>> good morning, it's 11:00 a.m. on wall street and "squawk alley" is live. >> good tuesday morning. we're going to feel the after

shocks continuing last week's huge debut for a few tech ipos several names that joined the market in 2020 are down sharply this morning including some of the biggest, palantir, snowflake and doordash some other kbhpz acompanies are riding high like etsy, sonos and peloton. this volume at this time really is quite a sight to behold not really sure what to make of it i mean, there's been this whole direct listing this volatility is affecting you no matter which way you came out. >> yeah. you know, it's not just, invest quo investors befuddled by the news. looking at the action over the last week it's no wonder that roadblocks chose to postpone their ipo and learn more about

what is happening. we go back to the names, airbnb, palantir under trouble airbnb down 4% after a downgrade to underperform from buy says that it's looking more than stretched. doordash also getting a downgrade from d.a. davidson even though the markets welcomed these ipos with open arms last week, a lot of that was the robin hood retail investor you're seeing this divergence between the analyst that's cover the companies and the retail investors that just want a piece of the growth story. >> yep we'll be looking for the additional research once that begins to roll into these names, jon. but airbnb, you know, opening day high $165. currently below $125 that's going to get some people's attention >> it will and i think it leads into our next guest, the ipo market is where we're going to start with him this morning he says that both doordash and

airbnb were failed debuts. joining us now is spencer raskof 'announced he announced a spac of his own, who hasn't ceo of zillow. that company ipo'd in 2011 welcome, spencer you have strong feelings about this which i love. but, look, how can we say these things were failed yes, they have the massive first day pop which we're used to saying that is money on the table. but then if they come back down, well, then maybe the ipo investors were right and the retail investors were wrong. firstly, we're above issue we have a long way to go what i say they failed, they were dramatically mispriced. i think that is not in dispute that is down the next couple weeks or not, is you know, doesn't change the fact that they were told by advisors one night your company is worth x, not 12 hours later, it turns out the company is worth 2 x

the aapplicantfflicted company unnecessarily diluted by the underpriced ipos that benefit the buy side they benefit the hedge funds at the expense of the startups of the venture capitalists and employees that put in the work to create the companies. >> but when do we really determine what these companies are worth? because a lot of people would argue right now the entire market is mispriced. people looked at snowflake and said oh, my goodness, how can they put that price on it? i'm not saying coming down one way or the other, but there's one group of investors that is coming in kind of from an institutional point of view saying maybe we want to be investors in this for a long time here's what we're willing to pay. here's what we think it's worth based on our calculations. the robinhood investor may be looking to trade in and out of this thing and that's not the kind of investor that the company wants, right

>> well, we saw this in 1997, 1999 feels like a million years ago. remember, all of a sudden it went from costing a couple hundred dollars to place a stock trade and having to do it by phone to you could do it online and e-trade for $10 to $50 which seemed like incredible savings and that drove a huge burst in retail interest into the stock market and the bubble. and now we're seeing some of it again where retail investors are now creating for robinhood for free that is generating interest specially in the retail consumer names like eventually a roadblocks or doordash which is already pup liqublic or peloton. to answer your question, when do we know what they're worth, every single day the market votes instantaneously on what a company is worth over the long term, these things are very efficient the true value of airbnb and peloton or any of the companies

will present itself in the short term, it's almost always mispriced. almost always too high or too low. you know, the chart of these things are soft. and over the very long term they tend to be efficient over the short term, they're never accurate >> spencer, as for the spac element, now we got the street trying to put numbers in aggregate on the dollar amount of acquisition targets that have to be bought in the next 18 to 24 months. what is your thinking how that is going to look like? >> i think there are i'm a spac sponsor i have a spac. i think are a great target for great spacs to buy the reason spacs are having moment is they offer a more efficient way for private companies to go public faster, easier companies can get projections. there are a lot of advantages going public

>> it is really in favor of going public and that is generating a lot of opportunity. a lot of deal flow yes, there are too many spacs. there are not too many good spacs. but there are too many spacs meaning that in 2021, you will see some spac failures, for sure and they'll be two types spacs that don't get the deal done within the two year window. and there are spacs done and the deal breaks issue. it takes a company public that doesn't perform well that happens in all asset classes. this shouldn't surprise anyone for me the important thing as a spac sponsor is to make sure that we're highly selective that, we're finding a great credit company that is to the public and can benefit from the advantages that a sponsor ipo

provides which are many fold if you have an early stage private company, 0-10 employees, there are early stage seed investors, like a incubator or founder fund if you got a 50 to 150 employee company start-up, there are venture capital firms that invest at that stage and do a great job. 200 to 500 employees, late stage growth companies they invest at that stage and do a great job. spacs are trying to fill this hole again the late stage growth and public markets n the late stage growth, there is a lot of advice and council to be provided to companies in the six months before going public and two years after. and there are sponsor groups like mine where we have done it before we have taken companies public before we run public companies before that transition from private to public is tricky finding your footing first couple of years once you're public is tricky and great spac sponsor groups can help the private companies

through that life stage. they promote 20% of the profits of the investment. so spac sponsored groups are not all that different than all the other type of investor groups. >> right spencer, you're describing something that, you know, does sound appealing to some companies. some late stage startups say want to engage with investors which is what the whole road show and a traditional ipo is about. are there parts you like and things that can be improved that still makes it a good ongs for some companies that can't do a direct listing or a spac >> that's a great question, actually parts of the ipo process are valued the road show is valuable. and the spac sponsor ipo actually offers that

they build investors and cure yat them through that public transition so spac ipos do offer that that is a valuable part of the traditional ipo process. it allows the management teams to build relationships with the buy side and employee relationship that's last for many years it allows them to tell the story in a more detailed way and articulated and comprehensive way. so, yeah that, is an advantage for me, the issue with the ipo process and not so much the road show is the regulatory challenge and the time assumption. it takes six to 12 months and full time focus for the management team to get ready for the i p. o and price discovery issue which we see in these huge pops. there should be a small price pop. there should be a 5 to 15, 20% price pop for a typical ipo. that's what the ipo investors are expecting for taking that risk for the liquidity or there is a variety of structural reasons why there should be a small ipo price pop.

it should not be 100%. >> finally wonder, spencer, what you think of affirm and roadblocks pulling their list fogz a listings for this year this doesn't seem to be an issue of the way ipo rz structured it seems to be just a question of the volatility that we're seeing in listings in general which we know from earlier this year even announced he was going to come out this year. he told us here on squad alley and volatility is what he is trying to avoid. >> well, i think we might see some changes coming out the other end. they went back to that at hq with the advisors because they saw the botched ipos last week they didn't want to leave all that money on the table. you indicated that they were worried about their own employees selling shares of the ipo. that's what roadblocks is trying

to avoid i wouldn't be surprised if they come back with a restructured ipo deal one that had a smaller secondary kpoen we component with fewer employees selling and wrun a lockup, different triggers and different number of shares that come off at different times you know, maybe they'll even experiment with an auction model. kind of the, you know, the mobyy dick of ipos i don't think they'll go that far. i would love to see them do that and, you know, meanwhile, we have the snc evaluating whether companies that go public through a direct listing can sell primary shares which is one of the other potential solutions to the huge ipo issues. >> yeah. we did see epic. i believe doordash trying auction like components. in doordash's case that, didn't help make the price discovery much more accurate spencer, thank you

>> it comes 2 1/2 years after going into effect and not a ton of impact on the stock to davenlt it was a relatively small find with shares currently down just about a third of 1%. "squawk alley" is back in a moment the usual gifts are just not going to cut it.

we have to find something else. good luck! what does that mean? we are doomed. [ laughter ]

that's it... i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [ laughing ] that works. it is launch day for apple's new air pod max head phones

already seeing huge demand despite what is some say is a hefty pricetag some estimates for online delivery reaching now more than three months that's where we're going to begin this morning with the "wall street journal's" joanna stern g to see you today zblst good to see you guys as you can see, i'm not wearing the mask >> so i'm not wearing them i actually haven't tested them i am considering, you know what? i'm going to go to the store today to buy a pair even though i am a little worried because i'm afraid i'm going to really like them and then i'm going to have spent $200 more than probably similar audio quality to competing head phones from sony or bose the big appeal i think of these is the living in the apple ecosystem, being able to seemlessly transition from like you are with the air pod, trance frigs t transition from the iphone mac

and that the big sell of et head phones >> we talked about apple's move into accessories before and some underestimated it in the earlier are a. now having to eat a lot of crow. >> i think people love air pods. we wrote an article. people are getting into the shower with the air pods on. that is how -- they have become and they are strong and they're trying to be a huge feature they want $550 is a lot of money but you're also buying apple products >> you can buy a big tv for $550 now. there is something going on. and they talk about they're going to expense

they're really selling out sonos and they're direct this is high audio equipment maybe it's a combination of this and people realizing need the technology to socialize during covid-19 i mean this is weird right? >> i think it's weird. but like you just said, there are the very popular product categories where we hold on to the devices. you hold on to the phone for definitely longer than two years or most people are holding on for longer than two years. people are holding on to the lap tops the average lifespan for the few years. so these are investments that you hold on to head phones are similar. i bought these three years ago i would run out to get the apple head phones. i'm fine with them i spent $350 on them a few years ago. we talked a lot. i heard a lot about yes this

appeals to the apple cult. users who want to pay up because it will connect seamlessly to the ecosystem. do you think that the appeal does or will go beyond that kind of user to perhaps even the gaming ecosystem is there a benefit there >> yeah. like you said, there is this sort of niche in the apple fans and those people are running out. we don't know how many products they had put on store shelves. we don't know if the indication of the online sales, you know, being backward really is sign demand or if they had lower inventory and they sort of this was an end of the year sort of fresh out product. they didn't do it at the other events i do think that this is sign of the product that apple starts high and we see that on other product category that p awiapple releasd this is the best

>> finally, joanna, as we mentioned, you are now a documentarian. personally, it's one of the most original and fascinating elements thank you, i have a piece out about a topic that the tech companies don't like to talk about. that is death and tech tech companies are focused on the active users not the dead users i started working on this xbroekt before zoom. i hope people watch this film and start to think more about this topic that is what happened to me. got a the lot of e-mails over the years of people asking about this and just realized, you know, there is not a lot of atecti attention on it in the tech industry >> that is called "e-ternal.

congratulations ton that we'll see you next time. >> thank you guys. i'm going to go buy my $550 head phones >> that's right. >> well, we've been talking about apple. take a look at the shares. they're getting a boost this morning with a report out of nikkei saying that april sl planning a 30% boost in i-phone production in the first half of next year. that stock today up is more than 3% quk leh us "sawaly" back in a few s are goo. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you

choose, you could have your doctor, hospital and prescription drug coverage in one convenient plan. from humana, a company with nearly 60 years of experience in the healthcare industry. you'll have lots of doctors and specialists to choose from. and, if you have medicare and medicaid, a humana plan may give you other important benefits. depending on where you live, they could include dental, vision and hearing coverage. you may also get rides to plan-approved locations; home delivered meals after an in-patient hospital stay; a monthly allowance for purchasing healthy food and beverages; plus an allowance for health and wellness items. everything from over the counter medications and vitamins, to first aid items and personal care products. best of all, if you have medicare and medicaid, you may qualify for multiple opportunities throughout the year to enroll. so if you want more from medicare, call the number on your screen now to speak with a licensed humana

sales agent. learn about humana plans that could give you more healthcare benefits. including coverage for prescription drugs, dental care, eye exams and glasses, hearing aids and more. a licensed humana sales agent will walk you through your options, answer any questions you have and, if you're eligible, help you enroll over the phone. call today and we'll also send this free guide. humana, a more human way to healthcare.

> >> phil lebeau is from the belly of a airplane. >> the type of plane where they brought in the vaccines, unite dd, from europe. they can load more than a million doses of the pfizer

covid-19 vaccine in the belly of this type of an aircraft that's what they did this is video of when the vaccine was brought n part of making this happen is making sure that they can keep the vaccines at the ultra cold temperatures that are required that means packing more dry ice. meeting new specifications that were approved by the faa they will eventually be also transporting vaccines on passenger flights. and in order to make sure the vaccines stay cold when packed in dry ice, they will remove the vaccines if need be if a flight is delayed >> there say long delay. we can remove the pharmaceuticals from the flight. store them in storage. until there is another time that we can take them safely.

>> this comes at a time when they're seeing passenger traffic slow down. they said that the daily cash burn for the fourth quarter, somewhere between 24 and $26 million a day. fourth quarter revenue down 70%. and it's no the just united that is going to be helping in the effort to move covid-19 vaccines we also heard from american airlines which did a shipment down to the hub many miami and then on to american territories in the caribbean and one other stock to keep an eye on, atlas air worldwide. you might be saying, who aaww one of the largest cargo operators they've had a good year they'll be part of the effort to move the covid-19 vaccine. guys, we're here in the really underneath if you were in this plane, you'd be sitting up above me right now fwhut but this is where they'll be loading in covid-19 vaccines and other cargo as well. this is part of the airlines are doing more and more of over the next weeks and months to come. carl, back to you. >> phil, fascinating look at

cargo demand we know it's an important shipment, historically important. phil lebeau, thanks. >> take a look at the names in the ev space today speaking of phil's beat, moving higher aflac luster few sessions. plug, ride, fuel cell, neo all with gains of 5% plus. we're back in a minute

>> welcome back, everybody i'm sue herrera. here is your cnbc update this hour tremendous evidence coming in on voter fraud even as the top republican in the senate is congratulating president-elect biden following yesterday's affirmation of the win by the electoral college. >> many millions of us had hoped the presidential election would yield a different result but our system of government has processes to determine who will be sworn in on january 20th. the electoral college has spoken >> big american tech companies like google, facebook, amazon and apple could face fines of as much as 10% of the global turnover or even breakup orders

for violating new european union draft rules unveiled in the last hour that target illegal content and anti-competitive behavior. prince harry and megan mark rl doing a holiday podcast. it is the first offering in a multiyear deal with spotify. you're up to date. that is the update i'll send it back out to you. >> sue, thanks for that let's turn back to the state of the ipo market. our next guest led alibaba's blockbuster ipo in 2014 at the time the largest in u.s. history, he was also a snap when twhent public just three years later. he is now the founder and ceo of verishop first, good morning. thanks for being with us good morning thanks for having me let's start with what is a wild last week or so. we have those blockbuster ipos from airbnb and door dash. affirm roadblocks postponing

their own debuts more and more calls that pra decisional ipo process is broken do you agree >> so i have not been closely involved with the last few ipos. the last ipo i did was as a banker was alibaba from my perspective, you no he, last few ipos, the way they work is epic level of encompetency from thebankers. >> a lot of people are losing confidence in the ipo process. i don't think the system is broken i think people working on it could do a much better job this is not the first time we saw, you know, a deal that is highly sought after. alibaba is a very highly sought after deal as well. >> wow did you just say epic level of

encompetency from bankers? they're not focusing on what is going on the client mindset. >> at the same time, there's, you know, a new cohort of investors in the market over the last particularly over the last year or so, the retail where robinhood investor, whatever you want to call it, does that give them some leeway >> where >> why are you getting paid 5% or 6% if you can figure that out. >> that's a good point >> right >> is the retail investor always the authority? should we take that size of the

first day pop and say oh, boy, that's the amount that the bankers got it wrong or is it more over, you know, a series of months or a series of days where we determine where the price settles out? what is the fairway to do it >> it doesn't mean anything as a company. that is a snapshot it's how you debut over time you perform and become a more stubblish company the key thing is there is -- i would say reasonable outcome, you know, plus/minus but when the stock doubles from a high large cap market company, clearly something didn't work right here so i think, i'm not close to the situation. i'm sflostd i'm not involved one way or the other. i did work in the past as a banker it felt like the process could have been run better

>> you've been a banker. you're an entrepreneur right now. a lot of people are getting religion now around traditional ipos and direct listings >> i think it's too early to say. >> maybe the answer is no. you might do an ipo if it's run right. >> i think it depends on where your company is and what you're trying to achieve you can say one company is better than the other. >> since you've been on both sides of this, you led ipo as a banker and also at snap when they went public what advice would you give

potentially then to companies now like a roadblock that's is looking an an ip oochlt but doesn't want what happened at airbnb and doordash to happen to them >> they've have been engaged with the investors very early on by doubling a dialup, you know, i think it's really boils down are you getting the feedback from the market that how market is thinking about your company if you really are 100% relying on intermediaries getting that information, sometimes, you know, things just break. >> let's get to the bear shop news you're rolling out social group shopping i just wonder, how do you plan on competing with the likes of instagram which is testing out more and more features and

already has the relationship with brands through the advertising. >> yeah. it's different so many ways. i think you look at instagram, it's really one way communication. you have an influencers is telling what you to buy. here this is for close friends can you get on with friends, family members, and connect with each other and shop different products the second thing with a lot of the social media is one brand or one group is pushing the product. can you shop from that and then the third, we're built on best in class e-commerce experience it's a single cart you don't have to check out from five different brands. you know, we guarantee you the best price, free return, 24/7 customer support all the greatest things that you get from best in class e-commerce experience you get. one thing that we're doing on this verishop is kbig combining

the best of social and commerce under one roof. >> call me crazy, many people do, but i think this is potentially brilliant. it's bringing back the old mall experience this is what teenagers used to do they meet at the mall. it was social. they go to stores. sometimes they buy something is this a product in and of itself every site that does retail and commerce could use some kind of a social component i wonder, yes, it's great for verishop in and of itself. somebody should probably specialize in this >> we will specialize in it. >> more core thesis is to build social or new unovation. you have to make sure you guarantee the existing experience first the example i gave when 2007 and iphone came along, i bought the first iphone i picked up the phone and called someone to make sure my phone works. so we could be -- can you not go

build a social commerce company unless you build a commerce first. because when somebody buys something, they want the product on time and as good as possible. and so i think that's what we're doing. i think by creating this life shopping, we're now opening up this platform with brands and friends can come together and sell and when people buy the product from them, they will have the same experience they get from amazon or far fetch or any other platform. >> at the same time, how you are getting all users on to your app. a lot of folks are going to the platforms that they know and use already like an amazon >> i know people will do it. look, i think rome was not built in one day it will take time. i think if you look at our business, this year we grew like seven x versus last year.

did you hang out with with friends and connect with brands and the sellers and buyers you like and with your influencers, all these things and shop at the same time get the best experience i think it's an incredible opportunity. and somebody will really build a very exciting company and it's adviced to try that. >> well, we look forward to seeing how it goes thank you for being with us this morning. ceo and founder of verishop. >> thank you keep your eye on pins to day. $22.5 million settlement in the gender discrimination and retaliation lawsuit filed by its former coo does not admit any liability.

shares though have gone from $10 to $$70 since march. "squawk alley" is back in two minutes. (upbeat music) - we did it! (crowd cheering) - [narrator] wherever you start, snhu is where you can finish. (crowd clapping) (crowd cheering) - here we go. - [narrator] and it's it. - [group] yay! - [narrator] you did it, high five! - southern new hampshire university. - [man] that gets a hug. (laughing) - look at that! master's degree, i did it! - i did this for my children. i am very proud of myself. - [narrator] finish your degree at snhu.edu. and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes,

with access to tax-smart investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade. personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this everybody's problem. and that's why we created rapunzl. the rapunzl app was designed for high school and college students to simulate stock portfolios. they're able to buy and sell stocks in real time. thanks to nasdaq's cloud data solution. if somebody tells you just download this app and you could potentially win a scholarship, and you're learning, it's like, yeah. information is key. having access to information at your fingertips on your mobile phone, on your desktop, or here on the screens, it really allows us to showcase what's happening out there. and so we pitched the idea of: why don't we host an investment competition on this newly built rapunzl platform?

it was really cool to just sit there and like watch how the market really works. what i won was real money. so my first year of college, i ended up going debt free. data information being put in the right hands can literally change a person's like way of life. data information being put in tnew projects means liteyou need to hire.gers. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. xo good morning, carl, the

vaccines are arriving at a crucial time for california. we're at fisherman's warf. this is in the morning and things are much slower 85% of the state's residence have activity. they're known for and they visit california there is tourism related jobs or less it is five years to get back to 2019 levels with travel spending down 54% from last year. >> call sexualifornia is a more based economy. disneyland which has been closed for multiple months.

another part of it, of course, is that california has largely pursued more aggressive public policies when it comes to attempting to control the virus. they've been keeping restaurants closed more so than other places disney world florida is 25% open disneyland here is still completely closed. >> things are dire on the small business side as well. the california restaurant association says one in three restaurants say that they'll either permanently close or downsize and last week the state saw the largest increase in weekly jobless claims since march so the vaccines, of course, are good news. we have a long way to go diedre >> yeah. kate, oen thn that note, it's incredible to see fisherman's warf empty they have great activities and decorations. this year certain not going to be the same. thanks for that. meanwhile, the exodus out of silicon valley continues this morning with larry ellison, the

latest high profile founder to leave california see wherhe hdenee 'sead xt the usual gifts are just not going to cut it.

we have to find something else. good luck! what does that mean? we are doomed. [ laughter ] that's it... i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [ laughing ] that works.

nnchts case you missed it, the federal trade commission yesterday delivered the latest salvo to big tech ordering nine social and media companies to provide data on how they track and use consumer data. receiving a letter monday amazon, facebook, and the subsidiary what'sapp, readit,

switter, snap, and youtube and tiktok this comes as the european union is presenting new potential rules that would govern how big big tech can operate carl, i'm not sure how much time at least in the u.s. legislators are going to have to focus on these big tech issues. and they're pushing ahead. they're lobbying dollars and perhaps carry some of the moves. >> yep although, d, the sample order is asking for things likal go rhythms, information about ad revenue and each user attribute that company uses tracks, estimates or derives some of the metrics are going to be interesting if we get them. >> as we see this wave of regulation not just here but in the eu also. they're starting to really have teeth. it's a really big opening salvo.

of course, it could take years to actually see something. i think that's flekted you're not seeing shares, you know, go down too much on the news, jon. but you know, even today the fine, half a million dollars i think the next step is these regulations, particularly in europe need to show that they have teeth, that they will actually have fines that are not just mere slaps on the wrist or speeding fines, that they can actually do something. at least for wall street there is skepticism that this is going to happen any time soon. >> twitter is worth around $41 billion. we've had ipos in the past few days where the market caps are already above that these are companies that in a lot of cases deal with use are data look at door dash, airbnb. think about the properties that people own are where they live, how long they're staying there this conversation i've got to think, dierdre, is going to shift over time.

i hope we get good rules and policies, somehow congress gets digitally savvy and figures out the rules to the road whether you're a u.s. or international company and then they can move to enforcement >> as we continue to watch hours and hours of hearings, we see the ceos, questions asked. i do think the questions are getting a little better, maybe not from all the lawmakers but at least some. i'm with you on that in the meantime, a new fund survey says confident unstveors are holding very little cash stay with us, we are back in because it hasn't removed the endless mundane work we all hate. ♪ ♪

automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. some things are good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage pl. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you choose, you could have your doctor, hospital and prescription drug coverage in one convenient plan. from humana, a company with nearly 60 years of experience in the healthcare industry. you'll have lots of doctors and specialists to choose from. and,f you have medicare and medicaid, a humana

plan may give you other important benefits. depending on where you live, they could include dental, vision and hearing coverage. you may also get rides to plan-approved lotions; home delivered meals after an in-patient hospital stay; a monthly allowance for purchasing healthy food and beverages; plus an allowance for health and wellness items. everything from over the counter medications and vitamins, to first aid items and personal care products. best of all, if you have medicare and medicaid, you may qualify for multiple opportunities throughout the year to enroll. so if you want more from medicare, call the number on your screen now to speak with a licensed humana sales agent. learn about huma plans that could give you more healthcare benefits. including coverage for prescription drugs, dental care, eye exams and glasses, hearing aids and more. a licensed humana sales agent will walk you through your options, answer any questions

you have and, if you're eligible, help you enroll over the phone. call today and we'll also send this free guide. humana, a more human way to healthcare. last mile delivery in fop i this holiday season. kelly car uuso is here to talk about where we stand on shipping good to see you. >> good to see you

we mentioned you were bought by target but you operate independently. everything we've read about the season is capacity is tight, vendors and customers are told to be patient and maybe not even get a slot in some cases is it as rough as they say >> it is what i would say is we often say it, we bring the store to your door and that's never been more true than in 2020. when the pandemic first hit, we scaled the heck out of our business going from 100,000 choppers to almost 350,000 choppers today to meet that demand we added more retailers to our marketplace. that has allowed us to really work with our retail partners and be well positioned going into the holiday season. in fact, the first two weeks in december were record setting weeks for us in the amount of order volume that we were able to deliver at shipt and we did it with incredible soundness and

our operations and the same great experience that our retail partners and customers have come to expect from shipt >> are certain categories facing more capacity constraints than others or is it pretty uniform >> you know, one things that we did earlier this year is expanded the amount of product offerings we had on our marketplace to ensure we were prepared to deliver anything and what we have seen is this, last year at this type our shipts driven business, 100% of those orders were food orders. today over half of those orders are nonfood, things like home, apparel, electronics, all the things you need for both gifting and gathering. so we really were foughtful and intentional with the strategies we developed with our retail partners to make sure that we could meet all of their holiday needs. >> kelly, i wonder if you think

this last mile field is becoming crowded. up have doordash expanding, uber becoming a delivery company. do you think there is consolidation or can we have this many players? >> i think there is plenty of opportunity into the growth. there are two things that support that we believe e-commerce is here to stay and will continue to fuel retail growth into 2021 and beyond secondly, the carrier con strants that we're seeing right now in the network, that will continue to be an issue going into 2021 and beyond so both of those things mean in a retailers need to offer a portfolio of fulfillment options to really meet their e-commerce needs. we see ourselves as a brand

ambassador to the retail partners we expect our service to enhance their experience, not replace it we want to be a partner, we don't want to be a retailer. sendl secondly, we freely share. we share insights with our retail partner and we want to create strategies that are unique and differentiated. we feel strongly we'll be able to continue to grow into 2021 and beyond >> kelly, i got a question about how big sh h shipt can get. i believe you spent 22 years before you spent the reins at shipt last year. it's your largest customer now but this could be a huge i man shopify-like play on logistics

if you were to try to push in that direction how ambitious are you? >> we're ambitious we believe there is an opportunity for a third retail ecosystem here in the u.s. and at shipt, we want to work with retailers of all sizes and shapes to really help them build out their strategies and be a good partner to them target will continue to operate shipt as a wholly owned subsidiary and continue to invest in us while that is very important, i want to be clear, our ability to work with other retailers is really important to us and we want to make sure that those retailer relationships are mutually beneficial and that many could bind with this desire to be the third ecosystem tells us the sky is the limit for our growth >> kelly, good luck getting through the rest of the season i know it not easy but this is where the money is made. thanks so much >> thank you >> in the meantime, guys, news

tape is going to heat up we're getting word that pelosi, mcconnell, schumer will meet at 4:00 as the market continues to watch for a stimulus compromise. earnings will make an appearance here and there we'll get lennar and nike later in the week let's go to the judge. the great debate over your money. whether it's time to rotate again into so-called stay-at-home stocks. so are saying yes. josh brown, pete najarian, tiffany mcgee is the ceo and jenny harrington we are having a little bit of a ramp here on the wall.