welcome, everybody good afternoon this is "power lunch." along with kelly evans, i'm

tyler mathisen all of the major averages on track for their worst week since october. and while we await fda approval of pfizer's covid vaccine after the fda committee recommended the approval, we will talk to one of the doctors who voted yes, dr. paul offit, just a minute away. and as congress struggles to get a relief deal done, is the standstill putting the record rally at risk? "power lunch" begins right now thank you, ty. welcome to "power lunch. we're watching shares of disney up 15% today it's inning vestor laid out plans for domination on the

streaming front. it's also a big week for ipos, with airbnb up and doordash still up more than 65% from its ipo price of 102 and we're waiting pfizer and biontech let's get to meg tirrell for more on that story hi, meg. >> hi, kelly while we are expecting the fda to issue emergency use authorization, really at any point now after this positive vote from its advisory committee last night, here's the timeline of what we're looking for in the coming days. so the fda is working now essentially on that emergency use authorization. today and over the weekend an outside group of advisers to the cdc is meeting to discuss the vaccine and will vote to give its recommendation for that specific vaccine after the fda gives its green light and then within 24 hours of that emergency use authorization, it

expected that 3 million doses are going to start to ship across the u.s how do we know the fda will act sunday with this eua it put out an unusual statement this morning saying it's informed pfizer that it will rapidly work toward finalization andish you issuance of an emerge authorization. yesterday the vote was 17 votes in favor, four votes again and one vote -- one person who abstained. joining us now to discuss is one of those folks who was among the 17 yes votes from yesterday's fda vaccine committee hearing, dr. paul offit he's the director of the children's hospital of philadelphia we watched you all day yesterday in that meeting. tell us about your yes vote and

what you expect to come next in terms of timing from the fda >> we were asked is there enough information to say the benefits of this vaccine outweigh what at the moment are theoretical risks. i think the answer is clear. you have a vaccine which appears to be 59% effective and that effective in people over 65 and in preventing severe disease today we have no clear evidence, at least in this trial, that there was any serious side effect in tens of thousands of people i think it was a pretty easy decision to do that. what happens next is going to be the hard part. you said it, the cdc is going to be meeting on sunday to vote on whether or not they, too, agree with what the fda is going to do, which tells you the fda is definitely going to say something by no later than saturday so i think this vaccine that is probably going to be going into people's arms as early as very early next week, i just wish we had more doses >> the sticking point really at the meeting yesterday for many

of the people who either voted no or abstained was about the age. that might be included in this emergency use authorization, starting at age 16 d fau dr. fauci noted there's not a lot of biological differences from people who are 16 and 18. what's your take on that whole debate >> it was a trial of 44,000 people, not 444,000 people it's tu whrue when you take tho little subsets, there aren't a lot of patients. but all the trials were in the way of protection. it pretty clear this worked. i think there isn't much biological difference between a 16 and 17-year-old and 18 and 19-year-old. one argument made by those who opposed this were it's just not that bad of a disease in young people but could you make the same argument for the 18 to

19-year-olds i really didn't understand that. the thing i think people got hung up on because it wasn't clear is whether there would be an option for a second vote, where you could then vote yes for 18 and over. i think people thinking there might have been a second vote were willing to vote no on that. frankly, it's an ununderstandable vote, given where we stand with this pandemic >> that's something i heard from folks as well. another thing that came up yesterday where there was a debate and i think you differed a bit from the rest of the committee was on what to do about the situation about people with severe allergies. they have recommended people who have a severe allergy to food and drugs should not get the pfizer vaccine right now what do you have expect the fda will decide on that population that's tens of millions of people in the u.s. who carry an epi pen. >> the cdc will also weigh in on

what they think are cont contra-indications to the vaccine. i wish we knew more about those patients so we could make a more thoughtful recommendation. the real question is are people who are allergic to peanuts or eggs and carry epi pens, are those people at a greater risk at having a problem with this vaccine than the general population we don't know that yet by making the blanket recommendation that anyone who has had a severe history of an alger allergy should get the vaccine i suspect we'll get more and more data from the u.k. and we'll look at people who have severe allergies to see whether there really is an increased risk to this vaccine >> the most common side effects are akin to those who have the shingles vaccine

i got the shingles vaccinon and i was si -- vaccine and then i was sick for a day but then i was over it >> i think we stop calling them side effects it's how your body reacts. you can have fever or headache or chills or muscle ache or joint pain and that means your immune system is working. if you look at the side effects, they occur less frequently in those in 65 and -- i have a friend who didn't know he was getting vaccine or placebo he wakes up and says i have headache and vaccine and turns to his wife and says, yes, i got

the vaccine. that's the right attitude. >> we've heard large numbers, 100 million vaccine nations between now and president-elect biden's first hundred days for give me as a person who watched the trouble we had getting tests out at scale and distributed at scale if i'm a little skeptical that we're going to have success at getting 100 million people vaccinated by april or may, let alone 250 million or 300 million people by the end of the year. >> right the old saying is the hardest part of making vaccines is making the vaccine, mass producing it it's a novel technology. it's that particle into which the message rna exists, that's never been scaled up before. there's going to be occasionally

stumbling as we're doing that is not surprising it's hard to schedule success. i think when president-elect biden makes that statement it's aspirational and i hope he's right. >> it meg again. i want to read you a story that just broke a few minutes ago from "the washington post" and ask for your reaction to it. they report that white house chief of staff mark meadows today told dr. steven hahn, the commissioner of the fda to submit his resignation if the agency does not clear the first round of coronavirus by the end of the day they spoke spoke on anonymity they were not authorized to discuss what happened. what's your idea about the pressuring >> i think it's a lot of saber rattling if the fda approved it to go forward, that's what the fda

wants to do. mark meadows isn't doing anything to make them do what they wouldn't have done anything we looked carefully what the the fda and the advisory committee did and feel there's enough information to moved forward on this sunday the cdc will consider this and no doubt come to the same conclusion. we did this the right way. we weren't pushed to try and do all this before the election, which i think wouldn't have been possible i do think that the political pressure on this at this pount -- point is really meaningless. >> you're not concerned that political pressure of this sort would cast any doubts about the end of the process after it's been so carefully done so far? >> it shouldn't. the fda advisory committee and the fda have looked at all these data, massive amount of data and come to the obvious conclusion, which is this vaccine has been shown to the safe and effective. are we going to learn things over the next three months, six months, a year what we wish we knew now, that's true of many

medical products but the benefits clearly and definitively outweigh what at this point are theoretical risks. thank you, meg >> rolling out hundreds of millions of doses of a vaccine is huge undertaking involving dozens of companies at different points pfizer to make it, fedex toship it, carrier to store it and cvs to administer the shots. there's a lot of other names involved as well in different areas of the process let's bring in josh lipton for more on palantir's roll. >> the logistics of rolling out the vaccines will be an historic challenge. the u.s. government is going to be relying on a new software platform that it calls tiberius,

which is using our data mining technology it allows the government to track the distribution and administration of covid-19 vaccines the idea is to help our health officials to make critical decisions about when and where the doses are needed the most and avoid potential problems like distribution bottlenecks. >> we got 56 hospitals we can use tiberius. we can look at this and say out of those hospitals, they'll use 40,000 doses, that leaves additional doses, how will we distribute those to local communities and health centers and others >> the actual data integrated into the platform is coming from different federal agencies,

including the u.s. census, the department of health and human services, the cdc and state health offices, as well as drug makers and distributors. no personally identifiable information is contained in the tiberius system. as for the size of the contract, palantir declined comment. government work is critical here in november in its first earnings report, it said sales to government agencies jumped nearly 70% to $163 million and that stock is on a roll, now up more than 250% from its public debut in september. back to you. >> so, josh, just to make sure i'm sort of following this, it's a government program that uses palantir technicology and its da mining what is the purpose of doing that by the way, palantir is a very

controversial company sometimes for its political ties, its ties to the government. has that played a role in the way all of this is getting rolled out >> to the first part of your question, it provides software to customers and allows them to integrate all kind of huge volumes of data, where it can be analyzed and visualized. tiberius is using that software, sucking in all that data from the federal agencies you're looking at shipments, inventory of the vaccine, delivery, coverage and officials can make better decisions about we've been allocating this, looking at the data, when and where should we allocate it some state officials said we can do this without tiberius but after testing the system for a number of weeks, they think it

will help them make those decisions more effectively and efficiently, kelly >> just to that point about politics, does it play a role here was there kind of like a regular bidding process for all of this or how does it work? >> it's an interesting question. that's a question that has come up for years when it comes to palantir i asked its ceo about that, whether trump in the white house had benefited this company peter teal was a co-founder and he seemed to have the president's ear. i remember him dismissing that saying that's not how it worked, that palantir has been around for a long time, a lot of administrations. he said the software is bought because it's useful or not this company deals with american war fighters, guys

>> thank you, sir. over to you, ty. >> thanks, kelly we've got a quick market flash for you. take a lock at state street. a report that the company is looking at assets for its asset management units, including the big atfs, exploring with invesco and ubs. >> coming up, take a look at the markets as america awaits details on the covid relief bill stuck in congress, energy and finances are the biggest laggards we'll have more as the dow has turned positive. outdoor retail companies are surging amid the pandemic. cape c academy sports and outdoors' sales nearly doubled in the quarter. e'a whole lot more "power lunch" after this. in a land not so far away,

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welcome back, everybody. stocks are lower today across the board. the nasdaq leading those declines, down about a half a percent right now. all the major averages on track for their worst week since october. stocks were trading from those record highs as covid hospitalizations and deaths hit record highs lockdowns are looming around the country. stimulus talks seemingly stuck in the mud

is the rally at some kind of risk joining us to discuss, global mortgage strategist of jpmorgan asset management and senior analyst, ron, is the rally running out of steam are investors waiting to see if the profits catch up to the prices what's going on here >> i think understandably there will be weakness between now and the end of the year as we see covid cases and fatalities are surging. investors have the right to put things on pause and wait and see. we believe in the global healing recovery that's a fact. and the underlying data suggests that will happen next year as we get the vaccine. but in the right here, right now things could get worse before they get better. stocks have reached all-time highs over the last couple weeks. i thinkthe pause is warranted. >> is there anything, samantha, that i should be thinking about as i look at my portfolio to position it for the next two

weeks and then into 2021 what would be the keys that you'd look for >> i would say longer than a two-week time who ahorizon. we're expecting big trends to emanate from the fact the global economy will heal. i'm looking at cyclical value and parts of the market that have been underloved i know energy is up quite a bit, but we think of energy, financials, value, just basically things that have not done well to date. we think the recovery is going to continue to broaden and it just might mean balancing, picking winning positions, trimming them a little bit and reallocating to cheaper parts of the market >> let me turn to a guy that for me is never underloved, ran insana >> come by my house for a couple of minutes >> as you react to what samantha just said about maybe moving

your gaze toward some of those unloved sectors, now energy has been loved over the last couple of months. would you agree that that's where maybe if you were going to tilt one way, as we get into 2021, that that would be the way to tilt? >> yeah. and we've been talking about this for quite a number of weeks now going from big to small and a ctiveperspective, from growth to value, those have proved to be very good trade and i suspect will be into 2021. i agree the market is due to a pause. speculative fervor are areas that are bound to end badly. they've been talking about the fact that we've seen retail participation accelerate rather dramatically and, again, not to condescend to the individual investor, but we've seen this time and time

again over all our careers this is late stage behavior and some of this stuff will end badly. i worry more about that. and beyond that, still, as we've been discussing now for several weeks, i worry most about main stre street it is still getting crushed. 100,000 restaurants have gone out of business since september or thereabouts small businesses continue to get hammered by the new lockdowns. the divide twin wall street and main street continues to widen, unless or until we get some sort of relief from the federal government >> let me go back to samantha with ron's point that he made there on i guess you would call it, ron, i'm using my word, not yours, the frothiness that we've seen in some sectors of the market, most especially in some ip ipos that we saw earlier in the week what would you say about that?

>> all the ipo year to date has been exciting and speaks to the fact that public markets are alive and well and thriving. so that's a positive but i would agree. the retail sentiment has been a driving force for particular names and sick subsectors and it normally doesn't end well. we have decades of data. and we're always advocating for diversified portfolios i know that's boring but we believe in balance we also think the post covid world has yet to emerge. we don't necessarily think now is the time to make fake bets. some of the tech ipos and names that we've seen over the last decade do continue to do well. with that being said, there's still a lot of uncertainty >> samantha, have a great holiday season pleasure being with you as always and much loved ron insana, thanks to you as well. >> my love to you as well, kelly. thank you. >> ipo euphoria is sweeping across the market.

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welcome back to "power lunch. disney shares moving higher today, up 15%, record highs -- record highs for a company that's been largely closed the company has unveiled an ambitious streaming strategy disney now expecting as many as 260 million streaming subscribers by 2024. that's more than double than even the high end of initial projections. piper sandler and quinn of juul financial. this is a company that's seen its lodging and theme park business absolutely kneecaped over the last year and yet the f stock is at a high do you buy or wait

>> you applaud it. i don't think you chase the name i'm a shareholder. i'm super excited to see the company execute and be rewarded. this is a great lesson for investors that when a worldclass franchise is experiencing difficulty, as this company has been but then pivots, when they execute, you believe in that company, you take an investment and ultimately you will are rewarded now, selling 32 times forward earnings with a pretty significant debt on the balance sheet, you wait for a pullback, you don't chase it here. but bravo to disney and great lesson for investors to be patient and believe in these world class franchises >> there are reasons why great companies are great companies. this i would say as a core holding in most portfolios would be one that most people like you would recommend. craig, how about what the squiggles and lines tell you is this one to chase or you missed the boat and need to wait

for it to pull back a little >> the much loved mickey mouse never goes out of style. the breakout is confirmed by momentum but with the stock highest level since '8 a6 and the biggest move since the 1970s, i'm not chasing the stock, i'm going to wait for a 14% pullback to about 150, that would be a better entry point for me it's a stock that should be bought on a pullback >> loveable but wait for it to come back say craig and quint. thank you very much, gentlemen have a good weekend. for more "trading nation" head to our web site or follow us on twitter. kelly. >> ahead on power lunch, sporting games academy ipo surging since

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welcome back, everybody. i'm sue herera here is your covid update. steven hahn is disputing a report that he was told to submit his resignation if they did not approve the biontech vaccine by the end of the day. he said it was an untrue representation of the wall in which the fda was, in his words, encouraged to continue working expeditiously. >> the global confirmed covid

cases will top 70 million but experts say the true number is many times higher. >> a group is criticizing governor andrew cuomo's move today to shut down indoor dining in the five boroughs the hospitality alliance says while health and safety must be paramount, the city's positivity rate is much smaller than where upstate dining is allowed. and will be, quote, the last straw for countless restaurants and jobs >> clipped him a little bit there. >> a little bit. >> just like some of the restauranteurs would like to clip him, i guess. let's look at the dow. it's barely positive, still hanging in, above 30,000 the nasdaq down ever so

slightly, 48 points at 12357 shares shar shares airbnb. >> both stocks are creating new billionaires leslie picker is looking at the ipo mania that's been happening all year and not just this week. welcome to both of you leslie, let's start with you >> i'd say all year except for the spring when we were in the depths of the pandemic, which is why it's even more impressive that there have been $86 billion worth of ipos this year, not including spacs, the most since 2014 but the sheer volume is not the whole story here the investor demand for these issuances is double. we've seen two couples double, airbnb and c3.ai

doubling is a very, very rare phenomenon last year only three did that. and in 2016 through 2018 only 1 doubled. yesterday airbnb and its found er founders sold more than $3.5 billion in stock many new entrants in 2020 have driven up prices in a variety of momentums. abz w airbnb of the most actively trading stock on fidelity's retail platform yesterday. >> thank you very much one cool thing about this airbnb ipo, some of the company's host

got allocated shares creating a small windfall for the people who have spent years renting out properties but it's nothing compared to what the founders raked in let's bring in robert frank for that side of the story >> these two ipos creating over $40 billion in stock wealth for the six founders they're worth more than the entire value of the ford motor company. door dash minted more billionaires they did the first coding and food delivering themselves at night while they were at school to get this started. they are now worth $2.5 billion. but the big winner of the week was brian chesky he was one of three co-founders. they started the company when they were flat broke in san francisco and rented out air mattresses in their apartment to try to make the rent

chesky is now worth over $11 billion. and he and the other guys got to cash out of about $90 million in stock just yesterday the co-founders are now worth $10 billion. now, in total america's billionaires have gained more than $1 trillion in wealth this year tyler, that's just going to add to this debate that we're seeing about this k-shaped recovery, the reminder of all the wealth created at the top while the economy is going through tough times. >> it is going to be one of the real topics for the incoming administration, addressing that very question of wealth c concentrati concentration. it's going to be a hard one. kelly. >> speaking of ipo, academy

sports went public at $13 a share. it's up about 35% since then other outdoor retailers are up about 10% this week as its online sales nearly doubled. >> ken, it's good to have you. welcome. >> thank you, kelly. it's good to be with you >> let me just ask you a quick ipo question this week we've been talking a lot about, you know, the ipo fund-raisers leave money on the table, did the public not get a chance, back and forth and so on did p do have you have any qualms with the ipo process or are you pretty happy with what you guys went through >> i'm pretty happy with what we went through we were able to go out and monetize the company and let other people in the opportunity that we see for academy.

>> and you've been up about 35% since that ipo, as we said obviously your digital sales nearly doubled in the quarter. for brick and mortar you are pretty well positioned given you have both businesses and are in the outdoor segment that's so hot. i don't know if you saw the comments of the ceo of rh where he said too many companies were pushing customers into their digital model without a thought about how that's going to affect their business in the long run what's your response to that >> we really are an omni channel retailer in that many of the things that we have really are experiential you know, you want to see how a treadmill works or pick up a baseball bat so we connected that with our dot com sites and half of our sales are pick enough store. so we have a lot of customers

who will order online but come into the store to actually pick up the product partially because it's difficult to ship a kayak. so we have a lot of people who will do that over 95% of our sales online are either pick up in store -- i'm sorry, 95 of total sales are either from the store, pick up in store or ship from store. so the stores are very integral in our online business and we really work to connect it. so i don't think we're forcing the customer one way or the other. we're letting the customer pick how they want to shop. >> yeah. ken, i want to ask you about price. you know, you're in a discount space right now where that price point is really important, keeping it low we're seeing a lot of inflation because of supply costs and shortages and that sort of

thing. are you concerned that these price points are going to move up, especially at a time when customers might be sensitive as the pandemic drags on? >> we've always been a value retailer that's what we're known for. we work very hard to maintain the best prices and we compete with the discounters and we compete with online and for the most part our prices remain competitive and, as i say, we work hard to do that >> ken, it tyler here. i wonder why the sporting goolds s -- goods segment has been a hard one for many chains you think back to sport authority and modells, and both are gone what's the difference between being a success and not being able to make it? >> i truly think it's the experience you offer the customers. if you look at it, one of the things that you see over time is

sports and outdoor stores over time have evolved to just the sporting goods and apparel that's when they go wrong. that's why it's so important for us to offer that assortment and have that outdoor segment of our business with the sporting goods because we serve the whole family, we serve a broader segment. up thi you think about the ones that have failed and they were primarily apparel store. that's not what the customer wants. >> you sell camping gear do you is he firearms as well? >> yes, we do. hunting, fishing >> go ahead. >> outdoor grills, you now, outdoor heaters. i actually shipped an outdoor heater to a guy in staten island he couldn't find one in staten island so he came to texas and got it >> call me later, ken, will you on those outdoor heaters, my

friend ken hicks, we appreciate it. >> thank you >> tease number four, here it is chip stocks falling today. the smh off more than a percent with qualcomm leading the way down and we'll tell you why next on "power lunch.

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welcome back to "power lunch. rick santelli here look at a year-to-date chart of two-year notes let's zoom it in to march and zoom it in more to july. why? you see how flat it is in the july chart under 13 basis points, now trading 12 and could be 11 look at a one week of tens and remember, a week ago it was extreme and it looks like a down week and it is even though the bond mature

tea -- maturities are down. one week of the dollar index, we had a 31-month low close on friday even though we're up on the week, we're only up a quarter cent off 31-month lows kelly, back to you. 31-month lo. kelly back to you. >> i will pick it up rick. thank you very much. tim cook is saying most apple employees will not be back in the office until june at the earliest as you see there, our sponsors for the bond report. apple is certainly not alone among those. we will talk to the ceo of cbre about the impact extended work from home is having on the commercial real estate business. bob sulentic will join us.

welcome back the dow right now up slightly. it has turned positive this the past hour or so as well, outperforming the other major averages for that, thank the 86 million people who have disney+ that stock is adding more than 100 points to the dow this

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commercial real estate has been under pressure as office space, retail and restaurants remain at risk amid the pandemic and many real estate stocks are lower for the year but one holding strong at the very least, cbre group, up 7%

for the year and more than 30% since the march lows joining us now is the ceo and president of cbre group, bob sulentic good to have you here. 2020 was a year one never could have predict as you look into 2021, what kind of year are you expecting? that's question one. and number two, how did you blunt the impact of 2020 what did you do to be able to stay -- keep your stock on the plus side but blunt the impact of this year >> tyler, thanks for having me cbre is a very diversified commercial real estate services and investment company yes we are exposed to office buildings, retail centers, and hotels to a degree but we also have big exposure to data centers, industrial and distribution centers, multifamily financing, project management, lots of things that have held up quite well. our earnings stream has been more resilient than what people

expected that's really what you are seeing in our stock. as far as what we expect to happen in the industry next year some of these asset types that are under pressure will start to clearly come back meaningfully after we get a vaccine and see the effects of that. office buildings people will go back to work. retail centers -- retail buildings will sort to see more occupancy. yes there is going to be stress for two or three years but a very different picture after we have a vaccine as you segment those market slivers that you just described, we just put what we call a chiron on the screen indicating that the office centers, hotels may come back slower than the multifamily part of our business and the industrial part which would be not only data centers and i am sure some manufacturing, but a lot of warehousing. >> a lot of warehouse, tyler and there is no comeback on warehouse. it has been a record activity level on that throughout the

covid period for the most part data centers are super strong. so you are not talking about comeback in those asset classes. you are talking about continued strength yes comeback in multifamily, which has been burned significantly. we think in the second half of next year you will see much more activity in office buildings and into the next year in hotels and retail so it is a mixed story, but definitely pieces of the market with secular tail winds and other piece of the market with secular head winds as a result of pandemic. >> let me get you to give us a 30 second answer on office are companies going to reduce their footprints how much less office demand will be out there five years from now from now. >> you will see a hybrid 80% of that occupancy if not more will come back.

they will be remote working flex space. they will be working from home and there will be new and creative use of office space that's for certain. >> we will see you next season good luck. continued good wishes to you kelly? >> we watching the markets with the dow trying to stay positive in the last hour of the trading session helped a lot by disney as we were discussion. different store for the or major arches we will hand it 206 "closing bell." tyler have a great weekend. i'm wilfred frost along with kayla tausche who is in for sara eisen. the dow higher s&p and nasdaq in the red. let's krv a will be at what's driving the action the chances of a stimulus deal fading as congress is poised to narrowly avoid a government shutdown but not much else travel and retail stocks slipping in light of that. the fda inches nearer to approving the emergency rollout of the pfize