good morning, it is 8:00 a.m. at facebook headquarters 11:00 a.m. on wall street. "squawk alley" is live ♪ ♪ good thursday morning. welcome to "squawk alley." i am carl quintanilla, with jon fortt. morgan brennan has the day off facebook is the top story. shares are down on pace for the worst day ever, worst one day market cap loss for a single company, shedding more than $100 million in valuation

hey guys, good to see you. let's tackle this. we have been through a lot of the metrics where they missed guidance, the stock reaction today. what does it say when 30% is a huge disappointment. >> look, it sounds like a disaster huge market cap, 20% i am laying this on wall street. this stock has gone back to where it was two months ago. come on. the stock went straight up for no reason right after the cambridge analytica scandal. expectations got way out of whack. facebook is doing the right thing. their margins are too high they have a huge opportunity going forward. mark zuckerberg is doing what he has done before which is to say you know what, we're going to invest more now, make the service better, bigger pay off later. yes, stock price is adjusting but it is not the calamity everybody is making it out to be. >> jason, i am of two mienlnds f

this there's been a magnitude of runoff on the other hand in lays 2000 apple had an earnings miss and had a huge drop and people thought this is maybe isolated to apple turns out big drops for a lot of folks. already seen trouble from netflix. are people's growth expectations just out of whack with the costs that come with growth, and maybe is this part of a new narrative emerging >> we'll see if there's contagion in faang stocks. you've had a runup, price earning ratios are getting above 30, and tiny little retreat, but big in terms of dollars. great headline $100 billion in market cap is gone a cynical person, i think henry

is being generous, they're investing in the service, perhaps they turned over a new leaf, don't want to break things like our democracy, they want to do the right thing a cynical person which would be me would look at this and say i think, you know, they're shaping their earnings, giving people the idea they're never going to make money again, expenses go through the roof because they're going to protect our democracy finally and they're going to stop hate speech and fix the fake news problem. the truth is i think they're an unstoppable juggernaut as they reach their natural awed yen yens, 100% of people online in markets like europe and the united states, what happens to revenue per year it can't keep going up with stories being a break out hit which they obviously stole 100% from snapchat, they figure out how to make stories make

money, this could be a revenue producing juggernaut i think it is all window dressing >> you think they're being dramatic, jason? >> super dramatic, super because when the mueller investigation comes out and we see how bad this is going to look, it is going to keep getting worse and worse when people discover what was done with their system to suppress voter turnout amongst people that voted for obama previously. i think it is all part of the apology tour. >> mark mavis said it was in part to convince regulators, stay off our back, let's adhere to self regulatory environment unlike europe. >> it is not that great when they're completely under fire with societal pressure and what jason is talking about, every day another 50 billion in market cap, getting richer and richer i think to jason's point they

reset expectations, they've done this before. they've been conservative as they've done it and gradually when folks realize the world isn't ending, they come back market cap in multiple, still 25 pe multiple, the company is huge 13 billion in a quarter, up 42% year over year to your earlier question, yes, growth expectations were out of whack. >> still, i am looking at a full year chart it was in the 170s 12 months ago also >> for years. >> at what point should investors take signals from what's going on with netflix and facebook and start to revalue or adjust their expectations when it comes to growth and the costs that come along with that growth is it watching amazon and its results and whether it can continue that same momentum without a heavier round of

reinvestment at a certain point you have been calling for this for years there has to be an adjustment in the way we value these things. >> i agree i also think any investor in these stocks has to be willing to put up with a few years of it is a reset, we're investing in a new product going forward. people forget with amazon ten years the stock moved sideways, they're so dumb, don't make profit, everything else. even in the runup for the last ten years for amazon, many big hard resets, the fire phone, what a bunch of idiots, stock cut in half. you have to be willing to tolerate that. >> it does leave us with a conversation about companies as henry and john said that are not valued on cash flows, they're basically call options on growth what does that mean for a company like tesla how many more companies have to reset like this? >> yeah. it's a great question. i think the enthusiasm for these stocks has been tremendous and it is a double edged sword

what's happening is they're able to buy up all their competitors and dissuade other people from competing in their markets, build up moats around them so the aggressive argument, the bull argument would be hey, these high market caps, they're putting it to use by investing, building better products, being more ambitious obviously they've gotten ahead and too many people want to buy the stocks, therefore is the growth opportunity that was here ten years ago here now, of course not multiples are too high can they sustain growth is a big question i don't know that they can if you hold them ten years, you can be sure they'll be here in ten years. and it is very probable the majority of that faang cohort will be doing well ten years from now i think if you look on one or two year basis, they're overpriced or fully priced, in ten years will look underpriced. >> again, i mean, this is something strong ceos actually

have to do this from time to time you have to be willing to take a hit on the stock to reset, reinvest if you don't, you get into the quarterly share gain which ultimately leads to collapse you can't sustain it forever that's not the way businesses grow as jason pointed out, they're in a cycle. >> 145 wouldn't be so horrible >> thanks. >> and they may not be regulated now. if they don't get regulated, are allowed to buy the next instagram or what's app, they do not want to be regulated and stopped from buying the next thing. this is a way to preemptively to be like oh my god, we tripled our spend on security. it is signaling to the regulators >> thanks. >> we're sorry >> see you soon.

earnings for comcast, parent of this network, after they reported broadband growth and record setting coverage for telemundo after the word cup julia boorstin has a look. >> comcast shares are higher after beating expectations with addition of high speed internet subscribers. they added 260,000 high speed internet subscribers 65,000 more than analysts expected with a loss of 140,000 video sub vibers in online with expectations the company's earnings of 65 cents beet forecasts fell short of the 21.86 billion they expected. 20% drop in revenue at the movie studio was compensated by 8% growth in cable tv while

broadcast tv revenues grew 7%, bolstered by telemundo broadcast of the world cup and gains in ad sales. steve burke says up front ad sales were the strongest since comcast because nbcu seven years ago. as for the decision to drop the bid for fox, ceo brian roberts explained the price was getting too high. >> it was a unique opportunity and we were very disciplined in our approach to it, but thought it was mostly about international expansion opportunity. we had regulatory belief it was approvable in the united states. we pulled back because we thought we couldn't build enough shareholder value making the price at which it seems in our judgment to be possible to buy it at which was increasing >> roberts saying they're

focused on sky acquisition, saying it is a great business that will fit well and is good use of capital back to you. >> busy day in media thanks very much the president announcing the so-called detente, the two sides working towards zero tariffs on nonindustrial goods. kayla tausche is looking at that >> part of that agreement, two sides will hold off on announcing new tariffs, that would include new u.s. auto tariffs and any eu retaliation planned in response. the aims of the dialogue, lower tariff barriers, increase exports and make changes to the world trade organization steve mnuchin says reaching those goals will take time. >> the first issue that we'll begin negotiating is to resolve steel and aluminum tariffs and retaliatory tariffs. phase one is to immediately resolve those issues the eu, i think you'll see

pieces of this roll out. it is not one major agreement, it will be pieces we agree over time. i think we're making a lot of progress >> mnuchin said this deal is different from a similar truce with china reached in may that proved to be very temporary. two weeks afterwards, they bought more soybeans and energy. mnuchin didn't comment on where things stand with china. the next target is nafta mexican officials are in town to meet with robert lighthizer. the meeting takes place at 2:00 p.m mexico is said to want a deal by september 1st when its congress reconvenes carl >> thank you very much kayla tausche. when we come back, qualcomm

withdrawing a bid for nxp. what steve mollenkopf had to say about the deal, china, and trade relations. and talk to tom farley in a minute despite facebook, dow up 150, s & p down three "squawk alley" back in a moment. are you ready to take your wifi to the next level?

then you need xfinity xfi. a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. ecb holds rates steady steve liesman is monitoring that from hq. good morning, steve.

>> good morning, carl. the euro taking a hit after the press conference i think the problem is that there wasn't much news joggy continued with the outlook for plotting change. he said no rate change until summer of 2019 end of qe on track through december growth was solid and broad based. called the u.s., eu talks a good sign 116 right now. just very quickly, the differential in interest rates is what people are focused on. you look at the u.s. and say, for example, german two year, that differential now is 328 basis points and showing no sign of change, guys. if you're not going to change the interest rate, then the u.s. looks like a much better bet for

investors, carl. >> steve, we'll watch that ecb getting buried by earnings and trade today but an important story. qualcomm terminating the bid for nxp. steve mollenkopf blamed global trade tensions during an exclusive interview last hour. >> i think we got caught up in a trade war and larger issues above the paid rate of two companies involved that said we thought it was important to bring certainty to the process, move on, and focus on things that we said we're going to drive value we had two paths forward, now we know which one we're on. >> tom farley, chairman and ceo of far point acquisition corporation. good to have you back. welcome back. >> great to be back. >> to hear a ceo say we walked into a buzz saw. >> yeah, use the passive voice, we got caught up i think qualcomm deserves a little bit of i'll call it blame

for being caught up. they were very quick to raise their hand, go surreptitiously to cfius the first customer in 1965 was nasa, then darpa a company with very close connections with the u.s. government i think they're raising the hand on the broad com deal alerted the chinese authorities or brought it to the fore. >> this is the down side of the national champion label if they look too national, then china says wait a minute, we don't need to be helping you with anything. >> that's right. i think shareholders know that, now they're going to have tough questions. go all the way back to 2011. we were coming out of the financial crisis qualcomm was at 60 bucks a share. seven years later, s & p is doubled, broad com increased

350% and it is 60 bucks a share. they had an opportunity to sell out 82 bucks, said this is bad for national security. i think shareholders say we understand, we are where we are. but what are we going to do to drive growth and value in the company. >> does this impact deal volume? does it impact pricing does it impact spreads once there's a deal announced >> it will be interesting to watch. i listened to secretary mnuchin, i liked his response to are you going to counter attack, look for opportunities to get even. and i didn't hear that in his tone i think that would be appropriate. i'm a bit empathetic with the chinese on this. i think qualcomm helped themselves out, we are a national channempion, and then turned around and said we have a transformative deal with more than half the revenue in china, please approve it and on our

deadline i am hopeful this doesn't start a broader or continue broader -- that this is a one off >> the real question for me and many investors should be does this filter through and to how 5g gets implemented. that's qualcomm's story, don't worry about nxp, we accelerated 5g deployment, our technology is in there, margins are good, everybody in snap dragon 800 is rolling out a 5g hand set in 2019 if china continues to look at qualcomm beyond mna as being some representative of the u.s., do they shut down 5g revenue opportunities for qualcomm going forward? >> great question. does china interfere with collaboration with wow way on 5g these are questions shareholders are asking look, who cpop ten, maybe the b operator in america came in with

acquisition offer, said no, trust us we're going to execute as good or better than he and his management team would, and now is the opportunity they have runway for a year to show their plans will bear fruit. >> should zte be seen as goodwill why didn't it pay off more should it matter >> i truly believe from conversations with people around the periphery, including major players, i believe the qualcomm broadcom the way the deal broke up is what led to no deal as of midnight my hope is there isn't a tit for tat and zte that marco rubio put out a tweet, let's not go back and change the situation at zte. i don't want to see escalation, i am concerned that may happen though. >> facebook, that stock taking a big dive this morning. do you see implications for highly valued technology stocks,

speculative investing in general? it is not the first one to take a dive netflix, growth numbers weren't great. should we read that through to other things or is this a facebook reset on its own? >> i should ask you, jon, you had a great take on this one thing that was most concerning to me were dave wienner's comments about one of the reasons why we're taking down that kind of revenue forecast, users are going in and changing privacy settings, reducing the amount of revenue that facebook can earn from marketing. if consumers are getting smarter about their privacy settings, then that flows through to other companies as well because facebook isn't the only company that makes money marketing off consumers' information. >> this is a remarkable chart today. i think only once in the past four years has a faang name gapped down 15%. >> i think it was netflix. >> netflix this has not happened often.

>> it is huge. $100 billion >> but they've got it to give. >> in fact they were at this price level this year. >> absolutely. tom, thanks, good to see you tom farley. president trump calling the latest move by the fcc to block a merger between sinclair and tribune, quote, disgraceful. we speak with one commissioner who disagrees. we'll be right back. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth.

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fcc chairman not bowing to pressure from president trump. the president taking to twitter, slamming the fcc decision on sinclair proposed merger with tribune media, calling it disgraceful and unfair the chairman stands by the commission's unanimous decision. >> decisions i've made haven't always been easy, so long as i have the privilege as serving as chairman of the fcc, going to

find the facts, follow the law, and call them like i see them. >> joining us now, fcc commissioner, good morning thanks for being with us >> good morning, thank you for having me. >> i find this interesting a lot of people expected this call to not be unanimous for chairman pai, they go in a different direction here what was the conversation like around this and are you surprised at the president's comments >> well, it is for months and months i have been the only one at the fcc expressing concern about sinclair's transaction with tribune. but over the last few weeks my colleagues also had concerns and we came together unanimous in the last week and decided this transaction needed to head to

administrative law judge for further information. >> what tipped it over you think into being a concern for everyone and not just for you? >> there were concerns about some transactions that they had committed to in the course of this merger and that they might not actually be full sales of stations there were also concerns about misrepresentations the company made to the agency and whether or not the company combined would wind up actually abiding by our rules, including the national television ownership cap. there were a lot of issues of fact that still needed sorting out and i felt that way for a long time and i believe my colleagues came around to the same opinion >> what's the impact you tweeted famously what's the impact when the president says something like that to the commission >> you know, i agree with a republican senator the other day that said this is not normal the fcc is an independent

agency when we review mergers like this, we need to pay attention to the facts and the law it really shouldn't be part of our inquiry asking whether or not a news company has flattered this administration. >> and commissioner, i want to change subjects briefly because i think this is also in a different media era at least would fall under the fcc jurisdiction the president has targeted twitter this morning accusing it of doing a soft ban, i forget, shadow ban on certain prominent republicans. is that the sort of issue that would or should in any way fall under the fcc's mandate and something you would take a look at >> that's outside our authority. that's above my pay grade. these all speak to issues of the first amendment, and making sure our platforms are open to voices of all kinds i don't think government should be in the business of making

content based discrimination like this. >> so in recent years the fcc has become somewhat -- i think it is a partisan talking point, whether or not the contention within the fcc has been as deep as the contention about it has become in this unanimous sinclair decision, do you have any sense of a shift in the way the commissioners are dealing with each other or in the way you're approaching issues is this a very divisive time within the fcc as it has seemed to be? >> i do my part just to look at the facts and the law and i hope my colleagues do the same. it is my goal and aim to make sure we make smart decisions that reflect the digital age and that politics don't filter into our decision-making process. >> all right

you certainly are on top of it commissioner rosenworcel, thanks for joining us. >> thank you for having me. i think we'll look at a presidential tweet a few moments ago from the president, the united states will impose large sanctions on turkey for their long time detainment of pastor andrew brunson, a great christian family man, wonderful human being, he is suffering greatly this innocent man of faith should be released immediately tough words from the president to turkey and erdogan. watch for fallout from that. seema mody is back at hq. >> i'm taking it over, seema has the day off. we will talk about european markets closing higher rallying after president trump negotiates a lot of green across the board. best day since april 5th

german automakers are leading gains. volkswagon rallying more than 4% daimler rising by more than 2% a lot of green across the board for the automakers daimler is higher despite following u.s. rivals, warning earnings would be hit by tariffs on steel and aluminum. and maker of mercedes-benz predicting arise in costs a full year after sharp drop in profit this past quarter. the french oil giant raised production target over the second time this year, accelerating its emergence from years of cost cutting initiatives. those shares up a third of 1%. nestle had a 19% jump in profit. sales first half topped analyst forecasts and exceeded last year's numbers which were the weakest for the swiss vendor since the 1990s.

nestle shares up by almost 2% for the european close back to you guys. >> thanks. let's get to sue herrera for a news update. sue? >> thank you so much, jon. here's what's happening at this hour you saw carl read the president's tweets vice president pence is weighing in as well, speaking at a religious freedom conference in washington, the vice president also says the u.s. will impose sanctions on turkey unless detained american pastor andrew brunson is released. he remains under house arrest on terror charges in turkey after being released from prison wednesday. >> to president erdogan and the turkish government, i have a message on behalf of the president of the united states of america release pastor andrew brunson now or be prepared to face the consequences a quick moving fire scorched nearly 5,000 acres, threatening

many homes the cranston fire forced evacuation of more than 2,000 homes. a suspected arsonist is believed to have started that fire and has been charged. and mixed martial arts star connor mcgregor pled guilty to disorderly conduct in exchange for five hours community service. this following melee at a new york city arena. that's the news update this hour back to "squawk alley," carl, back to you. >> sue, thank you very much. facebook is down, where does that leave the social media giant. we talk to an early investor roger mcnamee, famous critic in recent qrts.uaer dow up 138 "squawk alley" back in a moment. at the lowest price... is as easy as dates, deals, done! simply enter your destination and dates... and see all the hotels for your stay!

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facebook is dragging tech stocks lower this morning, although not the broader market. social network responsible for 70 negative points on the ndx. joining us, elevation partners co-founder, early facebook investor, now says very public critic, roger mcnamee. good to talk to you. >> carl, always good to talk to you. >> given your history with us and what you said about facebook publicly on our show and in print in recent quarters, how much of last night came as a surprise >> carl, in many ways the timing

is a surprise because the news that drove it down has been in front of us and fairly obvious for awhile the market gets a moment to go up or down, and shows today is the day to do that you know, what i encourage investors to focus on, the stock is tremendous motivator not just for those of us that are investors but employees of facebook, and the loyalty of the employees and their willingness to overlook issues like the ethnic cleansing in myanmar, issues to our election, issues related to brexit, all those things were made easier by a stock price going up like a rocket, and if the stock were to stay where it is now or to go down from here, that would

undermine over time loyalty of the employees and make facebook's situation more complicated. >> i was going to say a lot of the employees given their options, they're still in the green. >> oh, no, everybody is still in the green. everybody is still in the green. the key question is whether you believe the stock has peaked to the extent that the user count and value of users in north america has peaked which is possible but by no means certain, to the extent that has peaked, those are the most valuable markets that's going to make future increase of stock price a lot harder it is anybody's guess whether that's what's going to happen. to me, that's the core issue relative to facebook going forward which is that the employees have been willing to go along with the extraordinary, aggressive tactics of the

company and lack of concern for negative consequences. if that were the case, you get a situation like we saw at uber after the susan fowler memo and then that's the chance to really reform facebook or, you know, to move forward just depends which way it goes. >> roger, at what point should we even begin to try to read things through to broader implications for tech stocks on one hand we had alphabet earnings, didn't see the gdpr issues, those earnings were well received, youtube looks to be going strong on the other hand, netflix had some growth issues when it comes to how many people are using the service versus expectations and are the valuations for the stocks being valued on growth getting too high >> jon, i think that's the core question because when you look

first at the issues that are facebook specific and why did we not see any ripple effect inside google or ripple effects inside twitter, to me the issue on fundamental facebook has been staring us in the face for awhile relative to alphabet, the business is more diverse but the issues that are getting facebook in trouble are just as true of alphabet, they just represent a smaller part of business eventually you're going to see the market reach a level, i mean, we're ten years into this economic cycle we have rising interest rates, we have all kinds of uncertainty on global trade. from a tech perspective, those things are terrible. and you look at it and it seems to me it is a bullish sign for investors that the rest of the tech group is not responding

as a stock market person, i would say people decided this is a facebook specific problem, which may even be bullish for facebook because as we both know from the history of netflix, every couple years netflix has a setback. but in the past they've always bounced back from it maybe facebook bounces back from this one also but it is -- the world for facebook is different than it was a year ago realistically the world for google should be at least carrying some of the same issues, same for twitter we're trusting the companies with our midterm elections if those things do not go well, all these stocks have a real problem. >> roger, you talk about the sentiment for employees and shareholders and the notion of whether or not the stock has peaked are you saying you think it has? >> you know me, carl, i would never tell the market what to think about any individual

stock. what i'm saying is that business in north america in terms of a platform appears to have peaked. instagram is growing despite the issues it poses for teenagers. they have not even begun to monetize their marketplace yet facebook has a lot of levers to continue to grow to me the threat is much less to the earnings of facebook than the pe applied to it that is the country is entitled, investors are entitled to think some corporate behavior should be out of bounds that's the question we're asking facebook still has a ton of growth levers available to it. >> sure. >> and we have to see whether it gets a chance to exercise them or not. >> that might explain the way in which they're changing some of the user metrics which they talked about >> a lot of that is about

changing the subject, too, right? you have to expect that they're going to play every game in the book to get through all of that. but what company does not do that >> roger, thanks we'll check in with you soon i hope >> thanks. when we come back, going public at the nasdaq rick santelli, what are you watching >> today i watch the calendar. july 26, 2018. mario draghi six years ago said mario draghi six years ago said whateveor where you trade,at yo, you'll only pay $4.95. t takes. fidelity. open an account today.

scott walker here's what's coming up on the halftime report. how many more tech stocks need a reset after facebook's plan. we debate where the high definition flying sector heads from here. and call of the day comes from one of our own, jim leventhal. find out what the options market is telling them about stocks set to move, straight ahead, carl, about ten minutes away see you in a few >> sounds good, scott, thank you. let's get over to the cme group and the santelli exchange. good morning, rick. >> good morning, carl. six years ago today was mario draghi's big day i remember quite clearly many

believed it wasn't necessarily super scripted, maybe even a bit of it off the cuff but whatever it takes did work although there has to be an asterisk we'll get to that soon consider let's go back in time two year shots in europe was trading minus 05 you see that on the chart. that starts july 1st of 2012 it is currently trading minus 60 basis points 1.32% with boom yields on july 26, 2012 currently trading as you see 40 basis points the currency, euro versus the dollar which really i think was one of the main catalysts at the time to try to make sure that the currency of the group remained intact, 122.83. currently 116.60 you can see the markets have moved in directions that aren't

necessarily the directions mario draghi would have hoped. in the end, negative rates may prove to be a proper here's where the asterisk comes in there's no doubt all central bankers of the era, ben bernanke, mario draghi, mr. paulson in the u.s., all want to save their respective economies, i don't think there's any doubt about that the real issue is that until we get exit, it is hard to say whether it was a success in the grand scheme of things certainly it seemed to have stopped the tide, and there were big tides at the time. that isn't my definition of success. i understand those issues. in the u.s., we can debate how they bailed out banks. the real issue is how long this policy remained in place and what damage that indeed has done what companies exist today health of the banks, especially in europe today versus then.

maybe securities are acting differently. in many ways, that's more policy give you an example. one week after he said that, they introduced omt. but they scrapped it just like they scrapped but they scrapped it just like paulsen's first plans. and qe ended up taking it over the real issue is markets were saved. but the inventory of much of what saved them still hasn't been undone. jon fortt, back to you >> thank you, rick santelli. when we come back, one of the largest ipos year, up 30% plus, we heard from qualcomm yesterday, rick clemmer is going to join us as he stays on top of that story, "squawk alley" will be right back are you ready to take your wifi to the next level?

then you need xfinity xfi. a more powerful way to stay connected. it gives you super fast speeds for all your devices,

provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. not just facebook, amazon also down ahead of earnings tonight after the bell and the rest of fang hanging in there pretty well. you see netflix and alphabet and apple slightly in the green. "squawk alley" back in a moment.

chinese e-commerce pinduoduo going public raising it 1 the $36 billion making it the fourth largest ipo this year. joining us is the ceo, colin don. thanks for being with us >> hello >> so, i believe pinduoduo

loosely translated means more, more value, more fun it immediately reminded me of a couple of almost 20 years ago, m mercada. we tried this in the u.s., it didn't work so well. why is it working so well now, particularly in china over the last seven or eight years? >> well, part of the reason is because of the social network and also the mobile payment. you know, people are spending a lot of time mobile cell phones and apgs and all of those. and also, you can easily pay money using a cell phone so, this infrastructure already, these are the fundamentals for pdd's success. without that, i don't think anything could happen. >> you say in your regulatory filing if one were to close one's eyes and imagine the

future of pinduoduo would be a mix of costco and disneyland >> that's right. >> value and monentertainment combined where does the entertainment come in? i just want to make sure we don't get too far from the core of what you guys do. what are you able to do with entertainment? >> well, i'll just give you an example. for example, with pdd, you can actually farm your own orange juice. once your oranges mature, you actually get a physical box of orange this kind of experience is different than the utility of the search engine. you go there to find the thing and click out and go away. so it's pure search engine efficiency but now, you actually got something that has human emotions involved. of course, at this moment, the

things we're doing with the disneyland park is still very, very early stage we're much more in the stage of building the costco part but, in a pinduoduo pardon me, y farm, you can see the picture of what i was describing. >> colin, the u.s. seems to permeate exchanges right now did it seem the exchanges between the two countries had any impact on coming to market >> well, i think the final results will be pretty good. and i am pretty positive and confident on that. you know, even though you know the final results will be good, but sometimes, you cannot avoid the process. >> well, colin, thank you for staying up late for us

waters orange tring orange tree way into e-commerce. that's one that we've not heard of, we'll see how that develops, colin, thanks. facebook is the story. we're watching amazon, down 2% earnings after the bell. as people might remember last night, we'll see >> you got to tune into "closing bell." let's get to the judge welcome to "the halftime report." i'm scott wapner, atop trade this hour, the facebook face plant. the stock on pace for its worst day ever more than 100 billion in market cap wiped out. is it a warning sign now for all of tech? here to debate that, joe terranova, steve weiss, the brothers jon and pete are here and mike wilson, the strategist. the dow is higher but the nasdaq and facebook where we kick