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good monday morning. welcome to "squawk alley." i'm david faber. carl and john both have the morning off. let's have a look at the markets as we are an hour and a half into trading we have notched new intraday highs across the board essentially all about 0.7%, 0.8% right now. let's have a look at shares of alibaba. that's an interesting story. also a reversal after being down early in trade, you can see the stock has rebounded ever so slightly diedra, it's been a rough road for alibaba, from october when we were looking for the largest ipo of all time and financial, $35 billion. it is 33%ed opened by alibaba. those shares worth some $850 billion at that point. now, it's market cap hovering

around the $600 billion level. given what has been a fight, well, not a fair fight, between the chinese government and jack ma who had the audacity to comment a number of times on what he saw regulatory failings perhaps. it's unclear whether he's learned his lesson but shareholders have been taught one, haven't they? >> they have what is it $10 million in market cap in the last sessions alone jack ma has been able to operate under different rules for a number of years. i heard you talking previous times he's criticized regulators and the government he's known as the people's billionaire. the consumers, the general population, has been behind him because of his roots as an english teacher. almost as aspirational character. but what's interesting the center isn't just shifting in beijing. but at the consumer level, as well, right? he went from daddy ma which is a

compliment to some are calling him grandson ma which is a little bit of a dig. i guess the big question, david, what happens next? as we've seen in the past, sometimes the regulator's bark is bigger than the bite. this is saul about face, right is jack ma going to fall into line we saw that statement from ant-financial saying yes we're doing everything that the regulators are going to require us to do are they going to go on? we've seen in the past where they sort of hammer these companies or billionaires and they don't actually implement some of the most extreme measures or language they've talked about >> ant group responding. the key is they seem to be cutting off to a certain extent, the ability to where investors are excited about to raise $35 billion in an ipo. and have a market approaching $300 billion in areas like lending, for

example, where regulators are cracking down. it was january 2005 where mr. ma said some things it was untold as well the meeting he had -- height even have been before trump took office in 2015 which may not have been looked at favorably by the chinese government and then his comments on october 24th that seemed to be for this sake the last straw. the key point as you raised it, is it simply a slap to mr. ma and making a point to more ceos? or does it portend more regulation coming for many of these giants >> yeah, potentially did david, most worrying is the alibaba baes o piece of this. we've been talking big tech scrutiny and united states and china sort of getting in line. we've seen a lot that they haven't done to rein in the companies.

the reason they've grown so large alibaba. that could be a shift here and it does feel as the weeks go on this isn't just an ant financial -- ant group, excuse me and alba ba, when are they looking at ten cent and other ones >> of course, alibaba responsible for 40 million jobs in the country they don't want to push it too far. joining us now for tech stocks, chairman of the global international banking at barclays china has been a very important part of technology overall certainly, given the growth rate of many of these companies i'd love to start there. are you concerned at all, has it cut down on investors willing to invest over there? >> first of all, thank you, david and deiedra for having me. you look at the general marks, the s&p is up 15%. the nasdaq up 40% year to date

you've seen multiples expand on the pe, up 23. you see investors really for growth, e.d. to revenue to growth have ticked up slightly so you have been seeing investors chase tech globally as well as domestically on the global side of things, regulatory issues are always a consideration. we've got domestic here. we've got states like california over in europe and china as well one of the considerations investors put as they think about investing internationally, particularly within china. so that's going to always be with us. one of those risk factors that investors like to think about. one thing i'd like to talk about is this covid bucket or work from home bucket covid with collaborative online sho software, online commercial,

video gaming, streaming, in-home services what's interesting to me, david, those packet of stock s are not only 200% off since march but up up 120% up from the beginning of the year even since the covid-19 vaccine was announced you have that basket of stocks outperforming the s&p and nasdaq so it's just interesting how investors in general across the globe are looking for tech >> which would seem to indicate that people believe it's not just a trend it's here to stay for good into next year. >> right >> i wonder, though, is the pace of m & a and just transactions going to also continue are you getting a lot of inbounds? what's your expectation for 2021, bob, when it comes to obviously a sector that's been very strong and sporting very high valuation >> we think it's an amazing time

and environment for our clients. we think our clients have never had as much choice starting with m & a, what a year 2020 was, went up 5x in the second half of the year. global, you're having a pretty good year in m and a, right? 3.2 trillion not as good as recent years, global m & a, once again back-half loaded the u.s. showing 1.2 trillion that m & a expected this year. importantly, david, as you know premiums are up. typically premiums are around 30%, give or take. they're up 20% or so that is going to be there for our clients that want to consider that route. but it's interesting to note, some of these other trends that have emerged as you think about going public, there's a couple things, you can do a spac, that's interesting a

traditional ipo. let's go to spacs for a second, david which is pretty phenomenal in 2020, you had over 210 spacs done this year $70 billion. that's up over 59 last year. so a big spike this year what's interesting to me, the m & a part of this gig, where the 45 companies in 2020 that have de-spac'd, since the announcement sm curreannounce ment since today, those means are up 20% which is tremendous for the companies and investors. a little less in the traditional ipos but we'll get there spac is a viable alternatives for companies considering what they want to do. the traditional has been tremendous 30 ipos this year up over 100%

to current right now what's everybody is talking about pop, the pop has been big. retail has made money as well on average. you take, from the day one pop, after that's happened until today, you've made about 30% of good returns in fact, david as you know building a portfolio may take time, if you go 30 days from today, you're still up 20% the u.s. ipo market has been very strong. >> yeah. it's certainly something that we've been following on fire i know you talk about spac being a viable alternative certainly, we're tracking the phenomenon very closely here at cnbc the issue, still enough money has been raised. are there enough targets what's happening with that money? what happens in 2021 >> yeah, i believe there's 9 billion still on file. you'll have more as well i think what's interesting what

we've seen the private markets have captured so much in recent value in growth of these companies. leaving big the time some companies got to the public markets that growth has started to turn. so what we've seen is public investors right now looking for a way to capture that private. and there's a plethora of names out there. you know a good list of names that are coming, theoretically, traditional ipos with modifications. they're also entertaining the spac idea. i think what they're attracted to a, you do things quicker and b, more guarantee around the valuations but you're getting that sponsor that key partner, to help you grow that business it's not about maximizing the last dollar of an ipo, but getting that partner on bore to help you accelerate the growth of your business it's a phenomenon here to stay >> i do worry, bob, so many people have launched spacs

everybody's got a spac and a dream. but you do have to be careful that they've done their due diligence on these businesses. they differ in type, some are mature businesses coming out of private equity and others are early in their development >> couldn't agree with you more. in the 78 class, there are spacs that don't do well or underperform absolutely that's the nature of any asset class. that's why i think it's important to look at the companies that, a, have sponsored it and have that reach and ability to get that deal done and ultimately, once that target is selected, what are the two underlying fundamentals, the economics, the growth levers of that business that drive the growth of stock going forward. >> bob, appreciate you joining us thank you, happy new year to you as well. seems appropriate, of course, deed biedra that we would talk t spacs which you and i have been covering closely still ahead on "squawk alley," including a closer look

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"wonder woman" 1984 making $16.7 million at the box office this weekend historically that's low, of course but that is also the highest domestic opening since

the pandemic began and it's the first in a long line of films slated for the same day releases in theaters and streaming platform hbo max warner media reporting that nearly half of the platform's retail subscribers view the film of the day of arrival alongside millions of subscribers. joining us retailer kara swisher. happy holidays >> thank you >> did you watch it and what is the success for the new strategy. >> you know, i think it remains to be seen obviously it did very well in general. considering it's a pandemic. and people aren't actually going to theaters. i think a lot of people subscribed to watch it and there was a lot of enthusiasm going into it. the reviews going into it are very good. i think most, sohave declined le

rotten tomatoes. the one story was incredibly weak and disjointed. that said, gayle gadot is charming and i think it was a success in that people watched it people were happy with watching it you know, people moved to do it. so, the fact of the matter, this is part of a longtime trend that's going to continue where movies are going to be released both in theaters and streaming platforms at the same time and hollywood's just going to have to get used to it >> right, hollywood's just going to have to get used to it. >> yeah. >> you know, production are in studios, they were so against the strategy >> some were >> do you think they sit back and take stock you mentioned gayle gadot, she signed on for the third one. what does that say >> like with music, if you

remember,e we're not going to do this, we're doing a.m. blbums. the economics have changed so drastically, if you were promised a certain thing and you didn't get it, i get the anger about it the fact of the matter, consumers like watching what they want to watch i certainly would have gone probably to a theater to see this one although i would have been more disappointed having paid that much to go to a theater to see this particular movie. people will decide what they want to do i think hollywood's had that experience with music. they're having it with television people watching -- remember how bad everyone hated the idea of seeing everything in bulk, like what netflix pushed through? and now everybody does it. so, i don't know, i just feel like consumers are the ones running the show >> right >> and that's the way it should be hollywood can squawk all it wants. they're paid rather well and they should just make movies and see what consumers want. and they can make deals if they

want it just in theaters that's fine, too >> and those habits are changing, right? i didn't watch "wonder woman" and now you're making me wonder if i should. did you watch "soul? >> another movie i wouldn't have gone to the movies for i watched "bridgerton. you have to focus on the story, right? i think that creates real excitement >> i'm with you. i'd rather -- >> i'm with you. i'd rather watch it at home, but i will go to the theater if it's supposed to be good enough kara, while we have you, i want to get your take on a new california deal that could impact delivery platforms like doordash, uber eats, what would required third party delivery platforms to have stated in place for merchants to deliver

food january 1st it's probably benefited doordash most, right? >> yes so does it hurt doordash the most or hurt all of them >> depends grubhub was doing more partnerships. uber eats more of that doordash, less of that you can complain about the california laws. they're leading the forefront in the idea this has to be an equitable way this is done given the way restaurants have been hit hard in the pandemic, bad delivery deals is not the greatest thing so the companies should do the hard work of doing partnerships with restaurants. i'm on the restaurant side of this, even though i use delivery, nobody wanted people to be forced into a bad economic like this without having some sort of discussion we just talked about with hollywood. that's the thing the economics of this which is where everything is headed has to be sorted out so all the parties are happy and also consumers are happy. and i think a lot of these

companies are -- scott galloway on pivot calls them, and it's not necessarily good for everybody else in the ecosystem. it has to be sorted out and if it's done by regulation, that's the way it's done. >> that's a good point, kara, investors have shown they're willing to accept the losses when you talk about restaurants. certainly, they need the help. they've been protected in a bunch of cities by the commission caps. there was a good article in "the journal" about instacart it's been an important partner to grocery stores throughout the pandemic their commission has been as high as 10%. do you think this is where regulators look next >> it's an incredibly hard business you have to have really great

execution. when you load on this extra payment, these grocery stores have a hard time doing it themselves but maybe they should have the option. i think it's just a question of whether they're forced into doing a bad economic deal or not. that's the story of the next couple of years. whether it's delivery or movies. or anything else how do you sort out the economic of this and provide consumers with a great experience. at the same time, there are other stakeholders like the workers who deliver. again, we call them essential workers, they're really sacrificial workers, aren't they they're putting themselves in harm's way for our benefit, for consumers' benefit it all has to be rethought and that's not a bad thing obviously, these are the trends going forward so we have to think really hard that one group doesn't get taken advantage over the other. at the same time, they're great services >> hey, care remarks itkara, itd i don't get a chance to talk to you as often

i'd love to get your take. in new york we're focused on the financial services firms moving parts of their businesses or threatening to move to lower tax jurisdictions like florida or texas but obviously, tesla or hp orrical, what do you see happening in 2021? this have a real thing is there a real concern where you are, what are you hearing? >> it's interesting my column in the "times," it's supposed to be up later this morning. i interviewed the mayor of miami doing a lot of stuff on twitter. i think the question is, i think you -- he agrees with this you can't just offer tax breaks in a sunny climate and cheaplier housing. it has to be part of the bigger idea of where things are going in terms of your community and what support you give to whatever company comes in. one of the things that drives me crazy about the coverage, these people can't move, they made all of their money in california, they can move. whatever is best for the business they should do.

i think it's difficult to create a silicon valley or new york financial center quite as each you have to create these environments and ecosystems. you know this in finance, proximity is an important thing. but at the same time, covid has shown us maybe geographic concentration is not the way things are going to go that distributed companies are a better way to go for protection later and for the strength and diversity of companies so is it a threat or is it just a shift in the way people are doing business and that, i think, is here to stay this idea that we don't have to be in one place. this idea that we can do distributed companies that work better and i don't necessarily see it as a bad thing i think there's talent all over the country. and to keep it concentrated in one place, whether silicon valley or new york, maybe it's not the best way to move forward. it's difficult for these cities. >> kara, people have been talking about the death of silicon valley for much longer than just this year.

always great to chat with you. >> thank you more record highs for bit coin but wl ilthe crip toe currency continue its rund for 2021 we'll debate that after the break.

welcome back to "squawk alley. i'm leslie picker. here's your cnbc news update at this hour. at&t says its wireless network is now operating normally in the midwestern south and almost all internet and video services have been restored after a massive christmas day explosion outside of nashville caused widespread outages. a prominent women's rights activist in saudi arabia was sentenced to nearly six years in prison the case has been attracted international attention and should be a source of attention with the incoming biden administration lori loughlin is out of prison today after the "full house" star finished he ed her

two-month sentence her fashion designer husband is due to be released in april. david, i'll send it back to you. >> thank you, leslie bitcoin on track for the longest winning streak in more than a year. mike santelli has been tracking. snp. >> take a look david. you've seen the vert waical movs before famously. what's interesting coming into the latest phase a lot of people were focused at those levels around 17,000, intraday got to 20,000 maybe a stutter step here. and then technical kind of no resistance up above it it's just crowd psychology there's no new true net supplies it's very much controlled. it's all about demand, mass adoption of this

not where they beat earnings or analyst upgrade. this is just about how much people can do in terms of concentrated buying. now many have decided has some kind of utility as owned or respective aspect. fidelity talking about how in terms of 60/40 portfolio maybe deserves a place did deirdre, when we talk about technology story, or really again a stampede of crowd psychology >> i heard you debating with joe earlier this morning i wish we had more time to go on to it. but we have to move on, speaking of bitcoin, cnbc quarterly stock report says investors are more likely to buy bitcoin for the first time ever next year compared to the fact or options spac or options. we're back in just a moment.

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shares of alibaba have been rebounding this after lows recently on concerns of regulatory crackdown in china overshadowing alibaba's buyback to $10 million hans joins us now. let's startabout not ant financial of which they owe 33%, but alibaba's business, its core

business, marketplace and whether or not monopoly power is going to run them into real issues with the chinese government are you concerned? >> yaeah, i think the market is concerned the most is about their exclusive arrangement, that being violating the antitrust regulation so, we think we could be resulting in share loss in the intermediate term, but we don't think there could be a significant change in terms of landscape, it's because we think there are some vectors that have been overlooked by the market. i think the more important thing is the alibaba has built up very strong business operating season that empowers visualization of the merchant and customer retail and the foundation of that

consists of the infrastructure of the payment and the platform and so on. and we have a very high competitive mode and besides, we think the eventually not only one for the sales, but also for the value. so, we think of alibaba doing it on the e-commerce side and i think that's where alibaba can finish it. so we think the market is with the ratio of business loss to competitors. >> well, it certainly makes things a little less certain, given the actions of the government i wonder, ant financial was once a part of alibaba but spun out

some time back but there's some thoughts perhaps some of the other business, the cloud business, could take a point some of the others does the government action particularly against ant preclude any sort of moves that alibaba would make to enhance shareholder value through other transactions >> yeah, i don't think so. i think -- i think that the end would be the specials because that's in the financial industry which is highly regulated in china. and then, i think particularly for cloud, cloud is still in the very early phase in china in terms of the cloud adoption and the deceleration of the enterprise i think -- i wouldn't expect any sort of the potential,

regulatory -- the fuller scrutiny in the cloud business >> hans, what about the intranet sector and at large, does the action against alibaba/ant group return speculation for other tech giants like tencent >> yeah, i think the alibaba might be the one going forward and i think there are some areas that could be a risk, given the market dynamic in the competitive landscape. and also controversial business practice so i would think the full delivery market or the transp t transportation or maybe the social media would be at risk. >> hans, did you say -- did you say that you think there's

already investigations into other chinese big tech >> no, no, i mean there could be potential risk >> there could be? >> in other areas. >> okay. >> hans, we'll leave it there for now. appreciate it. thank you. 58 billion in two-year notes up for auction just motels ago let's go to rick santelli in chicago. rick, what is demand like? >> you know, demand was holiday-ish, it wasn't terrific. i graded demand as "d," "d" for dog. the market issue was very wide all morning so it should not be surprising the 58 billion by the way is the largest two-year note auction size ever. the yield 1.7 notable because

0.36 only one-tenth of a basis point makes this not the lowest yield or tied for the lowest yield 49.2 on indirect bidders was on the light side the only really redeeming part of this auction was direct bidders at 17.5 was the best since april. and dealers take 33.3% of this auction. tomorrow, of course, we're going to have 59 billion -- i'm sorry in 1 hour and 20 minutes we're going to have $59 billion five-year for the section auction of the day we'll be back to grade that as well, deirdre back to you. >> rick, thank you for that. as we head to break, let's get a check of the equity markets as well. as you can see, the major index is up by 0.8 of 1% wl rhtack. stay with us ters growing while keeping your business growing

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a global leader in critical event management and a member of jim cramer's bridge, everbridge up in 2020 david meredith joins us. good morning, david. >> good morning, happy holidays. thanks for having me on today. >> happy holidays as well. now, you guys have been very well positioned amid the pandemic your software response to emergencies. but how much of the business is

ge dependent on the pandemic and the current economy? >> yeah, it's a great question we pioneered this category we coined critical event management and from anything that can impact the people, supply chains, brand or reputation. if you look at since we've been founded over the last almost 20 years there's been a dramatic increase in cyber attacks, i.t. outages, natural disasters of weather and this year, we've had to contend with a global pandemic so, we have seen volumes on the platform like we've never before more and more customers want to use the technology to help mitigate the effects of the critical events utilizing our software it's a wake-up call for ceos, boards of director, governors, presidents, mayors, saying we

need to really be prepared for events that can happen in the future >> at the same time, david, as i look at your third quarter results. enterprise customers they only increase by about 13% year over year how do you judge that growth is that where you want it to be, especially given all of the factors that you've just outlined >> well, yeah, our compound annual growth rate from a revenue perspective has been fairly consistent. about 36% since we've gone public in 2016 if you looked at the third quarter results. the number of deals over $5,000 occurring the highest they've been again are a number of deals six figures of annual recovering revenue -- >> right but, david, i'm asking about the enterprise customers in particular sort of how much do they make up of the business if they're only growing 13% year over year, versus where else you're finding background >> sure. we have 55 enterprise customers

including about a third of the fortune 1,000. those grow every quarter last quarter we were in that range, just about 125. so, we see that being fairly consistent we see a lot of head room in terms we've only got a third of the global 2,000 a third of the global 1,000. and we believe there's a big growth opportunity to get that up to 90% of the fortune 1,000 >> and i notice you guys have been signing up more government agencies as well david, thanks for being with us today. >> thank you >> we'll continue to talk the company's growth well, speaking of big winners, take a look at this one. tesla. it's up another, 1.2%, 1.3%, with reports saying the electric carmake er plans to begin in india. the nasdaq 100 up 700% in 2020 we'll be right bk.ac

small businesses getting a much needed boost in the latest stimulus package our kate rogers has that for us. kate >> reporter: deirdre, that's right, small businesses are getting the much needed lifeline in the latest round of stimulus put into action by the government $325 billion has been allocated for mainstream aid that includes $284 billion for the paycheck protection program's loans. small businesses can now go back

for second draw loans but they'll have to have seen a 25% decline in revenue that's something that advocates say should have been included in the first round so businesses really got the money recent date dal show 25% of small generally speaking among small businesses, there's a lot of support for additional aid for both individuals and operators our cnbc survey monkey polling for q4 saw confidence hit a new low with 80% of small business owners saying they support a new round of federal stimulus but 50% said they included direct payments to individuals while

just 41% said this should include more ppp so small businesses seemed to acknowledge they do need more aid but they know consumers immediate money in hand to go out and spend and support their businesses david, back over to you. >> thank you as we head to break, check out the biggest gainers on the dow in today's session, of course being led by apple, up over 3% its market value now above $2.3 trillion with those shares ahead 85% on the year. we'll be right back.

one of the greatest threats to vaccine efficacy is the lack of temperature control our next guest is working with two of the top drug makers to track that temperature from shipment and ballot down to individual vials joe, good morning. thanks for being with us tell us a bit about how the technology works and if you can, give us an idea, you know, of any vaccines -- any doses that are being spoiled so far >> right well, first thank you for having me on this morning

yes, our technology is substantially different than anything else that exists in the market, and its elegance and its efficiency comes from its simplicity to use. what we've actually invented is a bar code that's scannable by any scanner that's typically found in the logistics supply chain, as well as in medical facilities but also just by a mobile phone and so this bar code can be scanned, the bar code is a dynamic bar code it actually changes, the black and white lines change based off of temperature and time outside of a prescribed temperature range. so because the sheer magnitude, the scale involved in distributing these vaccines, we need simplistic technology that can be used in remote areas. now think globally africa, think parts of latin america, but also even domestically when you think about traps like a nursing home

in the remote plain states of the u.s. that does not have a lot of sophisticated equipment on site but yet it needs to know that this vaccine has been handled, transported and stored in its prescribed temperature range before administering it. it can just be scanned by a mobile phone app and immediately they'll get information back indicating the efficacy, the safeness of this vaccine to administer to the patient. so it provides just a great deal of security and assurances, as we get down to administering these to individuals >> and, joe, we know that this is so important, temperature control. can you give us an idea of how frequently doses are being spoiled, how critical this technology is because of what we've seen so far. >> anecdotally there's been a

few stories out with respect to the covid vaccines already i think looking backwards, in 2019 the world health association and industry strayed associations put that number at about 25% of all vaccines distributed arrived degraded to some degree. there's such a thing as a stability budget we've heard about the temperature requirements for handling and holding these vaccines but there are allowable ranges what happens when this bar code scan is it indicates it's arrived in optimal condition, it may indicate that it spends outside of its prescribed temperature range within what's right-hand to as the stability budget, it may indicate its nearing near the end of its utilitiesf useful life or just do not administer this vaccine. we'll see what happens in 2021 as we distribute this

unprecedented quantity of vaccines >> everybody who is getting a shot that we're watching right now has to go back in three or four weeks and get a second one. i don't know if your technology helps in terms of tracking those people and/or the shot they've gotten, making sure it's consistent and that they come back as required to to get the second dose. >> that part we don't address. we do address the temperature control of the actual vaccine itself over that time. and many of the vaccines, you know, if we look at this, it's truly remarkable that the pharma companies have developed multiple vaccines in this time this is one of the fastest vaccines ever to develop yet one of the hardest to deploy some of the vaccines coming on will be single-dose vaccines as they enter the market in the weeks and months to come >> joe, thank you so much for being with us today. we look forward to tracking your progress >> thank you very much it was a pleasure joining you

>> david, as we round out the show, i can't help but take a look at shares of lemonade you guys were looking at that time in the previous hour as well but the lockup expiration is tomorrow and shares down more than 15% oh, it's recovered some of those, of the biggest losses, but it raises a lot of questions, david, we've seen lemonade be one of the better performing ipos in a year of well-performing ipos not going to lead to a lot of volatility early on in their lives, those public companies. >> ai also another one down, palantir it's been an extraordinary second half of the year when we talk about ipos, direct, traditional and spacs, which i have a feeling we'll be talking a lot more about in the new year as well. >> it doesn't seem like that trend is set to end any time

soon we've got some big names targeting traditional ipos, instacart, bumble. also a quick look at ali baba, shaurs li shares listed in new york are up slightly they believe this will pass. >> all right and a market up about 0.8% let's get over to the judge. >> welcome to the "halftime report." i'm scott wapner front and center with what the best investments of the new year are to be. joining me today, josh brown, steve weiss, pete najarian and jenny harrington let's take you to the wall and check the markets where we do have a strong start to the final week of the year let's talk about the state of play, guys