in weiss's eye. >> and shan? >> it has not worked out, jenny. >> and j & j, i love the health care. >> and degas >> kla. >> okay. and so let's look at the dow, and sit down 91 points or so right now, and i hope that everybody has a great weekend, and right now, the program "the exc exchange" is right now. >> thank you, scott. i'm andrew sorkin and right now, president biden is expected to sign a new order for $15 wage debate, and so the trading frenzy, and it is not just equities and what is fuelling this engagement, and what happens if it is subsides? one hour, michigan made mobile gaming legal and not just

resort, but the casino as well. so let's look at the markets and for that, we turn to andrew santoli. >> thank you, andrew. the market found the footing and mixed if you are looking up versus down, and so far, modest moves in the indexindexes, and a shift in the cyclical shifts and back to the nasdaq 100 and the old mega caps, and you see the spread there, and naturally these are much bigger in the s&p 500, and those types of stocks and that why we have more flatness on the index level. take look, too, the banks versus housing, and the treasury yields have taken a pause in the rise this week, and come off of the highs and the banks are consolidating the recent gains, but housing data this week, and the consumer seems strong, and the home builders are up more than 8%. and quick snapshot of semiconductors on the intraday

basis are suffering. intel coming off of the pop of the earnings before the close last night, an nvidia is down, and leadership group is coming off of the ties, but a little crack of a high there, andrew. >> mike, thank you for, that and we will see you in a little bit, but it is not the equity highs posting the new highs in 2021, and the trading volume for stocks and options are now at record, and for that, bob pisani is going to join me to what is turning tout be surprising high numbers, bob. >> yes, it is amazing 2020, and 2021, andrew, better now. and the stock volumes have started to rise last year, and stay at home retail investors are trading now, and average daily trading went from 7 billion shares in 2019 to 10.9 billion in 2020 and that is a 50% increase, and most of it is due to retail investor, and this is across all of the equity trading desks. and so far in 2021, the number is bigger, and 14.7 billion

shares changing hands each day. three signs point to retail investors as the primary reason that overall trading is up. first, the tape that reports retail trading and this is called the trade reporting facility or the trf has seen aag volume, and that is number one. monthly trades at the retail brokers like charles schwabs and the interactive brokers of the year have also hit a record. and finally, the trading in the single contract options have doubled in market share recently and particularly trading in single options contracts, and that is a sure sign that the retail player is again a major player in the market. and andrew, i want to point out that in terms of the volume, a lot of attention is going to the example that the retail investors are involved in tesla, and they are, and what you seeing is the lower wrung of the market, and the stocks are

tremendous amount of retail activity and the investors are hanging nouting out in the chat an discussions of the stocks, and then buying which is a classic sign of market exuberance. >> and that is the question, do we have a top? bob, it is great to see you, and it is a longer conversation and i hope we have a opportunity to do it soon, and we have a news with the national economic council director and the new one, brian deese is speaking at the white house, and wasn't to have a moment to listen in. >> the economy is at a precarious moment, and we are 10 million jobs short still of where the economy was when this pandemic started. last month, the economy lost jobs for the first time since last spring, and the retail sales fell last month, and yesterday we saw another 900 million americans filed for

unemployment insurance, and that is the most we have seen, and that is the fact that requires us to support the economic recovery that american families need. that is why a week ago president biden laid out a comprehensive american rescue plan. a plan that is focused on changing the course of the pandemic, and getting students back in school and giving families and businesses a bridge to the economic recovery, while addressing the stark inequities in the economy that this crisis has exposed. we have been engaging closely with members of congress, with governors, mayors, business and labor organizations in the weeks since, and when we continue to do so and hope that congress is going to move quickly to consider this important proposal without delay. at the same time the american

people are hurting, and they cannot afford to wait. they need the help now, and that is the motivation behind the actions that the president is going to take today. i want to be clear that the actions are not a substitute for comprehensive legislative relief. but they will provide a critical lifeline to millions of families. so, just to get into the specifics that the president is going to sign two executive orders today. the first directs the agencies to consider a number of actions that will provide meemergency relief for families effective because of the covid crisis within authorities to correct some of the errors or the omissions of the prior administration for families with relief. i want to touch on a couple of elements of that order to give you a sense of what we are talking about. on the issue of the food

insecurity which is a growing crisis in america of hunger, nearly 30 million americans last week said that they didn't have enough food to put on the table, and so the president is going to ask the department of agriculture to take immediate steps to provide nutrition assistance for hard hit families and increasing the ebt benefits by 15%. this is the program that is aimed at supporting families who traditionally rely on the school lunch program to provide meals to millions of kids through their schools, and so in the pandemic, the ebt program provides directs a stains to families to cover those costs, but the way it is being implemented today doesn't get to the full costs necessary. so with these changes in the eligible, a family with three children would get an additional $100 over two months to help

paid for food. second, increasing the snap benefits, the emergency snap benefits for as many as 12 million americans this is the core program targeted at preventing hunger in america, and these changes for a family of four would mean a 15 to 20% benefit increase, and third, revising the thrifty food plan which is the basis for determining the s.n.a.p. benefits and it is out of date to better reflect the cost of a healthy diet. another element of this executive element is to promote worker safety, and here president biden is going to ask the department of labor the clarify that the workers have a federally guaranteed right to refuse employment to jeopardize their health, and if nay they do they will still qualify for health insurance which is to

guarantee that they have the right to save work environments and that we don't put workers in the middle of the pandemic to choose between their own livelihoods and the health of they and their families. the second executive order that the president will sign is focused on the jobs of federal workers and on federal contractors. he will direct his administration to initiate a process starting today that would allow him within 100 days to issue an executive order to require federal contractors to pay at least a $15 minimum wage and provide emergency paid leave to the workers, and this is something that the president talked about on the campaign that when we are using taxpayer dollars, contrackers to should provide the benefits in pay that workers deserve. the order will also protect and empower federal employees who

have dedicated their careers toto ing -- toi serving the american people, and in this pandemic, and also extend to empowering the workers to schedule f which is threatening the protections of career employees and also provided a potential pathway to burrow political appointees into federal service, and also directing the office of public management to direct to pay federal workers at least $15 an hour. finally one additional note into the executive orders we will be issuing today, we are focusing on another key priority of the president and the vice president which is equitable relief to small businesses. too much of the support that has been dedicated to small businesses has left out the

smallest businesses, mom and pop businesses that don't have existing connections with the financial institutions including latino and black and native american businesses were shut out completely because of the outreach of the federal government was unclear or non-existent, and so, too many of those companies have been denied relief and many of them have had to shut their doors for good. the president is completely focused on changing that. and he has directed us to take immediate steps to make sure that we are listening to these communities and taking their advice of how to improve the distribution of relief. this morning, i met along with representatives of the small business administration with dozens of groups representativing black and brown-owned businesses and other underserved communities as well as lenders to hear their ideas on how we can improve

communications and act on them. we discussed the president's idea of having navigators who are dedicated tohelping small business owners find the right relief program, fill out paperwork, and get the money into their bank accounts, and the kind of support that many of the businesses don't have because of embedded relationships that more well connected businesses do. there are groups in the country that are doing it successfully, and we are determined to learn from them, and to scale the efforts nationwide. in this vein i will be joining vice president harris later today who is going to be meeting with the small business owners to look at the small business rescue plan and more effective small business relief without delay. so that is, that's today. that is our focus through a set of executive orders, and i'm happy to take a couple of questions of which you all have

many. this is the good cop/bad cop thing. >> hi, and thank you for taking questions today. i wanted to ask you about the call on sunday with the bipartisan group of lawmakers. what can you tell us about the call. will president biden be on the call, and what about bipartisan senators like mitt romney who say that you can't have another stimulus package because of the one that you just passed in december. >> well, we are to make the case for the rescue plan and to engage with them and understand their concerns. so that is what we are doing both myself and senior members of the team. we have been doing that over the course of time, and we will

continue to do that including the call on sunday that i will be doing with a, a group of senators. and we will continue that engagement going forward. in terms of the message, it is pretty clear. we are at a precarious moment for the virus and the economy and without decisive action, we risk falling into a very serious economic hole even more serious than the crisis that we find ourselves in. and economists across the board including today president trump's former chairman of the council of economic advisers arguing strenuously that this is the time for that type of action nor for the economy and we can't wait for resources to open the schools, and we cannot wait to get the vaccines in people's arms and provide the bridge for people's families and

businesses. there is a lot of support, and i met with a group of mayors yesterday, and bipartisan groups of mayors across the country, and you can hear from the mayors and the governors crying out that in order to take on the crises, the public health and the pandemic and the economic crisis at the same time and now is the moment for that kind of the decisive action, and that is the case we will be making. >> to be clear, brian, is president biden going to be on the call, and if not, why not if this is so urgent? >> the outreach, and the president has directed the team to do outreach to members of congress and business and labor organizations and to mayors and governors and we are in the process of doing that. i'll be having that conversation sunday, and you can expect that other members of the administrations will be engaging with members of congress across time as well. >> and quickly, brian, if i could, what would a february impeachment trial, and how would a february impeachment trial

impact getting the covid relief package passed >> look, i think that we have faced, and we are facing right now a period of multiple crises. what we will need is to act on multiple fronts, and so that is certainly we understand, and as jen has spoken to that we understand that the senate has a constitutional obligation in this context, but we have these pressing pandemic and economic issues and that is why we are engaging and focused on making the case and certainly with the expectation that congress is going to heed the call and move forward. >> i promise to do this, and question for brian. >> if you are able to pass this $2 trillion plan, is this the last round of stimulus or do you think that you may need to do more >> what i can tell you is that if we don't act now, we are in a

much worse place, and we will need to do much more to dig out of a much deeper hole. so, what i can tell you is that the most important thing economically right now is to take decisive action along the lines of what we have laid out in this rescue plan. and you hear again from the economists across the board, whether it is the federal reserve, the international monetary fund and economic experts across the political expert as well, that when you are at a moment as precariously as the one that we are looking at, and the risk of doing too little, and the risk of doing too much is the economic logic behind this package, and you have heard the president clearly on explaining that his economic approach is one where rescue, and recovery need come together and he is going to be speaking more about his recovery plans in the coming weeks that are about

building back better and urgent priority to start creating the kinds of good jobs that we will need coming out of the crisis. >> and back to the recession, and it took nearly a decade to get the country back to full employment under the obama administration, and if you pass this package, how long for every american who wants a job to have one? >> i would point to one examplef an independent analysis done of the american rescue plan by mew di -- moody's, and they said that if we pass it now, we could see 7.5 jobs created this year, and return to full employment a full year ahead of what is projected if we don't. so those are the stakes involved, and without this kind of the decisive action, we are going to have a much deeper economic hole, and that's why we are so focused on making the case for a decisive action now. >> justin?

>> thank you. brian, i wanted to follow up on that question a little bit. the president has talked about seeking unity on the bill, and also on the policy difference, so i am wondering if after this call with the bipartisan coalition that you need to get this bill passed if you expect to know whether the white house will pursue legislation in bipartisan legislation or sort of head towards legislation through reconciliation, and also, i am wondering if you are wondering what the red lines are, if you are not willing to negotiate with us on the bill, we will just start working with the democrats as speaker pelosi have said? >> well, i would say two things to that. first, if you are looking at the elements of the american rescue plan, it is designed with the bottom-up focus of what the experts say what is the actual need to get the schools open, and what is the need for the actual vaccination plan to

underwrite the strategy that you heard dr. fauci and the president talk about yesterday. and what is the need to support families and businesses during this transition. and the second thing is that as a result of that, we are seeing a lot of support, as i said, a bipartisan mayors and governors and business organizations and chamber of commerce and business round table, and economists across the board saying that this is an appropriate response to unprecedented economic circumstance. so that's the approach that we are taking, and that's the perspective that we are bringing here. we are heartened to see that support and the members of congress be they republicans or democrats and where we have come over the last year and the lessons we have learned that

without decisive action, we know the consequences, and so now is a moment not to undershoot or the wait and see, and now is a moment to act. >> i guess that my question is that a lesson of a lot of the president obama and others have talked about from the aca fight is to continue to court republican support beyond a point of it being productive, and so i am wondering for you guys, what is the decision point going to be where you, you know, you might have republican mayors, but you don't have republican senators right now, and at what point do you say it is no longer worth pushing forward? >> we are making the case, and we are engaging, and having conversations and listening, and we are also focused on the urgency and the need to act. so what i can tell you is that is where the president's focus is and the vice president's focus is, and going to continue to be where our focus is. we want to engage, and we want to act and that is going to be what guides us here. >> the last one.

>> brian will come back. >> thank you for doing this, brian. back to the point of the objections of some of the republican senators who have already spoken out. they say that they just passed on 100 million or so attend of the year, and most of it is not even out yet, and if that money has not gotten into the system yet that you need to release more at this point, why move ahead with a trillion plan if the $900 million that has been approved is not out yet? >> we waited for six months or more before congress acted, and so really a lot of what that $900 billion is doing is to fill a hole in the second half of 2020 that desperately needed to be filled, and so, and so this is not an issue of, of congress acting too much, but it is an issue of not acting enough. and the second is the components of the 9$900 billion and we coul

go line by line, but these are the resources that are either already out of the door or are addressing economic challenges or public health challenges that were in rear-view mirror, so as we find ourselves looking forward, we need a varied, a very decisive set of actions if we are going to get the schools open, and if we are actually going to get a vaccination program up and running, and i think that the case we will make is that today, we are not where we need to be and if we are going line by line in the american rescue plan, these provisions have been designed based on the assessment of need, and we think that they are absolutely going to be necessary. so i think that, you know, looking forward we are quite confident that it is the prudent assessment of needs. >> i want to clarify, how many federal employees or federal

contractors are making minimum wage right now do you guys know >> i don't have an estimate of that right now. >> and then last night, you said that there are roughly 8 million people who have not received the stimulus checks. >> yes. >> how do you find them? >> so, it is a great question. this principally an issue associated with the people who are non-filers, and they are not filing income taxes in most cases because they don't make enough money to file federal income taxes, and so as a result the way that the irs and the treasury department in the previous administration has focused on getting the checks out is to work through the tax system, but those are people who are legally entitled to those checks, and so, we have a number of strategies that we are going to pursue, and that today, we will start with the president's executive order to direct the department of treasury to consider a whole range of

efforts including creating and online portal that would allow people to easily identify if they are eligible to affirmatively do outreach to these communities that will let people know that they are eligible, and this is outreach as well, and it is a little connected to the small business as well. what the president is directing all of us to do is to really focus on the affirmative steps that we can take. and affirmative strategy to say it is not enough to say, well, if folks don't know or if they don't have a network, then, they are left out in the cold. we will work directly in what the federal government can do and with the partner organizations to make sure that every american who is entitled to the benefit can receive it. >> but if somebody out there

says i am eligible, but i have not gotten it, right now today, is there a way to raise their hand and say, send me my check. >> today, we are starting a process to make that a lot easier, easier for families including being able to go online to do that, but that is work that is starting today. >> thank you. i have one small question on the targeting the food security, does the usda have the money to distribute these plus ups or an appropriation from congress? >> these are mandatory appropriated from congress and so no congressional action, because it is a change in the eligibility of benefits and these are the changes to be made under existing statute and budgetary and without congress,

and so it is mandatory program, and operates that the benefits are paid out based on who is eligible. >> great. thank you, brian. >> thank you, all. we have been watching brian deese, of course, the director of the national economic council at the white house there in the briefing room, and i want to bring in steve liesman and kayla tausche, and lots to talk about when it comes to the minimum wage not just for federal workers, but contractors and a conversation about the federal snap program, and making people more food secure and, steve, your headline? >> i think they are defending the program that the president has announced and the question at the end is if you have the $900 billion coming, why do you need that $1 trillion, and he said, we have addressed issues

that are not address and the snap programs and raising amounts for those people who are already receiving aid is interesting. i am looking at the amounts of the people receiving snap or food stamps so to speak, they are hungry right now, and people who are working right now are hungry, and so it is an argument for the minimum wage, and weekly data for the hunger and it is 14 to 15% of americans are reporting insufficient food. >> kayla, curious what you think that the agriculture industry is going to be saying on a day like today, but the companies that contract with the u.s. government based on what we have heard around contractors and the minimum wage going to $15. >> well, it is interesting when dees was asked specifically about just how many contractors are or are not making minimum wage and they don't have a number to put behind that, and the question of the there are 8

million americans who qualified for, but they have not received the stimulus checks and how do you find them, and he acknowledged extremely difficult to do so, and while these executive orders are trying to address a miscellaneous of issues that are plaguing the country, it is hard to see exactly what the dollar benefit in a tangible way is, and how quickly some of the things can get announced. i agree with steve that the newsest part of that is how to respond to the republicans who say we did $900 billion of stimulus, and why to do more and he summarized the administration's argument that what we did previous is retroactive and the package that biden is announcing is proactive and that is a preview of what he is saying to the bipartisan group of senators that he is expected to have a phone call with sunday and eight republicans and eight democrats making up a bipartisan coalition of sorts to try to get them on board, but the administration is forth right in saying it is not

the final package, and they wan to hear from both sides of the aisle, but that is the administration's argument, and this is proactive and what you did before is reactive. >> kayla, what do you they republican reaction is to worker protections in place in terms of the unemployment insurance and the like of the liability protection for a long time for businesses and then the argument of the people taking advantage of certain of these things >> well, it is going to be a point of contention, and something that came up in march when one of those early covid relief packages did address paid sick leave and they believed that if people were sick or exposed they should be paid not to show up to work, but as the pandemic went on and on and businesses were opening, they found out that they could not function without some of the

workers if they were quarantining for the long term or not willing to come into work for some time. so certainly, this is something that biden has addressed on the campaign trail in the course of this debate over the last several months, so it should not be a surprise that the white house tried to put some of the protections in place, but how the right side of the aisle responds to that is also going to be predictable. andrew. >> kayla, appreciate it as always. we will continue this conversation right now. steve, i want you to stick around, because we are going to be talk about the minimum wage, and you have been delving into some of the numbers. i want to bring in william sprigs who is chief economist to the afl-cio and howard university as well. good afternoon to you. you heard what brian deese had to say and a raging debate in certain circles at least around a $15 minimum wage. where do you and >> well, the majority of the states have now moved towards a $15 minimum wage.

in real terms controlling for inflation puts us below what was asked for the 1963 march in washington as we celebrated martin luther king's birthday recently, and puts us almost where we would have been if we had kept up with the 1969 minimum wage in terms of real terms, so it is not a preposterous number, but it is one that voters in florida voted over 60% to implement as their state minimum wage. the evidence from the economists has evolved, and so we have studied this economics probably more than probably any other subject, and it is clear that a lot of people have been miseducate and including most economists of the implications of raising the minimum wage. >> are you surprised that doug mcmillan the ceo of walmart and

the head of the business round table came out the other day and said that the organization is against raising the minimum wage to $15 i note that in parts of the country walmart is not at tlr 15, and i also note that amazon is. >> i am not surprised that our business leaders lobby publicly, and the public engagement with a set of workers who are not organized, and they can organize publicly against the will of the american people, because as i have pointed out, it is popular with the american people. but the evidence is clear that there is no employment impact, and the reason that the study ds as economists say that some is a little positive and some say it is a little negative, because when you take them in the totality there is no employment impact so a lot of people want to say, oh, you have studies on one sid

and another, but the proper way is to put the studies together and understand the average impact, and the average impact is zero. >> steve, jump in though on this gate, because you have heard a lot of the business executives say, look, maybe you can do a minimum wage, but it should be local, and based on the local economy. does that make sense >> no. >> it does in part, but the thing that is so interesting to me about the minimum wage debate is this notion called monopsy which is the opposite of monopoly where businesses have the monopoly of hiring, and it is where you can't go across the street to get a better job if you are more qualified and the decimation of the rural manufacturing which is one of the places where the academics who have studied it have found that it is most acute means that

you want to address the large areas, and so, i rise not in opposition to $15 minimum wage, but to urge the caution, and, andrew, the question is that the states who have put it in place is slowly and given the businesses lots of time to adjust, and so i think that certain areas should be watched. teenagers and the effect of the $15 minimum wage on teenagers is something to be watched. there are low-skilled workers and you walk into the mcdonald's and you see the kiosks and the home depot and you see the self-service checkouts and thos about when you are thinking about the minimum wage. >> and react to that, because it is a legitimate and concern. >> i would say no. we are moving away from the

regional prices that the idea it is costing less to live somewhere, because so much of what we are transacting is online, and you did an earlier study on the eretailing. it is clear that we are moving to national pricing and the regional pricing which is the south which is the only massive area where you had these racist origins which is where you could believe in the southern exceptionalism. the power affirms at the local slefl -- level is greater, and there is a claim that it would be upsetting the power of the firms is greater than in some of the larger cities. so i would not agree to a

regional minimum wage. >> william, it is a longer debate, and i hope we have more opportunity to do it, and i thank you and steve liesman with the conversation. swret so much more to discuss. and bitcoin is coming to biggest loss since september. and reining in food fees and why 2021 may be a battle of the studio streamers. we are all back in two.

welcome back to "the exchange" and we want to catch up on a few stories that should be on your radar. time for rapid fire, and all-star cast with mike and julia, and the corporate media reporter and also our cnbc contributor ed lee, and the first topic, and bitcoin is on pace for the worst week, and what are we looking at here? total price here since some gains but off 20% since the record high. and we are at $32,754 just this week, and the secretary treasury

nominee janet yellen said that the federal government may have to curtail cryptos to curtail illegal activity, and jump ball, higher or lower at this point? >> jumpball on the easy question like that? >> yes. >> that is an easy one. >> and just shows you that, yes, it is down 20%, and it doubled in the last four weeks to get to the recent high, and the velocity of the price moves here, and very unstable in terms of the trading mechanics and looking at the ways that people own and trade it, and not as seamless as other thing, but it is offering the reminder that governments in theory could squelch it altogether, and not that it is imminent or anything like that, but the whiff of it is enough to take some of the excitement out of the trade. >> michael, just as a technical analyst though, is there a floor on this thing? that is what i want to understand, the next technical floor so we understand, and the technical high >> well, the high, i mean, the

old high, and whatever it is, $41,000 until it is beyond that is what you have the work with. and look at how steep the angle that it went up, and it is not as if there is some level there that it spent a lot of time, and with the supply and the demand and changing hands and people figuring out the correct price, because it is crowd psychology in motion right now, and a lot of people are looking for it to go to test the low 20,000s, because that is where the last launch started from. >> right. ed, how much of this, and there was speculation of the problem within the blockchain itself. >> well, a double spend, and there was a chance that, oh, you actually spent this bitcoin twice, and that is the point of the blockchain to prevent that, and turned out to not be true, but the fact that it spooked the market enough to send it down, and that a factor of how it moved, but again, for me, it is coming down to still, i don't know what the mechanics are, and

the technicals, and what it is trading against and what are people looking for the psychology is right that it is a self-fulfilling kind of the prophecy in terms of it rising the more we talk about a it, and the more that people are aware of it, and maybe i should buy some bitcoin, and that is driving it mort than anything else, and i have still -- it is a mystery to me ultimately. so where the technicals are high and low, and who knows. >> and andrew, just remember -- >> go ahead. >> and so, while yellen is skeptical about bitcoin and concerned at the same time, you have gary ginsler who is biden's pick about the s.e.c., and he taught a class about bitcoin, and so there is uncertainty, and it is going to be important to see how it plays out between ginsler and yellen. >> and stay tuned the, because there is a power lunch where

michael saiysaylor is going to discuss his big bid. and now, stay tuned for that one, but meanwhile, hollywood was streaming the gain, and this year could be different, because this year, paramount turned down netflix and apple when it asked to buy "top gun, maverick" believing it is a huge box office hit for them of course when and if they can get to the theaters and it begs the question, streamers versus studios and the domestic revenues sank last year over 2 billion in to 19, and why don't they put it into new paramount plus network >> well, andrew, they certainly think they won't make as much money that way, and i would say it is not a question of whether it is streamers versus studio, because the streamers and the studios are one in the same in many situations, and disney has disney plus, and putting a lot

of films on disney plus over the next couple of months and the issue, andrew, it is streamers and studios versus theaters, and when are people getting back into the theaters in any meaningful numbers and we saw the james bond movies delayed, and it is the first one delayed until october because of covid, and so the expectation now is that we won't see the audiences en masse going back to theaters until the fall, and that is when everybody is going to be watching, and andrew, the hbo max movies, will they see them in theater when they are available online and that is everyone, studios and streamers and theaters and everyone is going to be watching closely. >> fascinating. new topic for us, lawmakers are fed up, and boy, they are fed up with the food delivery fees and i am, too, and the new york senate passed two bills and including blocking any fees totaling more than 15% of the

order as some restaurants claim, and rightly that they are seeing a big upnick the service charges and some are claiming that 15% of the bill that you are getting is actually from doordash or uber eats or whatnot, and how is this changing the game >> a lot of the restaurants are hurting, period, because of the pandemic. we used to, and when we ordered out, we would call the restaurant first, because they actually make more, and hold on to more of to ticket once you order directly from them, but when the pandemic hit, they had to let a lot of the delivery guys go, and worked for uber and grubhub, and so, then, if you c called the restaurant, they went through doordash and they were held hostage, and so with the potential bills coming into place, and they had to curb how much they could charge the restaurant for the delivery fees, and hopefully that going to help out the restaurant, and again, like these delivery guys,

they are low or no margins in a lot of the cases for them as well. so i think that it is another case of will they be able to get enough sort of subscribers on one end meaning customers as well as restaurants at the other end to get to that or make up for the volume, because it is ultimately a volume play for these guys. >> fair enough. michael, the question is that you want to own the stock, and if the law is coming at you? >> not really. what is fascinating is on every side of this transaction people are unhappy and thinking that they are getting the short end of it. the restaurants feel they are paying too much, and the customer is rebuffed and the service people are not getting enough, and so it is inexpensive meals at a low margin to begin with, and doordash has done great, because of the hot ipo and we will see fit continues once they have to really prove that this business is going to be able to thrive long term.

>> what a rapid fire, and thank you all, and mike santoli and julia boorstin, and ed lee from his living room. and meanwhile, we will talk to the mobile game, because it is live in michigan for about, check your watch an hour and a half, and it is not the expected names like draft kings and mgm and contessa brewer is going to join with us that story. contessa >> yes, michigan law mobile, and not just sports betting, but igaming. they issued 10 licenses and some of them not just brick and mortar, but tribal as well. i wanted to mark wynn's entry here, and they are now live in three states after an $80 million investment last fall in bet bowl, and like the competitors they are applying for licenses elsewhere like virginia and sport betting

launched live there yesterday but only by fandual who got the partnership with the washington football team, and this like the wild west and the stake your climb with the them thar hills, and with me is the ceo of penn gaming, and so i am looking at the stock here, jay, and it is up almost 330% over the last 12 month, so do you still think that there is gold in them thar hills? >> well, contessa, we launched as andrew said in michigan and this is state two for us at pen, and barstool sports, and so we are in the first inning and celebrating launching being live in ten states this year, and excited about michigan, because it is the alma mater of the barstool founder dave portnoy, and they are hangiing out in

bricktown casino this weekend, and this is state two, and so we can compare how is it going so far versus how pennsylvania went, and we are off to the great start in the first 90 minutes based on the update that i got a little bit ago. >> okay. so you are launching the barstool sports app and noti-ga. i've said a lot where the real pote potential. >> well, we're working on until full integration it's not months ago, probably a week to week and a half away, we'll definitely have it live before the super bowl. >> fanduel i mentioned out of the gate in virginia how much of a disadvantage does that put you. >> it would be great to be first. we have a pretty scrappy partnership. we're usually the underbecauses.

we launch a year and a half after the go live date we went quickly to number three in the market. in december we actually generated more revenue in sports betting than anyone else in pennsylvania, three months after the launch we're ready for the challenge. we like to be first, but it doesn't always work that way >> jae, you mentioned that revenue, but you didn't have the best handle. instead what you had was incredible pull that got a lot of attention, because it was a lot better hold than your competitors, a lot better than historically is that a trend we'll see continue >> hold, it fluctuates month to month. you look at the first month of launch, we didn't make any money. it worked out for us in debt, we got lucky, we held well overall.

our handle did increase, though, so if you look at handle, we had our best month on market share, growen into the teens, so anyway you look, it was really strong >> i want to talk about what comes next finally the governor has surrendered his opposition are you going to make a play there? and what's coming next where is your next go live state? >> well, look, new york is very fluid right now. as you mentioned, i think the good news is governor cuomo made it clear this is something he's really looking to bank on for budget purposes. he had been resisting online sports betting up until about a month ago. some lawmakers submitted a bill right after governor cuomo came out in his support of sports betting, maybe doing it through the lottery. the lawmakers said they would prefer it to go through brick

and mortar, and through casinos. you should assume we are working hard on finding our way into new york and we have some really interesting opportunities, so stay tuned on that in terms of what's next, look, texas, they're having a conversation about expanded gaming in texas, ever. they're not only talking about land-based casinos, but a lot of moment actual between the racetracks which we own through a couple joint ventures, sports ownership groups, sports teams and the leagues, so it looks like there's momentum in texas, ohio, massachusetts, and we operate in most of these states. so we're excited for what might come or way. >> well, congratulations on michigan i know we'll hear move about this earnings in a couple weeks. andrew, everybody's got their elbows out in this space they're really trying to stake

their claim and mark out their territory. >> it's a remarkable thing to watch. con contessa, thank you. fascinating interview into another area the new administration is also prioritizing is inclusion and the environment. investors have taken note, sustainable energy etfs are up dramatically the administration also asking the labor department to -- makes it more difficult for retime investors to access the sustainability space jason has been helping investors try to find companies that match those priorities, the ceo and founder of lennox. one of the things everybody is struggling to do is figure out which portfolio or etfs and approaches make the most sense, not just for esg aspects, but

for the returns aspect >> thank you for having me, andrew >> one thing we can take away from the first days of this administration is the intentionality that president biden has sort of shown right off the bat, from the selection of his vice president, who is a woman of color, the -- assembling a very, very diverse cabinet. if we look at what the president has done beyond the words and rhetoric, we see indications of a real focus on impact so, you know, if you look at the federal government even, with $800, $900 billion of pensioner assets, i don't think it's reasonable for this administration to press hard to see how impactful the dollars are in the way they're allocated. that of course will nines how the managers structure products

and portfolio, including the environment and, you know, diversity, equity and inclusion. >> do you have any concern that all the reratings of these stocks -- and probably tesla is the greatest example of it -- that perhaps we're in a bit of a mania around this? it may be a long-term trend, but the prices have actually moved too far? >> it wouldn't be unreasonable -- this isn't the first time we're talking about impact, you know, in the esg space. it wouldn't be unreasonable to, you know, have some form of skepticism andrew, i will admit that some of our allocating clients do approach the esg space with some level of skepticism. beyond the words, i think it's important to look at what is actually happening, what are

people done? we're a fin tech company we have seen in our business a dramatic increase in the allocators, and investors that are looking for quantifiable evidence of performance through a social lens, and tracking things like what is the diversity, equity/inclusion of corporate boards and teams so i think summer 2020, candidly, i think george floyd was an inflection point. people are looking at this with a level of seriousness and measurable accountability that i think makes this a bit of a different space. >> fair enough jason, we appreciate you joining us today thank you so very much we want to thank our viewers for joining us at well that does it for us here on "the exchange." "power lunch" starts after a quick break.

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welcome to "power lunch. i'm morgan brennan guy adami will join me for the hour in just a minute. first, here's the 2:00 takeout biden's defense secretary confirmed just hours ago, plus the president invoking the