to 70 at this point. we're looking 195 for the first trade. these are recognizable young gig names, right? >> i think robinhood is active i really do. pubmatic ipo today, 55%. what a day for ipos. neil, it is yours, really incredible, stuart. let's pick apart some of the numbers we're getting on doordash as stuart was saying. that ratcheted up, up, and up. normally confidence people will buy those shares. when all of this started they were looking in the 70 to 75 range. that itself had been upped a number of times by those behind this to try to get it offer the ground since they were optimistic this would be a successful offering. then we got into a new range saying 85 to 90, 90 to 95. just a short time ago, 100 to 105. then 170, to 175. then 185 to 190.

did the math backwards what they were talking about, valuation for the food delivery service in the 10 to 15 billion-dollar range. now with this level close to about 190, 195 if i'm doing the math correctly, we're talking close to a 90 billion-dollar company right out the gate on the first trade. we will keep an eye on this because it is very likely as stuart was indicating right now we could see a number of other offerings including airbnb to up their price. that one is in the 56 to 65-dollar a share range but almost assuredly be up as well. we're keeping eye on new offerings in a record year for initial public offerings. keep in mind going into today, without these two issues counted in, they were going to dramatically change the math, we are looking at 2020 as being one for the record books. so many other records in this

year but not a bad one for companies debuting to the public. about $140 billion has been raised in new money, initial public offerings this year, dwarfing levels that we've not seen since the dot-com boom of 1999. that was then. we know what followed that, whether this is frothy or two frothy for words, really in the eyes of the beholder. these are each unique cases. you hear that many, many times. they were each unique cases of course during the dot boom era. that is startling, sweeping, widespread, gives you the idea of pent-up demand for issues that look promising. keep in mind in doordash's case, some of these others they're considered pandemic defense cases. some of the more recent high-profile name like zoom,

others, they were -- vroom, they were limited beyond cause or something more talking about staying at our homes. this is almost exclusively pandemic phenomenon where people were ordering out, continue to order out, have food delivered to them, it met that demand but there is a new view once people started using doordash, they realized hey, whether i'm sheltering at home or not i like this service. it is easy. it is convenient. very, very simple. a lot of people hopped on board, restaurants and the like, count me in. they are indeed in. following this one really, really closely, the pricing keeps getting upped and upped and upped but look at some of the other players here benefiting in this pandemic environment like uber and grubhub. they're all playing a theme, not exclusion sufficiently dependent on the pandemic, but a reminder post the pandemic, technologies, the spirit that they bring continues to thrive even after we are done sheltering, whenever

that is. so we're following that. we are following the markets right now. responding to that. this is focused on these new offerings more than it is on any promise of progress in washington, on stimulus or avoiding a government shutdown. although it doesn't hurt when you hear that the white house is on board with stimulus as well. mitch mcconnell just might, might, dump his demands for liability protections. i don't want to get ahead of myself here. let's go to chad pergram where things stand at least in washington, the other part of this market puzzle today. hey, chad. reporter: good afternoon, neil. on coronavirus it is getting late in the game. treasury secretary steve mnuchin put out a plan last night which he says has the blessing of the president but democratic leaders shot that down. earlier senate majority leader mitch mcconnell propose eliminating the two most contentious issues for now. those are liability protections and money for state and local governments but democrats dismissed that too.

mcconnell had harsh words for democrats this morning. >> employees who held on to their jobs all this time because of the paycheck protection program, they're facing the prospect they might be laid off now with vaccines just around the corner because washington fumbles the ball in the red zone. reporter: house speaker nancy pelosi and senate minority leader chuck schumer declared that the bipartisan senate man is the best hope for a bipartisan solution. democrats said the white house proposal on unemployment benefits was unacceptable. businesses are struggling. >> industry doesn't often ask for support, we need it, we need it bad. reporter: that includes $150 billion for state and local governments and 300 billion for

the ppp. neil? neil: chad, thank you very, very much for all of that. meantime we're following the underlying reason for the stimulus covid-19 itself around hope for vaccines and they're beginning to line up like planes at your local airport right now. we're getting word now that roche could be partnering with moderna. some of these antibody studies look very, very promising. that is a separate battle in itself. not a vaccine per se but a treatment. we're expecting to have half a dozen of such treatments, not all exclusively vaccines, promising news nevertheless, connell mcshane, "after the bell" host with us right now looking into this. this roche thing is interesting and promising at the same time? >> they think it can help a few different ways, swiss company roche partnering up with moderna. they will put a antibody test into the vaccine trials.

number of ways it can help, they think whether the vaccine is working and maybe more importantly you can tell how well it is working from these antibody tests because moderna is aimed at triggering a antibody response in the proteins found in the virus. if you know the level of the antibodies roche feels you could assess someone needs to be vaccinated at once or revaccinated that would be very helpful information going forward. that partnership to your point is also intriguing. intryinging over the last hour or so word came in from canada, the health regulators have officially approved the pfizer biontech vaccine. following the uk set to receive 249,000 doses this month. a million by march. they can get up and running they say in canada. the uk is the big story. canada is right behind them. we know the fda here in the

united states could come forward with emergency use authorization for the vaccine as early as tomorrow. we're getting moving around all of this around the world. here in new york state meantime there is talk of legislation, just talk at the moment, hasn't worked its way into law, that could make it mandatory to get a vaccine if people don't line up to get it voluntarily. state assembly woman, learned today rosenthal in albany, would trier require the state to distribute an effective vaccine f it were to become law long way before that would happen, the health department in new york would have a big say over it and they would have to determine whether or not and would have the authority to say that vaccinations is mandatory, if they determine new yorkers are not developing quote, sufficient immunity from covid-19. so there are a lot of questions about this. one is, how would one define what sufficient immunity is? we don't know. finally from texas, we do

stories all the time about small businesses closing down. the opposite here from the state of texas. they want to try to keep them open. the key is testing. there is a new program being rolled out in the state that would give rapid covid-19 tests to small businesses. so the governor there, greg abbott, wants to start small if six local chamber of commerce organizations in the state. see how it goes, if it goes well, they could ramp it up from there. in terms of business owners we're speaking to, give them a way to hope, safely stay open as they work their way through to when the vaccine is widely distributed. neil: thank you my friend, very, very much. connell mcshane following developments. as connell pointed out, canada has gone ahead to approve this. we're talking with marty makary rights off on this. canada writes off on this.

ba rain writes off on this. the an american product sees its product is approved in other countries he not too pleased about that the fda we're told they could be 24, 48 hours away, the next americans could be getting the doses, he said all our hard work is not being realized or the rewards for american investors and americans period is not being realized. now on investor side we have to say that is quite another story here. the company of course has shot up on this, no pun intended on just the promise of the worldwide demand for this vaccine when they are promising they could have millions of doses per week in just a couple of weeks at the rate they are going. so we'll keep an eye on that. we're also keeping an eye right now on what's going on with some of the offerings we're seeing including the attention that's been given to what is happening on the doordash front, the food delivery service. it is givinging you quite a

mouthful, something we've not seen in recent history, five times by my math, the company ratcheted up the opening price of its offering. we were back in the 70, 75-dollar a share range when the company was first toying with this. 85 to 90, 95 to with hundred. 115 to 125. then we got up to around 170. then 185, $195 a share. well our charlie brady who follows this stuff far better than i does math that doesn't require taking his socks off to count his toes along with his fingers, so he is good, unlike me, right now i did take my shoes and socks off, at this valuation, folks, i know you will find this hard to believe, we're talking 80, maybe 90 billion-dollar concern. you know, that is a lot of loot to share with the world. we'll see what happens here, whether it sets the stage for similar inupped valuations and a

host of other companies making their debut. airbnb among them just today. we'll get word on that. whether that is up yet again. already been up a number of times. the read on all of this with phil flynn, dan danielle demarch attorney know booth. danielle, this is awful lot like the 1999 boom, bubble, there are money making concerns. not all, certainly was the case in 1999, your thought on then versus now? >> well, first of all, neil, i think that if you're ever looking for a second career you might consider being an auctioneer. you take those numbers basically. auctioneer with no shoes and socks on mind you. neil: thank you, my friend. >> there is big difference between then and now. that is the drivers of the

nasdaq, the drivers of the technology boom that we're seeing today, the godparents if you will, they are profitable, the "fang" stocks. and they're basically oligopolies unchecked in this country. we've got a new era of robber-barons if you will. they're allowed to continue expanding their footprint. so they have got tremendous power. they have got huge cash flow capabilities. there is something that is very reminiscent about the breathlessness and the ipos and saying saying that grubhub h $90 billion. let's wait to get it to where it's a 100 billion-dollar company. there is definitely a sense of mania. the nasdaq hit an all time high 50 times this year alone. so there is something to be said, neil, for you know, fasten your seatbelts because a lot of times when the music does stop playing, it stops playing very abruptly. neil: you know, phil, by the way

i misstated, airbnb is coming tomorrow. again this price range of about 56 to off dollars a share. it has been up a number of times. expected to be up probably again. whether it gets to the stratosphere i can levels of doordash is to be seen. is this okay or is it worrisome to you? >> i think it is okay. i think it is really pent-up demand. we haven't seen this excitement about u.s. business and u.s. companies for a long period of time. so it's really built up. and you know, i think doordash story is an incredible story. it got the ceo, tony zhu, growing up in the shadow of the university of illinois. had a dream about a business. he has been telling people about the business the growth in food delivery is incredible. that they haven't cracked the surface. we're telling you, what we're seeing in the initial ipo people

are believing it probably they saw all the doordash cars coming to my house every four hours. that might have been a big part of it. i think we're on to something here. the pandemic has changed the way we think a lot about businesses and delivery and eating services. amazon did it with all products. doordash is doing it with food and i think the market is rewarding a great business plan and a great idea. neil: do either of you look at this, when people tend to migrate to hot up-and-coming name to doordash, airbnbs, when they do, it comes at the expense of other market players? history suggests that is not the case. they like to spread their wealth if they can even get in these offerings which is hard to do whether it's a dutch auction or not? danielle, looking at that, does it increase the fullish sentiment? longer term is one thing like you said, shorter term, what is

the history on this? >> oh, there is no doubt, neil that, you know, people trying to catch a falling knife, they tend to get cut and momentum is definitely something as you described, that feeds on itself. and you know, to phil's point, there is definitely euphoria. i think there was exhaustion in the market following the same exact names day after day after day. now we've got, you know we've got new blood. so i think that this is something that can build upon itself but you also have to bear in mind that there is a finite universe for all of these companies. you know the ceo of doordash specifies only 10% of food today is delivered but you have to step back and say, what is the ceiling going to be for some of these industries? i don't dispute for a minute we've all changed the ways that we consume but i don't think we're going to become a nation

of hermits either. i think thrill with be a balance. to your point, neil, momentum definitely feeds momentum. neil: phil, quick thought on that? >> she is absolutely right. i couldn't have said it better myself. i think it i was a reflection what we've been through the economy overall. we're seeing entrepreneurs take advantage of a situation to make it better. this is a perfect example of what is going on here. so i think it is absolutely right. i think the time is now for more ipos. more players to come in. i think it will hot for a while. it willing a long time before we get oversaturated with new companies, new ideas. i think the time is now. this is the beginning of what will be a good run of new companies coming public getting back on the market. we have to forget, companies going public, we haven't had that. there has been a huge drop-off the last couple years. when you get a good idea, a good company coming public, that is why you see the companies going

public right now. it may have people rethink business plans of not going public and relooking at it because if the ipo market will reward you this way, i think a lot of other companies that haven't thought about it are going to look at it again. neil: all right. we'll see what happens. guys, i want to thank you very, very much. we're waiting for the first trade of doordash as it makes the debut. would be one of the more spectacular opening acts. how can it keep that going. number of bullish analysts on the company think it has grown way beyond the pandemic. at these prices it has grown way beyond the world. stay with us. you're watching "coast to coast" to all the businesses that helped us make it through 2020... thank you for going the extra mile... and for the extra pump of caramel. thank you for the good food...

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i've been telling you anywhere from 185 to 190. it's a moving target. forgive me if we can't keep track of it, best to say write it in pencil but nevertheless when the first trade begins we'll bring it to you because something tells me at the beginning it will be pretty historic. it will value the company anywhere between 80 to $90 billion. the folks who deliver the food to your house, do they share the loot with them, should you bother tipping them, they're richer than you are, right? that is probably not the case. get the read certainly what is happening on the virus front. that is a move dictating the market trend right now, concerns frustrating in a number of states including now massachusetts. they're reimposing some restrictions. what the republican governor is up to with molly line joining us in boston. reporter: hi, neil. earp even as numbers in west

coast and new england are not looked good, rhode island, leads the country with roughly average daily rate, 122 cases per 100,000 people. here in massachusetts seeing a dramatic surge which is putting an incredible strain on the health care system. there are 1500 people hospitalized right now in the state. 310 patients in icu. worlding to the state governor charlie baker, hospitals have fewer than 11% beds available. a field hospital in worcester is starting to accept patients. baker is rolling back massachusetts reopening plan, restrictions on gatherings, closings indoor theaters and performance venues and indoor recreation businesses like roller rings. patients must leave masks on. they can stay only 90 minutes and leave masks on. party size is six people. masks must be worn at gyms

including exercising. >> one, prevent infection and viral spread especially in indoor settings. number two, to create stronger mask compliance, more social distancing and limits on the time spent with people outside of your immediate household. and step three, to reduce mobility. reporter: the governor also giving some new details today regarding how the vaccine will be distributed. the state's first shipment of more than 59,000 doses of the pfizer vaccine will be delivered to 21 hospitals across eight counts. front line medical workers will get it first. high on the list, staff and residents of skilled nursing facilities, rest homes and assisted livering residences. we're seeing the rollout. neil. neil: thank you very much for that, molly line in boston with all of that. as she pointed out rhode island has its share of problems as well. we'll pay attention to all of the above. to richard bailey right now, he

is the mayor of coronado, california, it is a beautiful neck of the woods. he has had enough with some of the restrictions imposed by governor newsom. wrote the governor a letter, essentially, mayor, you were saying ease up, right? explain what you wrote and the answer you got. >> well basically the purpose of the letter was to ask the governor to treat our citizens like adults. one of the most disappointing aspects of the state's latest action no one is made any safer to it. the latest health order, unlike rhode island which is focusing on putting in regulations regarding indoor settings, california is focusing on putting regulations, prohibiting activities in outdoor settings. the latest order shut down outdoor dining, outdoor playgrounds and many personal care services. the problem with that approach, gyms and personal care services have only marginal rates of transmissions when common sense protocols are in place. there is no data at all to

suggest that outdoor dining is risky activity. the l.a. county judge ruled that l.a. county was arbitrary in its decision to shut down outdoor dining a few weeks ago. yes, we have rising cases. yes we have rising hospitalizations. these metrics should be then very serious of course but the bottom line shutting down businesses and activities are not contributing to the spread will not reduce cases and will not reduce hospitalizations but will certainly put tens of thousands of people out of work. neil: so, mayor, what is behind the uptick in cases? what would you do? >> well so i think once again first and foremost we need to treat citizens like adults. i think one of the problems with california's health orders it is losing credibility. there are certainly aspects within the health orders that make sense. we should be emphasizing best practices. we should emphasize social distancing f you are gathering, gathering outdoors in small groups but the problem is when you start prohibiting activities

that are inherently safe, i can remember back earlier this year the state of california and other health officials made the pacific ocean and beaches, outdoor parks off limits. when you take these actions and prohibiting activities that are safe, you lose credibility with the other aspects of the health order that actually do make sense. so i would strongly recommend that governors start taking a new approach where we're emphasizing best practices. we are allowing people to get back to work with reasonable protocols in place, allowing people to enjoy activities that are actually safe. neil: all right. we'll see what happens. let us know when you hear back from the governor, if you hear back from the governor. mayor, meantime, be safe, healthy. >> thank you. neil: meanwhile our attention on corner of wall and broad where the dow is now. it has been on tenterhooks waiting for the first trade of doordash. it is safe to say that the food delivery app is going to come out of the gates well, in a

dash. it will dash to a multibillion-dollar valuation that could have it close to $90 billion in market worth. now that could be -- fleeting that could subside and go up. the backers of this delivery service are so confident that they have raised the price of this offering, no less than half a dozen times and it could be trend setter for the rest of the year, a year already broken records for initial public offerings going into today we were standing at $140 billion. by day's end something tells me we'll be at 200 billion. stay with us. ♪ this is decision tech. find a stock based on your interests

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>> wet come back to "coast to coast." i'm edward lawrence. we're expecting a big lawsuit to be filed against today against facebook. 40 state attorneys general joined with the department of justice to file an antitrust lawsuit. in fact two hours from now attorney general of new york scheduled to make a major business announcement related to a case. the investigation into facebook haas been going on for about a year. allegations that the tech giant engages in anti-competitive tactics to buy or crush smaller start-up rivals. what started the case the purchase of instagram, the stories that came out with strong arm act ticks from that and purchase of whatsapp. senators are calling for facebook to sell off the companies because they are too big. it is expected the lawsuit will ask for that. senator richard bloom blame from the judiciary hearing where he grilled the facebook ceo. >> antitrust action by the federal trade commission is long

overdue. i believe decisive action is necessary including very likely breaking up facebook as a remedy. all options are to be on the table including divest meant of instagram and whatsapp. reporter: senators have been pushing hard against the tech giants. senator tom cotton may not not stand in the way of the forced breakup with the censorship issues going on. the department of justice is looking into the tech giants with a lawsuit against google filed last october. back to you. neil: thank you very much, my friend. edward lawrence. remember there was a time the governor of california was not worried about the companies leaving california and even the possibility of elon musk could seek out safer, less taxing environments. this was back in the spring. take a look. >> i've known elon for decades. i have admiration for his

innovative spirit. this state has been his partner helping him grow his business. we're confident he and others will thrive, not just survive in the future in this state. with respect to those taking advantage of this moment, no, california knows no equal as the fifth largest economy in the world. neil: well, surprise, musk is leaving. it could go way beyond he himself, his foundation t could include tesla, a lot of stuff he does with spacex. get the read on all of this with ray wong, constellation research ceo. ray what do you make of this? >> it is the natural progression. sheer arrogance in california. texas has no state income tax, no capital-gains tax. manufacturing is good there. a lot of cheap land. housing is in place. it makes a lot of sense for him and tesla and a lot of tech companies. over the last five months i have

heard so many tech see quote here in the valley say i'm buying a house in as austin, i y move there. it that i be with the fires, the policies what is going on with the business climate here. neil: what people forget, elon musk is not some california johnny-come-lately. he has been there 25 years. it has been all he has known. it has been the base of his operations to where they make the batteries for his cars to the birth of tesla itself, to say nothing of spacex ventures and the like. if all of that were to follow him out of the door, man, oh, man, that would be more of a big deal than any just fortune 500 company, right? >> right. but i don't think all will go. i think he has been diversifying his interests for some time.

the gigaplant was put into the nevada because the friendly environment. the nix plant going into austin southeast. i don't think anything will move out. he is diversifying his personal base and bringing a lot of employees. here in cupertino apple has a lot of people in austin as well. it is their second headquarters. is may be spacewise bigger than cupertino. there is lot of movement from california, movie industry going to new orleans. somewhere else. auto industry. toyota moved to dallas. people traditionally if torrence where all auto manufacturers were, they moved out over the last 15 years. there is exodus of these types of jobs. not just here. tech is the next one to go. there is good news to it. you want to diversify the tech bases to austin, seattle, just outside of san francisco. tech workers will have a lot of choice, that helps but personally i think for him it is about the business environment. he did benefit a lot in

california with tax breaks, ev credits, all the things that helped put solarcity, and spacex and tesla together. neil: that was then. it is new world. ray wong, always good to talk to you. thank you for your time. lesson we learned from tesla an elon musk, capital can move, that we know. so can people who have a lot of capital. they quickly follow. stay with us. ou can go to libertymutual.com to customizes your car insurance so you only pay for what you need? really? i didn't-- aah! ok. i'm on vibrate. aaah! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ and now with q4 wrapping up, the north pole has to be feeling the heat. it's okay santa, let's workflow it. workflow it...? -uh-huh. just picture it... with the now platform, we'll have the company you always imagined.

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evaluation close to about $80 billion. we'll again keep that up. guys, what we can do, put it in the lower right if we can, keep a constant eye on that because we are hearing separately that airbnb sharing service, when it makes its debut tomorrow, it raised its target price 56 to $60 a share, valuing it at $42 billion. it is likely to up the ante although we'll keep a close eye on doordash. i wonder if we keep pushing this as well, it will be richly rewarded. a long way to go. three hours of trading today. the backdrop of initial public offerings going into today, $140 billion raised in these new offerings, the highest we've seen since 1999. the height of the dot-com era. let's get the read on this, or

significance of this with scott bowlen, former d.c. democratic party chairman, steve moore, economic advisor for trump, author of trump-nomics much, much more. president talking about the market what is they have done, talk about froth thinkness with new offerings, talk about the fact that the s&p with all the craziness still up on this pandemic year up 50%. the nasdaq up close to 40%, that's a pretty good testament what do you think? >> by the way i bought doordash this morning. so just joking. [laughter]. neil: you ordered something from doordash and they came through. i got it. >> it's a sign of this gig economy which is so entrepreneurial, just exploding. but the big story i think here, neil, is we have an economy that, when you think of what we've been through in the last

10 months and where we are today, it is really one of the most spectacular economic recoveries in american history, if not the most spectacular. i mean the latest read on the economy we'll get 10% growth in the fourth quarter on top of 33% growth in the third quarter. the employment report, all negative, so terrible. 340,000 private sector jobs in november. that is a pretty good number given the fact we've had a lot of states shut down. so this is an economy that continues to steam forward. when you get a lot of this obviously is based on the vaccine and the promise of the end of lockdowns and a return to both good economic and health of the american people. so good reasons to be, to be really bullish about the future of the economy. neil: you know, i talk to a lot of people who put out these offerings and get them going, scott, one of the things i heard, these are people with no real political axe to grind, behind the motivation of rushing

them out is to get while the getting is good. because they fear that this environment gets tested in a biden administration where he will be raising taxes, he will be raising investment related taxes. so a lot of these guys say we launch now under this president. we keep our fingers crossed under the new one. what do you think of that? >> well, maybe. i don't think the economy is as bullish as my republican colleague believes. i think the stock market has been pretty steady and growing and aggressive. speculators believe in the future of this country. remember, all of us believe in this v-shaped economy. the republicans may have ignored science and believed in fiction and, we've got jobs shutdowns, job losses. every one is not doing well but those who have money and those who are beneficiaries -- neil: scott to be fair, scott to be tear we made up more than half of those jobs lost, right? now we're under, fewer than

10 million of jobs, originally 22 million lost. things are improved measureably from the darkest days is that fair to say? >> certainly had a hashed making us, getting us into the darker days. there has been some recovery. now we're in the dark winter, right? now we're headed in the wrong direction except, around i can see this except, that the stock market and these initial offerings that we're seeing benefiting america's economy but only a sliver of americans economy. we have to get america back to work. we have got to get wages up. that is not happening under the trump administration while covid is upon us. the goal here around hope i think in part, i think you got to concede that not only do we have new president, nobody likes bigger taxes we've got a vaccine and america by june or september of next year hopefully will have a restored economy and bigger and better economy.

you can't just look at it in the stock market and these ipos. neil: all right. but steve, when you look at the market, improvement in the economy from -- levels i readily agree we have a long way to go to get the economy back where we were, but we have made great progress. is your sense with a president-elect biden it will make it tougher for these market players, or can they absorb, you know, paying a higher corporate rate when they're making money hand over fist, those public trading the markets? >> well first of all i think scott is right, there are still a lot of problems in the economy and those problems, scott as you know are mostly in the blue states. you know you look at those states like california, my home state of illinois around connecticut and new jersey and new york you have eight, nine, 10%, 11% unemployment rates. >> [inaudible] >> no, actually not true. just to be clear the red states unemployment rates on average

are 2 1/2 percentage points lower than blue states. because blue states basically locked down their economies. by doing that -- neil: run by republican governor is relocking down his economy? >> which one? which one? neil: massachusetts. that is run by republican governor. >> massachusetts, he is most liberal republican. my point is simply this, scott is right the lockdowns of the economy are killing low income people and small businesses. now, i agree with you, neil, that my biggest worry with respect to this economy and this stock market right now is the biden agenda because those higher taxes and reregulation of the economy, they're going to re verse a lot of the gains. you can't raise the capital gains tax, corporate tax and small best tax and expect the market to go up. neil: we'll have to take a quick break to pay our bills. we are not -- we will follow this, doordash, has indeed debuted and it is off to the races here at 184 bucks a share.

remember this was supposed to be in the 70-dollar a share price range. then it was up, they said, let's go for 102. they upped it, we're at $183 a share. it's a multimillion-dollar concern. food for thought. it is good to be in food. after this. at t-mobile, we believe you should get more. that's why we've merged with sprint. now it's about to get even better.

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♪. >> welcome back to "cavuto: coast to coast." i'm mike emanuel if in washington. a explosive report linking democrat from california eric swalwell to a chinese spy, he said this was leaked to hurt him. he was part of a group of well-known california democrats targeted by a chinese national, christina fang. suspected to be operative for china's state security. swalwell said the timing of the story being leaked is fishy. >> at the same time this story was being leaked out is the time i was working on impeachment on the house intelligence and judiciary committees. if there is a country where people who criticize the president are going to have law enforcement information weaponnized against them that is not a country any of us wants to

live in. >> house republican leader says this race as bunch of questions. >> this is the tip of the iceberg. remember with we're hearing, these are chinese spies down to the level of the a mayor. congressman gets on the enat the time committee. they're only selected on intel committee, are only selected by nancy pelosi. these are the "gang of eight." did nancy pelosi know about this when she put him on the committee. >> nancy pelosi spokesman they have full confidence in swalwell and his service on the committee. more "coast to coast" after this

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neil: door dashing into the recordbooks the meal delivery service right now up almost 80% to $182.55 a share, as we speak. this run-up from what had been an offering price and initially at around $102 a share was getting ratcheted up during the day the reception extremely strong and now a lot of people say that this is a bit too much, that it's a pandemic phenomenon that will be short-lived that people once the restrictions ease across the country they

will be less-inclined to order stuff from food delivery services like doordash, and the washington had a big conference and i'm quoting here that will not be the case saying that once people get used to a habit they tend to stick with it and he said we saw this with e-commerce and we saw this with booking travel over the internet and now of course he's right about that and some of the principal players that have emerged from that, amazon certainly with immerse, a good example of that, and he thinks that food delivery services especially ones that control half the market like doordash will continue with that team. if they're dominant successful players they will dominate on wall street as well but this is a hard act to follow even for doordash itself with another three hours of trading to go. connell mcshane following this very very closely the " after the bell" host and my friend joins me right now. this is living up to all of the expectations early on but it's a tough act to keep going isn't it? connell: it's crazy, it really

is. i mean, you open to the 78% premium to your ipo price up 80% right now, it just, you know, there's so much demand for these technology companies in general, gig companies in particular and overall, ipo's have been huge this year $140 billion raised in 2020 record year, even more than 99 so you have a lot of that and you also, i think, have some of the trends that we've established in covering the pandemic kind of really coming into play with doordash, obviously, big economy, ordering food from home, establishing itself in the suburbs which is really what doordash has done. there's so many people that has been working and moving and, you know, day-to-day commuting into cities, on a day-to-day basis they're just stopped doing that they are at homeworking from home and they realize they haven't eaten lunch so they order doordash in the middle of the day and that's this huge explosion. now to your point about expanding from here we'll see. they've already gone into delivering groceries and there might be more but you need to stay creative. doordash is the only way to buy into this , in the public market

at the moment. grubhub was acquired, uber bought postmates, so you don't have another option if you're an investor which makes it attractive for people to put it mildly, right? neil: you know, looking at this , connell, right now, i mean, a lot of it is this rush to get these deals done before the end of the year. i wonder, as well, as i was raising with prior guests whether it's a rush to beat the tax man and the new year if president-elect biden succeeds at hiking corporate taxes, that could depend, possible on the makeup of the senate. that be a more iffy environment to launch a company. i'm wondering how much of this is playing into that, the rush to get while the getting is good. connell: i don't know, but i think that it makes gathering georgia race even more important maybe not solely because of doordash but for tax reasons in particular you'd like to be able to make that decision definitive ly if you own a business, or you know, run your own household, or just thinking

about investing in stocks before the end of the year but when they're running a race or races in this case, that will control or decide control of the united states senate on the fifth of january you can't do that so you have to make a bet before the end of the year so i think you'll see a lot of interesting investment bets between now and the 31st of december, where people are saying to themself, well, do you know what it looks pretty good now for the democrat s i'm starting to buy into these polls i better be careful taxes are going up or the opposite and they say i believe republicans do indeed take one of the states i'm good to go here with maybe president biden having a tougher time raising taxes so it makes the georgia runoff even more important whether it plays into this phenomenon with doordash i think you're seeing a lot of enthusiasm showing uber and grubhub on the screen for these types of companies going forward , and, you know, again, doordash is just, it could be a flash of the pen but again you

can expand on this. there are other ways that uber is a perfect example that you can make your business a little bit wider than what it is, and it remains to be seen and doordash like so many tech companies that the have gone company hasn't turned a profit yet so still a lot of questions. neil: all right thank you my friend very very mutual see connell in less than three hours in the meantime i want to go to charlie gasparino. he's a guy that generally hasn't used food delivery services as he cooks himself, but, but if they deliver from fancy, you know, five star restaurants, italian restaurants at that he would consider it. charlie good to have you here on this. what do you make of the reaction that doordash is getting? charlie: well, i mean, i think there's two sort of dominant stories that are going on in the business world right now. one is are people changing their lifetime habits, how they live their lives, are they going to work more from home, are they not going to commute, are they going to order in more, going forward?

is that going to be a sort of seismic change in the way we conduct ourselves, that we will order in, because we don't want to go out, that we will work remote because we can and it's cheaper & companies will allow us and maybe in some cases mandate it to cut costs, particularly your real estate footprint. that's one story and i think doordash represents that. there's another story brewing that has every industry in the world trying to figure out where biden goes with his economic agenda and clearly, that's all wrapped up and it's bizarre, because these multi bill dollar industries never really cared that much whose the senator from georgia but that's all wrapped up in what's going on in georgia, and so, these are two huge stories right now going on right now, in the business world. one is are we changing the way we live and work and doordash's ipo and some of this valuations on these techy

stocks that involve working from home and ordering in, that's one thing and the georgia thing is something else. i will say this about the georgia thing. it shows you how myopic business is, and i know for a fact, the multi-billion dollar telecom industry is hyper-focused on that race. if the republicans win that race , well guess what. if they get at least one of those things well guess what, neil? that means the fcc is likely to be deadlocked and that means there's no net neutrality. that means there's no nationalization of 5g. that has huge business implications for the multi gazelle yon dollar telecom industry so these two stories right now are fascinating and it's great to be a business reporter right now. neil: let me ask you, charlie, about doordash and just a quick question and what it means, that obviously, this has been a record year for additional public offerings going into the day a little bit north of $140 billion worth of offerings, obviously today, we're going to see that number ratchet up

aggressively here, but is this taking advantage of the environment, while the environment is good? how much of this could be a lot of companies rushing before a new president takes over not to cast it politically but just mathematically, especially with the use of the possibilities in georgia, a few things, both senators will lose their seats. if that happens all bets are off , so maybe, a lot of these guys are saying hey let's try to get this done and done now. what do you think of that? charlie: yeah there's a lot of that because think about it the regulatory agenda will change dramatically in telecom, where there's all sorts of deal making there, in ipo's where you'll have a much more clamped down environment for anti-trust but i also think that the doordash thing and some of this tech stuff is all about, you know, trying to map, they're selling a future story the same way the tech did in the early 1990s and then the bubble burst and then it came back as you

know. one thing i will tell you is that there is a lot of talk on wall street about, you know, all these tech names have done really well, right? look at all of the fang stocks since the pandemic began, that there will be somewhat of a sell-off, there's thinking, when we go back to semi-normal because then people will rely lesson zoom and on doordash and things of that nature, so there's a window here, because our lifestyle is going to change somewhat when we get a vaccine, so you might as well hit it now and hit it fast, because when we do have vaccines, i mean, listen , i'm not going to be working from home all the time. i can't wait to get back to the office. i may work from home much more than in the past, but you understand what i'm saying. our lifestyle is going to change when we come back. these sort of technologies that make life easier from working from home will be less reliant on. there is some economic impact on

these stocks because of that, so there's a lot of stuff going on here. it's political, it's lifestyle, and it's all and some of it involves those two georgia senate seats as i said it's going to have a major impact on telecom and a lot more and a lot of it involves this vaccine. does it work, how fast can people get it and how fast can we get out of this. it's a fast-moving time with a lot of stuff going on here. neil: good to be alive, my friend. charlie gasparino, i love the thought when he returns to his office because we cleaned it up for him. it's immaculate now. charlie: i cleaned it up! neil: oh, please, you cleaned it up. you make oscar madison look like a service, oh, stop. all right thank you, charlie very very much, charlie gasparino on that. now, of course, the market itself is having a tough time today. you could say that there's some confusion about the rollout of the pfizer drug that canada has gone ahead and announced it's going to approve it and give it

to the canadian citizens on the heels of bahrain and britain doing it so a lot of folks wondering what are we going to do and that could happen soon and doses could be out this weekend but having said that though there's also confusion over stimulus and where it stands and that's weigh ing on investors as well so in the middle of all of this , you have a lot of businesses and forced shutdowns across country that don't know where to go, where to hide, what the to do, but in texas they're coming up with a novel way to protect them where they're looking at giving covid tests to small businesses to at least give them a backstop at a deal with this and reassure their customer s, and annie spillman is the texas state director the national federation of independent business. annie, very good to have you. this rapid covid testing that will come to small businesses, what are we talking about here? >> well, governor abbott has taken the first step in some sort of relief for small businesses, small businesses, as you know, don't have the

resources that larger corporations have, and so he's implemented a pilot program across the state in certain regions to allow small businesses to contact their chambers of commerce and receive rapid covid test which are supplied to the chambers from the u.s. department of health and human services, and they would then be able to rapidly test their employees and get their results back immediately as opposed to possibly in the case of a restaurant having to shutdown their restaurant for three to four days waiting on a test result from an employee who may think they were exposed. neil: all right, so, when you say immediately, some of these tests are quite literally that, immediately so would they instantly know, and hence their potential customers would instantly know, it's safe to go there. >> they would, and this is going to be implemented to the " frontline" workers in small

businesses so you're looking at more of the industries like the service industry, or hospitality industry, where they're working very directly with customers, and as you know, small businesses always have to deal with the tight labor market finding and keeping skilled workers has always been a problem for small businesses, but is especially one during the covid crisis so we believe that the governor's pilot programs with this rapid covid testing will help create a surge in labor participation. it'll make employees more comfortable in coming back out into the workforce. that will help small employers get people on payroll and keep them working, and be able to keep their businesses running, and i think it'll encourage customers to go out and, you know, be at these small businesses whether it be dining at a restaurant or shopping at a local business and all have confidence that these people are likely safe because they do have the rapid testing at their fingertips. neil: all right, well, we'll watch it closely annie spilman,

the texas state director for the national federation of independent business. we did mention that the quickest way to get people over their fear that the covid-19 thing is escalating is a vaccine. you know of one that's imminent and out. you know of a couple more that are just on the cusp of getting out, but not here. we make a big deal of this because it is interesting, american company like pfizer is already getting approval in the uk, they got approval in bahrain, just got approval in canada but is yet not here. the fda hasn't written off on it we're told it's a matter of hours, maybe a day or two at the most but it's not happening right away. draft marty mccarry, johns hopkins university of public health professor the author and best seller as well. doctor, your concern about this delay, i don't know if it's a delay, but it certainly is happening faster abroad, or are

they being like how do you look at it? >> good afternoon, neil. you know, i think americans have a right to ask why is an american vaccine approved in england but not in america, and the reality is that that approval process is not very transparent. now, i can just tell you if it were a group of very talented scientists in a room, and they received the basic information they need to have [inaudible] neil: we're having some trouble we're going to try again. his audio goes in-n-out. doctor, can you hear me? >> yes, i can. so the basic analysis can be done in a matter of hours. neil: so what is the problem then, doctor? we into we want to be extra cautious. there was concern, i remember early on before the election, oh , you know the fda is going to be under pressure to do donald trump's bidding and get something out fast, it's going to be risky. simply none of that is into play here, but are they deemed too

cautious here? is there such a thing as being too, you know, dotting the i and crossing the t? >> i think, look, the benchmark should not be that the process normally takes six months or five years. that should be irrelevant. speed is relative and if you just ask, what could we do like a manhattan project where if you assemble a lot of scientists how long would it take them to make a decision? now, neil as you know, my clinical background is that of a surgeon and you got to make quick decisions as a surgeon, right? you have to make life and death decisions and weigh everything and looking at the information that came in, no serious adverse events, and a dramatic difference in the vaccine, the placebo group. there was enough information there to really make a conclusion and verify it and do all of the steps they normally do, but do it within a couple days or a week or two, but regardless, we are where we are today, 34,000 americans will have died during the time the application sat on the fda's

desk. to me that's a concern, but we are where we are today and it's a good place. neil: all right, dr. , we'll see what happens dr. marty mckar y, at johns hopkins university, we'll be keeping a close eye on this and what we're told is an imminent okay from the fda but to the doctor's point that hasn't happened yet. it has happened with health authorities to the north of us in canada improving approving it for immediate emergency use we're told as soon as tomorrow in bahrain and in the united kingdom. we'll take a quick break with doordash up about 79 points right now, we've also seen three ai, that is the artificial intelligence software concern that also more than doubled its ipo price, so on a percentage basis it's doing better than doordash. they're all doing okay. the question is for how long, what comes next? let's see if we end on a year that's broken all records, stay with us. >> ♪ ♪

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neil: all right, taking a look

right now at doordash up about $83 right now and 82% runup, and it's a good time to post a question that's out there in an environment like this where taxes are low and the environment is good for this sort of thing. what if, what if it were not, what if corporate taxes did get up to the 28% that joe biden is looking to do, or that the rich were taxed more. what would happen then, and what if that is the case? they do, that is, democrats, take the senate and they target the rich and they target companies, what would happen right then? we like to raise these issues because history as we've often said here is defined not by the things that we think will happen, and consensus builds is going to happen, but end up surprising us. we didn't see the oil crisis coming but they did. we didn't see 9/11 coming but it did. we didn't see pearl harbor coming but it did, and it changed history, so more often

than not, these what ifs we raise aren't just theoretical so what if taxes end up going up. what if the supply of people who could pay them goes down, then what? let's go to daniel mclaughlin, the democratic strategist following this closely, fox news analyst, jenna coldwell, podcast host the new battle for chicago and much, much more and francis newton stacey the optimal director of capital strategy, so i'd like to begin with you, what if we had a 28% tax rate and what if we had a higher rate on rich individuals, then what? >> [laughter] >> well, the problem is is that solving this problem with higher taxes is not as if it hasn't been tried before but it's based on some erroneous assumptions and that's assuming that the people are going to stick around and pay particularly if it's new york. now with corporations going from 21% to 28% what people are not

factoring into this is that they have a record amount of corporate debt in the system, so now, not only do you have to contend with the tax hikes, you have to contend with the debt service, and that means that companies have to cut costs elsewhere, where are they going to cut? they are going to cut wages, they are going to cut jobs so coming out of covid is a really bad time to raise taxes on corporations who have way too much debt and about 20% of corporations are what you call zombie companies. they have less revenue than debt service as it is. neil: so gianno, looking at that , you could almost wonder if taxes were higher, companies wouldn't be rushing to make debuts on the corner of wall and broad or maybe they still would because overall, with taxes would still be relatively, i stress relatively low. what do you think? >> well, i take you back to 2010 montra, haven't we been taxed enough already and truth be told during a time of covid

it's a slap in the face to many business owners throughout this country whose businesses cannot even operate in these liberal states and cities because they are forcing them to shutdown. how dare you, even assume to think, that you can come up with an idea to tax people, whether they be rich or not because it doesn't just stop at the rich that's when they raise fees for different city services or state services. that's what happens. it never stops at the rich and people have to sound the alarm, whether you be a democrat a liberal who support these policies or not. they're really looking to put people through bankruptcy because no one can afford these new taxes. furthermore when considering the idea of taxing people at this particular point in time, places like california are saying hey, we're going to look to tax people 10 years back and this is insanity, neil and no one can deal with this at this time so democrats who claim to have a heart really aren't showing it on this issue. neil: well, even elon musk if you think about it is leaving california and it's high tax,

high-hassle environment for safer, less-burdensome environments like texas and i'm wondering if that is just a sign. you don't even ask the what if because it's already happening in california. i'm wondering if this is a sign maybe on a national level for democrats to think twice on the whole tax hike thing. what do you think? >> well, you know, new jersey governor phil murphy only a couple of months ago passed the millionaires tax, so i guess that be interesting in his case for us here in new york, anyway to see what governor cuomo will do, whether he will follow suit because there is a massive budget shortfall, not only in the state but in new york city as well, which is only exacerbated by the covid-19 pandemic, so cuomo himself is not in favor of taxing the wealthy and he said taxing the rich and the rich leave. new york has lost a million high

income earners over the last 10 years to places like florida, as indicated, where taxes are much lower, but the problem remains. we don't, we have budget short falls in many states. we have a massive budget short fall in the federal government, but ironically what we need to get out of this pandemic and out of this crisis is more spending and i think taking less money out of the pockets of individuals & companies. neil: all right, but the problem with that, francis, is that you know, whether you're spending more on things that republicans like, like defense or the things the democrats like socially related programs you're still spending more than you're taking in and i've seen both parties continuing to compound this and i'm just wondering if raising taxes in an environment of democrats say is so dicey to begin with, whether they are going to regret eating their own pudding here because it could backfire couldn't it? >> well the thing that makes it

that it would back backfire is that we have covid and covid gave us a record amount of debt in the system but at the end of the year we risk having 12 million people on unemployment benefits lose the unemployment benefits, we risk having 30 million losing homes because the eviction moratorium lifts so you have to look at these problems which the fiscal deficit is a huge problem and its been a huge problem for a long time but you have to look at these problems in the order of what do you have to handle first, and for the least amount of people get hurt and then you have to go back and go okay, this isn't working, we can't manage these fiscal deficits what are we going to change about the system because i can just tell you taxing the rich has been tried before and you've had citizens from all kinds of countries flee those countries and it just is found to be unworkable and they still can't get their budget deficits under control but any way, in this case we have to answer the people that are going to lose their homes and can't afford food first, and then we can look at those budget deficits that are forever.

neil: gianno? >> yeah, to that point, we talk about like places like in illinois where they have a pension crisis, so folks who have miss managed their budgets in a lot of these big cities, and they've already been talking about taxing the rich but you got to understand that this isn't the same conversation that ku have in the good old days when the economy was good and people had cash. that's not existing anymore. if you look at a lot of folks, businesses in general, have filed for bankruptcy at record rates. what happens to the individual business owner who can't really afford to have the folks that they have and then you raise the taxes on them and now they got to get rid of the people because they can't afford it. this is something that would impact the economy throughout, and it's not just something that's going to impact the rich so the idea you're just taching the rich is just a lie. neil: danielle, it'll kill me as it rightly should but i did want to get your quick take on the possibility, what if the

senate stays republican? joe biden is not going to be able to do it anyway, right? >> no, he isn't, and you know, the final comment on this be that joe biden and the incoming administration had a limited amount of political capital even less so with the republican-controlled senates and they have to set their priorities and i highly doubt that tax increases on an economy where people are really struggling is going to be high on that list and i think that if it is high on that list it's a huge mistake. neil: all right, final word or so guys i want to thank you all very very much in the lower right portion of your screen you might be noticing we're constantly updating you on the ever-evolving doordash right now, and the ticker symbol dash, not surprisingly, a metaphor, for how quickly it has made billionaires out of its founders particularly the guy that started the company and said do you know what? i'm going to be like amazon, e-commerce survived after the dot com boom, so will i, after this one. one of the worst things about a cold sore

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neil: you know, it has nearly 400,000 merchants and restaurants. it has right now losses on its books, hasn't made any money, its revenues aren't growing and doordash is soaring along here with the dow itself notwithstanding the tensions of doordash upping its evaluation here and constantly upping the price of share offerings to the public here. it's another reminder that though it continues to lose money as i said it's not losing as much as it had in the past, and again, revenues have been soaring in the most-recent nine- month period ending at about $2 billion in revenues up from a little more than half a billion dollars a year ago same period so that's the promise of the direction that the company sees, and will be the wind at its back as it continues to grow in a post-pandemic world, where people are still, it insists is

going to be ordering online. its been found to be a great relief to a lot of families and those who just find it simpler to do and there are a lot of restaurants from which to choose so that's what the company argues the high valuation that its been given here, that gives it a market cap value right now at this stage, and the $80 billion to $90 billion neck of the woods but it's a fast-moving target. we'll keep an eye on that. we're also keeping an eye on some other developments that sort of rattled the dow including stimulus talks that could be falling apart here, they're having all sorts of differences on largely small matters that have now grown to be more stubborn matters, but again, one of the other concerns out there was this delay in getting u.s. approval by the food and drug administration on the same day we learned that yet another country, canada, has approved the pfizer drug to treat covid-19. it follows the likes of united kingdom and bahrain, but again, we are told that it's just a

matter of time, hours maybe a day or two at the most certainly this weekend at the latest americans are expected to get their first doses of this but concerns about dragging that out, might be too much of an extreme here, certainly weighing on investors no matter how tell doordash is doing. then, there is the insightment around the incoming biden administration as joe biden continues to pick his cabinet now, he's rocketing through the process including defense secretary pick today, hillary vaughn with more on that in delaware. hillary? reporter: hi, neil well president-elect joe biden is trying to follow through on his promise to make his cabinet the most diverse in history but it is getting tough. biden is expected to announce that general lloyd austin is his pick for defense secretary, if nominated he be the first black man to be the chief of the pentagon but senate democrat s are in a tough spot because austin would need a

waiver, a defense secretary has to be retired from the military for at least seven years and austin has only been out of the military for four. in 2017, 17 democratic senators opposed that same type of waiver for general james mattis back then so senators blumenthal is cited that as reasons that they can't back austin today and senator warren told cnn this. i opposed a waiver for general mattis and i will oppose a waiver for general austin. i don't think we ought to be doing these waivers. biden is also narrowing down his pick for the high profile job of ambassador to china, on the short list, former mayor pete buttigieg who during his own campaign for president, made it clear he didn't like president trump's tough tariffs against china. >> to make sure that china does not undertake aggressive or anti-democratic actions but here is the thing. this is not about the u.s. inter fearing in the affairs of other countries. i'm not a fan of this president 's strategy on china. it's not even a strategy but

this president's pattern on china just poked me in the eye because what happens is they poke back and we get the tariffs that hurt our community. reporter: neil, mayor pete may not be a fan of tariffs to keep china in line but he did say he be willing to threaten china with a boycott of the 2022 beijing olympics to try to get what he wants. neil? neil: all right, hillary thank you very much for that hillary vaughn following these developments. now the other worry i was mentioning a little earlier for the markets right now this idea that stimulus talks might be falling apart that might be a bit of a stretch let's get the read from tennessee republican congressman chuck fleischman, congressman always good to have you thank you for taking the time. >> thank you. neil: are they falling apart? >> i don't think so. obviously, these are very complex negotiations going on between the house, the senate, and the white house. there are large areas of agreement and there are large areas of disagreement but it's a

process. everyone is cognizant of the fact that the clock is ticking. we are closing in on the end of 116th congress. we have certain deadlines that are going to come into play like the december 31 expiration of unemployment benefits, so work is in progress, it is difficult, but let's be optimistic and hope we can get it done. neil: where are the differences? we're told that the liability protection that senator mitch mcconnell wanted on the other side of the senate, i know you're in the house, he's not made that a demand. the president has apparently weighed in on at least the white house is supporting as it stands now roughly $910 billion package , so what is holding it up? >> i think several factors. i do think liability protection is important for american businesses and for all concerned in a very difficult time, but i don't know exactly where all the lines in the sand

are, as time ticks, perhaps, some of those will dissipate, but as we look at the different factors. first of all, size of the package, different folks have different ideas from the gang of eight in the senate, which has that $908 billion package out there, the house and the senate perhaps wanted larger ones and the white house came in with a very interesting request recently for the $600 of individual stimulus and that had previously really not been in the game, so i think people are all doing their bidding from their respective corners, but we're all watching the clock. we all realize that the american people want something done, and i've said all along, as long as we focus on common sense, common ground solutions to this problem, we can probably get there. neil: all right, from your mouth to the country's ears congressman thank you very very much for that update we appreciate it, the dow down about $134, and what buying is

going on seems to be centered on a lot of these hot new offerings , doordash chief among them but in california artificial intelligence concern doing very well on a percentage term. that is off to the races here, but doordash getting the attention, it might be los ing money, it might be launch ing an environment where revenues are growing but the underlying business is growing even faster, it says, and that will be the wind at its back, and make it a survival, the ceo of that company has long -argued about the 400 merchants of restaurants that participate, you have your pick of any number of food providers at all cost points but even charlie gasparino be tempted to order from. we'll see. >> ♪ ♪

hi, this is margaret your dell technologies advisor there's an art to listening. it's the ability to hear more than what's being said. to understand the meaning in every pause. and to be able to offer the answers that make someone feel truly heard. i understand, let's get started. that's what you get when you talk to a dell technologies advisor.

neil: all right, we'll momentarily be going to

wilmington, delaware where the president-elect is announcing his choice to be the next defense secretary will be retired four star general, lloyd austin. ahead of that though i do want to keep you abreast of a key market development and that is the whirl wind success of doordash, dashing to among the most successful ipo offerings we have certainly seen in quite some time. lauren simonetti has been looking at this from all angles. lauren just in credible, ha? >> lauren: it's exciting it really is especially when the market is down and you see this stock popping 76% so i'm going to tell you about doordash but also airbnb very different companies, but they do have two things in common. they are somewhat pandemic- resistant, and they have very high valuations so let's start with doordash because you're looking at it people are hunkered down, they have been for months not dining out so they are using doordash delivery services so a price of 102 and opens at 182 that underscores how investors want

to slice this new digital economy that's been spurred by the virus. so, doordash has 18 million customers. they pay fees. they have 390,000 merchants, mostly restaurants who pay commissions that could be as high as 30%. that's how they make money except they don't make money, they are still unprofitable and they have been unprofitable since their launch back in 2013 and today, neil investors don't seem to care. they are bullish on this hope that doordash is playing a pivotal role in the future of business which is delivery and it's not just for restaurants. in recent months, doordash has inked partnerships with prescription services from pharmacies, sam's club, clothing delivery from macy's and bloomingdale's, so, that's what the hope is that they're disrupting the market and changing it and also helping many businesses. airbnb is the other ipo, that will price tonight and it will likely be above the $56 to $60

range that you are looking at. what's different about airbnb is they are actually making money, $219 million last quarter. so, they overcame the immediate impact of the pandemic which caused them to lay off about a quarter of their staff. they had to raise emergency cash , and they have recovered arguably a lot faster than many of their travel peers but they do warn, sales growth is slowing down. they have plenty of risk factors , zoning restrictions, angry neighbors, had police crime by renters and of course, these lockdowns which could make people just stay home altogether , but it's an exciting time for investors right now with these new offerings that we've seen throughout much of the year and we will continue to see until 2021. neil: yeah, just amazing, record sets all over the world there, lauren thank you very much for that lauren simonetti. want to take you to wilmington, delaware president-elect joe biden continues to announce his cabinet picks. this time, his defense secretary

retired four star general, lloyd austin. let's listen in. >> both military civilians, i'm not exaggerating. he has a way about him and always and above all he's looked out for his people. that's why he was known as the soldier's leader. this time, in the united states army, lloyd austin met every single challenge with extraordinary skill and profound personal decency. he's the definition of duty, honor, country that every step, he challenged the institutions that he loves to grow more inclusive and more diverse. he is the 200th person ever to obtain the rank of a four star general but only the sixth african american to ever do that he was the first african american general officer to lead the army corps in combat. the first african american to command the entire theatre of war and, if confirmed he'll be the first african american at

the helm of the defense department and well-over 200 years. another milestone, and he's a barrier breaking career has been like this throughout his career. lloyd austin retired from the military service more than four years ago, but the law states that an officer must have left the service seven years before becoming secretary of defense. there's a good reason for this law that i fully understand and respect and i would not be asking for this exception if had not, if i did not believe this moment , in our history, didn't call for it. it does call for it, and if i didn't have the faith i have in lloyd austin to ask for it, i believe in the importance of civilian control of the military so does the secretary designee, austin. he'll be bolstered by a strong and empowered civilian sector and senior officers, senior officials, i should say, working to shape dod's policies and ensure that our defense policies

are accountable to the american people. civilian military dynamic, that dynamic itself, has been under great stress the past four years and i know that secretary design ee austin will work tirelessly to get it back on track. i've personally worked with this man. i've seen him lead american fighting forces on the field of battle. i've also watched him faithfully carry out the orders of the civilian leadership of this nation. there's no doubt in my mind, not any doubt whatsoever, whether this nominee will honor, respect , and on a day-to-day basis, breathe life into the preeminent principle of civilian leadership over military matters in our nation. i know this man. i know his respect for our constitution. i know his respect for our system of government. so, just as they did for secretary jim mattis, i ask the congress to grant a waiver

for secretary designee austin. his many strengths and his intimate knowledge of the department of defense and our government, i think are uniquely suited for the challenges we face now, the crisis we face now. he is the person we need at this moment, and given the urgent threat and challenges of our nation's forces, he should be confirmed swiftly. we need his experience, and large scale logistical operation s to help support the swift and equitable distribution of covid-19 vaccines. we need his experience building the relationships, engaging in diplomacy with our partners to help rebuild america's alliance and strengthen our shared security, and we need his first- hand knowledge of the in measurable cost of war and the burden it places on our service members and their families to help bring to an end the forever wars and insure that

the use of force is the last tool in our toolbox, the last tool resorted to, to protect our national security. not the first. we need his deep understanding of the pentagon to help reform the defense department. we need his personal experience, helping inform our efforts to insure that our armed forces reflect the full strength and diversity of our nation, that black, latino, asian american, native american, women, men, lgb t service members are treated with dignity and respect you know, at a time when more than 40% of our, listen to this. more than 40% of our active duty forces are people of color. it's long pastime the department 's leadership reflects that diversity and we need his in depth understanding of what it takes to deter threats wherever they arise, and to defend the american people, our vital interest, and our

allies from harm, just as he did when he was designated to lead the strategy and together with a dozen of partner nations to ultimately crush isis. if you don't think that requires some diplomatic skill putting that group together, then you don't understand what was going on. he did a heck of a job. the threats we face today are not the same as what we faced 10 years ago or even five years ago. we must prepare to meet the challenges for the future of the future, not keeping, not just keeping fighting wars of the past. we must build a foreign policy that leads with diplomacy, re vitalize the state department, revitalizes our alliances, putting american leadership back at the table and rallying the world to meet global threats of our security. from pandemics to climate change , from nuclear proliferation to refugee crisis.

this part of our diverse national security leadership team, lloyd austin knows how to do this work. before i turn the podium over to the secretary designee austin, i want to end on a note of personal privilege. as a leader, general austin has always followed the advice given to him by his first platoon sargent. as my son, beau biden was a majored in the military and he said i don't have any illusions, dad, he said i know who runs the united states army, platoon sargents and here is what his platoon sargent told him. "if you focus on your people, take care of them. get out in front and leader them they'll refuse to let you fail. " that's why he's inspired so many young people who work for him, and give their very best to live up to his example of leadership, including for a time, a young lawyer serving a year in iraq as a captain with

his delaware national guard unit my son beau biden. i know how proud beau was to serve on general austin's staff, and i know that under your leadership, general, the department of defense will advance the security of the american people in ways it always, always, always honor, our highest values and so i thank you again, general. may god bless america. may god protect our troops. now i would like to turn it over to general austin secretary designee for the department of defense.

>> mr. president-elect, and madam vice president-elect harris, thank you for your trust and your confidence and for the opportunity to serve as the 28th secretary of defense. if confirmed by the united states senate it will be my sincere honor and privilege to return to the department and to the lead our great service member and civilians in accomplishing the mission of ensuring our nation's security. you know back in 1877 a young man from the small town of thomasville, georgia, henry flipper, became the first african-american to graduate from the united states military

academy at west point. and after his commissioning he was assigned to one of the army's all black regiments and he became the first non-white officer to lead the buffalo soldiers of the 10th cavalry. and so fast forward to today, nearly 150 years later, another native son of thomasville, georgia, stands before you as the secretary of defense designate. now many people have paveed the way for me and countless others over the year to include henry flipper and i am supremely grateful to all of them for their courage, determination and for the example they set throughout and they include the tuskegee airmen and the montford

point marines and many others. and throughout my career i've also been incredibly fortunate to benefit from the support and the mentorship of exceptional leaders like general colin powell and admiral mike mullen and general johnny wilson and my old platoon -- charles: good afternoon, i'm charles payne. this is making money rate now markets consolidating gains with the nasdaq up 40% for the year. investors reluctant to sell even though they we some selling to buy the hot ipos right now. we have mixed signals in d.c. coming out ever d.c. it is not just doordash. wall street has