airbnb, 91% of the traffic comes to them. booking.com spends hundreds of millions buying ads to get customers. airbnb, you know, has that leg up the other cool thing that i'm thinking about this week is we have two companies that have become noun and verbs. airbnb is now a noun and a verb. doordash, dashers. these companies are creating great, lasting brands, and are a gift to the tech community >> well, you know, john said something interesting. he said that both of you guys are in the earliest stages of the start-up ecosystem we should remember that because, you know, scrutiny, the anti-trust scrutiny we're talking about, centered on the big tech companies, talks about what it means for the start-up ecosystem. i wonder, both of your opinions, michael first, is the big tech dominance, is it stifling or encouraging and enablie ining ae start-up level >> the way i think about this is that whenever a company gets big, it gets slow. whenever a company gets slow, it gets less responsive to its customers. so in my mind, as the com

people thought it was an airbnb. it's not it's been listed for a long time that tells you who's setting the marginal price at the open here. >> is this one of the latest openings ever we've seen for a company of this size for an ipo like this? >> as far as i can recall. i don't recall anything getting this close to 2:00 p.m. for an opening. i think it speaks to what mike was saying they had to find a buyer for every seller from what i was hearing, there was a tremendous amount of buying interest. you can see that on all the different retail websites which is this is one of the top traded companies today. we saw something similar with doordash yesterday there's tremendous retail interest in these names. they're a bigger part of the market lately which makes it a big. er part of the ipo which makes it really, really difficult to price these things we've seen time and time again the marginal buyer is the retail investor and it's difficult for people pricing these dalz to really understand what the retail investor is try

absolutely, when you compare aaron beavan -- airbnb to doordash, airbnb is it a weaker point in its cycle. once we get a vaccine, that's when travel will resume. it will be forever different. we will all be traveling more than we are now certainly. doordash you can think about as being potentially at its peak right now we have to order food to dine inwe want with restaurants over doordash it's a much more difficult, much more uncertain road ahead when we have a vaccine and we can go to restaurants ourselves. it's easy to make the case for airbnb that there is a bright future going forward but there are a lot of challenges ahead. party houses is one example. brian chesky said that's a huge issue. they have a number of policies but have not been able to crack down on it. regulation has not been as much of an issue during the pandemic but as things go back to normal, we will certainly see governments around the world taking a closer look at airbnb. competition, there are companies like bookings.com that are trying to compete with airbnb in the long-term and bookings is a more complicated com

booking, vrbo, airbnb. there is a lock of inventory is this an opportunity to add a number of listings and how you convince more americans to list their homes. especially at a time home sales are surging and americans are enlisting their second home. >> these homes you are worried about the awareness. talking to my daughter she's a college student. she says she's going to go skiing with friends and she said they would stay with friends or get an airbnb. we have to make people in america more aware we have a great product the same as the rest of the world. in europe, people would have said booking.com >> such a good point there are conversations happening like that in many households we appreciate your time to give us a pulse on what's happening in this industry we are keeping a close eye on today thank you for your time. >> thank you >>> as we go to break, join us tonight. don't miss our cnbc special "the path forward" race and opportunity in america looking at the economics of the latino community reputati

airbnb pulled off the opening bell this morning with a twist. the bell at the nasdaq coincided with video of doorbells from airbnb host homes all around the world. you could say that's a nice touch for the company that was cofounded by three roommates who decided back in 2007 to rent out an air mattress on their living room floor. in husband only interview -- husband only interview less than 30 minutes before the close of the stock debut, ceo and cofounder brian chesky joins us from san francisco. wow, brian, when you look at the floor where back in 2007 you and your roommates decided to rent that air mattress, what goes through your mind today as you go public? >> yeah. well, i mean, i started airbnb, my roommate and i in 2007 actually couldn't afford to pay rent. and a design conference was coming to san francisco, hotels sold out, so we inflated some air beds and we called it air bed and breakfast. if you would have told me back then, 13 years later, that we'd be having this interview, i probably would have thought you were crazy. liz: yeah.

small caps are overlarge and airbnb and doordash do not signal that to me. an interesting narrative. what we saw today, it really was value in some of those small and mid-caps, cyclicals outperforming the market. on the same day, we had eye-popping gains out of airbnb and a second day of gains ai, and i'm sure doordash will bounceback up. kailey: a lot of investors are looking to snap up this stock, looking towards the vaccine, the reopening, traveling and renting houses once again. but the value trade, maybe not so much. romaine: kailey leinz, giving us that update. stick around, we are counting down until the release of "evermore."just kidding . the founder and ceo breaks it all down. this is bloomberg. ♪ romaine: today we are, of course, focusing on these ipo debuts. it has been quite a week. you talk about doordash, airbnb, these names are coming to the public market, to a certain extent, in defiance of the current economic backdrop. joe: absolutely. the numbers are absolutely eye watering, both the headline market caps -- we are looking at -- i guess

airbnb is coming up tomorrow. in general, when you look at the macro economic environment, tech seems continually to be divorced from what real-world americans are going through. the stock market keeps going up. tech companies and valuations keep going up, when you have people out there that are really struggling. you think we are in a frothy market? i know you are a very active mentor to entrepreneurs in your portfolio, are you telling them to prepare for a bubble to burst or for the good times to keep rolling? jeff: on one hand, we have covid, a global pandemic, and it is affecting people's health and livelihoods. we have to recognize that. on the other hand, you have a tremendous amount of capital around the world that still needs to put to work, and you can't invest in bonds and low interest rate environment we are in, so people are investing in equities. and within equity markets, they are looking were growth and fundamental change is happening that is happening in both biotech and technology. a technology ve

filled scho fidelity showing airbnb with buy orders retail demand worldwide is here because airbnb is available internationally and it's drawn in a massive retail co-hort. these investor have been watching the company boost its rang -- its price range and price well above it. that signalled to many people this is a company worth buying and buying with little price sensitivity. that's why it took so long for the stock to open today. too many willing buyers without enough willing sellers until it reached $146 per share and morgan stanley felt there was another stability to let it open at that amount >> that's what makes the household names so difficult to price. >> that's exactly right. you look at the company. if you're a banker and you're advising a company on where to price its ipo, you take all the information from investors, they've automated the situation to make it easier but at the end of the day, it's very, very difficult to assess from a disparate group of investors what their researchers are and what they're willing to pay. and there's just a different psychology that's a var

let us compare airbnb to doordash. weaker point.ight -- a weaker point as doordash could be raising at its peak because we are in the middle of the pandemic and we all have to order our food are not -- online or we cannot eat. you can make the argument that as thing starts to normalize and travel rebounds the future looks brighter for airbnb. the company has been doubling down on experiences, and brian told me that that could be as big as or bigger than the homes business, the evidence is not there but that is one route for a future revenue growth. they pulled out of airlines, hotels, and end to end travel. they have $3.5 billion in their pockets to spend. for billionhey left dollars on the table, potentially. aree are investors who saying that the ipo process is broken. there are a bunch of folks out there making money off of airbnb's ipo that is not the company, and that is something that these companies will have to question going forward. we have a few more tech ipo's out of the gate before the end of the year and

>> it is unbelievable to think that airbnb passed booking.com which has double the revenue of airbnb. it will surpass uber. i think we are at a time where the market is treating the high-growth names. public, --mes are sales for these mature companies to me looks like it is in bubble territory. bubblelike -- bubble like 1999? >> i don't think it is quite -- theut the evaluation forward-looking returns aren't going to be that good for investors. anyone getting in have to think about how fast can they grow down the line, 10 years down the line? these committees maintain 30% or 40% growth down the line. alix: when does wall street actually care about that? >> immediately. we were looking at snowflake inch -- had the biggest 2006. he keep on searching. it has questions about what your will look like and how the market will value these high-growth names and if they will be more discerning when the pandemic starts to subside. people are buying these now because they are the safest. are they going to feel that way next year or will they come back to reality without a market crash? guy: is th

they're looking for airbnb. so what's happening is people are literally adjusting the way they travel around airbnb, and that's going to have tremendous impact on the industry. and i think everyone is seeing that, hence, why the price is going where it is right now. neil: so, dan, i'm just curious, i know they wanted to raise what was about $3.5-4 billion from this, they're going to raise a little more than that, but what are they going to do with that money? do they beef up their properties, do they sort of weed out some of the lesser players, focus more on, you know, goesic lower ceals? -- exotic locales? do you know how they plan to use this? >> i think, neil, it's probably all of the above. look, when you have that type of extra capital on hand, it givesç you tremendous flexibility to sit back, look at the market, see where this is going and say, look, we don't necessarily want to be in these areas, and we certainly have the capital now to move into other areas. and that type of flexibility right now, neil,

hotels, airbnb, anyone. emily: there have been some analysts saying airbnb is looking like a better bet in the short-term, but booking holdings is looking like a better bet in the long-term. what is your response to that? to let everyone that is a prospective investor decide who they want to bet on. now that we are talking about long-term, i am 39, i started this company with my two friends when i was 26. i remember back then, we told people, one day, airbnb is going to be huge. i guess what i would say, the reason i say that is we created this new category of travel. it seemed like a crazy idea and it just kept growing and growing. emily: you told me experiences could be bigger then your home business but when we saw the s-1, we did not see details around experiences in terms of revenue or bookings. how does the experiences business compare to the home's? brian: there are not a ton of experience is happening now because many cities and countries have restrictions about people gathering. when the pandemic br

airbnb is not something that you click by instagram, you say i want to book an airbnb and you go find one. and that's been an 80% plus of their demand in this first act so i think this first act, frankly, has so much more leg on it >> yeah, i love both of those takes. that's fascinating and finally, you started out talking about hummus and axios said that doordash originally wanted to ring the bell from there, their first restaurant partner, but had to scrap it due to the pandemic. it reminds you that all of these things are being done in the midst of this pandemic and that says something in and of itself. >> yeah, somebody said in the venture capital business that 2020 might be looked back on as the first year of the 21st century and i can't help but feel that some of the digitization that we've all been watching and walking into in sort of fits and starts is actually just now coming full bore we're going to go back to seeing our families and back to restaurants and bars and in-person life, what we're certainly not going to do is leave behind the incredible digitization that's happen

i actually asked that airbnb host if he was concerned that at the end of the day airbnb might not be around, and he said that he really wasn't a lot that have is because airbnb has been able to provide quite a good service most people here if they are going to use a site are using airbnb and for now at least they find that airbnb provides the kind of highest quality service, the easiest, you know -- the most trustworthy service when it comes to people who will come to stay with them or for them to be able to use a service to go overseas or to another destination. >> that's true probably a lot of value of it being well-known to the international traveler for whenever that business comes back eunice, thanks so much we really appreciate it. eunice yoon in beijing for us. it will be another exciting day with the ipo tomorrow. >>> paining of america's new survey show consumers working at home plan to spend less in every category but one the details and the stock impact. >>> plus, doordash open for trading and what an open it is it's up 82% and priced at 102, trading at 186 and change. we'

airbnb started around the time of the last crisis. that's still a fair amount of years in the rear view mirror and they were able to stay with those in the private side and keep getting funding and basically grew to this behomoth that they are today. there is not a lot of float in either of these two stocks overall, yes especially airbnb today, 60 billion market cap about to explode much higher than that, door dash, same sort of story. in the old days when you dragged the red herring out there and people would follow, yeah, they also manipulated, if you want to call it that i certainly call it that, scott. you're only offering a very small amount of this equity out there to the public. so the fact that it's new, the fact that people want to get into these, that's why you're seeing a doubling of 85% yesterday, probably 100% or 120% out of airbnb. there's such a small offerings and yet these are brand that people want into, that funds want to participate in so that's what that side of the market is. the other side is that facebook story

and there were news articles asking will airbnb exist in the future and is this the end of airbnb and of course it wasn't the end of airbnb, and in fact, i do think this crisis, as much suffering that has happened in the world has made us a better and more focused company, and i want people, if we are successful many years from now, to look back on this year as the defining year where we did our very best to take care of all of our stake holders, no matter how hard the decisions were, and that we kind of persevered, we got through it, and that was the turning point. that year, 2020, was the turning point where the beginning of the next chapter of airbnb started. >> that was airbnb ceo brian chesky the company's stock expected to begin trading for the first time today on the nasdaq, and brian's going to join the gang on "squawk on the street," hopefully as it begins trading this morning so you don't want to miss what he has to say a little bit later today as well. joe. >> thanks, andrew. >>> so the entire 1% of the bad people, they're all on twitter that's weird, i guess they all found

now it is airbnb's time. we have one investor who got in early. >>> and an elon musk spapacex rocket explodes during a test landing. it is thursday, december 10, and this is "worldwide exchange" right here on cnbc welcome or welcome back and good thursday morning, everybody. i'm brian sullivan here is how your money and investments look right now stock futures are mostly higher, dow futures up about 50 points right now. again, not a big move, but we are in the green nasdaq futures call them flat, up on a nominal basis. down on a fair value basis in other words the market not giving us a lot of clues right now about which way it wants to go the major averages fell yesterday, but of course you know the market still has been mostly red hot november one of the best months ever but check this out, which might make you think a little bit differently, we'll call it the bonus rbi, the dow is up about 550 points since november 25 but in that run, only four stocks have accounted for all those gains. that's right boeing

his stakes in doordash and airbnb. that's next. this is bloomberg. ♪ emily: we have some breaking news. california has officially passed its vote in the electoral college, meaning joe biden now officially has as many votes as he needs to take the presidency of the united states, california passing 50 electoral votes for joe biden. senate majority whip, one of the highest ranking gop members, said it is time for all to move on. we will see if this gets more republicans publicly on side. meantime, airbnb and doordash pulled back after their blockbuster debut. both keans' shares are down after doordash surged 86% with airbnb surging 113%. here are the ceo's reacting to those questions. >> when i was still training thomas for honda seven years earlier, this is not what i was thinking about in my car making deliveries. it is certainly surreal. emily: shares open at $139 a share, more than double what you priced at. >> that is the first time i heard that number. i don't know what else to say. i am very humbled by it. emily: airbnb ceo,

airbnb is a massive disruptor arrangements. airbnb is a massive disru ptor in arrangements. airbnb is a massive disruptor in the travel market. it has been in the court rooms and so many cities around the world for various reasons, in some cases people do not trust airbnb properties, are so many scams on the site, so what is the future for the company, you think? they will have to spend a lot of time and energy to monitor what is going on in their properties. as you mentioned, they have had some negative experiences and manage those relatively well and they have added insurances, spent more time vetting posts to make sure that the hosts are appropriate, and also putting pressure on guests to treat their hosts better. they have to continue to work in this direction in this direction, thatis direction in this direction, that is for sure. have to leave it there. thank you for being on the programme with your thoughts on airbnb. a really interesting and busy week. doordash also coming to the market and earlier on in the week, we had the healthcare jaidee .com listing in hong kon

it's going to be a virtual road show for airbnb like all ipos of the pandemic era of airbnb is starting a week and a half of zoom meetings to day with investors there is a small fraction of the overall holdings on the high end of the price range disclosed today, the founders including the ceo hold states around $3.5 billion each. now airbnb is asking investors for valuation of $35 billion on a fully diluted basis at a $50 a share pricetag i'm told by a person familiar with the matter that that $35 billion figure is applicable to earlier rounds of funding. it comes more than double the $18 billion value airbnb got from an emergency round of funding in april of this year. after the pandemic reeked havoc on the travel industry it is slightly higher than airbnb's prior valuation of $31 billion from a 2017 financing. airbnb saw a huge drop in bookings at the on set of the pandemic as tourists hunkered down at home in the third quarter, airbnb's business snapped back pulling in $1.3 billion on the top line although that figure is still about 18% shy of 2019 levels while unprofitable for most

the red-hot airbnb and door dash i.p.o. stock prices of last week falling off as analysts assess their value. we'll talk to long-time silicon valley tech investor of s.b. angel, also an early backer of oth companies. first, u.s. stocks fell for a fourth day. the likelihood of a second new york city shutdown painted a bleak picture of the short term. we have more. give us a roundup. reporter: it's interesting. earlier in the day there was a very bullish tone, optimistic tone, maybe set last week by those i.p.o.'s were talking about. by the end of the day, big moves lower for both of those stocks. a bit of a pullback on friday as well. after airbnb up more than 1 pun%. on oday the s&p 5 pun vaccine optimism. the fact it's being distributed. the fact that there is no stimulus passed weighing but probably the bigger news, governor cuomo saying new york city could be shut down within a month. that brings back the reality of the virus in the near term to investors and we see the s&p 500 down about .4%. the dow transports though r

and now airbnb based on its market cap, airbnb is worth $16 million per worker. got a value of about $87 billion and they employ only 5500 people according to capital iq. put another way, airbnb is worth 6500 times more than hilton on per employee basis what maybe irl start calling the economy of using other people's stuff is sdriidestroying the ecy of build our own stuff at leastn random but hopefully interesting, although maybe not. and speaking of interesting, joining usney gibson to wrap up the week lusk capital preside luke capital president and cnbc contributor. and it shows how the market values don't own a lot and we will reward you. but do you think some of the ipos are a little too red hot? >> so good to see you, sully really appreciate it you know, it is really interesting to see what the market is valuing and what it is not. i think what we're seeing is a shift in what society values, right? when we think about the digitization of society and you think about the squares afrntsd t and the paypals, those are companies that no one would have expected to

doordash, yeah, airbnb, they're much, much better. i'm just doing it to illustrate what happens when the stock market breaks down, like it broke down during theing thei dm era. goldman sachs couldn't control the stock price at the ipo nobody wanted to it open at 62 not the buyers, i couldn't sell it it was locked up what i fear is the same thing is happening again. i know that three founders of airbnb are now worth $10 billion on paper hey, i was worth $360 million, at least for one afternoon i sure wish i could have sold some of the stocks at 66, but you couldn't i wonder if chesky and company wished they were unlocked. maybe they can get an early unlocking. every day now we see some stock explode higher, and electric vehicle, maybe a biotech like greenwich life sciences which only rocketed up nearly a thousand percent yesterday on a breast cancer drug gsi. $5 one day 57 the next and 72 today epic run, 48 hours so what do you do? just because the ipo market price and system is broken, do you sell them? do you buy them? do you short t

investors for airbnb are looking further out. the idea this is a long business and this year the numbers are down sets up for easier comps next year and going forward. to your point on doordash, might be more of a near-term phenomenon, plus how much bigger can the market cap. airbnb there is longer-term potential and investors love the ceo who was on bloomberg earlier with emily chang and he was dumbfounded the price at that point was indicated to open $139. it was a touching moment. david: celebrating with his parents and his dog. it's expand this out. in your note, you referred to tech, i see the nasdaq up a little bit. has facebook hit tech? abigail: yesterday there was a bit of a hit to tech. earlier the same thing. the nasdaq had been down 1%. facebook is interesting in you had the ftc plus a group of states suing the company's on monopoly charges, saying they may have to break up and separate instagram. the company coming back with a preliminary response, sort of defensive in town. you might want to see them be a bit more o

airbnb ceo speaking with emily chang, let's get more on airbnb from our reporter. he said it himself, the higher the stock is, the higher the expectations. what are some of the challenges the company faces when we continue to see more regulatory scrutiny? the higher the expectations of sure, on the first day trading to value at 100 billion, they have a lot to prove. the good thing for airbnb is they are starting the public company journey at a low. they have seen profitable quarters, but 2020 is probably their worst year in terms of growth. they have had to do so much restructuring, cut costs, let go of so much of their workforce. , becauselessing here they are starting at a low point they can perhaps -- whatever they do going forward is going to perhaps meet expectations from investors. >> what are some of the future challenges as to what airbnb will have to do to hold onto this valuation? >> the first thing is how much they are able to come back in the next quarter another they to reporting quarter quarter, how are they going to perform in the next earnings? the

shares of airbnb and door dash are lower this morning airbnb doubled its ipo price in the first day of trading door dash jumped 80%, and fell by about 2% yesterday. check that out this morning. you'll see airbnb flktindicatedn by 2 1/2%, and door dash by 3 3/4% covid-19 vaccine be approved for emergency use. approval could come within days. an aside, pfizer announced it is raising its quarterly dividend by 1%. and biontech shares up by about .6%. the news of course not so upbeat for two other drug makers working on a vaccine for coe have i had sanofi, and glak sxosmithkline i they will have to test further with pfizer's covid vaccine one step closer to approval, there are lots of questions about how many people will want to take it steve liesman joins us with the results of the all america survey good to see you this morning. >> after the information that the vaccine works, the next most important question for the course of the virus and the economy, whether americans will take it. cnbc all america economic survey founding 68% of the public will take it or lean towards taking it more o

airbnb, and doordash. one of these two companies making its public debut is about to be put in the dog house by the market voice, some of the biggest names on wall street depend on for their research. he will tell you which one he says is going from hero to zero. that's next, when the closing bell is about to ring in about 28 minutes. the dow at the moment down 140, doordash still climbing $76 at the moment. it stands at 178.23. don't go away. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. before discovering nexium 24hr to treat her frequent heartburn, marie could only imagine enjoying freshly squeezed orange juice. now no fruit is forbidden. nexium 24hr stops acid before it starts for all-day, all-night protection. can you imagine 24 hours without heartburn? for all-day, to all the businesses make it through 2020... thank you for going the

airbnb and dore dash are leading the ipo frenzy as year end fast approaches, but which have been the better bet this year, ipos or the new kids' back? don't seld your gold one wildly followed economist says don't be worried about their weakness and intel can't catch a break. a wall street lift and millions for bob dylan. let's begin with the markets this hour. dom chu has more. >> reporter: lyft for a couple of different key parts of the market we're kind of floating near this fractionally down territory, the nasdaq, russell 2000 and dow all hit record highs on friday maybe not surprising to see a pullback nasdaq up one-third of 1% resuming the short-term leadership role we've seen most of the year. speaking of the nasdaq stocks, cloud computing. you talked about spacs and ipos. cloud computing has been a very hot part of the market this year take a look at the etfs. both track loud cloud computing companies, ticker wlc is at a record high and a bigger etf in terms of it asset side is still up 65% very big moves here in just the last couple of weeks off the lows that they saw in the

we're in the final stretch of 2020 we're focused on two big ipos, airbnb and doordash. airbnb is bouncing back strong doordash saw demands surge both of those companies seeing encouraging demand for shares and to define the future of the gig and sharing economies. leslie picker has the latest on the ipo process. >> it's important to underscore the rarety of this level of issuance in a single week. excluding spacs, we're expecting to see more than $7 billion worth of ipos this week. since the start of 2014, only three other weeks have surpassed that kind of volume. most recently, in mid september there was, if you remember, there was a big week of software debuts unity, jay frog went public. the only week that's saw greater issuance was in may of 2019 when uber went public and then september 2014 when alibaba went public what is different this time, though, is that the billions of dollars in new stock is coming weeks before the end of the year they lock in for insentive free purposes that is imperative for them to reach the benchmark. if the benchmark is nasdaq, they're

that is the debate on the open market of airbnb. after the sizzling success, yesterday door -- became a multibillion-dollar concern even though the dow was down, take a look how area b&b was doing. this was priced at 68 -- it quickly rocketed up for a while. they were hoping for a valuation at $68 per share. something in the vicinity of $47 billion, the market value. that would be the number of shares out there times that $68. they quickly doubled it over that and finishing the day at around $146 per share, enough to make this $47 billion concern closer to $100 billion. to put that in perspective, this vacation rental alternative to big hotels and the like is bigger in market cap then hilton, than marriott, that a host of other players, some of them combined. as possibly a preview of coming attractions and a busy year for offerings appeared many of look at this as a sign of strong market appetite to pay for promising technology and pandemic calls. airbnb was seen as a post-pandemic player, because people weren't traveling. now, taki

plus, more on airbnb's record-breaking ipo. that is coming up next, and this is bloomberg. ♪ d this is bloomberg. ♪ >> you just had indications at your opening price at $139 a share, which is double what you priced at. i mean, are you at all concerned about stocks? what do you think about that number and the potential that you are leaving billions of dollars on the table? >> that is the first time i have heard that member. in april, that price would have priced us around $35, so i don't know what else to say. that is -- i am very humbled by it. that was all right, the airbnb chief executive brian chesky speaking to bloomberg after the company's debut yesterday. is valuation reach $100 billion. let's bring you a breaking story from china and one of our own reporters. have detained her on suspicion of "endangering national security." her editorlked to around 11:30 p.m. we will have more on that throughout the day, and if we have any news, we will bring it to you, but this is a big development story. 20 days before the end of

here's my chat with the ceo and cofounder of airbnb. brian: i feel really lucky. sometimes in life, you appreciate something when you can see losing it. if i didn't appreciate it before this year, having stared into what felt like the abyss for travel, and then to rally together with thousands of people and rebuild the company from the ground up, something i think that is stronger than it ever was before the pandemic, i feel incredibly fortunate and thankful not just for our employees, but for our guests and hose that built this company for us. this is very humbling for me. emily: you say the company may be stronger than ever. why go public when we are still in the middle of this pandemic nightmare? why not wait until there is a vaccine or more clarity? brian: we were prepared to go public this year and when the pandemic broke out, we put the s one on hold and i could never imagine going public this year when it was april or may. then something pretty remarkable happened. people, this summer, after having been locked in their homes, sheltering in place, wanted to

a huge pop for airbnb in its debut. the s&p currently flat nasdaq up about half a percent 59 minutes left in the session down a quarter of the percent on the nasdaq sara. >> big interviews come up in the next few minutes first the ceo of barclays will be joining us to talk approximate the margaret and the global economy and deal making in the red hort ipo market it is a cnbc exclusive then a group of blue championship ceos making an announcement forming an organization called one ten to close the race gap in corporate america. members of that organization will join us to talk about that topic. first, mike santoli on the high flying momentum parts of the market and leslie picker on another astounding ipo day airbnb doubling in itsdebut. >> first a look at the broad market it is a little bit soft the last couple of days the hot ipos are stealing a little bit of the oxygen staying within the range the s&p 500 the low this morning after the open was 3645. the high from intraday on november 9th we are going back a month and

pete, how do you feel about airbnb as we look ahead to that one? >> yeah, i'm excited for it, scott, no doubt about it again, it would be great to be involved, but i think you almost have to be involved on the actual ipo otherwise i think you do feel like you're going to be chasing. now, it's interesting to watch as we see some of the pricing and it's moved around, shifted around pretty dramatically really, scott, from what we were just talking about at the very beginning of the show in terms of doordash, so it's going to be interesting, i think i love these names i agree with cramer, i think it's very difficult to chase if we get the openings that we're seeing in front of us now. >> let me bring in bob pisani with our etf edge today. bob, i know you're here to do etf edge as our segment. if you have an opinion on what we're witnessing, since you are literally the person who is in the booth as these ipos open for the very first time. i'm just curious your thoughts as you watch doordash open as high as it did when you are so attune to how these thin

and airbnb skyrockets. . major u.s. listing

airbnb on thursday. what do we know? kristol: we know they have both gotten seemingly good response. that is why they opt their range. airbnb announced they are going to go for a higher range and doordash did the same thing late last week. trending in are price and trade. the valuation -- it is probably not the highest they could go. look at the regulations, it is still about 100% of what they already have. we could potentially see an even higher number. it is certainly critical to see a b -- airbnb in this position. at the high-end of the range would be fairly in line with some sort of uplift given what they have seen on the private market. doordash is an interesting story -- doubling their valuation to what they saw and a funding round just six months ago. how do the numbers back that up? pinch hitterdash's is because of the lockdown they really have benefited. because of the suburban footprint, there up as an industry. there are more lockdowns coming up, so it looks like doordash is going to continue, and that is why

we saw what happened with airbnb. people did not understand what a market order was in this thing was i going crazy up. that's what was going on yesterday with the doordash. you will see that with airbnb today as well. that's kind of funny about that, but there's a bit of the consumer side and the consumer side of the house is having an impact on the stock price. stuart: it worries me that it's become a gaming casino as opposed to an investment stock market. back to doordash, it went straight up on the first day. they are down 7% today, but still above the offering price. it seems so frothy to me honestly i will repeat this, seems like it goes back to the.com. days in the 1990s what do you think? >> a lot of people feel that and we all say it's different, but i don't think it is in this case. doordash is the last commerce solution for those to have to compete against amazon. what's interesting about this model is the same drivers on uber and lyft also do doordash. the market has also consolidated. you saw the acquisit

;for ipos the airbnb isÑicoming out door dash. $debuts airbnb targeting a $42 million valuation. rorit's not just u.s. markets atecd highs, lpemerging etfs at an all-time high today. is this just the beginning of a bigger breakout? "power lunch." by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. before money, people tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale. ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be a co

that is part of what i think is there magic in white airbnb -- and why airbnb is not because better,lgorithms are but human experience from the design perspective. that is what i take away. emily: obviously, this is a week that you are celebrating and the team is celebrating, but there is talk of the $4 million that may have been left on the table. peers like bill gurley say the ipo process is broken. should the process be reevaluated? you're taking a number of portfolio companies public. my mother, are you ag--i wonder, ghast at the money that could be in it right now? reid: the whole thing is if it's implicit. we had the exact same commentary when we took linkedin public and linkedin went substantially up. everyone seemed to misunderstand that this is a journey of decades. it is a journey that as part of what you do is you say what is a price i can get a lot of long-term investors, people who will be with me for decades, two decades in building this company? you try to get them on board as high as possible and that will be a little under, sometimes surprisingly under what the market is espe

and one firm getting bullish on airbnb before it even goes public first to dom chu with the state of play in markets hi, dom. >> reporter: the state of play right now is we're peaking into positive territory for the s&p 500 so we're kind of near the session highs had right now. as you can see very modestly it's flat but still it's green and not red. rising kind of steadily throughout the course of the morning. the dow industrials flat, down 20 points and the nasdaq, the underperformer, off .25 of 1%. taking a look at two key parts of the market. we're keeping a close eye on them right now one of them is what's happening with the overall picture for say what's happening with semiconductor stocks advanced microdevices over the course of the year-to-date period more than doubled and land research up 50 opinion and xilinks up 70% and the big etf that tracks the semiconductors was six cents psi today of one point of setting another record high so watch those semiconductor stocks, a big tell for the overall market, and then if you're looking for that reflation trade. kelly, you mentioned b

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the trends are in airbnb's favor. pricedipo's we have seen about their range, 20 of them have seen this big pop on their first day of trading. there is a lot of interest in airbnb. it is pricing at $68, above the range, so clearly some oversubscription, a lot of attention and desire to get this ipo. also what we are seeing with the ipo's this year is sort of this environment where, one, you have a lot of retail traders who want to get in the ipo's. robinhood has been huge and moving markets. at the same time, the flow tends to be pretty low for these tech ipo's. we saw it with the snowflake ipo, for example, where a lot of institutions did not want to sell. the supply-demand dynamics are in favor of shares moving higher. it was not just doordash that surged yesterday. ai also surged 120% yesterday. really interesting that airbnb follows in that path. if it does, why is now a time that we are seeing all these tech ipo's come to market? there are a lot of interesting markets. airbnb is tech, but also hospitality. hospit

. >>> still ahead, the new steps airbnb is taking to stop new year's eve parties. >>> was, looking to get away next year? you may need to show your medical records before hopping on a plane. we will >>> the next time you travel, you may need proof of vaccination and some smart phone apps can help you do them. one app called common pass lets users upload a covid test result or eventually proof of vaccination. it generates a qr code that could be scanned to get into stadiums, movie theaters, even other countries, without revealing sensitive information. you can also use it to check covid-19 rules based on your itinerary.>>> crews are gearing up to get ready for new year's eve, you can watch the ball drop in times square in person, you can't watch it that is, but you can watch it online. health experts are sounding the alarm about the risks of large gatherings and they feared new year's parties will likely amplify the spread of coronavirus. >>> in the bay area san francisco police are warning of penalty for those that are breaking states rules. >> the protocol has been to admonish someon

we go back to the names, airbnb, palantir under trouble airbnb down 4% after a downgrade to underperform from buy says that it's looking more than stretched. doordash also getting a downgrade from d.a. davidson even though the markets welcomed these ipos with open arms last week, a lot of that was the robin hood retail investor you're seeing this divergence between the analyst that's cover the companies and the retail investors that just want a piece of the growth story. >> yep we'll be looking for the additional research once that begins to roll into these names, jon. but airbnb, you know, opening day high $165. currently below $125 that's going to get some people's attention >> it will and i think it leads into our next guest, the ipo market is where we're going to start with him this morning he says that both doordash and airbnb were failed debuts. joining us now is spencer raskof 'announced he announced a spac of his own, who hasn't ceo of zillow. that company ipo'd in 2011 welcome, spencer you have strong feelings about this which i love. but, look, how can we say these things were

airbnb, hussein kanji joins us. i am thrilled that he is with us today because i think he is a very clear and sane voice and the hype. i think we can begin with the idea that airbnb is not in graham dodd, not in graham data and cottle, is not even something that warren buffett would understand from those iconic textbooks. when we take an ipo and we extrapolate out a value of a company, is that a legitimate valuation that we are looking at this morning of airbnb? i think that is broadly the question for almost everything in the tech industry right now. interest rates are so low, and that is kind of -- tom: i don't mean to interrupt, but this is absolutely critical. is it a constructed, manufactured, or manipulated scarcity? i don't think it is manipulated, i think it is a genuine scarcity in these companies. they are being bid up to a stream the high valuations because there is such a scarcity. what does airbnb become? we are not t is a combination. the growth of the company has been a stream the good. the pandemic w

airbnb has just gone public and it looks like an enormous debut. cofounder and ceo brian chesky joins me now. brian, wow. stunning. we talked in june and you were in a dire situation, the company was. how do you explain going from that to what looks like it could be a $100 billion debut today? >> it's -- i would -- i could have never imagined in january where we would be in june with very difficult circumstances and then now to get to here. i think there's kind of two explanations. the first one is, you know, people still do yearn to travel and after months of being stuck inside, people wanted to go in cars and travel nearby and they wanted to stay places longer. so they chose homes and they chose pohomes on airbnb. so our model is adaptable. i'm reminded of something my dad said growing up, he said, things are never as good as they seem and as bad as they seem. and you have to remind yourself of that to find the midpoint between the highs and lows. >> keeps you humble through a debut like it looks like it's going to be today. >> yeah. >> there was

maybe an airbnb. 4:57 for you that morning. coming up on "today in the bay," icu beds are dwindling but several counties are still not under the stay-at-home order. where you can actually still get a haircut and even go out to eat this weekend. plus, struggling to make it in this pandemic. has one south bay restaurant getting creative about the transformation it's making to cater to its customers during this crisis. >>> at 5:00 a vaccine ready to roll out. the pivotal announcement from the fda and the concerns some are still raising as america waits for the first doses. >>> and holding out as cases mount and icu beds dwindle. what's happening in one bay area county where you can actually still get a haircut, dine outdoors in spite of the strict shelter at home orders. >>> and the warriors finally returning to the floor for the first time since march. the games still taking place as the pandemic rages. "today in the bay" continues right now. >>> and we have made it to friday and you are with us this morning. thanks so much for j

i expected airbnb to be 2021 ipo. the fact they are trying to squeeze this in, still not sure why they feel the need to do it before the end of the year. this is about as much certainty as we have had in the past nine months since covid took off and the pandemic started, where you are after the election, and mostly de-risked. you have a lower volatility environment, you have low interest rates, you have a rebounding company. i can understand why companies would not want to try to thread the needle before market shut down. is a completely different psychology. in some ways airbnb should be the bounceback trade. they want to leave something on the table for investors to take advantage of. doordash is a complete flip on that. what does that tell us about the culture within these businesses. it does not tell us anything about the culture within these businesses. phil: airbnb is a company that has been private for over a decade. the writing was on the wall eventually they would go public. was a push to go public in 2017, 2

so let's talk more about doordash, airbnb, expected to price tonight. the overall ipo market and this year's hot trend, which is of course those spacs joining us now is president and managing partner at drexel hamilton so let's talk about whether or not this is frothy, john, is this a sign the ipo market is booming, does it feel like 1999? >> not at all. i think that we're just getting started. and doordash pricing at $102, pretty exciting stuff. i think that price outside of the range that you just talked about that was already raised is the excitement around this transaction. it is also shows the demand that was built during the road show and their thesis let's not forget, doordash is a logistics company. massive opportunity in the food vertical, but clearly states in their proce property sp proceed spec tuesdk tuc that tho business ticks company >> and we're showing the numbers about how much they do 390,000 merchants, 900 million orders placed. are you part of the syndicate for this doordash ipo, do you have an ax to grind with regard to allocation