into those prices, melissa. >> some call it hope some call it froth take a look at doge coin it is higher today after elon musk once again tweets about it saying bought some doge koin for little x his baby so he can be a toddler hoddler. power of elon musk and doge. thanks for watching "power." >> good to be with you melissa. >> "closing bell" starts now. >> welcome everyone. i'm wilfred frost with sara eisen. intraday records across the board and a choppy day of trade. the major averages are well off their earlier highs as we stand. let's look at what's driving the action fed chair jerome powell speaking at the economic club of new york saying employment is a long way from where it needs to be and policy will be patiently accommodative. the big tech stocks see small declines twitter and lyft bucking the

trend. pot stocks getting the reddit treatment with names like tilray, aurora, sundial all jumping amid increased chatter about the sector in various online forums up some 43%. 59 minutes left in the session, sara also driving the action today, wilfred, earnings big time in a few minutes we'll speak with under armour's ceo patrik frisk about his company. plus, after the bell we will get numbers from uber, zilloy, zyng a&m gm as they hit the tape. first the stories we are watching in the final hour of trade. mike santoli tracking the action as always and also joining us our guest from navy capital. looks like it got a little fuel after powell >> it did. sort of regained its footing in the morning. you had the minor stumble.

seemed like the faint echo of the short squeeze volatility, related to some of the cannabis stocks just got the large growth stocks pulling back, too. it seemed as if people were wondering if that game was back on maybe not so much. just not as dramatic you see again very orderly up trend. there is a lot of kind of undisciplined, frothy stuff seemingly going on in this market but the s&p 500, the big caps, this is kind of just this low drama up trend it is definitely getting a little technically over bought arguably inviting some kind of flattening out along the way but so far it is not really displaying that kind of warning necessarily in the market action itself just yet. take a look at some of those areas where people are very over excited. ipos and in particular spacs this is a three-month chart. you see both of those up more than 40% itf, a billion dollars in assets under management, this crazy run of asset flows as well as spacs which are basically blind pools of cash maybe going to go buy a

company or definitely at some point. supply is the one thing you have to wonder if it is going to start to weigh against this market here is the quarterly breakdown of new equity issues of all different sorts. ipos, secondaries, as well as convertibles this is so far this year it's only been six weeks, right, january, ten days into february. this is where we would be on a quarterly basis if this pace kept up until the end of the first quarter. in other words, a record of all time this was, remember, when everything crashed and you had to have a lot of companies that were really constrained. they had to go out and raise equity capital to survive. that is a huge bulge here we are almost matching it these numbers aren't in themselves enough to sink things $185 billion let's say in quarterly outflows and issuance but at some point it should start to push back on some of the demand we have out there, guys >> thanks so much for that we are just climbing a little bit while you were speaking up to 130 on the dow points higher near the session highs

some reddit users are turning their attention to pot stocks sending shares of tilray and other cannabis names soaring today. joining us now the ceo of navy capital his firm manages approximately $375 million in cannabis focused strategies. thanks for joining us. >> thank you for having me >> i was reading some of your recent notes saying reddit trade is right on the pot thesis but wrong on the exposures they're getting particularly of this last, latest leg higher. why do you say that? >> because what they're buying today are canadian license producers that have little or no exposure in the united states. what you want to be buying are the actual operators here who are benefiting from all of the federal changes and the state by state legalization we are very excited about the opportunity for u.s. cannabis operators and every day that goes by it will be harder for canadian lps to establish a foothold here. >> how wrong have they got it

perhaps with the stock exposures like the canadian names you mentioned. wrong enough you want to short those names or just focus on others >> i think in this day and age it is very dangerous to short. we own a basket of puts on some of these names but in general we believe put your money in u.s. operators and not be buying and chasing the canadian lps trading at insane valuations >> if the canadian names do pull back do you think your u.s. names will suffer as well providing a good opportunity for entry? what are some of the names you're long and you like. >> today you saw a little pullback earlier and saw a wall of money coming into the space i think what you're seeing and you saw it with green thumb industries yesterday, huge amounts of institutional capital come into cannabis, compliance officers are more comfortable with it. we believe companies like green thumb, true leaf, pure leaf, extremely well positioned in states like virginia, new jersey, connecticut, and new york all of which are starting

legalization processes, and these companies that are actually going to benefit as opposed to the canadian lps where you're just buying some hope that somehow, some way they'll find a way into the united states. >> but is that all you're buying because firstly, am i wrong in saying that these names do have some exposure in the u.s. albeit, it is not maybe as big as some of the u.s. names but also part of a trend of growing legalization in places like europe, too? >> yeah. just for perspective the european market this year we'll be shocked if it hits a hundred million in thc sales the u.s. market could hit 30 billion. so there is not a lot of skin in the game outside of the united states yes some of them like canopy have exposure in the u.s. but it is diminimus compared to operators like green thumb industries that have, will have hundreds of stores in a dozen plus states. that is where we want to play. those are the companies that are positioned as more and more

states legalize. >> thanks so much for joining us >> thank you for having me >> up next, under armour getting a boost today on the back of earnings adding to substantial gains so far for the year for this stock we'll talk exclusively with the ceo patrik frisk about these results and the one product that helped drive accessory sales in the quarter. you're watching "closing bell" on cnbc. hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

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for a prospectus containing this information. zillow welcome back dow is up 128. under armour also higher following earnings this morning the company reporting a surprise profit and beat on revenue it also saw some highlights here 25% growth in e-commerce sales and revenue for its accessory segment increased by 32% joining us now for more in a cnbc exclusive interview under armour ceo patrik frisk. good to have you here. welcome. >> thank you, sara >> i think the big surprise in a good way was the profitability for the holiday quarter, better margins, leaner inventories.

what drove that? >> yeah. you know, in general it's been a gradual improvement over the past two quarters. we had, of course, as we talked about in our last earnings call, driven our inventories down some as we made our demand planning actions coming into covid. the good news was that what we had was the right stuff, the right place, the right time. and we were able to drive better full price and also able to activate our new e-commerce platform the north american e-commerce platform which as you mentioned really helped us do a better direct consumer business in the quarter >> over all sales, though, were still down i mentioned accessories as a bright spot. obviously mask sales were very hot for you. but overall sales were lower, patrik is that a covid thing with stores closed and traffic down or is it a brand problem >> it's a combination of, you know, stores being constrained,

stores closed in europe, stores closed in canada and also inventory availability again at the back half of the year we came into that fourth quarter and third quarter buying less so it was also a question of availability but we did shift a lot of product from q4 into q1, 2021, based upon covid impacts which played in pretty dramatically into our quarter. >> you also gave guidance. i think one question i get when i talk to investors and analysts about this company and i'm sure you do, too, is when do you go from a profitability focus which you've done and been able to increase margins into a growth focus and start to really compete on growth levels with, say, some of your competitors, what they're seeing now, nike and lululemon? >> well, first of all, we will grow in 2021 and we will become profitable again i think that is really important. we want to do that while we can

strain demand. we want to be sure we're selling the right product in the right place to the right consumer so to speak and for us that is incredibly important in the near term we'll grow in 2021 and in 2022 it is very calculate and prudent growth we want to take out undifferentiated distribution. we have been clear about fact we are going to exit 2,000 to 3,000 here in north america in the next two or three years and also constrain demand in terms of inventory we put into the market to make sure we return to premium, healthy growth. >> can you update us on where you stand both on the nfl more broadly and on tom brady specifically and what he will and won't be allowed to sport on the field of play next season given the sort of changing relationship you have with the nfl over all >> let me first say we have really good relationship with the leagues and we do these kind

of evaluations, of our contractual obligations over time and will continue to evaluate and make sure we make the right decisions for the brand and organization as it relates to tom and what our athletes would be wearing on and off the field next year, that's part of the magic i guess. we'll be finding exciting ways to make sure tom is attached to the brand and of course right now we are in celebratory mode because of the achievement over the last weekend and also i think the entire organization of underarm our is incredibly grateful for having such a fantastic athlete be part of our team for such a long time and still continuing to perform at the level he is performing >> but just to follow up on that, so pulling out of the nfl infield contract and then it comes after you pulled out of the mlb deal, ucla, how much more of these partnerships are you looking at changing and could any of them include sponsorship deals with athletes,

themselves >> well, i think over time, i think the most important thing for any brand is being able to activate the assets that you have whether an individual, a team, or a league. and for us, it's about prioritizing what we can and should be activating behind. you'll see that evolve over time we're not exiting everything we have still a major commitment to many schools in north america both at the collegiate and high school level we have many athletes. and don't forget we also have great new athletes how about the nfl defensive rookie of the year chase young for example coming through we're committed to our athletes and committed to the agreements that we have but as any responsible company we'll continue to evaluate as we move into the future. >> patrik, i guess it doesn't make a huge difference for your clothing sales if someone is going to work out at home or in a gym but where do you stand on this trend of more apps and more offerings to work out and sign

up at home do you think it is a bit too crowded at the moment? >> i think it will evolve over time let's see what happens when people are again able to get out and go after it in different places not just at home or in the outdoors but actually in the gym space. i think we'll see new iterations and innovations coming on the back of this that we are very excited about. the major thing for us is for people to continue to engage and stay active. we are here to make people better that's what under armour does and as long as they are moving and doing better we'll be there to support them. it is driving innovation right now which i think is good for our segment. >> patrik i wanted to ask you about the decisions you are making around stores as you do this reset around wholesale versus direct to consumer where a lot of the growth is you have partnerships with a lot of players out there from dick's to kohl's, to mom and pop shops. how do you think about where you want to be and who you want to

be with and maybe more importantly who you don't? >> for us it is all about the consumer we are here to try to make the consumer better. the work we're doing now as a brand is understanding the consumer journey and the expectation from the consumer. if we are able to make sure that we're there for the consumer, to engage whenever and however they'd like to, and deliver the right kind of content, the right experience, that's what's important. the mix ultimately in terms of our own direct consumer whether brick and mortar, e-commerce, or our wholesale partners, what we're going through right now is an evaluation of what that right mix is we are also trying to improve our productivity in full brick and mortar whether full price or outlets but we'll continue to evaluate that. we are all now wondering as we come out of covid what is going to be the traffic patterns, how is the consumer going to behave going forward? i don't think anybody knows for sure but what we've done with this new construct that we have is

we've built in optionality and agility for us to be able to navigate that new environment. >> guess you're not naming names yet at this point. finally, patrik, do you expect a benefit directly for your sales if we do see another almost $2 trillion stimulus package passed including higher direct checks to americans >> i think it's an important thing for us of course like any retailer out there that people are able to shop if you like but i think the extent of it, the duration of it, the actual impact of it is really hard to judge. if we can take any learning from the last time this happened it certainly isn't an injection for the entire market place as it relates to retail and most likely we'll see that again. >> under armour shares surging today. patrik frisk thank you for joining us up 8% right now. ceo. >> thank you, sara

>> thank you still ahead, the most severe chip shortage in years is hitting everything from car production to video games. we'll explore what is behind the semi setback next. and as we head to break, gamestop not top of the list though still in the top five tilray tops the list back in a couple minutes

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welcome back a major shortage of semiconductors is having a wide reaching impact on a number of

industries from autos to video games. josh lipton has a look at what is behind the setback. hey, josh. >> reporter: so, wilf, this is the most severe shortage of semiconductors we've seen in years. it is impacting a wide range o companies and sectors at this point. for example, sony says it's part of the reason they can't produce enough of those new video game consoles right now solar companies like inphase energy are highlighting semiconductor constraints as well just today gm told analysts that the chip shortage could cost it up to $2 billion this year on the other hand, toyota has apparently been able to manage the shortage better than some peers actually hiking its four-year forecast a sharp recovery, seeing key end markets for chips like phones and cars and no let up we know in pc demand the problem is there is no easy, fast answer here lead times up to 26 weeks are actually the norm to produce a

finished chip. tech analyst patrick moorhead says the problem speaks to really a more general need for more domestic chip manufacturing here in the u.s. remember last month congress did pass legislation that included federal incentive to do just that but lawmakers still do need to appropriate funding toward those measures back to you, wilf. >> josh lipton, thank you. after the break we will speak with the ceo of edgewell to discuss demand for personal care products during the pandemic later, match made in heaven the ceo joins us on the heels of the company's biggest ever acquisition as competition in online dating heats up is $50 enough to convince employees to receive a coronavirus vaccine? tractor supply thinks so and we'll hear from the company ceo on their new decision to pay workers to get vaccinated. as we head to break a quick check on bonds the dow up 122

yields are a little lower today. the ten year below the 115 level. we did get cpi consumer price index showing not much inflation. yields potentially lower on that some buying in bonds i'm made to move. but these days, i'm not getting out as much as i'd like to. that's why i take osteo bi-flex. it helps with occasional joint stiffness, while it nourishes and strengthens my joints for the long term. osteo bi-flex. because i'm made to move. we see breakthrough medicines getting to patients in record time. at emerson, our automation software is empowering pharmaceutical companies to accelerate their production

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>> time for your cnbc news update with contessa brewer. >> here's what's happening right now. the nba says teams will play the national anthem before each game this after the dallas mavericks dropped the anthem from their first home game and the team says it has reversed the decision to forego the anthem at home games first details are out on the delayed oscar ceremony that will be held in april the academy says the award show will be broadcast from multiple locations. prosecutors in former president trump's impeachment trial are calling trump the, quote, inciter in chief, their words of the capitol riot and not an innocent bystander as his lawyers have claimed. >> the attack did not come from

one speech it didn't happen by accident the evidence shows clearly that this mob was provoked over many months by donald j. trump. >> you can get the response from trump's defense team and the full analysis of the impeachment trial on the news with shepard smith tonight at 7:00 p.m. eastern. i'd like to know who let the dogs out around here that's our cnbc news update for this hour, sara. you know what? working from home we just got to get it done. >> babies screaming, dogs barking. contessa, thank you. we're all in this together edgewell personal care reporting earnings this week the company beat wall street expectations but continues to face challenges as the pandemic keeps people at home one bright spot, wet ones the wipes saw sales up 100% from the same period last year. joining us now is rod little edgewell personal care ceo great to talk to you again shaving is coming back is that the big headline >> hi, sara.

great to be with you shaving is coming back but not quite yet. it is our view we had a good quarter. we had flat, organic sales versus a pre-covid period that was not disrupted. as you called out wet ones led the way, doubling. we had our men's grooming brands grew 12% both jack black and bulldog in that set. we acquired crimo. that growth came on top and grew organically as well. our core wet shave business was down 1.5% in the quarter the chic brand grew share, 60 basis points in japan. definitely improvement and getting there but we're not where we'll be until people go back to work and things open up more >> that is sort of what i was wondering is how are you formulating an outlook now is it purely based on covid or also part of the turn-around efforts that you've been making as ceo >> for us the big headline here

is covid in terms of the assumption that overrides all others we've been working very hard to make our business better month on month, quarter on quarter our fundamentals are better. our capabilities are better. we're seeing that in our market as well with better share positions. we have three categories right now that are negatively impacted by covid i talked about wet shave and the return of the office being important. but shaving more sun care, highly driven demand occasions at the beach and swimming pools so if we have a good summer, i think that is a positive for us. we're not seeing that yet. that category is still down. then fem care in women's is down as well with mobility restricted particularly when playtex sport is our big part of that business it counts on women being on the go so we're bullish actually about getting to the summer and what we think might happen, but it is still head winds in the environment we're in now and probably for one more quarter we think. >> i would think fewer vacations

means less sunscreen needed to buy. finally just a macro question on the health of the consumer in general. how much we need more stimulus for american consumers what that would do to your business and how you think about what the outlook looks like over the next year or so >> i think that is part of our more bullish sentiment for the future is we think the consumer is going to be there they've been there through the pandemic despite our categories being down there's good reasons for that. but in our categories and consumer goods in general, every day product consumption is part of people's regimens we haven't seen a lot of behavior change in that. people are hanging in there and consuming product. for us, the health of the consumer is a big deal just to get mobility back up and get people back to normal. >> thank you for joining us with that snap shot >> thank you, sara. >> appreciate it >> take care >> ceo of edgewell wilfred? >> slipping a little bit back

below a hundred points higher now on the dow and the nasdaq fractionally in the red. we have about 28 minutes left in the session. up next shares of match group are higher on news it is buying a south korean social video company. we'll break down the details and the dollars behind dating with the company cf nt.o,ex this is how you become the best! [music: “you're the best” by joe esposito] [music: “you're the best” by joe esposito]

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tle shares of match group popping today after announcing its biggest deal in its history. the company behind dating apps like tinder, hinge, and okay cupid acquiring south korean social and video company hyperconnect for $1.75 billion match cfo and coo gary swindler joins us now in an exclusive interview. good afternoon to you and thanks for joining us. >> good afternoon. >> hyperconnect was described in one of your press releases as social discovery company what exactly does that mean? >> basically, as you know, during the pandemic especially, people are turning online to meet and socialize much, much more since their opportunities to go out have been reduced. we used to provide mostly dating products for people to make romantic connections social discovery is a way to make friends and share interests and have relationships with people short of dating

that is something we think is increasing across the world especially during this pandemic time >> has the pandemic helped or hurt you in the fact that, clearly, people can't go on physical dates maybe they're not bothering with the app but if they are maybe more engaged than normal >> it's had a mixed effect people have been engaging more, spending more time video dating, more time online generally but it has been harder to go out certainly harder back in the spring of last year. better in the summer time. a little worse here in the fall and winter it's kind of been up and down with the trends around the pandemic and how people are feeling. but we're optimistic that as the vaccine continues to roll out and people get back out again, they're going to be very eager to get out and meet people and spend their time dating once again. i'm sure you feel pent up demand to go out and do things you haven't been able to do for a while and i think that is a common trait these days. >> so is this a signal, gary,

that you are looking to expand beyond dating with this acquisition? because it sounds like this target does a lot more than that and has potential to do more >> yes, we think of social discovery as sort of just beyond dating ajaysent to it if you will if you think of our core business as dating, the thing we have been doing for 25 years, we have started to expand into social discovery with a couple of new businesses. our ablo appas well as our plenty of fish live streaming business and hyperconnect acquisition will take us much more firmly into social discovery which we actually think is an even bigger market than dating. it is a very global market and it is growing even faster than the dating business. >> do you make more money, gary, when people do have a date or an interaction over video does it get specifically monetized or do you just need the members and when they are going out to have dates in person that is better because they are more likely to be a member in general as oppose today spending quite as much time on the app?

>> we don't charge people specifically for video dates it's an offering that is part of the package of services we provide. as you say, it is important that people have successful outcomes on our products. that gets them back more and more and gets them telling their friends about them and so the more useful services we can offer the more value that we can provide to our customers and our users the better it is for our business and our products >> what about the competitive environment, gary, especially as we are watching for pricing of bumble's ipo today after the close? >> i heard they're coming to join us as a public company later today or tomorrow. it'll be nice to have somebody else as a publicly traded dating company. but our business, you know, continues to perform extremely well we're excited about our prospects. we're going international with this hyperconnect acquisition. moving into social discovery we have a lot of exciting things going on with the company and look forward to having bumble as

another company that people can compare us to. >> so how are you making your forecast now is it based on vaccination rates? how tied is that to what you expect from the business long term >> it's a good question. it is a little bit challenging because nobody knows exactly what this year is going to look like with vaccines and people getting back out and locked down restrictions lifting and everything else so a little bit challenging to forecast. but as we disclosed last week when we had our earnings call, we're basically assuming a gradual return back toward normal but not getting all the way there for the rest of the year so we think things will gradually improve as the vaccines continue to roll out. we think the summer weather will help as well but we're not going to quite be back to where we were in terms of people's behaviors we don't think in 2021. we're hoping that the outcome is better than that but from a forecasting perspective that's what we've assumed >> gary swindler thank you for

joining us to talk about the deal >> thank you straight ahead a boost for pot stocks and toyota's big announcement on electric vehicles those stories and more when we go straight inside the market zone next. and as a reminder you can always watch or listen to us live on the go on the cnbc app "closing bell" will be right back dow is up 38 we've lost a lot of ground in e naho otre.

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and improve the electric grid. emerson. consider it solved. hey, dad! and improve the electric grid. hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. we have 16 minutes left in the preday commercial free coverage going into all of the close.

mike santoli is here to break down the crucial moments of the trading day and today we have josh brown with us as well good afternoon to you, josh. let's kick things off with the broader market stocks losing steam. the dow still on track for a record close and any close high would also be a record but at the moment s&p, nasdaq and russell in the red dow fractionally higher russell the laggard down 0.7% has been on a tear lately. mike, we're off the highs of the session but we also had quite a set of shake out all of a sudden this morning in the fact we recovered from that i guess is also worth noting and quite encouraging. >> it is a quick twitch lower. we did get earlier mostly concentrated in the big nasdaq stocks so seemed like a little stirring of the kind of activity we saw where you had the short stocks injecting this erratic volatility into parts of the market and the question was are other people going to have to jostle around and sell some of their lows i don't think it really got

rolling. it was just a little bit of a reflex in that direction overall the market has been cooling off for a couple days at the index level. probably could use it. nothing really changing the longer term trend whether the fed inputs, liquidity story, corporate profits pointing in the right direction. so it is difficult to call like why tomorrow should be the day or today that these trends wear themselves out except they've been going for a little while and some stuff is looking over bought like small caps >> josh, i feel like we should talk about energy, which is surging again to the top of the market up 1.3% year to date up almost 17% it's the only sector that's up double digits. crude oil has been higher for eight days in a row. what is driving all of that enthusiasm >> well, i think you had a big spark when we heard about what biden's plans were to stop pipeline activity and put a moratorium on drilling on federal lands. that's actually -- the best way i heard it put, sara, that is not really going to curb demand

for oil. it is going to curb supply which means prices go up at least in the short term it doesn't mean anything about 20, 30 when we're all driving around in electric cars but like in the very short term most of the pro environment stuff the biden administration is talking about actually puts a bit under the price of crude not the worst thing on earth these stocks literally looked like they were all headed for bankruptcy and now they're not keep in mind crude oil has come from negative number to a very respectable number, a number at which a lot of producers make money. and the cross current here is you have a lot of dividend payors in that group these are stocks that have been cut in half and some even worse. so the comebacks there are pretty furious >> josh, one area that has been a recent out performer that is not performing today is the russell 2000 small cams. what did you make of the run we've seen there of late >> i mean, small cams are still up35% over three months versus

the s&p up 11. so i feel like if they take a break for a few days it's like, probably not hurting anybody's account performance or pnl like that has still been the megatrade. you know, one of the things i think is interesting is that a lot of the thematic pushes and pulls have come off. for example zoom zoom was supposed to be a stop that did worse as we got closer and closer to more vaccinations and closer to reopening on the calendar but that's actually not the case zoom got killed. now it is having a really nice bounce look at the sign this is poised to break out again. consolidating since september 1st. these stocks were supposed to be selling off right now as we get closer to the restrictions coming off but they're not because i think what people are doing is they're not playing that game anymore virus on virus off. i think they're trying to own the real businesses that maybe

got a boost from the pandemic but have a lot of good things still to come. so the casinos look great. the airlines are coiled. that is going to be the next big break out. i'm not in any of those names but they're all going to go at once then you still have names like i'm in crowd strike. again, that is not supposed to be a reopen stock but it's coiled earnings coming up pretty soon so i think you can make money without worrying about what theme or bucket does my stock belong in? is it a vaccine stock? is it a reopen forget about all that stuff. buy good companies >> or is it a reddit stock today reddit users are pushing pot stocks sharply higher. frank holland has details. >> sundial farms up right now. the new darling of the wall street bets reddit, this follows a post on tilray earlier today and a lot of rocket emogies on that post, short hand for confidence that the stocks will

take off one user calling the thread weed stock bets another saying, quote, weed stocks take me away with four of those rocket emogies. some users saying they're actually taking their gamestop gains and putting them into stocks like tilray cannabis stocks in general have been trading higher this year on hopes of u.s. legalizations. etfs doubling in 2021. >> this is different than gamestop and amc for a number of reasons. first, it was already on the upswing. there is a fundamental reason why investors were buying it we've been talking about pot stocks every day we had canopy growth on yesterday talking about speeding up the timetable for legalization in the u.s. there is a merger arbitrage here driving the action what do you make of it all >> it is different in the sense that there is this overlay of a long term story and catalyst ts up ahead potentially in terms of decriminalization.

in terms of the mechanics of let's all get in this at once and see if we might be able to run these things i think there is some of the similarities in terms of tactics who knows if that is really all that's going on? we saw these stocks all overshoot massively two, three years ago, to the upside then they had the reckoning. arguably they are disconnecting a little bit with the plausible scenarios in terms of what they can capitalize on legally. i agree there is a difference. in the arbitrage in terms of the short position in tilray a lot of that is just agnostic of the price strictly mechanical trying to capture the spread between the target and the acquirer. >> these are tiny stocks these are -- michael is right. these are tiny, tiny companies and tiny floats. tilray is i guess the most popular right now. it is a $10 billion stock. there is no question that reddit could take this to $20 billion there would be no necessary

change in the company's fundamentals whatsoever in order for that to happen the question is, is that the kind of activity that you as an investor want to participate in because we know how quickly that can fade one thing i think i'll just point out, though. i feel like a lot of people aren't aware of this you actually can grow more weed. like it's not that big a deal. people do it every day i don't know about there being scarcity for -- like i would not be going crazy in these short squeezes as though they're doing anything scarce. you can growth stuff with your eyes closed. it literally grows like a weed >> what is scarce is the demand. and the opening up of legalization potentially and markets like the united states >> yeah. these are all canadian companies which is a red flag to begin with but the market is not that big so i think the -- i think new jersey and new york, that story, that's going to be a big boost for these companies. i agree. but i think -- tilray is up 48%

today. are we saying it is not in the stock at all and so the places they've opened this up, we have, like, case studies, cities, like in colorado and california, the places -- there is a huge boost in demand in the first six months then it remains elevated but it levels off it is not growth as far as the eye can see. it is not going to be a hundred percent of the population regularly consuming marijuana three times a day. it is not starbucks. so i guess that some of these companies will end up becoming huge brands but not a lot. not a lot. don't be surprised to see traditional consumer goods companies a few years from now really moving and colonized once the stigma has completely gone away and this stuff goes federal. so i'm not opposed to the trades i get it i feel you you guys know i love you i just don't know if i want to, you know, go life savings into these things up 48% on the day a little much. >> another booming area of blank

check companies. just today we've seen former san francisco 49ers quarterback kaepernick announce he will serve as a new chair digital fitness business beach body said it plans to merge with a spac run by former disney executive kevin mayer and a company announced it has signed an agreement to go public backed by the founder and managing partner at corvex management here he is on cnbc earlier >> our pipe was well over subscribed and i think part of it is people saw and got to look under the hood, saw the growth believed in the team and unlike attritional ipo where you buy the business based on the past, investors could do due diligence and buy into this as a business that is going to grow from 200 million of revenue to $500 million the spac process allows people to spend more time with

management, do lots of due diligence, and buy into companies they understand and want to bet on the story and the future >> of course most people will buy an ipo with some expectation of the future, too mike, you showed us a chart earlier of the performance here. what does it do in terms of attracting capital away from the broader markets? it's been such a plethora of these deals but, clearly, the broader indices keep hitting record highs regardless. >> it is not necessarily yet at the magnitude where it is really making a dent overall. it could do that at some point consider whatever money is raised in spacs is essentially going to be buying something usually it is a private company not something already in the public markets but it is something that a public company is going to be a comp to. look, everyone is playing the game right now you know, when the spacs are issued people are paying a premium to the cash on the books of these companies before they know what they might buy because who knows, maybe it'll be something great. so it is just really a lot of story telling and people capitalizing the story lines

here at a pretty high level. spacs used to be this kind of boring, silly thing you bought for ten bucks a share and then you redeemed and got a warrant it is a little bit feefrvered at this point and who knows if there are a few hundred companies really ready for public markets at primetime these guys are going to find but for now it is working. >> this sounds interesting especially, josh colin kaepernick known brand looking for an enterprise value of more than a billion dollars it will be interesting do you like that idea? >> no. i wish all of the celebrities the best of luck who are pursuing this and some of their -- some of their deals will work out really well and some won't it is no different than anyone else bringing a deal to market i think the risks here though are buying a spac preannouncement of a deal at a premium. i think there is going to be

some disappointment because a lot of these companies will not find a partner to merge with and then the other risk is what about the management teams that are desperate? they bought a spac public. they put 10 million bucks or whatever into up front costs and then all of a sudden they have to consummate a deal or else they're forfeiting that money and the cash is going back so will we see a case where low quality companies become spac targets just because of that desperation? sara, a hundred spacs came public in january. it is not like there were none in november and december and not like there will be none in february you're talking about hundreds of blank check companies literally cold calling people to try tod a deal a lot of these will end up being low quality. the number one thing that you want to read about this topic and i'll wrap, michael at jpmorgan basically not a guy to spacs but like here is who is making all the money and the sponsors are making on average, not making this number

up, on average, according to jpmorgan's research on this topic, 958%. you tell me. that is since 2019 so in two years the average return for sponsors launching one of these things is almost a thousand percent you tell me how much longer you think that can go on for when you see that number, you understand why there's a hundred deals. it's a gold rush but we know how gold rushes progress >> right >> eventually all of the good stuff is found and a lot of people end up with a pan in their hands and not much to eat. so i just want people to, like, chill-ax a little bit. >> you've been warned. toyota making a major electric vehicle announcement phil lebeau with the details. >> reporter: take a look at shares of toyota up more than 5% we do not see shares of toyota move this much in one day typically but that is because the company announcing that it's going to be unveiling some new electric vehicles specifically for the u.s. market.

so here is the ev plan they'll unveil them this year and then they'll be on sale next year three for the u.s. two of them pure electric. one of them hybrid-electric. it is getting a lot of attention. toyota has been very quiet, very quiet in terms of what it plans to do with evs both companies reported the quarterly financial results today. why is gm not performing or the reaction of gm and toyota? take a look at it today. keep in mind gm is going to be hit up to $2 billion because of the chip shortage. toyota on the other hand has said, you know what? we're fine we're managing it. in fact, they're increasing expectation in terms of sales. so two different approaches in terms of what the impact is going to be from this semiconductor shortage that's hitting all of the auto industry or almost all of the auto industry >> phil lebeau thanks so much for that we have 90 seconds left of the session. mike, what are the internals showing you? >> pretty mixed, wilf. the average stock is up more

than the s&p 500 but basically an even split on the new york stock exchange between stocks that are up and down wanted to take a peek at treasury yields. actually have come in the past few days or so a little bit off their highs. we got a little bit of a miss on the cpi number this morning. maybe took a, some of the selling pressure off of bonds. volatility index, when we sold off that little bit this morning it jerked right higher above 22 so it has been reluctant to go down and remain so we'll see if anything can let that bleed low if we get this continuing. >> 50 seconds left in the session. the dow higher by 0.2% and the other major averages lower s&p only fractionally just a handful of basis points and the nasdaq down a third of 1% and the russell down a little more meaningfully 0.7% but still up sharply of course of late up 10% for the month of february energy a top performing sector up nearly 2% real estate follows. the bottom of the pile consumer discretionary and technology gold a third of a percent higher

the dollar is essentially flat yields have slid back a bit 1.12 on the ten year. the vix volatility index higher today 22.2 at the close though, sara, the s&p 500 down 0.1% and the dow up 0.1% nasdaq down about 0.3% and it looks like that'll do it for a record high for the dow jones industrial average wasn't much but closed up 0.2 of 1% an all time high. everybody else was lower welcome back everyone to closing bell xxxx i'm sara eisen with wilfred frost and mike santoli the dow closed higher today. 62 points. biggest contributor to the dow's gain was goldman sachs that means a record high seventh positive session in the last eight and also heading for a weekly gain of almost 1% second week in a row into a thursday the s&p 500 did fall

second down day in a row still higher for the week. but we saw some declines outside of energy, which continued to power higher on the back of eight straight days i mentioned of crude oil's gains the nasdaq finishing lower by about a quarter of 1% and the russell 2000 index of small caps which had been leading the charge higher over the past three sessions closing down the most down about 3/4 of 1%. consumer discretionary, materials, and industrials worst sectors. we have another big afternoon of earnings ahead awaiting results from uber, mgm resorts, zillow, and zynga. we'll break down the numbers as soon as they are released. plus tractor supply just announcing it is going to pay employees $50 to receive a coronavirus vaccine. you will hear exclusively from the company ceo later on the show first up let's talk about the market josh brown still with us the ceo of solstine capital

joins the conversation welcome to you first to you mike for a review of the action in the session what stood out as far as what sectors worked and what didn't work and any catalyst including the fed chair? >> really just the large cap growth coming in was the only real mover of the indexes. that was the main drag actually tesla down another 5% today. that really matters right now when it is in the s&p as one of the top five or six stocks you had a little profit taking in the big nasdaq names. the fed chair did nothing but reiterate what he has been saying all along but a very kind of accommodative story, very dovish story i guess definitely comforted some folks out there he is basically saying don't even think about ituntil we're clear of the pandemic and the job market is much tighter we're standing pat not really paying attention to anything like froth in the financial markets if he even sees any >> nadine, do you feel we're a little stretched in the short term >> we see a little bit of asymmetry to the down side so

we're not surprised we saw softness today half the stocks up, half down. but we have vix in the low 20s so just ten days ago you saw it in the -- in some stocks the volatility informs the high 20s or low 30s that was a much better buying opportunity. today not so much. >> josh, how are you feeling about valuations over all and whether they're matching up with what we're getting from companies on earnings and the economic data and all the other fundamentals >> valuations don't tell you anything about what stocks are going to do in the next three, six, nine, 12 months or even five years in fact, one of the best investment strategies looking in the rear view mirror you could have employed over the last five years was to own the most expensive stocks in the market so i could look at a p ratio and tell you it makes me feel good or bad or a little doubtful or a little nervous but honestly, it is junk science at best. there is nothing there there is no signal

most of what's gone on in the last 12 years really has more to do with where interest rates are, what liquidity looks like, and the way people invest. and nowadays people are investing based on asset allocation we have these corrections and they used to last six months or nine months and get out of hand. but the recent history is that those corrections are bought really quickly by wealth management firms taking trillions of dollars and just adding to whatever etfs drop the most and as long as we're in this position of liquidity and the wealth management business model subsuming the old brokerage commission based transaction model i just don't see what the catalyst for that to change would be we had a hundred dollars in s&p earnings last year you know what we're going to earn this year on the s&p? close to $200. so people are like, ooh valuations are high. well where should they be?

what should the market be doing? you're going to see 175 to $200 in s&p 500 earnings. 6% gdp growth. no interest rate hikes you tell me where you think the s&p should be. >> right >> you throw your dart i'll throw mine. >> but obviously valuations take into account the -- because it is a multiple we're talking about. josh, at what point over the last five years did you conclude valuations are junk science? is this something that you concluded two, three, four years ago and have enjoyed the ride up or is it a more recent realization that you're now scrapping valuation as even a small input to your view over the next five or ten years >> i think valuation matters more in the extremes there are companies right now trading 50 times sales they won't stay there. they're going to get hurt. they'll get hurt the first time there is an earnings disappointment that the shareholder base chooses to pay

attention to we got a little taste of what that looks like with a couple of the sass names in the last earnings go round. i was on the show the night fastly blew up the stock's mostly recovered but like it's brutal if you have a big position on in a name that has no valuation support at all. so the point is no the that valuation doesn't matter it's that it's a terrible guide to forward returns and to a large extent, the markets have gotten smarter the markets have been pricing names like sales force and netflix and tesla at higher and higher valuations but that's been going on for a decade and the markets have been right to do that. these companies are compounding revenue, net income. pick your metric these companies have been compounding at a rate of five to ten times the overall s&p. why wouldn't they be expensive stocks things get expensive because a lot of people want to own them

so if you agree with that premise, that markets aren't always dopey like that there is some intelligence involved, and you see this whole cohort of stocks trading an above average multiple your knee jerk reaction shouldn't be, they're wrong. it should be curiosity why? why does this group of stocks get a persistently higher multiple than campbell's soup? there must be some rhyme or reason so i think a little bit of humility and not the knee jerk what is the pe ratio it's expensive attitude probably helps you more than hurts you. >> let's get to uber numbers mixed quarter from the ride sharing and delivery company a bottom line beat however a top line miss. loss per share coming in at 54 cents versus 56 cents the street was expecting. revenue coming in at $3.2 billion versus the $3.6 billion expected. gross bookings in line with estimates at $17.2 billion

net loss for the quarter was $968 million that brings net loss for the year to a staggering $6.8 billion however, that is an improvement from 2019's $8.5 billion loss. delivery numbers, they were good for revenue seeing the most growth there but, still, a loss leader in the comments accompanying the release the cfo says the company remains on track to achieving its profitability goal in 2021 that is adjusted ebitda revenue. mobility eeked out delivery. this is interesting, guys. on a dollar basis for the first time since the pandemic started. so perhaps suggesting that you're seeing ride sharing, people use that more and that actually improving because it did beat out delivery on that dollar basis we will continue to dig into this, guys, and bring you more as we get it back to you. >> thanks so much for that by the way, don't miss first

on cnbc interview with the uber ceo tomorrow morning on "squawk box. don't want to miss that. mike santoli trading lower at 3%, 4% kind of similar to lyft in that it has had very strong performance of late coming into this >> very strong performance basically people have decided that they're survivors they're where the world is going not where it has been. i find it fascinating. one year ago this year's or actually 2020 revenue forecast for uber was $17.5 billion or something like that. it came in more like 12, 13, whatever it is now this year's estimate is $17.5 billion. basically they're supposed to get in revenue this year what they were supposed to do last year and the stock went from 40 to 60. that is the market we're in. you decided you're a winner in a big total adjustable market. we'll pay up and you guys are going to figure out the profitability piece later. the other thing is it is the tale of two businesses now delivery revenues up 224% while

mobility revenues fell 52% mike, one of the questionsha to be what happens to those numbers as the economy opens up? the stock has worked a lot better as they've gained more exposure and done more deals like post mates and grizzly on the food delivery front than when they were just more of a pure play ride sharing company what happens on the other end? >> well, one of the big questions is just exactly how much of getting food delivered at home was strictly a pandemic phenomenon obviously it was massive growth phase before that. so just kind of the way we're doing things right now or these services are kind of crowding out mom-and-pop delivery basically direct from restaurants can there still be growth there i don't know nobody has proven the economics of that business are particularly good. longer term for anybody. we'll see if it can develop into that direction >> zynga numbers also out. stocks down a bit after hours.

let's get to josh lipton with those numbers. josh >> so, sara, zynga reporting q4 results here a loss of five cents. that does not look comparable to estimates but bookings coming in at $699 million a beat and forecasts looking for 680 million bookings also a beat the street was closer to about 657. for the year bookings are calling for $2.8 billion basically in line with forecasts. the ceo saying in a statement here zynga's multi-year strategy of growing our live services, launching new games, and investing in exciting growth opportunities he says has us well positioned for growth in 2021 and beyond. the stock is slipping a bit initially in the after hours heading into this report investors had piled in and it jumped about 40% in three months and that is after finishing 2020 with a jump around 60% call at 5:00 p.m. eastern. back to you. >> thanks so much. zillow also crossing early diana has it for us.

>> a nice beat for zillow. eps came in at 41 cents versus estimates of 27 cents for q4 on revenue of $789 million versus estimates of $741 million. full year revenue increased 22% despite the negative impact of covid in the first half of the year traffic to zillow mobile apps and websites set a q4 record of 201 million average monthly unique users for the full year zillow saw a record 9.6 billion visits up 19% year over year and q1 revenue guidance very strong 1.07 billion to 1.11 billion versus estimates of 892 million. the ceo richard barton said in a shareholder letter they continue to invest in technology and he announced their intent to acquire showing time, a real estate showing software technology for in-person home visits that's for $500 million. so the results a strong beat obviously showing this still very strong demand for housing back to you guys. >> thanks so much for that one

i want to pivot back to the broader markets. nadine, what do you make of the data this morning on the cpi front and what it implies for markets going forward? >> cpi measures a particular point and our firm measures other forms of potential inflation so thinking about health care, food costs, different commodities. even though we heard maybe a little bit of softness in cpi when you look at so many other measures, it is inflationary i think you've seen that with yields rising and a lot of the commodity reflation trades working over the last few months so, you know, today you didn't see too much movement in the markets when you think about being near all time highs and taking 10, 20 off the market that is not very much compared to what we have seen over the last month, month and a half but we still like reflation trades we still think that the dollar is going to depreciate you are better off making sure your money is worth something and protecting it through inflation. >> josh, nadine, thank you both for joining us pleasure as always

>> thank you still ahead, uber under pressure after missing wall street's revenue estimates we will be joined by a pair of analysts to discuss. that's next. plus reddit forums turn their attention to the pot industry. bradley tusk will weigh in on the retail trader evolutioann d how it will impact the future of investing. your daily dashboard from fidelity -- a visual snapshot of your investments, key portfolio events, all in one place.

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lower after just reporting earnings the company reporting a slightly smaller than expected loss but did miss on revenues. for more on the numbers let's bring in a pair of analysts. dan ives has a buy rating on the stock and morning star has equivalent to a hold rating. good to have you both. dan, what were the big takeaways? did it not live up to great expectations as the stock has rallied into the print >> that is just knee jerk. i'd expect 24/48 hours from now this is a stock that continues to be on the path into the mid 70s potentially. i think there is a major step in the right direction. in terms of what we're seeing on the trajectory toward profitability, rebound in rides, and of course etze continues to be worth in our opinion 15 to $20 a share. this continues to be the poster child for a recovery play and i think you'll continue to see a rerating as investors look for the other side of the dark valley on uber >> you don't necessarily agree i think you have a $61 target

which is where the stock basically is right now what stood out to you? >> yeah, actually, over all i think on a net basis it was pretty positive. we looked for path toward profitability on the delivery side and it looks like the ebitda margin on the delivery side improved well. and the same you can say about mobile so 20% ebitda margin i think was pretty impressive. in terms of the top line, that's -- there is so much uncertainty surrounding that so whether it's that second wave of coronavirus cases that we saw come through in q4 and maybe some other issues, you know, those things certainly impacted demand for rides but i think over all it is pretty positive. what i would say though is there is still a question as to whether or not the strong demand for online food delivery is going to last even after the of course the economic recovery

and/or post the pandemic so we do look for some deceleration in top line growth on the delivery side but overall, yeah. i think it performed pretty well >> do you prefer uber or lyft? >> i mean, uber here, just because you get also that beat i think that is something they're building into a -- that eats beat. this is a stock also global leverage and everything the team has done, back against the wall over the last nine months, i mean they've sort of come out swinging and i think this is a stock that can get rated significantly higher still like lyft. but uber, that continues to be the poster child for a recovery reopening play i think even more bullish after seeing the initial numbers >> reopening should be good for mobility as we've continued to see, ali, but what does it do for the eats business which has been powering the stock and the revenue growth and the path to profitability at this point? >> yeah, i think i touched on

that a mint ago. i think basically what you have is the positive side of it is that it's a diversified revenue model. right? so it helped them to actually minimize impact of the pandemic but on the other hand the main question is, is that change in user behavior or in consumer behavior that we've seen the last 12 months, is that permanent? and, you know, if -- there was a lot of uncertainty i still think that we're going to probably see deceleration in delivery top line growth which will to a certain extent partially i would say offset that return that recovery that we'll see on the mobile side but over all in the long run i think a more diversified revenue base is certainly makes a company such as uber more attractive than lyft >> we'll leave it there. guys, thanks for joining us with your first take. we've got more earnings.

mgm resorts just releasing quarterly reports. contessa brewer has them for us. >> hi there, sara. a slight miss for mgm on both the top and bottom lines revenue coming in at 1.49 billion versus 1.52 billion consensus and a loss of 92 cents a share versus estimates of 90 cents a share. no wonder the las vegas strip hasn't recovered yet we just aren't seeing travelers heading back in the same way multiple mgm properties are closed mid week because of the lack of group business net revenues down 66% same quarter from the previous year down 58% in mckou. the bright spot the regional properties in the united states where net revenues declined only 34% but margins increased 124 basis points the company says its digital app bet mgm significantly increased market share will be in 20 markets by the year's end and

liquidity in good shape domestically here at $5.6 billion heading into 2021 the stock right now as you can see down 3.3 in extended trading. call begins at 5:00. >> thank you. up next on the show mike santoli is back taking a look at whether slipping investor adviser sentiment could be signaling a risk to the market signa key portfolio events,ket all in one place. because when it's decision time, you need decision tech. only from fidelity.

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dow closed at a record high. other major averages pulled back back to mike santoli for a look at adviser sentiment >> the bullish consensus has moderated a little bit this is the weekly intelligence poll and this is the difference between those who are bullish and bearish. this was the peak of this little run we've had right here that was not too far from the prior high in the market you see some moderation in that spread it's probably not a big change in the complexion of people's attitudes toward the market but it does show you that the s&p, itself, made a new high here even as people are pulling in their horns a little bit i would also point to 2017, similar kind of burst higher or bullishness and then it kind of slanted lower for the entire year you still have pretty much a rally all the way through that

year so i would not say that it created great buying opportunity and people got too panicked because of the mini pullback but it is definitely not standing in the way of further progress for the market in the coming months. >> great stuff thanks for that. reddit users turning their focus to cannabis stocks which are reaping the rewards today and of late up next venture capitalist bradley tusk on the role reddit is playing and whether the trend is here to stay.

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earnings action continues here on "closing bell. kate rogers here with a pair of movers kate >> that's right. two companies seemingly benefiting from all of us working and being at home more these days, sonos first with an eps beat revenue compares to $590 million estimated gross margins rose significantly. revenue guidance also raised above estimates for the full year the company says this was its best quarter in its 18-year history and then i-robot also moving higher in the after hours trade eps at 84 cents adjusted a big beat over the 31 cents that was estimated. $545 million on revenues compared to estimates of $494 million. the company said it had strong sales and has expanded the customer base during the pandemic and also raised its full year guidance on both eps and revenue well above the estimated range so far, guys back over to you >> thanks so much for that one

from game stop to pot reddit traders now turning their focus to cannabis stocks t names like tilray surging up 50% today. aphria and aurora up double digits joining us to discuss the reddit frenzy and the rise, bradley tusk ceo of tusk ventures. thanks so much for joining us. i guess it is fair to say that the game stop amc type trend ended for some people not all of course is the same going to happen here in terms of the latest moves in these cannabis names >> yeah. to a certain extent simply because there are always two different entities on the trade. there has to be a party on each side and if someone is selling at the height of the market that means someone else is buying so definitionally, yes. with that said, you know, there are some reasons to be optimistic about the cannabis sector right now states across the u.s. are facing massive budget deficits because of covid and the impact

on the economy they're looking for revenue where they can get it. places like new york, connecticut, new mexico, rhode island, all legalized recreational marijuana this year another seven or eight states are coming online. a few more will do medical there is really opportunity for growth but whether that justifies the increases you are talking about today i'm not sure >> what about when you look at crypto, particular parts of crypto as well, maybe all of it, but do you think we're getting similar levels of stretch nature on trading tactics there >> yeah. >> it's probably something wrong happening but over all the opportunity for crypto to expand is still really significant because in many ways it's about an ideology. and if people believe in it that effectively makes it real and drives it. so i think there is a different

dynamic than with a stock trade whether gamestop or cannabis or something else >> curious what you think about elon musk getting tesla into bitcoin via its balance sheet. like all things musk, is this crazy or crazy genius or what? >> who knows with him? you can't apply rules of logic to him because the answer would be he is crazy most of the time and yet clearly something is working for him. so to a certain extent you have to check that he knows what he is doing but i think what he understands more than anything else is his value is the fact we're talking about him right now. for as long as he is the epicenter of attention and he can drive, you know, share prices and sentiment in one direction or another, he is incredibly powerful and will be incredibly wealthy so doing things solely for the sake of attention may actually make a lot of sense. >> what do you make of uber not really just this quarter but the

last six months or so and whether they're now through the worst of it and onward and upwards from here for them >> the question, through the worst of it on ride sharing, are you then going to have the same kind of benefit you've had -- there seems to be two sides of the same coin. people aren't going out which means they're ordering in. that is great for the delivery business but at the same time it is bad for the ride sharing business. as covid hopefully eventually recedes we'll see more people using the ride sharing service again. does uber eats hold up if it holds up when things open up that is a really good sign for the company. i would worry that while the delivery business does seem to be the better of the two, ride sharing was an unprofitable business pre-covid when people were going out like crazy. so i am not totally sure we should assume just because covid ends at some point ride sharing is a more profitable business. >> we're throwing a lot at you, bradley. i want to ask about spacs.

i know you've gotten in on this game as well and there is just more news every day in the spac world. colin kaepernick the latest. and the fact it continues. it continues to be a big source of money for the sponsors and also for the stocks and investors in them. how long does that last? >> it is a good question obviously like anything a bubble gets created and people get left holding the bag. i do think that will happen with some spacs the real question here is are you differentiating? if you have a spac with a value that you could add to the company you merged with or acquire is really strategic and really unique, then i think you have a good chance at getting a good business combination and having the spac approved and making money but if all you have to offer is money and no other real value and the only reason you did spac is because everybody else was and some banker talked you into it because you have a big name that is really risky. i'm not sure if colin kaepernick

personally put up the sponsor cap so maybe more like a licensing thing than anything else but for people putting in the sponsor capital if you have nothing else to convince a potential company to want to join forces with you some, not all spacs will end up closing and being approved and some people will lose their investment >> broverall what do you think f levels of markets and valuations in the broad tech space public and private? are we getting stretched at the moment or is there plenty of liquidity to go around >> i think both if that makes sense. the numbers do feel really high to me. i'm certainly enjoying seeing the impact on my phones and our irr. but at the same time, there is still a lot of money that needs to go somewhere and we've been in an incredibly unusual year. i'm not sure it is going away any time soon. much in the same way we've seen other trends driven by pandemic, quarantine, work from home, certain things just never existed before i think this may be another manifestation of that and might

continue for a little while. >> bradley tusk, good to get your thoughts on a range of issues >> appreciate it >> thank you still ahead, should employers pay workers to get the coronavirus vaccine? tractor supply just announced it is going to do just that the ceo will tell us whycong up, mi

fiem for a cnbc news update with courtney reagan >> here's what's happening at this hour. a newly updated cdc website now stresses the importance of wearing a face covering with a snug fit so there is no air flow from the area around the eyes. it also recommends wearing a mask with layers or even putting on two masks and georgia is giving a one-time, $1,000 covid bonus to state employees. the checks will go out to about 57,000 government workers who earn less than $80,000 a year. the barclays center in brooklyn will allow fans inside on february 23rd for an nba game. starting that day new york state will allow fans to attend events at large arenas and stadiums if they have a recent negative covid test although capacity will be

limited to 10% in tampa buccaneers fans taking to the water in hundreds of boats as a safer way to hold a parade celebrating their team's super bowl win. i don't know if you saw the video, sara, of tom brady tossing the lombardi trophy to gronk but i am real glad he caught it, on a boat over to you. >> that's awesome. you can do that in florida not many other places right now. congrats to them courtney, thank you. courtney reagan. up next the big push for vaccines tractor supply is paying its team members to get the covid-19 vaccine. we'll talk to the ceo straight ahead. plus the nfl season may have just ended but the battle over football media rights is just getting started. find out how high the bidding might go and when the league hopes to complete a new tv deal. that's later llg ren longinhe o"csi be." what if you could have the perspective to see more?

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tractor supply offering employees a one-time payment of $50 to get the covid-19 vaccine. the latest company offering employees an incentive to receive the shot others include aldi's, trader joe's, kroeger, target, and many more joining us for an exclusive interview is the tractor supply ceo hal lawton is this an incentive for employees to do that >> yes since really the beginning of the outbreak of the coronavirus,

you know, our number one priority has been our team member well being health and safety certainly along with creating a safe customer shopping environment. we see access to the vaccine and promoting that to our team members as just one additional action we're taking. really to support our team members and create a safe customer shopping experience >> did you talk about mandating the vaccine for your employees is this just a safer way to do that without getting into legal trouble? >> yeah. we did talk about mandating. i think many employers across the country, almost all have had that discussion internally like most our approach for now is to advocate the vaccine to our team members and support them in taking it and to compensate them for the time that it requires to take it. but we have chosen not to mandate it at this time. you know, as we reach some

higher level of penetration of the vaccine side the population and we see kind of how the year or the vaccine evolves, i think we'll obviously revisit that but for now it is all about advocating and encouraging team members to take the vaccine when it's their turn in line. >> is that how you rationalize the $50 payment? is to sort of offset any costs that the employee faces by having to take time off or whatever it might be otherwise you're getting into quite an interesting area where you are paying people to take some form of medication. >> yes you know, it was kind of a, is it about a four-hour period of time, maybe two hours for the first shot, two hours for the second shot, thinking about $50 in total in terms of compensation we make similar arrangements for our team members for things like voting during national elections. it is somewhat of a common practice for us on key things like this and again, this is

really all in the spirit of creating the most safe working environment for our team members and for our customers to shop at we have been doing that the whole year whether it is the contact wearable devices that we've rolled out across the company, all 42,000 team members have one, or whether it's the check into work app that all 4 42,000 team members check in each day before they come to work or our paid time off policy which is if you tested positive for covid or if you need to quarantine whether it's because of exposure at work which is very minimal or exposure outside of work we want you to stay home we're going to manage your case and pay you for the time out regardless of the scenario so just thinking about access to the vaccine and advocating and promoting it as similar to the others we've done whether appreciation bonuses, permanent wage increases, new benefits we've made accessible to our part-time team members

we've really spared no expense in the last 12 months in support of our team members as it relates to covid and we'll continue to do so. >> so they'll get paid, get vaccinated, but i guess the question is are they eligible to be vaccinated? we've seen a number of state is not prioritize essential workers. how widespread are your employees right now eligible for a vaccine? >> yeah. it certainly would be more helpful for us to have a national kind of phasing policy across the country so we can best advise our team members when it is their turn in line. right now we're taking a similar approach as we did back in march when each of the states and counties were creating their own essential kind of definitions. and we're working with them in the same light and then when it is our team members' time whether it is age based, preexisting condition based, or job and industry based, making

our team members aware of their opportunity to go get the vaccine, supporting them in how to register, providing paperwork if they need to. and then obviously advocating for them to go get it when it is their time >> let's pivot hal what is the outlook for -- clearly prices have been strong of late. are you optimistic there will be a lot of demand for your products in the next 12 months or so? >> we just had our earnings two weeks ago. and reported a record 2020 years. our same store come pleases for the entire year of 2020 were up 23%. and we provided guidance for 2021 from a minus 2% comp to a plus 1% comp so in essence saying that we anticipated the demand to hold from last year and kind of the

guidance we think q1 of the first quarter here we'll continue to be very strong with a lot of the demand generated by the coronavirus still in play. as we start to lap on top of that for next year and the vaccine roll out takes place and we get into summer time things will start to moderate and look a little more flat to us but we feel very good about maintaining the elevated volume levels we had last year. as an example wesaw 11 million new customers shop with us last year and their repeat shopping rates are at all time highs as well 20% of our new shoppers shop a second time with us within 28 days >> the stock has been a moonshot, hal. thank you for joining us hal lawton of tractor supply >> thanks, sara. much more on the after please noob's top movers including the key reason why shares of zillow are jumping right now. plus what we're watching when disney reports tomorrow. "closing bell" will be right back hey, son!

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now the super bowl's in the nhl's rearview mirror, looking to finalize new tv deals before

setting the 2021 salary cap next month. jabari young joins us. well worth having a look at this story. tell us what we're negotiating this isn't tv rights for next season this is just sort of the multiplex long-term deal which kicks into action when >> first of all, thanks for having me. these rights they're in 2022 mchlt the nfl they don't play the last-minute game they negotiate those things 18 months in advance, and the same with media rights. they did their part, right they finalized their labor agreements with the players last year they added a playoff game and reformatted their playoff game now they're looking to add that 17th game and they're looking at their partners saying we did our part, we want our money, and with the nfl still the ratings king here in the u.s., they're going to get it. there's going to be about a hundred billion and they're

going to upset before they talk any salary cap before they move into any other business offseason, they're going to make sure that they get their money and tie these rights up right now so they can proceed businesses as useful >> yeah. i think that's the news here, right, jabari, among the pieces of news, that they're going to consider salary caps i guess to protect the players, right, and the teams. you have to explain the convoluted salary caps in the nfl and why this is such a big deal to which team >> the nfl is going to lose about $4 billion covid hit and nobody can argue that sports teams have taken a hit. the salary cap's going to come down they have negotiated that players are going to get an increase in money and the sharing those when they agree to that labor deal last year, the

sharing is the players get more revenue share. they're not going to ge something without getting something in return. we're going to add another game, the rights, if they're going to be up and we want more money and i don't think there's one network out there -- each network has learned their lesson about what life is like when you don't have the nfl i don't think they want to go down that road before. other networks have been there they're going to pay this money. the big thing is what's going to happen with that thursday night game that thursday night game is not really interested -- it's not about showing interest in it, it's not exclusive fox paid $660 million more in package and it's also getting streamed on amazon, they're not making a profit off of that and i don't think at that price point, it's not really worth it. what's going to happen with that thursday night game seems to be the thing. the salary cap is going to go up year for one reason, the media

rights are going to kick in. the networks knew this was coming. >> any wild card entrance into the field, people bidding on this kind of thing >> as the aggregate tv audience shrinks, the importance of football has only grown relatively, because a huge percentage of the top rated brauchts of any sort are nfl so i feel as if every one of these existing media partners is probably going to just pay the price to make sure they still have it. >> jabari, thank you for joining us on the show to talk about your new piece good read. >> appreciate it >> check out jabari's new story on the nfl well, uber reporting a mixed quarter, missing on revenue. the company says it is still on track to reach profit brilt for 2021 the stock down about vp after

hours. zillow surging zynga, slightly better than expected results and outlook for the year, the stock's up 5%. the big report tomorrow will be disney with a focus on the theme parks and disney plus. those numbers set to hit here on closing bell we've got an interview with patrick harker right here on "closing bell" following fed chair jay palo, i think the market always expects him to sound hawkish or encouraged about what's happening in the outlook and seems surprised when he doesn't he talks down the labor market >> a little bit. the debate has centered on the prospects of over heating the question down the road basically people are overanticipating that moment and they continually do so

that's what investors and the economists try to do when you're in the fed chair's role, you have to exist in the here and now and he doesn't want to send a signal about assuming they can declare victory he'sstaying to the same line everyone else is talking around him. >> enough for a record there, though declines for the russell, nasdaq and s&p 500 that does it for clo"closing b." "fast money" starts now. guy, tim, karen and bon man. we're tracking shares after action we'll break down the numbers straight ahead plus the ultimate hedge. one top technician lays out six charts to trade right now with stokes hitting all-time high looking for a few good reddit-ers we start off with reefer madness. the pot stocks lighting up today as the