a quick look at the futures. 110. triple digits. we can't really discuss things on tv because you don't have time that's what i asked you, yesterday, but check that out, that morning show thing, because very few people have a morning show, and the one thing they get right on the morning show on apple, getting up at 3:30. we have that in common make sure you join us tomorrow. >> i've seen the propose i haven't seen the show, but i'll watch >> all right "squawk on the street" is next good thursday morning. welcome to "squawk on the street" i'm carl quintanilla with jim cramer and david faber. jobless claims do spike, 965,000. our road map begins with impeachment, transition,

stimulus and the continuous backtracking of the trump brand. just what are the potential risks for wall street and the economy? >> plus, some vaccine optimism the u.s. jobs top ten million, and early data suggests j & j one shot covid vaccine is safe and generates promising immune response. and after a firm's monster debut yesterday, tomorrow, and today, poshmark and petco. both ceos will join us this morning. carl let's start with the medical news this morning. j & j, it looks like we will have a third entrant, hospitalizations down week on week for the first time since september, and the pope's got the vaccine, dr. ruth, and jim cramer >> well, i was there for the moderna, by the way, it's not like when you get to the tent for the vaccine, i have a choice you actually have to ask, and i kind of said, well, it's the

moderna, okay, thank you, it was good to know that the one thing i would point out, carl, it's incredibly easy and if the federal government were running this, i think we would probably be five weeks away from doing it or getting it and i say that because it takes a second, and then you have to wait another five, six minutes, but it's all being done right now, i'd say in a way that just can't scale. i had a 1:00 appointment and there was a 1:15 appointment, the person behind me and i bet they did 80 people in a very nice staten island people. 80, they just got to be ripping through this thing as if it is the military but we are not there still, it was positive and you get a feeling, if you had it, once you have it, remember i've got to wait for the second one, listen, i want to go to a bar i want to go to a game i want to travel i mean there's this elation. everybody is very glum, you know, how are you doing and then you leave the tent and you're like yes, i am ready

david, life changes when you get this darn vaccine. >> great you feel like a human. >> i'm happy to hear that. i can't wait to get one myself i've always considered you a human, or at least within the broad category that we call human, jim, but -- >> i'm here more for simulation but i appreciate it. >> you got to get your second dose how are you feeling? >> dynamite never felt better. i mean it's crazy. >> i'm glad. i'm glad and it's obviously a good sign that it is starting to be made available to more people people who are in your age group. not each that advanced age group. >> thank you >> at some point, carl, perhaps even members of the media, i think, maybe, different states, considered a special class not sure but hopefully we'll gethere as quickly as we can. i know, maybe that's puzzling. but i did hear that somewhere.

>> jim, it takes us right to delta, and what ed bastian is saying about the second half, a meaningful recovery, obviously contingent on efficient vaccination, and international maybe another year, he said, but certainly bringing in the cash burn, cutting it in half, from q3, it is a big story. >> i thought it was great. it is about the vaccine. people want to travel. as he said i think the order book is going to fill up just as it is for norwegian cruise to use that metaphor what's amazing, carl, is the savings rate is so high. there is a lot of discretionary income right now it seems to be going to blackrock and any stock that has ev attached to it. but i think it eventually will go back to spend and when it goes back to spend i think it will go back to travel, so you were absolutely right, break even in the next quarter, which would be extraordinary, and he must be thinking j & j has 100 million vials, i don't know if that's right but i think if the federal government was more involved and not just left to

the states, this could be done very, very quickly it's a bit of a travesty nice people that helped me with the vaccine. i'm sure there are nice people everywhere but people i'll equipped to do this i mean it isn't what they signed up for, david. when you get to get your vaccine, i think you're going to realize that you could soon give it as get it. >> listen, okay. i mean we're still how many people, we're still, deaths are what over 4,000 the last couple of days. >> i know. it's like a cardinal refrigerate, right there, the toughest part about it, i had to roll my sleeve up and i had to roll it up an inch further to make it work, i thought that was valuable, i didn't know it was that precise and here's your date and you have to come back this time and i was working at that period and they were incredulous, this sur date and this is your time. there is a kind of an out of body experience about the whole

thing. it is kind of like when you're first grade and they gave you that insurance, and you could get that dental insurance, and the insurance that you need to lose an eye and it was your teacher who did it these people did not sign one. they gave you a shot >> right >> it's not their job. and they're busy trying to figure out what their job is i'd like it if the military were involved because it could be their job. they could be ordered to learn and i think they could do it five times faster. >> even at the rates we're giving, currently giving the vaccine. it's nowhere near where we need to be if we're going to get close to 100 million in the first 100 days of the biden administration isn't that the goal? >> the bottleneck is the process of giving it to the states and then having the states have no money, and then going to a tent and there's you, a couple other people, how are you doing, i mean i'm not saying it is lackadaisical, i mean it doesn't work >> well, that's a big piece of the puzzle tonight, when we hear from the president-elect, his proposal, which we think will include a lot of state and local

and money for vaccine distribution you mentioned herd immunity. bar barclay's has a note out today, if you think about immunity those who had it and recover and those who had gotten the vaccine, they think 23 states have achieved 10% immunity, and that very dynamic, huge implications for the economy, is what larry fink talked to the gang on "squawk" this morning about. take a listen. >> when we have herd immunity, in vaccinations, we are going to see the industries that are still struggling, the industries around the aggregation and congregation of human beings, such as culture, such as business conferences, sporting events, and importantly, restaurants, and importantly, travel that's when you're going to start seeing, most certainly the fourth quarter but maybe in the third quarter, a real extended

economic rally in terms of the overall autonomy >> all right, jim, so if that light at the end of the tunnel starts to really get bright, does the market price it in or is there more to go? >> the market has not priced it in not at all i had larry totally right, i think beyond the spirits of people that will override even what we see in the stock market, obviously there will be sectors that, if you want to buy coca-cola, well, i don't know, maybe some of the companies that use their service, use the so-called soda job, where someone is pouring at a restaurant, but you know what, carl, i've got to tell you, and i've done that job so i don't mean to be a jerk, okay, and i got to tell you, larry is precise, as we get more herd immunity we will feel like we should do something with the money that we've been say saving that may cause some selling of the stock market, but not if we

get enough big stimulus checks i mean this is the, the merrymen, you know, that stimulus check comes to the merry men of job, look out it will be virgin galactic. >> or any other spac, when they announce their deal, to your point. president-elect biden going to speak i think tonight on the plans for potentially, as you're saying, that new relief package that could include as much as $2,000 >> you think david, it should go out to people who are out of work and in need and everybody >> i think it should goto people who are out of work and need was that a trick question? >> in washington, no. >> you got the prospect, jim and carl, as well, for infrastructure spending again and the biden administration, if they can get things through. now what you can actually get through this congress, this divided congress, this congress that's dealing with the impact of course of the invasion of -- who if anybody may have helped in some way from the inside.

it's hard to imagine they will get much of anything done. but perhaps they will. one can only hope that will be the case >> well, carl, i think what we're all looking for is something that unites us i don't know how you do that but i think that if you get any sort of feeling, which says that washington is not going to implode, and you get herd immunity, then i'm not saying happy days are here again, but maybe it could be a little like 2018, i mean i think you'll still wear a mask in a lot of places, except for these states, like oklahoma don't think it's a mandate, but things will get somewhat back to normal but most importantly people will absolutely do something. as opposed to feeling do nothing. and it will be the spring, i think it will be time, carl, i think it's going to be a time of happiness. >> it will be a long time coming, jim. no doubt about that. of course, a big part of that is lowering the overall temperature, as you said, in the country, to that end, the faa is out with a new order, cracking

down on unruly passengers. our phil la bow has more on that this morning good morning, phil. >> good morning, carl. and that faa zero tolerance immediate order that was issued yesterday, came from the desk of steve dixon, administrator for the federal aviation administration, he joins us live this morning, to discuss what they are actually seeing in terms of unruly passengers steve, before we talk about the zero tolerance order that you put out in terms of arresting and prosecuting these people, what are you seeing right now, what are you hearing back from the airlines about unruly passengers >> well, good morning, phil. it's a pleasure to be with you and thanks for the opportunity this morning from the really, over the last few days, we have seen a disturbing increase in onboard incidents where airline passengers have disrupted flights, you know, with their

behavior these incidents have stemmed, in some cases, from refusal to follow airline policies on face coverings, and also we saw a trend after the breach of the capitol last week. >> when you look at this, and we talked about ed bastian, the ceo of delta this morning who said look 99% of the passengers, they behaved themselves but from what you're hearing, how surprised are you that you're seeing the level of unruliness that you are? >> well, again, you know, disruptions on flights occur from time to time. and there are longstanding policies for dealing with those, and traditionally, the faa has a longstanding policy of taking action against passengers who disrupt, or threaten the safety of the flight. this is about flight safety. and any time i see, any time we see a trend like this, we need to take action

because traveling on a commercial airline in the united states is the safest form of travel in human history. and i want to make sure it stays that way. >> real quick, in the past, you would say to passengers, of the airlines and the crews would say to passenger, look, we're going to work this out and immediately arrested, and immediately prosecuted pursued that's changing now, with this new policy, right? >> that's right. that's what we mean by zero tolerance policy in the past, we might have adjudicated certain of these unruly passenger cases with counseling or warnings but with this order, that i signed yesterday afternoon, i'm telling my inspectors, i'm telling my attorneys, in the council office, that we need to expedite, gathering the facts on all of these, and we're going to take immediate enforcement action in appropriate situations. >> steve dickson, administrator for the faa, joining us first on

cnbc this morning, we appreciate you taking the time to talk with us carl, it's not very often that you get this type of an immediate order, or david, an immediate order that comes out of the faa, but this is some indication of how serious they are about cracking down, and what they're seeing with people acting up on these flights and in the airports. >> yes, phil, interesting, and appreciate you bringing that to us thank you. guys, wanted to quickly break a little news here on a deal that i mentioned last friday a deal that actually appeared to be falling apart at the time it is the cisco, of course, in a deal to acquire the company, and they acquired a new deal to acquire acacia at $115 a share, and that is going to be announced momentarily is my understanding. it should be announced prior to the open of trading this morning. this has been a fascinating situation. remember, it was on friday, when i disjointedly tried to explain what actually had occurred they had a $70 deal. they did not get the approval

they needed from the anti-trust regulator in china in time under the exploration of the merger agreement and because of that, acacia said we're walking. why? because the group that had risen from that had risen dramatically its own value had risen dramatically and it appeared to have the ability to work. cisco says no, you can't do that, we will sue you and take you to court because we did feel like we actually did get potential approval that was very much unclear and i don't think that was the case they did not get approval from the chinese anti-trust regulator. what has occurred as a result? well, the fact that cisco really wanted to own this, is what's occurred here, and you could argue that they had some missteps because it would have probably been possible, renegotiated prior to the expiration of the merger agreement, at a lower price, and acacia was a strange situation when it moved up dramatically when the deal appeared to be breaking apart which typically one does not see, and in fact,

one doesn't typically see the company being acquired, exiting such deal. 115 is the new price which jim, goes to the point again in terms of valuation that we've seen, broadly speaking in the chip sector, remember this was announced back in july of 2019, this deal, so it has moved up dramatically, and now, shareholders obviously are going to be quite pleased that in fact, they were in a position to get a new deal, because the chinese took so long to actually approve it, which by the way they still haven't received, as far as i'm aware. >> david, all i can say, that's probably right it's the right rate, versus what this group has done. the group is red hot it's necessary cisco needs this cisco has to grow a little faster and acacia is a great story. cisco thought it was dead and

cisco stock did not act well after that. >> they apparently needed that because if they didn't, they would have continued to go to court and see what they could work out or walk away and they chose not to and it goes to the potential strength or weakness of the case. and they used these words that they got cisco, the cisco submission was told to be sufficient to address the relevant concerns and it may very well have known that that was not the case and so you got a new deal. carl, wanted to bring that to people i don't believe the release is out but my understanding is it should be out shortly. over to you. >> thank you. google m&a news there, and amd and intel. tesla news twitter and snap and we will explain what tus tos. with game sck fureare green. back in a moment

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much different, and why they have not become a source of disinformation >> look, i think that it's, if you go back, there is a real situation going on with facebook saying they were well aware and i think people fell in line with facebook any time you get social media being used to be able to create basically violence, i think that all of these companies have to play a role, i thought dorsey was good yesterday, at, i think that snap kind of completes the circle, but it's not the way you get to approach this thing, david,if you want to try to raid the capitol, your first instinct is not to put a funny face on the capitol building or washington. >> but it does speak, as we said many times to the power of the platform, they are the communication platforms of the current moment >> yes. >> this is no longer the fact where the networks which were under the fairness doctrine

because they were using public air waves, that's, that doesn't matter anymore, right? >> these are the communication platforms that matter. and they're private companies and they're making their own decisions. and this will continue to be a question that we ask, because you do wonder, okay, that makes sense, that makes sense, but it's a fine balance. >> you are putting two schedules on, the original issue, and the schedule -- that's what they're doing? does it matter if it's on facebook, and this is a classic case of, more of sending a troop ship over, and you put the line, where it was going, obviously you run the risk of killing everyone on board, and i think that that's kind of, that's been the doctrine for newspapers, and suddenly we got a doctrine for a much easier way to get something going and was the capitol a troop ship

i think so we got very few policemen. let's go to work. >> i know. carl, listen, we talked about it many times we will continue to talk about the changing role of the corporation overall, in terms of what they're being forced to take on and what they're pushed by employees to take on and it is in part by the void caused by the fact that the government was not getting involved in certain areas that companies were getting involved in, but this is a theme that we'll be revisiting many times, in weeks, months and years ahead. >> the role of the corporation, and the ceo, changing right before our eyes, no doubt. >> when we come back petco coming back to the public markets for the first time in a deck the ticker symbol golf the ceo will discuss later this hour stay with us

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dash" and take you right to the opening bell from there. jim? >> one of my absolute favorite

stocks bar stool, online gambling is big and loop capital says to many red flags and downgrades it to a sell, and departure of the cfo and increased ownership of faster money and which is certainly the case and lowering estimates but it hasn't been able to ex pachbd, it's in pennsylvania, but guess what, next week they're going to start in michigan i don't know if this is well timed. because michigan is a homerun, if michigan is a homerun, and in media, a lot of betting going on into the super bowl, and well, this would be an ill-timed, i would say it is an ill-advised sell, if michigan cranks up and bar stool leaves bar stool is an amazing betting site and you know, david, who bar stool is the most exciting figure, perhaps, in, on the web right now. >> that's true there was a period of time where you were saying his name every day but you don't do that any longer >> david portnoy. >> i read his site it is really - >> and sports betting and gaming, well beyond this, look

no further than barry diller and mgm and what he has done and mgm's move on that u.k. company, this seems to be the growth area for so many of these company, and as opposed to gaming, sports betting is seen as something that will pass in most state legislatures >> well, david, that's between robin hood and david portnoy, the merry men will go with david when it comes to the super bowl. they will be betting on green bay. >> so you've already made a prediction. >> yes absolutely >> i like green bay. its price to sale is good. it is undervalued. versus snowflake >> carl? >> busy between the game and hosting jeopardy, guys jim, we mentioned petco before the break. 48 million shares at 18. above the rage of 14 to 17 we know how you feel about stocks and pets and the pet food

business woof >> i think that this is going to be 14 to 15 times overdescribed, and should open up guy grantcally and why not you have a ceo that did great things at hp, they loved him and before that, did great things at pepsico. and ron is one of those guys who knows how to digitize, and they have a guy who has a tech guy, with consumer experience and he turned this company around in a couple of years, i think it is a great investment, and not just because i'm a rescue dog guy, by the way, i will ask him about what they're doing for rescue dogs, to save, to keep dogs out of kill centers because he cares passionately about dogs. he's got a yellow lab, okay, i'll trade him, i've got a mutt, he's got a yellow lab, i'll take his yellow lab they're fun. they really are. anyway, good stuff >> david, what's your breed? >> what's the breed of your dog, david? >> he's a cocker spaniel poodle.

>> did you save him from a kill center >> no, no, we had him made for us >> because i'll get you one from a kill center in tennessee >> but, you know, obviously, he's the greatest dog of all time so really, you can't do any better than that. >> nvidia was the greatest of all time >> >> second to my long-haired chihuahua guys >> exactly. >> there's the opening bell. and the s&p 500, 3809 here at the big board, american century investments, doing the honors at the honors, petco health and wellness, celebrating the ipo and we will talk to ron coughlin later on this half hour. david, on the heels of your scoop on intel yesterday, i lost count of the upgrades but needham, morgan stanley, cowen, with a few of them with targets in the 70 range. >> i was going through them as well, as you say, morgan stanley, light at the end of the tunnel, upgrading, barclay's, maintaining their neutral, but leaning more positive. and i think on i.t. hardware as

you point out as well bmo. the stock's up again now it did back off a bit, it had been up as much as 12% on the news of gelsinger, i don't know what you found in the 24 hours since we first broke that news or what your expectations are but certainly a lot of the analysts and the investors are quite enthused of the pros spect of him running intel but point out that the decisions he will make early in his tenure are not going to be seen in terms of at least what occurs, for years to come. >> yes look, i think they're getting ahead of themselves. because of this, amd is going to peak in 2022 when we speak to lisa su, i think she would say a four or five year road map, she has laid her road map out, four or five years and she told me what could happen at five and to think pat gelsinger will turn a switch, that's wrong, and

you start building, and the taiwan semi, unbelievable quarter, and spending 50% more per cap ex to alleviate the chip shortage nationwide and really hurting the automakers i think this is a good choice. i think that the issue, david, was do you blow intel off and get someone radical, okay, or do you go with someone who really understands chips, who is very well liked, and the customers like, and they took the latter and i think it's good. is it good to take intel to 60 on it? well, i don't know i think that it's okay >> right he will have to make a lot of decisions. >> yes. >> pretty quickly. i mean just given the cycle itself and what was in front of swan, and i don't know how you write, in terms of how do i outsource, how much do i keep, in and then a question of course of national champions which a parts of the thesis of mr. loeb at third point and potentially a benefit, and a tail wind for the company, if it is viewed in that

sense, as a national champion, as we compete with the likes of china, but certainly, even taiwan, where we don't want to be solely reliant, on companies such as taiwan semi, or samsung and korea. >> i have said that taiwan sny taiwan semi is probably the most important strategic company in the world. if china decides to make a move on taiwan, anything is possible, it is a military base country, too, this would be a disaster for america, because taiwan semi, is the jewel, it used to be intel but now it istsm. so if gelsinger can bring back the idea of intel being the jewel, that would be seen beneficial overall for the national security of the country. >> no doubt about that, jim and david. so many headlines regarding the u.s./china relationship. jim, i don't know if you saw the u.s. chamber of commerce yesterday, basically saying the damage, talking about the damage done in their view to american manufacturing, and agriculture

as a result of the tariffs, that the trump administration had put on, and then there were the headlines that the u.s. is going to allow us to all invest after all. >> i think we're ten days away from what i think is going to be, a lot fewer days, a sense of whether we're going to be championing the rights of the people in hong kong, to be democratic, or we champion the idea of them not ruining our industrial base, and i think that biden's going to go for the former, ask to go with our allies, and now the allies would rely heavily on business from china, and reluctant to crack the whip so i think that it is a a buy, alibaba ever since david found jack ma, the stock has been up. that is one of the greatest, think, you got the intel, you found jack ma. >> it is funny watching the

continued chatter, where is jack ma we know where he is. now again, we also know that he has been muzzled and so that is the case so there are plenty of people right in asking, where is he, in the sense of he is no longer taking that role, that he did at least, in terms of the more outspoken members of corporate elite in china the best known business man in china. and for now, he's going to, as we said, lay low but there's no change in that. no change in his status at this point. he has not been detained he has not been taken away to a secret location. again, that is the latest information that i have, but it doesn't mean that people won't continue to want to believe that somehow. >> and carl, there was an article today in the paper about how china is the best performing economy in the world, and what are they buying? they're buying car, they're buying luxury goods, and they're buying everything with alibaba so you're getting a rare opportunity, jack ma being

muzzled and if jeff bezos has been saying, it bezos is presumably in the seattle area and jack ma is in an undisclosed location, we know for our partner, david faber and i guess david, i don't know how -- david, put him on facebook, right now. >> yeah. >> you know what, i'm going to censor you >> i hope that's not the case. and i look forward to sitting down with him and doing an interview with him at some point as well. it could be a little while. >> guys, what's a day without mentioning spac. petco, coming on and don't forget brava, $900 million, 13 times over subscribe can you imagine that 13 times it's not like they got a business model they got nothing and there's church hill, i want to get to that in a minute but that's where we stand where people are willing to pay up, let me just get in this this case, those guys are fairly well thought of, and so there is an expectation, that they're going to do a good deal. speaking of deals, you saw church hill, we just brought

that up, that was the second largest in terms of all time, in terms of what they raised and look at a the move they made, this is on the bloomberg story of last week and reportedly in talks with lucid, the ev maker out of saudi arabia, or at least backed by the saudi, making incredibly expensive cars, and i went through them here, of course, i can't find it, but you know, up to 150,000, if not more, in terms of their cost, they do charge more quickly, very much unclear though, at this point whether they're going to reach a deal, that's kind of what i wanted to share here. it's a lot of stock in the market >> i mean michael kline, the saudis, advising both of them, and the other role as a long-time banker, so yes, no doubt, the relationship's there but getting to a deal here, where it would be a transaction through which they would use

church hill to go public at lucent, and what i'm hearing don't necessarily jump to conclusions at this point based on that bloomberg story from last week and i'm going to continue to follow it and see where it stands. >> really? >> no way is it a done deal. no way. >> the stock is up huge. >> that's why i mentioned it the stock is up enormously >> i say to buy on lightning round last night because i thought that story was spot on >> you know, again, just because you're talking doesn't mean that you're going to get a deal done. by the way, they do have three cars coming to market. the air grand touring this summer 131,000. the air touring, late '21. 87,000 and the air pure at 69,000 early 2022 by the way, carl, we can tell people, 115, as we told them cisco renegotiating a transaction that had it buying it originally at 70 but they didn't get that chinese anti-trust approval in a timely

manner and now it cost them 115. over to you. >> all right, guys. all-time high for the russell. all-time high for the dow. more fed speak today including powell at 12:30. let's get to rick santelli >> yes, we are looking at some extremes in the equity markets and we're in somewhat of a holding pattern on interest rate, they're not as high as they, were we've broken the numbers but we're consolidating not giving a lot of it back and remember, we settled at 92 basis points last year and here we sit at 110 we've been as high as 118, 119, train-day on the yield charts. let's look at intra-day of ten, and what you can see is yields were dropping into the 8:30 eastern, look at our numbers we saw some pops in the initial continuing claims. there are some seasonal issues implementation renewed stimulus program, more money for people who are out of work and all of these things kind of play havoc with the numbers a

bit, not to mention it is a new year, and we saw import/export prices, on a month over month basis, up more than expected and a year over year basis, it trims off a bit and that's an interesting dynamic to pay attention to, especially as we start moving our way through the vaccination period of covid. and when we look at what's going on quickly with yields over three days, you can see we've dropped, if you look at three days of boom deals, they have dropped but down 22% from minus 46 to minus 56 and if you look at italian tens, their yields are one and a half month highs if you put the two together in a one month chart, we're moving in different directions if you look at the dollar index and the lows on the cycle in the sixth, you can see a penny cushion from the intra-day low carl and david, back to you. >> thank you very much when we come back, the ceo of petco, the ipo, in the

meantime, some more on dow theory, with the industrials and the transports have record hise. we're back in a minute ♪ ♪ ♪ ♪ ♪

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petco is returning to the public markets, the price over the expected range and i think the price will go much higher than where it is priced, ceo ro ron coughlin joining us now, and i want to ask you, this company, when it went private, some people thought it was a puppy mill, some people thought it was inefficient, others felt it couldn't survive, versus online. could you please tell me about what this company looks like now, versus then >> hi, jim great to be here petco is a radically transformed company. we're focused first on improving lives, improving the lives of pets, pet parents and the folks that work at petco and we're the only end to end ecosystem of pet services and products whether

you're looking to be groomed, trained, have veterinary services, or have the best foods in the world, petco is the only one that can partner with a pet parent and provide all of those things >> what's the, you know, as a guy who did a remarkable job at hp, doing, running a pet retail company? >> first of all, hp, my technology background, has really helped us in the last 18 months, we've rolled out buy online and pick in store, curbside, shipping delivery, a world class app and the more we've laid down, the faster our digital business has grown and at this point let's take same day delivery our same day delivery is now 30% of our e-commerce orders and what's amazing is it's faster to customer, and lower cost than our digital only competitors. >> well, let's talk about that chewy has been one of the most remarkable stocks of the era it's got a $46 billion

valuation. could you go head-to-head with the chewy? >> so, first, if you take a look at the market, there's 39% of the market that are omni channel customers, they want to shop digitally but as well as brick and mortar, and we are the solution for those customers there's another 20-plus customers that are digital only. and with the advantage i talk about, whether it's curbside, whether it's same day delivery, we have structural advantage that allow us to compete we picked up a million customers in quarter three, and that is very competitive with what they did. >> when i get a pet and i buy, i don't buy, i get it from, before they're euthanized, what i want is full service, i don't want just food, i want a vet, i want a health care company, i think that this company looks like that opportunity >> 50% of customers are just like you they want to partner, they want a partner to ensure the health and wellness of the pet and they

want all of it and we're the only one, with the fastest rollout in history, 15 to 105 in the last 18 months here's the real special part that ties to our mission 70% of pets don't get the care they need. because of affordability we are rolling out the first affordable vet care network in the world. and we're very proud of it and it is going extremely, extremely well and when we put a vet in a location, guess what happens, our centers for merchandise sales go up 4% it's a win for the pet and a win for the business. >> i had christian pep on mad money, the excellent ceo, and she was telling me the tail wind that's helped her company, the tail wind from the pandemic, is extraordinary. people want pets more than ever. are you seeing that? >> well, first of all, projection in 7% growth, tagger, for years to come, there are 3.3 million new pets in 2020, and we think the same thing will happen in the first half of 21 because

people are at home, they're a little depressed, and they want a bundle of joy in their life so we're going to help feed those pet, we're going to help train those pet, groom those pets and vaccinate those pets but i think it is actually good for america and our souls and it's good for petco. >> things have changed dramatically since petco was public last, and including what we call esg, or wall street, you're familiar with it, what is petco doing for animals that would unfortunately be killed if they don't find a home >> yeah, i will tell you this is one of the most both disturbing and satisfying parts of my job there is still euthanasia in america. and there does not have to be. we are on an absolute mission to eliminate euthanasia every single year, we have found shelters that avoid euthanasia for 400,000 pets in addition to that, we helped fund programs like lsu's

oncology research, with cancer as the number one killer of pets so our mission is improving lives, and pets, pet parents, and if you look at what we're doing, it's really, really meaningful the other thing we did is we got rid of artificial ingredients. we're the only major retaliatory do that and earlier this year we got rid of shock koll lars and they are pain and fear and pets don't deserve pain and fear, they deserve love. >> and some people want to see, right now, what you are, times earnings what do we say? >> well, we're on a growth trajectory we were growing, in 2018, the business was shaky, we got back to 2.6% growth, in q4, and 4% growth in '19, 6% before covid, and we have been double digit in covid. and we're showing good conversion to profit and there will be more to come in the future. so watch the space >> the way i think that, the way you can make the most money i

think actually is private label. i just went, as you mentioned, i want a clean label, i actually like an american flag if i can get it because i don't want chinese dog food, but how's the profit ability on your own brands >> first of all, we have a billion $own brand business. so it is very strong and it is the core capability of this company secondly, our profit is ten points above vendor brands our vendors are really, really important. we partner like no other company with vendors we have great new products we are rolling out like just food for dogs, which is a human-grade food which is a game changer for pets so we are happy with our portfolio. roughly 70% of our portfolio you can't get at other places which gives us uniqueness and insulation versus competitors online and in mass. >> thank you the humanization of pets is one of the great themes of this time and i think that petco is going to be a great way.

ron comughlin, thank you. all right. busy week on the ipo front we had, of course, a firm petco and poshmark making it's public debut, selling 6.6 million at 42 above the range. we will talk to the ceo a little bit later this morning. record highs for the dow we are back in a minute.

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got some enthusiasm around the chips this morning taiwan semi. look at the nasdaq 100 gainers virtually all chip-related we are back in a moment.

let's get to jim and "stop trading." >> earlier killed churchill. untrue that's what they are saying on the web. i am reporting what jpmorgan did. they rated plug power as a neutral. again hearsay. this is one of the greatest rides i have seen. they are talking about the possibility it may be fully valued this is just outrageous! the stock is moving and the jpmorgan guys come out and kill it david, it's a travesty. >> it's a travesty yesterday the citi analyst -- you know what the stock did? went up. >> yeah, went up the reddit people like it. carl, we know who is powerful in the street it's reddit first, portnoy

second i don't know, the guy who has gamestop, the short squeeze third. >> and maybe you >> no. >> you come in. >> i don't know. >> guys, you know, in the little time we have left before the ten, worth mentioning, jim, pepsi. i am sure you saw this you cover the company closely. we were talking about earlier in a broader stroke in terms of the actions taken by corporations over the last few years, filling a void left by the fact that the government didn't and climate certainly has been one of the keys try to get the esg ratings as high as you can. pepsi du pep doubled their climate goal seeking net zero emissions by 2040 and a number of other initiatives. they want to take million metric tons, more than 5 million cars

off the road tpsets not just the company but the impact on the suppliers and supply chain in forcing those similar types of actions. >> nga northern genesis merging with lion -- they make delivery trucks they have a relationship with pepsico. you remember the big pepsico issue for climate are the trucks they are one of the largest customers of ev trucks i am not killing ev. i am saluting it carl, ev is here to stay nga is the way to play it. >> yeah. brian deese, the new economic council director yesterday said that the center of biden's economic theory will be putting the climate crisis at the center of creating jobs so this is all a piece, so to speak. how about tonight? >> i have to tell you that, is amazing because ev just is so red hot. i have signet, which is zales.

one of the greatest turnarounds in history doesn't get talked about enough. so i'm talking about that. look that stock. lead numbers this morning. >> yeah. jim, we will see you tonight. >> man, i can't wait fired up get me another one i want another one you can't get two. i had moderna. i urge everybody february 10 at 12:00 i finish and then 15 days later look out. i'm going to a bar i got to find one. >> got to find one the 1920s. >> i am having a corona. >> yeah. >> dry january. >> see you at 6:00, "mad money." good thursday morning. welcome to "squawk on the street." i'm carl quintanilla we have record highs for the dow's, for the russell, for the transports as we watch for the biden stimulus proposal tonight. obviously the big bank earnings kickoff tomorrow as, i don't know, morgan, it's going to be

an interesting 24 hours ahead. >> yeah, it absolutely is. and i think to your point, you know, we are seeing the markets higher here, the small caps, outperformer up 1.3% yeah but our roadmap starts with, as we were talking about that rally on wall street, the dow and russell hitting a record high with big back earnings around the corner the ipo-mentum we wawait the first trades. >> we have some vaccine optimism it's not just contained to jim cramer j and j positive data for the one-shot vaccine on track for a march rollout. carl >> we are starting with washington as the house of course voted to impeach the president for a second time yesterday. the most bipartisan impeachment in history our next guest writes global investors are getting jittery as america descends into a

political turmoil. william, always good to see you. good morning. >> thank you, carl great to be here. >> you are looking at things like this piece by richard haass of the council on foreign relations, blackrock and blackstone are you seeing signs that global investors in fact are pulling or at least holding back? >> well, as incredible as it may seem, carl, we are slowly and possibly going from a situation where we are the safe haven to where we are actually a risk factor among global investors because of the political turmoil that occurred last week in washington and that may, in fact, be on going. you are talking about the stock market hitting all-time highs. that's great often it's the bond markets that's the most telling. if you look at the ten-year treasury in the first five or six trading days of this calendar year, it's backed up 25%.

and that's a very, very swift move so what i have been hearing is that a number of sovereign wealthy fund investors who typically turn to the u.s. very quickly and easily at a moment of political turmoil to invest their many, many dollars are thinking about maybe holding back now because of the political turmoil here that's very telling. >> so you are drawing a line between the action on the ten-year and the political turmoil not about money supply exploding or deficits or the fact that we are going to get a proposal tonight for 2 trillion in new spending? >> i'm saying look at the interest rates when there is risk, when people are nervous, interest rates start going up. when people -- i am not saying that people aren't going to invest in this country anymore they are going to want to get paid more to do that so when the ten-year treasury, the usually the safest place you could invest our money is

backing up on a rapid basis and you can see that there is, like, political turmoil at the same time in washington and our capitol, fomented, you know, many people think by the president of the united states, well, when sovereign wealth fund investors say political risk in your country is not what we would like to see right now and the bond market starts backing up, then you have to ask yourself what's going on here. >> i am going to take the other side of this conversation, william, because we saw some solid auctions in terms of the treasury markets this week so, yes, we might be seeing the yields increase but that seems to be drawing more investors back into the bopnd market. it gets back at the bigger, broader, longer-term debate, this idea of there is no alternative. in an ultra low-rate world, the u.s. still looks very attractive right now. from a yield standpoint. a return standpoint.

>> look, very little debate about that, especially look at the stock markets. i think, frankly, i have thought that the bond market has been investable for a long time when you have the high yield bond index yielding 4.5%, whatever it is, when in march it was beginning to turn normal when people were freaking out at 11.5% and nowet rallied unbelievable based on the fed's actions. i think you have created a situation where the bond market is uninvestable even though you have relatively higher yields in the ten-year treasury than last week i think that accounts for a large part of why the stock market continues to rally. of course, the u.s. will continue to be a place where people want to invest, especially in private equity or hedge funds. where else can you get that kind of return that those guys perennially deliver? but people will have to pay more for the money they are borrowing. when the u.s. treasury has 27

trillion of debt outstanding, that's going to increase our deficits along with everything else we are doing. buckle your seatbelts. >> that's it and it makes sense that you would see investors hitting the pause button given the fact that there are so many question marks and so much uncertainty in the near term. after the inauguration next week and certainly we see national guard numbers being increased, other security measures being taken, whether right on wrong the crackdown in terms of social media right now ahead of the inauguration as well, i wonder whether this is a short-term fem non-pe e phenomenon or shorter issue and what you are hearing in term of that timeline. >> it's not like theytize what they are doing on their website. it is fascinating. i think that we are going to return to a modicum of normalcy in a biden presidency. i think the underlying, you know, the 74 million people who voted for donald trump are

still -- [ inaudible ] >> i think we might be having some technical issues there. >> froze there froze right on him >> okay. we are going to go -- we will come back to this in just -- okay actually, we have you back, william. we had a little technical difficulty there if you could repeat the thought you were just having. >> i think it's likely to be a short-term phenomenon because i think the biden administration will return to a modicum of normalcy that we're more used to, but there is still 74 million people out there who voted for donald trump a second time and who are probably still upset. so this is not going to go away anytime soon >> on that note, and it's david, to a modicum of normalcy under the biden administration, over these last four years we have seen corporations wade into areas that they otherwise were typically wouldn't in part to fill a void that wasn't being

filled by the government do you think that slows, or is that trend here to stay because of employees and customers who are pushing corporations to do things and take stands that perhaps they wouldn't have in the past >> david, i think it's here to stay this is a longer-term trend. i mean, with the whole thrust into esg investing and supposedly rising levels of social awareness and social consciousness. look at what charles schwab did yesterday. they said no more political contributions, and i think that's the way -- why bother i mean, why is it necessary? there are other ways for corporations to get influence in washington why take on this quote/unquote political risk that exists from backing candidates who do kind of crazy things? >> william, it's a great piece very provocative

everybody should take a look at it it's going to be some time before we can separate out the action on the bond market from politics versus the gdp growth we hope to have this year. good to see you. thank you. >> thank you, carl. president-elect joe biden set to unveil his covid stimulus plan today eamon javers has the latest. >> what we know is we are going to see the president-elect in about 7:15 this evening in wilmington, delaware, talking about what his plan is for the economy going forward. we believe he is going to tie this very closely, the economic plan, that is, to the covid vaccination push and talk about funding the covid vaccine. he is also going to talk about getting relief immediately to american working-class families. we believe that he is going to separate the economic plan out into two pieces. an immediate rescue piece and a more long-term piece focused on relief for the country of course, then the president-elect is going to have

to deal with the trump trial in the senate at some point the impeachment trial is going to move forward and he is going to have to figure out exactly how to move his legislative agenda, his economic piece and bet all his people confirmed at the same time that the senate is dealing with that trial which "mad money" is suggesting might not be able to get underway until after the president-elect has been sworn in on january 20th. so there is a lot there that we w expect one of the technical peatss is how do they break it up. we don't know what piece the president-elect is going to move immediately and what piece might hold off there is this question of budget reconciliation that's the process that you can use just once a year to move tax and spending issues related to your agenda with a majority vote on capitol hill. that's a very valuable one-shot opportunity. so the question is, which items are going to go in that bucket and which items are going to go more immediately for a broader vote up on capitol hill. we will watch for all of that.

same time we have this split screen moment as biden announces what his plans are, we are seeing the outgoing president donald trump remain in office and remain active. i am told this morning that the president currently has ready to go a slew of pardons, potential executive orders, potential other agenda items inside the oval office. it's unclear which of those the president is going to move on, whether that comes today or in coming days. but we could see an out going president vigorously asserting his authority to the last moment even as president-elect biden starts to roll out what his plans are here as well, guys. >> eamon, i would assume the next few days we will get some focus on those pardons, how widespread they will be, and how many people, you know, will it include a lot of people in the west wing in some fashion? unclear, i suppose, at this

point, i know you are following it closely would it have any impact in the way the senate views him when the trial begins >> reporter: yeah, i think that's part of what's happening here, right. i mean, mitch mcconnell by holding this trial out after the president is, the new president is sworn in sort of uses that political leverage a little bit over donald trump here to say let's not get too wild and crazy here in these final days but i am told one possibility here is the president appointing additional special counsels, plural, to investigate things that the president is interested in along the lines of a hunter biden investigation or a dominion voting systems investigation. those are things i'm told are being kicked around inside the west wing right now. the prospect of that trial hanging over his head weighs on the president. the big question is whether the president will do a self-pardon which is constitutionally untierlly unclear whether that exists under the constitution or not. the president might try it

anyway. >> eamon, all it be determined in time. appreciate that. eamon javers this morning. we are going to take a break some biggest gainers on the dow, industrials and the transport and the russell all-time high. goldman sachs, jpmorgan, capitol one, goldman 303 today we are back in a moment. (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!

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warring set to red cport tomorrw >> this rally in the financials, i don't know how many trading days were in the year. not that many. they are up double digits, jpmorgan, bank of america up 12%, wells fargo wells fargo 14. has this gotten ahead of itself? >> i think there is more to run running these stocks and the rally is a representation of how bearish the market was in the first half of last year in these stocks i mean, you still have some names trading around book vool value and ten times earnings where we think estimates might be too low i think there is room to run in these stocks i think the incremental information that we have been getting for the banks has been breaking positive, not negative. we think that's being to helpful we think estimates are too low we, for example, our earnings,

sorry, our loan loss provisions are lower than the street's, and if our estimates for provisions turn out to be right, we think that's a 5% to 10% increase in street estimates for the banks earnings estimates will go higher and sentiment, we can talk about that as well. >> yeah, i want to jpmorgan when they increased their buyback not that long ago this rally started when you say incremental information, what will be focused on in addition, obviously, just the bottom line, what kind of information should our viewers be looking for to sort of support your bullish thesis? >> okay. here it is number one is the credit recovery story in place? there are going to be losses due to the pandemic and it's certainly terrible in terms of what the pandemic has done, but the banks have reserved for a scenario that's even worse than what seems to be playing out so we think when you look at credit losses and the outlook for that, that that will be better

there is a credit recovery story. number two, there has been a really sluggish revenue environment that has been in place for the industry and we believe that there is less of a headwind and with the ten-year going up to over 1%, a little bit of steepless to the yield curve, and also invest in banking results we think will be strong, we think the revenue headwinds are lessening. then the third, capital management the fed's action in december came six months sooner than we thought. banks will be raising dividends. first republic raised the dividend this morning. buyback programs will start kicking in a larger degree after quarterly results are reported so i think all of these things are factors that lead to higher stocks and then -- bank stocks. the last point, the relative valuation is at a historic low so we think that gap has room to close. >> so, tom, we have seen cop

consolidation, the e broker boom has been part of that story the last year plus what do you expect in terms of more deal making for the banks this year and also i think just as important what a biden administration is going to mean from a regulatory standpoint to that process. >> yeah. so i think, number one, is the industry was consolidating before covid and i think it's going to get right back on that path afterwards. i think what's different this time is the industry used to think primarily that the biggest competitors they had were the banks across the street. i don't think they think that way anymore. i think they think big tech is the competitor across the street and really everywhere. so i think that the industry is thinking how are we going to compete with the digital economy and we want to make sure that we are innovating that way. that's number one. number two is we don't expect any big bank legislation in this new administration, but we think you will get maybe more intense regulation but here is the bit about consolidation. if you look back since the global financial crisis, the big

four have really gobbled and picked up a lot of market share. the big banks need more competitors. stopping consolidation now would solidify the big four owning a big piece of the market. i think you have to allow consolidation so the big four have real competitors and i think that will be good for the economy and good for consumers >> tom, speaking of innovation, i wonder what you think is the more interesting story the move to wealth management and morgan stanley and maybe jpmorgan and goldman sachs and marcus moving closer to checking accounts, which is something we wouldn't have thought about, thinking about goldman a decade ago. >> i think they are interesting features to both of it first of all, morgan stanley's movement into wealth is really, i think, more of a movement away from spread income the hard thing in the banking industry right now is the more of a spread lender you are, the

harder it is to generate revenue gr growth because low interest rates hurts. i think it's more of a diversified revenue base for morgan stanley that's one of the reasons we like that deal they are trying to build a more balanced company i think the more balanced companies are getting valued better with regards to goldman sachs this is part of their transition to being a more proper bank and funding. having attractive funding is a key strategic advantage. and i think they building out markets -- and what's nice for morgan stanley is they can build out funding without building branches because that part of the industry is more behind us and digital engagement by customers is being better received so they can do that better now. >> yeah. finally, i would say, tom, when you speak to executive at goldman as i do, their frustration in part is not necessarily markets. it's not bl valued properly in terms of their alternative asseting management business they have a mini blackstone

inside them that gets in value at all. >> the stock is hitting a high, that i think you just mentioned. we are still recommending the stock. we think things are starting to come together. we also think this is going to be a really big investment banking quarter, we believe. there is a lot of pent-up demand for certain businesses that were shut down during the early part of the pandemic, and i think that the outlook right now in the pipelines for investment banking is pretty good so the big banks tend to have those businesses and i think that will help support their results. i think there is more room to run here, david. let me give you a couple more numbers. >> real quick. >> real quick. so $22 billion flowed into financial etfs after president trump was elected. 90% of it flowed out by the time president-elect biden was elected. 8 billion has already flowed back from the statistics we track. i think there is going to be

more style changes in terms of how these etfs are invested in and i think you are going to see more value, you are going to see more financial investment as an asset class and i think that's going to continue to help work these stocks higher, too. >> you have been right recently. that's for sure, tom appreciate it. thank you. >> yeah, thank you >> well, it's now time for "etf spotlight. a look at the spider s&p ticker there xar. it's in the green up 4.5%. two names in the fund that are surging this morning are virgin galactic and max ar technologie on news that they are playing a space exploration etf focusing on companies that are, quoting, leading enabling, from t technological services that occur beyond the surface of earth. virgin galve virgin galactic up 28% no word what the names will be

included this that etf but the space names are shooting higher, including names that are not in xar, satellite operators, also the spacs taking space explore ag startups public and new providence acquisition which is bringing ast and science public why is a filing tied to a new etf doing this right now keep in mind arc invest management and kathy wood has had a very strong year, strong performances for funds last year, that arc innovation which gained 150%. while there hasn't been that much public investor money going into space until now, i think many folks in this industry expect 2021 to be a year where that snicalyhaesigfint cng we will be back after this

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strongly oppose employees requiring vax nations for their workers. new data boosting confidence in its own vaccine. meg torell has that story for us. >> a lot of people are watching j&j very closely because their vaccine, they will have phase 3 results for just one shot coming up within a few weeks. what we saw last night was earlier stage data on that one-shot approach. that was encouraging for what we might see in the phase 3 they looked at antibody levels here and they found that after two months 100% of people in the trial, no matter their age, generated these neutralizing antibodies and the side effects they saw were similar to had we have seen with others, fatigue, headache, injection site pain and fevers those antibody levels are what we are focused on here j&j's chief scientific officers saying if it is the antibodies that are the driver here we should see a high level of efficacy in preventing disease

that is the question now there are a few other things about j&j's vaccine that make it appealing. you can store it for three months in the fridge which will make this a lot easier guys, there was that "new york times" report yesterday that they were behind on their manufacturing. we heard from occidental petroleum this week that they expect j&j to have fewer than 10 million doses if this vaccine is approved in february it would be a really big deal. carl >> we are waiting for the many, many more for sure thank you. we are on ipo watch on a couple of different names this morning. petco, and poshmark also going public on the nasdaq c ipo boom after the break.

. good morning, everyone, i'm sue here air a here is your covid update. a one-day record at 4,500 on tuesday, the u.s. daily death toll fell yesterday to just under 4,000 by the johns hopkins count. it is the fourth worst day of the pandemic with all four of those days coming in the last week. new york democratic representative says this morning that he has tested positive for covid even though he has already received both doses of the vaccine. he will be working from his home as he quarantines. the vatican said today that both pope francis and benedict xvi received their doses of the

vaccine today. and jordan is starting to vaccinate syrian refugees in the country with 43 elderly people in a camp that houses 78,000, getting china's vaccine. you are up to date, carl see you again in an hour back to you. >> thank you very much. as we see the nasdaq joining the record high party today. busy week for ipos poshmark and petco going public today on the nasdaq following that surge for a firm yesterday. managing partner at ggb capital, board member at pork mash and has a firm of one of the ipos in his portfolio. ple pleased to talk to you >> good morning. >> just talk to me about what you are seeing in this early year boom, is this cycle sustainable, do you think we exceed what we got in 2020 >> most of the companies that you hearing about going ipo

whether it's airbnb last month or now with affirm and poshmark, they were started towards the end of 2008-2009 period. there was a major crisis going on and companies started to emerge to take advantage of the rise of the consumer mobile net growth and era and that fueled most of the growth that happened this past decade now you are seeing the fruits of that i wouldn't -- we are less worried about it because we know it's the beginning of sort of a next chapter of more growth ahead because the penetration rate, e-commerce and online education, all of that is relatively low today we feel that there is great underlying fundamentals for more growth ahead >> right so i hear you saying it's more of a life cycle story to some degree these companies have been around for a while and the markets obviously attractive as the pandemic accelerated

these long-term five, ten-year trends in digital technology, e-commerce payments, does the end of the pandemic, if we can call it an end, does that do anything to decelerate those trends >> that's a great question we hear a lot those are fair questions having said that, the east of u ease of use with digital technology and how it makes our life easier, what is ordering food delivery, ordering shopping, get it to you in a timely basis or having this selection to ease the personalization and social interaction we can get i went on to your show to talk about peloton the day of its ipo. people were worried about how much money they were burning the ease views of a peloton, a bike, makes so much sense even after covid is over. the digital lifestyle seems to be a better lifestyle for us to stick with. >> curious what you think these first days of trading with these

companies. affirm, a priced at $49 a share after the close, and then it spiked, it doubled in the first day of trading we heard this debate for quite some time about getting the price proo right, money being left on the table by some of these companies, the experimental formats being adopted. how do you see it? >> yeah, we went through with slack and saw what happened with spotify earlier. the spacs are becoming much more popular these days having said that, for a company to go public, price discovery at the time of ipo is one point of the journey. at the end of the day we want to in general companies want to make investors money at the same time grow for the long haul and build a reputation for someone who can overdeliver. so most of us, at least for me, i tend to less optimize less about what we agetting on the do

ipo more than the setting of the foundation for the company. >> as we see this generation of tech startups go public right now, i am curious what you think the next frontiers are at a time we are seeing ev stocks and hydrogen, investors are excited, space with some of those stocks shooting up today. what do you see as those, i guess, next frontiers in terms of tech and disruption >> the last ten years we saw great growth, consumer mobile internet now the next ten years, the decade we are in, a lot of us with coming 5g, you can solve harder problems, make our environment cleaner, make the world safer. so this is not surprising that ev companies are doing much better now most of the companies started in the past decade and now are coming to the market for public money to fuel the next cycle of

growth 5g coming out, there will be a lot more competition at your fingertips to solve more complex issues so autonomous driving we have been talking about for the last decade i think it will finally will come once the infrastructure catches up we will be able to make the software more efficiently, a lot more interesting things that will happen that will impact the more traditional sector of the economy not just online anymore. >> you know affirm, we got good education on the company yesterday, obviously petco is a model maybe a lot our audience understands if you zero in on poshmark, what do you think investors should know about what they do. >> poshmark is the future of retail it has -- it captures three trends shift from offline to online shift just straight e-commerce to social e-commerce and shift

new goods to used goods, which is the new-new so if you care with the environment, you want to sustain, buying used goods is increasingly more popular monk millennial users these days. poshmark is social so people post on what's in their closet on poshmark not just their own items they are willing to sell other people's items because they appreciate a style it's a style-based marketplace so there is a lot of offline activities, even the posh parties and those events help to bring the community together and exchange ideas and also share best practices so you see shopping like that that has 27 minutes a day kind of use ang, it is quite sticky and that kind of experience builds community, builds collaboration not just pushing your own product we feel that's the new way of retail and it combines the personal elements of shopping

online, we have a lot of selection, a lot of ease of use, as well as the human touch in the offline world. they can make it work both online and offline that is why we are excited about poshmark it's amazing what they have been able to accomplish the last teen years. >> finally, hans, i hate to throw politics into it, but i wonder, markets looking past impeachment for sure and waiting for the economy to start to recover, but how would you say that the political turmoil in d.c. is getting talked about among vcs in the past week >> i mean, all of us care about what's happening in our country and the events at the beginning of this year, just devastatin but you see the strength of the system to be able to bounce back and help to solve it and move forward. a lot of courage, people step up and do what's right for democracy. all that doesn't go unnoticed.

if we can be the investment companies that help to make a world a better and safer and cleaner place, that's what we are here to do, to do our small part you see a lot more initiatives now from silicon valley to be more inclusive to give more opportunities to more women leaders, more women founders, more people of diversity to do that and last month when we see doordash go ipo with the asian american founders team, it was heartwarming to see that you see zoom all that are positive examples for everyone else. >> as are you. hans, we always love relying on your wisdom. good to see you. thanks so much. >> thanks, carl. >> hans tung. >> watch shares of gamestop jumping after surging the past three days in what some analysts are calling a short squeeze. at one point up 94% in yesterday's session. we'll be right back.

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have investors climbed a wall of worry too quickly? oppenheimer's top strategist makes the case on cnbc.com more "squawk on the street" coming up. now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow. stay restless with the icon that does the same. the rx crafted by lexus. get 0.9% financing on the 2021 rx 350. experience amazing at your lexus dealer. new projects means new project managers.

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volatile around the christmas holiday season and the government of course added back the $300 in extra jobless payments that might have attracted more to apply. but the primary reason looks to be the economy and the virus the impact of new restrictions that are resulting in business closures and layoffs is appearing in the data now. risks are skewed to the downside, special in the containment-sensitive service sector data like this has explained why the fed is not jumping on the bandwagon of concern about inflation or talking about imminent tapering of bond purchases. there may be several months of troubling economic data which could depress the economic rebound even once the vaccine is widely distributed the fed looks like it will wait for a read on how robust the rebound is before committing to reducing policy stimulus numbers like this add impetus to the need for additional relief which president-elect biden may propose tonight.

maybe as much as $2 trillion, carl >> we will see what we get tonight and even from powell earlier than that. steve, thanks. steve liesman. take a look at the latest indication on petco. 23.50. if you are looking at -- look at a live shot with the nasdaq. jay heller, a familiar face to us by now, on a normal day he would be getting intcation updates from him weapon watch to closely. a quick break here don't go away.

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welcome back to "squawk on the street." companies race towards new vaccines and therapeutics. our next guest is powering likes of pfizer, gilead, moderna, regeneron and more through the cloud. founder and ceo peter gastner joins us thanks for being with us >> thanks for having me. >> we talk so much about the drug makers. we also talk so much about the health care providers. you basically -- your company basically bridges the gap between some of these different entities as we do see the digitization of everything in the midst of this. break down what that means

>> we serve the life sciences industries making therapeutics. let me give you examples if you look at covid now, everybody knows there's vaccines, yes, but medicines and diagnostics. the technology to design the clinical trials, collect the data from the patients, analyze the data and help them monitor their manufacturing controls and make sure they're doing that in a compliant and safe way we help the life sciences industry do their job and are proud to do that given your role in those key components of this broader, i guess, scenario that we're so focused on on a daily basis, what does that mean in terms of productivity and i would imagine cost custs -- lesser costs, i should say, for some of these

companies? >> yes, it's about getting more efficient, doing things in the cloud, but it's also about speed, using cloud technology to get these vaccines out quickly, for example. you've seen the life sciences industry, our partners are working around the clock but that's something we feel really proud about doing our part >> the distribution of vaccines so far then, given it doesn't appear to be anywhere near what we at least had hoped as the approvals for said vaccines neared >> it's an issue, i think doing a great job but in record speed so far of course everybody would like it faster, like me i don't have my vaccine yet. we have to be patient and realize the speed of what's going on >> all right, so, again, you're

just positive on it? if you gave it a grade would you give it an "a" >> i would give the life sciences industry an "a. i see it up close and personal and i see the effort and the results are there. we've never produced vaccines this fast before it was done six years ago, ten years ago, it's paying off now or we'd be waiting a lot longer. i would give them an "a. >> i'm curious about at a time we're focused on the shift towards esg investing right now, i know david has been covering this closely you became the first public company. what's involved with that? why did you decide to make that move right now >> oh, yeah, it's a big day. we had our shareholder vote, over 99% cast voted in favor of converting to a public benefit

corporation, the first to convert to a public benefit corporation and the largest. so what that means is changing our charter, official charter to be legally responsible to customers, employees and society in general and adopt a corporate purpose. it's a fundamental new type of capitalism i'm really excited about it. veeva is becoming essential to the life sciences industry that has to be more than just the money and that's how veeva has operated since day one but it lasts for the duration and i hope other companies and directors look at this and understand, hey, maybe their purpose should be broadened and maybe technology orient ed -- technology enabled companies should be more than just about the money.

couldn't be happier with the outcome of that. >> do you think that decision becoming this public benefit corporation is going to widen your available number of investors, be a positive in terms of your stock price potentially? >> well, stock price is pretty hard to predict in the future. that's moot my area. i would say our shareholders big and small voted for it 99% in favor so i would say that's a great indicator and society in general we know large -- veeva is getting to be a large company. our rf knew run rate is a billion and a half dollars, will be doubled by 2025 to $3 billion. we're large, we're getting very important. i think investors are increasingly aware of that and so i do think it's a good thing.

>> i am curious about security as well from a company standpoint at a time we've seen that huge rush of hacks play out. we've had reports over the months about hacks or attempted hacks. how do you keep all of that information safe and secure? >> well, we have an expert team on it, some of the best people and the key is to be paranoid, assume everyone is trying to hack you we use common sense and are people oriented solutions and keep things distributed so there's not a single favorite, something we take very seriously. >> all right, peter gassner veeva systems. >> thank you for having me coming up in the next hour you don't want to miss the ceo of poshmark. he'll join us as they make their debut at the nasdaq on "squawk alley" that begins after the break. don't go away.

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good morning it is 8:00 a.m. at poshmark headquarters in california it's 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ ♪ ♪ happy thursday, welcome to "squawk alley. i'm jon fortt with carl quintanilla and julia boorstin or consumer tech week kick