good to see you. >>> coming up, doordash gearing up for its trading debut leslie picker is here, she will layout whether investors have annual appetite for the food delivery stock we all use it, but does that mean that you want to own it very different things. dow futures down 930 0. >>> outside of the world advanta vaccines, there are other big market stories out there and they are focused on a couple high profile ipos this week. you have doordash kicking things off as they prepare to price share later on today leslie picker is joining us with more on what we can expect i know that i'll probably get this troubling because i said a burger delivery company but doordash says we're a technology company. is that how investors will frame this story >> that is a good pioint it is a platform company those delivery guys and gals are not necessarily employees of the company, the company itself provides the platform by which contractors can then choose to deliver food to consumer but doordash could be the second biggest ipo of 2020 when it prices tonight or potentially the third if airbnb's pr

leslie, thanks so much leslie picker. brian? >> does anyone call it bill spakman yet? is that a thing? if not it should be a thing and i'm going to patent it chips ahoy semiconductor stocks surging this year. you may have already doubled your money so what do you do now with aims like and or nvidia we're going to hit it. also on deck 20 states set to raise their minimum wage next year how much of a much-needed boost will this give the families and local economies? or will it just speed up the huge push to replace people with machines a panel of experts discusses and debates. next >>> all right. welcome back well, bitcoin now up exactly 300% in the past 12 months because of that move right there. look at that bitcoin is up $1881 and earlier moments ago it broke above 29,000 for the first time ever you might be able to find it at 29 on certain exchanges. remember, there are a couple, they might have slight pricing discrepancie discrepancies. either way, bitcoin moments ago breaking above 29,000. you've got very limited supply a lot of demand. bitcoin. 29k. from cryptos t

leslie, thank you. leslie picker. for more let's bring in gerard cassidy, mike santoli still with us as well girard you are seeing the major banks up more than 2% across the board. no surprise certainly as investors are anticipating some of that capital to be return you had to shareholders. how quickly do you think banks could get started doing that >> right off the bat this is really good news, the way your colleague reported it, none of us were expecting the banks to be given permission to go back into buying their stocks we could see that in the first quarter of 2021. that's been one of the real missing points for the bank stocks is their ability to go in and buy back their stock. >> what's it worth, gerard we are seeing 2% 3,% moves here after-hours. could it be one of those longer term tail winds that gets banks up they are still underperforming the rest of the market. >> you are right year to date, the performance has been awful for the banks however, since the first announcement of the pfizer vaccine, the bank

>> leslie, thank you leslie picker with the latest on the stress tests here in the after-hours session. not just jpmorgan with the massive $30 billion share repurchase plan announcement but also the kre, the regional bank etf. that's popping 3%. the xlf, the broader financials etf on the s&p 500, that's up by more than 3% karen finerman, this is probably largely expected for a bank like a jpmorgan, and yet we are seeing that big pronounced move in the after hours >> i actually wasn't really expecting it right now to be honest, so it's nice you know, maybe i just missed it i should have known to expect it i'm a little bit surprised that had it didn't come a little bit later, so $30 billion, that's huge that's, i don't know, 8% plus of the market cap of jpmorgan i'm a little bit surprised that they did this now because i don't think we have fully passed the -- maybe we've passed the worst of covid, i hope we, have but i still think there's more damage to come i think we still haven't seen the end of forbearance and what that will look like. i don't know it feels maybe a tad premature wha

leslie picker is joining us with much more on that. happy new year >> happy new year, frank good to see you. this year as i mentioned was met by some of the biggest disburses ever sos w ts the winners won big an losers, returns were pretty ugly some that put up some of the best returns tended to be equities focused with a human at the helm and were oftentimes smaller in size. stock picks certainly had a comeback year, funds that focused on energy, health care, technology are on pace to actually beat the s&p 500. funds like tiger global, d 1 and dragoneer have been some of the standouts. and when combining all strategies together, it appears that smaller funds did better because the average return for the industry was about 7%. but when take you in an asset weighted basis, it is negative 1.7% being names like renaissance and winton still it could be considered a comeback year for hedge funds in general. most strategies cy ies did outpm the markets in march when they became spooked by the pandemic shutdowns. and fresh data shows that the

leslie picker following the money. his money and a lot of it made this year. leslie picker. >> that is right bill ackman has had one of the best performing hedge funds of 2020 and his best year ever. those gains were driven by late february and early march hedge in the index markets over concerns about the pandemic. subsequently ackman unwound those for a $2.6 billion profit which he plowed back into equities his portfolio includes some companies impacted by the shutdowns but chipotle, starbucks, and lowe's have outperformed during this year. he also raised a record $4 billion spac to find a future acquisition. it's worth noting that this year's returns follow last year's gains of 60% putting the firm well above its high-water mark to collect incentive fees, although some losses in the years preceding that, scott. >> but on the comeback trail and then some. leslie, thank you. that's leslie picker. >>> joe, you want to weigh in on this comeback that we've witnessed from bill ackman >> sure, i would appreciate that and congratulations to bill on what has been a

let me bring in leslie picker, who is ready to join us now. les, i didn't mean to put you on the spot you know this stuff better than most i'm not sure if you had a chance to go through the letter itself. but you certainly know what third point has been up to in the past and the kind of things that dan loeb does >> we have three pages here. we have seen pretty muted activity in terms of activism this year. this is a very strongly worded letter by third point and for the year 2020, especially the fact that they're urging the board to retain a rheeputable strategic adviser and asks them to consider divesting certain failed acquisitions here that's a pretty bread and butter activism approach here they say they have a significant stake in intel, this letter in particular does not note what that stake is exactly but obviously they are very concerned about underperformance relative to peers. i've heard you mention that from a governance point of view that compensation is something they should be rethinking how it's structured in order to better alig

. >> fahrenheit meanwhile up about double plus 33 time for a cnbc news update with leslie picker. >> wilf, here's what's happening at this hour just five days before his runoff election, georgia republican senator david perdue has gone into quarantine after coming into close contact with someone with covid-19. the perdue campaign says both the senator and his wife tested negative today >>> in canada, ontario's finance minister resigned after being caught taking a secret vacation on a caribbean island. the canadian government has been warning against non-essential travel since october he was ordered home today. the minister called the vacation, a quote, dumb, dumb mistake. >>> the u.s. has recalled its only aircraft carrier group in the middle east, returning the "uss nimitz" to its home base reduces american fire power in the region and comes only a day after the u.s. flew long-range bombers to the persian gulf, a move military officials say it was intended as a warning to iran against attacking u.s. forces >> leslie, thank you. >>> 30 minutes left to go before the bill here's where

and leslie picker has details on the call for change at intel mike let's start with you. the rad broader markets off the lows but of a the highs at the open. >> at the open, the s&p went up a tag, 3750. i mentioned the last couple of days it seemed like an upside. we hit it, went a few points higher and backed off. we often use profit taking as a place holder explanation today there is truth to it the stuff that was up the most is down the most over the last days here is a four-year chart of the s&p which i put up here against its 200-day moving average to show how extended we are relative to the longer term trend line in september it was 16, 15, 16%. the covid crash, late february of this year it was more like 14 or 11. also, jan, 2018 it was under 15, but well stretched as well what does that mean? nothing specific except that the conditions are there for a calming down of the market, some kind of a pullback, some kind of an air pocket if something comes along. we saw here it crashed through the trendline because it had the huge shock of a shutdown of the economy. barri

leslie picker. as well as ipos have done this year spacs even raised more money. what does that tell you about the future for listings. let's go to bob pisani for more on that. >> 2020 was a surprisingly good year for ipos or also spacs or special purchase acquisition companies. believe it or not, it's the best way since 2014, even excludinging this week, according to renaissance capital. money was raised by spacs, $223 bill crop. the ren nance capital etf which is a basket of the 50 largest companies that have gone public over the last couple of years has been a big ben fish riff all the interest in ipos this year, up 100% this year. hit historic high reasonsly. assets under management are now over $500 million. it's been boosted by pandemic driven demand for the zooms and pin trests and the biotech companies like moderna, typical stocks in an ipo market. that ipo etf will be one of the first etfs to include airbnb and door dash and there will be plenty of big name unicorns to go public in 2021. spacex is likely, stripe, waymo, and instacart, grocery delivery, a

become an agent of innovation with invesco qqq >>> welcome back to "power lunch," i'm leslie picker. russia's covid death toll may be close to 190,000, three times its official number, which would make it the world's third highest toll after the u.s. and brazil that's based on a top government official's estimate that 80% of russia's excess deaths are associated with covid, even if it's not listed as the primary cause. >>> vice president elect kamala harris got her covid vaccine saying she barely felt it. her husband got his shot without video cameras present but still tweeted a still photo. you won't be seeing anything like this on the day joe biden becomes president. today the traditional inauguration day luncheon was cancelled citing the pandemic. >>> and the boston marathon won't be run in april. organizers are shooting for the fall but aren't quite ready to set a date back over to you, brian. >> leslie picker, thank you very >> it is time now for our final tilman tuesday of the year and there is so much to do, let's not waste time, let us jump right in we're going to talk about

leslie picker reporting. kelly. >>> still ahead, the bitcoin breakout the crypto currency roaring to new record highs and you won't believe where one technician says it's heading next >>> robinhood paying $65 million to settle a charge with the sec. anpritg dimpany was misleang d ofinoff retail traders on it platform much more "power lunch" after much more "power lunch" after thisns! alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. lemme guess, change in plans? (vo) i'm a verizon engineer, part of the team that built 5g right. we started with america's most reliable network, added 5g nationwide for millions of americans and the unprecedented performance of ultra wideband in more and more places where people need massive capacity and ultra-low lag. i'm proud ultra wideband was named the fastest 5g in the world. but i'm even mor

today is all when the ipos a huge end to be a huge year bob pisani, and leslie picker is looking inside doordash. softbank may be taking itself private. deirdre bosa is on that story. bob, let's start with you. >> i think the important thing -- by the way, just on the markets. we're sort of losing steam ever since doordash went public. semiconductors have been weak. it's been an amazing day for -- there's the s&p sitting at the lows of the day. an amazing day just overall for ipos and overall for the market. i want to show you doordash priced at 102, went public at 182, just below that right now, an hour and 15 minutes into trading, 33 million shares they floated. right now there's almost 20 million, about 19 million shares traded in an hour and 15 minutes, 19 million shares compared to the 33 million float that's a lot of trading and a testimony to how much retail interest there is here same with c3.ai, by the way. they floated 15.5 million shares and almost 20 million has traded, believe it or not. they opened a lot earlier, but still this is an enormous amount of churn in a day. of c

. >>> welcome back i'm leslie picker. a biotech industry group will reportedly sue the trump administration over new rules to lower drug prices. the suit will be filed later today. >> a key attorney for kyle ritenhouse is withdrawing from the case he's the 17-year-old charged with fatally shooting two people during a night of unrest in wisconsin. prosecutors argued that the attorney has significant financial problems and money held for ritenhouse could get used to return the attorney's debts. >> in indonesia's third largest city, torrential rains have flooded thousands of homes at least five others are dead and two others, including a toddler are missing. >> and the drive to convince people to get vaccinated for covid-19 is on rosie even have a bandage with the county seal on it. scott, i see some halloween costumes in our future based on that >> now t doubt as we look forward to halloween in '21 thanks, leslie picker. >> a lot of sectors that our group owns we got adobe on wednesday. talk to me about your expectations le

picker has some more on the traditional ipo and now this new direct listing >> that's right, jon so just to start, let's take a step back and explain what a direct listing has meant historically and then we'll go into what yesterday's announcement about some changes to the direct listing process could mean so companies like pallen tier, spotify, all have taken this route, which is different from a traditional ipo because they don't use underwriters and haven't historically been able to sell their own stock in the transaction. only prior shareholders could sell and the opening price was made in the market rather than through a traditional road show. yesterday's s.e.c. approval of the proposal would allow companies to actually raise capital concurrent with their direct listing, solving perhaps the biggest deterrent for many companies in choosing this method because they want cash from the ipo the news was a huge win for venture capitalists who have been championing this method, notably bill gurley. >> i think it would be hard tore anyone to argue whether the traditional ipo or spac th

. >>> speaking of pros, let's get over to leslie picker for a cnbc news update. hi, leslie. >> hi, kelly, thank you. tennessee authorities investigating the nashville suicide bombing say once tips from the public pointed them in the direction of anthony warner, they were able to match dna from a hat and glove in a vehicle he owned. they also used vehicle identification numbers found in the wreckage to connection the rv that exploded to his registration records >>> the u.s. justice department is appealing a judge's orderlyier this month that blocks the commerce department from effectively prohibiting the popular chinese-owned video sharing app tiktok in the u.s. >>> and in anticipation of a rebound in travel after the pandemic, jpmorgan chase has agreed to buy privately held cx loyalty, one of the country's third party loyalty credit card operators according to a person with knowledge of the deal it's exciting to just think about accumulating points and traveling once again, kelly. it's been a while. back over to you. >> i'm almost thinking about traveling again.

we'll leave it there deirdre bosa, bob pinsy and leslie picker for this edition of "rapid fire." still ahead. we all know covid is an airborne disease but coming up we'll meet the ceo of a company that makes getting covid out of the air his business back after this break. ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. keeping your oysters busihas you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo >>> welcome back now with the distribution of the covid vaccine under way, the next challenge becomes how do make people feel more comfortable with returning to offices and other places it's where air purifiers could come into place and why my next guest is seeking emergency approval from the fda to help

>> leslie, thank you very much leslie picker. >> sales of existing homes fell from october to november the first time that's happened in six months while at the same time housing inventory dropped to the lowest level on record. with the read on real estate let's bring in diana olick hi, di. >> hi, ty. this incredibly hot housing had market just continues to break records but not all of them good ones sales did pull back ever so slightly for the month that hasn't happened since may but sales were still up 26% from november of last year so i wouldn't read too much into the monthly drop the headline is supply there's just none of it. down 22% from a year ago to a 2.3-month supply, lowest on record and the lowest account for homes for sale the median price 15% higher than a year ago a lot of this is a mixed shift because there are far more sales on the high end than on the low end. sales of homes priced between 750,000 and 1 million are up 88% year over year and sales of million dollar plus homes up 85%. below 250,000, sales are flat to much lower, so what does december hold? well, not the

deirdre bosa, leslie picker, mike santoli and maureen farrell from "the wall street journal." >>> we'll talk about ceos and one firm seeing the sun setting on home rentals. we'll have more on this all in just a moment. ♪ ♪ ♪ ♪ >>> welcome back let's catch you up on a couple of different stories on your radar today. it is rapid fire here to break down the headlines are robert frank, seema modi and mike santoli we want to start with this booking boom coming off the airbnb ipo moments ago seema spoke with the ceo of one of their biggest rivals today, bookings ceo glenn fogle >> i do believe that happening with this pandemic move forward, people now believe the home is the place to stay sometimes. they're going to look through next year, the year after and say, not sure home or hotel and then they'll make a decision the great thing about booking.com is we have the greatest, greatest list of both homes and hotels so, we're very well positioned for this >> of course, sounding a positive note there, seema, but why are some analysts calling for a deep freeze on the home rental market? >

leslie picker is watching that for us you have a couple of big calls on disney. shares are jumping off that. we have morgan stanley's chris toeyaing iom wtin the wings. we'll debate all of it next. when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store. >>> welcome back i'm sue herera canada has approved the covid-19 vaccine from pfizer and bion tech it's expected to get a quarter million doses and 4 million by march. >>> on michigan's upper peninsula authorities are searching for the pilot of f fighter jet. >>> this is one of the largest icebergs ever recorded it is 91 miles long, covers 1600 squares mile

here to break down the headlines, dominic chu, leslie picker and mike santoli. petco looking to go public again. it reportedly plans to raise $will hundred million in the ipo and will trade on the nasdaq under the ticker woof, of course this is its third time going public petco last traded in 2006. this couldn't come at a better time because people are spending big bucks on their pet pet care spending is expected to hit a record $99 billion this year, nearly 67% of u.s. households now owning at least one pet. that's the highest level on record and pet owners are expected to spend $38 billion on food and treats alone and it will be a very happy holiday season for our furry friends consumers will spend $9 billion on pet gifts and supplies this year dom, listen, is this the best of -- you would think a brick and mortar store wouldn't be that well-position right now to go public, but what do you think about petco? >> it's one of those situations where many of these types of stores not only have that brick and more tore presence but omni channel distribution as well

leslie picker is following coin base which just filed for an ipo. we have information on the crackdown of robin hood. and meg tirrell is refewing the fed's decision on the moderna vaccine. mike santoli we gwynn with you. >> seasonal good cheer, why the markets continue this slow upward leiftation. the s&p. next stop, options expiration, that stuff feeding into the slow grinding strength that we have 2, 726 or so is exactly 70% above the intraday loaf march 23rd a nine month move of 70% the move has moderated and cooled off a little bit in the broad market i want to look at a handful of catchup trades that have been pronounced in the quarter to date look at small caps leaders up today 1%. that's the iwm the rest of the world besides the u.s. up well more than the s&p 500. a little bit more than the s&p this quarter xls, energies has had a big move in a short period of time. however, look at the same four on a therein-year basis and you will see how much territory they had to remain in order to match the s&p. the s&p is still well ahead of even the ru

let's bring in deirdre bosa and leslie picker to kick things off for us deirdre, i don't know if we should extrapolate anything about this company, or if this is just telling us what kind of market and investor chase there is for alpha right now. >> it's pretty remarkable. i mean, this was a $16 billion company earlier this year and now we're seeing it trade above $50 billion, but it really does -- yes, the market may be looking a little frothy when you take a look at this ipo and the other ipo of the day, but really, it comes back to the execution of the management, too. i mean, we knew from the s-1 that this was a different kind of food delivery than say a grubhub or uber eat. they have had a level of financial discipline, i think, from at least what we can see so far that the others don't, have and that's really important. doordash has raised $3 billion in its entire history before the ipo. uber lost $5.8 billion this time alone so what i think might be showing us that there can be some gig economics that don't burn through billions of dollars and the market is in part responding throug

it's time for a cnbc news update with leslie picker hi, leslie. >> hey, wilf, thank you. here is what's happening at this hour in california, governor gavin newsom calling on schools to resume in-person education starting with the youngest students he is promising $2 billion in state aid for improved testing and better ventilation of classrooms. >>> in georgia, investigators have audited the signatures on more than 15,000 absentee ballots and found no evidence of fraud. georgia's secretary of state says the audit disproves the only allegation of the trump campaign against georgia's signature match process. >>> and in norway, houses teetering on the edge of a ravine after a landslide smashed into a residential area near the norwegian capital. 11 people are still missing. more than 900 have been evacuated. >>> and dawn wells, who played mary ann on "gilligans island," has died from complications due to covid-19. she was 82 years old that's your cnbc update for this hour back to you. >> baron davis and master p teaming up to make it big for the reebok brand. >> quick check o

for that, we'll start this hour with leslie picker hey, leslie. >> hey, carl, that's right door dash set to price its ipo after the market closes today. door dash has already gotten greater-than-expected demand, to hike its range and indicate to investors that it plans to price at the high end or above that boosted range. there's no doubt that 2020 has been door dash's year. the company has seen profits quadruple and posted a quarter of a profit in the second quarter. restaurant dining rooms around the country closed or partially closed, consumers have turned increasingly to delivery doordash is the leader in the number one spot in the u.s. for online food delivery that's something investors may be willing to pay for, but on a fully diluted basis on an enterprise value to future sales that puts doordash's multiple somewhere around several times 11 turns above its peers looming question of sustainability doordash has shown its resilience in 2020 but what does its future growth prospects look like once the pandemic is over that's a conversation they're having over, and over, and over a

for that we're joined by leslie picker leslie >> reporter: hey, andrew $102 per share makes doordash the second largest ipo behind snowflake. it was able to rake in $3.4 billion at a $39 billion valuation. the delivery company took a few unique steps throughout the ipo process. for one, it used a hybrid auction system to find the ipo price there. door dash automated this stage in the process and used the data from the auction to decide on that $102 per share figure doordash also took the extremely rare step, i've actually never seen this in my eight years of covering ipos, of not having a green shoe which is the mechanism that can stabilize the stock or allow it to sell 15% more in proceeds door dash's cfo is a former banker we'll see whether the adjustments benefit the company when it starts trading in a few hours' time. while marketing the stock to investors, doordash received greater than expected demand online food delivery i'm told the top question from investors in pretty much every meeting was what does this company look like in a post covid world? over to you, deidre. >> repo

leslie picker has the details. hey, leslie. >> reporter: hey, kayla. it's the warehouses that support those retailers. blackstone is the biggest player here with a whopping of $90 billion in warehouse assets. the pandemic has turned warehouses like this one which is owned by blackstone located in clifton, new jersey, into gold mines for them. every $1 billion in additional ecommerce sales requires 1 million more square feet of warehouse space. that's pushed up valuations for many warehouses especially those located near urban areas like this one and it's allowed owners to charge more in rent >> we've watched for a decade as year after year the demand for warehouse space has expanded covid has expanded that. people who were not users of ecommerce have been converted and we see the demand for the spaces we own continuing post covid. >> reporter: but looking to make investments in the future, the question becomes has this area gotten too hot to support the ecommerce demand once the world returns to normal, guys? >> another question, leslie, why they're no

i'm leslie picker. here's your cnbc news update at this hour. at&t says its wireless network is now operating normally in the midwestern south and almost all internet and video services have been restored after a massive christmas day explosion outside of nashville caused widespread outages. >>> a prominent women's rights activist in saudi arabia was sentenced to nearly six years in prison the case has been attracted international attention and should be a source of attention with the incoming biden administration >>> lori loughlin is out of prison today after the "full house" star finished he ed her two-month sentence her fashion designer husband is due to be released in april. david, i'll send it back to you. >> thank you, leslie >>> bitcoin on track for the longest winning streak in more than a year. mike santelli has been tracking. snp. >> take a look david. you've seen the vert waical movs before famously. what's interesting coming into the latest phase a lot of people were focused at those levels around 17,000, intraday got to 20,000 maybe

. >> leslie picker. >> roadblocks. it's confusing. it for younger demographic, like kids, gaming platform for kids. but there's one aspect to their deal that makes this a uniquely bad time for the online gaming platform to go public. they structured it in a way that employees would be the one selling at the ipo price, among the people issuing stock at the ipo price. so if it were to soar like door dash and airbnb, that could hurt the morale of employees who sold at the low if that were the case. the ceo said the company planned to work with advisers to see how they can make improvements to the pricing process swork thwory will continue over the holidays. i'm told they're also awaiting final signoff from the sec. i'm told by several sources the buy now/pay later lender is anticipating imminent approval from the sec and has told ielt advi -- its advisers to ready a road show launch this week. there is a small chance it gets done this year. the parents company of wish looking to raise about a billion dollars through an ipo in a few days.

and leslie picker joins us with the latest leslie >> hey, good morning two multibillion dollar ipos coming to market this week doordash set to make the debut on wednesday followed by airbnb on thursday. excludei excludeing spacs, we're expected to see $7 billion of ipo this week since 2014, only three other weeks surpassed that volume. most recently in mid september, there was a big week of software debuts they raised a combined $8 billion. before that, the only weeks that saw greateri issuance was 2019 what is different this time around, is the billions of dollars of new stock is coming weeks before the end of the year most institutional investors lock in the performance for incentive purposes that's when it becomes imperative for them to beat their benchmark. if their benchmark is, say, the nasdaq, they're looking to gain at about 40% to beat that could drive up demand as ipos is be a source of alpha with the day one pop it can also cause investors who are already ahead to sit the deals out to avoid any last-minute risk taking because the pop is all but guaranteed. considering airbnb and

. >>> welcome back i'm leslie picker. the cdc says adults with underlying health conditions can get a covid vaccine when it becomes available, as long as they don't have a historyallergy of its ingredients and people with a weak immune system should get it as long as they know it has not been tested on people with those conditions. >> university of florida researchers are summarizing the data for children. while the risk is far lower than it is for adults, some children are died >> and in jerusalem empty streets on the first full day of israel's third nationwide covid shutdown kelly, third shouutdown in isral back over to you >> yeah, it's a lot. just keeps going leslie, thank you very much. appreciate it. let's get a quick check on the markets right now. dow up 325 points at the session e highs today. the s&p up almost 1% and down over 3,400 oil market is closing up as well i should say oil market is closing. was it up? wti was near 49 earlier. eric chemi has the latest. eric >> that's right, kelly crude prices fading af

leslie picker, we start with you. >> airbnb has handed $54 billion to investors who got in on the $68 ipo, $54 billion in market value which is now valued over $100 billion on a fully diluted basis. let just take a step back and talk about how we got here in crust abo just about 20 hours' time. 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 a

i'm leslie picker. california is now the third state to hit 25,000 confirmed covid deaths after new york and texas. the national toll will hit 350,000 in the next few days >>> the cdc says you should quarantine for 14 days after close contact with someone who tests positive for covid-19 to increase compliance, however, the agency says those without symptoms can cut that down to ten days without a test or seven days with a negative test. but today the cdc says a new study shows shorter quarantine does have significant risks. it finds a 19% chance of developing symptoms or testing positive after a seven-day quarantine and 7% chance after ten days >> "the wall street journal" reports a lack of federal funding has stalled plans for a large scale study on college campuses that hoped to determine if covid vaccines protect transmission from person to person or just prevent people from getting sick. that would have been a good study to have. >> ancolleges are the right plae to see it. >> i haven't seen you fore

. >> both stocks are creating new billionaires leslie picker is looking at the ipo mania that's been happening all year and not just this week. welcome to both of you leslie, let's start with you >> i'd say all year except for the spring when we were in the depths of the pandemic, which is why it's even more impressive that there have been $86 billion worth of ipos this year, not including spacs, the most since 2014 but the sheer volume is not the whole story here the investor demand for these issuances is double. we've seen two couples double, airbnb and c3.ai doubling is a very, very rare phenomenon last year only three did that. and in 2016 through 2018 only 1 doubled. yesterday airbnb and its found er founders sold more than $3.5 billion in stock many new entrants in 2020 have driven up prices in a variety of momentums. abz w airbnb of the most actively trading stock on fidelity's retail platform yesterday. >> thank you very much one cool thing about this airbnb ipo, some of the company's host got allocated shares creating a small windfall for the people who have spent years rent

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 looking at gains of 40% to beat for the year and that could drive up demand ipos can be a source of alpha with that day one pop that is so common considering both airbnb and door dash up the price ranges, it appears in talking to sources, it sounds like they're receiving greater than

leslie picker has that on what's shaping up to be a busy week for offerings. leslie >> a busy week indeed, wilf. airbnb raking in better than expected demand hiking from 56 to $60 per share up from the prior range of 44 to $50 a share. that's a boost of 20%. the company now seeking an offering size of $3 billion, $42 billion on the the fully diluted base door dash raised its range on friday and is expected to select a final price tomorrow airbnb is planning on doing that on wednesday and debuting thursday. excluding spacs we are expecting to see $7 billion worth of ipos this week. since the start of 2014 only three other weeks surpassed that kind of volume most recently in mid september there was a large number of ipos before that, the only weeks that saw greater issuance was in may of 208 when uber went public and 2014 when alibaba went public. >> a nice end of year flourish for the investment banks as well, leslie thank you investment pour this that. >>> up next a very different holiday season we will get an update on retail spending so far and how much busi

leslie picker joining us on phone with soft bank news. the financial sector is another bright spot today. goldman sachs and jp morgan leading the dow. other big bank stocks up more than 2% across the board this coming after news last week that the federal reserve will allow banks to resume buybacks mike we talked about this on friday afternoon some of these announcement were just completely blockbuster. but one of the reasons why investors are so bullish on this is because of how much banks come pries in the overall buyback picture. what is it going to do for the return to capital generally for shareholders. >> they have capital sitting in reserve in banks that seem to have excess capital. keep in mind when goldman sachs and jp morgan repurchases its shares the money goes into the hands of investors who want to buy other stocks and might buy them i don't think they are the reason to be bullish but it one other factor in the bullish thesis out there for next year at a time when individuals and most institutional investors are pretty well a

leslie picker has more on the stock story, up 71%, leslie. >> that's right, sara. there were all sorts of systems in place to avoid this day, using a system to try to find the most sufficient price for the buy site and the sell site from trading today, you can see there's little price sensitivity around this deal i spoke with a few bankers last night and this morning who expected this one to trade to 130 or 140 i'm not sure many people expected it to open at 182, at least nobody that i spoke with did. today's trading values, doordash at $70 billion on a fully diluted basis, that's more than four times its valuation in a private funding round in june. its ipo, i'm told investors are drawn to doordash's growth at scale. a top line that quadrupled in the third quarter. plus glimmers of profitability over the spring. but with this deal and all ipos, there are inherent risks doordash notes it may not keep up with this pace of growth and that it has a history of losses. additionally the food delivery industry is fiercely competitive and potential changes in regulation, p

leslie picker has more on affirmed roadblocks and what that might mean. >> the biggest question in the ipo ecosystem right now, whether there is too much froth to go public on one hand you think that's a good thing. doordash and airbnb were able to get higher valuations by raising range ands pricing ipos above the ranges. but on the other hand, to borrow a phrase from jon fortt, huge pops like we saw last week can be hard to sustain if they're too detached from a company's intrinsic value. that brings us to affirm and roadblocks. i'm told by three source that's they were undergoing back and forth with the sec for final signoff. and now regardless after principle of law, they're no longer aiming to rush out deals before the end of the year. i'm told that roadblocks hesitation stems from a tender offering for the employees which would allow them to sell into the deal at the ipo price. now you can imagine what it would do to morale if that stock doubled on day one and employees were the ones selling at the lows. so the online gaming platform is going back to the drawing board. they're goi

. >> let's go to leslie picker we continue to watch the airbnb walk up to the ipo >> let's pull up the latest indications coming in just over $155 per share remember, this one priced well below that it's looking like 129% pop if it does indeed open around these levels that's $61 billion worth of market value created in one day on this name and i've been speaking with sources all morning, i just wanted to share a bit of color about what has been going on this morning, why we're still waiting. i'm told we should expect that first trade to happen in about an hour's time this was such a big deal, $3.5 billion worth of stock sold. first thing you need to make sure all of the people who got al occasions actually did receive those allocations and then they started pairing the supply side with the demand side and there's been such a tremendous amount of interest in this one worldwide that it's just taking a long time to make sure they get that first opening trade correctly. now, who is buying this deal that's a key question that we try and look at in every day what does the book look like what

leslie picker, i'm so accustom to seeing you in hotel lobbies at the road show this year is different >> yeah. this time i'm here in my kitchen. 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 bu

picker, and although he didn't call this space out by name, he was asked about it and said there is froth in a lot of money-losing stocks that have had huge returns stocks that are up like 100% even though they 100% don't make any money. do we need to worry about these, steve? is this an inflection point when these companies report over the next 24 and 48 hours >> absolutely not. it's not an inflection points for the market we've seen the s&p reporting these are one-off companies. i know joel personally, i know him as an investor he is a brilliant investor he's also got a value bent but the companies he's calling out -- he didn't call them out specifically, he's absolutely right on we saw it with zoom yesterday. we'll see it with zscaler that, by the way, hasn't reported an up earnings relative to their -- to consensus in over a year. okta as well, they're serial missers. the rising tied of pulling forward, work from home or anywhere has lifted all boats. eventually markets shake out but none of those are market stocks, in my view they may cause pain -- >> what if the whole group po

let's get over to leslie picker for our cnbc news update hi, leslie. >> hey, kelly, i'm leslie pick and here's what's happening at this hour. canada will require all arriving passengers to show proof of a negative covid test. the test must be performed within 72 hours of arrival. >>> operation warp speed top adviser says two more covid-19 vaccines are on track to get u.s. approval early next year. the dr. slaoui says johnson & johnson's vaccine could gain clearance in early february while astrazeneca's vaccine could get the green light in april. >>> and in india, tens of thousands of protesting farmers have reached a partial agreement with the government over new laws that caused them to blockade highways for weeks. more talks are set for monday to resolve the remaining had issues. >>> and a titan of the public relations business has died. howard rubenstein's high-profile client include donald trump, former yankees owner george steinbrenner he was 88 years old. >>> and that's our cnbc news update for this hour back over to you, kelly. >> all right leslie, thank you very much. >>> 2020 w

. >>> welcome back to halftime report i'm leslie picker. covid vaccinations are now under way in europe. front line health care workers and nursing home residents, the first recipients with some government officials also getting the vaccine in an effort to show it's safe. sunday was the last day at work for the walter reed doctor who sharply criticized president donald trump's drive-by to wave for supporters while he was recovering from covid. they're not saying why drdr. fil dr. philips was released from the hospital >> an 08-year-old woman is alive because she went to a neighbor's when she smelled gas in her house. as soon as she left, her house exploded >> edible food was going to be thrown away until the owner suggested donating it to people who need hundreds of pounds of food each day. >> mizho raised on the call of the day. qualcomm 164 it to 163 reiterate buy on everything except for seagate, which is a neutral. steve weiss. >> here's how you have to look at it. 4g were a mobile-only network, 5g is an industrial revolution and it's a

here to break down the stories, dominic chu, leslie picker and michael santoli. first up, another pet ipo or a pet spac this time bark box, a subscription box for dog is going public. shares will list on the nyse under the ticker bark. chewy was top pick and raised target to 110. dom, what do you say >> it's a 250% rise for chewy so it makes sense that some pet care companies want to take advantage of a rising tide i'm one of those people who does it, i have two dogs at home. i know mike santoli has pets at home as well we're one of millions of americans out there who continue to spend on pets so it perhaps makes sense that you're trying to strike while the iron is hot. yes, those are my two dogs they're older now than they are in that photo, but still they are some cute pups, which is why i continue to spend money on them. >> leslie, what about the spac vehicle? >> that's up about 20% today, indicating that the investors in that spac are excited about the prospect of getting into this space and new investors would come in and bid that thing higher that's usually

it's time for "rapid fire" and here with their takes are domini chu and leslie picker and jon fortt. let's start with amazon. amazon warehouse workers just got one step closer to unionizing at group of workers in alabama agreed to crucial details on how many and which types of employees could vote to join a union. no official word on when a formal vote might happen probably next year john fortt has been pretty staunch in opposing unionization whole foods, one of their subsidiaries also the same they haven't -- they have fought back against union what's changed and why is this battle taking place in bessemer, alabama? >> well, i don't know exactly why it's taking place in alabama, tyler, but this is important because of the trend, the movement that we've seen throu throughout 2020 of big companies, particularly tech companies getting stronger and more relied upon and arguably frontline workers being more at risk and really suffering in this kind of pandemic-fueled recession. amazon's workers, the same ones who are allowing this e-commerce process to work are the very same frontline wo

our leslie picker following the money for us i'm wondering what this all means. people you have been talking to are still trying to figure it out, it sounds like. >> i think what this all means is still a big question mark at this stage of the game as you mentioned yesterday, the s.e.c. green lit this idea of -- i think this is the term are now using, a primary direct listing. what this means essentially is that a direct listing can also have a component alongside of it where companies are allowed to issue primary stock or stock that they can then use to raise cash to reinvest in their business something that was previously a big deterrent for companies that were pursuing the direct listing method they were unable to actually have a fund raise that coincided with their actual mechanism of going public now that big hurdle has been lifted, according to the s.e.c., which from the s.e.c.'s standpoint, from the nyse's standpoint, which submitted the proposal to actually have this be a new rule that's put in place, as well as a lot of vcs, they see this as a way to dem

airbnb amending its s 1, updating investors on its upcoming ipo leslie picker is here. she's got the details on that. good morning, leslie >> implied offer size and valuation that the company will use to hock stock to investors now, the home rental platform is seeking to generate as much as $2.5 billion while prior investors are looking to cash in an additional 96 million through the deal at the high end of the range airbnb would be valued at $35 billion. that's on a fully diluted basis. airbnb initially saw a huge drop in bookings at the on set of the pandemic as consumers hunkered down at home revenue plummeted by nearly a billion dollars during the second quarter compared to the previous year. ceo brian chesky had an $18 billion valuation, well below it's $35 billion valuation from three years prior, but in the july, august, september quarter. airbnb's business snapped back, pulling in $1.3 billion on the top line during the third quarter, although that figure is still about 18% shy of 2019 levels despite spending most o. yef th year with losses, airbnb enjoyed a pro

. >>> it has been a comeback year for bill ackman in pershing square in 2020 leslie picker explains leslie >> bill ackman is on pace to notch returns offer inially 70% this year, making his pershing square one of best performing hedge funds of 2020. those gains weren't captured through his typical activism style, pushing management to make changes with third point and intel. these returns at pershing square were driven by a hedge in the credit default swap index markets put on back in late february and early march over concerns about the pandemic and subsequently ackman unwound the hedges for a $2.6 billion profit which he then plowed into his portfolio companies and reinstating some holdings. those include some companies that have been depressed by the shutdowns, including restaurant brands and hilton. others like chipotle, starbucks, lowe's, have outperformed this year and then ackman raised this year's largest spac or special purpose acquisition company, $4 billion there in hand to find a future acquisition even though it has yet to find one, that spac is up 20% since its debut earlier

picker, thank you. get this, the question was on c3 ai on opening day it went to 100 and now it is 139. how are you turning this one >> traded this as high as 170. at that point it was trading at 100 times sales. making billions of dollars and making all his investors a lot of money here. he made his investors a lot of money. i don't know how he can justify this valuation here at about 65 times forward sales. i mean this is not on the company. the company and the banker and they price the stock much, much lower. this is investors' demand for it just because it is trading does not mean it is going to continue to work here it does mean the company is going to be successful in their mission either i think there needs to be cooling off period for these sorts of names leslie mentioned 2000s this stock ticker is ai. kind of a bit of a rage right now. >> bk, what do you say i am right in there with dan there. we have a joke in my office, give me an investment that's a mobile social, ai and block chain and disr