- i did this for my children. i am very proud of myself. - [narrator] finish your degree at snhu.edu. hi, everybody. welcome to "power lunch. we start with the story of the week airbnb is surging, making its debut at $146 a share after pricing at 68 last night it's more than a double on day one and follows the debut of door dash yesterday. >> hi, kelly our reporters are all over the

stock. leslie picker, we start with you. >> airbnb has handed $54 billion to investors who got in on the $68 ipo, $54 billion in market value which is now valued over $100 billion on a fully diluted basis. let just take a step back and talk about how we got here in crust abo just about 20 hours' time. filled scho fidelity showing airbnb with buy orders retail demand worldwide is here because airbnb is available

internationally and it's drawn in a massive retail co-hort. these investor have been watching the company boost its rang -- its price range and price well above it. that signalled to many people this is a company worth buying and buying with little price sensitivity. that's why it took so long for the stock to open today. too many willing buyers without enough willing sellers until it reached $146 per share and morgan stanley felt there was another stability to let it open at that amount >> that's what makes the household names so difficult to price. >> that's exactly right. you look at the company. if you're a banker and you're advising a company on where to price its ipo, you take all the information from investors, they've automated the situation to make it easier but at the end of the day, it's very, very

difficult to assess from a disparate group of investors what their researchers are and what they're willing to pay. and there's just a different psychology that's a variable that is almost impossible to manage ahead of time unless there were an automated situation that allowed those indications of interest to come in from retail investors but even still, you may have a retail investor that changes their mind on that first day of trading and it's difficult to really keep up with them and know whether they're going to buy it, flip it. there are too many variables at play there should be no surprise there was retail interest in this one, especially after what we saw happened with door dash yesterday. >> we'll follow it >> kel >> we're watching airbnb shares. don't be fooled by the 119% you see on your screen this stock old at 146, we're two

bucks above that level now deerd d dierdre, you spoke with the ceo of airbnb. love to know his thoughts right now. >> yeah. i said what a wild year and he said, oh my god, yes, it has been that was his first reaction. this is a company valued at $18 billion in the depths of the pandemic we've been talking about financing and there are still some questions outstanding from the s1 but as we're seeing by how it's trading, investors have been willing to look past that there was a lot of excitement around it. i was expecting that ipo prospectus to reflect more while this has shown ebidta

profitability, it slipped back into losses that alarmed priority investors before this went public. i asked brian this morning if he would give us more in experiences. while they scaled back on some projects, that's not the case for experiences. this is seen as a more costly ambition for the country i also asked about the china business, which has been under some scrutiny. i asked if there was a point in which they would consider rethinking that strategy or getting out of china like other tech companies have had to do. he says, listen, we're capable of making difficult decisions. i think in just those two answers, it highlights that you can't just sort of put your head down in the sand and buy this company. there are some risks associated with it and it's good to remember that as we see it trade at north of $100 billion market cap. >> approaching those levels. >> a touch above the open price, 147 and change ladies, thank you.

let's bring in an airbnb investor who says he hasn't seen this kind of ipo euphoria in some 20 years. eric paly, good to see you welcome. >> thanks for having me. >> you should be jumping up and down you are the beneficiary of the same euphoria which makes you nervous. >> we're very excited to be investors in airbnb. this is obviously a very exciting day >> you know, as the ladies were just saying, $18 billion at the depths of the pandemic low to more than $100 billion now is that crazy? >> well, i think that these are in various different ways very, very strange times and certainly with covid going on, i think you could have seen a path for airbnb that was really dire and for a short time

it looked that way but i think they've been able to show resilience and pivot towards needs notice market. as an example, my family went to venice with a tour guide on an airbnb experience last week because they can't go in person. >> what do do you with the shares that you're holding are you selling on this momentous day? >> we're definitely not selling today and we are bullish on the future of the company, but i can't speak beyond that. >> spencer rascoff who founded zillow stweeted eartweeted earl congratulations airbnb on having built an incredible product and brand, created a new category. i wish the offering price more

accurate live reflected the now-apparent true value of the company. is that an issue how this was priced and how door dash was priced yesterday and how do we get around that? >> i think it's a fun game for all of us to sit around saying what's the perfect price, where is it going to be at the end of the first day. i think what's special about this team and the leadership that airbnb has luckily had throughout is they're building for the long term. they were started in a recession. they endured this very, very difficult period with covid and i'm super impressed by how they've come out of that and i think the reality is brian chesky was on earlier and i was glad to hear him say with high prices come high expectations they have to continue to build that business and show value what really matters years from now what does this business look like, not what was the price today. >> the type of euphoria you

cite, is it sustainable or is it worrisome? >> i've long ago gotten out of the prognostication game around whether multiples can either expand or contract in the market we've seen both over the years i've been a venture capitalist i think there are a bunch of reasons why tech is getting the multiples it is. i think there's been several years of trend acceleration in the tech category among consumers and businesses that has really happened just in nine months simple examples of that but basically what's happening is all of the services we're need to live our lives right now are really being enabled by tech and a lot of people are consuming those services that never used them before. my parents are retirees, they never ordered groceries from their mobile phone or food from their mobile phone and now nethy do individuals are having a hard time if you're looking for a bright

spot to invest, what is enabling us to get through this incredibly difficult time. that's why you're seeing the multiples you're seeing in the tech economy >> what do you make of this new investor co-hort, the robin hooders who are interested in airbnb that is not making it difficult to price these ipos but it's increasing the demand. >> there's no question that retail investors make it a lot more challenging to figure out exactly where that pricing is go to be. i do think there is something to be said, though, for investing in the services you as an individual use and value and see the long-term potential of while many of those robin hood investors won't be long term, i think many will be because they believe in these companies >> it's great to talk to you congratulations. it's good to see you eric paley joining us there.

>> good stuff. coming up more on airbnb's first day of trading and what the ipo euphoria means for the rest of the market and pipeline. the shares holding on to just a couple dollar gain over their open but more than double what they listed at last night. plus we're watching the vaccine stocks as the fda advisory committee is meeting right now we've got details as "power lunch" continues right after this st reliable network, added 5g nationwide for millions of americans and the unprecedented performance of ultra wideband in more and more places where people need massive capacity and ultra-low lag. i'm proud ultra wideband was named the fastest 5g in the world. but i'm even more proud, all that work is gonna make a real difference for you. this is the 5g america's been waiting for. only from verizon.

covid-19 cases continuing to rise in the u.s. 220,000 enounew cases yesterdaya new record deaths and hospitalizations also soaring. we want to point out the positivity rates, 30% in arizona, 36 in pennsylvania, an incredible 76% in idaho. hope, though, on the horizon the fda meeting today to discuss the pfizer biontech vaccine. hi, meg. >> hi, scott well, this all-day meeting going on of outside advisers to the fda to discuss every facet of the data behind the vaccine from pfizer and biontech. you can see now pfizer's head of vaccines is answering questions from the fda committee and they plan to have a discussion and vote between 3 and 5. today.

dr. steven hahn put out a statement trying to assure people of this process and the credibility of their review saying i can assure you no vaccine will be authorized for us in the united states until fda career officials feel confident in aof lllowing their families to receive it so speaking to knowing there is vaccine hesitancy, people are cautious about taking the vaccine. if the committee votes positively today, then it goes to the fda to decide whether to issue emergency use authorization. within 24 hours of that green light, the distribution of the vaccine starts simultaneously a cdc advisory committee will meet to give their recommendation to the biontech vaccine and we could be looking at the first vaccinations in. u.s. happening next week >> they could get that rolling

almost immediately >> that is the plan. they have been planning for months it has to go to all 50 states, territorie territories, all corners of this country. >> lastly, meg, how concerned should we really be about the supply of the pfizer vaccine in light of those stories broken earlier this week about what we have and what we turned down when we were presented the option from pfizer >> well, what we know we have right now for the u.s. is 100 million doses secured. and they expect that those along with 100 million doses from moderna's vaccine will be available by the end of february that's enough with those two vaccines for 100 million americans. beyond that they have not struck new agreements they have options to purchase more from pfizer and moderna the question would be when could pfizer deliver more vaccine. they are counting on vaccines

from johnson and johnson and astrazeneca, coming through perhaps in february, which would add to supply at that point. >> thank you for that is correct meg tirrell. >> kelly >> for more now on what we can expect from this meeting and from the pfizer vaccine in general, dr general. it's great to have you here. one of the questions that comes up when i talk to friends and neighbors and they say you go through the fact over the past couple of months you but what happens if it causes problems over ten, 20 years and it takes a while to show up, what would you tell people about that concern in. >> you have to really compare and contrast the value of preventing covid-19 versus potential adverse effects.

we know that the studies were well conducted and in a fastidious manner. there are some adverse effects that are deemed minor. but long-term consequences on unknown, much like many vaccines that are initiated you don't have years and years of experience. you have to go with what you have there will be by the time these are released tens of thousands patient years experience, so we hope there are no long-term consequences and we can rely on previous vaccines and the adverse effects associated with them to give us insight. >> there were questions about women who were thinking about getting pregnant or breast feeding taking the vaccine is it normal for those concerns

to come up and could they echo concerns about getting covid in general and is there any kind of particular advice for that co-hort of females asking for a friend >> those are very important questions virtually in every study down in clinical research and then the rye approvapprovaly children and pregnant women are not often included in the study. you need a fair lly large numbe of these individuals to demonstrate safety people will -- women will get pregnant who have been vaccinated, so they will be followed closely the recommendations right now, as most new medications, those special populations are not ones we should vaccinate de novo but we will follow carefully >> what portion of the

population needs receive this covid vaccine or have been exposed to covid to reach herd immunity how do we kind of know when we get there? >> herd immunity is really a complex concept. it really suggests that the virus can find no further hosts and is no longer viable. so when we talk about herd immunity, we're really talking about 80 to 90% of the populationmust be, you know, unavailable to the virus that's a lot of patients we just heard what the incidence is now in some states as high as 30%, but that's far less than herd immunity that will include 80 or 90%. the wave y we get there is by p

immunizin immunizing, which will engender a heard immunity response. >> thank you very much we appreciate it >> coming up, we're watching the big ipo of the day, airbnb opening at $146 a share and following door dash's big ipo yesterday. we'll have more on the ipo euphoria sweeping across this stock market plus general electric taking a breather today but the stock is up 90% in the past three months alone. what's behind the so-called cult comeback hthe details. more ahead on "power lunch."

welcome back to "power lunch. ge shares lower today after the company agreed to pay $200 million penalty to the sec for misleading investors about its power and insurance divisions. the stock still up about 90% in the past three months after a record move in november. now on pace for its best quarter ever matt and gina, the trading nation team today. a stock that faced much

criticism earlier, now with ceo larry kulp putting together this restri restructuring plan, better news on the boeing 737 but also health care making some strides there. >> the health care strides i think are the ones that are pushing the bullish initial that have happened recently, which is the demand for ventilators and monitors ge is extremely poised as an industrial to benefit longer term from a return to normal.ri off post-covid >> on a long-term basis, i agree with gina, it's got great -- it's the most overbought it's been since 2013. you look at the daily rsi chart, you go back to 1987 to find a time when the stock was as overbought as it is now.

i think the stock can hold u and rally even a little built further here into the end of the year because i think the broad market can hold up but i look for a fairly decent correction next year at some point in the first half of the year i think people should take some chips off the table after we get past january 1st >> understood. matt and gina, thank you have a great day kelly, over to you >> seema, thank you very much. ahead on "power lunch," airbnb higher on its public debut let's take a look at the recent trades $142 keep in mind this did open at 146 after pricing at 68. we're certainly underwater on that account, although not from the price last night we'll have more. plus millions of americans could face eviction without government protection we'll talk about this growing crisis stay with us

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welcome back, everybody. i'm sue herera here's your covid update in france while the government says new cases have dropped, the decline is faltering starting next tuesday it is imposing a curfew from 8 p.m. until 6 a.m. it will be lifted only for christmas eve, remaining in place for new year's eve >> italy's curfew is affecting the pope's midnight mass plans,

moving up to 7:30. >> here is one example of the toll two refrigerated trucks surrounded by a makeshift structure are outside the tearant county morgue in texas, ready to handle the overflow as the indoor morgue reaches capacity families are delaying funerals due to pandemic restrictions and even more trucks, unfortunately, may be needed. >> our morgue, our medical examiner folks have been talking for some time and knew that we might get to this point, but we're there. and so i believe that initially we're going to be bringing in a couple of trailers and we'll just have to see where we go from there >> you are up to date, kelly i'll see you again in an hour. i'll send it back to you >> all right, sue. thank you very much. >> let's turn back to the big story of the day here on wall

street, airbnb, the stock opening at $146 a share, way above expectations, priced at 68 last night, though it's struggling to hold the 146 now let go to dom chu for more >> we've got pullback to the tune of a half a percent in the do you industrials the s&p 50036500, 3661 there. and outside losses for the nasdaq yesterday and now up one quarter of 1%. we're watching what's happening with bullish moves in crude oil prices $46.80 earlier today world benchmark brent crude went above $50 for the first time since before the pandemic lockdowns back in march so wti crude, want to watch there up about 3% off session highs as for those ipos, airbnb, $68

offering price, $146 first trade. we're currently sitting just above that $126.25 115%, you're not seeing that incorrectly. door dash pulling back a bit from the high yesterday. c3 ai still up 20% and hydrofarm holdings up 133% they specialize in hydroponics for plants using water-base solutions. they've been tied as a loose play too cannabis. and look at the chart of airbnb to put things in perspective intra day 146 the level where it opened, it's hovering right around there if it does, maybe, scott wapner, the price was right at the opening, 146 over to you. >> dom, is all of this ipo

euphoria a good sign or a sign that things are getting a bit frothy joining me jo it's nice to see you both. do we have too much euphoria is all of this getting too hot to handle now? >> potentially we do have too much euphoria. we're certainly getting very eager about the reopening of the economy and getting back to normal it's going to be, we think, a very volatile year end we still have a lot of opportunity for ups and downs as we wait for news of the stimulus package, which we think the market largely expects and we have some great outwardly looking expectations as we look out one year, two years for companies but this is still a couple of rough months ahead it have as we work through this i think the market will be back and forth on their opinion around that. so far optimism has won the day. >> that's for darn sure. >> jimmy, is it too much

should it make investors nervous or is this just a sign of how good things really are >> i would agree with susan that there is obviously a lot of euphoria in the market, when you look at the indicators on sentiment and valuation. the market is looking past the issue with a difficult covid winter, recovery into springtime and a more sustained recovery in 2021 and beyond. i think one of the issues is a lot of the good news might have been discounted already. so it's a market that we have to do more work to uncover undiscovered opportunities >> does what we're witnessing with door dash and airbnb, does it make you want to ride this continued wave in tech, especially the highest growth portions of it or does it scare you enough that you say maybe know p nnow's the time to rotate because i am

getting more optimistic about next year? >> i think most people said, yes, it's time to rotate bei, i getting more optimistic. at this point i almost think it's been overdone while we have a lot of activism going forwar -- optimism going forward, we like some of these business m models very much and it's important to think about what you want to own a year from now, not just the next yaquarter. there's a lot of decisions to make and a lot of window dressings from those portfolios and i think you should be very careful where you're trading i don't think you give away a big check just yet i think there's still plenty of room there and you can keep with it for a while >> jimmy, you agree with the value trade. but you feel to me from looking at some of the notes here that you're a little more nervous about where we are now and you think a pullback could be in the cards before we have a reset into the new year. >> i do expect that once we get

the stimulus and we already have the good news on the vaccine side, there could be some profit taking and this is natural in the market that goes back and forth. and pretending to big te-- porto big tech, i do expect many of the names that have benefited from this work-from-home environment here in 2021 will likely underperform -- here in 2020 will likely underperform in 2021 some of the laggards that will likely have accelerated earnings growth next year could outperform that said, some of these are quality names. they may underperform next year but from a portfolio standpoint you may not want to sell all it have it's prudent to perhaps take some profit from a tax standpoint, be cautious with it but keep some exposure to it >> if you're optimistic about the reopen, why aren't you as such with energy, which is

obviously has had big run of late what's wrong with that story >> i don't think there's anything wrong with it i think you might be a little bit early on it. so energy has had a nice run we've gotten more interested there oaf the laver the last cof months and demand supply is coming into a balance. so all important we're watching energy closely we have market weight exposure there and it an area where i think if you can see this economic revival, get back on track and despite the run energy has had, can you see more but it important to get the factors in place first. >> i appreciate the time both of you, jimmy chang and susan schmidt. kelly? >> we continue to watch shares of airbnb surging from their list price of $76. they're at $144.

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movers start with star bucks. the wp sacompany said it's coung on a significant rebound goldman sachs upgrading both greenwich lifesciences receiving upbeat data on breast cancer treatment. it's at 88 right now that is one heck of a gain wouldn't you say so, kel >> yeah. that makes the electric vehicles markets look tame by comparison. citigroup is up 26% in a month it's one of a long list of stops thae that's hopppopped but still hasr room to grow citiis up 2% today

to the bond market where rick and sell santelli is tracking the market. >> we had a 30-year bond auction. i gave it an a-plus. intra days at 30, at 1 eastern brought in more buying driving yields a bit lower look at one week of 30s, on friday we closed at 173, open the chart up to november, that last significant high there on the 8th, that was 174. so we have two areas to pay close attention to and finally zoom it out to march and you can see where the bogey is here. it's all about trying to get back before that 108ish mark, say traders. if we look at what's going on with bunds, when you look at a one-week chart the drift is lower. and the currency post-ecb meeting, the euro popped against the green back at 121.60 if it would have closed it would

have been a 31-month fresh high close. it's central arterying ing stae back a bit >> the government's ban on evictions ends at the end of the year are we go to see a wave of evictions? that story is coming up on "power lunch."

welcome back millions of americans are facing the possibility of eviction at the end of this month as the moratorium expires diana olick has the personal story of one woman in this situation. >> 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. >> reporter: kelly is one of up

to 5 million renters across the u.s. who face eviction at the end of this your when a moratorium imposed by the centers for disease control expires. >> you have been sued for the possession of premises -- >> reporter: kelly may be out even sooner because her lease is up, which means she's 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 there's going to be an avalanche of evictions because there's 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're alleging minor propert damage, noise or pets they already knew about >> they're getting these violation notices and getting

evicted for that >> reporter: landlords argue they need to make a living, too. the small mom and pop landlords whoi itdepend on that rent for income, they are being hardest hit. they both agree they need more help from the government >> what's the likelihood you get the moratorium extended? >> reporter: we've spoken to sources at the cdc and they're considering it but they haven't made a decision yet. really they're probably waiting to see what happens with the next relief bill in congress there is a lot of aid in there for renters and landlords, but as you know, it isn't happening just yet >> yeah, no doubt. diana, thank you that's diana olick there >> princeton university -- >> sorry about that. >> tracks the evictions of 27 cities since march 15th, there have been 155,000 evictions and here now to discussion is eleezia

what are you hearing about what happens at the turn of the year? >> we were in the midst of a housing crisis before the pandemic hit and in a normal year we would see 3.7 million people are making choices between paeg for rent, paying for food, insulin, you know, other types of medicines, so we say that rent comes first but people are really squeezed right now. and i wouldn't hold my breath on a stimulus package just yet. but we are watching with concern. >> sure. i think one of the issues has been trying to figure out if that moratorium was extended should there be some relief for

landlords or direct relief even for renters and if the stimulus chegs are included it could be one version of that. granted it is only $600. is there state by state resource in we are seeing this with jobless benefits some states saying we are not sure whether there will be boosted levels at the federal level so we will boost them. can the state do anything? >> the housing crisis is bigger than any one state in houston they ran through religion rental assistance in under 90 minutes really what we are looking towards is a federal eviction moratorium, an aid package that aids both renters and property owners we are concerned oeshz we will see a spike or avalanche of filings across rural, sub urnan snunts alike in the next year. not only are eviction filings

increases but the amount of money that property owners are filing for is also increasing. in a typical year representers would be facing evictions for $1,000 now it is $2,000 in new york city, that figure is as high as $5,000 per household. really, the longer we wait to support both renters and property owners, you know, the big the check is going to be we absolutely must move forward in order to address the public health crisis. >> as i understand it, in order to qualify for the. >> caller: protection tenants have to earn less than $99,000 a year double that for married households and indicate they would be homeless if econvicted. how many people have goon

through the paper trail? >> that's an excellent question. we don't yet know the scope of the problem. states and federal government do not track evictions. we are actually the one group that's tracking it nationally. however, with this amount of rental debt that we are seeing accumulate, plus late fees and finds, you know, this is quickly becoming an unpayable amount of rental debt that households are struggling with. and you know, we are seeing also communities, particularly hard hit where we are also seeing covid outbreaks right now. there is also new research linking evictions to the spread of covid-19. >> yeah. so we are talking again about potentially 20 million people who are behind on rent and facing this issue as they go into next year i am also thinking about channel so of what we have seen from the jobless claims level whereas bad as it has been, there has also

been a ton of fraud. people need help, but it could prevent people from getting it and allowing those to take advantage of the program who may not be have you heard about tenants trying to take advantage this who don't have a covid issue >> many of the jobs that disappeared in march -- i am thinking of members of my family who are unemployed right now those jobs haven't come back it is still not safe for many people to return to work as i mentioned earlier most households know how to balance their own budget so we have not seen evidence of fraud with regard to unemployment insurance claims or rental assistance claims but what we have seen is that states have made it in some places difficult for people to access this money even if they are qualified. prior to the pandemic only one in four low income renters was

able to receive rental assistance even though they qualified. that's because the pot of money that we have for housings that shrunk over the last 30 years and also the requirements in order to access that money have become more onerous. as you can imagine, if you are about to lose your home it is very difficult to run around and certify lots of different papers to the effect that you are ill, that you are out of work, particularly if your employer has shut down and is not able to certify that for you >> yeah. no i can only imagine how tough it is right now alisa thank you for joining us with the princeton eviction project. scott. >> let's check the markets right now take a look at the codow. it is down by 1 05 points. airbnb a dollar above its opening price, priced at $68

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another check of airbnb. up 119%. it priced at $68 that's where it's currently trading. the market cap is now $89

billion. you would have a take a handful of some of the biggest and most well-known hotels companies on planet earth, mash them together, check them into one big room to equal what airbnb does right now >> yeah, it basically is the hospitality market right now my issue is not so much what that correct valuation is, but why is it double what it was last night and basically 3x what it was a couple weeks. we opened at $146. we are at $149 shares have gone nowhere on the public market. din kind of what we saw can doordash yet. these pops are not happening once it is out there in the public markets it is dull once it is out there. >> you wonder about the people who were getting in today at the open what they are thinking about is the stock hanging around those levels as they are thinking

about what the growth of this company could be if the pricing was mispriced. >> right exact liam i think your opponent is well taken. we are rivaling the market cap of the major hospitality names right now. the dow is down 13 points. we are back near session lows a. similar dynamic to what we saw yesterday with doordash. thank you for joining us today, scott we will see you tomorrow. >> all right, kell. >> thanks for batching "power lunch. "closing bell" starts right now. >> i'm wilfred frost along with sara eisen the nasdaq recovering a bit from yesterday's losses the dow and the s&p still in the red. let's look at what is driving the action tech higher, ned flicks and apple up 1%. jobless claims rose more than expected creating more doubts about the strength of the recovery as covid-19 cases continue to rise in the u.s. and it's once again an ipo that is center of the action today. a huge pop for airbnb in its debut. the s&p currently flat