good afternoon, everybody.

welcome to "power lunch." the pfizer vaccine shots are being administered as we speak across the country. and that optimism initially giving the markets a lift but the dow giving up an early rally after hitting an all-time high. the s&p and nasdaq are hanging on to gains. nasdaq up 121 points as we speak. plus, the ipo market may have gotten a little too hot to handle. airbnb and door dash falling while another ipo delays its debut. we'll tell you about that as "power lunch" starts right now. >> thank you, ty. welcome to "power lunch," everybody. i'm kelly evans. stocks are giving up th eareir y

rallies. let's go to bob pisani for that. >> that faded fairly quickly. it was a nice open, look at the sectors here. we had banks and industrials and energy leading at the open. but that's all reversed in the middle of the morning now, banks, energy, industrials lag. tech also holding up with mild gains. reopening stocks were all on fire at the open. we're talking about cruise lines, hotels and airlines but that all reversed in the middle of the morning here. you see all of those reopening stories are negative. of course the pelotons, ac activisions are outperforming. we did see mayor de blasio say this morning that new york city should prepare for the

possibility of a full shutdown in the city of new york. that may have had some impact on sentiment. guys, back to you. >> all right, bob. thank you very much. like you said with the dow down about 6 points right now. the big news today, the first shots of the covid-19 vaccine from pfizer are being administered around the country. meg tirrell joins us with more on that effort. >> hi, kelly. it's been quite a day. people getting their arms, we've seen it from new york to ohio where i believe this gentleman is to philadelphia and louisiana. it really is health care workers today who are getting these first shots, the folks who have been treating covid-19 patients. they are prioritized along with residents of long-term care facilities who will be getting their shots over the coming weeks. we know that 55 locations today have already received their shipments of the vaccine.

145 locations getting their shipment today. all should get them about 2 p.m. local time. tomorrow 425 more locations get their shipments, 66 on wednesday and 581 beyond that for a total of almost 3 million doses going out this week. the general did give a briefing on how it's all going so far. >> our goal is every vaccine that goes out is safe and effective upon delivery and we wanted to make sure that deliveries occurred in the places where people could receive them and then begin administering vaccine to the american people. it went incredibly well. >> and, guys, the images we saw of the pfizer workers packing up those packages in kalamazoo, they're going to continue to do that every day as they get them out and every week after that up

to 3 million doses, half of those made in the u.s. guys? >> this week we turn our attention to the moderna vaccine. what's its timeline expected in terms of the fda's movement on that? >> it could be essentially identical this week to what we saw last week from pfizer. we do expect the fda's briefing documents on moderna's tomorrow, third day the outside committee of advisers, the same group of folks who voted last thursday on pfizer's will meet and vote on moderna's. if the fda goes by the same timeline, around 9 p.m. friday we'll see the second emergency use authorization. over the weekend the packaging with start and shipments will go out and 6 million doses will go out the following week upon emergency authorization. meg, thank you so much, our meg

tirrell. ty? >> as we mentioned, the fda is set to review moderna's vaccine later this week. for more on the vaccine pipeline, michael, it's always good to see you and great to have you here on this rather historic day. i guess first question is when all is said and done and all of the vaccines from moderna and j & j and astrazeneca get coming to us, is supply going to match ultimately demand in 2021? >> that's great questioning. good to be here with you, tyler. i guess one question is what do you think the demand will be? we actually did a survey and there's been a number of surveys out there suggesting that 50 to 70% of the american population wants to get one over the next year. if you do the math between moderna and pfizer, as well

those coming with data in january, the numbers do clearly suggest there will be capacity to make that demand and that's why we're optimist being 20-21 will play out just fine. >> will there be capacity globally to meet demand? >> there will be capacity to meet global demand. i think the question is what countries and which of those countries do want to vaccinate and what capacity. i know there is a lot of focus first on the united states and europe and as you go out broader to other countries, the capacity is there. there's been a lot of discussion. everybody is focused on moderna and pfizer but there are large amounts coming from astrazeneca and j&j.

let me ask you abo >> let me ask you about the other part of it. supply may be ample enough for the u.s. market, but what about the other parts of the supply chain? are they up to it? are the actual delivery mechanisms going to be up to it? because as we remember, there were -- well, let me put it karatab charitably, debacles in getting out the covid tests. we were promised the covid tests and they're coming, they're coming, they're coming but it took a long time and not according to forecast. >> that's a great question. there's two nients should make the american public feel better and certainly wall street. one is i think there's been a lot of learning from the last six to eight months, certainly in terms of how big the situation was going to be and we certainly have an idea how many vaccines we need and there's a

good understanding as to the cadence of those going out. of course a lot of learning compared to the beginning of the year. >> i do think that the supply chain, a lot of people are talking about the combed storage, the distribution will be fine because it's to a agree a 30-day realtime scenario. moderna's can be refrigerated 30 days. pfizer has boxes set up to be cold storage and then refrigerated. there is a good may have chain there over months and quarters to get that worked out. therefore, it's not going to be be the next month, not going to be immediately but it kind of interestingly meets the demand. not everybody wants to get it this month, next month, next quarter. so that curve actually goes very well in lock step. >> in part because of what you

just described, that not everybody wants to get this vaccine, i shouldn't be alarmed when i read in the papers or here on the news that, for example, new jersey's first shipment is going to be or maybe we'll have 120,000 doses or whatever the number is by the end of the year and this is a state with 12 million people in it. the first 120,000 will go to first responds are and peopers risk. but ultimately florida, new york and texas. >> that's right. that demand and that supply generally meets on a quarterly basis so don't freak out when this week. they're coming every week and there's more to come. again, think about the first quarter, tyler, when they parse

the positive data. >> michael, thank you for your time today. we appreciate it always. kelly. >> with the congress ready to n unveil a stimulus bill today, what do we need to drive the dow higher? tom, started with a nice gains are can't hang on to it. we're starting to get more of a pandemic pandemic to the trading industry. >> although we're very optimistic and great news about the vaccine, we've got some struggling coming ahead in the next few months. with that in mind, i think we have continue to to look to see what's worked.

when you look at flows in the etf area, there's been a lot of flows in technology related etfs in certain sectors that are really specific to working from home. when you think about the average small bus iness in the u.s. tha has had to adopt to this new environment, they've really done well and technology companies have continued to gain. it the docusigns and zooms of the world that are all of a sudden shining today. >> peloton also up about 6%. kevin, would you echo that? what do you think is going on here? >> i think a large part of what is going on, it's kind of a sell on the news of the day in some respects because the vaccine has been priced into the market. we have also priced in earnings for 20/21 into the market.

but what we haven't yet priced in is what's going on with our labor market. the labor market is going down immensely and you saw that last week with the jobless claims and i think that as we move into 20/21, we're going to have more companies paying attention to their profits and try to become more efficient. in that efficiency i think that you're going to see jobs lighten up. there's going to be more layoffs. however, you're going to see potentially the up side in earnings because of companies becoming more profitable and more efficient. >> so what would you do, kevin, with the market? you can also speak to the fixed income side. last hour we were speaking with a number of guests about their bullishness on economies and predicated on this reinflation, if not inflation trade.

the bond market is totally shrugging it off. the ten-year is kind of back up toward 1%. we're ostensibly much better off today than in the pandemic. what gives? >> we have $18.4 trillion worth of negative debt globally. it really going to put a cap on the yields that we see in the fixed income markets especially on the curve. plus with the fed meeting and the idea that the fed is actually going to pivot as far as their qe program and they're buying shorter term treasuries and move further out on the curve. so i don't think think that the bond market is telling us even though yields may be trying to rise here in the u.s., because there's so much there's going to

be a cap there and i think that the fed is going to make a very slow pivot away from the short end of the curve to the longer end of the curve. >> all right. tom, all of that said, does that leave you bullish on the hottes parts of this market, which had within even some of the speculative technological and there's been a lot of conversation about tesla joining the s&p pa 00 this frood, the flex sector spider, technology e so and then if you like active management, it been kathy wood at arkq where tesla's a big

holding. don't wait until it gets into the s&p. i think there's a good reason where $ 0 billion is going to have to be relocated within tesla to shore up these indexes as we go into next wook. >> interesting. thank you both on these markets today. we appreciate it. >> tyler. >> coming up being where it is suspected that russian hackers targeted the united states government in a coordinated attack. and splashing debuts sending a chill through the

welcome back to "power lunch." three of the largest cyber etfs all hitting new highs today and not because of good news. treasury and commerce were targeted, it april pepears, by n hackers. tiger eye says it was a target of the hackers last week.

it appears to be part of a russian intelligence campaign as david kennedy explained on "power lunch" last week. >> all of these are originating out of russia and sponsored by the government. they're making hundreds of millions of dollars and we can't touch them from an extradition perspective. you can expect to see them gain some of these tools and to be used against us. >> for more let's bring in eamon javers. >> we're learning the department of homeland security has also apparently been targeted by hackers as well. we await more details on that attack. it's fascinating how these alleged russian hackers were able to get into so many government agencies and private

companies as well. there's a company called solar wind and they make network management software used by a lot of government agencies and private companies. that software was corrupted allegedly by these hackers in terms of the security updates that people naturally would do with their software. so what they're saying, sol solarwinds, is that fewer than 18,000 of the company's customers were vulnerable to this particular attack but they did go ahead and note fightify customers about this hack today. that's a massive, massive scale of this attack. experts are telling us this attack could impact hundreds of fortune 500 firms, tyler. so the scale of this we're really just beginning to get our arms around as this rolls out. i just got off the phone with a cyber security expert said the danger here is what happened

once the hackers got into these system is they had what he calls god-level access to the information inside these companies and federal agencies. they were able to really rome around for a long time, a period of months relating back to last spring and then seekry kret. >> from what i read when the fire eye story came out last week, it sounded like in some sense these hackers had obtained a master key. do we know what kind of materials they siphoned up? >> we don't yet. if you're looking at treasury, department of homeland security. if you're looking from a russian hacker perspective, just about anything the u.s. is doing would

be of interest and then in terms of inside those companies, a company like fire eye, the keys that, you know, this thing sort ofs can cades down the line and the this and continue to am m in some ways they got access to the ability to steal even more information. >> eamon javers? washington for us. kelly, back to you. >> fascinating, troubling. still ahead, stocks are snapping back after covid-19. the dow was up almost 32.

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welcome back. shares of virgin galactic are down today. >> they averted their run today to land safely on the runway. we're showing you that video from the weekend. in an update, "the flight did not reach space as we had been planning after being released from its mother ship, the space ship's on board commuter launch connection." this would have been the third manned flight to the edge of space. it would be the first from

almost two years, the first from new mexico where galactic's new headquarters are. they do plan to attest this test again but it's unclear what all of that does to the timeline, which saturday's fliel if successful, all of that had been expend p by the next quarter. the shares are traying sharply lower on the news, worst percentage drop since march. but up 130% year to date, kelly. >> and, morgan, i guess that gets to the heart of this, which is there's a difference between something delayed but ultimately viewed as coming off success what would you say for people trying to gig that out right

now? >> that is the multi-billion dollar question it's that this space slip certainly the company is analyzing all the data and taking a look at the motor situation and rocket engine situation and all of this. there is an expectation that a test will happen but first and fs and they they are not going to launch services and put humans in space unless they're absolutely, positively sure to do so.

>> absolutely. morgan, we appreciate it, that can federal budget . despite the latest pet sfsk aid f without a successful test flight, how kentucky will this it the prom us of sub a. the problem is the company has yet to make a vie frbl.

from the stock is a very, very speculative play right now and, in my opinion, a tienly little allocation. >> and it down about 17% today, trading at $267 and change where where do you see it going from here? >> looks like it should it be through this 17% draw down hasn't damaged the friend it's still above all of its moving new hampshire this isn't how it trades with the prior breakout at its null speak, former

resistance becomes support. that. . follow us on twie twrchl coming off massive public debuts. is this the sign of a bubble sflfrm we will take a look when "power lunch" returns. >> and now the latest from our sponsor. >> the dow theory says transportation stocks can either confirm or deny a broader market

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welcome back, everyone. i'm sue herera. here's your covid update at this hour. even though the first recipients are going the vaccine, mayor de blasio is telling people to be ready for a full shutdown, a pause like at the end of the sprin spring. the netherlands isn't waiting. its prime minister says the country is going into what he calls a lockdown for the next five weeks with nonessential stores, schools, museums and gyms closing down. here's one teacher who is keeping her classroom open by building an open air classroom.

linds linds lindsey earl constructed and researched it and apparently her students love it. >> sue, herera. >> markets are at session lows. the dow is now down about 78 points after being up nearly 300 in trading above its all-time closing high. about a third of a percent drop, five points lower than the s&p, the nasdaq up 5% and small caps positive about half a percent as well. >> airbnb and blockbuster falling but others saying it's a bad time for one. >> leslie picker. >> roadblocks.

it's confusing. it for younger demographic, like kids, gaming platform for kids. but there's one aspect to their deal that makes this a uniquely bad time for the online gaming platform to go public. they structured it in a way that employees would be the one selling at the ipo price, among the people issuing stock at the ipo price. so if it were to soar like door dash and airbnb, that could hurt the morale of employees who sold at the low if that were the case. the ceo said the company planned to work with advisers to see how they can make improvements to the pricing process swork thwory will continue over the holidays. i'm told they're also awaiting final signoff from the sec.

i'm told by several sources the buy now/pay later lender is anticipating imminent approval from the sec and has told ielt advi -- its advisers to ready a road show launch this week. there is a small chance it gets done this year. the parents company of wish looking to raise about a billion dollars through an ipo in a few days. >> can you clarify what it was about the ipo at roadblock in particular? it sounded like you said the company was concerned that employees were going to lose out with doordash and airbnb.

>> we talk that if a company raised higher, they could have done more. that happens when the company is issuing primary capital or capital being funded by the company's own shares. now, in this situation, they're doing a special tender for employees at the ipo price. so that would mean that the people who are, quote unquote, leaving monday money on the table is not just the company itself but also the employees. >> if you awhy? because i would have made a lot more money that way. according to people close to the situation, they're rethinking the way they want to do this given all of the price activity we saw last week, which would mean leaving not just money on the table for the company itself, but for the employees as well, which would impact morale most likely, if they did see the kind of price activity that we

saw we appreciate it. what is going on with the ipo market here cause is the prove sr. >> professor ritter, i want to start with you in this usual pattern we've seen shares in both companies are down under versus one that brought it public to get their hand on. what does that tell you is going on with the ipo process? >> a couple of things. first of all, it's normal that the pop occurs from the opening price to the opening trade. on average there's no but we've seen an average furst day.

>> this is the first month since february 2000, it teak. >> but again, what's interesting it to me is that 100% pop you're referencing all happened before the shares hit the market. airbnb trait. the enusually continues one it's public. beyond me, you skill could opinion up 50, 60%. why is it all of has to began who what ak nn if and once they do, the rest of the.

nm and why is so much of that gain being privatized to just the ig ines many who were able to get in on that premarket pop. >> i think this frm. and, secondly, why have underwriters been so bad at and it is patrioting whats that going o. i think that indeed retail investors have a frat f so. and institutions are also buying in the market as well. this year we've seen a lot of money pour into various mutual

funds and etfs that effect usfo growth companies and including a couple of funds that focus on ipos, inclusively. renaissance capital has their ipo etf and both have this huge inflows of money this year, they've had really high returns and between them they've had over a balance so retail investors are still buying directly through when p. >> right. although i did ask renaissance about whether they get ipo shares at the kind of list price or one they did -- the

performance of the etf is all that more impressive given they're not able to get in on that pre-market pop. tom, you're right in the middle of this valuation issue on door dash. why the downgrade today and just tell us a little bit about what you think about how that ipo went last week. >> you know, look, i think it's fair to say that the stock popped by more than we anticipated. i think stepping back we've seen this often with other sort of brand name internet listings where, you know, in sort of the immediate aftermath of the listing, it's really more a function of supply and demand for shares. here you had not a massive -- a well-known consumer brand that

people just wanted share of this stock. in the long term or intermediate term, we any the market's efficient and it will mace cln value in fact, the immediate kind of the fourth quarter/first quarter numbers are probably going to be better than we're forecasting. but you look at the multiple on the next couple of years of revenue and presumably some ebidta and they're in pretty rarefied air. we decided despite liking the fundamentals, we thought it was the best time to step aside. >> professor ritter, do you think the way these recent ip oz are trading, the if. >> i think so they push things

up but when it turns, they then head for the exits. >> yeah. it's been a pattern we've all been watching this week. thank you both for joining me today. really appreciate it. tyler. >> the market are a little bit higher but at any time feel the heat testimony otherwise the red and that would mean cool. he's basically flat. industrialing off what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity

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welcome back. it's time now for today's power mofrsz. we start with alexian pharma getting acquired by astrazeneca in a $39 billion deal. it will boost astrazeneca's infectious diseases. shares of -- one for breast cancer and the other for prostate cancer. more than doubling in arvn today. apartment investment and management as falling as a company. it will be removed from the s&p

500 this week to make room for tesla. that's the market event we are all awaiting on friday. shares down about 36% this i don't remember. the next phase this the vaccine rollout beginning today. it is going to require loot of work from the big shippers. we will go live to a u.p.s. shipping facility coming up on "power lunch." what a place that must be today with the holiday rush and now vaccines. we'll be right back. let's get checked for a full range of conditions. let's get fast, accurate results. introducing letsgetchecked health testing you do at home. know your health. know yourself. order now at letsgetchecked dot com

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shares of fedex and u.p.s. beau both lower midday as they begin the massive effort to ship covid vaccines across the country. frank holland is life at a u.p.s. facility in louisville, kentucky, a hub where they are getting new shipments of the vaccine every day. frank? >> hey, tyler.

more than 140 shipments of pfizer's covid-19 vaccine will be delivered today. more than 630 deliveries of those shipments will be made this week. a total of 2.9 million dose. many of those doses transported in 747s like the one i am in right now in containers like the one you see behind me. vaccines and christmas presents are actually going to travel on the same trucks, same planes and on the same network for both u.p.s. and fedex. one of the first deliveries was made at boston medical center by fedex this morning. both companies say they have the capacity and the technology to handle life saving medicine and christmas presents being shipped at the same time and still deliver both on time. >> we planned for much bigger volume than we are seeing even next week. next week happens to be our peak week. we are hoping as we hit the real peak in vaccines our christmas

peak will have fallen off. >> a major winter storm heading towards the east coast another potential challenge for vaccine delivery. fedex and u.p.s. both have contingency plans in place. >> frank holland reporting. stocks not getting a huge vaccine bounce today but the s&p is on track to avoid a fourth straight negative session. that would be its worst streak in three mo it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off.

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kelly as we start a new week and move full fledge into the holiday season the markets are kind of flat. i don't know if you can get much flatter than down .05% for the dow or up .08 for the s&p 500. exceptions, the nasdaq and .75 for the russell 2000. >> as we have been saying, ty. a pandemic trade feel today. mayor deblasio was on cnn earlier, didn't rule out the prospect for more lockdowns for manhattan. that seems to be the reason stocks like pell on the are up 6% right now. disney and netflix as well. di disney was up 6% after investor

day. between the b mow call and some of the headlines today, netflix is up 4% and disney is down 2%. tesla is going into the s&p on friday. it's adding another 4 plus% ahead of that. it will certainly be one to watch. we will see you then, ty. >> see you tomorrow, everybody. thanks for watching. >> "closing bell" starts right now. thank you, kelly and tyler. and welcome to "closing bell." i'm sara eisen, here with wilfred frost. stocks mostly flattish to start the week. the dow and the s&p losing steam flout the day. nasdaq is still outperforming solidly in the green. let's look at what's driving the action right now. the rollout of a vaccine begins here. first shots delivered and administered in the united states. plus, we will continue to watch the on again off again stimulus talks reports out of washington showing progress. that's helping sentiment today but we have yet to see details