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tv   Varney Company  FOX Business  December 10, 2020 9:00am-12:00pm EST

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maria: think you, dagen mcdowell and mark. great to see you this morning have a wonderful day and we will be waiting for any answers from the supreme court today on the texas lawsuit. this is a big one. we will talk about it more tomorrow. "varney & co." is up next. take it away, stu. stuart: good morning. it all comes together today, vaccine approval, a huge ipo in the creation of new billionaires as they are all linked. right about now the fda needs to consider emergency approval of pfizer's vaccine and if it is go at inoculation again, 20 million could be protected in the next three weeks. a half hour from now airbnb offers a shares to the public for the first time with another opportunity to invest in a new industry. it's a 12-year old company now what worked and $40 vaccines, ipos, what brings them together?
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the creation of a new batch of billionaires, which may not go down well. recent stock price gains have created at least three multibillionaire's beyond attack, three at more direct and when it luminous went public last week 25-year old ceo made a billion and when doordash sold shares yesterday three founders joined the billionaires club. by the end of trading today, brian chesky, founder of airbnb will likely be a multibillionaire as well. these guys may not fulfill the american cream-- dream, there will be pushed back as the vaccine guys are called profiteers from covid misery. i'm going to take that on. i think we benefit when brilliant people use their talent to create advances and all those billions will be plowed back to create whole new industries to enrich us all. don't listen to the socialists.
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this is america. "varney & co." is about to begin. ♪ stuart: print is one of the great musicians. do you ever see him play guitar? susan: no. stuart: that man was fantastic. susan: 1999, party like it's 1999 a. stuart: all eyes are on wall street today with the superhot ipo market making history. today airbnb sells shares with the first time and they have upped the offering price to $16 a share. brian chesky, the start of the company when he rented out air mattresses at his apartment in san francisco. if yesterday's doordash ipo is any guide airbnb shares will be worth more than $60 by the end
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of the day. doordash was a sensation. lauren, susan, ashley and i are sitting there watch the stock go straight up. it may be pulling back of it today, but still above the $102 offering price 24 hours ago. after the overall market today, the dow jones will be on the downside. we are still hearing about the possibility of a student was package. is there any day when we don't hear about a possible stimulus package? there is a big jump in the number of new jobless claims. the economic recovery appears to be slowing with the dow jones down about 100. s&p to the downside and what of the nasdaq, down about 100 points for i have to get to doordash, soaring 86% above the offering price wednesday. susan is back. could they make no money, explain that. susan: it's worth more than general motors, chipotle and dominoes combined as of
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yesterday and has only been around for seven years and admits all three of the young founders who met as the students as stanford are all worth over $2 billion each and that is that american dream, folks. as for the stock, investors saw a growth of 200% during the covid and it shows there's a lot of cash on the sidelines and demand to bet on the fast-growing us economy companies like doordash that may have been selling other stocks and that may be the reason we saw the decline across the rest of the market to raise cash to buy doordash and the airbnb this week, but the hybrid option model which was supposed to prevent this type of 108, 80, 90% gain didn't quite work. stuart: into didn't, if you go up 86% with a new model that is supposed to stop 86% gain, it didn't work. let's go to airbnb, they price or ipo today.
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susan: looking at $68 a piece that values airbnb at 47 billion out there doordash debut arms pride they didn't go higher, but airbnb is a rare unicorn, making money, but growth is slowing down due to covid and the ipo was supposed to have it in march covid hit and decimated the travel industry like airbnb, but a bright spot with the home rental company, long-term rentals with remote work on the work from home so they can now go anywhere across the country and around the world. today, it will make the three founders of billionaires on paper at least. we have american capitalism at work here and of course we will talk to airbnb longtime board member jeff jordan who invested early in the company turning millions into billions and in what he's on the young founders who were just kids, 20 -year-olds stuart: the american dream, i think it's fantastic. thank you, susan. back to doordash.
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you know, i have to tell you, dr, this reminds me when a stock goes up like that and it's not make any money off to tell you it reminds me of boom which are then turned into a bus. >> yeah, it's a lot like that time and the money raising world, stuart. 4006-- 486 ipos back in 1999 and i think there's a lot going on here. susan mentioned all the money that's on the sidelines, $2 trillion more in a savings today than there was in february because of all of the stimulus, all of the monetary stimulus being pumped in so yes, it's a bit like that, but i think this one has some staying power your car have one comment, if you love any of these, if you love doordash, if you love airbnb coming out, which will be coming out later, we
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almost always, 90% chance you'll get to buy them at a lower price a few days or a few months after the ipo date. don't get caught up in the hype. look for the low-end by on the next move up. stuart: before we close you are still looking for a strong rally in the stock market 2021; yes? >> absolutely, stuart. we had a 10% up month in november as you have been talking about earlier this month. here's the thing we look back, for 60 years, if we look back at 60 years of data there has only been 12 other months that have gone up 10%. six months later, the market is up on 85% of the those work up 10 out of 12 and when we see that it's up over 10% coming on, so the big month in november is not something to worry about
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instead, we find those big months tended to be the start of the next upper leg and that is what i think we will see stuart: he has been died out mining and he shows a rally next year. thank you. see you soon. now, we will take a look at recovery called a sauna, a new company. i have not heard of it, quite frankly. it's going up 13% this morning. >> better than anticipated in the first earnings report losing less cash, sales going up. it's another hype profile silicon valley unicorn that went public earlier this year started by facebook cofounder justin moskowitz. its provides services that help, needs more efficiently like defining deadlines and grading projects and it's been up by 34% since its public debut in the september so it's yet another new economy player in the economy stock that's doing well.
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stuart: that is a hot market. susan: silicon valley. stuart: if only it weren't in california. check the futures appear where are we next on the downside, nasdaq looks like tech will take it on the chin down 105. do you remember when the media refused to cover hunter biden so-called laptop from how? remembered again. watch this. >> a little bit about hunter biden. most of those charges unverified. >> a smear on joe biden comes from the kremlin. >> peddling baisley-- baseless conspiracy theories. >> charges so highness-- heinous. stuart: you have to laugh looking back and it turns out he is under federal investigation. we are learning about this after the election. how convenient. more in the coming up. fda meeting now to review visors vaccine. hhs secretary says we
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could have a 20 million people vaccinated by the end of the year, only three weeks away. can we vaccinate so many so quickly? i will ask doctor ronny jackson. we are moving here. ♪ i felt like...
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stuart: where are we going? opening of the market in about 15 minutes and we are going south, down 120 on the nasdaq. texts are taking it this morning. we have the usual downgrade to list. susan has the list. susan: look at what's happening
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with best buy, downgraded at good old men emphasizing this call is based on the prediction for the stock price is that not really a negative view on the company still calls best buy one of the best wine retailers in the us, but it may have gotten ahead of itself and tesla gaining county downgrade from new research from tesla. profit-taking because we were above 600. price target on the stock but really-- new research says maybe it's less than that. stuart: what they switch. teslas upper 570 now, folks. big meeting this morning, fda meeting as of now actually on visors vaccine. blake bormann at the white house, could be approval today? >> hello. yes, potentially. me run you through this. remember it's an advisory committee to the fda that's taken up visors vaccine. the meeting is going on right now in about 15
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minutes or so they will talk about the emergency use authorization. after that, at 10:30 a.m. they will discuss a vaccine effectiveness in the safety of the vaccine. at 1:00 p.m. we will hear from representatives from pfizer. 2:00 p.m. back to the fda and in the three, 4:00 p.m. hour is when the discussion and the voting takes place. again, advisory committee so the question is when may the fda give this the final green light. we heard from the commissioner this morning. he was getting a series of interviews and he said at one point quote we hope shortly thereafter and in another view he said quote we can act quickly and we intend to. bottom line, if the committee gives the green lights for the pfizer vaccine candidate, the question then is may they give the go-ahead in that hours after that or in the days after that. that's still announced any question. stuart: blake, thank you. secretary alex azar says
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vaccinations could begin next week. he expected 20 million people vaccinated by the end of the year. let's bring in congressman elect them by the way congratulations on your victory doctor ronny jackson. let's talk this morning as a doctor. the end of the year, three weeks away. can you get to 20 million people inoculated in the three weeks? >> absolutely and that's the beauty of the warp speed program that the president put in place is not only did research for a, develop a vaccine, studies vaccine, approve the vaccine, but had everything in place to mass-produce the vaccine and manufacture it which has already been done simultaneously so when the vaccine is approved which will hopefully be later today with the emergency youth author-- use authorization, it will then be loaded on the trucks within 24 hours and shipped out. they have already sent everything out ahead of this, all the supplies associated with this, syringes, needles, swabs, gloves and that's already pre-position so
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as soon as they get the green light it will be loaded up, shipped out hopefully this weekend and be ready to start vaccinating folks early next week. that's the plan. stuart: walgreens and cvs will bitterly hire thousands of people to help in the vaccination drive. is this where everyone will go, ordinary mortals, cvs, walgreens? is that where we go to get the shots? >> yeah, i think that is what will happen. initially we will prioritize who gets the shots and first healthcare workers and those on the front lines, first responders and then those that are really vulnerable, and assisted living facilities and nursing homes. cvs and walgreens will be a big part of making that happen so they are hiring people so they can go out vaccinate these folks admit assisted living in nursing homes. they will start with that and when they get that done, ultimately it would be available to the rest of us in the form of a vaccine that
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we can call to the pharmacy, make an appointment, get the vaccine and get rescheduled for the second shot. stuart: what about the marketing of this? i don't mean the selling, i mean getting people to actually take it. that will be quite a job what's the approach your? >> people asked me all the time will i get the vaccination and i tell people i will get the vaccination and i'm going to do that because i want to put my money where my mouth is and let people know that i think it's safe. i do that because i want those vulnerable populations, those with pre-existing comorbidities, those that are elderly that could die from this virus, want them to get the vaccine and be comfortable getting it, but i do not want it to be mandated. let's be honest, a large part of the popular shout their that it's a personal decision for them as if they get the virus they won't die from it, so they will make their own decisions about if they get, but i think the vaccine is a safe and i would like to see folks in the
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vulnerable population getting it including my parents, my sister. my parents are elderly and my sister is on a transplant patient and i hope they are the first in line to get this, but it's a personal decision stuart: doctor ronny jackson, congressman elect, republican from the great state of texas, congratulations on your win. i had forgotten you one. i was interviewing you as a doctor with the vaccine, of course. >> thank you. stuart: good to have you on the show. moving back to money. we are on the downside on wall street this morning, but just wait till airbnb gets going. let's see what happens there. back in a moment. ♪
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stuart: moderna effectiveness of its vaccine, ashley, does the study looked promising at this point? ashley: it's still in the early stages, stu. it says it's given the covid next scene to patient taking part. it doesn't test the effectiveness in adolescents aged 12 to
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under 18 in the country said the goal is to generate data by spring of next year that supports the use of the vaccine in adolescents ahead of the new school year in 2021. moderna says in adults, as we know the vaccine 94% effective, but no vaccine could be widely given to children until it's been tested on them. specialists essay children have more active immune system than adult and may have stronger reactions including fever, muscle and joint aches and fatigue and that could alter the amount of dosage required and that's why they are doing this test, but it's all about the school year for 2021. stuart: thank you. look at futures before we go on to david. we are down across the board this morning, not a huge selloff but we but we will be down. david barton singh joins and he specializes in looking for companies and the stocks with the dividend will grow. the first one this
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morning is j.p. morgan. spell it out, please. >> j.p. morgan has been the best dividend growers in financials since the financial crisis and it should not be a big surprise that they were in a position to grow their dividends is so much because during the financial crisis they took on much less water than everyone else did and while citigroup and other big banks were selling off their profitable divisions, j.p. morgan was taking on bear stearns, washington mutual and other things they were picking up for pennies on the dollar, so they generate free cash flow like no one in history and paypal the dividend quite generously and still a 3% yield now the stock is still down 17% from its early year high in yet it's up dramatically the last couple of months and remember the only reason the dividend has not grown moore's because the fed has not let them over the last couple of quarters. we like this stock a lot. stuart: got it. here's what i don't know
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personally met enterprise product partners. who are they and what do they pay in well the pale grow? >> would it surprise you to hear their chairman is former ceo is actually the wealthiest female in america? this is the largest oil and gas pipeline america it's a big deal and like you just said a lot of people have not heard of it. i have two word of the company's facilities, then on-site with them and it's primarily a natural gas player could they do natural gas liquids but they basically make the pipelines that are able to move gas in the country and it doesn't really matter what the price of the oil and gas is. it's about the volume that's moving. you recall when oil went sort of negative, when there was the storage fiasco a few months ago, they have a lot of storage facilities, so it's a company that is not drilling for oil, it's not a producer.
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they are moving oil and gas. it's paying 8% yield and him grown the dividend forever. it's been one of the most hateful dividend growers. the family owns a 27% of the stock, so they are taking hundreds of millions of dollars of cash flow. you have alignment with management and shareholders. what else can i tell you, my friend? stuart: well, eight and a half percent, i like that. before we leave you, one thing that worries me is about the big companies which seem to be hewing to the left, not all, but they have, you call it woke capitalism? >> yeah, this sort of progressive view plain to the idea that the shareholder is not important in the company and they are there to be a sort of environmental agent instead of generate profits and whatnot. we had a discussion amongst national review yesterday. i am on their board and
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they were saying should we trade and index of these woke capitalist companies and i said yeah, it's called s&p 500, i mean, it's like everyone is going this ridiculous direction now and the fact of the matter is, stuart's, i don't care if companies talk that way because i think it's democracy, marketing and i think that they don't mean it. i care if they mean it, if they were actually putting other things in front of shareholders and their fiduciary duty to drive profits in business, so all of us have an individual responsibility in a society, but the notion that they are going to try to market this with virtuous signaling, playing to the far left is really quite silly. luckily, they don't practice what they preach. stuart: all of these woke folks will be going after the tesla billionaires we just created. they will go right after them. david, thanks for joining us. see you soon.
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we have got the traditional 20 seconds before we open this market in about nine seconds the belt will ring. put it on the screen. there you go. chairman ringing the bell, why not. this is airbnb day, folks. we are off and running. we are going down, seven points, make that 117 points down about a third of 1% putting us below 30000 on the dow jones. left-hand side of your screen, pretty much big selloff, not in terms of the amount of the decline, but just the number of the stocks. now, we are down 100. s&p 500, down a half percent, a bigger loss than the dow jones and nasdaq looking to go down three quarters of 1%, so watch out below for the technology companies with the nasdaq down. let's go to doordash.
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's surge on its opening day, but now it's in retreat to the tune of $11, 6%. susan: down 6% profit taking after it made 80% yesterday and if you got allocation ipo you made more than that. people are looking at the levels if you are paying 200 times sales for a company losing money-- money and subsidizing a lot of these deliveries. doordash has never made a full year profit. what happens after we get back to normal with vaccine distribution? one person that's benefited from this successful ipo. 's stock bank rallied the in 20 years in trade last night of the reason is they turn their 680 million-dollar investment in doordash to 11 and half billion dollars at the end of it. stuart: put in 690 million and get back 11 billion. i like the sound of that. doordash this morning is down 7%.
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it was surging yesterday. let's go to pubmatic. they surged yesterday and they are down this morning. filmy and more, actually ashley: pubmatic as you remember was priced at $20 a share and opened at over $25 yesterday in a one point 55% to $33 before and even yesterday up more than 47%. as you can see, down 4% today in the early going but it gives the digital advertising platform in market evaluation around $1.4 billion through the company says it decided to go public in part due to the pandemic that has led to more people using the internet for commerce, providing more advertising opportunity targets and the need for more capital to take advantage. one of the biggest clients of this company is verizon which accounts for 25% of the disrupt new, but down this morning in the early going, 4%. stuart: a lot of fun watching it go up yesterday, but is
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trickling down today. we are really waiting for airbnb, of course. facebook wall paint plunged after that announcement of the lawsuit. with the latest? susan: the latest is all 46 states suing facebook. it's under pressure when you have the ftc threatening to break up facebook and the purchase of what's up and instagram. they say it was a way to kill off competition buying those assets in 2012 and 2014, which by the way the deals were approved at the time and that's why facebook says these lawsuits are kindred to revisionist history and is facebook's support, their ingenuity is what's made facebook and instagram and i will even say oculus the powerhouse they are today. there are e-mails from mark zuckerberg that highlighted the threat with incoming of instrument and what's up , but facebook $50 billion to fight
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this in a long political line, these cases are going away with the new administration in january, because the democrats on the commission voted to pursue the lawsuit and a blue states joining the 46 others in the suing facebook. stuart: can i digress for one second. what's at, didn't facebook fight-- buy them a few years ago for 19 billion when it only had 55 employees. that was massive wealth creation and massive wealth concentration of an just like we see now. susan: when they bought instagram in 2012, it only had 30 employees. susan: instagram is worth almost a hundred billion dollars on its own now. stuart: next case, starbucks. i believe they are up again this morning nearly 3%. what's going on, ashley?
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ashley: starbucks cfo forecasting growth of more than 20% next year and further strengthening over the next few years, very bullish. the called-- the customer-- the country says the customers will flock back to phase when the coronavirus pandemic is over even as the company builds more walk-through locations without seating in major cities and starbuck doubling down on new cold drinks while closing about 800 underperforming locations and building new store formats including more drive-through lanes in the suburbs. the stock traded record high levels for at least the last two weeks and has gained 18% so par this quarter and up another two and a half percent today. stuart: bottom right-hand corner of the screen, folks, with the markets lighted a bit down 150 on the dow jones, half a percentage point lower. it is a disney investor day. ashley?
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ashley: they won't focus on the theme parks, i guarantee you that. disney is expected to unveil a treasure trove of content including a significant expansion of the "star wars" universe tom hanks as geppetto in a live-action pinocchio and a star-studded prequel to "the lion king" just to name a few. some big budget this movies will continue exclusively in theaters while others will debut online, but analysts say all of this will help strengthen disney plus at a time when the company's traditional businesses are struggling. last month disney said it's streaming service reach 74 million subscribers worldwide just under 11 months that it launched and netflix by comparison took seven years to hit that mark. there's a speculation disney may reveal the services now within reach of 100 million subscribers. stuart: fast.
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now, let's get the report on upgrades. restoration hardware. susan: actually a fantastic earning for restoration hardware. home furnishing company saw strong demand as viewers were stuck at home. getting a time and price target hikes and upgrades this morning, but the stock is down because probably the outlook was not that great, but with the other retailers doing fantastic. levi strauss, the jeans maker, ralph lauren getting double upgrades from goldman sachs telling investors to buy the stock instead of selling and the reason is strong momentum and consumer marketing for levi strauss. ralph lauren's chief apparently gore-- underappreciated when it comes to digital sales. stuart: i wonder how analysts feel when they say restoration hardware is going up and it opened up the next morning down. susan: you never know. stuart: are the analysts doing here? susan: it so much so far this
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year. stuart: profit-taking? susan: i think so. you need to make money and takes the money to buy new comedies like airbnb. stuart: whatever you say. the 10 year treasury yield is backing off, .92%. the price of gold, 18.50, up $12. bitcoin holding onto 18000. 18105. oil $45 a barrel collects no, $46 a barrel. next case. right now a migrant caravan reportedly on its way to the us from honduras and it could be the first to hit the road since the election. the minneapolis city council choosing to once again defund their already understaffed police department. former director here with that and a michigan democrat under fire after threatening trump supporters.
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watch this. >> so, this is just a warning to you trump people, be careful, walk lightly. stuart: really collects more on that story, i guarantee you coming up on this program today. ♪ we love the new apartment. the natural light is amazing. hardwood floors. there is a bit of a clogging problem. (clog dancing) at least geico makes it easy to bundle our renters and car insurance. yeah, helping us save us even more...
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stuart: how far down are we now? only 60 points for the dow jones and we're back about 30000. nasdaq only down 35. it may be coming back a bit. the really big story today is airbnb. they will start trading at some point today on the nasdaq. ray is back with us. is it going up from there, what you think? >> it's definitely going up, i mean, airbnb is
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interesting. they have been a pre-pandemic winner, a pandemic survivor and they will be of post pandemic breakout. the pandemic made them better. stuart: is that all you got to say? i mean, going up from 68, you are leaving me shorthanded. on trying to fill out an interview. >> it's amazing. you haven't 7 million listings out there. they have done a great job turning a 219 million-dollar profit in the last quarter and one thing that is interesting is that pandemic focus them to concentrate on what is important. it's helping in terms of actually rethinking in their focus. abase stopped all of their expansion plans. they stopped crazy in every single category. you see an extreme focus on making sure the trust is there, safety is there in the covid time and they are looking at
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where to expand when a pandemic is over and when people travel again , not just for business, but leisure. stuart: do you think the robin hood people are active in these ipos and doing a lot to push prices higher? >> definitely. 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 days in the 1990s what
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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 acquisition with grub hub and uber by post- maids so there are less players in the market. it's becoming more profitable and companies like macy's are using doordash for deliveries. we will see delivery and other categories other than food that will pick up in the pandemic is over so think of them as a courier service and although that extension for e-commerce players who don't want to use amazon to also want to do local delivery and local routes without using ups or the postal service or dhl. stuart: ray, our disclosure banner at the bottom of the
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screen a moment ago said you do not have to this point of the doordash. would you abide in the future, not necessarily $170 a share, but if it gets, would you buy it? >> definitely. i see doordash probably in the two range, 260 range going forward. i like what they have done to cut costs and i think it's important it is an expanding market now that there are less players. stuart: you see it going to the 150, 160 range is where you would buy it? >> doordash? yes, i would buy in the 150 range and still in the 170 range as well. stuart: you see it going to 250 quickly? >> i do. stuart: ray, you have been right before. only time will tell if you are right again. thank you. see you send. stuart: dramatic video, elon musk space x starship attests.
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the flight ended in flames as you see. susan, can you still call that a success? susan: yes, it was testing for safety. take a listen. susan: i have seen that at the house and times over and over again. it was a spectacular. elon musk tweeting that yes there was a fiery landing, but it was the result of pressure changes causing the landing to burn. what they were looking for in the test flight, it wasn't the landing they were trying to execute, but how will the spaceship flying higher altitude, fuel efficiency and a landing flip maneuver which it did before the fiery and. this is a future spacecraft that will take humans to mars a city could happen in six years, but i would say after this test, i would say if elon musk gets to mars and comes back
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safely than i will think about it. stuart: it's another example of a guy who has made tens if not over a hundred billion dollars and a plasma of money back into other companies for new ideas. so, he went up in flames on that, but space x is a wild success. susan: it is. it took humans into space bar the first time , the first manned spaceflight in 10 years from american soil, so the man is just a genius stuart: absolutely he is and i don't mind him making that money when you deposit back brand-new industries. it's a wonderful thing. susan: what people should be doing, innovation. stuart: a socialist should not whine about billionaires, but encourage them to make more money elsewhere and benefit us all. susan: stop taxing them so much so they don't have to move from california to texas. stuart: well done, you got that in. people to judge does not, i don't think he speaks mandarin and has
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zero experience in china. that doesn't matter to joe biden, reportedly he is considering mayor pete ambassador to china. what does chinese expert gordon chan think about that? i will ask him. joe biden has a china problem and it just got worse. you will hear my take on that in the 10:00 a.m. hour, coming up. ♪ i have an idea for a trade. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila!
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stuart: on your screens, peloton and they had done well through the pandemic. sold a lot of the bikes and now i believe they are expanding. tommy moore, ashley,. ashley: indeed, they are. peloton expanding its production facility in plano, texas, north of dallas, inundated with orders for its stationary bike. the expansion will create 1600 new jobs. peloton warned it was having trouble with its supply chain. critics have taken to social media to complain about the shipping delays with the some canceling orders after getting fed up with waiting. in september, the
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company dropped the price with five by $395 to 800 and 95-- 1895. by the way, this stock is up 290% so far this year, not too shabby. stuart: just amazing performance in some stocks this year. crazy year of 2020. some have just gone through the moon. j.p. morgan says get out there and buy stock in the twinkie people. j.p. morgan is recommending hostess. susan: that's right. stuart: look at that chart. susan: at a to their analysts focus less. they say the maker of dingdong sanded twinkies , they will raised up to back $19. that's how much the stock will get to next year, about 30% implied gains. stuart: have you ever had a dingdong?
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susan: i would love to find one. i haven't had a twinkie in years. i have had one, of course. organic sales and also a rise in prices as well. stuart: don't tell me a topic he is organic product. [laughter] may have organic growth, but not an organic product. jason's shea this,-- chases. they are all on the show. all of those people, great people one at all on the show in "varney & co."'s second hour moments away. ♪
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but now we're up 20. even the s&p scratching out a minor league gain. thursday, 10:00, eastern time in the morning that means, mortgage rates. susan: holding steady, 2.71. still record lows here. some interesting commentary from freddie mac that mortgage rates remain at record lows which has broken out of their typical correlation to treasury yields. how have we broken out pegging directly to treasury yields which have been spiking with vaccines on the horizon, possibly close to 1%. looking at record low mortgages at 2.71. stuart: 2.71, my goodness me, i never thought i would see that. two weeks in a row but we got it. look who is here, mitch roschelle. are we going to see mortgage rates, this is your point of view, you think mortgage rates stay way down all the way through 2023, under 3% all the way through? >> i was bold enough months ago on your program stu to say they would about down as low as 2%.
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i may have to walk that one back at some point. certainly through 2023. corelogic agrees with me and some of the big mortgage refi firms agree with me. the reality, tremendous demand for the underlying product, the bonds get created when loans get securitized because the housing market is so strong. there is tremendous amount of demand for that paper. that is what is keeping rate low. stuart: i will put numbers up on the green. it is a graphic. this tells the number of people leaving various places. it is really dramatic, mitch. i think you can see it. these are your numbers. new york city will lose 23% of households. san francisco 54%. there is no reason to assume that some of those people won't go back. so it is not an exodus for good, isn't it? >> some of it is. and those percentages that is the year-over-year increase in terms of number of people leaving. certainly it is a trend. look, all cities, new york,
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san francisco, los angeles, washington, d.c., chicago, these are all dense urban areas. i think density has a lot to do with it. it is schooling for children. it is high crime. if you will at amenities that make living in the city desirable like being able to go to a restaurant aren't there, people will start flocking to the suburbs. they're continuing to do it. this is a force of nature. i think you will see the trend continue for quite a while. stuart: i want to lay this on quick. seems it is to me a flood. it really is an exodus. actually i'm told by real estate people in various parts of the country, it is a flood. it is increasing. it is getting really dramatic. >> the only thing that's holding some of them back is finding permanent locations to live. we talked about in the past on your program, stu, that there is a shortage of supply of houses to buy in the suburbs. some of those folks leaving temporarily may be bunking up between mom and dad, they may
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return, how long can you live in your parents 'basement. we'll see the overall trend continue certainly for the next number of years. stuart: i see the next price gains and strongest market in high-end homes s that what you're seeing? >> high-end to a point. when you're selling condominiums in the urban areas or exiting condominiums in urban areas you have a lot of wallet to spend on high-end homes. interest rates we talked about at the top of the segment are low helping that but the ultra, ultrahigh-end, 10 million-dollar homes some of them relied on foreign buyers and those foreign buyers aren't here right now. stuart: but the exodus is with us that is what we want to hear. mitch roschelle thank you. >> thank you, stu. stuart: we're still up on the nasdaq and now this.
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joe biden has a china problem and it just got worse. his son hunter, has been under a grand jury investigation over his tax affairs. a senate report on his dealings with chinese officials reveals, quote, potential financial, criminal activity. the former vice president's brother, james biden, also involved. joe biden did not answer questions before the election. the media didn't ion ask but this cloud will hover well into the biden presidency. if the chinese communist party has something on the next president that is a major league problem. here is another one. america is going to borrow trillions of dollars to fund our enormous debt. are the chinese going to keep lending money to us? they have leverage. how can biden take a hard-line when we are desperate for their money? it's a long list of problems. the nominee for defense secretary has little experience in asia. lloyd austin faces a chinese military threatening taiwan, has
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militarized islands in the pacific, threatens the most important trade routes in asia. can biden and lloyd austin hold the line on china's military. eric swalwell has a relationship with a chinese spy, still gets on to the intelligence committee. china crushes hong kong's democracy movement, nothing happens. there are reports that biden's ambassador to beijing will be pete buttigieg, his presidential rival, the former mayor of south bend, indiana. trump confronted china, called them out, changed the relationship. all the signs are that a softer china policy coming from biden and that simply means he caves. and china wins. the second hour of "varney & company" is about to begin. ♪. stuart: all right. let's bring in former utah congressman jason chaffetz. you heard what i had to say about china.
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does joe biden have a growing china problem? >> he does, stuart. i wholeheartedly agree with what you said with one exception, i will get to that in a moment but this is our biggest economic and military foe. the spying going on from china, stealing of intellectual property, spying on our government is huge. the south china sea, the shipping lanes, all of those things that you've talked about. to send pete buttigieg, who has zero experience with china, no language skills, that to me is a signal to china hey, we're going soft on you. it is not the place for pete buttigieg to cut his teeth to get some foreign policy experience. he checks no box in trying to solve and deal with the issues there in china. i think that is a huge problem and a real misfit. i only one i would push back on, lloyd austin. this person has been serving in the united states military since
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1975. he is a four-star general. he knows how to run central command. he is more than qualified. the issue with him putting civilian control in charge of the pentagon but his capability, his understanding of the military, how the world works is second to none. that guy, that guy is qualified to run a military. stuart: jason, i'm glad you're here. i have this coming right at us. i will read it out here. the former chief of staff for nancy pelosi is asking joe biden not to take anymore house democrats into his administration because the majority the, house democrat majority is too narrow. he is saying, please, don't take anymore from us. that shows me that speaker pelosi is in dire straits in the house. >> she really is this is one of the closest margins that we have ever had in this nation. i don't think that nancy pelosi can run the gauntlet and
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actually become the next speaker. that is my own personal prediction. we'll see what happens. i think it is january 3rd on a sunday that vote happens but even after then, every single vote that comes up, you have three or four members switch from the democratic party around she can't get bills passed. so you know cedric richmond going to the white house. marsha fudge supposedly going over to hud. if they keep losing members you can see kevin mccarthy to roll the table on a lot of these votes. stuart: don't you wish you were back inn washington, d.c. on politics, don't you? >> i'm doing just fine talking to you. stuart: we're doing just fine talking to you. jason chaffetz, appreciate it as always. thanks a lot. >> thank you, sir. stuart: mixed bag for the markets. dow down slightly. decent gain for the nasdaq. in the a market like this you will have the big movers. susan has got a list.
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susan: tesla, a downgrade from new research calling it a hold instead of a buy saying it is worth 578-dollars still slightly less than where we are. at&t rallying yesterday on news it will off load directv for $15 billion according to reports. they sold their cartoon studio to sony for a billion dollars. they're trying to raise cash to focus on streaming. another big mover is asana big silicon valley unicorn, up 30% since the public debut at the end of september. another uncorn here. check on doordash, the uncorn of the last 24 hours. who is buying into the stock? since we are in the new day trading robinhood era, a lot of young millenial money going into the silicon valley startups. name recognition is important.
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they have used doordash, they used airbnb, probably drawing more interest than anticipated. stuart: 24 hours ago, doordash was 102 and now it is 179. susan: how many people got it at 102? allocation is very small for early investors. stuart: bring us up to speed with facebook. it is down again. they have a problem with the ftc. susan: a lot of people think it was same as microsoft. stuart: i was covering it well. susan: you were a stockholder, weren't you? stuart: yes, earlier in this century. susan: microsoft said they lost 10 years because they were trying to fight the antitrust cases. stuart: they did. susan: facebook is facing the same thing. we're looking 46 states, the ftc, all alleging facebook is a monopoly. they're buying up competitors like competition, whatsapp to kill them off. these deals were approved in 2012, 2014. facebook says you're trying to
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revise history. oak cuelous, others are successful because of the engineering, heft and money, fates book put into the properties. central to the case they're highlight as lot of mark zuckerberg e mauls to some of his confidantes, lieutenants, there is threat being posed by instagram when it comes to photos, messaging with whatsapp,. stuart: so he bought them. susan: he bought them for a price. he reward ad lot of those innovators and founders, $19 billion for what's app in 2014 people were scratching their heads. stuart: at the end of the day, susan, i'm asking for a opinion do you think they will be broken up? susan: i think that is very hard to do six years after the fact, eight years after the fact. not like facebook doesn't have the firepower and money in the bank to fight these lawsuits. we'll see where it goes, i agree. it will be difficult to take them to the cleaners and break them up. susan: after the fact.
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stuart: after the fact. a michigan democrat threaten towing make trump supporters pay. sounds like revenge to me. watch this. >> so this is just a warning to you trumpers. be careful. walk lightly. stuart: really? this is no apology coming from that lady. in fact she says she doesn't regret what she said at all. we're going to bring you the full story. will states make the vaccine mandatory? one state lawmaker looking to do just that. we'll tell you where. first joe biden reportedly considering pete buttigieg for ambassador to china. why that is raising some red flags. we will deal with it shortly. ♪ we made usaa insurance
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♪ stuart: look at this, the s&p and nasdaq now both in positive territory. a fractional loss for the dow holding above 30,000. take a look at best buy. goldman sachs downgrading them. says sell it. there is concern best buy won't be able to top its strong performance in 2020. the stock is down 2 1/2%. show me five below. goldman upgrading the stock saying buy it, ahead of covid-19 vaccine roll out. now this, joe biden is considering pete buttigieg as ambassador to china. edward lawrence in washington joins us. edward, how tough do you think mayor pete could be on china? reporter: forehis bid for
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president pete buttigieg argued against the tariffs on china. he called the president's trade war a fool's errand. joe biden hinting pete buttigieg could be the next ambassador on china. president trump has been tough on china, and sanctions. he elevated the debate about the chinese stealing intellectual property around the globe. he forced the chinese coming to the table to iron out a phase one trade deal which so far the chinese are following because threats of more tariffs remain on the table. the 38-year-old would have to navigate a very complicated relationship where historically chinese tested each administration. buttigieg has been an intelligence officer in the navy. he was a management consultant and mayor of south bend, indiana, population of 102,000. we'll see if he has the experience or prowess to handle the chinese relationship. stu? stuart: edward, thank you very much. let's bring in gordon chang, our chinese expert. do you think that china has something on incoming president
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biden given that hunter biden and other family members are under investigation? >> i don't think they have something on joe biden but they probably have something on hunter biden. china worked hard on getting compromising material on americans that traveled to china. we know about hunter biden's troubled past. his hotel room would be videoed, bugged. i would be very concerned whatever they have on the son in order to get to the dad. stuart: somewhere in china on a computer somewhere there is all the information about hunter biden and maybe the president-elect's brother, his own brother? somebody has got all of that information, if the chinese communist party has got it and they could use it, shall we leave it at that? >> well certainly they have it. they have travel records. they have got all sorts of information. china does this regularly for any foreigner but certainly a foreigner of interest and the
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bidens would certainly be of interest to beijing. stuart: what do you make of the swalwell news. he had a relationship with a chinese spy but he still gets on to the intelligence committee. what's with that? >> the problem here, it is not that swalwell was the target of chinese intelligence operation. almost every politician at one point or another is but is a bother that after swalwell was notified by the fbi of the presence of a ministry of state security agent in his team he then didn't talk about china as a threat. what he has been going on since 2015 when this occurred was russia, russia, russia. and on the intelligence committee he should have known that china was the much graver threat than russia. stuart: do you think joe biden has a china problem? >> well he certainly has a china problem and his china pom is two of them. first of all every incoming president will give china a
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grace period. president trump did. but the point now is in 2021 we do not have a moment to lose but the more important china problem for biden, even apart from hunter biden, is that he believes the, joe biden believes in this engagement theory we need to cooperate with china. if we work with china, it will become benign, it will not become hostile and belligerent. we have five decades of experience to show that theory doesn't work. biden going back to this engagement theory is really bad. trump's great contribution to american foreign policy that he ditched this whole failed notion when it comes to beijing. stuart: got it. gordon chang, good to see you again. don't be a stranger. see you soon. >> thanks, stu. stuart: i believe china is supplying third world countries with their vacs seen. susan are they doing this out of the kindness of their hearts or trying to make money? susan: this is world influence, maybe some vaccine diplomacy to prop up their image after covid.
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china has vaccinated a million in china, scaling up to vaccinate 100 million. the company, china vac is leading vaccine maker. they have a million doses to turkey, 40 million to brazil, 40 million to indonesia. and another vaccine maker, can sino, to send to mexico next door to the u.s. 35 million doses going there, argentina, pakistan and russia. so there is definitely contention here but i would say china's vaccine is only 85% effective. compare that to the near 100% getting from pfizer and moat moat. stuart: i got to say if you're delivering tens of millions of doses of a vaccine that is 85% effective around the world, nothing wrong with that. susan: influence. saying here we are to help you out. stuart: i would like to see the people get a vaccine. susan: okay. stuart: a deal with the brits. they're investigating a possible allergic reactions to the pfizer
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vaccine. ashley, will this affect the uk's mass vaccine rollout? ashley: into it won't but it does provide a warning. uk regulators say people who have a significant history of allergic reactions to medicine or food should not receive the new pfizer biontech vaccine. this of course after two health care workers suffered at verse reactions. both of workers recovered after being treated. british doctors say most people will not suffer any allergic reaction of the benefits protecting people against covid outweigh the risk. the fuller guidance clarifies the main risk from anaphylaxis and have consulting experts on allergies. after allergic reactions, british regulators say the drug should only be administered in facilities where resuscitation measures are available. but this does not slow the roll
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out of the vaccine, stu. stuart: surely complicates. thanks, ash. the california restaurant owner upset over dining restrictions there. look at this again. >> tell me that this is dangerous but right next to me as a slap in my face that's safe? this is safe? stuart: what's next. is angela marsden going to join the revolt? she is on the show. i will ask her. minneapolis just cut the police budget by millions. crime is surging. tom homan says it is because the mayor and council vilifying police officers. he is on the show next. ♪.
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stuart: where are we now on the market? down on the dow, down on the s&p. up, 53 points on the nasdaq composite. now airbnb we have an indication it might open $150 a share. good lord. the ipo price is 68. you have more than doubling if that price is met, 150.
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it may to up from there. may go up from there. may go down from there but it may go up. this is a huge ipo going to the moon on day one. susan: set to be largest ipo of the year, bigger than insofar as flake. because of the size i don't think we'll see it until noontime. stuart: does that surprise you, up so much? susan: the fact that it is up so much? after yesterday's doordash debut, this doesn't surprise me given that airbnb is actually making money instead of losing money. stuart: a whole pass self new billionaires created right now. let's get to the, because of the lockdown, interest in outdoor activities like hunting. lauren is in new york close to my place. where are you? lauren: maybe i will stop by. i didn't know i was so close. but i'm in a hunting tower,
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stuart. a, because it is heated. but b, because you get a 360-degree view of your grounds so you can see your prey. fortunately your prey cannot see you. i will tell you there is a lot more to see this year, if you look nationally at the number of permits and tags and stamp sold so far in 2020, it is already over 3 million more than what was sold in all of 2019. so i asked a seasoned hunter if he welcomes the influx? >> in all honestly good to see more people get back into it, there for a while it was fading, hunting was fading. now to get younger people back into it, it it is necessary thing to cull the heard and everything else around here. lauren: with the increase in hunting comes an increase we've seen in gun sales to a record high. and with that, ammunition,
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demand so high, prices through the roof. this is a regular generic shrug for a shotgun. stuart, if you can find this, the price has doubled from last year. this is more sophisticated one. this one is up 20% from last year. gun sales, record high. hunting, huge interest. especially among new entrants which are women to a large degree fanned those under the age of 30. even children. stuart: i think you will find punters are now starting to eat the the venizen that they shoot, why ruger, smith & wesson, vista outdoor are up. drop my place. see you real soon. lauren: i got an an invitation! whoo. stuart: that is serious.
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minneapolis got their budget overnight by millions. homicides are up in minneapolis by over 50%. what's going on? >> look the city council and mayor failed the city of minneapolis. they failed the taxpayers. crime is up because they vilified police. because they are attacking police since the george floyd incident, 166 officers resigned or retired. what is your answer? more came, less officers. don't cut the budget by millions of dollars. one of the first place they cut the budget is over time which they need because they have 166 less police officers. it is ridiculous decision. simple math. less money means less enforcement. less enforcement means more crime. it is simple math. the city council doesn't understand it. i tell you what, taxpayers, homeowners, business owners need to speak up. the city council only listens to the progressive left who protested and committed arson and attacked police officers. they just went back to their parents basement that night to wait for the next stimulus
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check. they need to listen to the taxpayers, homeowners, business owners who pay their salaries. they're accountable to them. not the other way around. stuart: i'm with you 100%, tom, absolutely 100%. you're dead right on this. reportedly a new caravan headed north to america from honduras. are we back to that already? only four weeks after the election and we have caravans coming back again. >> i was on your show four months ago, i said this would happen, if joe biden wins the press den sy we loose the border. president trump has done more for the border since ronald reagan, fact. president no help from con aggression, no help from the courts. this president done it on his own he thought out of the box. we have the most secure border in our country's history. we have a wall going up which the border patrol begged for
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decades. joe biden threatening to stop the wall, stop the remain in mexico program, put moratorium on deportations prevent i.c.e. doing work enforcement operations. take i.c.e. away. when he gets back to deportation, only deported those convicted after serious felony. he sent a message to the rest of the world. okay to enter the country illegally. you won't be detained, won't be deported. you can take a job away from american worker, you won't be deported. on top of that i will reward you with free medical care. who wouldn't come to the united states under those conditions? stuart: i can't believe this will carry through to the 2022 elections. surely voters will have something to say about this they just got to. tom, i'm out of time. best regards to you and your wife. i hope everything is going okay. we'll see you soon. okay? good luck. >> thanks. stuart: this, fox has just confirmed that former national security advisor susan rice will have a spot in the biden administration.
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ashley, what's her new job? ashley: the report is she will head the domestic policy council, a significant change from her previous rolls. susan rice you may remember under president obama was the u.s. ambassador to the u.n. and of course then most famously national security advisor. there were reports that she was being considered for cabinet positions including secretary of state. we know she had very highly publicized clashes with gop senators. a flashpoint over benghazi. that will not happen. looks like the domestic policy council will be headed by susan rice, stu. stuart: watch out. thanks very much, ashley. could the lockdown revolt in california actually be working just a little maybe? some playgrounds are reopening however people are still leaving in droves. california resident harmeet dhillon will join us shortly. the fda currently meeting over pfizer around biontech's
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vaccine. we have new details from that meeting coming up next for you. ♪ there aren't many unexplored places left in gold-rich nevada.
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♪. stuart: no big, big moves on the market at this point. up for the nasdaq though a half a percentage point higher. how about oil? that has moved. a nine-month high. 47 bucks, 47 cents per barrel, yeah, nine-month high. that is lifting energy stocks. apparently progress with the vaccine boosts hope that next year demand for oil goes up. so oil stocks, exxon, chevron, valero, on the upside to the tune of better than 3%. the fda is now meeting right now on pfizer's vaccine did we get headlines? susan: headlines and support from the "new england journal of medicine" say that the results seem to confirm there is
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protection against covid in the vaccine trials and also partial protection starts as early as 12 days after the first dose. half of those received the vaccine showed that the candidates tolerated it very well. because there is a concern about allergies, whether or not some part of the population might not take the vaccine as well as they should, especially in their reactions to it. so we're looking for endorsement from the advisory panel and if we get it, maybe we'll get distribution to start in a few days. stuart: okay. that all sounds positive at this moment. that is a positive series of headlines. susan: no deaths related to the study as well, i think that is important. stuart: that is important. it is real hard to get your hands on how many people are actually willing to take the vaccine. i think the polls are all over the place on this. susan: they are. the associated press did a poll and around 47% of adults in the u.s. said they would be getting the coronavirus vaccine. however you had a separate poll by gallup on monday, 63% of
quote quote
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americans would get the vaccine. we have experts saying we need to get to at least 70 to 80% distribution around the population to get the vaccine in order for the herd immunity to take place. that probably won't happen until the summer months next year. stuart: that is a moving target. numbers change when we get more into it, more available, especially three former presidents take it and the queen of england. susan: more americans promote the vaccine they might be willing to take the jab. stuart: there is a new -- let's talk about a mandate. could is a state or any government authority force you to take the vaccine? apparently that's the issue in new york. is that right, ash? they might mandate you take this thing? ashley: well, yes, if a bill being proposed by new york democrat lawmaker linda rosenthal is approved. it would force new yorkers to
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get the coronavirus vaccine if not enough residents voluntarily get the shot once it's available. rosenthal said the shot would be mandated if herd immunity isn't developed but does allow for medical exemptions. the bill does not define exactly what constitutes sufficient immunity. 70% maybe? it is also unclear how the mandate would be enforced. according to a recent survey, you talked about surveys, this one conducted by a new york city firefighters union, it showed about 55% of those firefighters polled would not take the vaccine. but as you say that could change. stuart: yeah, it could. still with you, ashley, it is real difficult to get a firm number on how many businesses have actually closed because of the pandemic but i believe, facebook has come up with a number. ash, what's that number? >> well in excess of the 22,000
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businesses that it surveyed, this new report certainly makes for sad reading. facebook reviewed data from more than 150,000 small and medium-sized firms around the world over a six-month period that had a profile on the social media platform. it showed that 15% of small companies were forced out of business by the covid-19 pandemic. it also revealed, by the way, businesses owned by women were disproportionately hurt closing at higher rates thought the world. also noted that over half of the small business leaders said they are struggling just to provide basic necessities especially as financial support from governments as we know has petered out. a very sad story. each day i think the number of businesses going out of business continues to grow. stuart: it just has to go up. ashley, thank you.
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we're waiting for airbnb to begin trading on the nasdaq. it is its first day. we have the first indication the first trade may be $150 a share. good lord. it went out at 68, more than doubled if that price is accurate on the first trade. plus online sports betting absolutely exploding i should say. of course cash-strapped states are looking to capitalize on it. they want the revenue of course. we'll deal with it in a moment. ♪. research shows people remember commercials with nostalgia. so to help you remember that liberty mutual customizes your home insurance, here's one that'll really take you back. it's customized home insurance from liberty mutual! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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♪. stuart: this time yesterday we were looking at doordash go up and up and up and up and up. that was the big story of the day. well this morning there is a little bit of a selloff. it is down 6%. look at that it is still at $177 a share. it went out yesterday at 102. what we're waiting for now is airbnb an even bigger ipo. that may show an even bigger gain when the first trade occurs. extraordinary stuff. online gambling thriving during the pandemic and grady trimble is covering it for us in
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illinois. how many states could legalize online sports betting next year? reporter: by the end of next year, stuart, 25 states could legalize online sports betting. casinos are closed here in illinois but it is legal here. people are wagering record amounts. in the month of september alone people bet $305 million on sports here in illinois. across the country nearly $6 billion. this is obviously an industry experiencing massive growth right now. some states are looking to capitalize on that. those in the industry say that a lot of states struggling to balance their budgets right now might turn to online gambling and online sports betting to fill some holes. i talked to the chairman of rush street interactive which operates the rivers casino sports betting and sports book. they also operate sports books in other parts of the country as well. he says expect to see this expand in the next few years as
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states look to adopt this type of revenue stream. listen. >> there should be more growth. also coming from casino because very few states have allowed online casinos so far but the long-term projections are the revenue potential is higher for online casino even than online sport. this is the fastest growing business i have ever seen and really the most exciting. it is growing so rapidly. reporter: by the way rush street interactive expected to go public later this month via spac. we should point out in terms of revenue generated the governors office inism know projects online sports betting could generate $100 million a year. that sounds like a lot, stuart. some say it's a drop in the bucket when you look at the states more than 40 billion-dollar budget. stuart: there is a discrepancy,
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is there not? especially the online casinos. that's interesting. they're not here yet in any number or size but that will make some money. thanks, grady. it appears, the lockdown or revolt in california, the revolt it may be working a little. some playgrounds are reopening but i got to tell you people are still leaving in droves. harmeet dhillon joins us now. harmeet, i really want a progress report on the revolt. i'm not seeing much success. okay, you open a few playgrounds, what about the rest of the state and stay at home? where is the revolt going here? any results? >> well i think the hardest thing about living in california during this past several months not the actual rules but uncertainly and rapid changes of rules with very little notice. if you're a business owner like a hair salon you were shut down for months. then the government allowed some counties to open but not other
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counties. they allowed you to open but two days notice everything was shut down couple days ago. that is impossible circumstances to run a business. people are very frustrated but with limited choices if they sunk capital into this state. the only reason the playgrounds are open because a couple of liberal legislators who have children pushed for that. if they doesn't have a personal interest it wouldn't happen. this is not because of a widespread revolt to be very clear. it is influence peddling in the capital. there are signs of hope in the courts. my friend liberal lawyer mark geragos actually filed a lawsuit in los angeles county for his restaurants. he won a injunction against the los angeles county restrictions there. it doesn't help practically but there are statewide restrictions own top of l.a.'s that came after those. but it is a signal the judges are willing to push back on the extreme regulations and arbitrary nature. the judge said there is no science for the lockdown in
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los angeles county. we may see a lawsuit. people are leaving the state. actor rob schneider, he is live long californian leaving the state. other prominent people. elon musk did this past week. that where you will really see the government wake up and take notice is when the big taxpayers begin to leave the state. that is happening in droves this year. it is going to accelerate next too. stuart: we understand there is 800,000 signatures on recall order for governor newsom. is that going anywhere? >> yes, i think so. i mean, i was doubtful at first to be frank when it started but now that we have received about half the signatures required and people are really angry about the hypocrisy about the governor, about arbitrary shutdowns the fact his children can go to school but his children are not. these are fueling on bipartisan basis recall effort. i'm told the governor is getting concerned about it. we're more than halfway there. if this momentum continues we
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should be able to get the recall placed on the ballot next summer. stuart: i have 20 seconds. would you consider leaving california. >> i'm a die-hard. i love living in california. that is now on my agenda. anything is possible if things get bad enough here. stuart: harmeet dhillon, thanks for being with us. always a pleasure. >> thank you. stuart: here is what is coming up for you, ladies and gentlemen, brian brenberg, steve hilton, dan henninger. plus it has been a good year for billionaires. in my opinion that is a good thing for everybody. that's america. i will explain it all in my take ♪
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stuart: >> this is our biggest economic and military bow and what is going on in china, stealing of intellectual property, spying on her government is a huge. >> they have traveled records, they got all sorts of information. china does this regularly for any foreigner but certainly a foreigner of interest in the bidens would certainly be of interest to beijing. >> as soon as they get the green light the stuff will be loaded out and shipped out and will be ready to start vaccinating folks early next week. i will put my money where my mouth is and let people know i think this is a safe vaccine. i want them to get that vaccine will be comfortable. >> all the amenities that make living in the city desirable
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like being able to go to a restaurant aren't there and people will start flocking to the suburbs. this is a force of nature and i thank you will see the trend in cities for quite a while. >> air b&b has been an interesting bird they've been a pre- pandemic winner and a pandemic survivor and i think they will be a post pandemic breakout. ♪ stuart: i can't name it but i do like it. [laughter] stevie wonder again. susan: of course be 1:11:01 to be precise here on this thursday, december 10. air b&b will go public today we have an indication that it could open at $150 a share and the initial price was 68. how about that? checked the overall markets and we see a mixed picture were up on the nasdaq come up on the s&p, minor lings loss on the dow jones average and now this.
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2020 has been a golden year for billionaires and that is not going to be popular. bernie and aoc will have a field day with this. no matter how you made your pile, if it's a billion dollars you are bad and you don't deserve it. i disagree. we get to my reasoning in a moment but first, look at this. austin russel, 25 years old, made his billion when lumina went public last week. tony hsu, andy fang and stanley paying made billions yesterday when door dash once public. then there were the vaccine gu guys, ceo of bion tech 4 billion in the early biotech investors when brothers, no less, thomas and anthony, $8 billion each. at moderna the ceo made 4 billion this year, early investors both made more than
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1 billion. that's quite a list, isn't it? there already being called profiteers from covert misery. i take the opposite view. two reasons. first of all, this is the american way bird come up with a good idea, work like crazy to create a winning company and apply drive and talent to make big money. nothing wrong with that in my book. second, all that money will be used to create another round of problem-solving companies and technologists. these guys will create whole new industries with their money. sure they will buy a couple of fancy homes and cars but the vast bulk of the money will be reinvested. that is plowed back in, creatively, productively and money from the .com 1990s was plowed back to create amazon, facebook, google and others. those companies plowed their money into cloud computing, bioengineering and a host of other technologies. the money from the new billionaires will be plowed into medical technology, artificial
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intelligence, carrying us all forward and we all benefit. off, the socialists hate the spray they don't like profit or billionaires and they don't like private enterprise. they want the government to run things. they are so yesterday. heaven forbid they have anything to do with tomorrow. the third hour of burning company is about to begin. ♪ stuart: let's get right to it and bring in that man right there. brian brumberg, the socialists are not happy about the billionaires and i could care less. >> stuart, i'm with you 100%. here is why. the left talks about billionaires like they are sitting on a pile of money hoarding that money but to put a finer point on what you said, more than 90% of the wealth of billionaires is illiquid which means it spent reinvested back into their own businesses to help and generate the wealth or
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the new businesses that all of us depend on to extend life and make life better, that is where the money is spread it is not in our pockets so to speak. it is in the pocket of workers and in the pockets of untrue doors all over the country and all over the world. i think the left doesn't like that, not just because they don't like wealth or billionaires but because they want to control that money. they want that money flowing to the government so that they can figure out how to use it but for my money, stuart, i would much rather have the people who built great companies directing capital in this country than the people who spent a lifetime trying to build up public relations and great twitter accounts and sitting in washington dc giving speeches. you can get more value of the money of entrepreneurs than the ones controlling it. stuart: i know i like to brenberg. you are a college professor and some colleges are trying to bring students back to campus for the spring semester. i want to talk to you about remote learning. i don't believe it's a success
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for high school, middle school, elementary school kids and i don't think it works there but does it work better for college kids? >> let me tell you how we use it, stuart prayed we've been talking college also muster and i'm not told you about the kings college where i teach but here's what we have done good we been on campus all semester and made a commitment right the beginning to be together because we think that works best but there are situations where students can't be in the classroom because they are not feeling well and some students who did not want to come back in new york city and totally understand that. we gave them the option to do their education remotely, online. it is a blended kind of thing. it works well when a student chooses to be online for the right reasons and that works fine but what i think is that you got to get students that choice and you got to make on-campus available and the fact is, will be found is if you practice smart behavior and give students good guidelines then you treat them like adults and if you treat them like adults and ask them to use their judgment they do a great job of
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that. our students have had very low case positivity rates at kings, very very low because they been smart, not because we try to control them. we've asked them to use their judgment and they have done it, stuart. stuart: so, what happens next spring? how many students do think will be back on campus in person learning? >> i can tell you with us we will have more students back on campus even though we had this ball because it worked for us and because we use the same basic philosophy. i think across most colleges actually you will have more students back on campus because the online only experiment has not worked for them and they been sick of sitting in their parents basements and their parents kitchen table and looking at a screen also muster and they want to be with her friends and with their teachers and have a college experience. truth is, we can do that if we give students the right policies and the right advice and treat them like adults and hold them accountable for it and make them step up to the challenge prayed
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they want to step up, stuart prayed give them a chance to do that. stuart: surely the vaccine will have a lot to do with this and we are talking about vaccinating 20 million people in the next three weeks bite next spring surely a lot of college kids will have had access to being vaccinated and that makes enormous difference to coming back on campus, doesn't it? >> it does and it makes a bigger difference to faculty and the ministers who might be at higher risk categories. our students tend not to be the highest risk in terms of adverse effects from the virus but yes, it will help with the truth is if you don't take care of the fundamental problem which is treating a student like adults and actually following the science instead of just the ideology and if you don't do that, the vaccines in the world aren't going to fix what is wrong with colleges education. it started shooting people like adults. i love the fact that this season of the pandemic has given some schools the chance to prove that and i think the kings college frankly is one of those schools that has done that. stuart: well done, brian.
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good to see you and we will see you again soon. >> you bet, stuart to care. stuart: show meet jordache. second day on the markets down 5% and i know what susan will say and actually i will agree with her. susan: it's true. stuart: its profit taking. susan: guess, 80% yesterday so are not cap some of profit and spend it elsewhere where you saw the press bracing. these high-priced unicorn ipo usually come off a month or two after the listing when euphoria dies down and you seen that was snowflake and other names as well but at $70 billion jordache right now is worth more than chipotle, dominoes and duncan combined for that bigger than general motors and this is a company that has only been around for seven years. one early investor that did while made bank and turn $680 million into 11 and a half billion dollars in and as a result they had their single best day in tokyo but as you mention, the american dream, maintain jordache founders as
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billionaires. by the way, these were three classmates that met at stanford and said let's spark a food delivery company. they would be worth to william plus each and i think that might've been a dream back then. stuart: absolutely. the american dream paid good for you guys. real fast, if you are a robin hood kind of a traitor and don't make or not a multimillionaire but not a rich person with a high income if you cash in your profit after just one day you pay tax on that capital gain at the rate of ordinary income. if your income is low you don't pay much capital gains tax. susan: so you think it's incentivized for those unemployed and spending on claimant benefits. stuart: may be so. susan: these past momentum traders get in and out and make a profit. stuart: there's an incentive because shall pay a low capital gains tax rate. susan: from a generational perspective as well because these are companies that are
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younger, millennial's, younger traders use and probably recognize and they been to air b&bs and they ordered food on jordache and quickly, if we could get to air b&b and show the indicated price that valued at $100 billion if we open. stuart: rights from the get-go grid that is something else indeed. susan: makes you wonder about pricing? why not go higher? stuart: would you call that a mistake? thank you, susan. let's get this in here. the pandemic is giving a boost to homeowners. ashley, i guess they are getting richer from higher prices, aren't they? >> exactly right. it is driven the housing boomers created some oppressive wealth for homeowners as prices rise, home equity jumps as well, of course. according to core logic, and just the past year homeowners with mortgages that's about 63% of all properties have seen their equity increased by nearly
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11%, 10.8%. that works out to a total of one chilean dollars in game equity or about an average of $17,000 for homeowners. that, by the way, is the largest equity gain in more than six years. the states of the biggest equity gain, coming in and number one washington state. average gain of 35,000800 followed by california at 33,800 and then massachusetts all above 30,000 in massachusetts coming in it 31,200. low supply, big demand main prices go up and you're equity in your home goes up right along with it. stuart: florida will be on that list of equity gains. believe me. next time that list is published florida will be there, i'm pretty sure. let's get to air b&b again. please prayed they go public any minute or while maybe not any minute but later on at some point and we will get the first trade. we will talk to air b&b board
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member coming up on this program today. hunter biden under federal investigation for quote, tax affairs. will democrats demand to see his taxes like they did with president trump? dan henninger on that coming up. right now the caravan of people from honduras headed to our border. it's only been four weeks since the election and we are back to this again? caravan track, good lord. steve hilton on that. ♪ ♪ how i feel ♪ ♪ breeze drifting on by you know how i feel ♪ [man: coughing] ♪ it's a new dawn, it's a new day... ♪ no matter how you got copd it's time to make a stand. ♪ ...and i'm feelin' good start a new day with trelegy. no once-daily copd medicine has the power to treat copd in
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stuart: here we go again, migrant caravans are back in the reports of a large group of migrants is firming up into honduras and is on the march north. one of the caravan organizers says when there is a change in government in the u.s. or mexico the caravans start to move. oh, so true. joe biden wants reverse president trump's immigration policies and the illegals see their chance. steve hilton is with us again. come on in, steve. here we go again for it all over again and california is still a sanctuary state ready to receive and welcome the caravans. what do you make of this. >> first of all, we should say when we talk about immigration is a simple possible here which was american are pro- immigration and it's got to be done legally and properly their proper process but you can't have a free-for-all because it undermines support from immigration and undermines social cohesion's. credible importance. president trump was most effective in this area because he challenged the decade-long orthodoxy and the grouping of the establishment and with very
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specific coherent policies stopped all this. for example, to remain in mexico policy have it out with the mexican government so the asylum-seekers would not already get to the u.s. and then disappear into the community before their cases were heard. they do it in mexico threatening tariffs and remember that on the mexican government unless they stopped the caravans at their southern border and all these tough policies are what joe biden says he wants to get rid of on top of that, remember, the person that he is appointed or wants to appoint to run all of this, anthony has been found guilty of selling green cards to democratic donors from china so the idea that he will be tough on this is ludicrous. stuart: i can't imagine what happens when a caravan or any large group of illegals arrives in our border. what will joe biden do? is he really going to let them
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in? 's california agreed to keep on paying all the expenses of illegals in california? i can't believe that it goes down well in 2022. >> low, the thing is in california as we can see all around in every policy area the leadership and the democratic leadership is a one-party state although that is turnaround as we see with those congressional results that are encouraging congressional results but right now you've got a democrat governor and you got super majority in the state legislator and mayors and county officials all over the place from the democrats, they are all completely captured by their donors, government unions and by the interest groups, lobby groups that basically the activists who run the democrat party are not interested in reasonable policies that support the basic middle-class of the country and american dream as you discussed earlier. they are interested in pandering to these activist groups. yes, that is what they will do. brave the flat, come on in.
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stuart: could i just digress for a second and refer back to the billionaire, my take i did at the top of the hour? you and i have british accents and you and i were born in britain and i think both of us have lived in the american dream. i'm no problem whatsoever with the creation of billionaires even though the left hates it. are you with me on this? >> of course, it is the foundatidation of america's suc. it is not just the individual billionaires or the wealth and opportunity that they create. remember, the reason they are billionaires is because they created something in a free and fair and open marketplace that millions and millions of people want and value and pay money for. they created something positive. it is not just themselves but for the society at large. that has driven the innovation because if you come up with an idea in america, you know you
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can make it. that is why we lead the world in innovation with benefits not just america but the whole world. it is such a powerful force for good food we have to support it but the modern democratic party they are against all of that and that's why this is such a big fight we have to win. stuart: i will change subjects again on you, steve. listen to this. i call this the threat from a michigan state representative. just watch this please. roll tape. >> so this is just a warning to you trump. be careful. walk lightly. for those of you who are soldiers, you know how to do it. make them pay. stuart: good god. that's a threat of physical violence. i can't hardly believe someone would say that. >> it's absolutely shocking and terribly that this person was elected bird of course, you know that if that was coming from the other side of the political fence the whole of the media would be doing nothing else but playing that on loop tape and condemning it for the violence of the trump supporters but of
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course they totally ignore it when it's coming from their si side. stuart: always good to have you on the show, steve. i always watch your show on what the next revolution sunday nights, fox news, 9:00 p.m. eastern. steve, thank you for being with us. >> thank you, stuart. see you soon. stuart: i want to get back to lauren was in the field for us today. she has been talking about the surge in hunting and i have seen that myself in upstate, new york. that is where you are now lauren. why is hunting suddenly so popular? reporter: , for support and gives you something to do, gets you out of the house and a source of food. if you look behind me, stuart, this is a deere blind. that is where hunters go and wait for their prey. in a few hours for now if you look at the hill the hunters can then see the deere coming down that hill and it gives them the perfect shot, killing two deere in one season will feed a family for an entire year.
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>> we always make sure we use everything we possibly can. we get the meat processed and that is what sustains our family for the year but we're not buying b from the store but using venison from our freezer. reporter: unless you want chicken then they have to go to the food store but haley who you just heard from him, stuart, is a female and is 23 years old. the perfect person to speak to because when you look at the new entrance into the sport of hunting one third of them are women and a one third are under the age of 30. it is the new emma graphic that is helping to fuel this interest during the pandemic in hunting, stuart. stuart: fascinating. venison and that bad, especially when it's free. lauren, thank you again. we'll see you soon could be careful upstate there but wonderful place. we been bringing you stories of the revolt but it's not just trump supporters pushing back but democrats are joining the
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covid resistance. wall street journal dan heninger will talk about that with us but first look at this. these are virus killing robots and they are being deployed as frontline soldiers in our hospitals. we show how it works after this. ♪ ♪ to all the businesses that helped us
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make it through 2020... thank you for going the extra mile... and for the extra pump of caramel. thank you for the good food... and the good karma. thank you for all the deliveries... especially this one. you've reminded us that no matter what, we can always find a way to bounce forward. so thank you, to our customers and to businesses everywhere, from all of us at comcast business.
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healthcare. stuart: hospitals are now adding robots to the front line in the fight against the virus. jeff flock joins us with that story from arlington heights, illinois. how does this robot thing work, jeff? reporter: if you think i'm in a disco with flashing lights but no, that is like killing robot. look at that thing. it is something called the company is called, not publicly traded in case you want to invest, that is something called the light to strike but i want to give you an up close and personal with it. the been using it here northwest committee healthcare for a while but you have added some. >> yes, for years. during covid we added two additional robots mac if i could, could i show you how it works? could you go ahead and obviously you can't be inside there when the light strike is on so go
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ahead. >> when it comes off and you can go in because this could irritate your eyes but it irritates the virus even more but one of my looking at? what is that that i'm seeing? >> ultraviolet light comes from that and what that does is breaks down the dna of pathogens so that it cannot reproduce. therefore, it renders it usele useless. reporter: i know you will want to ask how much does this cost because it's not cheap. 125,000. >> yes correct. we've invested half a million dollars. reporter: but it kills covid and kills sars and all sorts of things. >> yes, mercer and that's what we started using it for and then when covid hit of course, we increased everything. reporter: they've got this at the mayo clinic and at stanford medical center, seven out of 50 installation healthcare around the country.
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there are sports teams using this and it is amazing. light can kill with high intensity light. >> correct. reporter: there you go. they named this one, by the wake. if you see it, dorian and maybe you can name another one stuart perhaps. [laughter] doing gods work. stuart: nice try there, flock. nice try indeed. if that thing works $125,000, pay it. worth it. use it all the time all over the place for jeff, thank you. see you soon britt look at this headline, op-ed headline from "the wall street journal" that says the new covid resistance, population of deplorable's is rising among people who are not in maga hats. i like the sound of that. author of that dan henninger joins us on a thursday. you mean to tell me that democrats are jointing the covid resistance? tell me more. >> looks like it. the headline is the new covid
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resistance and the old covid resistance way back when was basically people on the right to objected to wearing masks or to social distancing and we fast-forward here to current situation, coronavirus is rising, hospitalizations are rising for sure but be fault solution used in states like los angeles, new york and michigan is that to halt the spread of the virus they will ask small businesses specifically restaurant tours and hospitality industry to basically shut down so this will be the solution to solving the current surge in coronavirus. we have a backlash going on and we now have the famous viral video of angela marsden in los angeles being asked to shut down a hollywood tent of tables to serve construction workers is set up across the street and we have fellow in staten island
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being let out in handcuffs because he refused to close his restaurant in the public house and we are seeing more act of civil disobedience like this rising among people who, i would say, probably don't wear maga hats and did not vote for donald trump. they are the ones who somehow are being asked to take it in the neck. look, stuart, we know that restaurants have gone virtual without cash flow for upwards of ten months when they were able to open outside in a cement their savings and capital to set up basically restaurants outside their building. now they are being told to shut down while what little service they had inside those restaurants and how did it come to pass? the default solution is to force people like this out of business. it makes no sense to me. i think the resistance to it is building. stuart: people are being ruined on a mask scale. dan, one other subject. hunter biden face and investigation for quote, tax
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affairs. dan, isn't this going to make it difficult for president biden? china might have something on him? >> i agree with that. it puts that is the larger issue for sure, stuart. it puts the entire biden china policy under a cloud because we know that the chinese have targeted people and we have the eric's wall well case and many more like that and it stands to reason that hunter biden over there with all the troubles he had was targeted by the chinese and now joe biden is going to have to let this investigation go forward or one hopes that he will let it go forward but nonetheless, the question will always be out there whether joe biden just as he was protecting his son and as he said he was protecting his son will he let that affect his policy toward china which clearly is emerging as a clear and present danger to
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the national security of the united states. stuart: i thank you got i tgh gh gh mr hmren.ger, thar,har,r,ouor inings. us.s. e you y ntk. t's go back bac tkoo thehe mt.t. neymon onheheheine h a aownn foror tor t dow d c c p r tfo nasheqdaqrodammmol solidai ee u forhe the s s&ps as a we we hahadpe s peli singaying theat tyre minreatat otqu,reat pessgrnnhe the t vi rvielfiealks tndhat t congss cre'teaeave withouthout a visvi rrusie rfel pfacge. th dthidthid n n a arppearear te dow very v muchhhh at att a a my hahaivenivp to t t the nasq wallltrt.neutraltr responsespoo e dss bkk 30,000.0, n pronjerond ty williln big add a store so how many stores, actually? >> about 22,000 stores in the next ten years, stuart which brings the total to around 55,000 just when he thought there was a starbucks on every corner and then after this they probably will be. starbucks better with new types
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of stores including smaller locations and ones with drive-through and curbside pickup will help to steal away more customers from the competition and in particular the new formats are aimed at reducing congestion in certain stores and reducing long lines as the theory goes can unlock more sales. it is a biannual in vesting starbucks did make better sales growth and that prompted a number of analysts to raise their price targets including what bush up to $500 and up seven dollars to 115 on a lot of bullish sentiments about starbucks. stuart: do know what we call starbucks in my house? four bucks. [laughter] that's just me. next case, you can now book a one night stay at new york's iconic toy store, fao schwarz. they are teaming up with air
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b&b. we tell you about it. we showed you this viral moment outside of california. watch it again. >> tell me that this is dangerous but right next to me, as a slap in my face, that is safe. this is safe? stuart: there you have it that's angela marsden who will join me in a moment britt i want to know if she is in revolt and has she opened up her restaurant again. i will certainly ask her after this.
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>> way beyond the headlines and dig in very deep when looking for those tunnels of information that often go unreported but mean everything to the viewer. ♪ stuart: i'm sure you remember this, left-hand side of your screen and that lady forced to close or outdoor dining facilities for which he paid $80,000. a film crew was allowed to eat outside steps away. angela marsden is the lady and
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angela marsden joins us now. angela, welcome to the program, it is great to see you. you've been a star for one week. you been all over the media for a week. what has been a reaction to you personally? >> oh gosh, you are the first person to ask that. humbled. overwhelmed. you know, i am very, very lucky. you know, i think i will get through this. we have people from all over the world that are calling and that are sending in funds but i am surprised at, you know, we have some people that aren't happy. [laughter] it has been a whirlwind and i just really feel like you know, it's up to me to stand up and say something and try to make some change because there are so many people hurting. our tenders have reached out from new orleans and all over
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the country and the world. people are thanking me for saying something and i didn't even expect any of this but i feel like yeah. stuart: i want to know what is next? where are you going with this? would you consider defying the restrictions and opening up your 80,000-dollar outdoor dining tent? >> you know what, i actually thought it was going to do that and i called our local abc and asked them, i did not tell them who i was or that i even owned a bar but asked them if a bar opens up because right now we just want a very big thing in the los angeles court. i don't know if you know that but a judge did rule on her side and did you know that? stuart: yes, he said it was an abuse of power to shut you down like that but it is symbolic really because you've got to stay-at-home order for the government. >> right, here's my goal. to go and bring up to the
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california court and to override what the governor is doing and to get us all open because they are threatening to take our liquor license away permanently if we open and then that is not just me in this vote. i'm speaking on behalf of all bars and restaurants in california and small businesses. we don't have a lot of money and most people don't have enough to hire an attorney to open to defy and then try to get their license back later. once the media is gone if i open and defy i no longer can hold a liquor license in la county and no one cares. you know, i'm left going oh no so what do i do next, you know i mean? i'm trying to push the giant and trying to knock over the giant. sounds silly but i know. stuart: we wish you the very best of luck because we wish you well. too many people you are a hero and you stood up in the face of
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this outrageous behavior by the authorities and i think illegal behavior. i want to see you and i hope you will pursue this through the courts and get it done right. angela, i'm terribly sorry but i'm out of time. i wish i had more time because we thank you are great and come back soon. >> thank you. hold on out there. stuart: see you soon. thanks, angela. i am told that some airlines will not let you get on board if in the past you have refused to wear a mask. i believe there is a no-fly list so how many people are on this? susan: 1200 across three airlines. delta has no flight listed 700 passengers and united his name 435 and jeff bloom put 88 passengers on the banned list and america requires mask to be worn at airports and also on board. what about social distancing because we know delta has been extending the blocking of the
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middle seats of likes until march and united american southwest and jetblue have now ended that policy but it's tough going for the airlines that kept thousands and thousands of jobs and billions of dollars as a result. delta wants their staff next year to take even more unpaid leave. stuart: that's really tough. it is through no fault of their own. they did not create this virus. they didn't spread it. and yet they are shut down. susan: they got 25 billion from the government's and do think they should get more than that? stuart: i don't know but i think they should get enough to make sure their future is secure. susan: if they promised to keep the jobs, yes. they took 25 billion and they still cut tens of thousands of jobs and i didn't think that was fair. stuart: fair enough. thank you susan for today is the day, air b&b going public and right now we have an indication for price of one at $53 a share. that is extraordinary. offering price was 68. in other words, it has more than doubled they are not finished yet. we are waiting for the first
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trade we bring it to you soon as it happens and we also bring you air b&b board member who will join us after this. ♪ it's been a tough year. and now with q4 wrapping up, the north pole has to be feeling the heat. it's okay santa, let's workflow it. workflow it...? -uh-huh. just picture it... with the now platform, we'll have the company you always imagined. efficient, productive, seamless. ok, i'm in. whatever your business is facing... let's workflow it. servicenow. unlike ordinary memory want supplements-ter?
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stuart: it may be close, i'm talking about the first trade in the new stock of air b&b. what is it looking like? to be 2152 and change, they price their ipo at $58. to an early investor. venture capital funds in silicon valley and horwitz is joining us now who's a board member at air b&b. early investor here, jeff, looks like the opening price is close to 152 so why did they price it so low at 68? >> you know, we are -- it's a special company. it was valuation we priced it at was way up from early pandemic evaluations and it's hard to predict public markets. stuart: . susan: jeff, tell me about when you first met the co-owners there were cofounders of air b&b so how did you reckon eyes the opportunity with these 20 -year-old living in a shared apartment in san francisco?
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>> it's funny, when i first heard of the concept i thought it was one of the worst ideas ever heard, strangers staying in her house and i subsequently heard brian present air b&b and an investor conference and it blew me away because he was describing ebay which i managed four years but for steak and set of goods and the parallels were enormous and it just, immediately attracted me to the concept. stuart: are you a bit worried about the pushback that might come at you and others who were early investors? a lot of people will make billions of dollars and there will be pushed back to, you think? >> yeah, we are private market early-stage investors so we can't predict public markets and it is an incredibly special company so it is gratifying to see the very strong reception. susan: jeff, if it opens at 152
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that's 100 billion plus evaluation on air b&b. has that even exceeded your expectations as to where the company could go? >> our expectations in the long term are extraordinarily for this committee because it is a global -. susan: how high? >> we think air b&b among the most valuable tech companies around. stuart: most valuable companies around. i mean, you are talking well north of one at a billion, aren't you? >> you know, it's revolutionized travel and occupancy. the hotel business is a huge business and from our perspective is a better approach to that business and it's incredibly asset light and resonates with consumers seeking new experiences and resonates with consumers seeking economic empowerment so it's a special company. stuart: can you get around local laws and local rules?
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all people object when a neighboring house goes to air b&b and they hold parties all night? you will have to do that. >> you know, the company has been working really, really hard to be a good citizen in the community. the ceo is, you know, working tirelessly to be a good -- you know, prioritize all constituents not only investors but also guests, hose, communities and regulators and he is doing everything in his power to comply with local regulations. susan: jeff, you're an early investor in don't have to give me specifics but in turn of the stock you're selling not entirely cashing out today, are you? >> we are not cashing out a share but delivering long-term value of the company. stuart: 100 billion-dollar company. i don't blame you. susan: good for you. stuart: jeff, thank you for being with us today.
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i want to thank you for coming on board and asked of locke when the first trade happens. it might be around 152, we shall see. jeff jordan, a pleasure and congratulations sir. >> thank you very much. we appreciate your involvement. stuart: well done. be sure to join into the claimant count on today at 3:00 p.m. eastern, liz will be talking to air b&b ceo brian who has by that time probably be worth a great deal of money. that man is 39 years old. ouch. check that big board please. we are down one of the points, low 30,000, more varney after this. ♪ ♪ . when a hailstorm hit, he needed his insurance to get it done right, right away. . .
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stuart: this is really a very exciting day for many, many people, brian chessky especially, the ceo of airbnb. they will make the first trade fairly soon. i don't know exactly when but it is indicated to be around 153 bucks her share. the offering price was 68. in other words this brand new company in what looks like a whole new industry going public for the first time is going to double the offering price. he might even have a 100 billion-dollar company at the end of the day. that is a exciting, that is a sensation. so is this, "friday feedback."
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we want your videos. email us at varney viewers, no, i have a new pair of eyes. very difficult to see the prompter. susan: american capitalism and american innovation is what we highlight with doordash and airbnb. stuart: indeed. stuart, it is yours. neil: we'll have our own "friday feedback" here. i reviewed emails that have been submitted. i can't put them on the air. i hope you have better luck. stuart: i can. neil: i will steal some of yours. see what happens. thank you, my friend, very, very much. we're looking at a couple of developments as stuart is as well, the airbnb debut. it will be a rocket like doordash was. the debate over whether these things are excessive or the last dash. no pun intended on doordash, to hit a home run. see what i


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