reverse a decision that the ftc already made >> julia, thanks a lot, good to see you, joe >> thanks, becky, breaking news from the ecb and steve liesman is standing by hey, steve good morning, joe, the european central bank, doing what economists thought they were going to do they added to their pandemic emergency purchase program by 500 billion euros. by my count, 1.85 trillion total, this is where they're going to purchase total and government security, nonstandard monetary policy. up to $2.24 trillion if you want to convert that.

they were aggressive in extending the deadline, to march 2022 most of the estimates i saw for the end of 2021, so they are more letting that program hang around longer than expected, and also expanding their tltro favorable terms in june of 2022. they're going a little more into the idea of nonstandard monetary policy, while the fed moves away from it. there's a lot of difference between the two countries that we can talk about at another time, joe. >> steve thanks, we're going to move on here it's the battle of the relief bill senate leader mitch mcconnell, house leader, kevin mccarthy, backing the white house's proposed $960 billion plan here with more on if a compromise can be reached, house minority leader, kevin mccarthy. it's great to see. it's been a while. just thinking about what you and your colleagues are trying to accomplish here, the backdrop of covid, is a given. we understand that we look at everything else

swirling around in terms of all of this in a lame duck session in a contested election with the georgia, you know, senate, the overall senate up for grabs. it's always daunting it's always daunting and then you add in -- you've got all of these players, i don't know how to listen to anymore. mnuchin, pelosi, the president, you, mitch mcconnell, i mean, i've never seen sausage made, but i hear it's pretty disgusting, it can't be as bad as this, i don't think. >> no, but just listen to me i'll give you the right answer. >> give it to me straight. >> remember, we have done four covid bills before, so i think i have a pretty good feeling when we can get one done and when we can't. not to play any partisan politics, but even nancy pelosi finally admitted the reason why she held up the last piece of legislation was because of the election she wanted to change the person in the office. we had an election now, so what she's able to do, and she

admitted in a press conference the other day, she's willing to move forward the compromise that we put forth, just a day ago, is really a very good compromise, and this is where the sticking point lies, the democrats do not want to provide liability protection. there's more than a thousand suits out there. here we have 100,000 restaurants already closed for good. these small businesses are barely hanging on. they cannot get sued into the future we want to make sure that protection stays as long as also we abide, give state funding at the same time. but when you look at the ppp for workers who are out, we put in direct payments instead of adding above more money into the ui, it reaches more people and helps a greater distance i really find that the compromise that we've put forth is the bill we would get to. we just passed a continuing resolution meaning funding government for another week.

i think next week will be the week we get it done. it would have been late. i put up funding more than 40 times, democrats have voted against it from this summer until today. >> do you know for sure whether the horse trading that you're doing with liability and the stimul stimulus km stimulus checks and the state and local concessions, has than be accepted by the other side. >> nancy pelosi is still saying no remember what nancy pelosi has said for the last four months, doing nothing is better than doing something. i think she is the only person in america who believes that i have had numerous democrats on the other side of the aisle who said i'm willing to vote for it. let's move forward the country needs the assistance we have the about to do it, and i believe this is the compromise if people would sit down and look at the document that does the greatest amount of help, and can pass both houses and signed by the president >> the default push back on that is that the democrats actually

passed a bill, and, you know, if that were true, then, you know, the republicans really wanted to do it, that's -- i hear that every time that's almost like your opponents don't even have to think about it they come out with that, and immediately blame republicans. everybody is tired of both sides. >> let's not blame anybody let's simply do the job. do you realize there's more than a hundred billion dollars sitting there for states that's already appropriated $100 billion sitting there for small business to pay their workers and it's just been sitting for the last three months 40 times we have gone to the floor to release that. the election is over, nancy pelosi finally admitted that she held it up for that cause. let's make sure that we put people before politics, and i believe just like winston churchill said, you can count on americans to do the right thing after they exhausted everything else e i think we're at that point. >> i was thinking about

2.2 trillion you're willing to go 9/16 and you don't want 908me all of these are bigger than the obama response, the stimulus after the financial crisis, i used torail about how that did nothing. and all of that money, and now we're talking about this like it's a, you know, this is almost like a concession that this is all we could agree on. this is a lot of money and has to be done right i guess that's what maybe both sides are saying. >> it is a lot of money, but you also have money that was already appropriated that has not been spent. so you can do a package of help and aid that you don't even have to appropriate more money to it's more fiscally sound to do this it helps more people it's more surgical there's money in here to make sure the vaccine gets out. i mean, the things that we are funding right now are needed you watch the number of small

businesses that are laying people off, are closing their doors for good, you've got ppp none already sitting there, it's added to it, 330, small businesses could come back, get the other loan, as long as they had a 25% reduction, we don't want to be funding people that are actually doing better than they were prior. >> just wanted you to clarify something because i was listening to your language, and i wasn't sure whether i heard it right. are you acknowledging and accepting president-elect biden's victory as the next president. >> i could have predicted your question >> that's fine >> i could tell where you were going. >> that's fine i was listening to what you were saying earlier, and i wanted to know if the moment is here and you're acknowledging it. >> look, the electors have to go through and put forth that the president, he has to make sure that every legal vote is counted, every recount is done,

and make sure every complaint or being able to heard inside court, once that's done, the election will be over and the electors will make their decision, and we'll have an inaugural on january 20th and i will be there. >> the facebook is in the cross hairs of a different group this isn't about -- do you remember that laptop, it was twitter and facebook, and they wouldn't cover that in mainstream media, you know, major newspapers, no, no, no, we're not going to cover this. it's too, you know, there's just really nothing there i don't know, what about that yesterday? was there something there all along in terms of hunter biden in your view now where are we >> let's take the politics out of it. think of it as an american, that someone is going to be able to determine what you can read or not, that the new york post, one of the largest newspapers, their article cannot be put up on twitter, and now we find out their article was true, hunter biden acknowledges that.

that's a real concern for the first amendment. that's a real concern for the constitution that's a real concern for this nation and this country of where we're going. especially when you look to like a google, 95% of all searches go through their web site the ability they have to control what people are seeing or not. now we're watching you tube is taking down any video that talks about the election or that there's election fraud out there. that is a real concern as an american not as just as conservative, but as an american and i think everybody should b concerned about this. >> as a republican, as a republican congressman, instagram, when facebook acquired instagram, it was a great asset, but when you see something that has a lot of potential, and you decide you're going to acquire it, versus when you see something, and you think it's going to eventually be a potent competitor, how do you go

back and decide that a company was actually being anticompetitive rather than just being really smart about an acquisition. does this go anywhere, do you think? >> i think it does i think it goes to the heart of competition. let's think of the four biggest, if you look within social media, you tube, instagram, facebook, google, you think those are four companies, they're just two. how difficult is it for more competition to rise up we had other web sites, search engines before, but could a new one arrive, just as google did and compete. we want to make sure competition that the consumer gets the very best but gets competitiveness at the same time, that is what goes to the core of the question, and that's why i think that is what people will be looking at. >> leader, i wanted to ask you, you were talking about facebook and the publication or lack of publication of certain posts or articles and the like. you've also been a great advocate for private business and private businesses to be

able to make their own decisions. why do you think that a facebook or a social media company should not have effectively the same rights to make those decisions that perhaps a classic or more traditional media company might be able to have, and you can obviously take issue with what various publications or media companies have published or not published over the years >> that's a great question i believe it should be a level playing field. the difference between a social media company and somebody else is the liability protection they're given with section 230 remember why that was created, because they're creating a platform, a platform that millions of people come on and express their opinion. in doing so, they did not want to be sued for allowing that, and we wanted it to grow we created section 230 that gave them the ability to protect themselves so if they are now changing the game, saying they're going to pick and choose and it's not going to be a platform of free speech, they're going to decide what speech is, then i think

that section 230 should go away. they can do what they want to do, but somebody has to have a recourse here. somebody has to be held accountable. you can't have the benefit of both and say, well, i got free speech, but i get to pick what you're going to say, that part is wrong remove section 230 if that's what they want to do. >> leader, it's been a while, and it's good to see you i think it's really important we hear the leader of the minority party of the house seems like an interesting voice to hear from. >> joe, let's remember this, i may be the minority leader in the house but it's going to be the strongest minority leader in the house we've seen since the 1875 because we are going to be -- we gain seats, not one republican lost in this election we're going to be sitting about 212 to 213, when 218 is the majority. >> that was interesting to watch. given the predictions, that was interesting to watch, as was the senate all right. leader, thank you. >> thank you

>> leader mccarthy, and don't be a stranger we'll see you soon thanks. >> all right bye. >> okay. it is just after 8:00 a.m. on the east coast, and this is "squawk box" right here on cnbc. i'm andrew ross sorkin of course along with becky quick and joe kernen u.s. equity futures about an hour and a half before we open up it looks right now that the dow is going to be off about 12 points this morning. s&p 500 looking to open down about 8 points, the nasdaq looking to open down about 66 points we've got a huge hour ahead on this program in the next 60 minutes, we're going to be hearing from the o ceos of cvs health, starbucks and united airlines. becky. thanks, andrew first let's get to today's highly anticipated covid-19 vaccine news a key fda committee going to go over this submission from pfizer, and biontech meg tirrell joins us right now, she has more on this, and meg, this is the story everybody is

waiting on >> this is a huge day, becky, i mean, this is really the last thing that needs to happen before the fda makes its decision on pfizer and biontech's vaccine which would be the first one for covid-19 in the u.s. if it gets through. this meeting is set to kick off in just about an hour, at 9:00 a.m. this morning it's a group of outside independent medical experts who will discuss all of this data, and then they will vote at the end of the day fda commissioner dr. stephen hahn was on the "today" show, and savannah guthrie asked how soon the fda would make their decision after the vote this afternoon. here's what he said. >> we'll have to see what the scientific and medical discussion is today, but our plan is to take their recommendations into account for our decision making and make a decision shortly thereafter. again, it really depends upon the complexity of the issues discussed but we intend to act quickly. >> now, the day is going to be full of discussions about the data and the efficacy and the safety, both from pfizer and

from the fda itself. the cdc will present on how they plan to monitor the safety and effectiveness of the vaccine as it gets rolled out there's going to be an open public hearing where the public can present their views and the committee has a discussion, and they can vote. knowing that about 40% of americans are saying they are hesitant about this vaccine. fda commissioner hahn said that's why it's so important that this all be so transparent. here's what he told savannah. >> we need to get to herd immunity, and that requires a substantial amount of americans to be vaccinated that's why we have been transparent. we want the public discussion of the data it's why we have been very careful about the review of the data, and we'll make a very careful decision. >> and guys, this is going to be streamed online all day, so everybody can watch. i was talking with a former fda commissioner, dr. mark mcclellan, saying it is going to be the most popular fda you tube video in history becky.

>> yeah, no kidding. i have never watched one of these meetings before, this one i might actually live stream meg, thank you, it's great to see you. joining us to exclusively talk about the eventual nationwide distribution of the covid-19 vaccine is cvs health president and ceo larry merlo, larry, this is a historic moment, we are awaiting this news we have been waiting for some sort of hope, and this seems like it might be it. the daunting task of trying to distribute this seems pretty extreme, too tell us what you have been doing to prepare for this, how are you laid out, how quickly are you prepared to start giving these vaccinations to americans. >> well, becky, good morning, and thanks for having me, and it is an exciting day we have been working with operation warp speed for the last several months, and, you know, the military personnel have just been absolutely fantastic to work with they're apolitical

they're materials and logistics experts and i couldn't be more pleased with the transparency, the engagement and the dialogue, the planning dialogue that we have been able to have, and it's that, becky, that gives me the confidence that we will get this done our first involvement is going to be with the long-term care facilities, you have heard general gus from operation warp speed talk about, you know, pending eua approval vaccines will begin to go on the road 24 hours later, and upon our receipt of that allocation, we'll be in those long-term care faciliti facilities in the first 24, 48 hours, vaccines into the arms of some of our most vulnerable populations, so we've got 10,000 of our dedicated health care professionals that are ready to go, and they're excited to be an important part of this solution. >>. >> i know that you all have been looking to staff up, hire additional people, and i just wonder how that process is

going. you've got 10,000 people you can already put out there. but obviously you're anticipating you're going to need more people how do you hire those people where do you hire those people, and are these going to be cvs technicians who are going to places, cvs health people going into these long-term care facilities how will you be doing this eventually in the actual cvs stores. >> going to long-term care facilities and conducting clinics, that is something that is not new for us. we have been going to those facilities for several years now administering the seasonal flu vaccine. and becky, we have been hiring individuals since this pandemic began. if you look at what we've done with testing, you know, in the next week or so, we'll be at 9 million covid tests administered in communities across the country, including many of our underserved communities where we have been able to bring access to testing to minority populations so we're ready to

go, we're excited to be part of the solution >> i'm guessing it is harder to find qualified applicants. where are you finding them, how are you deploying them, just in terms of geographically across the country. >> yeah, becky, it's really been a combination of pharmacists, pharmacy technicians, pharmacy interns, you know, we have worked with the pharmacy schools across the country as just another example. you know, as well as individuals, from a license sure point of view, they're retired, and they want to come back and be part of the solution, and pick up some part-time work, so again, we're ready to go >> larry, we have heard a lot of concerns about supply chain constraints, that's something

that even people on wall street are worried about. there are some technical issues dealing with this vaccine that has to be kept at a very cold temperatures how are you kind of preparing for that how are you trying to make sure those hangups don't happen. >> yeah, becky, great question, and as you look at the candidates, five of the six candidates that are in some phase of progression, they require, i'll describe it as normal refrigeration or freezing that exist today across all 10,000 of our cvs pharmacies it's the pfizer vaccine that has the deep freeze requirements, and you know, we have been working with warp speed. that vaccine will be distributed in special thermal shippers, and those shippers can be reiced every five days. three times, which, you know, gives it a life cycle, if you will, of fifteen days, and an

di additional five days we'll have 1,100 cvs pharmacies that will receive the pfizer vaccine. you know, we'll work the supply chain with those requirements in mind, ensuring that all of those doses are administered within those required time frames >> larry, this is really a historic moment, the world's been waiting and watching for this i know the names of the first two people in the uk who were vaccinated, margaret keenan followed by william shakespeare, have you targeted to the point where you know who's going to get the first vaccine or if you even know where that's going to be, the first location >> yeah, becky, we have been working not just with operation warp speed but with the states, you know, and as we saw about a week ago, the priorities for this initial phase being established for health care workers, long-term care facilities and the states are

making that determination, in terms of how they apportion their allocation of that vaccine. so you know, in some cases, it won't be in skilled nursing facilities out of the gate in other cases, it will be health care, and closely followed by long-term care, whether it's skilled nursing or assisted living. but becky, in that process, we're talking about just a matter of days so, you know, that work is continuing on in the coming days as all of this comes to a, you know, a result, and again, we start to see the vaccines being distributed. >> you think that the first vaccinations could happen as early as monday of next week, even >> becky, as i mentioned, we will be in the facilities within 24 to 48 hours upon receipt. again, pending approval, i'm confident that we'll be in thousands of facilities before the christmas holiday.

let's talk about covid testing, it's going to take a while before we see these mass inoculations taking place and before we can reach herd immunity testing it so important so people can make sure if they're exposed, if they have symptoms that they can isolate from everybody else, and you have rolled out a huge number of covid testing sites, tests that have taken place, i have to say as the cases have ramped up, it's been harder and harder to get a test, even if you have been exposed or someone in your family has been exposed. how are you handling that, and what are you seeing in terms of the availability to get tests back in a timely matter, in 48 hours. >> becky, we have seen in the last two to four weeks, a pretty dramatic increase in the demand for testing. today we operate about 4,700 testing sites, again, you know, all across the country, and we have continued to expand the number of testing sites within

the next week or two, you know, about a thousand of those testing sites will, you know, have the point of care testing, the antigen tests, the pcr molecular test we have continued to work with the variety of labs that were contracted with, and you know, they have continued to do an effective job in terms of ensuring that that turn around time doesn't increase. it has maintained its level between, you know, two and three days in terms of, you know, the test being administered, and the patient getting back the results. so, again, as i mentioned earlier, we're approaching 9 million covid tests that we have administered we have gone into, you know, some of the underserved areas, and provided testing to, you know, those underserved populations, and you know, to your point, we're going to continue to see the demand for testing, you know, existing throughout at least the first half of next year.

and you know, we'll be there to provide that service, you know, to communities across the country. >> larry, thank you for your time and god speed with this we hope to see this vaccine aprovered a approved and rolled out as soon as possible. thanks for talking to us today >> thanks becky. >> take care >> joe, thanks, becky. coming up, our big final hour of "squawk box" for today rolls on. we're going to hear from the ceos of airbnb, starbucks, and united air lunlines. as we head to break, we wanted to catch you up on the biggest headlines, 48 states in the federal trade commission filing separate lawsuits against facebook, including the social media giant of engaging in anticompetitive behavior and aiming to get the company to sell both instagram and whatsapp >> door dash, the 24th best day

of performance for the company this year, and the house passing a one week government funding bill as lawmakers try to hammer out a longer term deal on spending, coronavirus relief the senate could vote on the measure adds ears early as today stay tuned, you're watching "squawk box" on cnbc but you know that. i felt like... ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable.

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a group of 37 ceos just this hour, announcing an organization called one ten, which aims to create 1 million jobs for black americans over the next ten years. the initiative was founded by former american express chairman and ceo ken chenault, ken frasier and ginni, among other people in the news release announcing the new group, frasier said in part in his words, our country's work force of the future will be an increasing diverse one one ten has the potential to address persistent intergenerational gaps in opportunity, and wealth. other founding ceos and companies include at&t bank of america, cnbc's parent

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. welcome back to "squawk box," airbnb going public in one of the most anticipated ipos of the year, selling shares at a price of $68, that's much higher than the original and increased price range. the ipo giving the company a valuation of $47 billion and a fully diluted basis and i spoke with cofounder and ceo brian chesky in an interview earlier this week, ahead of this big ipo, and i asked him about how he thinks about the biggest risks to his business right now. >> i think the biggest risk to our business and i kind of learned this through the crisis is losing focus. you know, i studied entrepreneurs before me, some of the great entrepreneurs, you know, when we lost 85% of our business in eight weeks, i turned to entrepreneurs who had, you know, also been in dark times. i looked at steve jobs when he came back to apple and that company was in a very very dark place, and the first thing steve

jobs did is he said we have to get focused. he shuttered the majority of the product line, went from a business unit structure to a functional organization and you know, they focused their way out of that crisis and i took inspiration from that i said we're going to focus our way out of this crisis, we took a lot of our investments, we put them on hold we said what's the part of our business that's most special, most different, this was the thing we started, our hosts who offer homes and experience we shuttered our divisional structure, went to a functional organization, and i think that focus doesn't just save money and make the company more efficient, it leads to a lot of growth and so i have learned this starting focus, then raising billions of dollars, pursuing lots of investments, this has been an opportunity for us to get a lot more focused and i don't want to ever lose that focus again, so it doesn't mean we won't do new things we're not going to do them all at once, and we're going to be really focused. >> also asked chesky how

investors should think about the regulatory risks for airbnb, and the additional costs that would come up when it comes to house parties and other events they're seeking to prevent. >> we are already in a relationship with hundreds of cities you know, we've collected and remitted over $2 billion of hotel occupancy tax, so we already have agreements with almost every city in the world, and you know, i think the pandemic in this new world, i think our relationships with cities is going to continue to evolve one of the things we're hearing from cities is their constituents, their voters certainly are turning from ways to earn income we think hosting is a way that will be valuable for them, and cities are in need of economic activity i think we can be a solution to a problem they're now seeing, but i would want any city to know that ultimately we want to be wanted there, and we want to strengthen the communities that we serve

i think over our history, we sometimes were a little slow in our history. i think a lot of internet companies were to acknowledge the full extent of the sfon respondent, we have tried to be proactive over the last few years, and i hope our actions like instituting a party ban, not allowing people under the age of 25 to book airbnb in their city last minute i hope cities are seeing that we're trying to do the right thing. we're trying to be proactive, and we want them to know we want them to reach out to us when we have concerns. we want to be good actors. >> you built a business in large part on trust, on creating trust among people that most of the time don't even know each other. >> yeah. >> and one of the things i'm curious about is how concerned you are about how much distrust their appears to be, at least in the united states, if not across the globe, and you're seeing it manifest itself in politics. you're seeing it manifest on social media, and so many places, and whether you think that's going to manifest in real

life and ultimately businesses like yours that depend on trust. >> andrew, that's such a good question i'm very concerned i mean, right now, i think one of the major, you know, we talk a lot about big problems in the world, like if you want to davos a year ago, the big topic would have been global warming there's another big problem happening in the world i think it's a problem of human disconnection, and i think we're feeling it right now whether people are feeling very lonely, and isolated and i think this is causing a huge amount of mental health crisis problems or others that are divided and distrustful, and distrust can brew kind of hate and other things as well and i am very very concerned, you know, i feel like how is it possible that we're more digitally connected than we have ever been. it sometimes seems we're growing isolated and disconnected. we're here, we're not going to solve that problem if we can make a very small dent on that problem, by helping, you

know, and a peak night last year, 2 million people from cultures and countries that never lived together come together, by walking in someone else's shoes, the best thing i know to bridge cultures is to have one person walk in another person's shoes, and when they do that, i think they're going to learn two really basic ideas they're going to realize that we, humans, are fundamentally good and we are 99% the same. i think with e liwe like to sped time thinking about the 1% of humanity or less that cause trouble and we like to focus on our differences, having traveled the world and having had hundreds of millions of people live on airbnb together, this concept would have statistically failed if people weren't good statistically, this idea would never have worked. we just had to build some basic features to shine a light, and help people basically build a reputational system. i am very concerned about where the world is going, and i hope

we can help make a small dent in it this is going to be the work of so many more people, and we're going to try to do our small part. >> and as we've mentioned, airbnb selling shares at $68 apiece in its ipo, well above the original range and when i spoke with croeo brian chesky, i asked how he would define success a year from now, and maybe five years as well. >> i would like people to look back on 2020 as the most defining year in our company i remember the whirlwind, shelter in place in mid march, and within, you know, a month or two, our business had dropped more than 80%. and there were news articles asking will airbnb exist in the future and is this the end of airbnb and of course it wasn't the end of airbnb, and in fact, i do think this crisis, as much suffering that has happened in the world has made us a better and more focused company, and i want people, if we are

successful many years from now, to look back on this year as the defining year where we did our very best to take care of all of our stake holders, no matter how hard the decisions were, and that we kind of persevered, we got through it, and that was the turning point. that year, 2020, was the turning point where the beginning of the next chapter of airbnb started. >> that was airbnb ceo brian chesky the company's stock expected to begin trading for the first time today on the nasdaq, and brian's going to join the gang on "squawk on the street," hopefully as it begins trading this morning so you don't want to miss what he has to say a little bit later today as well. joe. >> thanks, andrew. so the entire 1% of the bad people, they're all on twitter that's weird, i guess they all found a place. no, i'm kidding. rick santelli is standing by with some breaking economic data rick, the numbers please.

>> the numbers have moved higher on initial continuing claims not what we want to see. 853,000 versus a revised 716,853,000 is the largest since september 18th, the week of september 18th and if we look at continuing claims, it moved from a slightly revised 5 million, 527,000 to 5,757,000, so it moved in the wrong direction as well the difference is of course that the lowest initial claims week, 711,000 from november 6th, as you can see, benchmarked against 853, and when you look at continuing claims, the lowest it had been was deteriorating, going lower every single week, except for this week, so we sort of break that. from consumer price index, we'll

switch gears, both 1/10 higher than expected and if we look at the wide view, macro view year over year, up 1.2. year over year core. it was 25 straight months from march of 18 to march of 20 2% or higher of course since then, the highest read we have had is 1.7 the treasury markets taking this in stride. down a little bit on yield, up a little bit on price. 118 billion in supply gets completed this week with 30-year bonds, andrew, back to you >> thanks, rick. appreciate it. >> i'll take it. thanks, rick up next, live interviews with the ceos of starbucks and united airlines stay tuned, you're watching "squawk box" on cnbc (♪ )

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welcome back to "squawk box" this morning with countries expected to gain a significant amount of control over the pandemic next year, starbucks projecting a strong rebound in

demand for its coffee, the company reiterating, fiscal 2021 guidance at its investor day, forecasting 20% in 2022. joining us in an exclusive interview is starbucks ceo, kevin johnson. great to see you thank you so much for joining us this morning i want to talk about the future very very much, and really try to think about the world in a post vaccine world but i want to think about the world right now, and given the number of rise in covid cases around the country, the deaths we're seeing and the like what we're doing, and what you're seeing and what you're imagining is going to be not just impacting the company itself and employees but over the next couple of months, what that looks like. >> yeah, good morning, andrew, it's a pleasure to be here this morning. certainly we outlined kind of our long-term vision for the country and optimistic about the future of starbucks. as you point out, the country right now is experiencing a surge in covid cases, and, you know, we see that as well.

you know, i think clearly wef have been this this space we call monitor and adapt, store by store, as we see the spread of covid be contained, we were table to kind of turn the dial up and open up new customer experiences, and certainly as we see a surge, we would have to turn the dial back and start to constrain those customer experiences. thus far, we continue to expect that china will be fully recovered, and we define fully recovered, sales at or above prior year prepandemic china will be fully recovered by the end of this quarter, and we expect the united states to be fully recovered by the end of next quarter as the surge is going up, we are seeing some softening in our comps, but we also reaffirmed our fiscal year '21 full year guidance, and reaffirmed our fiscal '21, eps guidance for this particular quarter. so i think we have built the

resilience within the company to d adapt, and we knew this recovery and pandemic would not be linear, the resilience we built into starbucks, you know, we're able to navigate this, and it's far different than it was back in march and april and we're very optimistic about certainly the next few months, our ability to get through this, the vaccines are coming. we're very optimistic about the future of starbucks. >> when you think about just customer traffic, how important in terms of either lowering traffic or increasing traffic are quote unquote lock downs, versus just basic consumer behavior in areas where they're seeing a spike of covid. i mean, can you monitor that, are you seeing that? >> you know, andrew, we're monitoring every single store, you know, we do this store by store, so with 33,000 stores, you know, we use technology to sort of monitor consumer preferences, consumer behavior in each of those stores, and certainly what we find, we dial

back, and we no longer have limited seating in many stores across the u.s., we might have limited seating outdoors in some states what we see is customers go to other channels, our mobile order for pickup, mobile order for delivery, curbside, drive through. customers want to be at star bubu bucks, they want the daily ritual, they're looking fo experiences that are safe, familiar and convenient. and we have adapted to be able to provide those and so that's exactly what we're doing right now, and you know, even with a little bit of softening late here in december because of the surge, you know, we reaffirms q1 eps guidance, we built this into the operating procedures for every store across the country and around the world, and it's working for us >> when you think about the future of starbucks and you talked about what the growth rate could look like, and how you get there, one of the ways is pickup service, more delivery service, more ecommerce, if you

will, you know, people sort of change, effectively changing their behavior, and i wonder what you think, you also talked about community, and one of the things that you and howard schultz has long talked about is the idea of the third place, this place where you would go, and frankly you would hang out for an hour, a day, you would see people, people sit with their computers and do work, will it still be a third place, do you think, in a year or two from now, or do you think it becomes a fundamentally different business >> no, absolutely there will still be a third place in fact, of the five consumer trends that we have focused on that we have dialed in on, the number one is that right now, people are craving that sense of community. they are seeking that feeling of being a part of community and connection human connection in fact, as we open up limited seating in our stores, it's immediate. customers are back, and so, you know, what we see happening is as the vaccine rolls out, and as

people get more comfortable, they are going to seek social connection in fact, vivek murthy, the former surgeon general talked a little bit about how this pandemic has created a social recession. so as we come out of this, that third place experience will be more in demand than ever before. our belief is consumers are going to seek those places to be part of a community, and starbucks will be destination number one as we come out of this pandemic. >> kevin, star bucks clearly is having success at a time when so many other small businesses and frankly, restaurants and others that may even compete withyou are not. how concerned are you about frankly, the lack of stimulus that's going to those businesses and what you think that does to the economy, and potentially even to your customer base in the short-term >> well, first of all, andrew, there are a lot of people hurting right now, you know, across the country, and you know, these are people who are

unemployed, who have, you know, gone through the fact that they have lost their job, and it's small businesses, you know, so i have been very clear, you know, we're asking congress to act you know, and i know they're having this dialogue, they need to act and provide relief. relief to those small businesses that are feeling the pain and for the individual citizens who have been laid off and lost their jobs now, you know, at starbucks, we have stayed true to our mission and our values throughout this pandemic we have been done everything we could, unprecedented throughout this pandemic, with our catastrophe pay. we paid our partners through the downturn when we had to shut down the steeores, we wanted thm to have economic certainty at a time of adversity. and you know, we've navigated this and avoided having to do any of the involuntary layoffs or furloughs that many others have had to do, so we could stay true and make that investment in our starbucks partners but right now, you know, we

really look to congress to step up and act and take care of those people who are unemployed, and those small businesses that are struggling. >> hey, kevin, when you -- i'm not saying you're playing defense but let's say we get out of this and starbucks goes back to offense there's certain parents when i travel around, it's like, wow, there's a starbucks, oh, there's another one, so i could go to either one of those. there are places it's like, where the hell is the starbucks, and you know, it's -- i can't believe it's that big a part of all of our lives, where it's like, wait a minute, i haven't seen one, what am i going to do. where do you need to be now? same store sales growth is great, but it's nice to grow stores too in the united states, where do you still need to be >> well, you know, we shared a little perspective of sort of the white space that we see we have in the united states, we shared that yesterday in our investor conference, and certainly if you look throughout the sun belt, look through middle america, you even look on the coasts where we're going through trade area

transformation to now expand the number, sort of presence the way we can better serve customers, the way i think about this, joe, is the addressable market for coffee is going to grow at a 5 to 6% compound annual growth rate to a $450 billion addressable market by 2023 now, within that addressable market for coffee, there's also a shift from mainstream coffee to premium coffee. now, starbucks, you know, that has the view that we can continue to grow our new stores at a rate where we'll go from roughly 33,000 stores today. we believe in the year 2030, we'll be at 55,000, starbucks stores there's plenty of kwhwhite spac, and we're going to continue to invest in building the stores and creating the great experience that our customers know and expect. >> hey, kevin, we're going to be on a hard break. i have to ask, so much of your growth and the businesses in china, a lot of people betting

on china, but very curious how you're thinking about the relationship between the united states and china and to the extent that represents a risk to the business >> well, you know, andrew, we have been in china now for over 20 years, and we have built a business in china, for china we've got a fantastic starbucks leadership team and fantastic partners in china. you know, the geopolitical situation, we deal with that, we're in over 80 markets around the world. we deal with that every day, and so, you know, we've approached china with respect for the culture, we employ roughly 60,000 starbucks partners. we build our stores with artisan craftsmen who build beautiful stores in china. i'm very confident we've got a great relationship with the government in china, and our starbucks leadership team in china is doing a great job so, you know, i think geopolitical related to china is not a concern for us >> kevin, kevin johnson, ceo of

starbucks, thanks for the wide ranging confers. real -- conversation thanks, appreciate it. talk to you. soon becky >>. coming up next, united rleseo scott kirby is going to be joining us stay right here, "squawk box" will be right back

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across the country and across the world, not unexpected. we are seeing a slow down in demand, and some people have described it as a roller coaster, and i have been saying to people that that may be true, but it's a kiddie roller coaster, because the highs aren't very high, and the lows are down near the bottom. that t through to widespread, widely available vaccines, the airline industry and industries like us are not going to get anywhere close to normal. the short-term variations don't really matter that much. it is more about getting through to vaccines and it is encouraging that we do see the light at the end of the tunnel on vaccines, which means the world can get back to normal. >> you will play a role. your airline will play a role in the distribution of those vaccines i want to ask you about that in a bit. the news of the day, you just announced, united just announced within the last hour that you're go to be making a multimillion dollar investment in a carbon capture firm not a carbon offset program, but carbon capture firm. >> right. >> this comes at a time when you're losing about $25 million

a day. is this a wise investment when you're losing $25 million a day? >> well, first, it is a wise investment, the reason is because with the pandemic has shown us is even though we were focused on carbon and reducing carbon emissions before the pandemic, what this has shown us is emphasized how we are all connected as part of a global community. and everything that happens everywhere in the world is tied together and that doubled down the importance on addressing climate change and global warming. and so to us, it becomes even more important what is unique about that we announced today, it is the largest direct air capture and sequestration project in the world. and we're a partner in it, as part of that, we'll be taking carbon out of the atmosphere, storing it underground for millions of years. and none of the traditional carbon offset programs do that and while there are many laudable traditional programs, that just aren't scaleable to deal with the size of the

problem that exists in terms of global warming, and climate change. >> can you get to 0% greenhouse emissions or reduction by 2050 >> yeah, so what we have announced a new program called the 100% grain, different than any other company i'm aware of that has done. because it is not using traditional carbon offsets we're going to get to 100% grain without using traditional carbon offsets. man made emissions have grown by 4,000 times in the industrial era. if you just think about traditional offsets like planting trees, you can't plant 4,000 times as many trees. just not enough land area to do it and if we're going to solve carbon, we have to use direct air capture and sequestration to take carbon out of the atmosphere and permanently store it in the ground >> hey there

wanted to pivot for a quick second, if i could, to how you're thinking about the vaccine, a post vaccine world. the ceo of quantiantas is thinkf requiring people to have a vaccine passport, people may feel more comfortable getting on the plane. it also created a backlash in australia, and i'm curious whether you would consider a vaccine passport if you will right here in the united states. >> well, we don't know yet is the short answer my guess is, however, that there is going to be regulatory regimes around the world so country x is going to say, you can only come into the country if you had a vaccine or if you had antibodies or there is going to be regulatory regime what we're working on is trying to make simple applications and information available to customers to prepare for a wide variety around the world of

different requirements our guess is that the way borders are going to come down or a combination of testing and antibodies and vaccine requirements it is going to be less about what we at united airlines require, it is going to be more about what regulators around the world insist on to reopen borders. >> hey, scott. in that vain, though, there is talk this morning that the trump administration is considering lifting some of those travel restrictions and allowing people to come in from brazil and the eu aparentally it is not unanimous though the cdc still has issues with it what would your thoughts be on that discussion, on that debate? >> well, we would encourage countries around the world, have been encouraging countries around the world to find ways to safely reopen borders. about a month ago. we started the first program in newark, to fly between newark and london heathrow to use testing as an example. so there are ways that we can safely reopen borders through

testing, contact tracing, and we would -- we encourage all governments around the world to do that. the challenge for us right now is that there are different rules in every country and constantly changing, constantly evolving rules it makes it hard for a customer, even if you want to fly, even if there say testing regime, that allows you to go to follow all the rules, that constantly changing and shifting regulatory landscape, to allow you in we do think it is important to reopen borders, and we also think we can do it and do it in a way that is safe for people on both sides of the borders. >> scott, one last question for you, we could see the fda approving covid-19 vaccine as soon as tomorrow how quickly will you be able to start shipping these vaccines and what impact might this have in terms of you guys saying, look, we need to add a few more flights here or there, because there is going to be this demand to ship these vaccines >> well, i'm incredibly proud of the united team. we have been the first airline

that i know of, we have been shipping the vaccine for several weeks. we had a plane land before i got on the air with over a million doses of vaccine and we have been doing that for a while. the united team started planning for this back in april or may. realizing that this cold chain technology was going to require some structural changes to the airplane and some regulatory change because we started that early, we have been carrying and will continue to be flying airplanes. we have eight aircraft, 777s dedicated freighters now going through this and a number of those are being used already to carry vaccines and the real heroes in this are the scient t scientists, researchers and teams that developed the vaccines, but we're honored to be playing a role as the leading airline that is shipping vaccine from the manufacturing facilities and around the world. >> scott kirby, ceo of united airlines joining us from the united club in dallas. we appreciate you joining us this morning, scott. guys, this is an investment

they're making -- thank you, scott -- an ambitious investment they're making when it comes to carbon capture, multimillion dollar investment to actually pull carbon out of the atmosphere guys, back toyou >> yeah, yeah. carbon dioxide, right? okay, let's get to cnbc headquarters, jim cramer joins us now jim, it is vaccine day vaccine day obviously. but i want to talk quickly about facebook you got a law degree if you see something that really looks great, and you say, you know what, it is great, i'm buying it, instagram, and then it grows into this unbelievable asset that would have been a competitor, how do you go back and prove you did that, other than really making a really smart investment can the government prove that? >> they have some emails that indicate that facebook recognized an existential threat

from some of the other companies, but at the same time, the companies themselves didn't even know how big it could be and what they could do there is one quote from one of the companies that was acquired, from a ceo, that questioned what the company -- what facebook's plan was to do it. but that was from -- i just found the -- i'm not saying it was not rigorous, i'm saying that the whole thrust of the case is that the company was really smart, and saw things that it was better -- that it was doing that other companies were doing better and isn't that the nature there is an ad going on now. i won't mention the company, says should we buy a competitor? we'll talk to that person. part of what companies do is they buy competitors >> so smart. yeah

we were watching yesterday, my son was there i said your joke and he was laughing about that i was watching, i looked and it is just such a -- really man or machine he is amazing. >> the human side -- it was -- but by the way, your show today is unbelievable. the kj stuff, the united stuff, a fabulous show this morning, congratulations. >> awesome thank you. we hope so thank you, jim beck >> thanks, joe we have another big show come up with "squawk on the street" coming up in a minute. let's take a final check on the markets this morning you'll see the futures are under a little bit of pressure this morning. yesterday we saw the markets, many of the averages move up to intraday highs before giving background the biggest loser was the nasdaq, down by 2% for the biggest loss it has seen since back to october 30th s&p futures off by about 18.

the dow is still looking at these incredibly high levels s&p came back from the 3700 level. nasdaq down by 167 points. we'll keep an eye on the technology stocks. lots happening today "squawk on the street" is picking things up right now. we're going to make sure you're back with us tomorrow, another big show for "squawk box" then we'll see you then bye! good thursday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are soft after the worst day for the nasdaq since october. worse for the s&p in about three weeks. huge news day as airbnb goes public, the fda meets on pfizer, disney investor day, jobless claims added 11 week high. road map begins with airbnb on tap, set to day but at the nasdaq, pricing above the range, values the company at 47 billion. brian chesky will join us live this hour. >> plus, tech stocks as becky said and