tv Bloomberg Markets Balance of Power Bloomberg December 9, 2020 12:00pm-1:00pm EST
worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. we want to check it on the markets. joining us is abigail doolittle. most of us are watching this doordash, because it is extraordinary. they priced at $102, it has been going up about a dollar a minute. $190/$195. abigail: is amazing. there's so much demand it has gone from $102, that is above its initial range, or actually a second range, it just keeps going higher. they are eating up this demand. ipogger question is is the frenzy too far, too fast? the biggest food delivery business in the u.s., about 50% of the market is captured. once it does start trading will be bringing that to you.
so exciting. december said to be a record ipo month. tomorrow airbnb will be going public. exciting stuff. as for the markets overall, not as exciting. we have small moves. we did have record highs earlier for the s&p 500, now down slightly, down .1%. a little bit of sell the news on pfizer. earlier the stock had been down 3.3%. now down less than 1% on the news the vaccine cannot be used for some folks who have allergies. a little bit of a negative reaction for pfizer around that, even ahead of the expectations the fda will be granting emergency authorization tomorrow. moderna had been trading lower in sympathy. on the other hand you have the tug-of-war between cyclicals, energy higher, tech lower. when we look at bonds, today is the first day this week we have bonds trading off. yields up as bonds pullback just
a little bit. on the week, there is a rally for bonds. that speaks to the overall uncertainty we talk about so often around stimulus and the virus. year back towards one, perhaps. i was going to ask about the rotation. up -- is itoing cyclicals going up and tech going down or is it just the cyclicals going up? i'm not sure people are selling out of tech. abigail: it is a great question. earlier this year there was a big pullback for technology. the reason it hurts when the tech team selloff is because they have such big weightings to the indexes that if they pullback, even for the right reasons the money is going into s onenergy sectors, it weight the markets. you have money going into energy and financials but not selling
out of apples and amazon's and facebook's. you can make the case it is just right, and we will perhaps see what feels like a slow melt up higher. december a good season for stocks and many expert saying we could see the santa claus rally, nice gain at the end of the month. something to see whether or not it happens. david: that would come on top of a november which is pretty blockbuster itself. thanks to abigail doolittle for that report on the markets. most attention is focused on that doordash ipo. we will bring you that when it starts trading. that is one of the companies people turn to when the pandemic shut down a good part of the economy. growing vaccine hopes have investors looking at other stocks, stocks that were heard rather than helped, raising the specter of a possible rotation into those value stocks. for his perspective, we welcome kevin holt, invesco chief executive officer of u.s. value equities. give us your best sense of
whether there is rotation into value? kevin: if you look at the last two or three months in the market, we have had a rotation back into value. take a step back to when covid reared its head in january and february, earnings revisions for energy companies and travel companies and banks, those are the primary areas of the market that were hit by this downturn, where is the beneficiaries were the technology companies that have enabled us to work from home and deal with the pandemic. as we move forward, we think the earnings revisions for the banks -- credit losses have not come in where people expected, so they're are starting to release earnings. we think over the next 12 months, the bank earnings, the energy, travel, the pent-up demand, once the vaccine is widely disseminated, you will see major earnings revisions and no stocks. traditional value stocks are
barely inexpensive. david: is it a true rotation and that people are coming out of tech and going to cyclicals, or is it rising tide lifting all boats, and i assume that tide would be a vaccine? kevin: i think is little bit of both. you have to think what more could happen for technologies companies double forward demand. most of us agree people forward demand and a trend will happen. probably frontloaded a lot of that demand cure. the market sees develop and slowing for that sector and increasing for other sectors. although these sectors are fantastic businesses, they may pullback, we would pfizer those attractive. everything is priced in -- we would find those attractive. with travel, almost nothing is priced in. david: there are two things were following cured what is the
possibility of further stimulus and the change in the administration, going over to president-elect biden. how might those affect stocks, not overall but some sectors? kevin: the biggest single issue is the race in georgia. if the democrats win both of those seats, taxes would go up, that would probably be a large negative for technology companies, but for banks and a number of other u.s. industries. that said, i think other fiscal way,ges coming down the the government has done a good job. ,nce we get another package people talk about inflation. with the stimulus and the monetary stimulus, that has caused expectations that inflation could, on the back end and the curve could come.
we think energy investment has gone down. supply and demand comes back at a balance. could be slightly tougher regulations on the banks. we think they have proven they have enough capital. regulations were put in place after the last financial crisis has caused the banks we created to thrive in this environment. we are very constructive. we think it is likely republicans win one or two seats. if that is the case, no tax increases. david: come back to that inflation point. we have not seen inflation since i do not know when cured people keep talking maybe it could go back cured is a significant prospect -- maybe it could go back. it is a significant prospect investors need to take into
account? kevin: we have not seen it for most of my career and i started in the 1980's. we have been on a downward trajectory for an extended period of. when you get to zero there is nowhere to go. if you start to think about moving in the other direction, we have had monetary stimulus, fiscal stimulus is what is no -- what is new. you have to think at the back end of the curve as the government tries to keep rates moving, there's a better chance than we have seen in a long time inflation could pick up, which could be positive for economic growth and the cyclical stocks. david: does health care just work the matter what happens? then: no matter who won presidential election, pharmaceutical pricing is on both parties agendas. yet to be careful with the pharmaceuticals at this point. service, itth care
is unlikely that the democrats to get enough to go to a single-payer system. we think the hmos, we think the hospitals were hit pretty hard during the pandemic is a lot of elective procedures were deferred or profitability was hurt. those procedures will come back for the next one or two years. we think hospitals are in good shape, we think health insurers are in good shape. we are reluctant on pharmaceuticals because pricing seems to be a bullseye. david: great to have you with us today. that is kevin holt, cio of invesco value equities. coming up, is president trump living up to his promise to make his team look like america? -- weed basil's michael asked basil smigel. doordash has gone up to 195/$200.
david: this is "balance of power" on bloomberg television and radio. we turned to mark crumpton for bloomberg first word news. mark: president is promising to intervene in texas's longshot attempt to have the u.s. supreme court blocked election results from four states. president trump called this state the big one but legal experts say there is virtually no chance justices will agree to hear it. another blow for president trump's efforts to overturn his election laws. nevada supreme court has rejected the president's appeal to reverse the states results, which affirmed president-elect joe biden as the winner in the battleground state. the court says there is no
evidence supporting mr. trump's claims of fraud and wrongdoing. nevada by biden one more than 33,000 votes. boris johnson says no british prime minister could accept the eu brexit demands. he heads to brussels for a showdown with ursula von der leyen. prime minister johnson's team is hoping the face-to-face talks with the eu will give a boost the do that -- to the deadlock process. both sides are still hoping to reach an agreement before the end of december, when the brexit transition expires. iran says u.s. actions are making it hard for the country to get covid-19 vaccines. the trumpet ministration says arecines and humanitarian exempt from sanctions, but restrictions on trade have made many banks and companies hesitant to do business with iran, fearing punitive measures from washington. the country is also cut off from the international banking system
, making it difficult to transfer payments. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. crumpton. this is bloomberg. david? david: president-elect biden promised his leadership team will reflect america. he is willing to picking up team so how is he doing? we welcome back to bloomberg basil smikle, credit strategist and professor of public affairs at rutgers newark diversity. great to have you. how he isur sense of doing. it seems pretty diverse to me. basil: it is and it is becoming more diverse with every choice. reflective of the country and the coalition that got him elected. , we havel be concerns
already heard progressives that may have had concerns. there are other concerns about this most recent appointment or nomination of general austin to so close toecretary his active-duty service. he has the two things joe biden talked about. one common administration that is diverse and reflects the country, it be given to start the job on day one. with so much going on in our country, the question will be the virus and vaccine rollout, like leaderslooks with tremendous experience in government and can start their job on day one as soon as he is inaugurated. david: when we talk about diversity, we have a tendency to think about race and diversity -- race and ethnicity and gender. there other kinds of diversity as well. , doesn't havet
enough progress of representation in it? basil: i do not know that progressives -- they may not be those.y in terms of i can say as i mentioned earlier they have raised concerns over some of these, that they were not progressive enough, particularly the folks closest to the president. i would say let's wait and see. teamnot imagine the biden would be unresponsive to the kind of support they got from young voters and progressive voters on the path to getting whated, and certainly with had happened and reflecting progressive politics, is congress, and we will see perhaps in the next session he will have to have some of those voices in the white house. my message to them would be look, i am hopeful you will make
appointments that would appeal to progressives in the country, and certainly in the house. as much as we talk about diversity, there is ethnicity, there's progressive/moderate, but also class. folks representative of rural communities across the country that largely did not vote for joe biden. those are the kinds of voters need to be represented as well. david: when it comes to physicians with senate confirmation -- when it comes to positions with senate confirmation, what is the resistance you will get? basil: you will get resistance in twitter and the media. there has generally been a courtesy of allowing presidents to get their nominees through.
judges are a different story. there's a courtesy the senate would allow presidents to have their nominees. up the imagine in teeing midterm elections you would see republicans in the senate start to set their markers now with language and rhetoric they will be using through the next couple of years. i think there may be some backlash. imagine the president will get his pick. i think it would be a detriment to republicans to hold anything up. holding up a nominee could be holding up a stimulus, holding up relief during a pandemic. that is something they do not want to be tackling. david: we do not yet know who will have the majority in the senate, not just more votes but also the chairmanships. talk about what we are looking at in georgia with these runoff elections. basil: it is coming down to the wire.
going back to what is happening in d.c., you cannot extricate that from what is happening in georgia. looked at the trump administration's core challenges to voter turnout, to the vote outcomes in particular, especially in georgia. you're looking at not just the defeat of those challenges in court, but the inviting that is causing among republicans in that state. that suggests to me it will tamp down the vote and excitement for those republican candidates come in democrats should be able to get one victory, hopefully two in the senate races, which will shift the balance to democratic control. gridlock.k, end the a lot of americans are watching that and hopeful for it, particularly in a time is of
crucial for us as we are talking about stimulus for american households. david: it strikes me that the republican candidates, the two incumbent senators, are not distancing themselves from president trump's challenge. i saw today they both have now signed on to agree with the texas state attorney general, who has filed his own lawsuit, wanted to certify the results of the election, not in texas a up but in places like georgia. basil: i go back to the secretary of state of georgia who is a republican who said i may not of like the outcome, but i'm not going to say the election was fraudulent. that is important. remember, republicans were on the ballot. if you are challenging the entire election results, you are also challenging the republican victories that may have taken place during the same election. for thoseing problems
that were running down ballot that still have to govern in their state long after the president is out of office. it is not just about him. that is what republicans are responding to. you have the frustration that is causing that kind of internal conflict. incumbents are siding with donald trump, the hope is the coalition he had will help elevate. it is also alienating members of their own party. david: finally, as a democrat you must be concerned about the fact there is one person not on the ballot for the runoffs. november 3 it seems people were inclined to split their ballot. basil: what is encouraging his we have seen a terminus amount of support and activity in terms of voters engaged, even during
this period of time. the truth is all the work that stacey abrams and others have done, not just in this cycle but between the cycle, which generally does not happen, has laid the groundwork for the support received for democrats in georgia going through. the moments that continued from , it actually is encouraging for us. smikle,hat is basil democratic strategist and president of public affairs at russell newark university. we are continuing to watch doordash. the prices starting to go down, up about 188 -- 191. still ahead, jay clayton joins us to tell us about what he has accomplished and what is next. this is "balance of power" on bloomberg television and radio. ♪
david: this is "balance of power" on bloomberg television and radio. we will take our eyes off of the doordash ipo to go to europe. it may come down to dinner as boris johnson is in brussels for a dinner with ursula von der leyen in what could be a make or break moment for brexit. ro sense of what this is meant for investors, we turn to emma chandra in london. emma: another make or break moment. who knew there could be so many in the telling of one story. it could come down to whether boris and ursula like the starters, if the chicken is well cooked -- i am joking. investors hoping a trade deal will be on the menu. there could be optimism when you look at the market if you look at the pound rising against the dollar and the euro, signaling investors seem to think the possibility of a deal is opening
up. they are seeing this dash across the channel by boris to meet with ursula von der leyen could be what is needed to break the deadlock. the team saying we might be getting a deal. the europeans hedging more, a bit like what we are seeing the options market. the cost of hedging against losses in sterling rising to the highest peak since june. it done ithey get will be the dinner rolls, without a doubt. up next, the battle for the senate in the state of georgia and the key role asian americans could play. that is coming up next on "balance of power" on bloomberg television and radio. ♪
the entire company is slated to share, well over the $102 it was priced at originally. in the meantime, let's turn to georgia. president-elect biden one georgia by only 13,000 votes and the high turnout among asian americans and pacific islanders may have made the difference. we welcome someone who worked on mahmood,ha yaqoob director of the asian american advocacy fund. welcome. i did not understand this. give us a sense of how many asian and pacific islanders there are in georgia. aisha: thank you for having me. we have nearly 500,000 asian americans in georgia. only about 300,000 are registered to vote. we have a massive population of
asian-american voters and we are excited to see the turnout and the difference they have made in the election. david: are they concentrated in certain areas of georgia, like atlanta? aisha: for sure. a massive population are centered in metro atlanta and key counties like gwinnett, dekalb, butobb -- we are spread across the state. we are reaching out to our statewide population to make sure we can turn them out for the january runoff. david: you had a big push to turn them out for the november election. you should take a moment to brag on what you got done. you had some success. what did you have happen november 3? aisha: we had been running, leading up to november 3, a program, including community organizing, multilingual, multiethnic, multigenerational organizing to make sure we could talk about the issues important to our asian american
communities. we did that talking to voters on the phone, via text, through ethnic media and digital organizing, making sure we were reaching voters in an authentic way true to their language, culture, and hitting on those issues they care most about. all of that led us to see more than 100 people i've thousand asian americans -- more than 185,000 asian americans in pacific islanders voting in the election, over a 62% increase from our turnout in 2016. we are proud of that. we are proud that our community has increased our voter registration by over 80,000 voters in just for your -- just four years. we are proud of the local and state level winds we had this year. exciting to see that trump lost in georgia, but we are also
proud of what happened at the local level. we helped flip county commissions, school board seats, and make sure where we could -- make a difference where it would affect our voters the most. byid: how much or you helped kamala harris, who is black american but also indian-american? it looks like a fair number of those asian and pacific islanders in georgia are in fact indian. aisha: indian americans make up our largest asian american ethnic group in georgia. it is no lie that kamala harris did help to excite and energize those voters. i will say a lot of them were already excited about supporting a democratic ticket, but i think the presence of kamala harris on that ticket helped make sure they were doing more, being louder, and engaging more people to turnout this fall. so it was exciting to see all vastoung and all of the majority of people excited about
that ticket, but also making sure they were spreading that word within their families and friend groups. david: kamala harris will not be on the ballot for the runoff elections on january 5. how much more difficult is that make your job? hasa: our work in georgia always been around the issues that impact our voters, whether it is local, state level, or issues that relate to them at the federal level. we will talk to our voters about health care access, voting rights, immigration, and education, and those issues are still what we are talking about to voters today. whether or not we have a presidential candidate on the ballot, i think our voters are turning out because we are able to talk to them about those issues and convince them that this election is just as important as the one in november if not more. i think those conversations are already happening now. voters are obviously already inundated with outrage from campaigns -- with outreach from
campaigns and parties in organizations, but we are able to do that very specific, persuasive messaging that is more authentic and resonates better with them. david: what will be the role of early voting on january 5? i heard they were closing some locations they used in november. does that give you some concern? aisha: definitely. as i mentioned before, a vast majority of our population had used early voting and absentee voting leading up to the november election. if i remember correctly, about 85% of our voters turned out early or voted by mail. so when we are looking at the shutting down of early voting locations, we are looking at things like the republicans trying to outlaw ballot drop boxes, it is a concern. but because we know that republicans and the conservative party in this state are trying to make it harder for our communities to vote, for our votes to be heard, but they also are scared because they see our
numbers and the progress we have made over the last four years. so it will not stop us from doing the work we do. we will push harder and make sure that our voters are showing up on election day, but we will do whatever we can to fight back against this voter suppression because, to be honest, it is something we have seen year after year in georgia, but now it is finally making it to the national stage. david: thank you for your time. that is aisha yaqoob mahmood, director of the asian american advocacy fund. coming up, he has led the sec through the trump administration. we are joined by the chairman, jay clayton, on his legacy and what he has left to do. we are waiting for doordash's ipo. $187 -- now up to $182, coming down a bit. this is bloomberg. ♪
david: this is balance of power on television and radio. i am david westin. jay clayton has been the chairman of the sec for the better part of four years, saw a record number of new regulations with some perhaps still to come, and over $14 billion in monetary awards. as he prepares to leave office later this month, we welcome him back for a look back and look forward perhaps as well. welcome. a little bit of this desist -- the statistics. you will go down as an active chairman of the sec. how does the work with a deregulation?d of jay: if we are not updating our regulations, we are falling
behind. so you have to be activist. what we have tried to do is be activist for the benefit of our mainstream investors, really getting mainstream investors cheaper, making better protections, and to the extent that our mainstream investors fall victim, getting their money back as quickly as we can. --addition, trying to mine modernize our framework around the functioning of markets in the modern age. you have to be engaged to do those things. david: you put down as one of your principles the protection of the mainstream investor. you also say long-term mainstream investor. address the sec do to the long-term versus the short-term investor? chair clayton: great question.
markets thirst for information by the microsecond. markets will always be focused on short-term trading. the culture of investing over the long term is something we need to foster across our regulatory infrastructure. the sec is here to help with the way we try to talk about trends, uncertainties, opportunities, getting companies to disclose that forward looking information. disclosure of that type of information helps foster a long-term attitude. david, one thing i have learned in washington is this needs to be a whole of government more long-termism for investors. david: i will interrupt for a moment. doordash has started trading at $182, mr. chairman.
it was priced originally at $102. the indication has been bouncing around. it is not just doordash. we also have airbnb on deck coming out. give us a sense of what this flurry of ipo's, largely in tech, growth, and startups, tell us about the markets at the end of the year? chair clayton: look, we have focused on increasing the attractiveness of our public capital markets for medium-sized companies and companies before they get to be astronomically large. and why? markets,n our public retail investors and professional investors are side-by-side. if you are investing long-term, being able to sit side-by-side with the professionals is an advantage. now, whether a market is relatively attractive in one month or one quarter or one year as opposed to another, that's not something we can focus on at the sec.
we have to do these things for the long-term, but i am heartened to see that over the last two or three years, our public markets seem to be becoming more attractive sooner in a company's lifecycle. david: are you concerned at all about the growth of private capital as opposed to public capital? there is a lot being done on the private side that was done publicly. chair clayton: people talk about that as a dichotomy. it is not. if you are a company under 200 million, the private markets are really your only viable source of growth capital, so we need to preserve that private market and foster that private market. it is part of the dynamism of america. it is part of innovation. then you get above that $200 million valuation level, the types of companies you were talking about. there, you do want to encourage those companies to become public
companies for the reasons we have talked about. greater participation from the american retail investor. that is how i look at it. marketsvibrant private well above that $200 million level. it so contributes to the nimble nature of american capitalism. david: as you pursued your goal of protecting the long-term mainstream investor, one thing you talked about is corporate hygiene. one aspect of which is insider trading. i have a question. you had to deal with the covid pandemic, which none of us anticipated, and it affects your business. have you seen questions raised about insiders selling securities and companies that could benefit from vaccine or treatment? chair clayton: sure. look, anytime you have a new informational environment, and certainly covid has created one across many companies, and cooling -- many companies,
including pharmaceutical companies, you have a much greater risk that there is an asymmetry of information between insiders and the market generally. in those situations, companies need to up their game, up there controls to ensure that no one is taking advantage of or even be perceived to be taking advantage of that kind of information asymmetry. we have been very vocal about this. follow your internal procedures. have your checks with your general counsel's office on whether it is appropriate to be selling stock. and ask, does this look right or not? we will get through this, i believe. if you are in it for the long term -- i'm not telling people you have to -- but think about staying for the long-term. david: i want to look forward on some things that will come up after you have left office. one is in the area of esg. you have spoken out, saying they are not all the same sort of thing. you referred to kenneth arrow,
your favorite economist, in that connection. i went to talk about governance, not the environmental part. -- want to talk about governance, not the environment apart. this will not come up in your tenure, but do you think nasdaq regulating boards is a good idea? chair clayton: it would be inappropriate for me to comment. i do want to say this is an area where we have decided at the commission we are focused on this and we have focused on it here. diversity, inclusion, opportunity and making sure we are cognizant of it, our hiring decisions and the way we approach the marketplace. and i believe we have done a good job of shining the spotlight on the fact that in the asset management industry, it is not as inclusive as it should be. the numbers are stark and we need to do a better job having our asset management industry
reflect the diversity in our society. david: you mentioned this obliquely. is it equally important for the leadership of the sec, whoever it is, to reflect america more broadly? chair clayton: look, i think these types of things -- you have to have it in your mind as you are making decisions. no one who has been in a diverse boardroom or decision-making body comes away with it without understanding that it had -- it enhances decision-making. anybody forming that kind of body wants diversity of experience and perspective. david: i will save the toughest one for last. that is money market reform. we have heard a lot about short-term funding. there has been various attempts to address it. we had this crisis in the spring where the fed had to step in. we don't seem to have our arms
around it. i talked to a former fed member recently and he said it is up to the sec. what could be done on the short-term funding front? chair clayton: as usual, you have framed this in the right way. the short-term funding markets and the money markets are inextricably linked. the short-term funding markets are different depending on the underlying instrument. our treasury market, treasury funds, is far different from the short-term municipal paper market, which also has money market. what we need to do is recognize those differences across short-term funding, treasuries, agencies, commercial paper, muni near, and put together a cash or a cash type product in each of those sectors. it is quite a different thing. i expect reforms will reflect
those differences. i expect reforms. i also expect they will not only be the result of domestic consultation led by the sec, the fed, and others, but also international consultation. what we found out again in the spring of this year is that short-term money markets are interconnected not just nationally but internationally. david: mr. chairman, thank you. a pleasure talking to you. that is jay clayton, chairman of the sec. coming up, balance of power continues on bloomberg radio. we will talk to james lewis of csis. we want to go to abigail doolittle for more on that ipo for doordash. it is priced at $182? >> correct. this stock is now up about 80% over the last couple of minutes since it opened at $182 per share. i have seen it as high as $195. i have seen a lower.
the level. interesting to see where this closes on the day, but huge demand. ipo 2020 continues. it currently has a market cap of $60 billion out of the gate. they are the largest delivery service for food in the u.s. this stock is amazing. talk about the big winners. the earlier investors, sequoia back in 2016. also softbank, one of the biggest holders, from 2018. and even another one more recently. lots of big gains for doordash, right now hogging the opening price of $182. -- hugging the opening price of $182. it will be great to watch. david: we went to bringing emily chang -- bring in emily chain. she had a big interview with the
founder of doordash. emily, give us your perspective? >> i might also add the word insane. ais is a company that raised $16 billion valuation six months ago. they have seen huge growth, but even the company itself says growth will slow as we get to a new normal, as a vaccine gets on the way. i sat down with tony shoe. he founded this company seven years ago. i said it, how does this feel? you are looking at a $70 billion company potentially. he said is surreal. he also said this. >> it is a testament to the hard work of all of the people inside doordash as well as the partnership with our ecosystem, our merchants, the dashers in our platform over the past seven years, as well as a reflection of the confidence investors have about our future. >> doordash does own 50% of the
food delivery market, but there is rapidly evolving competition, consolidating competition, uber buying postmates, just eat, bigger and bigger players. what is interesting is what this means for airbnb. doordash could be a bigger company than airbnb by market cap, but it shows the appetite for tech stocks is out there and some of the people who walked out on doordash might be piling in for airbnb tomorrow. david: glad he raised the question about market share. -- you raised the question about market share. we use doordash. 50% market share. what is the moat around their company? why can't competitors take away market share? >> i asked that question to the ceo and they talked about their superior product. they colonized the suburbs.
uber was later to the game. grubhub was early come about their product some would say is not necessarily superior. the question for doordash is, going forward, cost. they are trying to reach you. they are offering promotions all the time. some could say this is just a commodity. you will go where the service fee is the lowest. doordash will have to continue to work to maintain and increase market share over time. david: thank you, emily chang. great reporting. i watched the interview. we will turn to sonali basak for more. already doing some second-guessing here. it is so far above where it was priced, where people -- will people ask about the pricing? >> already. this is asaid, soaring ipo. doordash, even before this
major pop in its price, had been the most expensive gig economy company already by its price sales multiple. the market is resounding right now because, at $70 billion by the end of the day, you have uber over at $79 billion in market value. getting very close to each other. by anyuld be excited means about this deal. despite this pop, it is not the biggest we have seen. david: it is a good day for goldman and jp morgan. one more question emily chang raised. what does this mean for airbnb? >> we will see if they can get a little more price out of this deal. airbnb is not the story of doordash, but they have had faith in the company from wall street. we have seen alla rock, apollo come to the company's backing this year. you can expect that type of
investor behavior to follow through. remember, arise in valuation at girbnb, we are not seein sore asseeing it much. -- saooar as much. david: thank you. over $40trading at billion in market cap. coming up on bloomberg, we will have the second hour of balance of power over on radio. we will be talking about doordash and what it is doing to the marketplace, among other things. that does it for balance and bloomberg -- on bloomberg television and on radio. ♪ every year, we set out to do one thing:
plan, but have not resolved deadlock over a business liability shield and aid to stay and local governments. -- state and local governments. there outline largely follows the contours of the initial proposal. it is competing with a plan released by stephen mnuchin and backed by gop leaders and president trump. the coronavirus was circulating in italy as early as november of 2019 according to a new report published by the cdc. new research lends weight to another study that suggests that an earlier appearance of the disease was in europe. boris johnson says no prime minister could accept the eu's exit demands. have as to brussels to showdown with european commission head ursula von der leyen.