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 emergency

use. >> plus, seeking streaming domination, disney outlines its growth plans, projecting up to 350 million subscribers across its platforms by 2024. and stimulus or we can also just call it relief, well, it seems to be stalled again. stocks set to open lower as the fate of a bipartisan plan to get some money out of congress now looks more uncertain, carl >> guys, jim, art cashin yesterday suggested that the rally was showing signs of getting a little tired is today confirmation of that? >> yes, it is. one of my favorite technicians, i'm sure art's too, larry williams, been around forever. he's a great guy i read a lot of his books. we did some stuff together on tuesday, for "mad money," he said, look, we're in that period right now, you just made all the money you can make in the american airlines. in the cruises it is just those are maxing out, we have to have some flopping and chopping here. we can go back to a christmas

rally very soon. we have to have a change in the guard right here i think that's true. i think this these stocks have gone up too much but we'll come back. i'm not by any means a bear. there are -- he came to me with american airlines at 12. and he said, okay, the money has been made. and i think that's true. i think that a lot of the newer cohort never think the money has been made and always think there is more money to be made and, david, i spent a huge amount of time now with young cohort and here is how the young cohort think. it is going up why should it stop >> okay. and they'll believe that until when >> until they lose a lot of money, i guess. >> i guess >> but i don't want to say that's in the cards. that presumes we know more than they do, and that's just not true they may have the numbers. maybe they have as stalin said they have the divisions. >> can we take a step back for a second and talk about this again? what was it, april that we started to be aware of people

who were trading perhaps or creating new accounts. >> yes. >> at the robinhoods of the world, also e-trade, ameritrade, any number of them, commissions went to zero and then when sports were shut down, there was sort of this cohort that we talked about as well, that wanted some action but we assumed that they would be short lived >> right. >> and that hasn't been the case. >> no. >> we also were uncertain as to just how much buying power they had. i guess i'm still trying to define exactly who these people are. >> i think you're so right, david. i think the second wave came in, rather than thinking the first wave would die down, i think there are a lot of people who saw, frankly, that a lot of money is being made. and it is not being made in index funds. i know a lot of people come on our air and say, i can't talk about individual stocks, i can blah, blah, blah and what happens is that the younger people, but also older people, i have them all call in on "mad money," they want to make money, and they want to make it now.

phil lebeau, talked about -- he said in the last 24 hours, four ev-related spacs have been announced. >> yes. >> david theerbz a, these are ao go up. >> phil had one on "squawk box" earlier, i think electric last mile, ev company, but the one that will go up is ev box, jim this is a tpg spac deal. they have 190,000 charge ports across 70 countries. they're european based we're going to keep a close eye on that one. it was looking up as much as 100% >> see, this is the issue for me the market is broken that a sfok can stock can be up that much. but the younger people, they're really fabulous in the sense that, shaouldn't say young people, they're fabulous in their optimism i had chevron on the other day, mike wirth, should you be in this, he said look, we're good at what we're good at. the young people want -- we want

ev and ev now. esg is one of the things but they're also very much, david, of course in the flavor of the day, i was talking with one of the larger investors the other day about stitch fix this is a stock that almost doubled this week. why? who wants to go to the store to buy clothes? they send them to you. okay seems pretty simple. it works the simplicity and beauty, carl, of what these people are doing is stunning to me. because it is not like they're looking -- some are looking for ev, but others are looking for the little po letter in front of them and grabbing it and they're buying. >> though to your point, jim, you know, some people's tolerance for gains is tiring. goldman takes stitch fix to neutral today. we get a downgrade of snow, downgrade of tesla for the second day in a row. we'll get to some of that in a bit. i do want to get you back on vaccines, though because we got to this news out of sanofi, they have to do more

trials, probably second half of next year. we already talked about vaccine supply worries on pfizer, the allergic reactions in the uk azar today did say that the agency is going to move fast to finalize this thing and then you had frazer of merck with characteristic caution on our air yesterday. take a listen. >> these vaccines have had stunning efficacy. and we should all be very optimistic about it. where are we going in the next six months as everybody knows is we have to assist in making sure that those vaccines get to the most vulnerable populations and to healthcare workers. after that, we can talk about a more general rollout but that's probably going to take longer than six months. >> so hhs today, jim, says 20 million in december in terms of vaccinations 30 million in january. and 50 million in february >> look, i continue to marvel how good things are, but then i start wondering, is it just the rna? moderna next week, we haven't

talked enough about moderna, moderna could surprise us with more volume. talked about pfizer rna. it is not like j&j to come out and say, wait until you see what happens, we're blockbuster more like ken. but i have great hopes for j&j i did not have great hopes for glaxo, because even though they're a great vaccine company, it was a shotgun marriage. didn't necessarily expect anything there astrazeneca disappointment, and this is clearly, david, not an easy vaccine to make if we get j&j and they deliver and i think they will, and that's a mid-january perhaps, and we get pfizer and we get moderna, that may be enough to say, we're going to get a billion. >> yeah. and that's a big number. >> yes >> that's a very big number. j&j, by the way, would only be one shot is my understanding not the double dosage needed for the mrna, which is vaccines, which is moderna, and pfizer but, jim, it is such a strong juxtaposition we have right now in terms of new highs in the

stock market, incredible leaps forward being made by ipos or by companies that we talk about so often here, ev, snowflake, tesla. and then juxtapose with people online to get food, the fact that you're not going to potentially get a relief bill out of congress, with 3,000 deaths a day it is a strange time >> i went to dave tepper, who is still one of my favorites, a guy who schooled me at goldman sachs, schooled, pantsed me. he said, look, there are stocks to own and stocks to rent, some are very short term rentals, more like an hourly hotel, kind of, you know, i own an inn, people who wanted to by an hour, prefer it overnight. you can have a lot of fun short-term and i said, well, why? because, david, there could be 900 billion coming at you. the eu is just printing money to get things going we have so many -- so much stimulus, rates are low.

and we have a vaccine. so, david, you want to go shorten that environment dave tepper, who is, i think, one of the more flexible people, he's not dogmatic, he's telling you, look, have some fun right now, but, remember, it is short-term >> nasdaq is up 38% this year. >> this has been his philosophy. >> yeah. >> just saying, rent them. >> i get it. and he's right >> i'm saying he's not fighting it. >> why would you >> because -- >> you can talk valuation all day long, a lot of names as we well know, valuation is no reason to short a stock. >> no, but i disagree with you about why -- i think a lot of people come on air, not the least bit bullish. >> i think i hear a lot of bullish people on the air, don't you? making the same case that you just talked about, the fact that we will get significant stimulus, we have the vaccine coming, which in and of itself will be stimulative, it will allow people to get back to full -- living their full lives.

>> you're saying no wisdom, tepper doesn't have any wisdom. >> i like listening. >> i got -- only 4:00 a.m. >> text from tepper? he was up too? >> yeah, we communicate in, like, 4:00 a.m. >> it is crazy what is going on at 4:00 a.m. >> rich people don't get up. >> well, i don't know. yeah, i guess they do. >> i love talking about the panthers >> they get woken up by somebody waving a fernl ing a feather on. >> benioff does that my wife loves i have it on ringer there are people talking about stocks now like you haven't seen whether they would be wealthy, youthful and then a lot of people who don't have jobs and they're not talking about stocks so there is a -- it is that so-called k recovery you know, guys getting down, guys going up. >> just yesterday, jim, we had u.s. household net worth hit a record for 3q and on the same day, washington post does a story about a wave of

shoplifting at america's retailers, largely families coming in to steal goods that related to children and babies amid the hunger crisis in this country. it is remarkable. >> it is a little bit like 1917 russia >> okay. >> that's an interesting comparison >> well, i mean, very easy for my great, great uncle. >> yes we know who he was. >> i'm looking for -- this is the most i've ever seen the country divided. whether it be the person who works rank and file versus the ceo, who usually is paid 40 times. i think that i'm not saying -- >> 400 times >> 400 times >> yeah. >> i'm not saying that come the revolution, to the finland station and a real rap going, what is to be done, i'm saying the divisions in the country are horrible and it is not america. it is not very american. it is not what we have been like go back to the reagan era,

wasn't that big a difference between the rich and the not so rich and now we have got a situation where i think that there are -- it is ripe for democrats to really, if they didn't have the senate, they get the senate, to really kind of change the distribution of wealth, how about that that's the fated term that senator warren discusses redistribution of wealth is something that i think a lot of wealthy people fear. and i'm not going to say they shouldn't. not with this. >> right >> that's not -- >> i will say the last nine months exacerbated the trends that have been in place for a long time. it makes things more difficult look at where we are politically right now. we haven't mentioned that. >> that one is too hot. >> yeah, it is >> but on that point, jim, really quick, monday is the electoral college vote

we haven't talk eed about electo risk in a couple of weeks. >> the president is -- there is 20 states that have joined the president trump. and, i got my bulletin yesterday in the height of -- i got it when i read the 3,000 people had died, which talked about it is time, this is it we have got to and i thought it was maybe about the virus, no. it was about the election. $200 million what is he going to do with it $200 million you raised since the election is over no one knows, right? >> no. >> astonishing thank you. there is music that saved me. the music saved me >> guys there is still a lot to get to we haven't touched on disney, which is going to open at an all time high. goldman to 200 we'll get to oracle and lulu and stitch fix and costco with futures red. don't go away.

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driven audience insights, delivered in ways that consumers want >> that's bob chapek, disney ceo during the meeting yesterday, talking about that change, remember, about a month, six weeks ago or so, where they changed the structure of the company. and direct to consumer coming more to the floor, that could be the case jim and carl, some of the numbers they put out there were fairly impressive. subscribers hit 86.8 million as of december 2nd, 37.3 million announced at the end of the last quarter. hulu subscribers, and they'll launch ten marvel series, 15 pixar features, you know, over time, of course, here. and then some of the bigger stuff, there you see it, 230 to 260 million subscribers by 2024. and they will raise your rates by a buck as well. stock is reacting very positively. >> a couple of these that really kind of stun me. first is that less than 50% of the subscribers have kids.

isn't that extraordinary >> yes >> and then there were over 300,000 people watching the meeting, the live stream, i find that incredible. >> that is stunning. >> isn't that -- thank you >> not even sure what that means. >> that's who is buying stocks these days, right? >> if you want to watch bob chapek, that's -- >> incredible. that's -- that's not robinhood, that's just a lot of people who are excited about a very good stock, they have got -- they hit the magic four quadrants, males under 25, females under 25, great for marvel, great for lucas. and i read through every note. every note mentioned netflix every note saying this is the next netflix you got a combination of 300,000 new people looking at the live stream you got analysts saying it is the next netflix

you got 50% -- put it all together and you have a stock up 12 sorry. 14 >> it is quite a move. let's not forget, they are still spending a great deal of money on all of this they are talking about losses peaking fiscal 2021. and starting to actually turn a real profit for them by 2024 to your point, jim, what investors are looking at is the recurring -- the reoccurring nature of this revenue, their price elasticity, going up by a buck, you know where netflix is, and the fact if you do achieve something, like 300 million people who are paying you some amount of money every month for this, that's quite a business, and the multiple revision will have been justified. >> i remember when bob iger, former ceo -- >> and executive chairman still. >> executive chairman. i remember going to him and saying when will the dialogue not be about espn subscriber losses he said just wait.

that was that fated -- and, carl, the man who wrote a fabulous book, by the way, had a lot of negative stuff about himself -- >> a really good book. >> really good book. i can't remember the exact -- >> ride of a lifetime. >> that book, it showed me this is a person who is not going to just forget his legacy his legacy is we don't talk about espn anymore not even -- none of the notes. congratulations to bob iger. no one cares >> you're right. you're right >> i think it was wells earlier in the week who said that eps is going to be honey badger because even with the dilution to eps, they think disney earned the right to ask investors to be patient. we'll see how it opens we're back in a minute

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dash of the week got about seven minutes before we get started with trading on this friday. lululemon. >> lululemon, my friend erin burnett always calls it that, revenues beat -- more than double manage's guide. this will be the tale of the tape this is the best quarter last night. even better than costco. the stock is down. let's -- there were seven analysts that bumped the price targets. let's see if this one -- i'm using this as the tale of the tape this doesn't rally, you have a different market going that means disney is an exception and this is the rule i want to say, just something about what you and i talked about during the break, if you don't mind. >> sure. >> i get bombarded like you do,

people, spacs who want to come on "mad money," and, david, i don't like it. and i can't ruin it, you can't ruin it. but we can warn people because we have been around. and these spacs are all very exciting but i recommend taking profits in the four i recommended -- recommended because they all doubled or up 67%. i was savage in twitter. i didn't go look at my -- i didn't because, david, 50% up is a good place to take some profits but i couldn't read my twitter file so i stopped because people just think i'm anti-capitalist. 100% is good. >> it is we got to talk more about it spacs are going to be with us for quite some time. there are new ones coming up all the time as i said the economics of it makes sense for the sponsor. they can make sense as well for those who invest in them no doubt about it. but look at the quality of some of the people who participate in the pipe investments that go with them, they're quite good. but they do deserve to be

examined closely. >> and stocks that go up 100%, it is okay to take some profit that is not insane or crazy. i'm not trying to keep people in their chains, david. i'm trying to make sure they have something. >> understood. by the way, we will be keeping an eye on some of the new ev spacs. >> nio secondary >> when we get tthoto e her side here with the opening bell coming right up. ♪

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a lot of people are expecting hotels to reopen sooner and the reason why was after 9/11 in 2008, business travel recovered before leisure travel in the world of zoom, the future does not look at all like the past and, of course, in a pandemic, people didn't want to be in crowded lobbies, they wanted the privacy of a home, and i think people want to be with the people they can connect and love with and obviously a home is a good way to do that so, you know, i think that kind of worked out for a lot of people and i think that explains some of our rebound in q3. >> brian chesky of airbnb. putting a punctuation mark on this historic ipo month and this historic ipo year. some other monster debuts we

have seen in 2020. valuation, jim, now matching not two, but three of the largest hotel chains up 100 plus percent for the day, closing below the open. >> not much. did have a bit of a rebound, lower at one point i talked to brian a lot, got to know him when i went out to san francisco, i sure miss those days, and i don't think that those companies that we're comparing it to are compares i think this is something -- use this term at law school, sui generous that's an inexpensive way to go visit a place. and i think that those who use it recognize that the pricing of hotels has gotten out of control and the staying at an airbnb is just an extraordinary bargain. david, when i look at the prices of a beautiful house in florida, versus a hotel, it just doesn't

compute. it doesn't >> it doesn't? i got to look for something then i got to take a look i don't want to do the cooking and the shopping in the house. i want to be on vacation not that i do that anyway, by the way, but i don't want anybody to have to do that. >> in a pandemic, stay at home, have a good time carl, look at this. >> the nyse, it is dell wins insurance acquisition corp. at the nasdaq, certara. we'll talk to the ceo on "squawk alley ." red screen there, jim. boris johnson this morning saying a no deal brexit is now very, very likely. we had morgan stanley going to transfer 100 plus billion of assets from the uk to germany. are you watching this at all >> yeah, just i had a company on

the other day, haines celestial that had a huge amount, huge amount of business in britain. and just expects the fact it is going to be chaotic. and i -- i think we'll get through it that's chaotic, but get through it carl, you mentioned the downgrade of stitch fix. i had katrina lake on last night, a visionary people, women and men, who have gotten the box, the box you get, it is exciting i point it out because the downgrade of goldman doesn't mean anything, carl, to the people who are buying stitch fix. they don't care about goldman's price target, okay these people just like stitch fix. they don't care about valuation. they like the box that comes what has happened is the bifurcation, david, we have people, analysts who are doing things that are basically, i'm going to put it out there, less relevant than trade rooms. goldman versus reddit, david >> well, what you're describing is things that are reminiscent

of the late '90s my experience there, of course, having reported on it very closely, every day, joe and i would sit across from each other on the old "squawk box" set and you would be a guest sometimes and there was the same thing you come out as an analyst at your own peril if you wanted to stick to valuation and say, listen, i can't recommend something at 100 times sales or 500 times forward earnings and it didn't matter until it did. but, by the way, it didn't for a long period of time. >> that's the thing. >> and here, though, you look at the -- you look at actual dollars, other than tesla in terms of big cap, though, snowflake, it is not as though there is speculation throughout this market. that is not the case, jim. >> but the flow expanse, 32 million to 335 million for snowflake on march 1st and then see what it is really made of. >> yeah. >> i just think, carl, when i -- that i don't want to get trapped into the notion that because

deutsche bank says that snowflake is a buy, actually took a buy it a hold, because it went -- because at 52 times fiscal year 23 sale, earnings, i don't know, i just -- is it our job to protect people? i would say absolutely yes but the problem -- >> the line out of deutsche is they go to hold, 335, very little change in the fundamental story. but shares for the quarter up -- since the 3q results, shares up 28%. >> i thought it was a great piece. i happen to love frank slootman. he used to come on -- he built service now, by the way, then went to donahue, now bill mcdermott. frank is a visionary, tough guy, wrote a good book about these things i will say this about frank. he will not come out and say that my stock has gotten ahead of me. he will say that there is a retail component to own his stock that may not know all that

much about what snowflake does i think that one of the things that we learned in 1999 was there were a lot of companies that were bought and people didn't know when they did. >> oh, no doubt. no doubt and there were a lot of companies that didn't know what they did actual companies, really, didn't -- >> yeah, yeah. >> it was unique it was unique. >> i remember talking about one, there was -- another one that was like mfst and it was -- and i mentioned it on air, right, i happened to like it, both stocks went up big. >> i remember there was a refrigeration company that decided it was doing something in the internet and the stock went up -- >> now it is doing something with vaccines. >> yeah. it just -- it was an insanity level. we had not seen anything approaching it but, again, you know, let's go back to just this week doordash up 80 some odd percent in debut airbnb up. let's not forget ai.

the tom sebol. >> he's legit. >> that stock was up -- it may be the best performer of the week. >> it has been extraordinary >> c3ai is the company there trading down this morning, but $119, jim, i forget where it priced. >> the people involved, these are not the jokers that brought a lot of junk in 1999. this c3po, whatever that thing was in philadelphia. cgm -- >> that's one day. can we look back at this week on c3ai that's not capturing the initial move priced at 42 there you go and, yeah, all right, so 42 bucks. and then it opened as you can see a lot higher >> we're in week one of this >> all right we're going to see what absolera

does it is offers a full stack. i look a full stack. >> full stack. >> i want a half they have a full stack of artificial intelligence that searches and analyzes the database of natural immune systems to find antibodies that can be developed as drugs. i think it was 30 times oversubscribed. >> of course, of course. >> 17 to 18. >> we have to be careful it is going to work right now. and we're going to be pillaried if we keep people out or say negative things. we don't control what people do. but, carl, i do think that when all the stock supply does come out, stacey cunningham talking about direct listing, you get why is that the answer look at pounds hepalantir i was in a chat room the other day, it was like a rabid group of people at green day right before -- like green bay, like

lambeau, it was -- it was lambeau field t palantir lambeau. >> reminds me of what jeffrey says about tesla, even though they cut it to hold today. a messianic brand. they raise their target. >> i said i want to buy tesla after reading that not sell it. tesla is the bellwether. that's the bellwether. you know what a bellwether is, right? >> tell me. >> in real life, how did the term come about? >> i don't know. >> a castrated ram that leads the sheep. >> thank you i wake up and moevery morning, m always going to learn something. that's what i'll forever think of tesla as now. jim, broadcom is a company we used to spend a good amount of time on. >> hawk is staying >> hawk is staying hawk tan is staying. they made some changes, you

think at the urging of the board you could see a plan for succession should anything ever happen to hawk s w, who will ner leave that job, unless he's pulled kicking and screaming from the building. there is a look at it. tom krause, cfo moving up to the number two position clearly. he's been named president of the new infrastructure software group over seeing the company's six software divisions and software sales, customer support and software operations. but there is a clear order of succession. >> and big part of apple, can't mention apple, like fight club. >> did mention no plans to separate the company, they were asked about that would you ever consider separating -- >> softness and enterprise, those three -- those three words making -- that's why it is down. i started thinking about broadcom as a grade acquirer why doesn't the ftc go after them, david?

>> back to that. >> just interested >> i mean, you any, to be fair, i know you went off on this yesterday, the facts can change and so can the mind of the regulators >> yeah, but, when you -- what would happen, carl, every time you did a deal, and it gets the ftc's blessing, and then about three or four years later, they say, we got that wrong, let me -- let's get a do-over. you're trying to run a business. who -- what kind of agency does that how about -- i think the agency, the first line of that brief should have been we screwed up, but we're not done but, no. >> listen, they got to prove it in court and that's where it will be. and it will play out over many years and if they can, then something will be done to remedy the situation in terms of an anti-competitive threat that they face. or that they present and if not, they'll go long and that will be that. >> that's it >> how would you like to be on that -- >> we are a nation of laws >> nation of laws. jefferson. i'm working with jefferson here.

madison, how you doing look, carl, i think the ftc made a big mistake when they said, yes, and now they're making a big mistake when they said no. because the idea as we watch, as we watch twitter, as we watch snapchat, as we watch tiktok, we have to wonder, i mean, pinterest, are they kidding? the amount of competition in this sector is as fierce as in the enterprise sector these days for technology airbnb is up >> it is >> it is up. >> good. >> good numbers last night >> good. pinterest is up. yeah, wow. it is up there it is. 150. okay good all's right with the world >> yeah. >> well, i mean, yeah. >> jim, i don't -- have you watched shares of exxonmobil this week? >> yeah, it is having a big move. >> nice move outperformed chevron during the course of the -- >> i know. >> can put the two of them --

yeah, the times did a story on it a couple of months ago i mensed the possibility of activist there. i was not referring to what we saw earlier in the week from engine one that was not something that was on the radar that was odd though callisters is a part of that i was referring to larger activists that may be out there. one, of course, reported on is de shaw having sent a letter there. they're going to try to see if they can entertain some sort of a dialogue around what they believe is a misguided capital allocation policy at the company. exxon for its part is hired all the advisers, lawyers, bankers, pr firms, they hired people as well we'll see. >> will they put out darren woods? >> i don't know. we'll see if it comes to a fight or not in any way. but worth noting that exxon had a good week perhaps as a result of this. and the expectation that there will be some changes there >> if you look at the future curve of oil, david. >> i haven't. >> it is in the 40s, out five years. no real -- there is no real

bump i still think it is an incredibly challenged business the best thing that the oil companies are going for them is that biden may say you can't do as much drilling and that's what these companies have been ferocious in their capital burn. >> well, of course, they already cut their capex guide 10 billion from the march guide and the pressure is on for them to cut even more quickly, though, on dividends, jim, pfizer, 3% div hike, this week we got zoetis, i think in november, there were 30 div hikes and one cut. >> broadcom did a -- boosted 11%. that's keeping the thing afloat. the cash -- people borrowed a lot of money during the dark days and they repaid it, and now they're going back and starting to rethink and reward. i think the one that we talked about, though, is the one that is on the ropes. david, exxon is the one that the other royal companies say is going to follow a bp

but it is sacrosanct what does it mean, sacrosanct? dividend is sacrosanct >> you won't cut it. >> is it really up to you in. >> no. eventually the realities of capital allocation situation can force you to make decisions that you otherwise wouldn't want to make they're not there yet. you mentioned bp and europe in a sense. i want to come back to the name i mentioned at the top of the show, the ev box, this company going public through a spac, that has these charging stations throughout europe. 70 countries can we get that up i think we can it has a strange symbol, guys. it is up 130%. >> from when >> from this morning. >> no, we haven't really -- >> they announced the deal. >> no. >> yeah. >> say again >> can't be. >> well, it is >> but -- >> pays beneficial finance corporation class a is the spac. >> how about if you own $100 million in that?

>> you're doing really well. >> you got the stock. >> you're downing really well. there is a spac investor who followed tpg and sold at $10 a share. now moving up dramatically today after they announced this deal to merge with ev box group there it is. and, again, 190,000 charge ports across 70 countries, they say their open architecture sass platform serves as the backbone of the offering with the cloud native charging solution >> are they laser focused? >> they are. it enables new monetization opportunities for charging station owners not just about charging. about all sorts of other modernization opportunities. >> the ceo of chevron suggested hydrogen charging stations and he says he doesn't want to do anything that doesn't make -- >> charging stations in europe are several years ahead of the u.s. >> good for them

>> get on it, mr. charging station. get on it. >> carl, back to you >> guys, almost all sectors are down mcconnell is on the tape saying democrats should stop insisting on state aid as the government faces a budget showdown at midnight to rick santelli hey, rick. >> good morning, carl. you know, all of a sudden, you look up and we're down nine basis points on the week on 10s, down 11 basis points on the week on 30s let's look at 24-hour of 10s you see what i'm talking about now, there is a lot of moving parts here yes, we had inflation data but if i had to pick two reasons why we are down so much, the first reason would probably be the uk and the potential of a brexit influence. i think the other is jobs. jobs, jobs, jobs we had a weak jobs report last week initial claims aren't moving in the right direction or at least not moving in the direction in a way that gives us a lot of confidence so that's why -- going back to the brexit story let's look at the gilt versus

the ten-year on a yield chart comparison for 24 hours. you can see the correlations one week, it really jumps out at you. but we really do need to keep in perspective. ultimately 80 basis points or 88 basis points is still a level much higher than the half a 1% all time low from november on a closing basis for 10s. now, let's look at 10s minus 2s. i brought up something today if you believe central banks may lose control or not have the ability to manage rates as low as they are today, once we start to combat covid with the vaccine, well, go into a steepening trade let's look at throw decades of 10s minus 2s there is a lot of room there that is like a cycle disrupted by the credit crisis and fed intervention but it can steepen rather dramatically. now let's look at what's going on with the currency pound versus dollar. that's a 24-hour chart you can see the influences there

as well. and finally, let's look at the dollar index for one week. on friday the 4th, it made a 31-month low and basically it has done nothing but go sideways, even though it is up a smidge carl, jim, david, back to you. >> all right, rick, thank you very much. so we're broadly weaker this morning on this friday disney is really the only dow component that is up significantly. adding about 90 points to the index. we're back after a break it's been a tough year. and now with q4 wrapping up, the north pole has to be feeling the heat. it's okay santa, let's workflow it. workflow it...? -uh-huh. just picture it... with the now platform, we'll have the company you always imagined. efficient, productive, seamless.

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from the director of "platoon." "wall street >> thg will go down. i want you to fill out the missing picture. >> oliver stone's "wall street"

debuts on this day in 1987 every once in a while a movie sets a tone for an industry. >> one of the greatest i always thought that was undervalued. >> your bunny has got a good nose >> that was a line in a real article. i was interviewed. i used to send flowers to the assistants to get in to see the big guy. it was one of the movies that the greed stuff holds up really well

>> the cigars. very hard to get. >> my favorite bit, michael douglas was interviewed about stone's style. at one point, stone asked him, are you on drugs because you look like you have never acted before he realized stone wanted him to work his you know what on. >> stone loved this show loved this show. i will tell you. he loved feber >> no. >> kurt douglas love is faber. >> i'll take love wherever i can get it >> it is te.ru >> we'll get some more love after this break don't go away. key portfolio events, all in one place.

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despite being the loser of the year we are back in a moment.

you. let's get to jim and start trading. >> there are some incredible ceos out there

one of them is at costco he summed it up. people have more money because they are spending less on air travel, hotel and dining out there it is. that is what is making it so people are spending on their home i have to point out, dining out is very expensive. travel and that's why he points out that costco is having this midteen quarter. i'll take you to costco one day and we'll have crab legs the best >> i look forward to it. >> the way that wallet shifts in 21, if it shifts is going to be one of the biggest stories of

the year jie own restaurant. people spend too much on liquor. i love them. now they are going to costco and buying a saw >> jim, what is tonight? >> here we go, kim rivers. can bus time so fabulous and inseego. c cannabis is back bigger than ever consumer sentiment is up everything is great and there is a pandemic a pandemic >> welcome to "sqwawk on the street." consumer sentiment is out. >> and this is december, which

means we'll toss it for the final read in a couple of weeks. this is a huge jump. 76.9 was the last final read we had. 81.4 is the best read since october when it was 81.8 then november was a dip. let's go through the internals current condition moves from expectations was 70.5 now 74 this will throw you a real curveball. one-year took a reversal 2.8 to 2.3, which is the smallest since april of this year, which was totally like covid hot spots long before we knew how to deal with it. 5 to 10 year, lateral move

2.5. short term inflation moves down which seems to go in the opposite direction and economists who are more worried about the near term effect on things like inflation. carl, back to you. >> thank you in the meantime, we are getting closer to a distribution of a vaccine. the fda voted on that. making this hard for the next 24 hours. >> hey, carl, we are expecting a decision from the fda very soon. bolstered this morning here is what he said about the potential timing >> we should be seeing the authorization of this first vaccine. we'll work with that to get shipped out. we could see people getting

vaccinated monday, tuesday of next week. this came as the fda also issued a statement saying it informed the sponsor it will work rapidly towards finalization of the issue ens of the authorization this is a unique statement from the fda. saying the eua is coming we don't know when they have notified the fda and cdc warp speed this comes after that positive vote from the panel. they voted 17-4 with one abstanition saying the benefits of the vaccine outweigh that risk we've heard from two people who voted no and the person who abstained saying it was because it included people that are 16 and 17 and that there isn't

enough data to support that. they said if it was 18 plus, they would have voted yes. the fact that these reactions happened in two health care workers in the uk earlier this week some discussion of what should be recommended for the pfizer vaccine for people with a history of allergies within 24 hours, 3 million doses start to go out around the u.s >> and questions about pregnant women and if they should be vaccinated as well we are paying close attention to the delivery companies >> getting the upgrade from deutsche bank. also vaccines expected to play a role in those results as well. ups up about 1%.

tasked with delivering 100% of the follow on dry ice for operation warp speed as well producing over 24,000 pounds of dry ice a day right now. ups and fedex is going to split the map. ups to the east and fedex to the west next week and right now, let's bring in the ceo of baptist health. >> let's start there in terms of the distribution and arrival what are you seeing on the ground at hospitals in kentucky?

>> we are seeing that across the state and a lot of development >> the process of procuring supplies front line hospitals will get it first. expecting so many doses. what do those conversations continue to look like as future supplies are negotiated? >> we've been in constant contact with the state and officials with regard to distributions of the vaccine we have been working to receive. as you are aware, they have to

be in ultracold storage. that chain is important. we are working onhow we acquir and ultimately the distribution plan that will be in phases you are right. we'll vaccinate front line health care workers first. we have a vaccine plan for nursing homes as well. >> what are your expectations for how quickly your front line workers in hospitals will actually have a vaccine? >> i'm excited and optimistic. we'll be able to vaccinate very soon the advisory panel gave authorization yesterday. we are waiting for the fda to issue emergency use authorization. once we receive that, those distributions will start immediately and we'll be vaccinating. going back to the cold storage,

once thaw, it is only good five days we have to follow a close plan and it also requires two doses ups is a good example. escorting those tractor trailers >> we don't expect to see any supply change challenges there

we are excited to slachl nate those front line workers as quickly as they can. >> i may be getting ahead of ourselves here once that process happens, what does that mean for those workers being able to handle those >> we learned a lot in the spring we were really able to provide enough ppe and been able to supply that the entire time. what we've learned in the spring, we've applied in the fall with ppe and they arapeuti that were not available. we expect to see ppe for some time because it will be a while

before enough people are vaccinated and we can start utilizing that stockpile of supply >> thank you for joining us from baptist health seems like you'll have a busy coming couple days and weeks we look forward to being updated as everything progresses with the broader market down, it is worth focusing on shares of disney which are up 10%. the company being reviewed certainly as quite successful investor day virtual, of course the ceo addressing investors and a lot of other people, apparently at one point, there were as many as 300,000 viewers one benefit of doing these virtually. it may also have had to do with comic book fans trying to figure out what is coming the numbers we got on disney

plus and projections for the future of that service subscriber number 86.8 million only 73.7 million when reported the end of last quarter. hulu is 38.8 million disney talking about launch of a lot of new marvel, pixar series as well. what may have gotten attention is the longer term expectations of management at the company 300 to 350 million screaming subs for all different direct to consumer offerings from 2024 230 million to 260 million subscribers to disney plus by 2024 also raising the price by a buck you can see that remember the price was such an important component and perhaps why they had such success since

coming out as a service. still a question of how many people will turn off once the verizon plan starts to annualize. but there is some hulu plan with verizon that will make it cheaper. >> so much about the direct to consumer >> 80% of these new disney titles will go to screening. the big ones like "black widow" will go first.

a great deal of criticism warner did. >> just last week where they are talking about the 2021 slate wheres it all going to hbo max. >> disney is king of the box office look at the performance of that stock since it began. >> those were big days for the stock market incredible success of that service. >> those viewer numbers are the numbers you'd see for a spacex launch >> apparently, a lot of comic book fans. focused on are there new marvel

characters or introductions of some kind. >> star wars too, i'm sure >> coming up, s&p retail outperforming the broader index. retail nirvana is how our guest deris scbethe current environment. we'll get his top picks. back in two. innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt. and we formulate everything so your body can really truly absorb the natural goodness. that's what we do, so you can do you. new chapter wellness, well done. before we talk about tax-s-audrey's expecting... new? -twins! ♪ we'd be closer to the twins.

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seeing more with the concern for lockdowns. can they continue to meet demand at a historic high joining me now with the latest numbers and a sector he cover so closely david durbin you were talking about numbers you had not seen since summer or maybe ever has it continued to be strong? we haven't seen this in all of retail including for the last 10 or 15 years. apple or amazon. we have never seen numbers like this before.

>> what is it due to, you coined the term sas samsung, apple, amazon >> right now, they are about two-thirds of growth when we summarize the numbers, it tells a different story to what the average viewer reads in the newspaper. we see companies with sales at two-thirds of retailers with negative growth. with that sales growth the general perception is that things aren't that great >> especially with numbers like

macy's and nordstrom sales are down 25% you look at these big companies. home depot, costco, walmart. amazon they show a totally different picture. we couldn't believe the number that was up 10% sales in the u.s. >> this quarter. we are seeing up 12.6% >> wow that is a number the likes we haven't seen that does point to this strange economy where people who have kept their job are spending money on different things other than travel. >> you taught us to focus on

inventory. there has been focus in terms of negative margins where they are now reversing and helping profitability. >> correct there is a lot going on in retail nirvana like we have never seen before. first, on the top line, you are seeing this incredible growth of 12.6%. even though you had the government relief package a long time ago, they thought sales would fall off a cliff instead, they've 5:0 celebrated. we are all waiting for another relief package certainly, so many people who need help in this environment. when you look at the big picture. can the economy really take that and with high interest rates and that is something to be reminded

of inventories. they are at a low. the spread between the increase of sales and the images are down year over year that means retailers are reordering and means the margins will be much better. ever retailer has gone up a full percent. better margins and sales mostly because energy is so low right now. this christmas will be most

incredible christmas from an earnings point of view because of the margin's story. i do want to mention the shenanagans. but a lot of retailers took big mark downs the first quarter why? sales went off a cliff they were up 40% in companies like nike. tjx sales fell off a cliff our sales are down 40-50 we took these massive mark down provisions you can see these reflected in some gross margins there was zero percent what they've been doing now is bringing it back into income

because it is not so bad second and third quarter where we see margins in the first quarter. >> you have kind of touched on it you talk about restocking the inventory and where vaccines are sort of starting to come on line and economic reopening and how consumers are spending their money next year and the idea of this k-shaped economy and the increase of the wealth gap how sustainable is this nirvana and will go beyond this quarter. >> that is the question. inventory is a great predictor

those profits in the fourth quarter are cut. a lot is coming from home goods. home improvement is coming up 45%. a lot of those holiday gift items is doing very, very well that should continue that is a huge thing big question for investors like us and for the market is what do we see going forward with the vaccine. please god, we have a vaccine that works and by the middle of next year, people are getting back to normal which companies will get hurt because they benefitted like sports wear companies. will they ever buy another machine again? >> i want to get one last question in, kind of towards that you and i have talked about the death of the mall. many succeeded in having a

digital channel that has bailed them out longer term, are we still on the same trajectory? >> the good malls will be fine longer term. it is an exciting place. people are dying to go back to the mall and go shopping those places are doing well. >> i don't know why companies like macy's aren't doing what elon musk did. the big ones are fine. the bad ones have gone down. it is ironic >> understood. david, always good to get your thoughts on this >> thank you for having me appreciate it. a look at the etf spotlight.

the renaissance ipo. more than doubled this year. compares to a 12% gain from the msci global. door bash and airbnb with respective debut airbnb up over 100%. doordash down below 175. back in a moment don't go anywhere.

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♪ ♪ you're all, you're all i need ♪ ♪ you're all, you're all i need ♪ ♪ as long as i got you then baby ♪ ♪ you know that you've got me, oh! yea...♪ ♪

>> the disconnect seems to be getting larger than ever >> good morning. americans increasingly seeing new high not that it means the economy overall is doing better. the economic survey finds that 57% of the public believe new highs for the dow assign the corporate up from 46%.

>> relief and among those in the stock. republicans most likely to see high stock prices as the sign of a good economy linked to the enormous wealth. >> while many are struggling time to think about the connection of gains on wall street and well being for those on main street now something i haven't done in a long time, back to morgan. >> i'll take from you. time for a covid update with sue. >> good to see you, here is what

is happening this hour the daily u.s. covid death toll has topped 3,000 for two consecutive days the head of the cdc warns this may just be the start of a brutal winter. the next 60 to 90 days, we'll probably have more deaths each day than the 2,900 people that died in the 9/11 attacks so far, 200,000 deaths have been recorded in the u.s. >> a conference held in this boston hotel in february before the vir russ was understood has been connected to 250 to 300,000 cases around the world new evidence that the coronavirus was active around the world earlier than that. in italy, a sample collected from a boy in early december who

was then thought to have the measels is the exact strain of the coronavirus. >> that covid news, worries about vaccine supply and the no-deal brexit that has the markets a little lower here. the s&p on pace fothr e first losing week in three don't go away. ♪ this holiday, get the phone everyone wants on the 5g america's been waiting for. verizon 5g is next level. switch now and save $700 on galaxy s20 plus 5g and get another on us. plus, select unlimited plans include disney+, hulu, and espn+. 100% obsessed with "the mandalorian." (man) i watch a lot of sports. (woman) it has all my favorite shows. and right now the best in gaming is also on us. it's like a gift on top of another gift.

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pfizer in focus today as it says it will move from the panel vote on thursday fred, good to see you today, thanks for your time >> sounds like you are grateful for the rigor of the fda to begin with you think this one is basically good to go >> that's the thing about the fda, many times people say it is

too slow it is the most advanced body in the world. we have this advisory committee process others don't want. they have a process where data is brought into the open, well publy sized. groups get to say what they want to say, then there is a vote fully publy sized. it is out in the open. compared to bodies that meet privately and put things out if we go back to the gmo hysteria that took over europe 20 years ago, the fda handled that one reason there is not that s hysteria here thatted that in europe >> what would you tell people

this week who were paying more attention to what it means for a 16 or 17 year old or someone with a history of serious allergies. you are not thrown by that >> i would not be too concerned. that is the nature of a new drug or vaccine you learn as you go. it is better to go than to hold it back from people who are waiting, waiting, waiting. it is true that certain populations were not studies certain other populations that may have risk of severe allergies probably will be excluded in the labeling when it comes out. this will be mainstreamed. we are looking at 100 million people in the u.s. that will be vaccinated by the end of february or march. >> we'll get the country back, economy back and also our life

back >> good to see you, in terms of getting this vaccine, are these vaccines to be mainstream coming into next year you have to get the public on board and fell safe going out and getting a vaccine. i think about the flu and how many people don't get that they say, i don't want the virus injected in me i'm going to get sick from it. i realize right or wrong in that thinking, this is a different technology in the rna and that it is not the live virus how does that factor into the government and getting people overall to take it >> good question we are fortunate we are 234 network networked around the world when adverse reactions happen,

we are informed quickly. in my own opinion, there will be anecdotes of emerging adverse effects. the important thing that the cdc and fda have to do proper messaging and that people are constantly reminded that they are not only taking care of themselves but their friends and families, work colleagues and society in general we have to make this into a moral issue because we must get to the 70% herd immunity by may to get our lives back. >> there are so many vaccines in the pipeline we are talking biontech and others next week do you expect other companies to continue to work on their own prot owe types and trials.

>> i would strongly urge people are given encouragement to keep going. it is for the right reason there is a global emergency. i think the fda made this 50% efficacy as prespecified if anybody is past that and safety profile is good, that product should be able to come on the market. just the 90% number by it self-should not be the sclus farry factor for others. the more products out there is better better for choice, better for price. it is really good in terms of learning more about these different molecules. frankly speaking, we don't know all we need to know but we need to get moving and get these things out of the market >> still a school of thought that there is a large part of population that doesn't believe the virus is serious or real

some people believe masks aren't effective at mitigating it there is no way you are going to get that cohort to take a vaccine. do you believe that voice is being amplified more than reasonable >> one thing, it has been amplified in the election process. the trump vaccine, which it was not. it was always very good science. coming from people scared of the unknown or wanting 100% or 99% of safety before they try anything new it is hard to force people to take a vaccine in this instance, i think there is a moral narrative that people step up and get that vaccination. they have to stop this from spreading elsewhere. more than half are spread out by

asymptomatic and pre-symptomatic patients people have responsibility to others to get vaccinated >> what about people in other countries, i'm thinking latin america, where they are not the first in line. they have large areas that are hard to reach. how much will we be talking about that in q 1, q 2 >> i think we are all part of the same planet. we should be concerned about this we have big jumbo jets that will take people eastern the world. that's why i advocate. if you only have a shot that

costs $3 or $4, that is better than a shot that costs 10 times as much. we have so much coming out of innovation, that is really good news for the entire world. we should be mindful about the entire world also a lot of stuff here in the u.s. is going to come from overseas >> thank you so much kate, good to see you. >> for california, the light at the end of the tunnel.

the first round of covid vaccines are expected to arrive in a few days. 327,000 doses of pfizer vaccine on the way with a second shipment to follow the governor says 672,000 doses of moderna vaccine are expected. more than 2 million doses are projected to be delivered in the state. that will be a combination of the doses needed phase one, the state recommends for high-risk health care workers. those in direct health care or long-term care settings. nursing home, long-term care facilities more than 2 million in that first phase alone, the state says >> it has been a long and dark tunnel for those working in hospitals. nurses, doctors, therapists who

have been at this almost a year. they have exhausted. they are stressed. this is the first step to mitigate and slow that rate down >> just under 1,000 doses of that pfizer vaccine are expected california's economy has taken a hit due to its reliance on tourism as covid has really rocked the state we are on another lockdown about 85% of california is under some type of restriction a long way to go but a step in the right direction. >> kate, thank you as we head to break, shares of lululemon are down today jim was talking about this being a key to the market.

a bell weather in fact because thea the athleisure taking a dip. we'll take a look at that stock and more after this quick break. you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪

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you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store. welcome back agreeing to sell its services unit this week for $3.4 billion. the private equity firm with over 20 billion under management altering its portfolio of

companies that serve federal agencies and entities. ve veritas ceo is joining us. great to have you on >> thanks. >> i want to start with this news of the week been a lot of focus on this idea that company is now with this divestiture basically stream liepi i lining its portfolio in terms of veritas capital, the acquisition, what does that mean for you? >> we're very excited. we have been focused in this area for over two decades. as you saw in the 1990s with the defense primes and the ratheons, what you're seeing today is a

consolidation in government technology services. we have been playing in that now for a very long time they divested the technology service and software business and we are very excited to bring them on board and the 6500, very talented and highly qualified folks who will be joining us and again, they are focused in areas of paramount importance not only in the government marketplace but the commercial marketplace both on the offensive side as well as the defensive side data analytics you have been hearing about big data again, artificial intelligence, machine learning, very unique capabilities and importantly, agile software development rapid software development across the government marketplace and finally i.t. monitoring you heard a lot about cloud and

cloud infrastructure and cloud my gra migration. they are playing a central part. >> you're mentioning all of these buzz words that investors have just clinged to as of late and i realize that your companies are basically privately held through veritas the fact we are seeing the new tech government contractors that are coming to the public market this week. does that encourage you? does that give you pause for consideration to maybe potentially take some of your companies public and also what is the trickle effects to the private market in terms of all the excitement here? >> yeah. it's great question. we have to taken our companies public and we done some take privates not only in this technology market tied to government services but in health care. health care, technology is one of our most active areas of i vestment since our third fund.

you know, there's a very strong appetite for these types of companies that are high cash flow conversion business, recurring revenue business we have a number in our portfolio now and we are going to consider potentially taking them public. there's a strong appetite for these types of companies because of characteristics that i just shared with you. interestingly enough, last point, a lot of what we do is, in this world, at least, is tied

to classified program, sensitive programs i have the highest security clearance that one could have. there's hesitancy to take these types of businesses public the specific information tied to those programs would remain classified even if they were a public company >> you mentioned health care the fact you do specialize in this intersection between i.t. services or between tech and government and government contracting across a number of different industries whether it's videocassetaccine roll outr it's what we're seeing as we have an ndaa that seems to be stalling on the senate floor what are your expectations with a biden administration coming in next month >> we focus on the must have product services, solution, software businesses. notwithstanding we invested during democratic

administration >> sorry >> keep going. >> it's the fact that, as long as we focus in those core areas like i touched upon information assurance, cyber security, data analytics, we understand which areas to focus in and which to invest in and how to drive value and move those companies higher up the food chain and add jay sent markets we're looking forward to the biden administration and the folks in health care than you see maybe potentially over the last few years >> all right we have to leave it there. thanks for joining us today. >> thank you when we come back, rich gelfond. don't go away. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences

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