Stimulus deal9 and the promise of a covid vaccine. Cloud computing giant salesforce has agreed e to buy slack in a 27 billion deal. Slacks instant messaging system will position salesforce to compete with microsoft. Warner brothers announced it will release its 2021 films on hbo max at the same time they debut in theaters. On the round table, ben levisohn, carlton english and jack howe. Ben, we got pretty weak jobs numbers today, but the market shrugged it off, and everything ended up higher. Thats right, jack, everything went higher. It doesnt matter if you were maul cap or large cap, the techheavy nasdaq or the Dow Jones Industrial average, the market just went higher. That comes down to stimulus. Congress is talking again, democrats and republicans are trying to come to a deal, this is a number out there, and it looks like it could get done. If it does, it makes up for the data. Payroll number missed expectations, but people were expecting a weak number, and the weakness is really in the areas that we already knew would be weak like retail which has been hit hard by the virus. And so the market or is looking past the weak data, theyre looking past the virus, and theyre seeing a spring boost from both the vaccine and the possible stimulus package. Jack it does seem like temperatures are cooling just a little bit on capitol hill, and maybe they can compromise and make a deal. I want do you about ask you about two things, the 10year bond yield is approaching 1 , and also the dollar is weakening. Are these things at all trends in 2021 . Yeah, they really are kind of connected at this point. The dollar is coming down to really the lowest level that its been in since almost 2015. So still the 2018 level, but thats what were going to be watching, is the 2015 level. And when the dollar falls, it causes inflation to rise because prices of exports and things that we buy from other countries are going to be more expensive. Bond yields are rising because their seeing a little more inflation, and their seeing perhaps that growth coming down the pike that the equity market is pricing in too, and thats good for small caps, cyclicals and banks. If the yield curve the difference between shortterm Interest Rates and longterm Interest Rates keeps steepening, keeps getting wider, thatd be fantastic for banks which borrow short and lend long. Jack i know that carlton would love to talk about banks, but im going to ask her about this slack salesforce deal. The second largest Software Deal ever. Thats whats raising questions for salesforce. Theyre looking to compete with microsoft, and its also worth noting that slack is also looking to compete with microsoft or at least when it comes to the team product. This tieup strategically may make some sense, but it is making some analysts worrieden considering salesforce is paying 27. 7 billion for the company. Jack good news for slack employees who have stock options, those poor silicon sali folks watched zoom stocks up higher, slack was actually below where it closed on the initial Public Offering day until this deal came through. Do you think theyll do well with benioff . Marc benioff, the ceo . I think part of the platform is going to be a good move to get them in front of more potential customers and give them that reason to grow and do more. Slack does one thing very well, pa facilitate communication within a company, but it hasnt really gone much beyond that. Our colleague alex compares them to twitter can also does that one thing really well but hasnt really grown whereas zoom, you know, has really picked up on the a pandemic moment. It was able to replicate business travel, people could have these Virtual Meetings and people could connect with family members and friends during this lockdown time. Slack really hasnt found its spot outside. Jack i want to pivot to jack for more bad news for the Movie Theater business, but first, i want to remind him as well as our viewers about a prediction and a promise you made back in october. Lets hear the videotape. If you see to e a wide theater release of that movie this year, i will dress as wonder woman on the last episode of this show this year. [laughter] finish. Jack so, jack, youre lucky whoa, whoa, whoa jack wouldnt allow us to put you on air in a wonder woman costume. I didnt say anything about it couldnt go on hbo max at the same time. Didnt i stipulate that . [laughter] i mean, theres two issues here, jack. Ive got to see whether they make that costume in my size [laughter] and also im no gal georgia doe, right . Gal gadot. So lets see how its going to work. But, yeah, to your point about the news, the film slate, the entire 2021 film slate for, you know, Warner Brothers unit of at t, its going to hbo max and theaters at the same time. It was a unilateral discussion by Warner Brothers. They need to play some catchup here. Theyve got 38 million subscribe ors of that hbo max if, thats only about half the size of disney plus, half the side of the north American Unit of netflix. So analysts think that might not be a done deal. If we see much better conditions lauter next year and theres demand, theres some room for theater operators to negotiate on this. But and also a itll come down to disney, right . Disney dominates the box office. Whatever disney leads, hollywood is likely to follow. The two rusks, in the near term, theres a solvency risk. Theater owners have to be able to ride this out. In the long term, the more hollywood tailored its content creation for streaming, the bigger risk there wont be those big budget popcorn movies ready for us. Jack yeah, i think thats fascinating. Mandalorian was a great example, now we subscribe to hbo max. Thanks very much for that, guys. Coming up, cyber monday set a record as the Biggest Online shopping day in u. S. History. What can we expect for the rest of the Holiday Season . Harley when it comes to autism, finding the right words can be tough. Finding understanding doesnt have to be. Together, we can create a kinder, more inclusive world for the millions of people on the autism spectrum. Go to autismspeaks. Org betsy quarter mile of tinsel. Of lights. harold and real snow all the way from switzerland. betsy hmmhm. Gonna be tough to top. Well played. vo add some thrill to your wish list. At the season of audi sales event. Get exceptional offers now. Hi susan honey . Yeah . I respect that. But that cough looks pretty bad. 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Call today and well send you a 10 visa reward card with no obligation to enroll. Jack covid19 fears may have kept some hold cay shoppers out of the stores on black friday, but online sales soared with cyber monday becoming the Biggest Online shopping day in u. S. History. Shopify says worldwide sales topped 5 billion last weekend. How will the rest of the shopping season fare, and what does the future of retail look like . Joining me now, the president of shopify, harley finkel stein. You handle all the logistics from credit Card Transactions to actually shipping the packages, and its become a huge business. Market value is as large as a dozen well known Companies Put together including ebay, best buy and may citys. Harley, thanks a lot for joining us. Obviously, a much large or larger than usual shift to online shopping, but is it possible to extrapolate what that means for overall numberses . Are consumers actually spending more than last year . Well, i think theres a lot to be optimistic about. You described it well, the center of gravity for retail has shifted from instore to online. In this new model, independent businesses and the entrepreneurs behind them are going to lead the retail industry. Consumers are now voting with their wallets to buy from and vote for independent brands and brands whose values reflect their own. I actually think what we saw during the black friday cyber monday season is going to be a blueprint for what the future of retail is going to look like. Jack thats interesting. The shift to value is fascinating. Theres also some practical things that are happening. You guys put out a list of what people are buying most. It was things like keyboards. I know that, i had to get a new one because i was working on my home computer. I think the number one was art as people set up their houses because theyre spending so much time in there. It is amazing to see this shift happen. Some of the top products were scooters and needle craft patterns and bottle openers. We saw barbecues and camping equipment happen. So definitely so lets summarize this. First of all, the black friday cyber monday and the Holiday Season started much earlier. Second thing, the consumer ended up not only starting earlier, but spending a lot more. And so again, you know, theres a lot of bad things happening right now in the world of the pandemic, but there is this glimmer of hope around retail which is that the merchants and the grands that have been resill cent throughout the entire pandemic, they are beginning to cash in, and consumers like it. Jack another bit of optimism was i was surprised to see that business starts skyrocketed in the Third Quarter. I thought of that as being is so bad, but i guess, what is it, people who lost their jobs just went entrepreneurial . Two things are happening. Youre seeing people that lost their jobs are looking to supplement their income or to replace their income. Youre also seeing people at home a lot more, so it seems like a lot of folks that have to be buts are commercializing that to be by. In the United States in the Third Quarter of 2020, the largest Business Registration the amount since 2004, and a lot of those are being opened and smalled on shopify. And the neat part about Technology Like ours is you can start around your moms Kitchen Table or what you used to do at a coffee shop, and you can scale to become tommy john underwear or gym shark, some of the largest brands on the planet were built entirely on shopify. And that idea, starting and scaling on a singling platform that gives you payments, shipping and capital, is pretty amazing. And one thing that people dont really know, if you were to aggregate Shopify Stores in the United States, online stores, we would be the second Largest Online retailer in america. Jack wow. We have massive economies of scale that rather for end keeping them for ourselves, we can give to the small businesses. And that provides a leveling of the Playing Field thats never been done before. Jack we cant hit on this, but you have a new partnership with tiktok, and in the coming years people may actually be buying stuff through their social feeds which i think is a fascinating yeah. Retail everywhere whether its online, offline, social media, and shopify wants to power that. Jack harley finkelstein, thank you so much. Thanks, jack. Jack 2020 year has been a huge year for ipos, but weve got two big with ones coming, airbnb and did you know that geicos whole 15 minutes thing. That came from me. Really. My first idea was in one quarter of an hour, your savings will tower. Over you. Figuratively speaking. But thats not catchy, is it . Thats not going to swim about in your brain. So i thought, what about. 15 minutes. 15 percent. 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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. Youve 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. In a on the most reliable, pnetwork with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this Holiday Season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Jack 2020s recordbreaking year of ipos is ending with airbnb and doordash. Whats coming up in 2021 is in weve got some stories about this in barrons, more than 200 ipos already, and that doesnt include the spac that effectively do the same thing. What are the forces driving this . In some ways it seems Like Companies have realized they have a window to go public. 2019 was disappointing for companies, Companies Like slack that really were met with a shrug, but this year weve had 201 ipos, thats up 32. 2 from the 160 last year. Theyve raided 63. 9 69. 9 billion. Those are both the best since 2014, and they really are all getting out there. When you look around at whats left over, theres not that many household names. We have spacex, we have epic games, but were really running out of these Big Name Companies that can go public now. Jack jack, i want to talk about doordash which was in exactly the right time, right place at the right time when the pandemic struck. The name door bash is still available, we is just need a business model. Lets work on it. Jack lets do it. The valuation could top 30 billion based on the proposed offering range of 7585 if investors go hog wild on the stock after it starts trading, of course, the chi is the limit. Theres a lot to like about the company. The recent growth has been incredible. The companys tripling its revenues from the saw same time last year. Its also closing in on profitability. Its pretty close to sustainable profitability. One of our tech writers at bare rons, eric savage, says hes cautious on the offering. He writes that these conditions are kind of as good as it gets for doordash. Its hard to know what it will look like under normal conditions. What happens when there are vaccines, things get back to normal and were going out to restaurants, will that growth still be there. Its also a very competitive market. Theyre going to have to compete with grubhub and uber eats to get those restaurant partners. Customers dont really care, you know, like, i dont care who wrings my gyro matter to me as long as its hot and theres extra taziki hows my pronunciation there, by the way . Gyro platter . Am i nailing that one . Jack thats very good. You want to look good in that gal gadot costume, dont eat too much of those. When the pandemic hit, revenues plummeted, and now people are thug, well, actually, maybe a houses that no ones been in for a couple of days actually beats a hotel, and airbnb looks very well positioned. It definitely does. It could be one of the hottest i if, os of the year, and we have one analyst that calls it the apple of travel. Whats interesting is habit how they were automobile about how they were able to reare cover, people think about renting a room in a major metro pal tan area, but people want to get out of the big cities and rent houses in more rural areas to be away from people. Is so the economy has been able to come back as the the company has been able to come back, but people are really expecting it to really take off and compete with the more traditional hotels. You know, airbnb where its expected to price is looking a little bit more expensive thanker you know, your mare yachts and your hiltons. Its a little bit less expensive than some of these travel Companies Like your books and things like that. People do see a lot of room for this company to grow after it goes public. Jack one quick warning for viewers, you know, you might see this price, i think 50, is that right, the expected opening price, gnaws not actually what hits the tape because all sorts of people put in bids, and you can see the stock go up to 35, 1 is 00, and if you have an open market order on robin hood, you might actually pay that price instead of the other. And really one more fascinating point, its actually become the term we use for that thing, thats a powerful brand that will stand the it in good stead. Well watch that closely and talk about it next week, im sure. Thanks, guys. Up next, round table members will give their investment ideas for the coming week. Stay right there. Smooth driving pays off. With allstate, the safer you drive the more you save. You never been in better hands. Allstate. Click or call for a quote today. Birds flyin high, you know how i feel. Breeze drifting on by you know how i feel. Its a new dawn. If youve been taking copd sitting down, its time to make a stand. Start a new day with trelegy. No oncedaily copd medicine has the power to treat copd in as many ways as trelegy. With three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. It also helps prevent future flareups. Trelegy wont replace a rescue inhaler for sudden breathing problems. 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Jack jack, being a good stock picker is hard enough, but this week in your street wise column you write its actually selling stocks that investors tend to time really a badly. Yeah. And, you know, theres a Research Note out from the part of bank of america, and they say theres a great selling opportunity for stock investors coming up in maybe68 weeks. They think the vaccines are going to bring kind of peak positioning. Weve been riding this stimulus this year, and then as the economy opens up and investors begin to feel better, theres press need for stimulus. Think they that sometime early next year there might be a bit of a dive for the market. But there is a study that shows institutional money managers, even the pros, really say they have skill with their buying, but they stink at selling. And you dont have to be a pro. Im pretty sure i stink too. I said that stocks might dip in november, it turned out to be the best november for the stock market since 1928. Im staying put, but for people who are interested, the reasons why they might be wanting to be cautious. Jack speak of picking stocks or at least giving good ideas, we want to go to other members of the panel for their action bl ideas. Carlton, i will start with you. Yeah. Is so we were just talking about ipos in the last segment, and im looking at the Renaissance Capital ipo etf. Understandably, a lot of companies are nervous, this is one way to get diversity case, not to mention if people cant afford to invest in every ipo Opportunity Way they want to. It holds newry epublic company for about two years, so you would have exposure to the next zoom if you were to invest in it. Jack thanks for that. And, ben, you think it might be time to take a flyer on the recovery of the airline business. Thats right. I was looking at boeing. This week it cut a 737 max order, something it it hasnt gotten for a very long time. And its now up 50 this month. Its still down 30 on this year. I wouldnt be vised to see it get back to unchanged on the year. Its 232 now, that would mean getting up to about 300. Jack one day we will be flying regularly again. Great ideas, all of you. To read america check out this weeks edition at barrons. Com, and dont forget to follow us on barrons online. Be healthy, wear your mask, and we will see you next week on from the fox studios in new york city, this is maria bartiromos wall street. Maria and happy weekend, everybody, welcome to the program that analyzes the week that was and helps position you for the week ahead. Im maria bartiromo. Thanks for joining us. Coming up, my oneonone with white house economic adviser larry kudlow on the efforts to get a covid relief bill passed before the holidays. Then later, don peebles is here to talk about the crippling effect new covid restrictions could have on the recovery. But first, lets take a look back at some of the big moments with top