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 carl mentioned have

gotten hit the nasdaq coming off the worst day in six weeks and it is set yet again for a lower open and we're keeping an eye on facebook, of course. it is moving, that is the stock lower on the premarket this after a pair of lawsuits filed by the federal trade commission and then 48 separate states, all accusing the company of engaging in anti-competitive behavior, carl something we just heard jim talking with joe about over to you. >> yeah. a lot to get to on that. of course, airbnb will be the lead this morning, jim coming off of doordash yesterday, 47 billion valuation as we said going to raise 3.7 that's the biggest of the year. >> look, i think one of the things that really if you look at the timing of yesterday's market, as we heard over and over again, the doordash price, the nasdaq kept going down as almost as if there was a one for one, where people had to sell whatever they owned and get into the latest and greatest look, my biggest fear is that we're going to get bnb reverse

at 74 billion. maybe it will be 94 billion. don't think there is any level that some of these buyers aren't willing to pay and the problem with that, obviously, though doordash didn't close at the low, it made a stunning recovery at the end of the day, the problem is i don't know how much capital there is to fuel these robin hood coming up we just don't necessarily have enough that we don't have to sell something first and, carl, that's what happened to the nasdaq. i think the nasdaq futures are reflecting the same thing could happen again today >> jim, i feel like there is a speculative nature of the markets, reflected to a certain extent and that incredible move we had doordash on but then a lot of it is really focused on tesla and you looked at tesla's reversal yesterday, and it is sort of, in a way, it reflects the broader technology >> i was working on that morning. we were doing a mind meld, david, live long and prosper. >> yes, sir. >> i was thinking that tesla

potential peaking and i do like -- there is a sell today, almost that was the bell cow for this entire move and suddenly out of the s&p, maybe not going to go any higher it giving it so there is not the halo to the pay anything group now, even if you say that, people who own hydrogen fuel cells, and they own ev, and they own anything that doesn't have any earnings. >> right. >> are saying, whoa, maybe we made a mistake here. >> do seem to move with tesla, not as though they're moving separately based on potential market share and one winning and one losing they're all part of the same so we watch that quantum scape yesterday, recent spac deal we focused on that put out news that wasn't new, but went up 30% or something it is coming back down today but on tesla, jim, it was reminiscent yesterday watching the tweet storm that occurred after we discussed the valuation, simply reading from a jpmorgan note, by the way, that analyst dead wrong for a -- >> second worst bear, whatever. >> it did remind me of the late

90s and the mail i used to get actual mail, saying that i didn't know -- we didn't know anything joe and i back then. it was the old "squawk box ," anything we were doing, we couldn't figure out how to do math, and related to names like aol and things like that, but reminiscent of that. >> i'm never afraid to say anything about a company but when you criticize a work horse, when you say that maybe they can't make it, people just think that you are against the wheel. you're against the pulley. simple machines with us forever. i think the world of airbnb and doordash that itself is not a reason to buy a stock, david just because you think the world of it doesn't mean you should buy it and i think the world of the pittsburgh steelers. but i'm not buying the pittsburgh steelers. i'm not buying the panthers, there, dave tepper i just find that it is kind

of -- there is such wonderful optimism and i love optimism, carl. i think it is terrific but i did not like the price that doordash was at and not just because if you add up this and that, and this and that, it is just shows me people don't know how to buy stocks, they come in with a market order and they don't care where it goes no penalty to be wrong >> so, jim, you couple what you said about new supply, covid cases were having 3,000 americans now die every day, 11-week high in jobless claims, stimulus is in a quagmire, i mean, is the music stopping here that was a no doubt a big question yesterday >> i think the music -- >> the song -- the song appears to be skipping a little bit. >> the music is pausing. and it is a little frightening to think that 3,000 people were killed in 9/11, 3,000 people dying every day here you got to -- it catches your

breath and just say, wow, what is happening at the same time, i think that the -- when i go back to the lyft, uber period, we had some down and then we recovered, it is the seasonably strong period, i just think we have to get through these deals. but i do know that if you just buy it for any price, david, if you just go in and say, it doesn't matter, because it is going to be worth it some day, that's what we ran up against, david in 1999. it is going to be worth it some day. >> we did. but to be fair, it was 1997, and 1998 and i remember we were talking about things as arcane as, yeah, value and what that meant then and the stocks continue to -- they only increased more rapidly in terms of valuation until we got into the spring of 2000. and then it ended. but, you know, there was a lot of years between when people certainly started to question the valuations, jim, and had

they actually came down. that was the period where interest rates were far higher than they are now. far higher and i'll have this conversation in the morning and some people will say, yes, history does repeat itself, but it does rhyme, and others say, you know, the interest rate environment is so completely different now, money is free, and until that changes, forget it >> well, look, david, i got to tell you, i was watching the tape underneath this morning and i finally see some minus signs virgin galactic, david, it seems to have reached some level where people are not excited about it. >> i -- yeah, i don't know that was a -- that was the -- was that the first spac or certainly was one of the earlier ones >> all the spacs >> and the spac phenomenon is amazing to watch remember, we have to add that in, in proceeds for spacs, because basically that becomes public companies as we see deal after deal done and they all want to come on with us every single day, everybody wants to be promoting their deal, so that they can get a good pop at the

outset and the promoted self-is one reason why virtually everybody has a spac and a dream. we know where a lot of these will end up, though quite a few of them have very well healed investors coming along in the pipes, private investment and public equity we see that comes along with when they announce the deals. there is a look at virgin. >> martin franklin spac, terrific little company, blocking and tackling company. >> i can go through -- long view, the guys that -- the ultrasound or the portable ultrasound will replace the stethoscope. i was talking about facials, 27,000 -- >> interesting conversation. >> $27,000 unit used in places like sephora to give a $200 facial sounds cool. quantum scape with batteries you go on and on today, a weed company coming on later. >> yes, i saw earlier publication about that carl, before -- >> lost my weed. where is it? we'll give you a map for it.

>> before we get too negative, airbnb is game set match they won that category doordash, splitting the category with uber. these are companies that almost should lose money, in order to keep companies from coming in. at the same time i read the facebook ftc, and it all makes me wonder, are you -- must you fail in order to have the government's blessing? must you let some company come in and hurt you in order to be able to prove you're an honest actor? the ftc, such an overreach today, that it makes me think, you know what, be careful, if you really are smart, you make a lot of money for your sharehold shareholders, government gunning for you. >> yeah, i heard you talking with joe a meoment ago about th deals that were approved, how much can the government go back in time. but i also remember you, jim, saying that breakups add value, and you certainly felt that way on google. do you not feel that way about -- >> i think instagram is

integral i don't want to own facebook i want to own instagram, facebook, whatsapp not making any money but the rest of the company funding it until they decide to make money this is different. it is harder to unwind i just think that google had been -- has been such a disappointment in terms of earnings potential that therefore i would love to own some youtube i think waymo would be worth a lot. that's autonomous driving. who doesn't want to own google cloud, with thomas kerr running the company? i think that just to own any of their hardware would be great. david, the fact is that this was the first quarter where google seemed to recognize that it has to show discipline and start breaking down divisions. almost as if if you don't perform in your division, you will be pointed out, david i felt there was accountability in that google quarter and that's why i liked it. >> the stock did rebound dramatically or i should say started to approximate some of the performance of its peers

because it had underperformed until that last quarter, jim on the subject of facebook, you know, listen, it is going to be years. instagram had 13 employees when they bought it paid a billion dollars, but the writing on the wall saying if i don't let you buy me, you'll put me out of business. >> his quote is the most damning of the whole facebook -- >> that is -- it is very hard for any trust regulators at the time when buying a company with 13 employees to say it is going to be anti-competitive but the same time you look back, you perhaps can see that it is or would be or yeah, is currently. the same could be said for whatsapp or oculus. >> yes >> but where this all leads, let's check in in three years. >> where's the beef? >> other than antitrust attorneys, they are just having a great go of it. >> is it possible that the only thing that the ftc has is this

redacted quote i read through this thing, i said, okay, i'm going to get to it where they have -- i'm going to get to the gotcha, get to the gotcha, then i finish and said, geez, where is the smoking gun there is no smoking gun. they added existential threat they were facing, so are they supposed to let that existential threat beat them let's lose one for the gipper? come on! >> no. i know >> what do you mean, you know. >> kalyn has some predictions on tech for 2021. they do expect biden to continue the antitrust lawsuits against google, facebook ftc lawsuit, chance on amazon, 60% in kalyn's view. and 40% chance on apple, jim. >> i want amazon to be worse there is nothing like those -- the stack of boxes i had last night that my wife ordered, i need them to be much worse company. i want them to lose to chewy

what are these guys thinking we are lucky to have these companies. everybody -- how many kids are using right now, their school work, using google the worst thing that happens these companies have made our lives great. why don't they go after the companies that have made our lives miserable? how about going after the carbon companies? what is the matter with that let's go after carbon. >> okay. >> their all together, right like standard oil, remember? >> sure, that's fine i think people are, there are certainly some agitating going on and carbon companies. >> i had mike wirth on chevron, they're a decent actor. >> they're trying. may come on and articulate why. >> i wonder how he can be zero carbon i asked that with a straight face. >> hard to imagine. >> to be carbon neutral. >> yeah. >> he said he wasn't going to lose a lot of money to be carbon neutral. if facebook lost a lot of money and made stupid acquisitions and were moronic about what they did, yes, three cheers for capitalism ftc, come on

>> and 48 states >> and 48 states yeah >> how about worrying about the 3,000 people who died and have everybody -- yesterday and -- no, we got to break up, we have to break up netflix. netflix has too many good movies that's wrong we need losers from netflix. okay there. carl, i'm a little fired up about trying to get companies to be worse than they are >> yeah. i like it, jim we got a lot to get to in the way of calls down grades of book, eing, expea best buy, levi, ralph lauren, we'll talk about what the fda may say about pfizer's vaccine and brian chesky of airbnb on their debut. don't go anywhere. before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans.

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fda panel is meeting right now, ahead of a vote on whether to recommend approval of pfizer's covid vaccine for emergency use. very big day we're going to start with meg tirrell this hour. hey, meg >> hey, guys if you want, you can tune in and watch eight hours of deliberation over the pfizer and biontech vaccine it has just kicked off and they're going to be talking all day th this is a group of outside medical experts, advisers to the fda, presentations on the data, safety and efficacy behind the vaccine and then they'll take a vote later today

after that vote, the fda then makes its decision dr. stephen hahn was on theed itted it the "today" show this morning and here's what he told them. >> we'll have to see what the discussion is today, our plan is toy the recommendations into account for decision-making and make a decision shortly there after. it really depends on the complexity of the issues discussed. we intend it act quickly. >> so, guys, what does today look like? we'll start out with a presentation from the fda on all the considerations for emergency use authorization. we're also going to hear later this morning from the cdc about how they plan to monitor the safety and effectiveness of the vaccine as it rolls out and also about the distribution plans. there will be time for public hearing, where people can weigh in with their thoughts from the public pfizer will present its data and it goes to this committee discussion and the vote on whether the data support emergency use authorization here now, guys, what happens after

that, depends how quickly the fda acts, but operation warp speed says distribution will start 24 hours from the time of that issuance of the emergency use authorization. at the same time, guys, a cdc advisory committee scheduled emergency meetings tomorrow and sunday, so that it can give its stamp of approval on the vaccine after the fda does and we could be seeing first shots going in arms next week david, back over to you. >> meg, i had a question for you. i don't know if you saw the note from evercore isi. we got some data here from this trial, 38,000 patients from the trial you're talking about where there was 19 of the 1125 participants in the pfizer trial who had prior covid before entering the study got reinfected and he's talking about sort of wondering about that, and about reinfection rates because we really don't have a lot of data on that. you have any insight at all for us or something we should be

aware of >> well, i thought that note was incredibly interesting because one of the things that clinical trials door to us is give us controlled settings of really following what happens with people with covid. and so this wasn't something that was related to the vaccine, but it is a way of trying to better understand the rates of reinfection with this disease. and it showed that, you know, it isn't -- it is rare, but it is not as rare as we might think. we hear about a case here, we hear about a case there. in the trial, we heard about several cases in trial of 44,000 people so trying to understand those rates. it was interesting because, of course, he was looking at the split between those on vaccine and those on placebo, we know the vaccine after two shots protects 95% efficacy against getting the disease. but they found that within the first shot and the second shot they did see cases of reinfection as well. so it was just a way to better understand this disease and these trials will be so useful for that. >> meg, jim, one thing i'm kind of confused about, canada is

usually way behind the u.s. when it approves something. uk too i know you can say, well, jim, when is a day? a day is 3,000 people dead why is the united states after canada what is taking so long is it because the president is busy sending us emails, we will never surrender, never win, the fda says, look, we got to spend even more time on this than everybody else i don't understand the few days delay in an era with 3,000 people are dying, the same that died on 9/11. >> yeah. the numbers are just awful what we heard from the fda is that they needed to do their own analysis of all of the data from these trials so really breaking it apart and putting together those briefing documents that we saw on tuesday. and then to have this open forum today, to show the transpartisan sy and the rigor with which they look at these things they said it just did take this long to get to this point and say they'll act quickly. they also point out, there is

hesitancy among people in this country to get vaccinated and they hope by making this so public and showing how strongly they adhere to scientific rigor they will convince people if they give the green light this vaccine is safe and that it works. >> that hesitancy is one reason why they downgraded booking and expedia today. we'll talk about the after effects, we'll get some news very soon on the fda and the pfizer vaccine we'll take a break airbnb, big story today, we'll check in with airbnb ceo brian chesky on the company's public debut. coming up later on this hour "squawk on the street" is back in a moment.

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dow and s&p are down two of three days futures are red. brian chesky of airbnb is coming up this hour on the ipo day. don't go anywhere.

we look forward to chatting with brian chesky of airbnb in a few minutes on ipo day he had spoken to andrew earlier, said they had at one point contemplated a direct listing. talked about them being in a category of one, hard to compare them to the otas or the hotels and had some interesting comments about how he thinks business and leisure travel are going to change in the next few years. >> well, i do think that when i listen to him today, i was kind of stunned that he -- this is something i was mentioning, he

won. there is verbo, whatever. but it is rare you have one company that dominates an industry when you think of the hotel business i can name 25 operators myself but there is really one airbnb there is the highest end you might be able to say is a niche business, but no one has been able to come in and say, we can come in under these guys, we can do something better. they have the mouse trap i wonder if the ftc, not being facetious, if the ftc-likes sl this company and say these guys have squelched competition, no way they can be that good. what, david? >> i don't think it is in danger at this point. you're very voluntaciferous in r opposition. >> i dislike failures. >> you could question whether they're squelching innovation. >> why don't we break up the yankees? reference to murderer's row.

>> i understand. we really wonder what is the stock, 68, well above the initial pricing range for airbnb we watched doordash yesterday. i would point out, though, a year ago doordash, you know, he was sitting there with general atlantic saying you're going to do a round at 9 billion and now yesterday door bash was 71 billion at the close airbnb was valued at 35 billion for a long period of time. >> right >> this is not as big a move up at least as doordash. >> they did a round at 18 billion. >> yeah. >> carl? >> yeah. >> at the opening bell, guys, nyse, desktop metal, on squawk earlier. technology company that designs and markets 3-d printing systems. at the nasdaq, it is airbnb celebrating the ipo we'll talk to brian chesky in a moment not a lot of research out yet. but wolf's outperform, 135, we'll look to see how that fills

in >> look, when i -- i think that sometimes the companies, i want to ask brian this, they want a little more control and restraint on -- from the buyers. what david just said about the phenomenal really incredible gain in the wealth and worth of doordash is daunting and i don't think it makes sense. i don't know, david, should it be 13 times sale >> it is trading at four times the sales multiple of takeaway one of the competitors >> what can i say? they do not have a game set match. they are not like airbnb they are competitors and well funded competitors and uber is a well funded competitor. >> we know, because of the incredible bump they had as a result of the pandemic, they're going to see deceleration. >> have to >> yeah. >> i'll question whether airbnb does there is some sector trends in airbnb but cyclical trends in doordash and cyclical trends when it comes to the notion of

going out if we don't get a stimulus package and maybe we do -- i think the vaccine, that vaccine could make it so we want to go back to restaurants again. and we don't need them as much doordash, the single reason why they really accelerate was because you were hoping to get incremental dollars because you were only allowed to have a quarter of seats in new york they are suburban, and they do a great job. i think they had unique circumstances that made them so that they had wind at their back i had stitch fix on tonight. see that >> i have. >> 38% shore position. people didn't realize, people don't want to necessarily go to tjmaxx and get a dress that day. >> understood. they like it coming in a box. >> yes >> powered by ai. >> in a box, little treasure hunt, you know you can go direct. some companies are -- don't have as much that is let's say can't be duplicated. look, i think the world of

doordash a good customer, doordash, great when they cut rates, will they boost the rates back when the vaccine comes out and we have to go back to do we have our own -- do we make our waiters be drivers? we make more money when we had our waiters have scooters. a lot more >> you raise an important point, jim, about how the wallet share shift is going to change next year, post vaccine goldman has a pretty deep note this morning on how that's going to happen. they think it is going to happen overtime we heard that from rh. they do downgrade best buy because in their view, the comps are going to be tough, and the gross margin flow is just not where you would want to see it at this point. >> cut and dry i read it and said, that makes sense. versus, say, when we talked to -- airbnb is going to have really fabulous comps. and that makes me like airbnb more i thought the best -- i thought it was savage. here is a company that has done great things the stock has been acting awfully. and out of nowhere, one

paragraph, and the paragraph just says, downgrading to sell, this is what we think the stock will do, it is not a negative view in the company. it is one of the best run retailers. but there is going to be very strong compares. and, carl, i read that, i just say, is that really all you have honestly is that it >> well, it is very much in line with the new street downgrade at tesla, which you mentioned earlier. they go to neutral long-term thesis unchanged, lack of near term valuation catalyst and they do point out this was the ideal week in pierre's view to raise capital. >> there is the $1200 target price, 75 times the 2025 number. when i read that, am i supposed to sell it now and get right back in after the inclusion, because i want to catch that $1200 share? >> 2025, still a number of years away, 75 multiple on that,

that's not bad >> i thought that was -- >> yeah. seems quite reasonable. >> listen, i don't know. does tesla, man, that currency, they have a lot of cash, maybe your know, maybe they should just buy toyota, gm and ford. >> that would -- >> that would be such a terrible antitrust -- that's -- >> all the investors immediately would leave. i bring it up, remember,when aol bought time warner >> i thought you bring it up because adobe is down. >> adobe is down i was going to ask you about that this is a name you followed closely. record fourth quarter and fiscal 2020 revenue is what they're talking about at adobe $230 billion market value company. what are your thoughts, they're talking, what, 12.87 billion, 15% year over year growth is what they saw for the annual revenue. >> this stock has typically not acted well in the day of reports. and then a few days later, people get return to the religion of how great their different verticals are and the

digital experience is fantastic, the advertising cloud was great. but this is also not a day for when people say, you know, i want to own another tech stock because i don't mind how much money the younger investors are going to have to sell in order to own airbnb. but that, david, the wall is red. because airbnb is a must get for a lot of these people who do make sales in order to be able to buy not as well capitalized. >> we're going to wait and waiting for that first trade yesterday. yesterday, i talked 130 to 140 and caveated that on doordash, thinking, you never know, and what was the first trade, 182? >> 182 then 160, then 189 almost as if someone said don't threat close below where it opened it has bad karma >> what that means for airbnb. on the subject of speculation, jim, every day i want to offer at least one piece of evidence of this. today, greenwich life sciences

i don't know if you've seen this company. >> is that up $70 at thend of the bell listen, they showed promising results for breast cancer treatment, poster for their phase clinical trial presented during the san antonio breast cancer symposium, that was yesterday, look at the move in that stock that's just -- that's one week 1586%. bloomberg says this company rallied and this is what reminds me of 20 something years ago trading chat rooms lit up with mentions of a poster presentation showing promising data from an experimental breast cancer drug, whose core findings have appeared in documents for months, including in june s-1 filing that's what's happening now. >> there are -- remember the chat rooms during the '90s again. >> of course. >> yahoo! message boards. >> this is -- remember all the people on there? >> i've been trying to tap into

some of these people they like stocks that are like this one i just -- is there a short position >> there is a tiny float here. tiny. >> it is worth mentioning. because something is wrong with the market that that could happen >> yeah. that's the one today we'll try to find -- >> there is one every day. >> one every day. >> by the way, you read the chatter, let's run this one. >> yeah. >> let's bag them and gun them and liquidate them >> yes bag them and liquidate them. >> yes >> i think this is not a good sign if you want to know -- what is reddit saying about airbnb what is reddit -- >> i have not checked in >> reddit chat rooms >> we'll see if we get mr. pink. remember him from the old yahoo! message boards he was more on the short side, typically. an opportunity to attack people. >> i'm not just saying make some mockery of the process, but this is the kind of thing that makes people say, you know what, you can't trust this asset class

again. got to get away from that. we can't have stocks go up like that, without thinking that's manipulation as soon as you mention that, people say, oh, come on, cramer, this is a great drug bristol-myers, which does in that same field, they could put out a release that is five times what this company did and can't get that stock up a dollar. >> that's what we're watching for. that'sy poi why i pointed it out yesterday. quantum scape, they went through public through -- they closed their deal and the stock was up multiples yesterday. today coming down as you see 10%. still, it is not bad 582% year to date. most people will take that >> tesla >> yeah. >> tesla rainbow >> tesla is up over 600% >> right look at -- someone to put a sell on fisker, you any, bill mcdermott is on the board.

that's outrageous they're putting a sell on. >> work horse, though. doing its work. >> workhorse, that last mile that's a hold. i'm putting a hold on that one. >> okay. lordstown, sell. why? because -- >> why do you stand on nikola these days >> your man still owns it, nice chunk. >> my man. >> yeah, your man. i just -- remember i've done that to you for 30 years. >> he reverts to me. he's mine. >> marc benioff, even he's been compromised. >> he's starting to come over. you know. >> this is disney's day why are we talking about disney? why aren't we talking about at&t buying something and selling it? what looks to me like a loss i don't know was that a good one? >> directv was not a good one. we won't have a winner on the directv deal, i reported on it for some time as you know. they may very well not sell an entire stake in it at all. may be a much smaller percentage probably not until january final bids due tomorrow.

it is go to be a process still. >> 66 billion they paid. they get 70, 80 billion. >> no. it may value it about 15 overall. the transaction size will be -- 15 >> they paid 66 five years ago. >> you must mean 50. >> no. >> like cvs, cbs >> no, even though it won't be a deleveraging transaction for at&t, the amount of debt they send off given the leverage ratio on the new entity, if it even happens will -- they're going to give up 4.4 billion in cash flow. it is not going to be delefrnl i deleveraging, they feel psychologically there will be removing -- and investors say we moved on. >> no one is still active. >> you're on fire today. >> like, ge settlement, the person who did that, not at the company anymore, and not the ceo, and not the last ceo.

>> no. you're right it is not. >> well, i just think some accountability >> it is fine. we're here trying to do that. >> one thing about at&t, we have the music, is that ftc is never going to go after them for that buy of directv ever >> coming up, airbnb ceo brian chesky, he'sgoing to be joinin us, of course. big day for him as airbnb goes public before we head to break, a look at how treasuries are faring this morning it is the bond report. yields lower jobless claims jumped last week to 835,000 you can see where we are on the ten-year note. europe, increasing the ongoing bond purchase stimulus by 500 billion euros reaching 1.8 trillion yield on the german ten year by the way actually up. 17, 18 trillion in negative yield in debt around the world euro rising in reaction to the

announcement and let's finish with the pound. extending its losses on worries about those talks involving brexit last night's dinner ended with both sides still far apart i don't know what they ate we'll be right back. when we started carvana, they told us

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yesterday was doordash today we will watch airbnb on its debut going public today pricing this morning at 68, above the range of 56 to 60. we'll talk to brian chesky in a few moments. don't go anywhere. ok, just keep coloring there...

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airbnb pricing at 68, values the company at $47 billion deirdre bosa joins us with a special gift hey, d. >> hey, carl thanks for that. and hello, brian, good morning what a wild year it's been. >> my god, it's been quite a year i did not think when this year started it would be like this. >> yeah, neither did i to be monday e honest you saw your valuation slash to some $18 billion you priced above your range, though you're looking at valuation now of $47 billion do you as ceo and what you'll

have to deliver worry that valuations have gotten out of hand >> you know, i don't think i'm going to worry much more than in april and may when we saw our business drop 80% in eight weeks in the middle of a >> at the same time, brian, those heightened expectations in this really hot ipo climate, that could lead you or expectations to grow quicker than you had planned this year has been a year of cost cutting you had to layoff about a quarter of your work force.

what does your year look like? >> one thing we had to do was get really focused on the core host offering experiences. when the world is ready to travel again, we will be ready we are focused making sure our hosts are ready to welcome guests when they are ready to leave their houses and it is safe to do so. regardless of what happens with this ipo, we are ready >> looking ahead to next year in 2022, what are you prioritizing in terms of the business >> once again, when i started with my two cofounders we are in a recession. millions of people are going to turn to airbnb and hosting could be a benefit we want to help unlock hosting all over the world we want to continue to make our

product much easier. people are coming to airbnb. they don't necessarily have a destination in mind. they are saying, i want to go anywhere within 300 miles around me, what can you show me >> it sounds like you are still going to be focused on your core, which is home sharing. you did scale back on some of those projects like real estate and hotel and one thing you didn't scale back on was experiences. we didn't get a whole lotte of detail on experiences. how much in terms of revenue shapes up. over time, we will continue to share more about experiences i will say in lifetiming is everything i thought this was going to be a

breakout year for experiences. we had to put the product on pause. i think next year, when it is safe do so, we can only sit at home and watch so many shows on netflix, we want to get outside. one thing our guests tell us is they love experiences even more than homes 82% of guests review a home 95% of the review is experiences i think it is just a matter of timing >> congratulations amazing run. when the days when it got ugly, it was you and me believing in you. how did we miss it how did we miss that people wouldn't want to go into an elevator and push a button or talk to someone when they check in how did we not figure, thing of

clorax, you clean up that it was safe people get, i've got a place to go >> i think, jim, we look at what happened in history to project the future people were expecting hotels to reopen sooner. after 9/11, 2008, business travel recovered before leisure travel in a world of zoom, the future does not look like the past. people don't want to be in crowded lobbies. they want to be in the privacy of a home. people want to connect with the people they love home is the place to do that i know you had to take it to heart and it really crushed you. 25% of people laid off

can you bring those people back? did people get stock in this great deal >> everyone that was laid off was invited to opt in to an alumni directory we'll publish and let recruiters reach out to you we did this and more than half a million people visited a number have got jobs some have been hired back. as this business continues to recover, we would love to welcome more employees back. anyone would have gotten stock as it was invested at that point. >> one thing that caught my eye is that airbnb gets a number of their traffic organically. something in payments,

digitizing, perhaps your own cryptocurrency >> the reason, we have a brand that is now used as a noun or verb around the world. people are passion about the offer that is unique when people come direct to airbnb, we can be more in the business of inspiration. this is a really big opportunity. we've custom build this platform specifically for the airbnb way of traveling we've done a lot of the heavy lifting here. >> what, specifically. you look at something in the area of aed advising how do you keep people or bring them in to this eco system to take greater advantage of that

>> we provide tools and services to allow anyone to be a host can you be a host in five minutes from your phone. we can develop and unlock services on the guest side, there is a lot of opportunities as well for example, last year, 14 percent of our business were stays longer than 28 days. that has grown traveling and living are starting to blur together in this world people aren't just going to the same 20 cities and traveling for two nights people are living around the world and doing that on airbnb and that opens the door. people really want to feel grounded where they are living >> that's a fascinating stat that those stays are getting longer perhaps there is opportunity in property management. talking to you about travel, which has been a hot button

issue. at any point do you decide being in china is not worth it say the government wanted to do more with the host information you have to supply to them >> we made a decision a number of years ago that we were going to have standards of privacy in china that were consistent with what hotel companies like marriott and hilton do they have a certain standard of information. we said we will comply with that level of standard because the american seems to be in that threshold. i don't want to get to the hypothetical and say what if that is just one of 220 regions. we operate nearly every region and every place is a little different. >> at the same time, other companies have had to make

really tough decisions if the requirements become too difficult, are you ready to make those decisions, perhaps sacrifices in the future >> i think i've shown we are prepared to make the tough decisions. we are prepared. ever step of the way, we've done our best always decide not just make a business decision but do a principal decision if you do that and you act in that way, the business eventually turns itself around >> let's talk about some of those stake holders and regulations we've spent time talking about. airbnb has some wins and there is work to do. particularly a lot surrounding those party homes. more broadly, in light of the

scrutiny and facebook being the latest example are you ready for that to increase at the municipal level and the state and federal level as well? >> we are always prepared. most internet companies, they got regulation and scrutiny because they were big. we were still operating in a three bedroom apartment. i learned some difficult lessons. when you have a challenge, you should talk to them and meet people face-to-face and partner with cities. i wish we had been faster and more proactive but i will tell you i'm proud we have collected and remitted hotel property taxes and formed relationships with hundreds of cities.

in some ways, covid has offered a little bit of a reset. those cities need economic assistance and airbnb can be a solution our commitment is to be transparent. we know we are afforded the right to exist and we appreciate that >> lastly, brian, when we spoke over the summer. you said travel as we know it isn't coming back. i wonder how you see it recovering now especially in terms of home sharing versus the hotel do you think in the pandemic, people will still get in their cars and travel. >> travel is going to be back. hosts are coming back. travel will be coming back

people are going to stay longer and are looking for more intimate experiences anyone that provides that will be part of this great opportunity for travel >> you and your team have pion eared a new way of travel. congratulations to you and your team looking forward to covering you as a public company going forward. good luck. >> back to you >> what's on tonight >> stitch fitch. a billant woman. life sciences, you don't have to crack the chest cabinet to fix

somebody's heart e.w. did it right. i love today's show. we got to stop this stuff. the government is not going to stop it. we have to do it >> see you at six. good thursday morning. the whip saw action continues. we have action down around 1%. dow down 92. a lot of news, disney investor meeting. of course, all about airbnb making its public debut. that's where we begin with leslie picker. take it away >> all right

we are preimpressed by what we have seen in terms of pricing this week. ranging the largest ipo, not including the green shoot. it is expected if they trade higher, they will become the largest ipo of the year. a dramatic turn around the last hour that's something they've really been tracking. their model can sustain itself they saw a big dip in the business investors have clearly gotten on board with that. withmuch more demand they've raised the range

the company now valued at $47 billion on a fully diluted basis. >> yesterday, both of us watched with mouth's a gape. doordash with a move up. the vat u at some $71 billion. i mention it with airbnb which traded at a far higher value in the market >> what's interesting, often times the traditional ipo. they mean something but nothing at the same time the interest, the none binding

orders it is important because it is one data point to use to assess demand with the system that airbnb and doordash use there isn't that same kind of oversubscription chatter i've been talking to the buy side that say allocations are very, very tight as they were with doordash meaning people that put in for allocations weren't putting those in for return which isn't an indication then you have the carry over for doordash david, both you and i were on the same page there. blown away by how high that went investors were looking at that saying, man, i wish i had gotten in on that one they were a bit more aggressive requesting allegations this time

around hoping for a repeat with today's activity with airbnb >> a return to that. it is interesting to me, we talked about the hybrid. another piece is the employees themselves and the role they are playing in this ipo too. in this case, there is an allowance there for employees to sell up to 15% without lock up expiration a number of hosts were offered buy in on this too do you think that sets a new precedent or will become more common place. >> i was talking to a source

close to the deal saying employees don't have that traditional source they are allowed to sell some is stock today, which is actually good potential for the price movement today not seeing as much of a pop which leads to conversations about leaving money on the tables that something you do see. that took place with unity's ipo. you could see when employees came in and helped to manage the price more and doubling in the first day of trading as we've become used to with the deal, that has become more popular these types of companies more in the gig economy. those people benefit from what

they are siege and the wealth generation from these deals. >> let's bring in mark who cover both airbnb and doordash do you have a rating and price target on airbnb yet wondering what you think of a $68 her share price right now? >> we don't have an active rating we are writing pre-ipo research. we have our views and what they put out and are paying close attention to what the price is doing. we don't have an active rating just yet especially given the price and we can talk covid and the price

on that safety on the sight or something else one of the few names you can participate in and the option at of what that can become. that would be the biggest risk we know the reopening will play itself out beyond that, will they be able to crack the experiences and grow into the hotel space and continue to take share away. certainly, once we look past the reopening and recovery, the pent up demand and that growth, certainly, there is a dream that sits behind airbnb, that is the

risk attached as i imagine investors are looking at it. >> you cover doordash as well? >> i don't cover but i've written pre-ipo research to our clients it was important. >> do you have an area do you focus on a particular industry or not? >> yes, i focus on revenue pools. advertising, e commerce, cloud and these life services that fit into where these would participate. >> let's get to doordash and call it the rough value. does that make sense to you

significant premium. certainly excitement and investors. sharing the economics would ease the investor mark. is this even a good business they've demonstrated that that can be that has demonstrated a lot of excitement >> finally, mark, when you do eventually cover we've got the ftc and state lawsuit. the fact that you do have an outperform rating on the stock do you not see this as a threat for facebook >> i don't see it as an

existential threat it is writing the potential breakup. i think the definitions in the case is a bit weak primarily because they are defining the space narrowly. it was curious to me that tiktok with 800 million users was not even brought up once they are excludeing out little mention of snap chat, linkedin, et cetera. all of the competitors that participate from the same pool of ad dollars were curiously missing. from our view point, it is not something investors want to see on paper but we think the outcome of a full breakup is very unlikely. expect to see some type of fines and regulations of where they can and cannot continue to make their investments. >> it seems like investors are

more broadly in line with that view shares are trading flat. in terms of indicated price for airbnb currently, $149 that is after it was priced at $68 a share last night >> wow more than a double >> 119% increase >> that will be exciting to watch. still to come here, don't miss the exclusive interview with booking holdings ceo we have a lot coming up.

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the fda panel. meeting on approval of pfizer and biontech's vaccine for commercial use >> this is a meeting of outside advisors to hear data from pfizer, cdc. you can see they are talking and doing some q and a after a discussion of covid-19 at the end of the day, they are going to vote to decide whether they are in support of its use they are talking about use for people aged 16 and older this is being live streamed.

on youtube, 30,000 people are watching by far the most watched fda event. dr. hanh saying it is really important there is this transparent si, given 40% of americans are hesitant we need to get more 70 to 80% of people to get to herd immunity >> we need to get to herd immunity that requires 70 to 80%. that's why we've been very careful about the review we'll make a very careful decision that vote from the committee could come between 3:00 and 5:00 today. the fda could act on that. whether tonight or over the

weekend. within 24 hours, distribution will start across the united states an advisory committee will meet friday and sunday to official recommend and make recommendations and talk about things whether pregnant and breast feeding women should get the vaccine since they were not included in the trials we estimate next week the first shots going into americans arms. >> this is really one for the history books. it is not an approval tonight. it's emergency use approval could be a couple of weeks or months away in terms of the questions, there are some we don't know this debate swiling around whether people who get

vaccinated could still spread the virus. >> that's a question that wasn't answered we have learned 95% efficacy of preventing you from getting sick, would this keep you from getting the infection. it is also unfortunately why we are going to have to keep wearing masks and social distanced even as we wear masks. >> thank you for bringing us the latest looking at the industrials, etf ticker still around 10% for the year. general electric paying $200 million in fines that it misled

users. shares of ge up more than 90% over theas pt three months we'll be right back after this stay with us

shares of facebook holding steady as the ftc and attorneys general file those lawsuits. >> carl, these suits allege facebook behaved in illegal behavior shares are trading lower including potentially breaking after whatsapp and instagram analysts are largely confident these suits are unlikely to lead to a breakup saying it would be unusual and difficult to unwind these assets but does mean it will scrutinize future assets.

asking about the reels format and the threat of the government mandated breakup >> the key thing there is to understand the consequences. the consequences would be really significant for the people who use and rely on instagram. we can make our messaging products more compelling we can make our creator suite of tools more compelling leveraging work from the rest of the family to help creators reach more people and monday 'tisation tools. we can do more to keep people safe >> stressing all of the competition instagram faces from tiktok facebook said instagram and whatsapp became the incredible products they are today because facebook invested billions and

years of expertise to develop new features and better experiences. facebook also noted that ftc did approve the acquisition of instagram eight years ago. >> you ran some sound talking about how they are playing catch up the question will be to what degree have they been playing for a battle such as this one, which reports say zuckerberg considers existential. >> facebook has been investigated well over a year. this lawsuit has been in the works for a very long time i think they are preparing to talk about a number of things. number one, the competition. tiktok is the perfect example. competition with snap and youtube. for advertisers and creators

there is a big push to go after those creators there is this fundamental question this deal that was approved. eight years ago, is it fair, does it make sense to rewrite history. >> being able to sit down with adam as all of this unfoals. take a look at airbnb as we get ready for the public debut latest publication $158. priced last night at $68 a share. huge move higher before even seeing that first trade. we'll talk with booking holdings ceo. back in two.

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welcome back, i'm sue herrera. more than 3,000 u.s. covid deaths yesterday, a new one-day record the country is about to cross over 290,000 confirmed fatalities more than the population of tampa, florida a post thanksgiving surge under way, hospitals are running out of room. >> this area here used to be our main hospital lobby. as covid continued to increase, we made this our emergency department lobby >> as an fda panel evaluates, the agency commissioner is trying to reassure anyone worried that the process is moving too fast. >> our people, our scientists

are world class, they are mothers, fathers, brothers, sisters, grandparents. our job is to assess the safety and to do that well. we've shrunken a process that should take months into weeks. >> demand for testing also soars. a nonprescription at home test from lab korp has been approved. samples still need to be mailed to a lab >> you are up to date. i'll see you in an hour. >> thank you as we focus on airbnb and travel, let's go get over to seema. >> a big day for travel, i'd like to welcome the ceo of booking holdings welcome back >> you have a good lens into hotels, flights and home

rentals. let's zoom in on home rentals. made up a smaller percentage versus the prior quarter what are you seeing now going into the holiday season as lockdowns emerge >> definitely a core relation between safety and do people want to be at home or not. as we move forward, people who never thought being at home will think that a home is the place to say saying not sure, home or hotel the great thing about booking.com, we have the greatest list of homes an hotels we are very well positioned for this >> you have to wonder once the vaccine is widely available. do those people who chose a home

over a hotel, will they go back. the roof top bar, the cleaning, the rewards. how do you expect that customer to react once a vaccine were made available >> wouldn't we love to do that and be at home people will gradually feel more comfortable going to a hotel or a home even in the height of the pandemic, we still had more new bookings for hotels than homes there will always be a desire for a hotel. we need booking.com to offer whatever the customer wants. i think what is going to happen is that people will decide which product for what the purpose of the state is sometimes you want all the things you mentioned and sometimes you want to be off on

your own in a little cab inn >> with that said, they've had to cut back on the costs and let go of employees as well. going into 2021. will that change the way you market >> i don't think so. airbnb has been a excellent job. congratulations to them for being trail blazers. i can't congratulate them enough this ipo doesn't change anything we are going to be doing the same stuff consumer doesn't care. they want great service, at the rice price our products are totally completely instant one thing airbnb does differently, part of their

product, you have to go back and forth with the host. second, we are offering hotels and homes together and we don't hit somebody with a traveler's feet when you are ready to check out we have pretty good advantages it is going to be a lot of competition for a long time. >> it will be a lot bigger some have you doing as much as $2.6 billion in free cash flow >> our share holders want to get a good return. we provide that for a very long

time 2019 we did $6 million ebita i don't thinairbnb had any positive ebita we know down the road we have to do all the things to provide great service in the long return, we have it provide that valuation and what people expect the future cash flow to be and what we are expected to be doing. >> given the accommodation sectors. do you start to think more about the accommodation sector, breaking it out to get to the multiple they are putting on the airbnb business.

we are pretty public about the amount of business coming in i don't think there is any confusion. once again, you have a situation where it is excite being space the fact of the matter is, one day, market capitalization is something we talk about in the media. it is the long run we look at. >> glenn, you talk about the consumers as well. earlier on the show, our guest said he does not expect travel will look like it did in january. already proving to be the case with airlines waving change fees and what does that mean for your offerings. >> there are always changes.

when a terrible change like the paepd comes in go back to 9/11, after that terrible change in the end, the desire to travel will come back it will come back. they will say where am i going to go. what is the best place to stay and where will i stay yes, it accelerates the trend. it doesn't change that picture at all >> the speed with this that is

happening. vaccine acceptance will not trend the way we had hoped as soon as this thing started coming back. i've been saying it is going to take years, not quarters to come back to 2019 i know we are so excited and thankful every volunteer who tested themself. we all know it is going to take time that is the biggest thing holding back travel. those virus rates are very bad in many parts of the world just tragic. we know it is going to take time to get those numbers down and for people to feel safe to

travel when it does i do know travel is coming back. >> we are waiting for that day when i go on one of these sites. booking, vrbo, airbnb. there is a lock of inventory is this an opportunity to add a number of listings and how you convince more americans to list their homes. especially at a time home sales are surging and americans are enlisting their second home. >> these homes you are worried about the awareness. talking to my daughter

she's a college student. she says she's going to go skiing with friends and she said they would stay with friends or get an airbnb. we have to make people in america more aware we have a great product the same as the rest of the world. in europe, people would have said booking.com >> such a good point there are conversations happening like that in many households we appreciate your time to give us a pulse on what's happening in this industry we are keeping a close eye on today thank you for your time. >> thank you as we go to break, join us tonight. don't miss our cnbc special "the path forward" race and opportunity in america looking at the economics of the

latino community reputation in corporate america, education, entrepreneurship. coming up at 8:00 p.m. eastern time we'll be right back. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

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amazon is still the top destination for online shoppers. showing us some competition creeping in. steve has that >> good morning. the covid crisis will make this the biggest online holiday shopping season so far wall street watching closely to see if some e tailers can get a piece of amazon's action 55% of americans say they'll do most or all of the shopping online the biggest jump we've recorded. you can see they bare the brunt

of that surge. they have shown some gains in online shopping, which we'll show you on the next screen. amazon is the leading destination. we knew that up two points from last year other destination seeing bigger gains. specialty sites like etsy, walmart and big box gained four points the more you spend the more likely you are spending on line. 70% or more spending over $1,000 that compares to 30% of those spending $200 or less. one bit of good news here. 60% say because of covid, they are worried about attending large events you can see the concern there

among shopping malls 17% worry about shopping at small stores just 17% amazon and online shopping are ripping at the market share brick and mortar stores. there could be some upside for small businesses because they offer a safe way to shop >> i know you've got a place in your heart for some of these small shops. >> put a mask on and go shopping >> let's give you the latest check there. $150 a share, that would give it a fully diluted valuation above $100 billion you are being looing at a live shot from the nasdaq

that is jay heller, the head of markets. on a normal ipo day, we'd be m.m ing updates directly fro hi instead, we are doing it differently. don't go away.

this morning, online maren marketplace company weed maps announcing it'll list on the nasdaq by merging with the silver spike acquisition core. ticker sspk. the equity valuie isestimated around $1.5 million, one of the largest weed tech companies. chris joins us this morning. thanks for the time. congratulations. good to talk to you. >> thanks for having me. >> for years, we've talked about the industry buildout around cannabis it's been about logistics, security, about banking. now, we're in the software era, i guess. >> yeah. you know, i think one of the things that's been interesting about cannabis is you have this highly complex regulatory landscape. every state, every province has different laws, different rags, and they're being pushed onto your front office workers. what we've done here, in

addition to sort of the marketplace, where we're well-known for, is we built out essentially this operating system for cannabis brands, building design into it. helps these businesses survive and grow, but also it gives us the requisite data we need to make the marketplace actually convertible and transactable for consumers. >> fascinating as far as the core industry goes, i wonder whether you found this house vote on the act significant in any way, given what some believe to be a dead end in the senate, or is that just one more example of two steps forward, one step back >> well, i think, actually, the most exciting thing was this was the most momentous election for cannabis this imfapacts a lot of our plas and what we see as the forward trajectory president-elect biden coming in with a more favorable cannabis policy in individual states, they

overwhelmingly passed. also, a number of states already had retail densities that are far too low to survive a thriving market. we saw a bunch of local jurisdictions move forward with saying, we'll issue more licenses we expect to see the trajectory increase going forward the house act is symbolically indicative of where we're going. though it won't pass now, what you're seeing an accelerate coming out of the last election. >> it's david, chris i'm struggling a bit to fully understand your business explain to me, are you making money from the merchants, from the consumer side? you describe yourself as providing cannabis users with the discovery journey they seek. what does that mean? >> yeah. so wmh is two parts. one part is weedmaps this is the largest proprietary marketplace for cannabis that's out there. we take over 10 million monthly active users thee these are actual cannabis consumers. over 90% of the users consume it

monthly. 70% consume daily. when we put them up against 18,000 business listings, brands, retailers, that sort of thing, the thing that's notable is there is no normalized product inventory. there is no normalized clinical effects data on cannabis so what we then do is we aggregate with almost all third-party poss we have our own pos solution integrate with a number of third-party solutions, and we do machine learning and data that enables the marketplace to be transactable see almost a 15% conversion rate across our platforms what we've done is pair that with what was, for a long time and an unmet need, a suite of software that enables these businesses to run their operations keeping in mind that these require things like gps tracking for delivery, things like that in terms of how we have driven our growth and sort of our reach, it's been by we effectively, for the business in a box, it's $500 a month for businesses, retailers, to have a

full suite of software to run their solution separately, on the marketplace, we're providing the cheapest way for these retailers and for brands to reach consumers. so there's ways for them to boost their reach and engagement and drive sales. >> all right so you described, i would assume, what is your competitive mode what stops the like of a yelp or a shopify or others, a good rx even, from moving into your industry >> yeah. there's been a bit of a, i think, misconception, that businesses like that haven't been trying to enter the space for some time. we've seen for a number of years now businesses in other, adjacent spaces look into the cannabis space and realize quickly a couple things. one, the laws and regs are so complex, you have to custom build everything from the ground up for the space you know, when we deal with inventory, whether in the order system, pos, that generally is getting reported to a state regulator with a track and trace system separately, the other thing is,

you know, what we've done, i think, has been fairly remarkable, in terms of being able to down segment and get this level of dominance with high value cannabis consumers. it's very hard to down segment to that group because they're relatively evenly distributed across normal census demographics then, really, the other piece is, it's data. data, data we've been doing this for 12 years now. we've sequentially been, you know, building up our data resources, integrating that data, and that in and of itself is what enables us. >> so, chris, as we come to the end of the show here, quickly, what does that mean in terms of quality control on the site, whether it's the vendors, candice companies themselves, or whether it is consumers coming to the site and doing things like writing reviews >> yeah. so we rolled out system ware, and this is important for us from a data normalization. on the review side, we've made it clear for people who purchased the products, verified purchasers, you can down filter and see the reviews from those people whether it's on our site or we have a spotify type e-commerce, so we can see people purchasing

from third-party sites the other thing that has been remarkable, and i think this is where we're trying to take a leading position, is we rolled out enhanced verification. retail e braners and brands to the platform have to go through a verification process to my knowledge, we're one of the only marketplace platforms doing that, other than relying on section 230 protections >> chris, congrats again please come back fascinating look at where the industry is headed appreciate it. chris beals of weedmaps. we'll take a break indication oainbn rb, 150. "squawk alley" starts in a moment

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good morning it is 8:00 a.m. at airbnb headquarters in san francisco. 11:00 a.m. on wall street. "squawk alley" is live. ♪ our house in the middle of ou street, our house in the middle of our ♪ ♪ our house there's always something happening it's usually quite loud ♪ ♪ our mom keeps our house proud