once and for all once we do that >> and blizzards >> and everything else >> yes >> warm weather. yeah everything just got to fix all that stuff once and for all >> that's right. >> let's take a very quick check on the markets >> andrew, i miss him already. >> good news for you, he'll be back here tomorrow morning with us all three of us are going to be here tomorrow morning once again. we'll see you then right now it's time for "squawk on the street" good tuesday morning welcome to "squawk on the street." coming off the s&p's first gain since september. further gains today as the red dit rally fades, attention turns to earnings. stimulus and more assuring covid trends the retail mania reversal, shares of gamestop, amc, and

silver falling sharply before the open >> as the speculative feeding frenzy zi eases u.s. stocks. they're set to rally and so-called productive talks at the white house, but can senate republicans and president biden close what is still a trillion dollar gap in what they want for stimulus? carl >> all right, guys let's get to it, jim we mentioned some of the reddit trades down in the premarket taking out lows from the middle of last week vix below 28 and oil above 55 for the first time in a year >> yeah. this is great news for the vix we needed that to start going down while the market went up. that's more normal it's interesting that oil going up, even though first world demand is going down, i'm sure we'll talk about exxon, game stop issue, my nephew and cliff mason came up with a series of

things they could have done when they had higher stock price. they can still do it, but reinventing the company, becoming more of an exchange place like stock exfor sneakers. maybe even being a gaming palace they haven't done that they've been mum but, david, i'll tell you one thing about gamestop that's been missing the whole time they are incredibly nice >> okay. you've been talking about this possibility of them having sold stock to raise a good amount of money to perhaps redirect the strategy of the company. they haven't done it yet we'll see. but jim, we've been talking about this now for more than a week let's call it roughly a week there has been little data as to where the stock i think would eventually end up. the only question was how long it would take to get there >> right and i think, david, one of the critical aspects that you talk

about better than anyone on air was that there was a cost to be able to stay short it had a lot more to do with the ability of the hedge funds to have staying power versus a company that may be in more trouble, and david, you know, the actual toll on borrowing shares was high here >> well, not to mention, of course, the unlimited downside you have from shorting a stock it's something we can come back to and should occasionally to remind people. it's one thing when you buy ten shares of a $100 stock you could lose $1,000. but if you short ten shares of $100 stock, it's still unlimited. 300, 400, 500, that was the case with melvin capital which we pointed out many times a very rigorous hedge fund when it came to analysis, but perhaps not so much in terms of at least understanding the risk they were taking on by having so much of the float short, and the other

copy cat trades taking place in the market as well with shorting gamestop they're not here potentially to benefit from this fall a number of other hedge funds maybe, jim, in terms of the short side, but we pointed out when the short dried out is when this is more of a concern for those who had decided to buy it with much fervor >> right and carl, one of the things that i think people have to get away from is the idea okay, what gamestop -- what's the next one? well, is it, say, amc? no the ceo announced he has an at the money offering is it american airlines? no is it bed bath and beyond? no is it some of these stocks like a virgin spac? churchill four, these things are not short squeezes that's just excitement but the idea that you could find a gamestop, i've been looking and looking for the next gamestop, something that people

could run with it's hard, carl. i can't find one >> yeah. it's fascinating goldman has a greatnote out this morning from jeff curry talking about why it's basically near impossible for reddit traders to corner, say, the silver market the way they did back on silver thursday. we'll get to that a little bit later. i want to get to you, jim. uber is buying drizzly for 1.1 billion in stock and cash. the leading on demand alcohol in the u.s. will be integrated with uber foods jim, we know what's happened to at home spirits consumption in the past year, and i guess this is a comment that that's not going to change any time soon. >> this is so needed, obviously. i own two restaurants. one is a bar we are -- the word is moth ball. why is this important? our money is made on alcohol it's not made on food. the way to be able to make money

at a store or restaurant in new york city or other places, you've got to get people in to buy the taco, and then have them drink. obviously we're restricted to only having 25% capacity if you have drizzly, you'll be able to have a better way to send liquor with the package are there state and local rules? there are issues but there was such a thing called cuomo fries that was new york. order fries and you can get the liquor did we do that we did what was ever legal, but without liquor, we lose money on every delivery, because the delivery charge wipes out most of our profit. >> we'll talk to dara and cory about that that's coming up i think in a few minutes. you know, more broadly, jim, we do have jpmorgan had a chart out yesterday looking at decent up

tick in open table seated diners in states like california and texas. and certainly the governor hopes to have indoor dining in new york city come back around valentine's day. >> you know, you have to use the japanese model it's not talked about enough the way you measure if your restaurant has so much covid is a carbon dioxide measure if there's a table in the back and people are smoking, you're going to get it forward. if that's the case, you're exposed to covid unless we figure out air flow which is ventilation, we're not doing anyone a favor it's time to put it back in force. i know i would not go to a restaurant if there were not proper air flow. even if there were 25% and i own restaurants. so i may be my own worst enemy

i like to be prudent the goal is to make people safe. it is not safe if there's improper ventilation and people who don't believe that do not believe in science >> that said, jim, we are at a point here at least where i think i'm starting to sense where market participants the hope that we have turned the corner when it comes to the virus. and we all know about the variants that are out there that are scary, to say the least. but we also know that hospitalizations and new case counts continue their decline, and we hope the deaths will soon follow you do wonder about the reopening trade coming back and being sort of more to the floor yet again in terms of the minds of investors >> well, look, i have chipolte on tonight maybe they can tell us they have indoors and outdoors they've been an extraordinary performer during this period yes, i mean, yesterday i had mark kasper, he's the king of

the pcr. we're making unbelievable strides. dr. gottlieb talking about antigen tests. all the things show there's more of aneffort by public and private, what david tepper is doing in north carolina. i think it is coalesce enlt. we want to be careful and want to make it so we rely something we haven't done in this country, david. rely on the success of other models around the world of which japan has been at the forerunner of this, taiwan second it's time to become less z xenophobic and -- that will determine if we open the restaurants. >> u.s. cases down week on week for 21 consecutive days. and at this point we have more americans who have been vaccinated than have actually had covid.

a milestone that we hit yesterday. we'll take a break here. plenty to get to a lot of earnings. ups, pfizer and others and we'll talk to dara and cory from uber and drizly when we come back you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq

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moments ago an announcement to buy drizzly for 1.1 billion

in cash and stock. joining us the co-founder and ceo of drizzly cory rellas congratulations. good to have you with us >> thank you good to be here. >> thank you >> dara, you point out in the release you've added groceries, prescriptions, and now alcohol talk to us about the deal and why now. >> well, for us, as you know, uber eats has been an increditingly successful part of our platform before the covid hit us, the virus hit us but during this time, our delivery business has been growing at extraordinary rates and we essentially want to double down. we double down on grocery and now we're doubling down on the delivery of alcohol. drizzly is by far the leader in the space. they have grown quickly, but they've grown the right way and we think by putting them together allows drizzly to

essentially continue to extend it lead as we put drizzly in front of the incredible uber audience we think it's a win/win. a win for uber because their audience gets access to delivery of even more things to their doorstep and it's a win for drizzly, buecause their audienc expands immediately in a very big way overnight. >> we were talking about inhome spirit consumption as we've seen the wallet shift away from eating out and drinking out. can you give us a sense of what gross bookings have been like for the last year? >> it's been an extraordinary year covid obviously fuelled a level of awareness for the consumer side that didn't exist, and the industry followed suit as well so between that we had over 330% growth last year, and we did it prof profitably that was fuelled by building the infrastructure over the last eight years waiting for the industry, trying to build the industry to catch up to many

other categories coming online at a faster rate we think it's nascent in what it can become, but we are incredibly excited about the acceleration over the coming years. >> dara, i have to thank you you know we can't make it out alcohol in restaurants and you know there are different restrictions in different cities we were selling alcohol if you order a margarita. we'll deliver it to you. obviously our restaurant was shut down like everybody else, but i want to know can you go through this incredible nest of local regulations because we've been afraid historically to sell liquor to people underage, to people overserved. we don't want that liability at the same time, we want to do priority delivery that you introduce that could give us a little bit extra bigs because we need the alcohol to stay alive can you help me on some of these questions? >> yeah. absolutely i think one of the unique

histories of uber is that we have been locally regulated since we were born essentially as a company we're very familiar with and comfortable with the myriad of local regulations all over the world, not just in the u.s., but outside the u.s. as well so we've been comfortable within a regulatory environment of building systems that can operate at scale but also can be customized so we can following local regulations to the letter. to the t and what impressed us with drizzly as well is the drizzly founders, the team from the very beginning, wanted to innovate in the right way. and they have worked with local regulators and they really built drizzly the right way so we can be confident going to merchants, whether they're alcohol or restaurant merchants, letting them know we have a safe and effective way for you to sell alcohol which is incredibly high margin to an expanded audience

we check i.d we're using the same technology, for example, that checks to see if drivers have their masks onto essentially go out and identify the buyer of alcohol and make sure that that buyer is of age i think we built an eco system that can scale and we built an eco system that can scale the right way, safely. >> well, that's terrific that's what i need to hear cory, congratulations on the deal one of the things i'm concerned about is what can be in the package? we currently use a competitor of yours. why? because we were a shop that got bought by door dash. what is the mo here? can you give me more assurance if i use the drizzly uber combination than if i use the other guy? you know what we care about. we care about being put out of business we're not going to be put out of business by customers. we're going to be put out of business by regulators the you give us assurance with f we use uber, it might be better than using the other guy >> well, i hear you, jim

it's something we'll definitely consider to go back to drizzly's founding, we've focussed on the off premise side grocery stores and chains. and that's where we focussed on the consumer experience today. the on premise site is recent. it's opened up where it's an engrained consumer behavior. there's validity to it that's something between our category and uber's brand awareness and the food scale they have, putting that together is something we should think about it in the future, and to your point on competition, i think it will all rely on the consumer experience and what we need to build going forward. >> i would assume getting liquor license is a gaming issue. how many are you seeking right now and how many do you have >> we have zero liquor licenses because we were founded on the idea that we're a tech nothing provider to the three tiers and

respecting the intent of the regulation that allows us to work across the three tiers and bill technology for retailers to bring their shelves online, allowing consumers to shop across them and allowing people to have the price transparency you can get relative to shopping at one store it allows us to think about how we bring brands closer to consumers. the story telling and leveraging that to grow the consumer awareness of the space and also it's a social category the more we can bring consumers and brands closer together in a regulatory compliant way, i think that's going to be the key to unlocking the next level of growth >> okay. understand it a bit better now you're going to be taking over 90% of the consideration uber stock. why did you choose to sell the company at this point in your growth cycle and why are you confident taking uber stock as largely most of the conversation >> it was an interesting time for us we're doing well in growth rate and profitability and balance

sheet. when we thought about the drizzly vision, we thought about how we accelerated past where we are today. it's a nascent category. less than 2% online for e-commerce, maybe 4 % today. there's nothing holding us back from being 15% or 20%. we brought technology to meet the regulation now with uber scale and their logistics, you put them together, i think it's powerful. we need to execute given that proposition and given what we know we can build going forward with a combination of the two, we absolutely want to stock because we're believers in the story and the value we're going to create toward that shared vision of receiving everything within a couple hours under the uber platform. >> dara, finally, i have a t two-for to close us out. we've been talking about vaccination trends and the economy potentially loosening up are you seeing that on the ride side and then lastly, people wonder with drizzly can pot delivery be

that far behind? >> i think as far as opening up of the markets, we're not seeing material signs of opening up as you know, this crisis continued much longer than most thought. the great thing about our position as uber is we're sshlly hedged as cities stay closed, we don't want that to happen. our delivery business gets bigger and bigger and we continue to acquire customers and kind of take advantage of the acceleration of delivery of all things to your home. and when markets open up, and they will open up, our mobility business is going to take off like a rocket ship and our mobility business is the real profit generator of the business we're in a unique circumstance why i am hugely rooting for society for things to open up, we can actually thrive either way, and i think when you step back and think about the vision of uber, you know, if amazon owns the next day, uber can own the next hour.

any place you want to go, anything you want to get within the next hour, if you want it, that instant, gratification, uber can be there for you. that's a unique position in the marketplace. >> and finally on cannabis, could that be next >> i think it certainly could. i think that we're waiting for federal legislation to fall into a place where we would feel comfortable engaging in cannabis so for now, we've got alcohol. it's been a business that's been around a long time we're very comfortable with the regulatory field and we're going to focus there never say never with cannabis, but it's certainly not tomorrow for uber >> guys, really appreciate the time fascinating deal it's good to see you both. we hope to see you soon. >> thanks for having us. >> thank you >> on uber and drizzly today we'll get to some earnings pfizer and ups, hog, and others ahead of mazon and alabphet futures are green. we're back in a moment

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gamestop now down 39% free market amc down 28. gamestop not quite to thursday's low. intraday low of 112. we'll watch that wn hewe get the opening bell in five minutes

let's get to a mad dash as we count you down. a lot of earnings thirngs. i want to talk about exxon mobile when we get to the opening bell an important confidence call ups another that reported earnings i know a focus few on the mad dash >> yes i have carol on tonight. she's a terrific ceo of ups. she used to be the incredibly

former formidable ceo of home depot. the numbers here are extraordinary. international segment package of 29%. revenue up 26% domestic average daily volume up 1.8. the numbers were well ahead of expectations they're very much in control of their own destiny. the fact they're only up 7, how much can it go up in one day domestic yields were up more than cost. the company is a new company, and there were so many people who were betting against carol sometimes you have to say to yourself, you know what? there are people who are such good operators that they can execute. she's an excellent operator, and that shows why this company had such great numbers and a fantastic team ups is -- operates as a team and they came through for the holiday season >> yeah. well, the stock has shown that of course, 12 months, 51% going

to be adding to that this morning. and carl, of course, as we get ready for that opening bell, we're keeping an eye on a number of earnings, alibaba, exxon mobile we'll get to those in a moment >> yeah. as we get the opening bell here. and look at the s&p. we're going to start at 37 $.73. pfizer did raise their guide estimates 15 billion in 2021 covid vaccine sales. >> yes i think people would say why isn't pfizer up more this is the problem we had last night when i was speaking to mark kasper. he was unwilling to be able to say the incredible numbers we've had, they're the gold standard pcr maker and vaccine maker including mrna the technology he was reluctant to put up a big number say, listen, we're going to be able to duplicate that the reason pfizer has a big number and people aren't pieing it aside from the fact that they

had a miss in some lines is you really can't decide, i don't know what david faber was saying earlier, how long is this going to last? when j&j comes up with something that could be 100 million, 500 million, we don't know how much they have, and it's one shot, it makes it so it's very hard to predict how much pfizer can make going forward. and i think that's why people are looking at the stock and saying, scratching their heads, but they shouldn't that stock represents the issue of a company that is really hostage to the pandemic growing. >> yeah. i guess so but let's not forget they have a broad product portfolio that's not dependent at all on the progress >> they do they do. >> yeah. >> but, david, they're not j&j and they're not eli lilly. and you know, look, i like them. and i think they do a terrific job, but again, we're really stuck with a company that's been doing a lot of financial engineering and who knows better

than you about what pfizer was trying to do at one growth point when they were stymied about what to do next in. >> you are correct they certainly looked at doing an inversion of course, remember, for quite some time. any number of different deals. when they did the mylan transaction, and you're right. until running into sort of the positive, it's one positive, i guess, from the virus as a result of their work in the vaccine. they've suffered through a number of different things speaking of suffering, guys, i did want to as we watch amc shares and gamestop shares declining sharply in the first moments of trading, i did want to get to exxon mobile while we certainly will not forget the last week in terms of what it's meant for the market and these names, i do think when we look back, we'll probably look back at the announcements from the likes of gm and what we expect this morning at least in this conference call that's just beginning from exxon mobile is perhaps more momentous and more

important. and here i'm talking, of course, about really what are the development of a new industry or one that's just in its early stages namely, ev the changes that are being wrought in auto manufacturing. and in those who supply the fuel for those automobiles. and there you get to exxon mobile it reported earnings this morning. it was a large loss. a lot of that is right down that we talked about in the past. i want to focus people on darren woods, the company's ceo this morning. it's an important conference call that he will be leading and it's sort of a different exxon mobile in some ways. there's going to be as you take a look at the loss and the cap exspending they did where they are -- cap excontinues to be a focus for the large investors in there. de shaw didn't nominate directors but we have a new director today his name is as you see at the end, juan.

you have the creation of low carbon solutions businesses and the 3 billion they'll invest even more importantly on this call, it's my understanding that mr. woods is going to try to send out a message of a level of accountability and being more shareholder friendly to a certain extent more transparency in a way obviously they will talk about the dividend which they are remaining remains sacrosanction. debt payments, operating expenses, cap ex things of that nature. jim, those guys were like emperors it was like the kremlin over there. you didn't really know what was going on it's a different exxon mobile. we'll see if this new board member makes a difference. but there will be likely another significant board member coming and they did give note to this in their press release as well saying that in the near term, they continue to look at potential directors and in the

near-term, they expect to have more news on that front. fascinating to watch the transition here. take a look. that's what they said. discussions with other director candidates, a range of skill sets for potential addition to the board, and they went onto say that's something that will -- they expect to take in the near term. so i did want to focus people on exxon mobile yes, gamestop, incredible. but that announcement from gm last week, the moves exxon mobile is making, these are things we may remember for many years to come. >> yes david, look, first time we talk about exxon first loss in 40 years. the old days i would turn to the sheet that they put out and talk about production growth. and production growth was okay oil liquids up 2.3 a million versus 2.4 that's not bad last year natural gas a little disappointed what's amazing is what else did they put out that they're meeting generous methane reductions they're talking about -- those

are not the things you put in a release during a trump administration, but when you're trying to get people to say you know what, are they working on carbon capture, it says maybe it is a new exxon is it? look, any stripes can change, but were you ever right? exxon was always the company that had the 50-year plan. it's mike worth at chevron that has the plan that oil is a bridge fuel, but you mention mary vari today. i spent some time talking with mary david, gm is not waiting they're not going for the 2035 bridge fuel. tesla isn't. there's a race against time and esg. can they race against time david, the love and the amount of money that this market is willing to give to ev tells me the clock is ticking even for

exxon. >> yeah. and we know, of course, when it comes to ev, that is another area of great fervor for many investors including the people that we -- well, that jim refers to as the merry men or the -- i don't call them retail as much the active traders that are out there these days that are taken with the prospects of so many of the companies that are going to potentially participate in the new and very much growing part of our economy whether it's the battery makers or the car makers themselves or so many of the different components that go into it and, man, the spac thing, carl, just continues at pace i'm sure you've seen some of the announcements this morning >> yeah. there's some familiar names on the spac front today which i think we'll get to in a minute quick, we have a halt on gme we've back to volatility pauses in trading there. on the ev front, jim, david mentions exxon certainly huge news

i saw yesterday adam jonas and morgan stanley took tesla to 880. and then nxpi, i know you would have mentioned it otherwise, but huge tail winds in mobile and auto >> it was good read my stock trading. you front me nxpi is one of the stocks i recommended. to be able to play -- nxpi, very linked to auto auto is coming back. i have norfolk southern on tonight. auto is coming back there. one of the reasons why it was, as you know, was it got caught up in some incredible takeover chatter that made people feel like it was done obviously, david, nxpi was never done they except engineering. they're looking like the number two player now when it comes to internet of things to sky work solutions. congratulations to the management team. look at that stock isn't that better than owning --

i don't know, let's say a company that sells a hard xboxs? >> or the games that go in them. you know, it is funny. of course you say caught up in takeover chatter they were supposed to be acquired by qualcomm qualcomm probably regrets they waited and waited and finally pulled the plug. and you may recall in the runup to that, i think it was 127.50 was the final price they agreed to it does give you a sense that it is not in the best interest of the shareholders for the board to decide to sell the company. it did trade well below that for quite some time, but it's $180 stock roughly right now, and it's fortunes seem to be quite strong guys, i did, as we take a look at amc shares -- jim, sorry.

>> well, there was a fellow named rick who ran an xpi. i became close to him. he said listen, we're thinking that autos are going to boom and one of the things that he did was he didn't say cell phones they do have cell phones they have a communication that allows you to use touchless when you buy something on your cell phone. but he said autos are going to come back and we're going to own autos. you know what? no one believed him. but you're looking at a chart of a man who said industrial semis like texas instruments, like analog devices are the future. you have a skyworks saying it's 5g in other parts but iot is good it all worked and i salute the semi conductor companies who did not take their cue from intel. they took their cue from worldwide business trends. so smart it's not like the old days these are not just a bunch of commodities in the smh they're very good companies. >> right yep. >> and again, carl, we're keeping a close eye on shares of gamestop and amc two of which

went up to extraordinary levels. almost wiped out a major hedge fund certainly took significant losses from a number of funds. although, the month perhaps was not quite as bad as many feared it would be broadly speaking for the hedge fund community, but it forced melvin to rise, what, almost 3 billion in capital. and robin hood all kind of from the same trades that was focussed on game sstop we see it there now approaching new recent lows. carl, another area we've been talking about on our show in terms of at least the focus that jim focussed on in the reddit wall street bets area, robinhood trading platform is spaces those that require a merge with an ev company. i wanted to mention today, did you guys see we got a new spac from wilbur ross we're looking at tuesday

jim, did you see wilbur ross 83 years old he's launching a new spac. larry kudlow is on the board they got that. yeah then you got mullenberg the boeing ceo launching a spac. >> yeah. >> obviously omari ishrock i could go on and on they just hit my inbox every five minutes there's another announcement, either a new deal, a planned deal, or they announce their transaction. but jim, it just continues we have two indexes now. we have one that tracks the spaces after they price their own deal but before they announce their merger candidate and then we have an index that actually tracks them after they

announce their merger candidate. jim, they won't let me do anything but look at gamestop back in the control room, i guess. >> i think the spac issue is going to become an issue right now everyone is making money off of them. i look at them as fantasy football they're fantasy players. we know wilbur ross, can he deliver? is he goff is he tyreek hill or someone we should have cut in fantasy in other words, it's all at this point a big name game. i know people are getting excited about bumullenberg, he used to run boeing at a certain point business models matter. when that comes about, you talk about do the rocket -- are they better than the ev ones? which might be better than the personality ones do i like it it doesn't matter whether we like it, but what i don't like is that when you see so many of these, you know where this does lead i say things like that, you

know, david, people say old guy, whatever but we know. we don't want to get people hurt gamestop at 300, how you doing there if you bought that there >> yeah. >> yeah. stunned silence on the part of david. >> no. yeah you're not doing too well if you owned it last week again, this is something we talked about i know, and jim, we get a great deal of criticism. we take it in stride i guess we're dinosaurs, but we've already recognized that. they had a good run, the dinosaurs. i think we sometimes think of them as failures, but they were around for hundreds and millions of years that's a lot longer than we've been around. >> they ruled the world. >> i don't take it that badly. >> yeah, guys, gamestop 103. taking out last thursday's low of 112 last tuesday's low was 80 and

last monday's low was 61 so still a ways to go before it erases some of the crazy gains it's had over the past few weeks. take a look at the bond report this morning in santelli's absence. we'll see how treasuries are fairing. yields rising across the board covid relief package talks are in focus after the meeting between gop senators and the president last night data shows the eurozone economy attracts .7 in economists did expect a drop of .25 we'll look at the dollar index as well. we see risk across asset classes around the world we're back in a minute sometimes, you want speedy but reliable. state-of-the-art but dependable.

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to have one titled "the anti-social network skts we don't know how the third act resolves here. >> no, we don't. and i know there will be alternative endings. i do feel that people like cop shows and they like hospital shows. they like fire shows they like the movies can this be an intellectual take that makes it so people get excited? you know what? i think that there's kind of an id logical rift in the country between rich and the poor. maybe they'll get a kick out of it will i watch it? maybe i'll be in it. i haven't decided yet. david, we are in some wacky world. you know, we're so used to being boring i guess we ought to take advantage of when we're exciting huh? >> i suppose i don't know yeah it's been an interesting time. listen, i still occasionally get a check, carl, from wall street

two or three, i forget which one it was so if they want to make movies, i'm all in great. hopefully we can play our roles. >> well, david, you had such -- some very good roles in movies >> yes >>yes. >> were you margin call, david >> i think i was, yeah or arbitrage but, of course, the great was you in "iron man" and you didn't get paid. >> i got a hat i thought it was going to be a failure. everyone else made hundreds of thousands. i got a stark industries hat i was so thrilled. i may be one of the most ill advised people about movies. i like to be brought down by my colleagues better than the people who hit me on twitter who don't know me that much. carl, the 1.5 million friends on twitter were very valuable last

week when i was sick many weighed in. >> in a good or bad way? >> bad, of course. i was part of a vast conspiracy to keep gamestop up or down. a vast conspiracy against the regular investor a vast conspiracy in favor of the short hedge funds. here is the vast conspiracy i am part of. the vast conspiracy to keep my wife happy because i am at home in brooklyn. she is showering right now i am sure she likes that bit of information and i have made her life hell. i have to difeliver what i shoud be delivering on the show. >> yeah. >> it's life as we know it right now, guys. >> yeah. >> trying to go remote three ways here from three different location the delay. hopefully, it's something we don't have to deal with as we get more and more of the country vaccinated we will take a break here. best two-day gain for the s&p and nasdaq since basically election day we are back in a moment.

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the economic reopening trade is definitely in play today.

disney is leading the dow. amex and visa not far behind on the s&p top five gainers include both mgm and live nation we will see how isevop quawk on the street" is back in a minute.

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let's get to jim and "stop trading. >> not long ago took over palo alto networks. put millions to work buying his own stock. should he have done it absolutely today the stock hits all-high. why? this morning's credit suisse saying they have the great on premises and cloud approach. if you are stuck in the skyscraper but you want to be in the cloud, paolo alto might be the place. the winner may be palo alto. congratulations for a transition that many people doubted he could make and he accomplished it well done. >> jim, you are also going to have amazon and google alphabet to kick around tonight expectations going in the print? >> i think that, boy, these have run a lot, alphabet at an all-time high. amazon not that far. i, obviously, like a little more give amazon the numbers are all over

the place, obviously that's one i think people will say was that just the nesting trade? i don't think it was i am looking forward to speaking tonight, by the way, to carl tome, u.p.s. northbrook southern about general industrial trends. and the man of the hour. chip olt tay is making as much money preas post because they figured out technology brian nick sl aious. i live for what we do. i thank everyone, the executive producer, heather gaines with me, everyone has made me feel very at home it's a family. no one like david and carl because it's not easy doing this three-way thing and i'm enjoying it and love you guys >> somehow we get it done. it's good every time i got to say, jim. really quick, before you go. >> thank you. >> a fun strat last night. their point, if you get the vix

it settle down, now below 27, that's a sign some of the techtech selling is over and stocks will come to jesus on the good covid-19 trends that is why the disneys are leading today. do you buy that? >> yes, i do as david was saying, we were getting closer to an opening trend. the disparity between the people who have the covid and people getting the shots matters tremendously i think disney is one of the most undervalued stocks there is, and a lot of what's happening at disney is a recognition that when they are able to open, you get $200 that's going it happen, carl i really do. christian mccarthy, what a great cfo. >> a big story jim, see you tonight busy day on the earnings front "mad money" 6:00 p.m. eastern time good morning, welcome to another hour of "squawk on the street. i'm carl quintanilla with david faber and morgan brennan best two-day gain for the s&p and nasdaq since early november as you got the vix getting

lower, oil would have 55 disney, mgm, some of the reopening trades definitely in play our roadmap begins with the game stopped. shares of gme, atm and others on that reddit squeeze plunging as that trade remains volatile. >> plus, we will talk about the hedge fund response, particularly to what's going on with short sellers kyle bass will be our guest. he says this isn't investing this is insanity. >> and emergielon musk's first r all-civi all-civilian spaceflight a busy day for space, carl. >> it definitely is. and we are going to get to that. starting with guatamestop. trading limits remain in place with many brokerages joining us is so, carl rosner, o of less terrace, acquisition corp thanks for the time this morning. >> thanks for having me.

pleasure to be here. >> i am not going to ask you to pontificate on near-term stock swings or price action, but i wonder if it feels to you, given everything you are seeing, that this fever is somehow breaking >> so i think we have to be a little bit cautious in terms of fever breaking with gamestop is appears that some of the errorair has come o the balloon. in terms of the guest you will have on later, this is not investing, this is inante. i think it's investing in sanity you have some folks out there fighting for their cause and doing what they believe is right and taking some of the losses that you are taking today, yesterday, and on friday in terms of the just dow dropping in gamestop. others, for others, it's their investable cashed, hard-earned money and they are sitting with having put $100 in and looking at 20 or 25 bucks in their

account. that to me is the problem we have to solve. we have to figure out how to protect those folks. >> we now know that house financial services going to hold a hearing on the 18th. i think we expect to hear from vlad at robinhood. do you think anything constructive comes from that >> so i will be a little bit temperate on this one. we have lived through this before you look at what went on with flash boards and some of the things, routing and flow and that whole routine i think having, using that for an understanding of the overall structure of the markets and what went on here, like what actually happened when they got that notification in terms of the settlement risk that was there, what happened in that how were so many people cute short? where was the risk management? where were the risk management systems? how did that work together

if we get an understand of that and the shorts in the background, how the whole, you know, the market making the situation behind it, how those market centers acted, if you get an understanding of the whole situation maybe you can address some of the rivgs that this actually posed to the little guy, right, to the retail investor who is going to end up suffering on the back of this. if we get information out of it, that would be my goal. >> certainly i think all eyes will be dplglued on that situat. investors put another $3.4 billion into robinhood in recent days. that's more than i think the company had raised since its inception up to this point is this investors looking to protect their previous investments? is this a vote ofconfidence given the fact that robinhood has been so downloaded and is really now a household name for better or worse, or does it speak to the value of its business, of the order flows given the fact that they are so heavily skewed towards retail

investors and younger retail investors? >> so to unpack that just a little bit, i would say they have an amazing system that provides a very easy-to-use user interface. ui/ux that i believe is really, really well done the retail investor continues to open new accounts and download it if you look at the data available on the downloading of the robinhood app, i think people are still streaming on the platform they have made it extremely simple for the retail investor to get into the markets place. so i think there is a lot of value here the other points are they needed that capital or the infusion of that equity to continue it operate, build their business and address some of the issues as a result of this. so the decision is kind of easy if you are already in that investment and you see how good the technology is and where they think they can get to. you wou want to shore it up and protect the company and protect the

investor base. >> carl, it's david. good to see you. on this robinhood question though, as somebody who has a unique perspective here, it appears that lot their of their money is made by the order flow, the likes of citadel and others. i understand the power of the platform, but it does also seem to be a calabpital intensive business i am trying to understand what the real business is there you seem to, obviously, view it positively >> well, i view -- let's step back for a second. what i view is leveling the playing field for retail investors as extremely positive. it was the premise that started e*trade way back in 1992, right. so we have been at this for a long time, trying to level the playing feel and give the retail investor access. that's full stop on that point in terms of payment order flow or the market centers behind this, that's not really where,

from what i can tell and what's available in the public market and what they disclosed so far, that's not where the capital need or liquidity crunch came from it really came from the clearing center saying that there was settlement risk that was involved that was greater extent than they had seen before because of the volume and enhanced unbelievable volatility that was taking place. when they saw the numbers come through from the trade reporting facility in terms of what was actually out there, there was a demand for additional liquidity. you have to, by the time those trades -- they are cleared on the back end. >> right. >> payment forward flows are completely different issues. go ahead, david, sorry >> yeah, no, i get that. i get that i guess i'm trying to figure out exactly what robinhood's business model really is in terms of their ability to actually profit because you could argue, carl, if they were a public company, and we watched this occurring in real time with the stock price reflecting the

difficulties they were having, it's unclear to me whether they would still be around. >> the one thing i would say is, from time to time, right, and it's one the reasons that i am careful about speaking in any negative tone about any competitors or systems out there on the street, from time to time all of the, you know, brokerages and the retail houses will have their issues, whether it's a technology outage or a slow down or routing problem we all go through the hiccups. something like this with the unprecedented volumes out there and the sheer volatility and magnitude, what i hope they will do, david, is look at this from a risk management perspective, sit down with ordering, sit down with the risk management group, do a full diagnostic, learn from it, build to address it and it appears that's what they are doing because some of the information coming our into the marketplace today is a lot more clear, at least they are trying to get out and communicate a little better with the street. >> yeah, carl, i mean i realize this has been a broad-based

phenomenal and certainly robinhood has been the lightning rod in many ways in terms of where the attention is going i wonder though, because of that, because of how competitive this landscape is among the online brokerages if there will be winners out of this in terms of increased market share or act to attract more more users now. >> that goes to the central question of trust, right, when you are dealing with someone's finances, dealing with someone's paycheck or hard-earned money and helping them invest it and saying it's simple and easy to use. if you break that trust, it's very, very hard to get back. so i am very interested to see sort of who are the players are who come in here and who benefits, if anyone. i hate to see folks benefit from others' stum brings, if you will, or growing pains but i agree it's going to be very interesting to see how this maps out >> we appreciate your guidance as always. hope to talk to you again soon thank you again. >> thanks again.

we are starting to get a glimpse of the u.s. house impeachment managers will say. for that ylan mui. >> the house impeachment managers have released their pretrial brief ahead of the senate proceedings against president trump set to begin next week n their document they will say that president trump's responsibility for the riots on january 6th is unmistakable. it says that president trump's conduct must be declared unacceptable in the clearest and most unequivocal terms this is not a partisan matter. his actions directly threatened the very foundation on which all other political debates and disagreements unfold now, in their case they will try to rebut several of the arguments that president trump is likely to make in his defense, including this process is unconstitutional because he is already out of office the brief says that history originallism and textualism leave no doubt that the senate does indeed have jurisdiction to hear this trial.

president trump is also likely to make the argument he was merely exercising his free speech the house impeachment managers call that argument a red herring. we are expecting to get a similar document from president trump sometime today we will let you know if and when we get it. >> ylan mui, thank you. the hedge fund industry is writing an aggressive response to the criticism amid the gamestop saga. eamon javers has the latest. >> we haven't seen anything in front of the scene so far, but behind the scenes i am told by sources familiar with the hedge fund industries's plans that they are readying a defense here, that they feel in the wake of this gamestop story they received so much criticism across the board on the internet and in the media and elsewhere that they feel like they need to ready a defense and they are putting that together now, out butting together a unified message from the industry. we can expect to hear that soon. here is a quote from one source familiar with the industry who

explained what's going on who said, a significant amount of time and attention will be spent working to explain the industry's story more cogently never has the need been more apparent what will that look like i am told that the possibilities include messaging to both the public and to lawmakers on capitol hill about the hedge fund industry, explaining in their view how hfedge funds benefit communities, the wide variety of approaches in investment strategies that hedge funds employ so that there might be a hedge fund employing a strategy that you don't like, but if that's the case, there is probably one employing a strategy that you do like. and a reminder that hedge funds didn't take bailout money. that could be in the cards as well here. so this is, you know, self-serving set of arguments from the hedge fund industry, but i think it's what you can expect them to roll out here in coming days and weeks. clearly, this whole controversy has gotten the industry's

attention and now they feel like they have to respond and defend themselves in public and on capitol hill guys, back to you. >> eamon, thank you. fascinating. it will be interesting to watch and listen there. speaking of hedge funds, later this hour, don't miss kyle bass he is a hedge fund manager who doesn't mind speaking his mind of course, has been a short seller quite often we will talk about the future of short selling with mr. bass. stay with us

welcome back it is now time for "etf spotlight. looking at the transports. ticker iyt the green again this morning up double digits over the past 12 months. what are the names pushing it higher today u.p.s. feeding on earnings estimates reporting a 21% jump in revenue to 25 billion touring the quarter marking a record for u.p.s. as it navigated unprecedented e-commerce sales over the holidays. put a lot of measures in place to do that and that, of course, was on top of the vaccine rollout as well the stock is up more than 50% from a year ago. it's up 4% right now jim cramer will have an interview with the still new ceo of u.p.s that's going to be tonight on "mad money" at 6:00 p.m.

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the reddit rebellion is shining a light on the millions of americans who were not vested in the stock market. robert frank has more on that this morning. >> good morning. well, the hope for all this retail trading revolution is that it will democratize the stock market, a market that has been growing increasingly concentrated in the hnands of a few. the top 10% of americans now own 88% of all corporate equity and mutual funds shares. that is among the highest on record, and it's actually above the pre-pandemic levels. now, the peak for broader american stock ownership appears to have been back in 2002 when 67% of americans said they owned stocks now about half of americans don't have any participation in the stock market or own any shares even if you include

retirement accounts. the concentration is especially high at the very top the top 1% now owns more than half of all stocks, and they gained over $6 trillion in wealth just since march. generationally, today's millennials are also lagging behind the median value of their stock holdings as about a third less than gen-x'ers at the same stage in life. you look at the disparities along racial lines, those are worse. the stock ownership by black and hispanic households is half of that of white households. >> that's where we start with the next guest thank you for that amidst the robinhood scenario, nbc-universal is an investor in acorn. noah, thanks for being with us this morning what are you seeing in terms of more people coming to your site

and signing on right now >> well, we have almost reached 9 million accounts last week, wednesday to thursday we saw a doubling of accounts and another doubling of accounts, new user accounts. we are seeing a lot of people coming in. obviously, they are coming in because of what is happening out there. acorns does not offer trading. we offer diversified portfolios of thousands of stocks and bonds. and what we try to encourage people do is not to think short, but to think long, and to own part of the entire american economy, the whole american economy trrather than a fragmen >> you are not in competition like the robinhoods of the worlds the retail frenzy we are seeing has been a tide that has lifted all boats. i am curious though what the millennial situation is. i mean, we have known that after the great recession millennials were skittish to get into the market and basically were not

invested in the way previous generations were are we hitting a tipping point where that is changing and if so, is the fact that we are seeing the air coming out of the gamestop shares, for example, right now, a real risk? >> yeah, over 60% of our customers are first-time investors, which is great. the thing that i am afraid of with what's happening right now is people are thinking a lot of about trading, trading short term, this frenzied activity and that's getting heightened by the news media coverage. this is like when the pandemic hit and the market crash and everyone saying the world is coming to an end, get out, and everyone got out you should stick with it and stay patient i hope the message gbecomes is diversification puts your money in a basket of etfs, which is one of the things acorns offers and let it sit there and be patient. if you want to play with 10% or less of your money and take

risky bets and invest in individual equities or trade or options, whatever you want to do, that's pine. but 90% of europe your money, pt into adiversified portfolio and i want to get that message out there. more than anything because i want people to know it obviously, we benefit from people coming to acorns, but that's for me, frankly. >> i am curious though because part of what i guess led to this moment we are in in the market right now has been those direct stimulus checks to people. have you been a beneficiary as well have you seen people put that money to work at acorns? >> we have over the last ten months when these things happen. we have seen increased contributions, which is great. since you can only contribute to diversified portfolios at across, that's a great thing we actually saw in 2020 a higher rate than in the past which means people were sticking with it, which i hope means that the education we are providing and

messaging we were providing about sticking with it, staying patient, don't pull your money out when the market dips, stay the course that applies to diversified portfolios, not necessarily individual stocks. i think that aim kay cross i am glad we saw people putting their stimulus checks to work in terms of putting their money into diversified portfolios. >> noah, you know, if we are in an environment where, obviously, a lot is being driven just by the meme we have talked about memes a lot. they sort of are hollow in essence, but i wonder if there is a way to harness that power and the virality of it and from that extend the lesson that says, look, it's not about how much you made over the past week, but look how much you made or someone might have made over the past five years, you know. so the heroes of social media are those who have made a decis decision, an investing decision, and stuck with it. >> absolutely.

when you look at the market overall and history, i always like to say every downturn in history ended in an upturn if you stick with it, it ends up paying off over time, 6%, 7%, 8% growth, it's not a get rich quick scheme it's a get rich slow scheme if you can stay patient and stay the course and when we have 100,000 new customers come in a short period of time, that's great. you will see a little bit more of a higher churn rate because people are coming for a certain thing. but it's our job at that point to educate people to the virtues of diversification of sticking with it, investing in the entire american economy rather than just a fragment of it. that's, hopefully, the message that is resonating for our customers who are coming for one thing and being introduced to another. >> yeah. and certainly that's loud and clear. it's diversified portfolios where acorns is concerned.

i am concerned if you are considering new offerings or new conve services given the fact that there is so much appetite out there right now. >> we are always doing that, but it's a value and mission orientation, what's in the best interest of the customer and what's in the best interest of the customer is to go long, stay diversified, benefit from compounding. you will continue to see us add products, but we think of acorns as the place you should put the majority of your money and go long so no risky bets. >> all right noah kerner, acorns ceo, thanks for joining us. >> thank you. as you saw, gamestop shares nearing 100. after the break, kyle bass is going to talk about the action in that stock, what it meant for those who choose to short single-name stocks and a lot more we are back in two minutes

here is your cnbc covid update at this hour. pfizer says this morning it's speeding up delivery of the covid vaccine to the u.s. with 200 million doses coming by may instead of by july the company says regular booster shots will probably be necessary to maintain the immune response and deal with any new variants of the virus new data published shows russia's sputnik 5 vaccine is almost 92% effective in preventing symptomatic covid in united states, 134,000 new covid cases were reported yesterday. it's the fifth day out of the past eight the case count has been below 150,000 one month ago today we saw the biggest one-day count of the pandemic with more than 300,000

cases. at a meeting today between japan's liberal democratic party, the head of the team organizing the 2020 olympic games postponed to later this year said they will definitely be held regard willess of the covid situation. back to you, david. >> that's good news for a lot of athletes who work kextraordinar hard thank you. short sellers, well, they have been running for the hills as the retail stampede and names such as gamestop brought them horrific losses. our next guest says the market will miss them he is kyle bass. he has focused on companies he believed were overvalued and in many cases, kyle, even frauds. frauds that you helped to potentially uncover. let me start with the simple question is short selling as we've known it dead? >> i don't want to be hyperbolic and say it's dead, but we have known each other for the better part of 25 years, and things

have evolved over time unprecedented amount of money being printed. you have retail traders getting together and kind of laser focusing on companies, and so i think the risk profile of being a short seller has dramatically changed, and i think that the one negative consequence that i see coming out of all of this is the fact that short sellers are a natural balancing force in the market many past and current chairs of the s.e.c. have said so. the work dulling in the short selling community to police the market of frauds and ponzi schemes and deceptions by management, i think is a positive balancing force unfortunately, what the most recent events are going to precipitate is the fact that short sellers, many will walk away and not do the work they used to do over the last few

decades. >> yeah, you mentioned, of course, our long friendship. we date back to a company called aracus energy in 1995, kyle. there was a series of companies from the late '90s an onward that you focused on in terms of doing work at this time that reporters also focused on because you felt that there was something wrong or that there was actually fraud in terms of what they were representing. explain to people what short sellers in those cases at least were capable of doing and why that was a benefit to the market >> i think when a short seller finds a fraud, finds where, you know, there could be tens of thousands of individual investors, typically frauds are perpetrated not on institutional investors, although they do get caught up every now and then in frauds unwittingly, but the majority of the frauds throughout my almost 30-year career on wall street has been taking advantage of mom and pop. taking advantage of people just trying to earn an income on

their retirement savings or just trying to grow their portfolios slowly because they are not financial market geniuses, they are not people that spend all their time in the markets. you mentioned aracus energy. if you remember, that was a canadian listed company, also listed in the u.s., that was telling people that they had one of the largest oil finds in african history in the sudan, and the company built up to over a $700 million market cap, and when i got a hold of the project manager that sold them the oil lease for, you know, $1 million, he said there is no way it can work they would have to heat up the oil every 300 feet for 400 miles to get to the coast. sothese frauds end up sucking in so many individual investors. we can go through the list of frauds and the big ones, the enrons, the world comes, the wire cards in germany, in wire card, they

put the whistleblower in jail before they realized he was writ right and the whole thing was a fraud. it's very important to have this balancing force out there to keep the investing public out of being defrauded of their precious retirement savings. >> yeah. but there is a distinction to be drawn here in the case of gamestop, and we are watching the shares collapse now. the argument was not whether gamestop was a fraud nobody was claiming that's the case it's not the argument was about valuation, about whether the stock price actually reflected the real prospect for the company or whether it was perhaps inflated, and there were a lot of people who moved into those shares and shorted them on the belief that they weren't you know, sometimes that can be viewed quite negatively. sometimes it appears short sellers are getting together in a way to create what we call a bear raid. you know, you can have arguments about valuation and sometimes

short sellers take it a bit too far, or no >> look, i think in a world where there is a gausian distribution of participants, there is a large number, a bell curve, there will be some bad actors, tlm be great actors and some actors in the middle. i think there is always abuses on both sides. in the instance of gamestop, i think every market professional that knows that this is going to end in tears it's great that a bunch of people got together to focus their sights on something that was heavily shorted. if that's your strategy, you are going to lose a lot of money over time because, a, short sellers do a lot of work and there is a reason they were short a broken retailer. b, you know, if what you are doing is attacking something that's broken, you are just going to end up, you know, holding the bag here as we see investors in gamestop. gamestop two months from now won't be mentioned it will be back close to where

it started unfortunately, you know, i am sure we have all experienced this being market participants, but two nights ago at dinner i had people from the service industry asked me should i buy atm and gamestop an eighth grade kid told me he and his class logged on to the robinhood app and they all own gamestop i am thinking everyone is going to get massacred here and it's because of the price frenzy and this aggrandizing these groups of people that, you know, have for a day or two achieved incredible success but the funny thing about gamestop or the irony is the shorts got carried away on a stretcher and the longs are, the majority of the longs are going to lose almost everything, too so that kind of volatility is not good for the market. it's not good for securities regulators it's not good for hedging and everything that goes on in my view this was very bad for, call it trust in markets and i think social media, just like social media brought trump to power, social media created

this phenomenon. we live in a post-truth world and he who tells the best narrative wins therefore, i think we are just in a new paradigm of social media narratives, and i think it's a very dangerous world that we are living in. >> yeah. i call it a post-post-modern world myself i realize there are many different sides to this. certainly we are going to be talking about it for a while if we step back more broadly and look at market structure and the fact that it is going to be under increased scrutiny, we had the chairman on yesterday, he said he is looking into this as a possible national security situation because he is now worried that this has highlighted vulnerabilities within our markets as somebody who focuses a lot on that area as well, i wonder how you think about it from that standpoint >> yeah, it has been reported that you have seen chinese investors, indian investors and

south korean investors piling in the question is, with so many state actors in some of these areas that are true national security threats to the united states, their ability to fan the flames of populism and dissent in our markets place is absolutely huge. and, you know, why we allow countries like china to have all of their wolf warriors or call it state media operators on our social media while our social media is banned in china is still a giant question mark to me i don't know why we allow this to happen. we should have a full and open marketplace where everything is fair and equal or shouldn't allow it and so i think the investigation here is going to show there are a lot of foreign arshters involved that actually jumped on to the bandwagon once the wagon started moving i don't know what started it all. i know that we are vulnerable. >> we also don't know how many larger investors were involved something pointed out right now

on twitter as well, those saying stop crying for short sellers, we heard that 140% of gamestop's float was short. i don't know if that was truly the case or whether people were naked shorting as we call it, kyle but there are some abusive practices on that side of the game as well. >> you know, so i am just going to say that the s.e.c.'s got that under, in my view, and in my experience over the years, they have that under control if you call your broker and you locate a share, they send you a location code and there is a bona fide transaction. if you engage in a naked short, the s.e.c. catches you in a nanosecond they know exactly how do it and they are very good at it and they have a lot of programs and a.i. in the background these days that find people that do it, david. i am going to tell you the numbers you are seeing aren't right. i don't know what they are, but anyone that naked shorts is going to get literally immediately caught by the s.e.c.

today's regulatory system for guarding shorts and naked shorts is actually very good. so, again, i don't know what the number is, but one of the other things i am sure -- david, i don't know if you guys have talked about it. look, robinhood has free trading. well, nothing is he free it's important to know that they sell their order flow to people like citadel and others. well, i think the causal linkage between what firms get to see robinhood is doing before everybody else, i think that should be investigated >> yeah. well, listen, a number of things may be, again, as we watch gamestop near its lows something we have talked about last week. you talked about the social media fervor as well, kyle but a name like tesla though has had a lot of back and forth through the years. i think probably you were shorted along the way, never alleging fraud but wondering about their aggressive targets in that case, short sellers, obviously, lost big to the crowd that ended up being correct in

terms of at least the prospects for that company >> yeah, i think, so, look, full disclosure i have long ago lost money -- i made money and lost money in tesla. i don't know what the net end game was but i think elon musk is a genius you was only short tesla, i was long some other companies in the eb space but i would say that ace greenberg at bear stearns when i was a partner there told me one thing. he said never short anything just because it's expensive because it will get a lot more expensive before you end up being right. those are words of wisdom. you want to be, if you are going to engage in market hedging, being long something and short something, shoe be short something with a broken model, not necessarily something that's just overal viewed should tesla be worth $800 billion or worth more than

all the carmakers that you can name off the top of your head combined probably not is elon musk an amazing visionary and entrepreneur 100% the spacex factory, i'm in awe of what that man has put together in his life this focus on the short sellers of tesla, they will all learn their lesson and that's the beauty of this game, david. if you are short something that is constantly doing better and working and operating as a great company, you are going to lose every time and so this is not a free lunch here >> no. all right. finally, kyle, i have had a number of people who run hedge funds tell me they are certainly going to reconsider whether they want to do single-name shorts and maybe perhaps not do that for some period of time. is that going to be the case for you, as well >> absolutely, david i mean, this is -- i don't believe -- i don't want to exclude it for the rest of my

life but i'll tell you, in my foreseeable future, i am not going to engage in anything like this it's taken me 28 years to figure out that investing in human innovation and positivity creates so much of a better life for you, for your country, for everything you are investing in. focusing on the negativity, you know, with even some of the recent frauds that i have found, you know, one of them is suing me for defamation, even though the s.e.c. brought multiple frauds against them, their auditor was fined and barred from auditing public companies they haven't been arrested yet publicly, but here i am in a lawsuit. but it's a business where there is not a lot of upside there is a lot of downside the upside is in human insewinvasion and i'm excited about focusing on that in the future. >> appreciate your time. interesting subject to discuss thank you. >> thank you we will watch gamestop now,

in full collapse, down 60% watch pfizer as well today, revenue came in ahead. the company raises full-year guidance as it expects about 15 billion in sales from the covid vaccine this year. we'll be right back. ♪ ♪ ♪ ♪ ♪ with so many new pet owners, your groomers can't keep up.

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speculative investors may d face a reality check this month. the reddit rebellion may rrti tbute to 10% or more coeconhis month on tradingnation.cnbc.com more "squawk on the street" coming up.

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that includes morgan stanley, bank of america, wells fargo and goldman. this move comes as we see yields move higher on the u.s. ten-year treasury note, the highest level in more than a week this morning. coming up, a lot of news in the space space. a small rocket successfully reached pace in november via spac talk about a rocketship emoji. spacex announcing plans for the world's first ever all-civilian mission to space that's lifting shares of shift four payments up 6% today. we have those details. stay with us

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prepaid card when you upgrade. switch today. shares of gamestop as we said before the brack in full collapse today it's an inter-day low. morgan was a far cry from 483 last week. from the highs now and the past week, gamestop is now down about 82%. >> yeah. a fast move higher a fast move lower.

spacex says it will launch the first space mission this year with four passengers ahead the crew-driving capsule the inspiration he 4 will raise money for cancer research. one out of four seats raffled off to a random do nor it will be commanded by the man funding this mission and he joins us now jared, you definitely have the best live backdrop of the day, i have to say. it's so great to have you with us >> oh. thank you very much. and i completely agree with the backdrop >> so this is quite something. at first, all civilian mission it will be two-to-four days in space. a mercury era-style trip in orbit around the earth i'm not going to ask you why spacex because i know you are a self-proclaimed fanboy i will ask why you are doing in this way >> yes

so, i think that inspiration 4 is incredibly exciting mission it's the first step in a world where every day people with go and journey among the stars. and recognizing kind of the significance of that first step, we try to be like really incredibly thoughtful as to the crew selection process, the tour representing this mission. the organizations that stand to benefit like st. jude's children's research hospital, which will be the largest fundraising and awareness campaign in their 59-year history. also ship for payments as well is playing a key role in the entrepreneurial selection process, which is how we will identify one of the crew members on this mission. >> you hold records for flying and have thousands of hours under your bell as a pilot to basically do this, all sillian, we seen other examples of so-called space tourism and

people going into orbit. every time until now there has been an experienced astronaut on board. the fact that you are going about it this way, what is involved in the training and how are you thinking about it from the safety perspective >> so i'm incredibly confident in the product and technology they apply here at spacex. this is an organization with amazing foresight. 20 years ago to set out as a commercial entity and try to revolution easy space technology look what they've accomplished they've landed rockets on ships in the middle of the ocean that's super impressive, not to mention the falcon 9 and the dragon spacecraft they will be riding on. first human-rated vehicle in the united states since the space shuttle was retired. that's nasa going through, you know, 68 years of lessons learned to put spacex through their certification process, so completely confident i've had total exposure to the

training curriculum that we will be undertaking throughout this year i am very confident we will be well prepared for this mission later in 2021. >> you are dedicated them to front line healthcare worker the other two will be basically given to folks through these competitions you are running a super bowl ad as well. at a time we are focused on cnbc around the democratization of the markets and it's pushed to a democratization of space how will you pick the people that will fly with you and what will be involved in i guess their training >> yes that's such a great question that's like the most exciting art. it's right there in the fame we aim to inspire the world to certainly what's possible in the

stars. definitely what can be accomplished down here on earth. that's why we're picking every day people and are walking around and don't realize 30 days from now, they will get fitted for a space suit they will represent all humanity we have hope, a front healthcare worker and generosity, anyone can donate on inspiration 4. of course, the entrepreneur process. >> we're up against the end of the hour so many more questions for you please come back and keep us updated as all of this planning unfolts here thanks for joining us today. >> thanks for having me. >> "squawk alley" will be right after this break

. good morning it is 10:00 a.m. in grapevine, texas. it's 11:00 a.m. on wall street and "squawk alley" is live sn♪