endorsed pfizer's covid vaccine. now full emergency authorization could come as soon as today. it will be hard for me to say a stumt bell ov stumble over stimulus, the house address journin adjourning you until tuesday as a bipartisan package fades in the senate and i think that is in large part responsible for what we're seeing in the markets this morning. and disney saying streaming subscribers could triple by 2024 that would be a big number announcing a new slate of content from marvel, pixar and the "star wars." it is friday, december 11, 2020, nothing has changed at the nasdaq squawk box begins right now. ♪ ♪ everybody singing all the bells are ringing out and it is christmas ♪

good morning, everybody. welcome to "squawk box." this is cnbc happy hanukkah, everybody. i'm becky quick along with joe kernen let's look at equity futures there is some pressure that has been put on the major averages the dow indicated down about 221 points and this comes after a down day yesterday. and at this point, all three of the major averages are actually on pace for a down week for the week if things continue like this that would be the first time in three weeks that the dow closed lower, first time in four weeks that the s&p has closed lower -- or the nasdaq has closed lower and the s&p right now is looking like it is on track for its biggest loss in about six weeks. take a look at what has been happening in the treasure ary market you will see that right now the ten year is yielding just about 0.891% so those yields have come back down prices have gone up. you have seen the yield purchase back just when we thoit that

maybe we'd see 1% again. >> and i hesitate to use the buy out rumor sell on the news.ughtt maybe we'd see 1% again. >> and i hesitate to use the buy out rumor sell on the news there is conjecture that the market already anticipated the vaccine and moved higher on that, and vaccine means stimulus gets removed one way or another, whether it is the fed or -- congress doesn't seem like they think that it is that urgent anyway so again, we got close yesterday. talking to people, we have tim kaine on today, the senator, but talking yesterday to kevin mccarthy, i thought we were getting closer again >> i don't know. yesterday i thought after hearing what mitch mcconnell said that, yeah, there is no way that this is really going to happen before the end of the year it is a long shot at this point, but it seems like it is less likely than just about at any

other point that we've seen. they can't agree >> right and i think that the markets -- one of our first guests will talk about some reopening ideas. and you will hear a lot about that, all though the stocks have moved a lot. but the milestones have been so grim, i would say 200 points is nothing compared to how horrific this is. but we've seen horrific numbers in the first wave and second wave and third -- whatever this is and i'm not sure that that is what causes markets -- i think the stimulus is more but i do think that there is something to the notion that now that we have the vaccine, we've already, you know, moved a lot on it. but anyway, here are some of the numbers for the pandemic yesterday's death toll was 3100, biggest ever single day record slightly higher than the one set on wednesday the case count, 230,000 also broke the previous record, which

was set on wednesday and that was -- that backdrop comes as the panel -- we should micro analyze the panel because there were some no votes we'll figure out why that is four, i think. >> yeah, i've heard a lot of different reasonings for some of those, but yeah, four no votes i think maybe 17 yes votes the advisory panel voting in total to recommend emergency use authorization for pfizer's vaccine. taking us one step closer to full approval. meg tirrell has the latest developments meg, like joe said, there is a lot to analyze here. >> there sure is i mean this was a nine hour long meeting with finally that vote at the end of the day. ultimately it did come down to 17 yes votes, four no votes, one abstention off weoverwhelmingly positive.

normally they explain their votes, but this one had run so long that they ended it abruptly and some sxwres xpressed frustrn because they couldn't explain their vote and this is the last step before the fda needs to make their decision and so at least for two of the panelists, it was about the question that was asked. essentially do the benefits of the pfizer/biontech vaccine outweigh risks for individuals 16 years or older. and it was the age question. dr. david kim from the department of health and human services who is one of the no votes told us, i would have voted yes most enthusiastically had the language been 18 years of age and older one of the questions really was pfizer had extended it down in the trial after it started the trial. and so there was debate about whether there were enough data

in 16 and 17-year-olds to include them in a potential emergency use authorization. and on that age question, we actually did get more news from pfizer that they plan to start a trial in kids ages 5 to 11 in april of next year they have already included those down to age 12 and for kids under 5, it would be after the age 5 to 11 trials. so age was a big discussion yesterday, but there were other issues as well of course those allergic reactions that we heard about from two health care workers in the uk who got some of the first shots this week, so the discussion around how to manage those, how to at least monitor for those, the fda has asked pfizer to look out for that potential risk and also how to keep running good studies and collecting good data there was a big debate over the people who volunteered for the trial but got the placebo, when should they get the vaccine. so a big debates about that.

and the fda is set to decide at any point. the "new york times" is reporting that it could be tomorrow and after that, distribution begins within 24 hours. >> so let me just clarify that of the four people who voted no, 17 voted yes, four voted no, one abstained. of the four nos, you heard back from two of them and both said they would have voted yes if it had been for 18 and up >> yes and we didn't hear back from the other two. one wasn't allowed to talk with us, he was a member of the government and they deferred questions to the fda but the two who did get back to us were clear that it was specifically the age issue and if the question had been 18 and older, they would have voted yes. >> and the abstention? >> we did not hear back from the person who abstained >> they abstained from calling you back apparently. i'm trying to understand the

rationale. it is just a lack of data, they just didn't think we knew enough about 16 and 17-year-olds? here's what i was thinking it could mean, and i don't think it does, but the risk is fairly low for 16 and 17-year-olds. i don't think that the side effect risk is very high with this vaccine, but the first -- the hippocratic oath do no harm, if the 16 and 17-year-olds would -- if it is more of a risk to take them -- but it is not. it is obviously -- so it could only be about the data, i guess, that they just doesn't feel like it had been -- that they had names to make a decision on. it is not that these people wouldn't benefit that much from the vaccine. because i think that theye ier n you don't want them to get it either, not just their own health >> right a couple different issues there. i talked with pfizer, won'one oe researchers, i asked why did you

include 16 and 17-year-olds in the application. he pointed out that 16 and 17-year-olds biologically are not different the from 18-year-olds so they felt they had enough data to include them in the application but you're right, it almost seemed like a if you think any funny debate to be having to make serb people vote no even though they supported the vaccine. 16 and 17-year-olds are likely not to get the vaccine for quite some time. and there was one panel list e did say that it was an shove consent. but really i think there was concern about not enough data in those kids >> so what is the next step,

what has to happen to get to full authorization, what is the difference between the emergency use and full authorization >> yeah, so pfizer said yesterday it planned to submit its application for that full approval in april of next year once it has six months of safety followup data. and full approval is different legally. i mean, the emergency use authorization doesn't indicate the vaccine is any less safe but full approval essentially means that it is just like any other product on the market, the company can sell to whomever is licensed to buy a vaccine and so it would be -- but it might not necessarily be for all ages either depending on how much data is available at that point too. >> are mmeg, thank you i think that we'll be talking about this all morning your best guess in terms if the

full fda approves it, we could see vaccinations as early as monday or tuesday next week? >> they have positioned almost 3 million doses to be ready to go out the door in these trucks within fda giving the green light. so they will head to that 636 locations that have been laid out by the states and we could see the first americans getting their shots early next week. >> fantastic what a journey it has been seems like it has been so long, but if you think about this, back this january when we were just hearing about this issue and hearing about it overseas and wondering when it was coming in to hit the united states and if it was going to hit the united states, kind of amazing to see what has happened over the course of the last 11 months meg, thank you very much we'll talk to you in a little bit. and an update now on the other story we were talking about, that stimulus talks in washington, house plans to address journ until tadjourn tu.

and mitch mcconnell says republicans would likely not support a $908 billion bipartisan proposal. we'll get a live update from washington in the 8:00 hour. but in the meantime, coming up, we're move closer to a vaccine, so we'll take a look as i mentioned at some reeaching sto reopening stocks that could be doing pretty well. and as we head to break, check out the shares of broaddocom une pressure the company announced a new chief financial officer and new chief operating officer. we're coming right back. in a land not so far away,

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with pfizer's covid vaccine passing a key hurdle on the path to full approval, or at least emergency use authorization, we're focusing on stocks poised to do well when the economy reopens. joining us with his stock picks, jason talbert at neuberger berman you might be a man of many talents.

but let's take about reopening we've seen some big moves already. should people feel that they missed the move in the reopening stocks >> that is a great question. obviously the trade is getting long in the tooth and so what we're looking for when thinking about reopening trades, really are there any stocks that maybe there is a little bit more juice, not fully discounted even though broadly, you know, across the market it seems like most are anticipating a mid 2021 reopening. and are there stocks that have other unappreciated factors that may help drive up side surprises as the reopening occurs. and the first stock that i would high lot is marriott which is obviously a benefit of the pent undemand for travel that exists.

business travel will be a two, three year recovery. the grand oiwnership business is very attractive. there is a creeping consolidation that is happening. hotel owners increasingly want to affiliate with brand owners in order to get all the benefits from the loyalty program, from discounts from things like otas, the et cetera. and so this is going to continue and then in weak economic times, you see some of these unof unaffiliated hotels that become affiliated to get those benefits and marriott is seeing that right now. and an incremental thing to think about, marriott has a market share of about 15% in terms of rooms in the u.s., but 35% market share of hotel rooms

under construction >> pretty amazing company that really has been built up in recent years with acquisitions you make some comments about airbnb be, we were going to do the other two reopening stocks, but comments maybe apply more to what you just said about marriott so let's talk about airbnb which had an incredible debut. is that compapotent competitor? asset light, maybe less -- either one more or less dependent on business travel, do businesspeople use airbnb that much >> business travel is about two thirds of their business one advantage that marriott and other c corps have over airbnb, these are long term contracts that they enter in to with the hotel owners airbnb has no contracts with

their, you know, with their host s airbnb has other competitors and they are both good businesses, but very different when you think about the impact airbnb may have had on the hotel industry, there is a few real estate experts that have tried to do some analysis and they believe that airbnb has added about 2% to room supply for each of the last few years. but the important thing is that impact is starting to wain as airbnb's growth starts to decell rate particularly in the u.s and the thinking is that rev par has been picking up the last few years. >> you know too much, jason, because we won't be able to get

to tapestry you like, great online and then revolve group, who doesn't want to go back to coachella. revolve group which is kind of a small cap, $1.7 billion, but they do these -- they will also get into more fashion with these events that they produce all the bands i like go to coachella. i like all the indy rock and alt rock bands so we'll have you back and talk about those things >> okay. >> i think that business travel comes back maybe, but slowly a lot of companies, they are not spending any money on travel and they are getting addicted to that because their bottom line looks better because everybody is just doing zoom right? but i hope it is back. you need to meet and greet but then when you do meet them, you can't shake hands anymore.

so a lot of issues anyway, the vaccine might solve all these things see, we did have more time for you. except i took it i think that is the first time that has ever happened, becky. thanks, jason. >> yeah, an unusual occurrence i was thinking about that though, end of the year filling out your expenses, you will have nothing to fill out. how much money are they saving on the t and e >> my "wall street journal" subscription >> yeah, that is all i had no parking or anything anyway, when we come back, we'll show you how hospitals are gearing up to deliver the covid vaccine as soon as it is approved right now though as we head to a break, let's take a look at the biggest plea markre-market decl the decliners. qualcomm looks to be leading the way lower.

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once the covid track sevaccs delivered, what happens inside the hospital in frank holland got a look at how one hospital is preparing to administer hundreds of vaccinations daily we wish them well and god's speed, frank >> luck is definitely a component. we visited university hospital in newark, new jersey a site that hopes to be one of the first in the nation to administer doses of the pfizer vaccine that could happen possibly as early as monday. preparations are under way right

now to vaccinate as many as 600 people a day the frontline workers have the option, not mandatory, they have the option to get pfizer's vaccine as part of the pilot program. testing the initial logistics of how to safely in-knock late large numbers in a single location they have patient registration, a quick health check, the vaccine is given and the patient is then monitored for 15 minutes. s ceo says the need to keep it super cold and use it all once thawed out are just a few of the complications in the particular vaccine process. >> we have a responsibility to communicate not only what is going well, but things that may not be working and, you know, changes we have to make in real time the concept is continuous improvement. we have to move fast the science moves fast everybody moved fast to try to get us here. so it is our responsibility to vaccinate as many as possible fast and also learn throughout that process and communicate the

learning to everybody. >> and the hospital will inform "operation warp speed" about any issues and it also surveyed its own workers and found only half are willing to get the vaccine and he said convincing the staff is a key step in convincing the general public that it is safe and effective. >> those numbers are always surprising to me with health care workers that are so exposed. and it is just what do you attribute to, i guess the controversy that always swirls around vaccines? even in the past six months, we've seen political motivation for talking about it one way or another. but more than half aren't -- hospital workers not convinced to get the vaccine i would take it right now. >> half said that they would do it right now, a quarter want more information and a quarter said no.

and the doctor said that he believed that kind of reflected the aga the general sentiment in the overall community. health care workers have questions about the speed at which it was brought and possibly side effects. >> which there don't seem to be very many except for like the same as the flu vaccine. beck has a question. >> yeah, you know, i know this debate is always out there about whether people should be forced to get the vaccine and that is a question that makes sense to me at some point next year. i just feel like right now there are so many more people who want this vaccine that are going to be able to get it at least right out of the gate. okay, if you don't want it, step aside. and then we'll deal with proepg protecting broader workforces when this is more available. >> and we spoke to the ceo about that, he said in general that is why they are not forcing anybody, it is not hones mandat but ideally 70% or more of the

staff would get the vaccine to reduce the risk of transmission. but they are not making it mandatory because of concerns that people have and also newark is a majority minority community, he said a lot of people in the minority community are especially skeptical and they are trying to do outreach to address those concerns >> well, it is early, right? so hopefully as the data comes in and hopefully it is as expected from the trials and then we'll go from 50%, 25%, 25%, up to 99% or something. maybe you never get to 100%. but are you ready, frank >> am i ready to take the vaccine? >> yeah. >> you know what, i have questions i think like a lot of other people, but certainly i think that the vaccine is needed and i think that it will be great for our entire world and certainly our country. >> and my only question is whether i call it a jab or a shoot. you can sound like you're from

the uk if you call it a jab. know what i mean the other day we were talk about that with eamon. someone wrote in eamon jabbers and i tweeted it and i wasn't saying that, but just talking about jabs. we have some time today, frank, hope you enjoy it. >> i see >> no video consults for you for christmas. you asked for that i'm not santa claus. >> yeah, i thought you never say no maybe a ps 5 you never say no >> frank sent me a list. you're in the my child i mean, you know, i'm very fond of you, but i'm not buying you a video game console you can buy one yourself but i don't want you to -- >> if you bought me the ps 5, the feeling would be mutual. >> see you later, frank. ♪ let it go, let go, can't hold it back anymore ♪ >> when we come back, a flurry of news from disney is driving the stock hire we have the latest on the

streaming outlook and the new slate of content that is out there. right now as we head to a break, let's take a look at the yesterday's winners and losers >> that was wonderful. >> it was great. >> well, pretty good >> it wasn't bad >> parts of it wasn't very good. >> could have been a lot better. >> i didn't really like it e. it was pretty terribl >> it was bad. >> boo and in an emergency, they need a network that puts them first. that connects them to technology, to each other, and to other agencies. that's why at&t built firstnet with and for first responders the emergency response network authorized by congress.

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to get to those regions to provide aid and support. it was very humbling to be able to help out all those people. it's my dream now to go into clean energy and whatever the next new fuel source is, that's where i want to be. i want to be on the front lines of implementation. ♪ everybody singing all the bells are ringing out and it is christmas ♪ good morning, u.s. equity futures have worsened in the first half hour, we're down about 25 2 45 points. not a great week for vaccine week as we get closer and closer but we are not seeing the gains maybe that you would have expected as we pointed out again and again, we've already seen a

lot of gains in anticipation of a vaccine. news from disney, those are pretty interesting numbers so 80 million, netflix 200, and they think that they can triple that >> almost 90 million that news giving the stock a big lift it closed at an all-time high and they revealed that they will put ten star wars and far skrel se marvel series on their streaming. and joining us a ed lee and also sarah fisher.series on their stg and joining us a ed lee and also sarah fisher sarah, this idea, this subscriber number getting up toward 90 million, and what they are talking about by 2024, those are pretty phenomenal numbers.

where do you think that the stock did as well as it did, was it that or something else in. >> i think that investors were mind bloecwn by the amount of content that was produced. not easy with so much production being paused and the other thing that i think gave investors hope is so much of the strategy is international. the hulu version of international. you cannot expect to compete with netflix unless -- but disney brought it yesterday. >> and we're all about finding quality, not volume. and that was seen as a direct snap at netflix. is this a world where there is a loser in this, or is it like disney and netflix is huge, so let's see what happens >> there are winners and losers. neither fliks a

netflix and disney are not going away disney did a really good job of super charging the content sarah made a great point about what bob was saying about, you know, it is about quality, not just about the amount, the quantity and at the same time, i mean, there are so many shows that turn down things, so many films and series you need both. you do need the volume i'm a disney and netflix subscriber after a few months of disney, i was like i've seen everything. not necessarily because i've seen everything on the service, but i already saw everything in theaters so it is a nice service, where netflix is so many more things coming on. and the street is responding to the fact that they blew away expectations, they set another ambuitious target, 350 million now. so it is a nice number to have they rounded up across their

platforms. but here is the thing. they also lost $2.8 billion in their streaming division so i think of a storefront and selling dimes for a nickle, right? they have to find that moment of equilibrium of where they will be pricing it and they already raised it relative to how much they are spending and losing by not licensing these things else where. so there is more math to be worked out the numbers look good. but the profits are not there. >> and to be fair, this is so early on in this thing, you have to figure there is a little if you build it they will come. you have to spend the money now to get the subscriber growth there. the idea that they are already raising prices came as a bit of a surprise the idea that they feel like, okay, we're good on this and people aren't going to cancel once they see what they have >> and netflix has beenraising prices as well but it also reflects how netflix's business has been running for years. like a lot of cash and the

street in a way is rewarding disney for looking more like netflix. >> right lose more money, we'll like you more >> sgakexactly. >> sarah, let's talk about what it means for theaters. we've heard from at&t that say they are putting it all on the streaming service. disney is being a little more selective in what they are putting out there. but what does it mean for the future of theaters and disney taking a bit of a softer stance? do you think that is wise? >> it is their only choice i mean, they have 40% of the domestic box office so they have a lot horrifimorhorrif more risk and at&t can sell phones so they are notes a concerned about the hit at the box office. i think the big theater question is going to be when a advantage

enso co vaccine come, do consumers go back to the theaters and make it not much of a neeniche thing. before the pandemic, people buying tickets were people who wanted for see action and adventure films. after the pandemic, i expect the same thing to continue to happen you will have fewer theaters, the only types of people who will go are jam-packed action adventure and most other things will be on streaming services. and that is dramas and rom coms. the thing that i'm looking to see is whether or not this big stimulus package has a little relief for some of the independent theaters they are hoping to get a $15 billion package. we'll see if that pulls through. >> and ed, i had the same thought you did about netflix versus disney, are you kidding me but kids run the world. so we have to acknowledge that you have to have disney. i understand that, but there is so much more on netflix. but my question is, as a legacy

media like person, those numbers are -- >> me and you, we're the legacy people >> as a legacy media person, i mean, this must be good for peacock. i'm thinking about some of the other streaming services because there will be a lot of streaming gains, but does it really sound the death knell for cord cut does koshd cutticord cutting ev? >> here is another set of cords. they are a little cheaper, a little easier to manage, less friction in terms of i can turn it on and off. i'm also a peacock subscriber. i subscribe to all of them, that is part of my job. and there is a lot of good stuff on peacock as well what is hard is that there might be that one or two shows on peacock that i have to watch even if i'm not watching the abedi bredth of what is on there if you want all the shows that

you like, you will end up with this new bundle in a way >> yeah, now i have a big fat bundle that i'm saying for on streaming. the numbers are the same i think for how much it costs. it is exciting though. >> you guys are spoiled. >> yeah, we are spoiled. >> we're getting spoiled for content. >> i mean, ed, you are like i've already seen these movies. how many times i've watched every single movie because the kids want to watch it again? you are completely spoiled >> some you can watch begin and again. >> now it is just the problem of what did i miss, is there something else that i'm not seeing just because we live in this much more fractured media world now where the things that other people are watching you have to figure out >> and i'll just jump in here and say what did i miss, let me sign up for a service and watch

what i missed and then cancel the next day i don't have to return a cable box. and so the next big question, you have all the services, how do you make sure they don't leave you after they watched what they missed. >> that is a good question i think the answer is you have to keep coming out with new stuff. >> that churn mechanism which is that they have to tie to something. with hbo max, it is tied with taed th at&t so i think that they have to find more consistent ties. disney has the verizon deal. they have to find the connections otherwise it is too easy to churn out. yeah >> all right we have to go. >> good to see you both. >> i need a favorite netflix current viewing? totally selfish. it is friday >> i think i'm like everyone else, queens gambit. >> i've seen that weeks ago.

you are no help. >> i'm behind you clearly. i have to catch up >> i'm all about the home edit i love it and that makes me bullish on discovery plus. i think that there is a big market for unscripted with utility content. >> i'm watching something called undercover it is like in holland and it is inlhimbu himburg region. almost like a breaking bad it is pretty good. >> i never figured you for that kind of stuff. >> i want to catch criminals wherever they are. coming up faang stocks have led markets higher this year but can they continue to chug

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shares of oracle have been

volatile earns of beat the street's expectatio expectations revenue heights ll ll ll lly sl higher too and they say overall services revenue and hardware revenue declined guidance was better than expected and the stock is actually up by about 3%. and coming up, are investors swapping out of their faang positions for new public tech names like doordash or airbnb? and should you consider that change in your portfolio that is coming up next

♪ ♪

♪ and this christmas will be a very special christmas for me yeah ♪ airbnb soaring really in its public debut giving the company a market cap of $87 billion. this is just the latest high profile ipo of 2020 leading investors to ask if these new high fliers are a better bet than some of the traditional faang stocks joining us is gene munster, founder and managing partner, everybody wishes they had the foresight to buy amazon when the entire way up people said it was overvalued, not making any money. blah blah blah i remember google's ipo, that was supposedly too high. facebook sold off after the

initial ipo, but just because all of those things happened and it turned into faang, would you put that kind of faith into door dash and airbnb and some of these others >> i wouldn't, and when we think about the future of tech leadership, we have to segment into two pieces, the first is platforms, and the second is disrupters, the simple answer is this recent ipo class. they are in the disrupters class, and they have gotten credit of a lot. i understand the lessons we learned about zoning amazon at a high price i think that the tech disruption, the performance, where we're going to see the best performing stock is going to come with this underclass of tech disruption. before we get into the disrupters, talking about the platforms, we think faang will be fractured what has worked in the past won't work in the future, and you need to be more selective on which faangs you own, and the

ones i would focus on is apple i think there's meaningfulside here i see this at $200 in the next year this is really about moving through to hardware as a subscription bundle. very powerful. amazon is another one. ecommerce is early we're about halfway there, and google surprisingly doesn't get credit for the pre-ipo companies they have nestled away in other bets calico, about extending life, we have waymo, the future of transportation, wearable lenses for augmented reality. drone deliveries, learning robots there's some really exciting stuff there, and if i can just frame it, and circle all the way back to the substance of your question is where is the disrupter piece going to come from that's that second piece of leadership in this under class, i think, underappreciated tech leadership comes from companies like

zillow, i own zillow personally, but i think this company is going to be massive. currently about a $29 million market cap to put it in perspective, this is one-third of the market cap of airbnb and they're going to take what they do so well about capturing the users on a monthly basis, checking out real estate, renting, buying, and add other products to that, and other companies, caravan a, and those three i will highlight wring the disruption is going to come from >> yeah, i don't know how much is in the recent ipos because the private market value reflected a lot of the faang, and even this pandemic almost, i don't know what you'd call it, but it's almost a fever for reopening or for stay-at-home and reopening. but a lot of the digital, you know, the idea that we've packed five years into one year, it was

in the private market valuation, so then they become public and double, i mean, is there any way that you grow into that in the next year or two door dash or airbnb? >> yeah, i want to be cautious one lesson that i learned in my days as an analyst, i recall downgrading the stock once based on valuation, and i remember the investor sold inv investor scolded me as an analyst, and said i will decide how much these are worth i want to defer to the investing public more broadly is going to decide about this. when you look at the history, and the substance of your question is what's priced in here, and ultimately where is our performance going to come from the recent ipo class is phenomenal, they are disrupters, a lot is priced. in the real substance is going to come from the other class >> gene, thanks. >> thank you

>> see ta lot but not as much as we would like. >> thank you >> when we come back, we're going to talk to a dissenting member of the fda advisory panel. she will explain why she voted against approval of the pfizer vaccine. that's straight ahead. tirement a gives us confidence. they help us with achievable steps along the way... so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding]

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vaccine a green light for emergency use. not all the panelists were on board. we'll speak to one member who voted no, and find out why she was against authorization. the latest companies coming to market, minting new members to the billionaire's club. we're going to find out their net worth and what the latest ipo craze means to your portfolio. and traders are watching for news on a covid relief package will we see a deal before the end of the year. the latest on the stimulus and relief front is straight ahead. the second hour of "squawk box" begins right now good morning, and welcome back to "squawk box" here on cnbc i'm joe kernen along with becky quick i'm back at the nasdaq, becky. and it's good. there's no delays.

nothing's been moved nothing's been changed it's like, you know, even outside, those cars were all parked the same way. nothing about me let's talk more about me no, that could be any day, right. u.s. equity futures this morning are indicated down about 210 points that's actually improved from some of the worst levels that we have seen. and nasdaq indicated down about 100, and the s&p indicated down about 29, and this is after the advisory panel for the emergency use authorization at the fda, recommended approval, but the stimulus deal that was the proposed one, which was much smaller than the preevious ones from before the election still seems like they are going to be unable to come to any agreement. i think they won't be back until tuesday, is that right, beck, i don't know if anything can happen. >> by the way, they've got until the 18th to try and figure this

out before everybody really leaves town, but, you know, it's these two steps forward, three steps back type of movements it seems like stimulus is potentially less likely than at any point i've heard when you have a bipartisan deal, the thing gets shot down i'm not sure what it would take to get everybody back at the table. in the meantime, though, here's what's also making headlines at this hour. shares of airbnb and door dash are lower this morning airbnb doubled its ipo price in the first day of trading door dash jumped 80%, and fell by about 2% yesterday. check that out this morning. you'll see airbnb flktindicatedn by 2 1/2%, and door dash by 3 3/4% covid-19 vaccine be approved for emergency use. approval could come within days. an aside, pfizer announced it is raising its quarterly dividend by 1%.

and biontech shares up by about .6%. the news of course not so upbeat for two other drug makers working on a vaccine for coe have i had sanofi, and glak sxosmithkline i they will have to test further with pfizer's covid vaccine one step closer to approval, there are lots of questions about how many people will want to take it steve liesman joins us with the results of the all america survey good to see you this morning. >> after the information that the vaccine works, the next most important question for the course of the virus and the economy, whether americans will take it. cnbc all america economic survey founding 68% of the public will take it or lean towards taking it more on that in a second 30% won't or lean against it those numbers virtually unchanged from october there are some important and subtle changes suggesting there

has been some positive movement for taking the virus 31% now say they will take the virus outright, no conditions, up from 20% in october most of the gains coming from ages 50 and over who had previously been more reluctant there's been little movement in the 12% of the public who say they will take only if required and 18%, if they just won't take the vaccine. there's a fairly consistent 10 to 20% of each demographic we look at in the quote won't take category but some groups do stand out. 28 percent of republicans saying no outright to the vaccine compared to 9% of democrats. 20% of those who identify as poor or working class say they won't take it, and that compares to 12% of upper, middle class or well to do there is a place where americans agree, across party lines, and that's that the vaccine will be distributed fairly we asked 63% of the american

public say those most at risk will receive the vaccine first compared to 27% who believe the wealthy and well connected listen first in line the data is showing that both the trump and incoming biden administrations along with the pharmaceutical industry do have work to do to convince the public to take the vaccine >> hey, steve, just in terms of the people who say that they would take it or they're likely to take it, it seems like it's about 68% of those two categories that are doing this i just wonder when the survey was taken and i wonder if those numbers change after the fda approval because you may have had more people who were waiting to see what the fda had to say about that, too. >> yeah, we were in the field, i believe, from friday to tuesday of this week so yes, it would come after, and i think there's been this steady progression. what is sort of troubling, becky, is this sort of rock solid, 10 to 20% of each demographic ofpeople who were not taking it. that's where i think that

there's been very little movement, and i will definitely come back, probably in january, and look at it again, and see what the story is. i just want to say, becky, from a polling standpoint,eni i think it's really important. most of the day, 68 say yes, 30 say no it's not really the case there are subtle differences among groups, and there are subtle differences in the answers that suggest that there's not just a yes or no answer some people wait and see some people are like i'll do it if i have to and others are like, not at all. >> i don't know, steve with what we've all been through, i mean, so you test it on 30, 40,000 people you get like, i don't know, what percentages had serious side effects, which didn't include death, by the way, so it's like 10, 20 out of 40,000 have a serious side effect. so okay. your downside is a serious side effect and you might be one of

10 over 40,000 or 1% possibility of dying from the virus. 1 out of a 100. >> don't yell at me, joe, for the responses of the people. >> explain that to me how you get the virus, you got a one out of a hundred chance of dying you get the vaccine, you might have -- >> you have to be positive joe, let's make this an issue of education. you've got to convince people. you've got to get the data out there. >> think about it, nobody wants this virus if you can prevent having this virus, you can have a headache from a day and a half. by the way, is that an outfit you would wear at one of your concerts, or at your concert when you're playing your guitar, are you one of those guys that takes your shirt off and play an electric guitar like a rocket, would you do that at one of your

dead -- >> i take my shirt off when i'm playing a song i don't want anybody to hear because when i do, everybody would leave the room that's when i would take my shirt off, but i usually wear a nice tie dyed shirt when i play. >> so does bill walton he covers basketball now because he's such a deadhead. >> he's a good man. >> he's a whacko. >> on the grateful dead on the nfl, they go to break, and the grateful dead songs all the time i don't know why. >> he did the maui invitational, a basketball tournament, which took place in asheville, either north or south carolina, i don't know, one or the other, and man, he talked 90% of what he says has nothing to do with basketball my head was spinning this guy is, he's still at flashbacks, i don't know i'm not really sure what's happening. >> he's still shining, we might say, joe he's still shining. >> maybe so. he's got the shine.

>> very upbeat and positive human being, though, which is kind of nice. >> yes maybe i convinced someone. is that not logical, 40,000 people, a couple of them have some bad side effects that didn't include death >> just keep pounding it, joe, just keep pounding the science, facts. >> don't call me one of these people that invoke the science the people that invoke the science are mostly science illiterates, the ones i have seen, and using it to present a point of view. that's not what i'm doing. i do know something about science, like most of these people. >> going back to the math on this, people buy lottery tickets so good luck convincing them of the odds of this >> the lottery is a tax on people who are bad at math >> it's a tax on the stupid, that's what my father says. >> i guess we could be wrong about it >> you know what, joe, you know what, joe, the virus may be a thing that happens to people who

refuse to do it at some point, you know. >> i can't understand it >> i'd feel like superman. you know, i'm still very worried when i go, and i do, you know, we are at risk when we go to the supermarket and stuff. anyway, coming up. >> i'm up beat about america i'm about people's ability to be convinced of the science. >> i'm upbeat about you taking that shirt off one of these future concerts and see how the audience reacts. coming up, a member of the fda advisory panel who voted no on emergency use of pfizer's vaccine, that interview is next. before we head to break, let's get a check on the market. "squawk box" coming right back flexshares may look simple on the outside.

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my illness may be invisible. but thanks to covered california, i'm not. all covered california health insurance plans are comprehensive - with mental health coverage, and financial help for people who need it. covered california. this way to health insurance. enroll by december 15th. breaking news from the fda, meg tirrell joins us now with the details. good morning again, meg. >> hey, joe, well, a pretty remarkable statement just coming out from the fda about the pfizer biontech vaccine and the outcome of the advisory committee meeting yesterday. the fda, dr. stephen hahn the commissioner and peter marx, the director of research, which oversees the vaccine review says following yesterday's positive advisory committee meeting

outcome regarding the pfizer biontech, the usfda will inform the sponsor it will work toward finalization and issuance of an emergency use authorization. the agency has notified the cdc and operation warp speed so they can execute their plans for timely vaccine distribution. guys, i have covered the fda for a long time. i don't recall ever seeing an announcement quite like this, where they are saying an emergency use authorization is coming, it has not been finalized just yet, saying the fda is going to clear this covid-19 vaccine from pfizer and biontech, and guys, along those lines, we're going to bring in the dean of chicago medical school she was on that pivotal advisory committee that met yesterday dr. chattergy thank you for joining us you are one of the four of course that voted no last night. and we understand that might have been about the age that was discussed for the potential emergency use authorization, but tell us about your no vote.

>> that's exactly right, meg good morning, i want to be very clear that i am fully supportive of emergency use authorization or the use of this vaccine from pfizer biontech for adults, 18 years and older. we are in the midst of a deadly pandemic, and we need vaccines as well as public health measures to control it so i have no difficulty, and i would have voted if that had been the option to approve this, authorize this vaccine for use in adults. we have very limited data in 16 and 17-year-olds, and the question put before us was whether the benefits outweighed the risks in that population as

well that group of individuals will not be likely eligible in the priority categories to receive the vaccine for some time. >> i apologize for interrupting you. we're having a little trouble 'rgo your audio. wee ing to take a quick break, and come back to you on the other side of it "squawk box" will be right back. aflac pays you money directly to help with unexpected medical bills. and is aflac health insurance? no, but it can help with expenses health insurance doesn't cover! that's right. are there any questions? -coach! -yes? can i get one of those cool blue blazers? you know i can't play favorites. alright let's talk coverage. it's go time! get help with expenses health insurance doesn't cover. mmm hmm! get to know us at aflac.com

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welcome back to "squawk box. thank you for sticking with us and, we're going to bring in dr. chatterjee, and we very much want to hear your perspective about your vote last night on the pfizer biontech vaccine. you were among the four people who voted no on the vaccine, and you were just telling us that it was because the question was about potential emergency use authorization for people starting at age 16, and i want to note that, you know, the fda has just put out a statement saying that it will rapidly work

toward finalization and issuance of an emergency use authorization. dr. chatterjee, do you expect that it will be in people ages 16 and older or 18 and older based on the feedback last night, and is there a risk if it's 16 and older, especially given that kids who are 16 and 17 probably won't be in the first priority groups. >> that is correct actually, i'm not able to speak for the agency, obviously, in terms of what decision they will make, but what i can say is that i do commend the company for including children as a pediatrician, i think it's very important that children be included in these clinical trials and you are correct that 16 and 17-year-olds will likely not be in a priority group to receive the vaccine as long as supplies are limited, which we expect will be for a few weeks to a few months we are following these children

who are included in the trials the sponsor told us that yesterday, and we are able to collect additional safety and efficacy data in the coming weeks and months so my point was that what we would like to do is review those data, have the analysis before us and then make a decision with regard to this emergency use authorization for 16 and 17-year-olds. >> so another major issue that came up in the panel discussion yesterday of course were these allergic reactions that we heard about in the uk, in two health care workers who were among the first people vaccinated. what do you think is the appropriate way to handle that consideration for this vaccine as it gets rolled out here in the u.s. >> well, allergic reactions can occur with many different medical interventions, including vaccination. very serious allergic reactions are actually quite rare. they occur in about 1 in a

million episodes of vaccination, and that's why vaccines are administered in health care settings where appropriate interventions can take place if a severe allergic reaction occurs so i think, you know, there's statements that will be included in the authorization, including warnings and contra indications and things like that, and i'm sure that the fda will address the issue of severe allergic reactions in their statement >> we're in such early days and uncharted territory, really, and of course next week, your committee is going to meet again on thursday to discuss moderna's vaccine, and with the pfizer vaccine, it rolled out in the uk first, and we saw those two allergic reactions with the moderna vaccine we could be the first country to deploy it in clinical trials it's based on the same technology thinking about that, would you think there should be similar considerations taken about potential allergic reactions to

that vaccine >> i'm sure that will come up for discussion at the committee meeting next week. and i would not want to preempt what might come of that discussion >> do you think that the fda could have done this any faster? there's been so much talk about the uk clearing this vaccine first should the fda have moved faster and could it have, and still employed the same rigor. >> i think that's a question to ask of the agency. i'm not able to comment on that. >> and so if the vote had been taken at 18 and older, you say you would have recommended it. tell us about the data that you think support this vaccine other than what caused you to vote no? >> absolutely. so in the overall analysis, this vaccine as you know has been shown to have 95% efficacy and a

really good safety profile overall, so i think that we were pleasantly surprised to see that this vaccine has such good efficacy in tens of thousands of participants that were included in the trial the concern i had was for the very small number of people 16 and 17 years of age, participants who were younger that were included in our continually being studied at this point in time so they remain in the trial, and we have the opportunity to see the additional data to make a decision once we see those data. >> and do you anticipate, you know, we've heard from both you and another panelist who voted no, who were disappointed that you didn't get the opportunity to discuss the reasons behind your no vote last night. i think we were all disappointed not to get to hear your thoughts as well. do you think there will be changes to next week's meeting

based on how this week's meeting went >> unfortunately there was not an opportunity to explain my vote at the meeting, and i did consider voting to abstain, but i thought it really important for the fda to make note of the concerns of those who voted new york city -- voted no, and i certainly hope we will have the opportunity to explain our vote next week when we meet on thursday. >> dr. chatterjee, we really appreciate your time this morning, and we look forward to us doing it all over again next week becky. >> hey, meg, can we go back to what you were talking about at the talk where the fda is saying they are going to approve this, they just haven't completely done it just yet i mean, that's kind of confusing. they're going to do it they want people to know they are going to do it what's the hold up what do they have to have done >> well, there are all kinds of things dr. chatterjee was just mentioning, considerations about what to do with the warning with

allergic reactions, considerations about the age of the emergency use authorization given that a number of these panelists would have voted yes if it started at 18. so the fda has to put together this official document saying what this vaccine is authorized for specifically but really signaling with this announcement given we're in this unprecedented public health situation that the emergency use authorization is coming, and wanting to make sure that the appropriate folks know, so cdc has to act to have its outside advisers make a recommendation specifically on the vaccine. operation warp speed, of course, is involved in helping with the distribution, and of course pfizer will be the one delivering these millions of doses whenever this gets the green light. >> meg, thank you so much. we really appreciate it. by the way, folks, a programming note for you a candid one on one conversation with one of the most influential voices in the world. dr. anthony fauci.

from the covid spread to the vaccine rollout, and keeping your with businesses and families safe during this holiday season you can register now at cnbcevents.com/healthyreturns live stream. the event is next wednesday, december 16th at 4:30 p.m. eastern time. coming up, it's been a banner year for american billionaires who have dpagained over a trillion dollars in wealth with the latest round of companies coming to market, there's some newly minted billionaires, that story is straight ahead. and as we head to break, check out the shares of lululemon, the athletic apparel retailer and maker of really dress pants for men, some men. earn an adjusted $1.16 a share, compared to a consensus estimate of $0.88 share arr vemon raised its holiday quterenue and profit outlook. coming right back chlgt.

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welcome back, everybody, goldman sachs has reached a deal with gary cohn claw backs over the 1 md scandal, $175 million

of compensation from senior staff. cohn had been resisting returning his pay. the compromise reached will allow cohn to donate a sum of $10 million to charities, including covid-19 relief and social justice causes. this banner year for ipos is turning into a banner year for newly minted billionaires, robert frank joins us with more. i'm celebrating, robert. i'm not one of them. but i'm just on the record, i'm not bernie sanders i'm celebrating. i'm celebrating. there's taxes. there's philanthropy there's the possibility it can happen to other people if you work hard and have a great idea. i like millionaires and billionaires, but you go ahead, i'm not going to comment on this, i have no editorial opinion. >> these stories are just really inspirational no matter what your point of view you've got this week, two ipos,

six billionaires over $40 billion in personal wealth you look at door dash, they minted three multibillionaires this week. ceo tony shoe is worth $2.7 billion they were all friends at stanford and did the first coding and food delivering working at night while they were students at school those two guys worth 2 1/2 billion dollars. now, the winner of the week was brian chesky, airbnb ceo, he's one of three cofounders who started the company when they were flat broke, sitting in his san francisco apartment, they decided to rent out air mattresses to make their rent. chesky now worth over $11 billion, he got a share grant this fall, valued at 1.8 billion. that's on top of that, and he and the other guys cashed out $90 million in stock yesterday cofounders joe gebia, and nathan, they are worth $10 billion, cashing out some of those shares

in total, american billionaires have gained a trillion dollars in wealth just this year, joe. >> thanks, robert, and something to point out, we have to point this out constantly because i don't think people understand. i keep hearing that a company where the ipo doubles hasn't priced it right. so how much is brian chesky retaining of the airbnb of his state. most of it all i'm saying is what i'm getting to now the entire company, if you bring it out, if it doubles, all the remaining stock he still holds is mark to mark, i don't know if he could sell it all, for $87 billion or whatever the valuation is, but when you create a hot ipo like that, everything you still own is valued at that, you know, supply constrained number. i would take that every single time because you don't sell that

much the first time. maybe the company doesn't get the same amount of proceeds but everything that's left is suddenly valued at a much higher multiple so that's the way you need to think about it >> yeah, that's right, and it's also interesting that at least with airbnb, it's interesting those three founders retained 15% each of that company, even after 12 years and all the rounds of funding, that is a very high percentage for all three of those founders, and kudos to them for preserving that along the way, and now they're reaping the rewards. >> think about amazon, too, you know, people complain, no taxes, all that kind of stuff, think of the jobs, think of the taxes paid by all the employees of amazon, think about the people that own the stock and what that's done for their retirement and for wealth creation and for asset values think of all of those things would you really want to get whatever they would pay per

year is that really so important that you, you know, that you strap -- >> or you're like elon musk, a tenth of that trillion he's over $110 billion in wealth added just year, and he's told california which, you know, he believes has gone excessive regulation, excessive taxes, forget it, i'm in texas, so now the three richest people in the world do not pay state income taxes, and i think that's a signal >> well, that was great the other day when we had that discussion about new york. i love the guy i love the guy he really wants to tax rich people except for the salt, because if you don't do the salt they're going to move. you do like rich people if they stay you just don't like, i mean, i could not understand -- do you understand that logic at all. >> we like democratic rich people we don't like republican rich people >> can't we all just get along

>> robert frank, thank you let's talk a little more about this, airbnb doubling in its debut session yesterday. door dash up 80% the day before. let's bring in two industry veterans on what could be next for the companies. steve cakebred, former cfo at sales force, and pandora, his new book is called the ipo playbook, an insiders guide on taking your company public it came out yesterday. joining us also is chip conley, former airbnb head of global hospitality and strategy i want to start with you this morning, the idea when the stock jumped so much, what would you be doing if you were the cfo of that company at this point >> that's a great question, i mean, everything that's old is new now. everybody thought ipos were going away, and guess what, they have come roaring back i honestly don't think the one day pop was meaningful it's about creating value over a

longer term. if i was a cfo, i would be sitting down and looking agent the follow on for the company to get lower dil dilution at that opportunity. >> if you were trying to figure out how to take advantage of that, would you be looking at issuing more shares right now? >> yeah, i mean, that's what you do you know, you've got lock ups, but i would be looking at a follow on offering very quickly, with under the constraints that the bankers put on us, but yes, absolutely that's how you capture that incremental value as soon as you can under your constraints >> hey, chip, you own a large number of shares of airbnb, what did you think of how things went off yesterday? >> you know, i've been involved with the company for eight years now. i have been the in-house mentor

to brian eight years of toil, and 12 years for the founders it was a true validation but you can't, as steve said, you can't judge a stock or a company based upon a day's performance in the stock market. and what we have to do is just continue it going. create a legacy based company that is focused on the long-term. >> i would say watching that yesterday, particularly after eight years with toil, it would be understandable if you wanted to cash in on some of that, make sure you have something to show for it is that your inclination or are you planning on holding those shares >> the thing that's interest, testament to brian's leadership, gave the employees the ability to actually sell some of their shares in the last couple of days or yesterday. so that's unusual. usually you're locked up six months, but airbnb employees and former employees were able to sell up to 15% of their shares

i know many are. i have not sold up to 15%. i have sold some percentage, but i still am pretty bullish about the company. but the fact that employees could actually sell yesterday and the price did as well as it did, says there's a lot of pent up demand for airbnb stock >> chip, what does it mean for the company at this point? how do you do thing differently? i know we heard from brian chesky about how, look, maybe in the past they had talked about going too many different directions and he's going to be very much about focus. that's one thing that the pandemic taught him. >> yeah, it's been a fascinating journey to be by his side for the last eight years and four years full-time, and now four years as an adviser because i think focus, one of the things he learned from studying steve jobs, and steve was -- said over and over again, you know, what's most important is what you say no to. so i think, you know, the thing

that's true about airbnb, it's a very iconic brand at a very early stage in its career, in its history. 91% of airbnb's business comes from direct or organic search, not from paid search i think airbnb should be looking at, this is just my opinion, how you go beyond just being a travel company how could the company be almost like a lifestyle curator, like netflix helps you find your movie, amazon helps you find what to buy. spotify helps you find what to listen to, airbnb should personalize in such a way that it helps you to determine what to do, not just where to travel to. >> hey, steve, as somebody who has been through this many times other, the ipo, what happens next, what would you be advising these companies. you know, it's so much focus put into this ipo.

now you turn around and do what, particularly if you have ipos that have done that well, and it's probably easy to get caught up in the bubble and the hype around all of that and the excitement about all of it what would you be advising these management teams to do at this point? >> that's a great question first off, i would go celebrate, one day, great opportunity, close the door and move on, but it is about the long run, and you have to run a business here, and this is the new door that opens when you go public is having that business be sustainable long-term, contribute to the community, contribute to the employees, so it's heads down, and it's the next ten years that makes the real value of the company quite frankly, going forward it's get your game plan together, as chip said get some focus, but look at your platform expansion and just go >> steve and jeff, i want to thank you for your time. steve, congratulations on the new book, and chip, congratulations to you on a path after a lot of work. it's good to see you. >> thanks, becky.

>> thank you very much. coming up next, disney is ramping up on content spending that's good. now aiming to deliver a hundred new titles, to disney plus every year julia boorstin has details on the company's streaming plans after the break. meanwhile, check out the futures this morning we have been weak most of the session but not down over 200 anymore, down 188 on the dow, s&p down 27. nasdaq down nearly a hundred we'll be right back.

♪ i can't wait to see what all my buddies think about me imagine how much cooler i'll be in summer ♪ >> disney's investor day showcasing its big focus on streaming and also making some announcements. julia boorstin joins us now with more good morning, julia. >> good morning to you, joe. well, the key take away of those announcements is that disney's direct to consumer streaming strategy is working. now it has 137 million subscr e

subscribers for its direct to consumer services, and includesi increasing the forecast to between 300 and 350 million subscribers, by 2024 now, that massive increase in the forecast is driven by disney plus, which it says will have between 230 and 260 million subscribers in four years. now, this comes after the company announces that disney plus now has nearly 87 million subscribers, hitting towards the top end of its growth forecast four years ahead of schedule disney also announcing it will raise the price of disney plus in the u.s. in march by $1 to $8 a month. disney also saying it will increase investment in content, which will drive expenses higher, forecasting hulu in fiscal 23. in the four-hour event hosted last night, the company announced a slew of original content for hulu, espn plus, and

particularly for disney plus which it says will have 100 new titles every year, including 10 marvel series and 10 star wars series disney ceo saying this is all part of the company's reorganization to divide content creation and distribution and to enable the company to nimbly decide which content should be offered on which platform, and when and that flexibility includes releasing animated rya and the last dragon in theaters in march, and at the same time, offering it to disney plus subscribers for an additional $30 fee, similar to what they did with mulan the company saying they will do this simultaneous release. while taking a traditional theoretical approach for others, and the lot of films, including many intend for theaters will go straight to did i see nebrassne. guys. >> thank you, julia. i'm laughing at the teleprompter they've got a question

and i've got a question for you as well. my yquestion is, and then maybe i'll ask this other. i don't like people writing questions for me i think of disney, it's not my cup of tea for what i want to spend time doing it's kids. they used to have touch stone, and i was at ef hutton, and they funded those touch stone pictures, down and out, beverly hills, color of money, we financed some of those, i want, and don't take this wrong, i want adult entertainment are they going to get into that at all or do i have to -- it's all kids, it's kids. >> it's really not and that's why they bought fox because what they really did with the acquisition of fox entertainment is they took some of that content and put it into hulu and some of that content and put it into disney plus. they are offering the bundle of

disney plus and hulu, looking for adult entertainment might find more on hulu. >> easy. >> and hthey also have a lot wit fx, star wars, marvel content, such as the mandalorian. >> you know what i mean. >> i do know what you mean that's really what the fox acquisition was about, so they're really trying to diversify away from the mickey mouse content. >> don't get me wrong, incredibles, bugs life, toy story, i do like all of them i don't watch them quite as much as i used to, but star wars, i don't know i'd rather watch alien, but you're right, fox. okay, i got it >> fox. >> fx. >> i don't know what they wrote for me i don't know what that question was but i wanted to ask that question thank you. thanks, julia. if you come back, i'll ask that other question. coming up, another day, another ev spac. electric, last mile solutions is

going public their focus, electric commercial delivery advance, a former gm executive who's now running that start up will join us after a break. ♪ ♪

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stop in or book an appointment to shop safely with peace of mind at your local xfinity store. welcome back, everybody, tesla may rule the road and the electric vehicle space, but the ev spac space is getting

crowded. phil lebeau is here. he joins us with a special guest. phil. >> hi, becky, let's bring in james taylor, the ceo of electric last mile solutions joining us from the company's headquarters in auburn hills, michigan james you and i have talked over the years, your previous life as one of the presidents of a division at general motors we'll talk about the auto market in just a little bit first, you have to tell me about elms, spac and why you believe you guys will stand out and what's going to be a very crowded electric commercial delivery van market. >> right thanks, phil nice to see you again. the product is different, as you can see behind me. we'll be entering so called class one space as the only entry in this electrified delivery market, in this ecommerce explosion, let's call it of demand on the last mile deliveries and a huge amount of pressure on the delivery companies to come up with economical solutions of that we'll be unique at bottom end of

the market here where they're looking at low cost, highlight low cost reliable, and as their name says, last mile delivery solutions. the market is crowded at the top end and even the middle with new announcements, but it will be the soul first mover in the bottom of the space. >> but you know that there are a number of spacs that have been announced that are ev related and i hear this from people, and they say, wait a second, why should i be investing in another spac they may look at your company, which is spun off from a chinese auto maker within the last year, your prerevenue, you've got preorders and they might say, wait a second, why is this a good investment relative to other areas where i could put my money right now. >> sure, well, i think the investors that certainly intend on investing in us when we close are looking at the opportunity in the space and look at the success certainly of tesla off the chart. other new impraentrants that hae done well, and they see the, you know, the market being empty,

and that this electric of this particular segment is a perfect application for electric it's short range, a commercial delivery, comes back every night, could be easily charged and doesn't require that much range. their reaction is they like the space and it's a good opportunity for investment >> but is there enough demand out there? you've got you guys, ford and gm ram is not going away anytime soon rivian, you know they've got an electric commercial delivery van coming there are so many entrants into this space, at some point somebody would look at this and say, wait a second, there are not enough contractors and small businesses to order all of these e-vans, if you will. >> right well, i contest that heavily based on the reaction we got from our customers, we have over 30,000 pre-orders, seeing the price point, 25,000 after the federal tax credit

their calculation of so called total cost of ownership to run this vehicle, and lastly, you know, the demand, they're looking for electric products with the extremely high pressure, and there's nothing available in this space. we're not competing with rj, lordstown, we're not at the high ends of other products that have entered the large ups vehicle space, so at this point in time, we're alone at the bottom, and the price point that we'll be offering our customers >> james taylor, the ceo of electric last mile solutions, james we didn't have time to talk about it, but you're building this at the old hummer plant outside of south bend, indiana, at some point we'll get down there we appreciate you joining us exclusive on "squawk box." another spac, ev related st patrick's. they're going to be closing sometime in the first quarter. back to you. >> phil, thank you we appreciate that coming up, an fda panel as you

know by now, recommending approval for emergency use authorization or pfizer and biontech's vaccine we'll have more on the next steps for our nationwide rollout with dr. scott gottlieb. that's coming up next. "squawk box" coming right back

breaking news, the fda signaling that it will approve pfizer's coronavirus vaccine for emergency use. that is kind of just a short time ago after yesterday's late news about a panel green lighting the shot, the jab, last night. meanwhile, covid relief negotiations in congress are in danger of collapsing again it's unclear if lawmakers can compromise before benefits expire for millions, and now we're on the clock for a potential government shut down in just hours. and what should we think about a market that sees two ipos basically double on their first day in the same week is it frothy the president of the nyse will

jo join us on what's been a sizzling year of new offerings the final hour of "squawk box" begins right now good morning, everybody. welcome back to "squawk box" here on cnbc happy hanukkah to everybody. i'm becky quick along with joe kernen, and we have been watching what the market is doing today. last trading day of the week, and so far we have seen some pressure dow futures indicated down by about 160 points we were off by more than 220 points earlier s&p futures down by 23 the nasdaq off by 85 this week has been a more difficult one for the markets. you have seen some high fliers, like ipos we were watching this right now, we are on track to have a down week. if that's case, it would be the irs week out of the last three for the dow that's been done it would be the first out of the last four for the nasdaq that's

been down, and the s&p heading in to today is facing the biggest loss we have seen in the last six weeks let's also take a look at what's been happening this tin the tre markets. it looks like right now, the yield is around 0.9% the fda signaling a short time ago this morning that it's going to approve pfizer and biontech's coronavirus vaccine for emergency use in the u.s meg tirrell joins us now, and when you brought us this news, meg, i got to tell you, i was thinking, yeah, they're under some pressure, given what happened with the uk they have heard some of the complaints, i think, so they're saying, all right, all right we're going to do this, right? is that how you read it? >>. >> i think the world wants to know or the country wanted to know when we're going to get a vaccine. so, you know, secretary alex azar actually was just on good morning america where he signalled this could be coming in a few days. i think we got the bite from him here. >> the fda informed pfizer that

they do intend to proceed towards an authorization for the vaccine, so in the next couple of days, probably, as we work to together with pfizer, the information doctors need to prescribe it appropriately, we should be seeing the authorization of this first vaccine, and we'll, as you just said, we will work with pfizer to get that shipped out, and we could be seeing people getting vaccinated, monday, tuesday of next week. >> and guys, that comes as the fda has put out this remarkable statement from the commissioner and the head of the unit that reviews this vaccine saying that it's informed the company that it will rapidly work toward finalization and issuance of an emergency use authorization. the agency says it's also notified the cdc and operation warp speed so they can execute their plans for timely distribution, saying that's coming after that positive advisory committee meeting vote last night of course the vote was 17-4, in favor of the benefits outweighing the risks for this vaccine, for people aged 16 and

older. and guys, we of course talked with one of the members who voted no just now. dr. archana chatterjee about why she had that no vote here's what she said. >> i think that we were pleasantly surprised to see that this vaccine has such good efficacy in tens of thousands of participants that were included in the trial the concern i had was for the very small number of people, 16? 17 years of age, participants who were younger that were included, and continually being studied at this point in time. they remain in the trial, and we have the opportunity to see the additional data to make a decision once we see those data. >> so guys, that debate there over the age of the emergency use authorization in the uk, it was 16 plus. we'll see what the fda does. an overwhelmingly positive vote and signals from the government

this is coming soon, guys. >> meg, thank you very much. for more on the latest vaccine news, let's bring in dr. scott gottlieb he of course is the former fda commissioner he's a cnbc contributor, and sits on the boards of illumina and franchiser, scott, obviously a huge day for pfizer looking like the fda is going to approve this it's a question of how quickly these things come together what has to happen next, and what does this tell you about the early read from the fda about how quickly we might see people here in the united states getting vaccinated. >> look, i think the secretary was very clear on tv this morning, that something could happen in the next 24 to 48 hours, and you could see vaccinations as early as monday or tuesday you can't get much clearer than that, and the secretary would know what the time line is i'm sure the agency feels a degree of public health urgency here, they recognize what's at stake, showing that this vaccine is more than 90% effective 140,000 nursing home patients

have been infected with covid, and 21% of those individuals are going to die those are the stakes we are dealing with an epidemic raging across the country people immediately eligible for the vaccine are getting covid every week and a high percentage of them are unfortunately going to succumb to the infection, people that are vulnerable we knew long-term care facilities and nursing home facilities will be the first to receive the vaccine. this could have an immediate impact on the most vulnerable patient. that's the stakes right now. >> putting it in those terms, it's clear that days matter, hours matter, when you start thinking about it in terms of people getting it on a daily basis, and how many of those people are likely to not make it, not likely to survive. let's talk about the panel vote yesterday, because until we started getting clarity on that, it was confusing to see a 17-4 vote 4 people voting no we know at least two of those members voted no because they were concerned about offering

the authorization down to 16 they would have voted yes if it would have been at age 18. why was it written, especially when you realize that most of those 16 and 17-year-olds aren't going to be eligible for the vaccine anytime soon. >> i think that's right, typically in an advisory committee meeting, you might see the committee trying to rewrite the question in a way that's pleasing to them you would see the panel members given an opportunity to explain their vote that didn't happen here so i think that's why there was a little confusion coming out of the meeting because when people voted no for what seems to be a very specific reason, but didn't have the opportunity to explain what their concerns were, the reality is exactly as you stated, this vaccine isn't going to be eligible for 16 and 17-year-olds for quite some time we know that for months, and probably until it gets fully licensed, at some point, hopefully if everything goes well in the spring and summer time. it's kind of a moot point with respect to the fact that the eua might be issued for that age

cohort because it's not going to be available to the full range of that age cohort for quite some time. but it would have been good if the panel members were given an opportunity, i believe, to explain their votes. that way we have more understanding clarity insight into what their misgivings were. >> doctor, it's great from the clinical trials to know that it works so well, at least near term, but there's still questions about how long the immunity lasts we had someone on that brought up a subject that we have touched on a couple of times it gets kind of arcane, but just real quickly in terms of, you know, b cells makethe antibodies and that's what we test for those work well. we know the t cells, the other white blood cells are important too. this gentleman who has a ph.d. in immunology said the tc mediated immunity can be more long lasting and that maybe some of the other vaccines, not the pfizer and moderna vaccines,

they may stimulate the cells more than just the mrna vaccines, do you know whether that's true? and does the pfizer vaccine have a robust response with t cells and are they longer lasting than antibodies, the immunity >> well, it is true that if you can stimulate a cd 4 and cd 8 t cell response, you can get a more durable immunity. what we have learned from the pre-clinical and nonhuman primate studies and some of the clinical data is that the mrna platform seems to stimulate a t cell response: the original proposition on why the viral vector vaccines, the vaccines that astrazeneca and merck and johnson & johnson. they would stimulate more of a t cell response. what we have been pleasantly surprised about, the mrna platform is doing it well. whether or not the efficacy or

the stimulation of the t cell response, that we don't know yet. we're going to have to figure it out. the mrna platforms, but pfizer seems to do it a little bit more they seem to be generating a t cell response as well, based on the constructs we have evaluated so far and again, it's early data >> even made a distinction between cd 4 and cd 8 cells, i don't know what to believe but for me, i'd much rather have just a little snippet of the mrna, i think it's an elegant platform, versus a viral vector. i don't know, i don't want that in my genome but anyway >> scott, can we talk a little bit about just one of the issues you'd brought up, and i think you're still kind of opposed to the government's decision on this you had said that it might make more sense to get as many of these violenles out there as possible right now don't worry about the second

dose for people getting the first dose, assuming we're going to be able to get enough eventually caught up in time to get to all of those people, but in the meantime, the second dose shouldn't be sitting on a shelf because during a pandemic we should be reaping out to as many people as possible that argument hasn't seemed to make a dent with the government's decision on this right now. what's at risk and is there a chance that could change >> well, i certainly hope so i don't think we should be stockpiling vaccine and not distributing it. i think we need to be mindful to make sure we take steps to get everyone who gets the first dose, a second dose in a specified time frame, and there is some wiggle room in terms of when they receive the second dose you know, we need to also take a little bit of risk that the manufacturing is going to keep up with demand and that the companies will be able to produce in january what they say they will be able to produce, so you push out more doses in december if you have 40 million doses in december, you don't distribute 20 million and put 20 million on the shelf. i think you distribute 35 million and put 5 million on the

shelf. you might have to reserve a little bit to make sure you have a bridge between the first dose and second dose. you also need to take a little bit of risk and lean forward and hope the manufacturing keeps up and the companies can do what you say they can do and ask the companies how assured can you be that we're going to produce what we say we're going to produce in january. we know the first dose is partially protective that data is out now you want to try to push out as many doses as possible to give as many people as possible some benefit knowing that this is going to play out, this pandemic is going to play out, the acute phase of this in the next six to eight weeks in this country. we need to get as much protective immunity as possible into the general public. >> dr. gottlieb, i would be 100% on board with that except for the idea that was brought up in the last week or so that we may not be able to secure more doses for america until june or july that once we get through the promised amount of doses that we have already got that other

countries have kind of stepped in and are getting some of the next supply. shouldn't that raise a concern, too? >> it's not really the operative issue here what you're talking about is what will we have in the second quarter of next year what we're talking about is what's going to be available in the first quarter of the year and what's already been secured, so the doses that are going to be available in december, january, february, have already been, you know, purchased, have already been accounted for, what would end up happening is that if you vaccinate, let's say you vaccinate 40 million people in december, you push out all the doses and then the 50 million doses that you got in january, a good portion of that would have to go to giving all 40 million people their second dose so you wouldn't have a lot of new people getting vaccinated in january, but the argument in favor of doing that, of pushing out all 40 million doses is that really december is the critical month. that's the month when, you know, this is going to play out. by january we're going to probably hopefully start to see

new infections starting to decline at some point in january. >> dr. gottlieb, thank you always appreciate it and again, we'll hopefully be seeing thesevaccines go out next week. we'll have you back then to talk about it thank you. >> thanks a lot. coming up, house speaker nancy pelosi says lawmakers have made great progress on another economic relief bill can they get it over the finish line finally before it's too late we're going to speak with virginia senator tim kaine after a break. we head to the break we just mentioned. a few of the morning's top headlines, disney plus now has nearly 87 million sign ups and total subscribers across all of the company's streaming platforms could reach 350 million the company predicts by 2024 those announcements coming during disney's investor day the company also revealed new marvel and star wars themed shows, and an upcoming $1 per

month price hike and airbnb skyrocketing more than 100% in its public debut, the market cap stands at $86 billion, more than double the valuation it was looking for just t ds o.woayag stay tuned, you're watching "squawk box" on cnbc so, what should we do today? ♪ wow. can we get some sun? ♪ uh, mom? can we go to the beach? (beep beep beep) should we just go see a movie? yes! i'm always up for a good movie. go rogue in the all-new, fiercely reimagined nissan rogue.

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help the world believe in holiday magic.thing and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing.

well, the clock is ticking, the threat of a government shut down is looming right now if a short-term spending bill isn't approved ylan mui, are we seriously looking at a potential shut down today? well, becky, the government runs out of money at midnight and the senate has not passed the stopgap funding measure. they was supposed to be easy, the leadership of both parties agreed they needed the extra time to work through a comprehensive spending bill as well as another coronavirus relief package, but republican senator rand paul, the famous budget hawk has thrown a wrench into that timing by objecting to defense spending and troop levels and all of that could push the final votes until after the midnight deadline. at the same time, vermont senator bernie sanders and republican josh hawley are

teaming up they want to try to force a vote on their new bill to provide another round of stimulus checks to all americans at $1,200 for adults, and $500 for kids. >> congress must act we cannot leave here to go home to our families. >> we will not leave this town until we have voted up or down, until we have voted on direct relief for working people. >> they want their bill attached to must pass legislation, whether that is tonight or assuming the government stays open when the next deadline comes on december 18th back over to you i'm trying to come up with the cats and dogs. that doesn't cut it. matter and anti-matter, maybe, and i think the universe is supposed to end if those two ever meet, aren't they

that is crazy. hawley and sanders, are you sure, did you check your facts there. i'm just kidding thank you, ylan. that's amazing but nice it's good. it's christmas anyway, thanks let's focus on the stimulus negotiations with key benefits for millions of american set to expire in the next few weeks see whether jim kaine can believe that a vice presidential nominee in the 2016 election. anything is possible, hawley and sanders, am i right? >> joe, you are. there's quite a consensus on both sides of the aisle and both houses, this would be a good proposal if we can find a path there. first, the government will not shut down. we're going to need to take another week to negotiate the full year spending bill, and we'll do that today. we'll pass the defense bill today. but i think the real game in town, as you suggest, is what should be in this covid package, and democrats and republicans in the senate are working very hard we have agreement on a number of

items. there are a couple of items that are still up in the air. liability protection, state and local government aid and the request by senator sanders, hawley, and others that we might want to consider a direct stimulus check component to the deal those are still being discussed. >> i mean, it seems like we're arguing about the size people agree, there should be some stimulus, i even think the 916 billion includes some stimulus there it's not 1,200, but that should be, there should be a number there that can get enough people on board, right, so it's really the liability thing, and what's the big deal with that, with democrats? why not? are you okay with it >> yeah, we just have a different proposal than the republicans. look, democrats want this package to help businesses the single largest item that's been agreed on is aid to small businesses, just like in the other covid bills we have done that's the biggest priority, and democrats are strongly on board,

and other provisions we have agreed to also are strongly supporting businesses reopening. but the issue is how do you do liability protection what the democrats want to do is a six month pause of all litigation so that states can pass their own liability rules we want to create an affirmative defense so if a business followed the best guidance at the time, that would basically show they weren't negligent and we also want to create a massive indemnification funds for businesses so if judgments are rendering against them when they were trying to do the right thing, they can get that indemnified together with their costs and reasonable attorneys fees that's the democratic proposal the republican proposal is to dramatically elevate the proof requirements, the standard of liability for any claim in state or federal court related to covid. they prefer that approach. we really like our approach because it provides in fund to protect businesses and we're still talking. >> senator, given the spending

and the unprecedented times we have lived through in 2020, i mean, something just under a trillion dollars is still a lot of money, but compared to the 2.2 trillion that the democrats passed, for some reason, it lulls us into this feeling that, oh, well we got this, you know, we could, you know, we don't have to think about this but it is a lot of money, and the vaccine looks like it's near term unfortunately, you're talking about at least three months, probably, and this is necessary as a bridge, no less necessary with or without what we're hearing on the vaccine front. >> yeah, joe, you've actually stated it just right it is a lot of money >> the good news is we can see hope out there by the second quarter, you're going to see huge numbers of americans having been vaccinated that will improve health that will improve the economy, that will provide a big psychological up lift after a very difficult year.

we've got millions of businesses that are struggling so much. we can't leave them dry for the next couple of month sgs. >> senator kaine, what's going to break this log jam. we have been watching this back and forth between the two sides. we just lost him, oops, i guess that's a tough question to answer i wouldn't necessarily want to answer it either joe, this back and forth. >> i'll come up with something. >> what is going to break the log jam? i can't believe we're still talking about this i can't believe it's been more than 250 days. i think it's coming up on 260 days, there's been no additional relief that's been passed. you've got small businesses, you've got individuals, and there are enough places that both sides seem to have, oh, wal wait, he's back. senator kaine, what breaks the log jam on this. what gets us over the finish

line, i can't believe how long this is taking. >> what broke our log jam is my wife just called me and that cut me off look, i think we're going to get there. you're right, it's been too long remember, congress, in a bipartisan way, we passed four major bills with trillions of dollars of assistance, so much higher than what was done in the after math of the fiscal collapse in '08 and '09, but those benefits are now starting to run out and so i agree, in fact, i told my colleagues two weeks ago, i'm objecting to going into the -- i'm objecting to going into the recess if we don't get a deal. so we're going to be here over christmas until we get a deal. >> was she telling you what to say or did she not even know you were on and if so, you don't tell her when you're going to appear on "squawk box," she didn't have popcorn ready or

something? >> my wife didn't know i was on tv, and i'm pretty sure she was calling to tell me to bring something home tonight >> it's "squawk box," it's not really tv. no, no, it is. it's got a ticker, though, maybe that's the issue anyway, next time, a little more excitement, tell her, get the family gathered around, senator. anyway, it was good to have you on, and you know, hope springs eternal. maybe something is going to happen for the holidays. >> excellent thank you, we'll see you soon. thanks, bye. >> thanks, joe when we come back, we take stock of a memorable year and a week for ipos with the new york stock nnghange president stacy cuinam stay tuned you're watching "squawk box. and this is cnbc

welcome back to "squawk box," rick santelli here we're going to have some breaking news. some of the last breaking news bits of the week in the form of november producer price index, up 1/10 of 1%. that's exactly what we have, up 1/10 of 1% you strip out the food and energy, expecting up 2/10 but it's still up 1/10 year over year, headline is up 8/10 year over year core is up 1 p.4t that 1.4 is fascinating because that year over year number is the highest since january when

we were at 1.6 and if we look at what's happening with respect to the futures and options markets with regard to the fixed income, we see that as yields start to move back down, price moves back up, some of that volatility is easy and off a bit as we sit right now, at 88 basis points and a ten-year, that's down 9 on the week 9 on the week. and if you look at a 30-year bond at 160, that's down 11 on the week these numbers are starting to add up but i would put an asterisk here, 88 basis points or 160 basis points is still a greater distance from our all time lo yield close, for example, 50 basis points, half of 1% for tens, and we want to watch that because it's a gravitational thing. if we start to get under about 75 basis points in 10s, look for investors to liquidate selling

positioning positions. many looking for lower rates with the vaccine and ad, after distribution, it certainly looks like central banks are going to have to relinquish qe in favor of a hotter economy and letting rates potentially rise a bit becky. have a great weekend and back to you. >> thanks, rick, you have a great weekend too. steve liesman joins us right now. he's got more on this front. what's your take on the numbers? >> hey, i don't know if rick can stick around because i really want to yield any time to my colleague from chicago in the following sense. i'm starting to hear more sort of, i mean, not fringe talk, becky, but sort of not at the center but it's out there. this concern that rick just raised that central banks find themselves or could find themselves off sides come next year in the following sense. you get a surge in demand that happens if the vaccine is effective out there. you have a weakening dollar going on right now you have inflation expectations up near 2%

the market has baked in low interest rates forever i would throw it to rick with the following cautionary idea, which is that predicting higher interest rates and higher inflation has not been a winning trade, but still, it could happen sometime, and rick, i just want to know what you guys are hearing out there, and what the trade is out there among those who feel like perhaps next year is a time when we might find the central banks off sides. >> well, like anything, steve, when you have a notion of what may happen and the notion is that rates may be higher versus lower for longer, you try to take the path of least risk. when you try to position for that and what seems to be the case is look for more curve steepening trades that's a safer way potentially to look for higher rates because most likely will be more kinetic movement on the longer matureties. what school of thought is the treasury and central bank are never going to try to relinquish

back to the market in terms of pricing. the country can't afford this debt if interest rates rise dramatically, the other school of thought is the water balloon theory we're trying to manage rates, you know, whether it was credit prices or pandemic, but when you squeeze that water balloon of rates, things pop out in other areas. they think central banks are going to have a shorter term problem. they don't see a longer term problem with hotter rates but they see potential demand issues, maybe around mid 2021. >> i think just a regular balloon suffices there, rick >> that will talk, and we don't want to talk about debt popping, joe. >> the water balloon might pop too, though, which is even messier, that entire report went higher but it was worth it i wait for that, we all do there's a couple of guys here, and we all wait for that we take a shot, no we don't. but it's an idea anyway, thanks, rick and steve, coming up, new york

stock exchange president stacey cunningham joins us live to talk about this week's block buster ipo environment, and what the investor appetite could mean for offerings next year, and just the overall market stay tuned, "squawk box" is mi rhtack.

welcome back, everybody. we have a special programming note to tell you about coming up on tuesday we're going to be speaking with warren buffet and goldman sachs ceo david solomon, there's a lot out there, the focus on small businesses, the things we have been running through, and goldman sachs has been doing this program for ten years now, called the goldman sachs 10,000 small businesses program it's a program where they -- it's a philanthropy program, they're helping small businesses, something they do a lot, give them education, help them with capital, help them with business support services, too. and they did a survey, where they say the businesses are struggling to stay afloat while they await federal aid to come because of the coronavirus in that survey they said that 96% surveyed said it's important for republicans and democrats to quit partisan politics, and get

something done and move forward with bipartisan legislation. 42% say they have had to lay people off or cut their employees' paychecks during this time 52% of them, of the small business owners, have gone without pay themselves because of the hard times they have fallen on right now, and 28% of them say legislative uncertainty right now making them reconsider whether they need to close their businesses it's an example of just how painful this has become, how much need there is while we continue to wait washington doing something about this so both of those gentlemen, warren buffet and david solomon will be joining us to talk about small business, and we'll get the chance to talk to david solomon about some other issues as well. >> tlahat's good we couldn't get anybody else, just those two guys, warren buffet and david solomon, you know, we talk about small businesses a lot we talk about all of these, this year has been unbelievable the pain in small businesses on any other year, it's just like a

once in a hundred year situation as well. i mean, even compared to the financial crisis, i would say, and i don't know how many we're left with after this, but it's heartbreaking to see, because people put everything into that. take the risk, and from no fault of their own, they have nothing left at the end of it. >> and we're talking about really seeing the light at the end of the tunnel. we have been talking all morning about the fda getting ready to approve the emergency use authorization for this vaccine that's coming up that tells you, if we can just hold out a few more months, we can get through this thing, and so this would be a lifeline to get those businesses through the last few months before we can start to get back to a more normal life. you know, there is light at the end of the tunnel, but there are some very dark days ahead of us, and that's why the need is so urgent, and so commandindemandi. it would be a shame to see these businesses have to close down

when we're getting close to a normalized life. >> remember the big goldman investment in the financial crisis is that gone, with the big yield? for warren >> warren buffet at this point does not own any shares in goldman sachs. this is not him coming on to talk his book or promote goldman sachs, but he has long been a fan of the goldman sachs 10,000. >> i'm your boss, you're going on "squawk box" with me. >> not at all. he's long been a proponent of the 10,000 small businesses program. he has gone to a lot of graduations and i think he participated in one virtually just in the last month, and he's just a big fan of small businesses, as is david solomon, as is goldman sachs and the big business leaders see the real need for small businesses right now. >> i think it's the beginning of a beautiful friendship with david solomon. that's great, 8:00 a.m. on tuesday. we'll look forward to that, thanks. coming up and more, what we should think about markets, the

stock market itself, with those two ipos we saw in the same week, both of them basically doubling on the first day of trading. we're talking about that, joined by nyse president stacey cunningham at cinup next. stay tuned, you're watching "squawk box" on cnbc sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. good work little buddy. ♪ ♪

believe it or not, and no one could have predicted this back in march, but 2020 has been

a monster year for new offerings. palantir has gained 273% since going public snowflakes up 211% airbnb more than doubling in its debut yesterday, and doordash up more than 80%. leslie picker joins us with more on the year's wild ipo market. i'm gratified and happy about it just, i am, in a year like this. i know there's a lot of really sad things, but, you know, good. good it's good, leslie. >> there's a lot of wealth being created as well, and you're right, joe, nobody would have seen this coming back in march or april, and let's first of all start by saying this type of activity, this type of after market performance, it's not normal it's actually rare to see ipos double in their debuts last year there were three in 2018, 2017 and 2016, only one company doubled in each of those years. this year, there have been 19

companies that have seen gains of at least 100% on day one, including two just this week alone with c 3 ai and airbnb that is the most since, well, you guessed it, 2000 back then, the deal sizes were much smaller yesterday, airbnb and its founders sold 3 1/2 billion dollars worth of stock, and it's still more than doubled on their first day of trading what's going on here well, there are a few dynamics at play that are specific to 2020 for one, retail interests, doordash was trending on twitter, almost all day on wednesday. yesterday, airbnb was the most active stock traded on the fidelity platform, and i'm told by sources close to both of these deals that retail participated heavily in their debuts additionally, timing is everything these deals are coming with just a few weeks left in the year, and on the buy side, once there's conviction that these ipos, quote, would work, that's

language they tend to use, price sensitivitywent out the window as the day pops help them lock in alpha for 2020, guys. >> hey, leslie, thank you very much it's an issue we're going to spend a lot of time kind of digging into in fact, right now for a closer look inside this year's block buster ipo market, let's welcome nyse president stacey cunningham it's great to see you. these are big numbers, and it is really something that's uplifting and good to see but when you hear leslie lay it out like that, you kind of start to wonder why why do you think it is that there is so much demand and that some of these stocks are popping so much on the ipo >> i think there's a few things at play as leslie says, too, when you look back at the spring, nobody expected we were going to break all sorts of records for an ipo year given what we were seeing, and i think it's a little bit of a story, you don't know what you have until it's gone. i think there was concern in the spring that the ipo market might

not be there forever, for so many companies that have grown privately, they didn't know if they would lose their opportunity to get in the public market we saw a lot of pent up interest as soon as the window reopened of companies looking to come out. also, the retail interest is driving a lot of activity in these names, and they're not part of that allocation the night before in a meaningful way. so those allocations with a traditional ipo are going to a handful of institutional investors. you're not seeing the true market demand until it's traded publicly on an exchange, when you can include that retail demand and everybody else that wants to take part we're trying to solve that problem with a direct listing. we're introducing, we filed with the s.e.c. to introduce a capital raise which would level the playing field and democratize the process. retail can be part of it day one too. that would certainly dampen the pops we're seeing. so a company would sell their shares, instead of selling shares in an ipo the night before their first day of trading on an exchange, which, you know, it's an underwritten offering by the banks and they

allocate them out to their clients, and then the next day, you know, just if you look in the example of doordash, when they're doubling the next day, those investors that took part the night before, they got a pretty good payout for not a whole lot of time risk in the market what we proposed is that the company would sell shares on the exchange in the morning as part of their opening process to raise capital, and all would be able to participate in that opening trade. retail investors could buy on the trade as well. what would see is real price discovery with buyers and sellers coming together at the same time. it would be one trade, that includes the company's offering and the opening trade on "the exchange." >> that would be great we all want to see retail investors be involved, we want more americans to see their money work for them. when you see pops like this and the comparisons back to the year 2000, it's a little concerning stacey, i want to ask you a question from steve liesman, as you know, he has the all america

survey, and in it, he finds that the main street/wall street divide has grown americans like never before believe that high stock market prices aren't necessarily a sign of a good economy. 57% of americans say they thought the dows all time highs are more of an indication that the wealthy and corporations are doing better we often make the point that the market averages aren't the economy, that they're two very different things, but what would you say to americans who are feeling maybe left behind? >> i would talk not just to americans, but to those who are part of the success of this year what we have learned in 2020 was the pandemic and its impact was not felt equally you were talking about small businesses shortly ago and i'm talking about a record-breaking ipo market with stocks doubling in their debut the companies that have done very well are not reflective of the broader economy and those small businesses what i saw in the spring, though, was a lot of the largest companies that are listed on the new york stock exchange drove in to solve the problems by finding ways to help the businesses being impacted that's what we're going to need

to see in 2021 we can't let that wealth divide continue to increase and that's what we're going to see. we need to look for ways to get retail investors and the broader economy included in the wealth creation that's happening. we're trying to do it with the direct listing, but we also need to use our resources to help businesses that are really impacted by the pandemic this year >> yeah, we have been talking today about the vaccine we're anticipating, could be approved anytime by the fda for emergency use authorization. it is going to go to those who need it most first, it is going to go to elderly americans, particularly those who are in nursing homes, it is going to go to healthcare workers, then it gets down to essential workers at some point too. and where do you think financial workers, nyse workers fall on that list? >> we'll wait for our turn we put a lot in place here to keep the community, to derisk the facility we partner with dr. scott gottlieb as you know him well. he's been a great asset and

consultant for us as we reopen the trading floor in may so we can operate here in a safer environment. and it has been very, very successful so we're, you know, not looking to jump any queue with respect to vaccines, but we're encouraged by the progress the pharmaceutical companies have made this year it is astounding and we're looking forward to, you know, having seeing that impact on the economy more broadly very quickly. >> stacey, thank you it is good it see you today. we'll talk to you again soon. >> great to see you, becky enjoy the holidays >> take care >> when we come back, jim cramer's first take on the markets. stay tuned, everybody. you're watching "squawk box" and this is cnbc everyone wakes up every morning to a world that must keep turning.

the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

let's get to cnbc headquarters and check in with jim cramer we just talked to stacey cunningham about some of the big bumps we have seen in the ipos coming out and you're trying to look out for the people who have been investors in this. your point on many of these things is if you make that much money that quickly, it may be time to rein it back in. >> i don't want to say the market is broken, but the process of how we're doing the deals is broken. this is what happened in 1999, where the syndicate desk completely misjudged the public. and the public is back and so they're pricing deals like the public isn't back and it is just the same old, same

old funds buying stock and because they're getting it wrong, they have a lot of allocations wrong, they have the people maybe being way too aggressive, snowflake, airbnb, doordash, that's how people think. and it may be these stocks should have been where they were to begin with and i think the syndicate people should go back and find people who ran desks in 1999, can tell you what went wrong. whole notion of this new cohort, and it is just not robinhood, but the public has not been factored in. everybody keeps blowing it look, brian chesky is not in charge brian chesky has done -- he's one for one. the people at the syndicate desk, they have to do more homewo homework, they have to learn, they're embarrassing i think stacey is going to deal with direct listing. the fact is i would love to see the syndicate people come on our show, and say how stupid -- really, and understand, explain how they didn't know again just like they didn't know in '99 they're hapless, they caused a lot of problems, big lawsuits

when it was done, they ought to focus on how to do it better. >> yeah. >> and they know who they are. i worked with all of them. they know who they are and honestly, goldman, morgan -- they're embarrassing they ought to get it together and figure out how to stop it before it gets out of hand. >> jim, we're going hear more about this in a few minutes. by the way, have a great weekend. >> you too >> thank you joining us to talk about investor interest in this week's -- this year's biggest ipo is j.j. kinningham just overall, given this is vaccine week too, j.j. and markets are off a little with the backdrop and the vaccine what is happening? >> well, so a couple of things, joe. first of all, our clients were actually net sellers of stocks in november for the first time since february so i think that is very interesting overall. people are like that, you any, think retail is going out and

going crazy. i find it interesting as we head to the end of the year, people lightened up exposure to the market overall as far as the ipo the last few days, they have been interesting to our clients, but not things in the top ten or anything like that in terms of overall volumes as a percentage of volume for that day we did see doordash with -- and airbnb had more than twice the interest of doordash from our clients and what is also interesting to me is the millennial interest, 41% of the trades that were done in doordash were millennial and 45% of the trades that were done in airbnb were a millennial clients, i think that reverts back to something you and i talked about earlier in the spring the fact that perhaps millennials are going to be the first people to use things like that as we talked about with the cruise lines, et cetera. i think that's a reasoning ties in a little bit. overall, our client base has had not quite as strong a reaction as i've seen others have to ipos

that just came out palantir, that kim out, hcame o much stronger interest. >> the timing of the vaccine, does that make you think that the -- a lot of the gains have already been realized in the stock market or do we continue to gain when we start the vaccine rollout and actually completely reopening up, hopefully, some day. >> well, we all hope soon, right, joe i would tell you this, i think what it really does is mean we're going to have more volatility awesome that we got a vaccine. i think we're all so excited about it but there is so many logistical questions about how we get it out to people, that i would expect that to continue to be a roller coaster we're all agreed, you know, as becky was talking ing ting to about, the first line people, responders, police, fireman, nurses, doctors, are the first ones to get it after that it starts to become a question and then you talk about the fact that the vaccine has to stay frozen how do you get it to raurl arurl

areas? >> we have to run. have a great weekend we'll take a quick look, becky, at futures which have -- not at the worst levels cut to the losses about half, down 130 points. we will buffett and david solomon on tuesday, 8:00 a.m >> tuesday next week. >> tuesday 8:00 a.m., yeah. >> great "squawk on the street" starts right now. >> bye, everybody. >> bye good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber. it is risk off as the s&p is on track for the first weekly loss in three, the worst weekly loss in six, actually, amid fears of a no deal brexit vaccine supply, stimulus as the government faces a budget shutdown at midnight tonight our road map begins with pfizer, though, the fda says it will move to finalize that panel recommendation for