fancy ice cream without our help. that's it for us this week. gerry baker's going to be back next week with more in-depth interviews right here on "wall street journal at large." thank you for joining us. ♪ ♪ ♪ ♪ jack: welcome to barron's roundtable where we get behind the headlines and prepare you for the week ahead. i'm jack otter. cyber monday was the most successful online shopping day of all time. shopify president harley finkelstein will join us. and later, two hot i e pos set to start trading next month. should you invest? but we begin, as always, with what we think are the three most important things investors ought to be thinking about right now. the dow, s&p 500 and nasdaq hit all-time highs this week. supported by hopes for a

stimulus deal9 and the promise of a covid vaccine. cloud computing giant salesforce has agreed e to buy slack in a $27 billion deal. slack's instant messaging system will position salesforce to compete with microsoft. warner brothers announced it will release its 2021 films on hbo max at the same time they debut in theaters. on the round table, ben levisohn, carlton english and jack howe. ben, we got pretty weak jobs numbers today, but the market shrugged it off, and everything ended up higher. >> that's right, jack, everything went higher. it doesn't matter if you were maul cap or large cap, the tech-heavy nasdaq or the dow jones industrial average, the market just went higher. that comes down to stimulus. congress is talking again, democrats and republicans are trying to come to a deal, this is a number out there, and it

looks like it could get done. if it does, it makes up for the data. payroll number missed expectations, but people were expecting a weak number, and the weakness is really in the areas that we already knew would be weak like retail which has been hit hard by the virus. and so the market or is looking past the weak data, they're looking past the virus, and they're seeing a spring boost from both the vaccine and the possible stimulus package. jack: it does seem like temperatures are cooling just a little bit on capitol hill, and maybe they can compromise and make a deal. i want do you about -- ask you about two things, the 10-year bond yield is approaching 1%, and also the dollar is weakening. are these things at all trends in 2021? >> yeah, they really are kind of connected at this point. the dollar is coming down to really the lowest level that it's been in since almost 2015. so still the 2018 level, but that's what we're going to be

watching, is the 2015 level. and when the dollar falls, it causes inflation to rise because prices of exports and things that we buy from other countries are going to be more expensive. bond yields are rising because their seeing a little more inflation, and their seeing perhaps that growth coming down the pike that the equity market is pricing in too, and that's good for small caps, cyclicals and banks. if the yield curve -- the difference between short-term interest rates and long-term interest rates -- keeps steepening, keeps getting wider, that'd be fantastic for banks which borrow short and lend long. jack: i know that carlton would love to talk about banks, but i'm going to ask her about this slack/salesforce deal. the second largest software deal ever. >> that's what's raising questions for salesforce. they're looking to compete with microsoft, and it's also worth noting that slack is also looking to compete with microsoft or at least when it comes to the team product.

this tie-up strategically may make some sense, but it is making some analysts worrieden considering salesforce is paying $27.7 billion for the company. jack: good news for slack employees who have stock options, those poor silicon sali folks watched zoom stocks up higher, slack was actually below where it closed on the initial public offering day until this deal came through. do you think they'll do well with benioff? marc benioff, the ceo? >> i think part of the platform is going to be a good move to get them in front of more potential customers and give them that reason to grow and do more. slack does one thing very well, pa facilitate communication within a company, but it hasn't really gone much beyond that. our colleague alex compares them to twitter can also does that one thing really well but hasn't really grown whereas zoom, you know, has really picked up on the a pandemic moment.

it was able to replicate business travel, people could have these virtual meetings and people could connect with family members and friends during this lockdown time. slack really hasn't found its spot outside. jack: i want to pivot to jack for more bad news for the movie theater business, but first, i want to remind him as well as our viewers about a prediction and a promise you made back in october. let's hear the videotape. >> if you see to e a wide theater release of that movie this year, i will dress as wonder woman on the last episode of this show this year. [laughter] finish. jack: so, jack, you're lucky -- >> whoa, whoa, whoa -- jack: wouldn't allow us to put you on air in a wonder woman costume. >> i didn't say anything about it couldn't go on hbo max at the same time. didn't i stipulate that? [laughter] i mean, there's two issues here, jack. i've got to see whether they make that costume in my size -- [laughter] and also i'm no gal georgia doe,

right? -- gal gadot. so let's see how it's going to work. but, yeah, to your point about the news, the film slate, the entire 2021 film slate for, you know, warner brothers unit of at&t, it's going to hbo max and theaters at the same time. it was a unilateral discussion by warner brothers. they need to play some catch-up here. they've got 38 million subscribe ors of that hbo max if, that's only about half the size of disney plus, half the side of the north american unit of netflix. so analysts think that might not be a done deal. if we see much better conditions lauter next year and there's demand, there's some room for theater operators to negotiate on this. but -- and also a it'll come down to disney, right? disney dominates the box office. whatever disney leads, hollywood is likely to follow. the two rusks, in the near term,

there's a solvency risk. theater owners have to be able to ride this out. in the long term, the more hollywood tailored its content creation for streaming, the bigger risk there won't be those big budget popcorn movies ready for us. jack: yeah, i think that's fascinating. mandalorian was a great example, now we subscribe to hbo max. thanks very much for that, guys. coming up, cyber monday set a record as the biggest online shopping day in u.s. history. what can we expect for the rest of the holiday season? harley

when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world for the millions of people on the autism spectrum. go to autismspeaks.org (betsy)) quarter mile of tinsel. of lights. (harold) and real snow all the way from switzerland. (betsy) hmmhm... gonna be tough to top.

well played. (vo) add some thrill to your wish list. at the season of audi sales event. get exceptional offers now. hi susan! honey? yeah? i respect that. but that cough looks pretty bad... try this new robitussin honey severe. the real honey you love... plus, the powerful cough relief you need. mind if i root through your trash? new robitussin honey severe. strong relief for your severe symptoms.

strong relief >> tech: every customer has their own safelite story. this couple was on a camping trip... ...when their windshield got a chip. they drove to safelite for a same-day repair. and with their insurance, it was no cost to them. >> woman: really? >> tech: that's service you can trust. >> singers: ♪ safelite repair, safelite replace. ♪ i'm dorothy hamill. as i look toward 65, i'm thinking about medicare. i know i want coverage that connects all the different parts of my health care to keep me aging actively. aetna medicare advantage plans offer $0 monthly premiums. with benefits like dental, vision and hearing. and telehealth so you can see a primary care doctor from the comfort of home. keep doing what you love. that's the aetna medicare advantage. call today and we'll send you a $10 visa reward card with no obligation to enroll.

♪ jack: covid-19 fears may have kept some hold cay shoppers out of the stores on black friday, but online sales soared with cyber monday becoming the biggest online shopping day in u.s. history. shopify says worldwide sales topped 5 billion last weekend. how will the rest of the shopping season fare, and what does the future of retail look like? joining me now, the president of shopify, harley finkel stein. you handle all the logistics from credit card transactions to

actually shipping the packages, and it's become a huge business. market value is as large as a dozen well known companies put together including ebay, best buy and may city's. harley, thanks a lot for joining us. obviously, a much large or -- larger than usual shift to online shopping, but is it possible to extrapolate what that means for overall numberses? are consumers actually spending more than last year? >> well, i think there's a lot to be optimistic about. you described it well, the center of gravity for retail has shifted from in-store to online. in this new model, independent businesses and the entrepreneurs behind them are going to lead the retail industry. consumers are now voting with their wallets to buy from and vote for independent brands and brands whose values reflect their own. i actually think what we saw during the black friday/cyber monday season is going to be a blueprint for what the future of

retail is going to look like. jack: that's interesting. the shift to value is fascinating. there's also some practical things that are happening. you guys put out a list of what people are buying most. it was things like keyboards. i know that, i had to get a new one because i was working on my home computer. i think the number one was art as people set up their houses because they're spending so much time in there. >> it is amazing to see this shift happen. some of the top products were scooters and needle craft patterns and bottle openers. we saw barbecues and camping equipment happen. so definitely -- so let's summarize this. first of all, the black friday/cyber monday and the holiday season started much earlier. second thing, the consumer ended up not only starting earlier, but spending a lot more. and so again, you know, there's a lot of bad things happening right now in the world of the pandemic, but there is this glimmer of hope around retail which is that the merchants and

the grands that have been resill cent throughout the entire pandemic, they are beginning to cash in, and consumers like it. jack: another bit of optimism was i was surprised to see that business starts skyrocketed in the third quarter. i thought of that as being is so bad, but i guess, what is it, people who lost their jobs just went entrepreneurial? >> two things are happening. you're seeing people that lost their jobs are looking to supplement their income or to replace their income. you're also seeing people at home a lot more, so it seems like a lot of folks that have to be buts are commercializing that to be by. in the united states in the third quarter of 2020, the largest business registration the amount since 2004, and a lot of those are being opened and smalled on shopify. and the neat part about technology like ours is you can start around your mom's kitchen table or what you used to do at a coffee shop, and you can scale to become tommy john underwear

or gym shark, some of the largest brands on the planet were built entirely on shopify. and that idea, starting and scaling on a singling platform that gives you payments, shipping and capital, is pretty amazing. and one thing that people don't really know, if you were to aggregate shopify stores in the united states, online stores, we would be the second largest online retailer in america. jack: wow. >> we have massive economies of scale that rather for end keeping them for ourselves, we can give to the small businesses. and that provides a leveling of the playing field that's never been done before. jack: we can't hit on this, but you have a new partnership with tiktok, and in the coming years people may actually be buying stuff through their social feeds which i think is a fascinating -- >> yeah. retail everywhere whether it's online, offline, social media, and shopify wants to power that. jack: harley finkelstein, thank you so much. >> thanks, jack. jack: 2020 year has been a huge

year for ipos, but we've got two big with ones coming, airbnb and did you know that geico's whole 15 minutes thing... that came from me. really. my first idea was "in one quarter of an hour, your savings will tower... over you. figuratively speaking." but that's not catchy, is it? that's not going to swim about in your brain. so i thought, what about... 15 minutes. 15 percent. serendipity. 15 minutes could save you 15% or more on car insurance. anna could only imagine a comfortable night's sleep without frequent heartburn waking her up. now, that dream... . ...is her reality. nexium 24hr stops acid before it starts, for all-day, all-night protection.

can you imagine 24 hours without heartburn? twto treat acute, non-low back stmuscle and joint pain doctors with topical nsaids first. a formulation they recommend can be found in salonpas. a formulation they recommend can be found in salonpas. salonpas. it's good medicine. hisamitsu. that's why we've merged with sprint.get more. now it's about to get even better. and as we work to integrate sprint's network, our nationwide 5g keeps getting stronger. with the capacity and coverage to reach more people and places across the country. who says you can't have it all. now is the time for 5g. now is the time to join t-mobile. to all the businesses make it through 2020... thank you for going the extra mile... and for the extra pump of caramel. thank you for the good food... and the good karma. thank you for all the deliveries...

especially this one. you've reminded us that no matter what, we can always find a way to bounce forward. so thank you, to our customers and to businesses everywhere, from all of us at comcast business. in a on the most reliable, pnetwork with xfinity mobile. they can choose from the latest phones or bring their own. and because they get nationwide 5g at no extra cost, they live happily ever after. again, again. your wireless. your rules. your way to stay closer together this holiday season. switch and save up to $400 a year on your wireless bill. and get $300 off when you buy the samsung galaxy note20 ultra 5g. learn more at xfinitymobile.com.

♪ ♪ jack: 2020's record-breaking year of ipos is ending with airbnb and doordash. what's coming up in 2021 is in we've got some stories about this in barron's, more than 200 ipos already, and that doesn't include the spac that effectively do the same thing. what are the forces driving this? >> in some ways it seems like companies have realized they have a window to go public. 2019 was disappointing for

companies, companies like slack that really were met with a shrug, but this year we've had 201 ipos, that's up 32.2% from the 160 last year. they've raided $63.9 -- 69.9 billion. those are both the best since 2014, and they really are all getting out there. when you look around at what's left over, there's not that many household names. we have spacex, we have epic games, but we're really running out of these big name companies that can go public now. jack: jack, i want to talk about doordash which was in exactly the right time, right place at the right time when the pandemic struck. >> the name door bash is still available, we is just need a business model. let's work on it. jack: let's do it. >> the valuation could top $30

billion based on the proposed offering range of $75-85 if investors go hog wild on the stock after it starts trading, of course, the chi is the limit. there's a lot to like about the company. the recent growth has been incredible. the company's tripling its revenues from the saw same time last year. it's also closing in on profitability. it's pretty close to sustainable profitability. one of our tech writers at bare ron's, eric savage, says he's cautious on the offering. he writes that these conditions are kind of as good as it gets for doordash. it's hard to know what it will look like under normal conditions. what happens when there are vaccines, things get back to normal and we're going out to restaurants, will that growth still be there. it's also a very competitive market. they're going to have to compete with grubhub and uber eats to get those restaurant partners. customers don't really care, you know, like, i don't care who wrings my gyro matter to me as

long as it's hot and there's extra taziki how's my pronunciation there, by the way? gyro platter? am i nailing that one? jack: that's very good. you want to look good in that gal gadot costume, don't eat too much of those. when the pandemic hit, revenues plummeted, and now people are thug, well, actually, maybe a houses that no one's been in for a couple of days actually beats a hotel, and airbnb looks very well positioned. >> it definitely does. it could be one of the hottest i if, os of the year, and we have one analyst that calls it the apple of travel. what's interesting is habit how they were automobile -- about how they were able to reare cover, people think about renting a room in a major metro

pal tan area, but people want to get out of the big cities and rent houses in more rural areas to be away from people. is so the economy has been able to come back as the -- the company has been able to come back, but people are really expecting it to really take off and compete with the more traditional hotels. you know, airbnb where it's expected to price is looking a little bit more expensive thanker you know, your mare yachts and your hiltons. it's a little bit less expensive than some of these travel companies like your books and things like that. people do see a lot of room for this company to grow after it goes public. jack: one quick warning for viewers, you know, you might see this price, i think $50, is that right, the expected opening price, gnaw's not actually what hits the tape because all sorts of people put in bids, and you can see the stock go up to 35, 1 is 00, and if you have an open market order on robin hood, you might actually pay that price instead of the other. and really one more fascinating

point, it's actually become the term we use for that thing, that's a powerful brand that will stand the it in good stead. we'll watch that closely and talk about it next week, i'm sure. thanks, guys. up next, round table members will give their investment ideas for the coming week. stay right there. ♪ ♪ ♪ ♪ ♪ smooth driving pays off. ♪ with allstate, the safer you drive the more you save. ♪ you never been in better hands. allstate. click or call for a quote today. ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze drifting on by you know how i feel. ♪

♪ it's a new dawn... if you've been taking copd sitting down, it's time to make a stand. start a new day with trelegy. no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at trelegy.com.

that selling carsarvana, 100% online wouldn't work. ask your doctor about once-daily trelegy. but we went to work. building an experience that lets you shop over 17,000 cars from home. creating a coast to coast network to deliver your car as soon as tomorrow. recruiting an army of customer advocates to make your experience incredible. and putting you in control of the whole thing with powerful technology. that's why we've become the nation's fastest growing retailer. because our customers love it. see for yourself, at carvana.com.

♪ ♪ jack: jack, being a good stock picker is hard enough, but this week in your street wise column you write it's actually selling stocks that investors tend to time really a badly. >> yeah. and, you know, there's a research note out from the part of bank of america, and they say there's a great selling opportunity for stock investors

coming up in maybe6-8 weeks. they think the vaccines are going to bring kind of peak positioning. we've been riding this stimulus this year, and then as the economy opens up and investors begin to feel better, there's press need for stimulus. think they that sometime early next year there might be a bit of a dive for the market. but there is a study that shows institutional money managers, even the pros, really say they have skill with their buying, but they stink at selling. and you don't have to be a pro. i'm pretty sure i stink too. i said that stocks might dip in november, it turned out to be the best november for the stock market since 1928. i'm staying put, but for people who are interested, the reasons why they might be wanting to be cautious. jack: speak of picking stocks or at least giving good ideas, we want to go to other members of the panel for their action bl

ideas. carlton, i will start with you. >> yeah. is so we were just talking about ipos in the last segment, and i'm looking at the renaissance capital ipo etf. understandably, a lot of companies are nervous, this is one way to get diversity case, not to mention if people can't afford to invest in every ipo opportunity way they want to. it holds newry e-public company for about two years, so you would have exposure to the next zoom if you were to invest in it. jack: thanks for that. and, ben, you think it might be time to take a flyer on the recovery of the airline business. >> that's right. i was looking at boeing. this week it cut a 737 max order, something it it hasn't gotten for a very long time. and it's now up 50% this month. it's still down 30% on this year. i wouldn't be vised to see it get back to unchanged on the year. it's 232 now, that would mean getting up to about 300. jack: one day we will be flying

regularly again. great ideas, all of you. to read america check out this week's edition at barron's.com, and don't forget to follow us on barron's online. be healthy, wear your mask, and we will see you next week on ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend, everybody, welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. thanks for joining us. coming up, my one-on-one with white house economic adviser larry kudlow on the efforts to get a covid relief bill passed before the holidays. then later, don peebles is here to talk about the crippling effect new covid restrictions could have on the recovery. but first, let's take a look back at some of the big moments with top