with warby parker, biggest problem is timing. getting tired of new public issues that's not best environment for glasses retailer to make debut i like the business, great model, very expensive and solid, founded 11 years ago to sell directly to the consumer, digitally and through the stores difference between them, design glasses and their own product. every other store sells third party merchandise, vertical integration, back, better than ever and staring at screens all the time, constantly wrecking our vision, more demand for corrective lenses. 8% of the market most prefer to buy them in person but they have a great web presence and lets you try on frames digitally, and 145 stores to buy glasses in person and feel like sometimes they've already taken over brooklyn. glasses industry is fossil, dominated with major players behind the scenes and consumers are getting robbed with the markup they want to modernize and crush the competition. so far doing well. 53% revenue growth first months of the year. very close to turning a prote

warby parker set to go public on the direct listing on the new york stock exchange.terview, plus, dr. gottlieb joins us for boosters and more. the second hour of "squawk box" begins right now >>> good morning, welcome back to "squawk box" right here on cnbc, i'm andrew ross sorkin along with becky and we will show you the green arrows. the dow opposite 197 points higher the nasdaq 139, 140 points higher s&p 500 up, we call it a bit of relief in the air about the fed maybe doing a little -- >> they do, do it. >> do, do, do. obviously, they don't. let's tell everyone a couple headlines that are making news this hour. the pfizer covid vaccine may not be available for children age 5-to-11 until november as we reported yesterday, pfizer submitted study data as a part of the formal application soon to follow. saying the various reviews they will need to take place could push approval to late november, there had been hope that maybe we could get something in time for halloween. meantime, it's worth noting even if you did there would still be a few shots and so when people t

consumer, they have done a great job however, about 80% of the shares that are outstanding now for warby parkere to be sold there are some things that i would point out that maybe warby has done a good job of selling today's investmentors the rose-colored glasses because this is a company that still is going to have a lot of overhang withthe shares and also has the -- you know, it's being priced at a tremendous premium to anybody else in its peer group. i think warby is going to have to do a lot to prove the current valuation it has. >> i think that's an important caveat, kathleen, that direct listing companies allow people to sell shares right away. it is still a relatively short track record i think you said they have been around three year's time we might start to get evidence about the fact that after that shakeout, in a traditional ipo might be a few months' time, how the stock stacks up apples to apples do you think -- the issue you opponent out should only change performance in the first couple of months for a direct listing versus an ipo, right >> right and we have looked at it over the

in the midst of all of this, warby parker goes public through a direct listing.will be the second direct listing so far this week. we will break down what this means, the trend, the performance, with stacy cunningham, new york stock exchange president. this is bloomberg. ♪ alix: the selloff yesterday did not freak out warby parker. the eyewear retailer starts trading today. it is going public through a direct listing. we want to get more on that with stacey cunningham, new york stock exchange president. it is always good to talk. let's talk about the internet retail company landscape. we have seen 12 of those companies have gone public this year versus nine from last year. the performance has been mixed. what is the pipeline? what is the trend? stacey: 20/20 was a blockbuster year. we had more ipos with capital raised then in history. we saw 2021 already eclipsing those numbers. what is unique about this time is very different from what we talk about when we look back at the dotcom era is the breadth of types of companies. we are seeing consumer tech, health care

glasses maker warby parker set to begin trading on the new york stock exchange joining us now is up frontentures mark shuster companies include parachute who are eyeing their own public offerings mark, as you see this direct listing i know you were in bird which is going public via spac what is your outlook on the exit opportunities right now and which ways these companies should be going public >> first, great to see warby parker go public and we throw out terms all the time, direct to consumer. when you think about the power of ability for a consumer product to build a direct relationship with its customer, that's really what is powerful historically the channel the retailer was able to control how the product got to market. and i think that's really what shifted. i think it's going out at about a $5 billion market cap which is fu phenomenal market creation >> how does all of that impact your outlook on which types of companies to invest in right now? >> well, up front investors we are investing when almost no revenue and no customers we're betting on big transformational changes in the

am i missing something >> warby parker is still technically a thing.these companies have used this it becomes part of their message. the one thing i would say is for them going public this could get them into esg focused etfs or other funds they may not be able to get into. >> any words of caution or is this something we'll start hearing more and more about? >> investors besides just reading s.e.c. filings to look at what the esg focus is i think will be sharing more about them and that's what warby parker, allbirds, lemonade that's a new type of distinction that they want to have a fiduciary duty the environment is something to think about. that could come into play. >> that's where this sort of dual obligation could become a practical reality. thank you for your time. that does it for "the exchange." "power lunch" begins right now >>> indeed it does, kelly. wm to "power lunch" for a wednesday. i'm tyler mathison it feels like tuesday, right the fed's beige book is due out this hour as concerns are mounting over economic growth. we will have complete

are you wearing warby parkers right now? >> i am not.on't own a pair, sad to say >> oh, come on i guess that shows there's still plenty of room for growth. it is great to have you today. we appreciate it >> there's always room for growth when you have 1% of the market share >> yeah, that's true, and a $5 billion valuation at that. january kniffen. >>> coming up, trucking companies are desperately looking to hire as a driver shortage in europe threatens the availability of fuel up next we will speak with the second biggest truck broker about how to fix the shortage and what other industries could be sabotaged >>> plus, the fate of the fed is up in the air as the chair deals with two leaving what if powell's renomination becomes part of it we'll discuss it coming up >>> this is "the exchange" on cnbc it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh,

where watching warby parker. we are looking around 54.25 -- $52.75.t was bad yesterday, today i am going to save head cap balance and people say, you can't have a debt cap balance unless you had a drawdown. one could argue a 2% drawdown for the yes and he -- s&p is a big deal. the s&p managing to eat out again, up by three tents of -- .3%. flipped into negative tory and now sitting right at flat. getting relief or the nasdaq is going to be yields. they are flat but at the higher end of the range. we punched higher through main technical levels. the story for me is keen dollars. bloomberg dollar index up again today. it was up yesterday. maybe this is an inflation bid. i do not know. stronger dollar continues as sterling gets hammered. speaking of global currencies, central bankers are speaking at a virtual event about various topics. inflation is front and center. >> this inflationary spike will not lead to a new regime of ongoing higher inflation. the current spike is a consequence of supply constraints meeting strong demand. >> we have no reason to

this is bloomberg. ♪ emily: eyewear retailer warby parker goes public on the new york stock exchange,ishing up 36%. the company follows a string of other tech firms choosing to go public via direct listing. bloomberg caught up with new york stock exchange president stacy cunningham to talk about the ipo pipeline. stacey: across the board, 2020 was a blockbuster year. we had more ipos than -- more capital raised in an in history. then we saw 2021 already eclipsing those numbers. what is unique about this time and very different from what we talk about when we look back at the.com era is the breath of types of companies. as you mentioned, we are seeing internet tech, consumer tech, of care. there is so many different industries going public. as the markets have become a little choppy year and we are seeing investors become more discerning about which companies they are supporting, the puddling continues to be really strong. some companies are choosing to wait a few quarters before they go public. but there is still a lot lined up in the short term. . and we are excited to welcome war be

warby parker indicated to open it $50 to $52 after direct listing.nteresting what stacey cunningham said at the nyse, that may be choppy markets point you in the direction of direct listings. thing that is something we are going to pay attention to. but it looks like at the moment it is $50, 52 dollars. we will keep you up to speed with exactly what it looks like when it goes out the door. let's turn back to what is happening with the european economy. tb governing council member -- and ecb governing councilmember says policy must be ready to respond to potential he higher inflation. spoke to broome be -- spoke to bloomberg's francine lacqua earlier. >> that is the risk we need to be very conscious and aware of and ready to respond to if it happens. of course, the pandemic could have also resulted in structural change that pushes in the opposite direction, so right now , i think the key word is vigilance. guy: let's talk about what higher rates potentially could mean for the credit markets, both here in europe and around the world. winnie cisar are,

[laughter] liz: don't be jealous, charles, my warby parkers -- [laughter] you're hilarious. e any war by parkers. [laughter] liz: i do, are you kidding me? the guy who founded it is a berkeley graduate. go, bears. all right, on wall street as this hour as the bulls get spooked by quadruple witching, multiple futures and options on indexes and stocks all expire simultaneously. and as we head into the final

i think it's going to work it's lagged. [ cheers and applause >> warby parker with a direct listing,ng public. they were a guest earlier on "squawk box. obviously a big lift for them. >> very, very tough interview by andrew ross-sorkin with these guys, the margins of not that good, they've not been able to increase the direct to consumer. if you have a brad name, this is the time to come public. they have adjusted ebitda, of course. >> over at nasdaq, it was humirodx you're not a believer in warby >> no. >> you might be a good sign for them being negative. >> usually there's no analyst coverage they're seven times sales. i'm uncomfortable seven times sales for brick-and-mortar company. i they people might have a good experience, they might buy the stock, but you know that's not enough >> you will pay that for technology companies. >> they have to inventory issues and -- use know about zoom, whether i want to pay that. >> it's interesting you mention zoom you think about that as well, given at i height, the multiple to revenues was extraordinary, but zoom is far from its height. you m

warby parker finished the day up some 36% after opting for a direct listing. >> across the board, 2020ckbuster year. we had more capital rates and in history, and we saw 2021 already eclipsing those numbers. what is unique about this time and different from what we talk about when we look at the.com era is the breadth of the types of companies. we are seeing consumer tech, health care, so many different industries going public right now as the markets have become a little choppy year, and we are seeing investors become more discerning about which companies they are supporting. the pipeline continues to be really strong. some companies are choosing to wait a few quarters before they go public, but there's still a lot lined up in the short-term. we are excited to welcome war be today. they are all thinking about how they go public, not just win. >> i notice you are wearing your glasses. i feel this is appropriate. let's talk about the direct listing. you say markets are getting a little choppy or. does the direct listing because -- become more attractive in choppy markets? do you think m

. >> high-valuation stocks would be threatened, and warby parker's debut did quite nicely. >> there waswhen i thought wearing a pair of frames with clear lenses looked cool, even though i didn't need gla glasses. no, i really didn't do that. there's five eyeglass stores within a five-block radius in my neighborhood this feels very frothy at some point i think you have a consumer that will run into problems well into next year i get that this is a hot place to be right now. this is not one i'm chasing. >>> coming up, it's game on for netflix. we're diving into the details next. >>> plus rolling the dice, options traders doubling down a turnaround on one big name we'll bring you the name when "fast money" returns >>> welcome back to "fast money. game on for netflix, as it makes a big push into gaming first, we're getting new numbers. let's get to julia boorstin with the details. >> netflix announcing that tadum event on saturday drew 25.7 million viewers, generating 300 million views on social media. this as it was said monday at the code conference, that the streaming giant want to inves

time for your big money movers, three stock stories of the morning stock one warby parker, prices pulling back after they soared from the reference price of $40, the stock opened at $54 roughly. stock two, amazon, the company settled a case with two former employees who alleged they were wrongly filed. the report claims the women were terminated for speaking out about amazon's record on climate and working conditions amazon is required to pay back wages and post notices it cannot fire people for organizing and exercising their rights. stock three, virgin galactic, the faa cleared it to continue launches virgin galactic said high winds caused the changes and the pilots responded accordingly >>> turning our attention to delivering alpha, some of the most influential investors, political and economic leaders, all of them coming together for cnbc's annual delivering alpha event. these big names tackling critical issues facing investors across the globe and china proving to be a hot button issue. leslie joins us now with the key takeaways from the event. >> china and investability came up seve

government shutdown is thursda and there are still major road blocks moving from the beltway, warby parkerk exchange via a direct listing on wednesday the direct to consumer glasses company has a valuation of $3 billion. we'll get reads on the consumer with september's confidence and consumer sentiment number, pending home sales out on wednesday and it will tell us whether the housing market is hot. bed, bath & beyond reports down 18% over the last three months can the partnership with doordash help turn things around plus, investors around the wldor will be closely watching china's evergrande group debt payment deadline on wednesday. that's your friday fast forward. (vo) unconventional thinking means we see things differently, so you can focus on what matters most. that's how we've become the leader in 5g. #1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim trading™ is right there with you

so try to put more toilets, more clean water and it's like a warby warby parker gives way prepared loss to be under proposed of the world. every time you buy a pair of losses. and it's it's it's about your daughters. my kids sent and what they will purchase from. this is a smart business. should have sherman scared way to vent are you sure this is a new company who gives a craft. >> because yes. okay. >> because i remember looking for toilet. paper is a gift. don't ask me why. >> anyway, years ago and they came out with this fun different kinds of toilet. paper was wrapped like things. looked like things and no, not. >> different company. >> make sure you're not remembering something funny. this is it's an austrian company in u.s. history and the venture capital perspective. so it okay. and it's kind of a little thing. >> yeah. well, let's let's go lower than millennials. what what's going on with teens and facebook instagram which facebook owns. i just took a deep dive into this whole thing. you're going to talk about. i was like horrified that facebook knows that instagram is basicall

involved and some big consumer names, names you would know about here not obscure software companies warby parkerlicense brands like eddie bauer. allbirds, a lot of consumer names are likely to go they haven't formally filed yet but instacart, the big grocery delivery company, chobani, those yogurt, greek yogurts, sweetgreen, flipkart, the walmart spinout and impossible foods, plant-based meat products and toast will likely go, republic airways, stripe, rivian is a big electric truck and suv company. and reddit, the online message board, is looking for bankers at least right now. the one disappointment we're a little concerned about there was a very disappointing returns on the ipo market in the first two-thirds of the year because the prices were high when interest rates went up, some of the names moved to the down side. there's the ipo etf which is an after market indicator this etf buys these ipos after the first day of trading, and you see that against the s&p, which is the orange line in the last few days, few weeks, it's outperformed. and i think, guys, this is because july and august, the

charles: warby parker started trading. it is up 35%. a great example what you're working on.f people watching this show, had a chance at the bite of the apple priced much lower, rather than chasing now in the first day of trading. congressman hill, thank you very much, appreciate it. exactly. >>> speaking of main street investors i'm hosting a new investor revolution town hall. it is on november 9th at 2:00 p.m. eastern time. if you want your financial independence but not sure how to go about it we've got you covered. send me your questions right now at investedinyou@fox.com. by the way if you're in the new york area, come, i want to check you out. you can come join me in studio. this will be one heck of a party. >>> up next the charts and formations you need to know. what is the buy signal? did we have it in the middle of this show when the nasdaq made that big reversal? i have an expert. we'll take you to chart school. also cathie woods buying a ton of coinbase. should you be doing that trade as well? we'll be right back. ♪. i'm so glad we did this. i'm so glad we did this

posh mark down more than 30% in the last month all birds and warby parker are set to debut soon.poor fundamentals or just a different investor appetite. let's bring in gina sanchez. she will be with me for the next couple of stories here and santos reo santos, it's not all spacs problems even regular ipos aren't doing that well. why? >> i think compared to last year's second quarter you're going to have a different ipo market you had blockbuster ipos last year so, the comparison is not great. i think investors have become very selective they are -- i think companies focused on data, enterprise software, cloud and all that, the selected markets that are going to be around in the post-pandemic world are doing well, will continue to do well and the companies that are struggling off the gain in terms of revenue growth and all that, they've been punished. overall i think the valuations were high. they're getting more rashal. rashal. so, you will see them settle down as the news flow comes in, you will see them do well. but the fourth quarter -- we'll have some good ones in the fourth

[laughter] liz: don't be jealous, charles, my warby parkers -- [laughter] you're hilarious. charles: you don't have any war by parkers. [laughter] liz: i do, are you kidding me? the guy who founded it is a berkeley graduate. go, bears. all right, on wall street as this hour as the bulls get spooked by quadruple witching, multiple futures and options on indexes and stocks all expire simultaneously. and as we head into the final hour, the dow is staring down the third straight weekly loss. dow is down 165, s&p lower by 38, nasdaq down 164. it is all coming to a head literally just as the vote comes about by the food and drug administration committee on the pfizer booster shot. it's expected to take place at any minute. the fda panel, which is still discussing the issue right now, could decide whether the third covid vaccine shot is safe and effective. the mayo clinic's top vaccination expert, dr. gregory poland, is here on whoo he thinks will -- what he thinks will and should happen on this booster shot vote. plus, roaring kitty flexes his nine lives, he dodges a fine, but his

. >>> the nyse warby-parker shares starting at $40, starting trading tomorrow should be an interesting> we were talking about some of the pockets say of speculation when the companies don't have large track records. is one of them and the direct listings, some traded worse out of the gate than the ones that go through regular way they don't have the same support from the underwriters so let's see how this thing trades. the valuation will be one of the issues here and some of the direct-to-consumer names that are early and kind of pre-profit and i know maybe they're, kind of have expected to have a small profit here, this is a tough road to hoe so i think it will be a really good sentiment indicator right now as the market's in the throes of the sell-off >> back to the sell-off, speaking of. stocks plunging on wall street today, all three major averages taking a nose dive traders say there could be opportunities in the pullback, time to break out our sell-off shopping list. tim, where are you finding opportunity? >> i think you go to the beast of the semiconductor world we talked all sh

likely a colin warby. parkeright laughter ] the luxury toy car maker, the little car company, this week, unveiled a child-sized aston martin that will sell for $120,000 "the name is bond. unhealthy parental bond. reality star, kylie jenner, yesterday, unveiled the new products from her kylie baby line, which includes shampoo, conditioner, bubble bath, and lip injections [ laughter ] yeah, that's a huge drag to look at [ laughter ] a winning mega millions lottery ticket that is worth more than $400 million was sold at a pizzeria in new york even crazier, they also sold one of those slices with ziti on top of it. [ laughter ] and finally, amazon announced, yesterday, that it is lobbying the federal government to legalize marijuana, so now it's called amazon primo. and that was the monologue everybody. we've a great show for you tonight. the special presidential envoy for climate, john kerry, will be here, in studio. and he is a great comedian and a good friend of the show. he is currently on his "fun tour." jim gaf

but you know warby parker and you know about fresh market.uthentic brands that's a big brand license for no nautika and eddie bower. and other well-known consumer names believed to be likely instacart. salad green, flipkart, that's a walmart spin out there and plant-based meat products. likely not, absolutely but potential capped dtds for the fall and toast, possibly strike republic airways and electric vehicles out there. and reddit is reportedly interested in hiring for bankers. you know all these companies so, it's going to be an exciting fall the ipo after-market has not been great this is an after market index. it means the day after they go public it's going to be -- there's the s&p 500. it's underperformed most of the year in february, on higher rates, that first many of the younger tech companies and high prices quotes the companies to move to the down side in the middle of a year and the hope right now is july and august, pricings were lower than in the earlier part of the year and you can see it picked up a little bit. hopefully pri

that's out and the week after that, warby parker down here at the new york stock exchange this calendar'sng to fill up i anticipate in the next week a lot more of big names particularly big consumer names we're talked about a couple weeks ago. finally, gensler is testifying today in, of course, the senate banking committee. very clear three main policy initiatives that he's pushing that he's going to emphasize the first one is, of course, on market structure, and on payment for order flow he's made it very, very clear that he is basically hostile to payment for order flow and excessive concentration, he calls it of market players two we're talking about. citadel and vertoo.analytics, a fa fancy statistical term, gaming concerned gamification of trading and made it clear that he thinks it poses conflicts of interest for the broker, since their designed to optimize trading. he believes. revenue and data collection is a conflict of interest he believes and very vocal about that. crypto, probably the most controversial. last week surprised a lot of people by essentially indicating that coinba

warby-parker expected to go public via direct listing tomorrow and big event of the day is deliveringbringing you our insight and investment strategies as we do every year, i'll be hosting a panel focusing on the 3-d shift in wealth management tune in to find out what that is join some of the biggest names in investing, can't miss event, it's virtual so you can still register, delivering january alpha.com. it's the biggest names and the best in the industry with super interesting conversations, and it comes wilfred and mike at a time where there's a lot of uncertainty in the system around politics, around the fed, around whether we're going to see this changing dynamic in the market continue to play out out of tech and into cyclical groups mike, what will you be watching and listening for? >> it does feel as if it's -- it's always a theoretically transitional point in the markets but feels more so at the moment we are dealing with moderating growth expectations at the same time, we're all on alert for how central banks might react, deceleration and corporate credit growth and also thi

. >> let's talk about warby parker, prescription eyewear company has gone public through a direct listingit is valued at more than 6 billion bucks after it completed its direct listing this morning on the new york stock exchange a direct listing is when companies issue no new shares, only existing outstanding shares with no underwriters they opened up at $50.05 per share. while the company did start off as a direct-to-consumer play, it has rapidly been expanding its brick and mortar footprint their co-founder and co-ceo outlined his strategy earlier on "squawk box. >> over the last 12 months we've generated roughly 500 million in revenue. but we still only have 1% market share. we just think that we have a lot of white space in front of us. >> the company's strategy is part of a greater trend. the movement of brands to launch online first and bypass whole sale all together. and we can see that shares right now, i checked they were down up slightly, definitely not puking, as josh says >> no, they're up 35%, not puke. >> right which also shows health of ipo market despite some of the market

remember, we have a big ipo season coming up there's going to be a lot of new supply warby parker willbably be next week, not entirely clear, but it's going to be a really big season if the market continues to hold up, and that will be some supply issues overall. you heard about 3m, cfo talking at a morgan stanley conference, talking about inflation being higher than they thought in the third quarter. a whole list of everything that they have in terms of their material costs resins ethylene, wood pulp, labor costs continuing to be higher than they thought autos being lower due to semiconductor shortage consumer electronics and televisions also affected by the chip shortage. this is the cfo talking about how their business is doing, and of course they've got other things they're a huge office supply company. remember that. this is why 3m is such a great company. they're talking about delay in the return to office affecting their office supply. independent of material shortage i think the key story here and maybe why 3m is up today, the reopening trade topped out a long time ago. it topp

there's a market for them and that's why you're seeing companies like toast, like all birds, like warby parkertechnology companies that were doing great in the private markets, they have a path to the public markets n have a path to liquidity, a path to profitability, a path had for the founders and shareholders to liquidate and make money on their investment. i think the ipo market is as good as i've ever seen it. the key he though, maria, i don't see it slowing down. we have literally hundreds of great unicorn companies, companies valued at a billion dollars or more, 800 of them. so there's a lot more private companies that you'll see coming to the public markets through ipos, through direct listing, also through spacs. patrice: yeah. i mean, mike, you have been able to identify real growth stories with your own private equity and venture investing. where are you seeing opportunities right now? where are some of your bets? >> i think the two biggest areas we see right now, maria, are fin tech. so disrupting the big banks, disrupting financials. that's where we see a lot of growth, a lot of c

that most popular ticker searches, some new entrants to the list, tesla always in the mix, and warby parkern by the way, the rest of them are up on twitter for me, as i always say @thedomino. and a potential meme stock, as well as an insurance company that's being mistaken for a maker of explosives in australia. >> what? >> i got that for you. the ticker is ori. check it out pretty fun. >> do you ever wear fake glasses, dom >> no, because i need real glasses. i wear contacts, because i'm told the lights here shine off my glasses, so they don't like the way it looks on -- >> i wear one contact lens, but i end up going around circles like a shopping cart. >> what? >>> a fine check on the markets. [ laughter ] looks pretty good, up 67 on the nasdaq, and the s&p indicated up 15 and change. we will be back -- is becky back tomorrow >> i don't know. hopefully. hope springs eternal >> what am i, chop lped liver? but we miss her. "squawk on the street" is next ♪ >>> good thursday morning. i'm carl quintanilla, along with david faber and jim cramer has the day off. congress, as expected, does look t

and you have an ipo, warby parker, the eye grass people. stuart: that's just wednesday.n thursday? >> gdp, second look at the second quarter. it's a little bit backwards looking, but how did the economy do in the spring. it's also the deadline for congress to continue funding the government. and one more, friday, october 1st. stuart: yes. >> october's the month where you see the biggest swings in the market up or down. but again, key readings on manufacturing and housing. and i just gave you a couple o the items. there's more than everything i just said is. stuart: i'd like to expound more on, but i'm not going to do that because there's really good news, i think it's big news, facebook is pausing instagram for kids. >> yes. okay, so they're reevaluating it. they want to address the concerns from parents, experts, policymakers and regulators. the head of instagram wrote this this morning, instagram for kids was never meant for younger kids, but for tween, ages 10-12. it will require parental permission to join, it will not have ads, and it will have age-appropriate conte