good morning, it is 8:00 a.m. at amazon headquarters in seattle, 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ ♪ california knows how to party ♪ california knows how to party ♪ in the city ♪ in the city. good monday morning. i am carl quintanilla with morgan brennan at post 9 at the new york stock exchange. jon fortt is out west. going to be a busy week for jon

and the company. we begin with tech stocks. market volatility continues, sectors up a percent, looks to break a three week losing streak, longest since june of '16 sectors up 11% for the year. alphabet, amazon, microsoft report earnings this week. a lot of them thursday joining us from palo alto, roger mcnamee. good morning good to see you again. >> carl, always a pleasure, my friend. >> a lot of reprising going on here -- re-pricing, whether it is semis or social. in general are we paying a price for as one person said choking on too much tech earlier in the summer >> well, you know i look at the market as having been incredibly rational about all this. in a period where interest rates are beginning to rise, the tech sector in many ways is

protected, whether facebook or google, in particular, very little employment, relatively little inflation exposure, right? so i mean yet the economy is still very strong so advertising based businesses should be in pretty good shape. if it weren't for the trade war issues with china, the whole sector would look dramatically better than the market as a whole. and i think that the market has been incredibly rational in adding to volatility here because earnings should be fine for the present but the outlooks are going to be more mixed in this particular quarter than they have been in the past because things are going to start to separate a bit. if you are a manufacturing company doing semi conductors, your outlook is different than if you're google or facebook >> roger, you made a key point right there, it sort of echos what was pointed out by goldman that the tech industry profit margins are twice as high as the

broader market we heard at least until recently that some of the big cap tech names, that the growth story is secular and thus they could be considered defensive names do you agree >> absolutely. morgan, i think that's a core, core point but they're not all the same i don't think you can own th blindly. when i look at facebook today, a couple of things under the surface are worth paying attention to the core facebook platform is not just mature in north america and western europe, it is undergoing cost pressure because of politics but also user behavior is changing users are much more cautious because of the onslaught of bad news in the past two years when i look at google, google is just beginning to experience that same political pressure i would expect google between the two of them to have the better relative results because

it won't be in the numbers facebook is clearly lighting a fuse under instagram and trying to monetize what's app to fill the hole, and i suspect they will be successful at doing that elsewhere it will be all over the place. >> so roger, jon fortt in san francisco, miss you, you're down there. >> welcome, jon. >> who do you see being at risk, below the top tier level, talk about the faang stocks, google, amazon, netflix, but more midcap range up and comers, what type of company do you expect to experience some more volatility, take a hit if the tech malaise continues or when it eventually sets in, let's say. >> jon, seems to me the companies that sell b to b are more exposed than b to c in the short term, so at the moment in the prior half hour there was a lot of talk on surveys of sentiment in the corporate

world, and to the extent that corporate purchasing reflects higher concerns about inflation or concerns about trade, you could imagine people that do b to b are going to have greater difficulty i think consumers are still in a buoyant economic environment, and that sector should be fine for the short term, but it all depends on the guidance people get. there are folks like tesla that have serious operational issues. i suspect they're going to give glowing guidance because that's what they do and i think investors have to judge their level of fear. the thing that's obvious to me, jon, this isn't the slam dunk close your eyes and just enjoy the ride situation it has been the last few years i think we're all going to have to buckle up a bit, plan for volatility >> roger, i wonder what you

think the set back that stocks have had, and tech has had, is having on the valuation of private companies. we're getting reported valuations of uber at 120 billion. >> yeah. >> are those numbers coming down in the aggregate as equities suffer >> i don't see it. carl, one of the things that makes me nervous about the private market is it is largely decoupled from the public market you've got facebook at 20 times earnings i mean, i don't know what you have to take out of the cost structure of uber to get to 20 times earnings, but my impression is you have to take out a lot of costs they can't get rid of i look at this, there are people that have been in the private market like the saudis that have thrown money around in huge amounts at valuations that seem to imply that the public market will take deals at whatever

valuation the private market asks, and history says that's not how it works i think the public market is incredibly smart, super disciplined about the tech stock that's taken public. i'm sure there's a price uber gets public, but i don't know that 120 is it but we'll see. who knows. if it does, that's bullish for the market, right? you can get uber public at 120 billion, everything else is worth a lot. >> do you think there's a bubble brewing in the private market now? >> i think there has been one but it has kind of come and gone, right? two years ago we had the peak of the unicorns, and a lot of them crashed and burned since then. a bunch of them turned out to be complete baloney things calmed down now they're heating up again heating up in a more narrow

base not talking about a couple hundred unicorns at monster valuations, it is a smaller list of goofy ones. i think folks putting that money are buying the perceived sure things, maybe that's businesses, but man, we've all learned over the years, there's no sure thing on valuation >> roger, you mention facebook, the social network under fire with japan, ordering the company to improve data protection several public funds call for split of zuckerberg roles of chairman and ceo times over the weekend telling the company don't look to journalists to correct all your false work and information let's start with the zuckerberg and the split role i assume you're behind that? >> well, quite candidly i think the issues here are bigger than who's the chairman, who's the ceo. i believe that kara swisher had a piece in "new york times" i think today where she's calling for having chief ethics officers

in tech companies. what facebook requires is someone in some role who sits there and recognizes it is their duty to grow into this position that they've inherited in the world where they basically dominate the public square maybe you get it from a chairman, maybe some other way honestly, it will be super hard for anybody to force facebook to make a change in the chairman role without having a lot of legal leverage which i don't see today. to me the problem is that facebook has a systemic issue in the way its algorithms and business model work. almost everything they're doing, they are doing a lot, i tip my hat particularly around elections, the efforts they're making but they're attacking individual problems as though they're unrelated to anything else and that is never going to work if you look in brazil, there's a huge scandal now going on with

what's app every time you turn over a rock, there will be something ugly under it. >> first of all, roger, seems the splitting of chairman and ceo roles at facebook is both inevitable and completely irrelevant >> exactly. >> you have cheryl sandburg acting more like a ceo than any number two in the valley i can see. she goes out, speaks for the company on the business end, on the creative end, cultural end more than any other number two i see. at the same time, you split zuckerberg into that executive chairman role like we saw bill gates do i believe at one point, larry ellison do, he still controls the company either way. if he is executive chairman and chief software architect, who cares. >> jon, i could not have said it better myself. you're not going to fix this with corporate governance, you have to change the product you have to change the business model. and they're going to fight that to the death because in order

for the problem to go away, the business has to earn the lesson. even shareholders are going to balk at that until they step back and rise, wait a minute, we may lose our democracy, we may in fact lose more than that. some of the hacks are getting so dangerous, you can imagine literally tens of millions losing real money to scammers. i mean, jon, i don't think this, not only do i notthink it is easy, i don't see how we get there except when things like antitrust regulation, changing the structure of the companies and forcing them to do business a different way. >> roger, would the acquisition of a cyber security firm help the process for facebook we got a report and information that the company could be looking to buy one would it help given that facebook is already spending a lot to address these very issues >> well, morgan i think the key

thing, it is a great press release for them it goes to jon's point a moment ago, fundamentally facebook isn't addressing the real problems but they are addressing symptoms, and they are trying to look good which is much better than google which seems absolutely determined to put a finger in the eye of every constituency in their world. so i think buying a cyber security firm will do something but it is not going to solve the problems if it does help them prevent hacks like the token theft we heard about a few weeks ago, that would be a real plus. but at the end of the day, those are symptoms of a systemic problem. they're not problems that -- you know, you can't do more than play whack a whole on promises >> roger, thanks as always if you want to hear more news on facebook, he has a new book,

zucked >> you can preorder it today, carl >> jon, as we said at the open, big week from oracle open world starting tomorrow, right >> that's right, carl. going to have mark herd, ceo of oracle tomorrow. he has a keynote from openworld today. it will be an interesting conversation i think oracle is under a type of pressure it hasn't been under for years. on one hand you have questions on what are the cloud growth drivers. investors weren't happy with the last earnings report and cloud growth then you have questions, a technical leader at oracle more than a couple of decades disappears first the company says he is taking a leave of absence and he'll be back, and all of a sudden he is not going to be back now we've gotten a fuller explanation of what led to his exit, there are all kinds of

rumors about cloud strategy. then you have the usual presentation from oracle, larry ellison expect to hear from tuesday, and talking about how much better they are from amazon and sales force. maybe throw adobe in the mix this year. how do they present all of that given some challenges that they haven't spoken to yet? mark hurd will get a chance when we sit down tomorrow we have more cloud news for end of the week when we hear from intel that normally has quite a bit to say about data center, guys. >> looking forward to it, jon. as we head to break, look at where the major averages stand the dow up and down triple digits today, currently down 95 points s&p is lower, down 5 nasdaq is the outperformer

where gen z is spending money. which stocks are undervalued more "squawk alley" after this don'gowa t ay.

welcome back to "squawk alley. some suggest the retreat in big tech is the beginning of a value rotation from growth names to cheaper ones mike santoli is with us, looking at the value trade a big column today

>> what it means to get this rotation into value and do we have the makings of that seems to me you can't have it both ways. you can't have the market having pulled back a little bit and now is ready to do a fourth quarter rally, finish strong and also have value stocks leading. doesn't seem we're at the point in the cycle that makes sense. you look at the performance spread between the s&p growth index and pure value index, statistically the cheapest stocks in the s&p 500, very big 38% over five years. the makings are there for it if you look inside that pure value eft, what do you own if you shop in value? you own the broken and disrupted. that's kind of always the case, except now it is housing, autos, every mall retailer you can think of tech waiting in this index, three stocks 3.3% of the index. xerox, hp enterprise, western digital, right so essentially you're putting

yourself in a box that says either we're going to have a growth scare in the economy, and everyone will decide the fear at the end of the cycle is premature and we ramp out of that led by stocks or if we have a come back like today, it will be tech doing. it takes a deeper downturn to have one of these shifts take hold i think that's what people have to have a reckoning with when people say they want rotation into value, i think they mean into quality, more stable growth companies, or ones that respond to earnings momentum as opposed to this is a big dominant growth company, it will be big forever. >> when you look at what dominated market and sent it higher, it has been growth and big cap tech names even if you saw rotation into value, could it power stocks higher more broadly. >> exactly the math isn't really there. 54% of the s&p is growth as far

as it is categorized if you started to say these disrupted companies aren't going to be very disrupted, how much valuation hit do you take on companies that are supposed to put them out of business >> when you say it takes a deeper downturn, how deep? >> it is not clear i think you could have something like 2015 style deep 15% correction in the s&p 500 with a lot of damage under the surface. i think the benefit for value trade is so many groups have been falling for so long, and they're so washed out in many cases, so the ingredients are there. it is just hard to see us getting to that point where that's where the money flow goes unless you've already exhausted the growth trade >> if we were to see a deeper downturn now, would folks be investing in mall retailers and xerox? >> at a price they would, but yeah you probably have to get to that

point whereit seemed like recession was a sure thing or a near miss. so i don't think we're at that point. i think you can have value do fine, but that's not going to be the thing that drives everything >> long way between proctor and xerox. >> and proctor is not really valued, so it is stable growth, traditional, it is quality maybe, but not value. >> good stuff, mike. mike santoli. mega millions aren't the only chance for hyperbolic games. we look at some gambles on small biotech lately ibb is down today on pace for the fourth straight day off lows of the session, but down about doisow1.%. w dn 66 (guard) what i've witnessed... controlled fury. freakish intelligence. wicked seduction. these endeavors will rattle your soul... and challenge the contents of your stomach.

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as we await the world record lottery drawing tomorrow, we're looking at biotech names that can offer jaw dropping return

with key catalysts on the horizon. joining us, meg terrell. >> there was a cancer research conference this weekend, investors are looking to what's next friday, a big update on alzheimer's. for clinical trials. biogen will present further evidence on their drug both company stocks sank as there was confusion over the data investors looking for more clarity friday whether they get it, could cause stock swings either direction. early next week, watch alkermes and sage therapeutics. documents come out a few days before, tuesday, watch alkermes, and wednesday watch sage whose drug would be the first approved specifically for postpartum depression meetings and votes are thursday

and friday no shortage of bio and pharma stocks to watch out of the conference in europe and other updates. bristol meyers is down after the fda extended review. smaller companies are down on data from the conference betting on biotech can be like buying a lottery ticket, there's major down side risk as well guys, back to you. >> i'm looking at moves in biotech stocks we just had a debate about shift from growth to value looking at the biotech names, how should we think about some of the moves that have taken place? >> yeah, it is negative overall coming out of the weekend. seems like expectations may have been high, and when they're not met, you see smaller names trading off. it has been a bad environment for biotech, people are more worried about risk and you see smaller names taking hits.

positives for companies like merck, but they don't move much. >> i wonder whether people think the promise is acute in cancer or heart research or alzheimer's. >> cancer is where we have seen the biggest advancements excited about the work there areas like alzheimer's are tough but makes the opportunity gigantic for a company that makes the mark coming into 2020, a long ways off, biogen has a big read in alzheimer's people are looking forward to >> funny you see some outsized moves coming out of the conferences. good to have meg help us understand in advance. thank you. speaking of hyperbolic stock moves, tilray, canopy, cronos pull back after the red hot run. cramer said that legalization in

canada would be a sell the news event. >> it has. the buzz is wearing off. i couldn't help myself. let's get to sue herera for a news update. >> good morning, morgan. good morning, everyone here is what's happening turkish investigators arrive at an istanbul car park where a vehicle belonging to the saudi consulate was found. the mercedes car abandoned by the consulate two turkish national drivers several days after journalist jamal khashoggi went missing. pakistani police say at least 19 killed, 35 injured when two buses collide, and many injured in critical condition. both buses were speeding when they collided. the israeli military shot and killed a palestinian that attempted to stab a soldier in west bank, the incident in hebron a frequent flashpoint of violence. prince harry presented with a gift of australian swimwear.

skimpy swimwear. during an interview with invictus games, he commented on me megyn saying she felt great. european markets are closing. italian budget concerns have driven the narrative willem marx is there. >> reporter: we had a cabinet meeting saturday where the government agreed on what the draft budget would look like now has to get passed to parliament they struck a conciliatory tron about the european commission. they had concerns about spending and borrowing plans. coming into the trade, moody's, downgraded italy, still kept it above junk status, crucially

outlook kept as stable, not negative gave bond prices a valley over the morning. around lunchtime, the italian economy minister in the building behind me issued formal response to the european commission concerns he said we acknowledge some of our numbers in the draft budget are not within eu rules but we need to stimulate growth we had ten years of a sluggish economy and want to change that. we need to serve some of italy's neediest people. seems to have another few days they have a chance to respond more formally. they can't reject it outright but can express more than concerns, say go back to the drawing board, make amendments, try to improve the situation >> thank you willem marx in rome. sticking with global markets, 2018 has been ugly for emerging markets, despite chinese stocks spiking

the question, should you buy now? listen to jeremy siegel this morning on ""squawk box."" >> the sell off of emerging market presented unbelievable values i will admit i have been catching the falling knife and my fingers are bloodied here, but what is it, 10, 11 pe ratio. >> morgan stanley investment head of emerging markets and chief global strategist, thanks for joining us. >> good to be back. >> what do you think of his comments do you agree >> depends what is the time horizon. if it is 5 to 7 years, yes there's a lot of value and opportunity in emerging markets. look at the data here, performance of the u.s. stock market, relative to rest of the

world, including emerging market today is close to 100 year high. that is something that's unprecedented. you have to go back to late 1920s to find out when the gap was so large in the u.s. and rest of the world in terms of market performance it seems to me this decade has been america's decade in terms of how well the stock market in america has done and for the last few years, practically nothing else in the world has done well, including emerging market, europe, japan i think that now the value is beginning to emerge internationally, if the u.s. goes down, bad market in the u.s., it is hard for everyone to escape that. if you want to set yourself up for what's going to work in the next decade after this being america's decade, many emerging markets would figure in that mix. >> how do you step into that and avoid the risks of more tumultuous middle east, protracted trade war with china.

is it latin america? where do you go first? >> i think that you go away from winners of this decade i think that there are countries in eastern europe and southeast asia and parts of latin america that suggest that's how the cycle functions. i was in mexico last week, and it is interesting in terms of what's happening in latin america that their governments have reforms, places like brazil, forced to carry out reform because their back is to the wall that's how the countries act they only reform when backs are to the wall. that sets it up for things to do well in the coming decade or so. i agree there's a lot of risk out there, the trade war, in the middle east, and the middle east is all about the oil prices spike. some markets are emerging oil from korea to india.

opportunity on a relative basis beginning to emerge because the u.s. has become so large today the u.s. share of global markets today is 55% share in the global economy is about 25%. that gap is about as large as i have seen for any country possibly with the exception of japan or something close to that in the late 1980s. >> so on paper it seems like in the past few years emerging markets should have done great they've got a growing middle class, younger populations, et cetera what's going to change in the global dynamic to make that work in the next five to seven years where it hasn't in the past versus just the fact that the u.s. has done so well for so long, it can't possibly continue another decade. >> but you know, all of this is stock and point sensitive. emerging markets had an amazing last decade. at the beginning of this decade,

my thesis, and i wrote about it, america was the true emerging market the u.s. had lagged. this decade, why emerging markets haven't done well is because they have paying for excesses of the last decade. a lot of countries took on too much debt. lot of countries didn't do enough to rein in fiscal spending and they were expensive at the beginning of the decade because of the hype surrounding emerging markets with names like bricks cycles play out. every decade you have something that captures the imagination, then it gets overhyped, they pay for it in the subsequent decade, then things begin to work. same could have been said last decade last decade did nothing simply

because of a boom in the 1990s, and because it was expensive all i am trying to say is now the opportunity seems to be coming to us for emerging markets in the next few years could do well. next few months are tricky because you have the trade war, fed is raising interest rates, world central bank that's going to have a negative effect for global equities in general. relative trade is beginning to shift. >> thank you for joining us from morgan stanley. >> thank you and coming up, it has been a whip saw in text stocks. can it whip back, can the sector break a three-week losing streak we have the answer next on quk ley.

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welcome back volatility is very much a dominant market theme, stocks swinging between ganins and losses, we begin the busiest week for earnings. slowing sales growth, 35% of the companies that reported so far have missed sales forecasts. what should your strategy be joining us, bob doll, chief equity strategist. you're not so much concerned about the top line as you are about costs being pushed up by

inflation. what's your take >> i think slowing top lines has to be paid attention to. i think of next year when i put up a yellow flag on costs and margins, consensus expectations, another double digit earner next year, i'm not sure with cost pressures from raw materials, labor, transportation, might we have some margin issues. maybe top line and bottom line after a period of time when we didn't have to worry about either, they've both been so good. >> seems like you're saying in the current quarter that's being reported, maybe even in the guide into the beginning of next year, you don't expect to see those things showing up. would you say that the market is generally fairly valuing stocks or do you expect things better than people expect >> i think we are in a trading range with stocks because

earnings picture is not all green lights, it is mixed, plus all of the under currents. we have had issues year to date. now that the earnings line is not perfect, we have to worry about these sorts of things. i think that's why it is putting the market in a sideways trading range, and as you point out, within the day some volatility within the day, today it is growth, tomorrow could be just the opposite lots of turmoil inside the market >> bob, do we need to be talking about the u.s. and china you have the axios report being referenced in terms of impacts between the two countries, the idea that the trade war is at the beginning of the beginning is this a much bigger issue for companies and for earnings and thus for stocks than the market's anticipating? >> it is very possible as earlier guests talked about, the

amount of earnings impact so far is not very big but that won't last forever china different from all of the other conceptual trade deals is a behemoth out there in my darker moments, i wonder is this well beyond trade, are we entering a cold war two, first with russia, this one with china, it is beyond trade. i think this one lasts awhile. yes, it does have implications as u.s. portfolio manager, that causes me to want to have more earnings here in the u.s. so i have less worry about that sort of impact. >> netflix is getting attention because of the $2 billion bond offering, awfully close, back to lowest level in the spring you talk about margin and balance sheet issues, how long can companies that relied on

capital markets keep going back to that wealth >> great question, carl, in the era of financial repression, i.e., interest rates near zero, lots of people have money that in a normal environment they wouldn't get money from, and i think that now will separate the good from not so good. you picked on another theme of my portfolio, make sure the cash flow is there so they can grow their business, dependence on outside capital, i want less dependence on that as the economy continues to mature. >> bob, as we head toward the holiday season, you say you don't see any signs of a recession but are there any particular metrics that you'll be looking for, whether it is the shift to online, the performance of omni channel, whether amazon and others in that space dominate? what are you watching? >> so first of all i think because the consumer is in good shape, i.e., more of us working,

some of us starting to get some raises, a savings rate that is up here rather than lower as normally is at this point in the cycle. so the backdrop for the consumer is pretty good inventories don't seem to be a big problem. so you're right. it is where are they going to shop i think the news is good overall, online will certainly get its fair share of increase this year. we'll see what happens with bricks and mortar. i think we have a good christmas season >> all right bob doll, thanks for joining us. >> thank you when we come back, it is the busiest week of earnings season. a third of the dow, a third of the s&p set to report between now and friday what to expect from names like amazon, alphetab, mcdonald's after the break. dow down 145

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teens. why the number one website may surprise you rewkll" ls aninesth the minutes.

welcome back releasing a fall survey on teen consumers, looking at what's leading the results, instagram, most used social platform. facebook and snapchat continue to slide nike leading apparel and

footwear amid the ad controversy. joining us, piper jack, senior research analyst, erin murphy. >> thanks for having me. >> we talk about millennials what are the trenlfriends of thx up and coming consumer >> it is a powerful demographic. when you look at the trends, one of the interesting trends in data, teens are spending more than they have in the past on food and eating out. that's their new way of socializing. also in video games. and then for women, beauty remains an important category for this demographic >> one of the things that jumped out is this the idea of revival of 1990s-esque brands. should i pull the doc martins

out of the closet? >> you can bring them out. we have seen retro, throw back '90s brands, tommy hilfiger, calvin klein, profiling higher in data champion definitely resurgance of what's old is new again and this is the first time this demographic is seeing it. outside that, one of the big trends is the street wear trend. brands like supreme, privately held today, or vf, those are brands that are on the rise. >> erin, they love to shop on amazon biggest surprise out of the survey, if you swapped out, said this was 45-year-old soccer moms, i would believe it they seem just like the rest of us >> yeah.

it's interesting i think there are some nuances between thinking about a gen-x versus gen-z we are seeing broader dem -- demock kraitization. multiple segments of the population embrace that. amazon, you're right to mention that 47% of teens say it is their favorite website the second one is nike that's at 5% so it is head and shoulders above other websites out there >> that's amazing. erin, is there a way to look at across categories any particular brand that either fell the most or rose the most year on year? >> yeah. the brand that rose the most year on year was vance never saw a brand rise this fast other brands that we saw pick

up, crocs, it is a brand, may make you laugh, but a brand that used to rank between 20 and 30 among teens, now number 13 among teens for footwear they're doing something different. and in terms of brands that fell the most, sperry top sider, as did michael kors. >> what did you see in nike. i take it a lot of the survey work was before the colin kaepernick controversy, but did you see anything in teen behavior that suggests one way or the other how that marketing campaign will effect teens' view of the brand or not? >> great point we did conduct the survey at the same time that was just getting out in the marketplace, but that being said, nike is still the number one apparel brand, footwear brand 41% of footwear, 22% of apparel.

saw it fall a bit. that was a rebalancing nike has fallen in vance, continued to rise. one thing i found interesting, we ask an area in the survey what's the hottest trend in school now, and among males, nike, brand jordan did start to pick up. first time you saw one potential indicator. but it is still too soon to call with this demographic. >> erin, before we let you go, i want to get your thoughts on social media usage here. it had been that snapchat was really, really popular with young adults and with teenagers, but instagram has taken over as number one according to the survey >> instagram is the most used social platform, 85% cited as such snapchat was a hair below, 84% we continue to see instagram on the rise we have seen teens when we asked

them what platform is best for brands to communicate with, instagram is number one on that question as well facebook engagement has been declining in the survey. >> erin murphy, thank you. >> thank you. piper surveys are fun to watch. >> crocs >> close to session lows dow down 170 s&p not quite session lows we're voya! we stay with you to and through retirement. i get that voya is with me through retirement, i'm just surprised it means in my kitchen. so, that means no breakfast? voya. helping you to and through retirement.

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open an account today. welcome back exciting news to share a new addition to the cnbc family, congratulations to evan faulk and his wife jill on the arrival of scarlet eve this morning, 6 pounds 11 ounces. she shares a birthday with her father as well she is not sharing it, it is her birthday for at least 17 years then maybe you can have part of it back. our best wishes to the entire family >> now that is a birthday present. oh my gosh got chills hearing about that. congratulations, guys. meantime, watching the

markets, obviously it has been a whip saw action. bears had the upper hand early in the session, gave some back, trying to get the markets back down to close to lows of the day so far >> earnings, earnings, earnings, including a number of tech companies, amazon, google, twitter, microsoft >> big day >> let's get to sully and the half. thank you, carl and morgan i am brian sullivan in for scott walker there's a lot on the agenda this monday from bottoms to tops, fundamentals to technicals we have a lot to get through >> is the bottom near? today we look at the evidence and debate the answer. plus, the top analyst on apple speaks out wall street is listening and the market may have just set up a value trap. the "halftime report" starts now. welcome.