i am incredibly excited today to introduce an all new mac book air, with a retina display, and a whole lot more. and here it is >> good morning. it is 11:00 a.m. at apple's event and 11:00 a.m. on wall street "squawk alley" is live ♪ ♪

♪ ♪ good tuesday morning welcome to "squawk alley." i am carl quintanilla with morgan brennan volatility commanding the narrative. the dow swung 900 points in yesterday's session. tech unable to catch a break, the nasdaq on pace for the worst month in a decade. tim cook did announce new hardware products. we have full team coverage and reaction with our panel of apple guests first, bob pisani following all of the market action >> i wish we could say we're at some bottom. today's action while positive is indeterminate. look at the s&p 500. we're not getting a lot of sell pressure in the middle of the

morning. that's certainly a good sign also not getting tremendous buying interest on the up side it is sort of indeterminate on the s&p. let's go through the positives and the negative the important for a positive here, we're getting post election seasonality everybody is hopeful november and december will be a little better we are dramatically oversold in several sectors, energies and metals and still indeterminate, there are some negatives for a bottom. the vix, i know 25 is higher than it used to be, but well below 30, was well below 50 in february we haven't had a single day that touches february's high numbers. and bearish, not as elevated as february we're not at extreme levels on any of these so far. what i do, watch the stuff that's most oversold for signs of bounce.

look at energy horribly oversold. haliburton, awful. modest positives in some of them i wouldn't say it is any turnaround, but it is not going down any more. say that's still out housing related, another awful sector overall most everything at 52 week lows. masco had a bounce see if that holds. frankly nothing has held in housing for a month. this is at least a good start here finally, to metals, mining most steel stocks have been down again, good news, at least not going down dramatically but not a big turnaround let's say today is a good start for looking at the worst sectors, but still indetermined. back to you. >> thanks. tim cook taking the stage to announce a new mac book air and ipad among other hardware

products back to brooklyn and jon fortt >> reporter: interesting tact by apple. we have the new ipad pro some stats, there's an 11 inch and 12.9 inch version. 11 inch is larger than the previous generation of smaller ipad pro as i mentioned last hour, the sides are flat, no home button, leaving more room for the screen inside, the chip they do their own chip design. it is the cutting edge for chip manufacturing now. why that's important is as you get smaller in that manufacturing process, you get better power efficiency, pack more power into a chip apple positions this as a game console class performance. 8 core cpu inside.

that's the central processing unit the main chip. they say it is 35 to 90% faster, depending if you talk single core or multi core performance and interestingly they initially compared it to the x box 1 x in terms of graphic performance and followed through on that comparison bringing out the first developer to talk about it as 2 k games showing how the animations flow on the ipad pro. talking about it as work station class performance. they haven't used those words but i am it is interesting, usbc is the connecter, no longer lightning port you can charge your iphone off it, connect to a 5k monitor. it is a similar business position as we see with the iphone line. they're going bigger, premium, trying to make an argument for this as a more powerful machine than you can get elsewhere among competitors. that's good for margins.

we have to see if they can make it good for volume as well, guys >> key question, john. thank you. walter isaacson, former chairman of cnn, kevin delaney with us, dan morgan, and mike santoli. all here onset good morning to you all. walter, i would love to get your take what it means what we're seeing, love for ipad, love for mac. the optics out of brooklyn what's it telling you? >> i'm glad jon is in williamsburg it is exciting i am a fan of the old mac book air, and the mac book line that's been declining in recent years. people like me that need a small computer like that,that mac book air is going to be transformative again i was blown away, too, by the a

12 x processor being in an ipad which makes it a great device for creativity, for making movies and the apps that will be developed on top of it, that's what makes an apple product like the iphone of the ipad great, trying to guess the brilliant apps people will develop some of it will be professional. if you're on an airline, instead of having the paper for the pilot and flight crew, they now all use ipads. there are so many different things like that in every different industry from the creative industries to simply the manufacturing industries that a very powerful ipad like that will do >> kevin, here's what got my attention, pricing we were hearing maybe we would have lower priced new versions instead, mac book air, 1199. 20% increase mac mini, 799.

60% increase what is that telling us? are they taking the higher average selling price template we saw with iphones and applying it to other things >> as we said before, apple is a luxury consumer goods company at its core what you are seeing with the pricing, even on the lower end devices, they are maintaining high end pricing so they are -- the fact they finally updated mac book air which was introduced ten years ago gives something of the low end of the market. as you point out, it is a pricey low end. we saw recently they have the iphone xr, 8 hunl$800 instead o $1,000 the other take away, the other headline from today's announcement, you should invest in people that make the adapters they're shifting all devices to usbc connecters. most people don't actually have the connection cables they need to plug various devices into

that >> good point. dan, what do you make of this, especially when you look at shares of apple. they're up now a half percent, but fluctuating between gains and losses this morning. >> well, it is interesting because to me obviously these are extension of existing products with new features which is great i think it shows apple's continuing to try to drive people into their ecosystem, may not be just through the iphone but through other products i think that's the key in regards to increasing gross margins. it will be increasing the service. i think the more they add to the hardware side and extend to products they haven't added on more recently away from the phone, that will hit their vision which is to continue to drive people into higher margin services business and that's really i think the future for them in terms of continuing to post strong profit growth.

>> that was a big piece of the note yesterday and amount of services embedded in the stock price. we talk about asps, what they move on eps. that's on phones though. curious when they do it to macs. >> i don't know that it will move the numbers that much because of the volumes are not that extreme it is interesting, the way apple shares have traded it is as if the market views them as stable, like warren buffett tried to characterize apple stock is down 8.5% from its high i looked at the s&p 500, the only tech stock down less from the high is xylex and pfizer essentially the market says there's safety 200 million iphones a year, give or two, that's fine. they move the ball with incremental improvements in

other areas, buying back stock, buffett is not selling any the question is in this type of market environment, will it leave the likes of apple relatively untouched that's what we have to see. >> i am glad you brought that up, apple versus the rest of faang. walter, do you agree is that a safety play when you look at the broader landscape for big cap tech and all of the volatility in selling there? >> i think the important thing is take tech stocks and realize two types are fundamentally different. one of them is the advertising driven social media stocks like facebook, twitter and others whose market depends on advertising, harvesting consumer data i think those are deeply threatened, both because of the business model of depending on advertising is threatened and even today as i read that story in "new york times" about the

poison, vitriol on instagram, i think there's a growing distaste for those in the social media sector on the other hand, you have stocks like apple that aren't advertising driven for their revenues that are making consumer products. i think amazon is a bit oversold after the past couple of weeks because amazon is something that doesn't just depend on advertising and amazon is delivering real products and real services. so i would make that strong divide, not just call it a tech sector, make distinction between advertising driven social media sector that's in deep trouble and should be in deep trouble because of the way it effected society versus apple and amazon that make real products. >> i think it is interesting, given we have facebook tonight and cook speaking, coming off the brussels speech a couple weeks ago, i wonder how much premium apple deserves.

>> apple earnings thursday also. we will be able to follow-up that walter makes a good point. within advertising you're seeing amazon is changing the game there. we saw this in the recent earnings there was some disappointment around amazon growth rates, their advertising business is growing significantly. we saw in alphabet, google had some slight pressure on their advertising business to walter's point, the business, there's a lot of threats to businesses in the advertising, not to mention cyclical and recession concerns related to advertising, but we're seeing increasing competition between them with amazon more seriously playing in there >> do you see it as a bifurcation of the big sort of outperforming until now faang trade now and if so, where would you be buying? are you buying >> we're holding now those stocks are still on the buy list i am personally, in my accounts, waiting to see how this plays out. see what happens with the election

i want to see as you talked about earlier how the street reacts to say facebook numbers tonight and apple numbers on thursday expect good numbers from apple thursday, but we have had stocks that sold off after having good numbers. netflix. so we have to wait and see what plays out. i'm still not in the camp to hit the panic button in technology sector i think things are still strong, but obviously want to see how the market reacts, and there are overriding factors we'll get more information in the next week. >> part of that is the unknown of how much funds are still overweight in tech and equities and u.s. and how much they want to unwind it >> less overweight we know there's been a flight. there was overshoot to the up side, got too crowded. it is not clear to me that apple was in the same situation. and probably accounts for why it

held up a little better. even if you look at the analyst consensus ratings, apple had a little reserve because it is a hardware company, and because the valuation of apple has stretched to the upper side of the multi year range, i think some were uncomfortable with that that's insulating it for the moment from the worst of this. >> you look like you want to say something. >> i was going to say netflix is an interesting example to throw in the mix the market was happy with earnings and outlook, have been hammered as much as anybody else since then, despite trading up on earnings. if you look for a broader trend, netflix is an interesting company. >> one difference, netflix is the one not self financing there's a cash balance >> yes >> walter, give you the last word, not just apple specific, but you sort of lined out nicely the differences within technology, but overall your

thoughts about at least the level of innovation, what it could do to growth the next few years? >> i think we're seeing a lot of great innovation in many sectors. i think there's a fundamental weakness, financial weakness and frankly hard to say it but a moral weakness when it comes to the social media sector. the way social media led by facebook which tries to do well but is failing at it and i think that's going to cause an emotional backlash against social media along with the advertising challenges they're going to face into their business model so i think that's a thing to watch, to separate out that social media from the rest of faang, especially facebook >> we'll be looking for that tonight. thank you guys appreciate it very much. major indexes remain on volatility watch the dow is up triple digits

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welcome back all of the major indexes moving higher in another volatile session. nearly half the s&p at bear market levels.

including big tech it has been rough october for faang stocks amazon and netflix lost a quarter of value this month alone. with us now, alley mccartney, and aaron timer, good morning to you both ali, i start with you. is t is the worst over? >> we have an asymmetrical market on a lot of areas we have corporate fundamentals in the fundamentals of the economy remaining really strong. but the momentum and sentiment is negative. there doesn't seem to be anything to get the market to move on that is going to take it in a direction that i can say this is the bottom having facebook come out today is pretty meaningful, but one of the things that we haven't been talking about so much is historically what happens with midterm elections. since 1942 the year preceding

midterm elections, you have an average of 18% down in the s&p 500. following elections, 15% up. we haven't had a ton of new information in the market in the last number of weeks or months, whether it is trade or fed policy, et cetera, but we are focused on the strange minutia that is taking it more and more negative, and there's no reason to think we'll have clarity until after next week, and probably until we have something happen with chinese trade. >> trade and fed policy is not minimum you shall o minutia. >> no. but things that have come out on trade policy and from the fed are not particularly unexpected, it is focusing on small words or lack of going forward. >> i guess not unexpected, when you look at earnings reports we have gotten, it seems like some trade and tariff head winds are starting to more broadly impact u.s. companies seeing it in the industrials,

for example, that i cover. do you agree with that >> absolutely. >> do you agree with that, and also in terms of midterms, could we rally after we get results? >> i think we could absolutely rally after midterms you have traditionally seen that given how much negative sentiment there is now however, having the lowest misery index, high levels of consumer confidence, to a certain extent i would expect that >> yes, i agree with you companies are generally blaming higher labor costs, weakness in china, rising dollar, tariffs for basically what the market is viewing as peak in profit margins. having said that, last year was one for the record books in terms of earnings being very strong this year is the opposite. i view the declines in tech as a

microcosm of the market losing momentum we're in a purgatory of earnings being strong but peaking clearly there's an earnings peak at 23% year over year. at the same time, liquidity conditions tighten as the fed is intending to move to neutral which is 3% or slightly higher i liken it to eating boiled peanuts. it is not exciting after last year it is a necessary reset in the market that happened many times in the past. 2015 was this kind of market you know, the pe ratio is down yesterday at the low was 15.0 times expected earnings, down from 19.5 in january that's a 20% valuation reset with a 10% price correction in the s&p, and i'll chalk that up as a win i think that's a pretty good outcome. the market was too expensive

i think the market is doing what it should be doing it is macro oriented market, which is why you are seeing wild swings >> that's why we have you on you tweeted a week ago, i don't see a catalyst on the near term horizon for resumption of the bull market. is that including a change in course from the fed? does it rule out a great deal with china as the president said yesterday? >> well, i think we are probably still in the same bull market that started in '09. i don't see an immediate resumption of bull market until 2019 when the fed is several hikes closer to the end of its path, which as the fed has in plain spoken english has said, we're at 2, 3 is neutral, going to go to 3, 3.25, not the end of the world. if i had to worry about anything, it is china. china is caught in a vice of stronger dollar, tightening fed.

china is essentially importing our monetary policy and its economy is slogan it needs to ease, and tit is not so much about earnings and the fed, it is about what china is able to do to refacilitate economy assuming earnings growth is having into 10% year over year growth and the fed gets closer to the end, that's a recipe you buy 10% earnings growth at 15 multiple to me that's bullish scenario. but we're not there. that's why we're stuck in this range. >> thank you both for your time and thoughts let's get back to brooklyn jon fortt continues to monitor the apple hardware event jon? >> reporter: carl, we got pricing on the ipad pros we were just talking about

now, they're higher priced than the previous generation. the 11 inch version starts at 799. that compares to 649 for a previous version as i was saying, apple comparing this to consoles and positioning this as a work station they're doing that in pricing as well you can see it as reflection of the strategy they had with the iphone x x, larger screens and bigger pricing with that performance packed in. interesting they're reaching higher in that way those are available for preorder shipping in a week tim cook talked about ios 12, saying the adoption of that has been faster than any other version. that's important to developers along with the premium message, they're also sending a message that so many of the people in the installed base are on the current version of the operating system, unless able to take advantage of all features,

hardware and software that apple has built in >> all right, thank you. a lot of headlines out of brooklyn today. when we come back, apamai, surging on the back of strong q3 results. wiping out almost all losses from the month the ceo joins us when we come back dow up 188

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the gear. the gadgets. and my emotional support animals. max did you teach him puppy eyes? [ whining ] the abs. the plan. the devoted sidekick. max? and the element of surprise. [ chuckling ] [ grunting ] rated pg. good morning once again, everybody. i am sue herera. here's the cnbc news update at this hour. thousands of people evacuated as a typhoon struck the northern philippines with sustained winds of nearly 100 miles per hour it is the same typhoon that ripped through the northern mariana islands earlier this

month. in indonesia, turnbull warning the australian government to expect negative reaction from gentleman cjakart. no final decision has been made. >> australia will always make our decisions on our foreign policy based on our interests and we'll do that as a sovereign nation we'll consult, listen to others, but at the end of the day australia will always make decisions about our foreign policy on our terms and in our interests. this november in new york sotheby's will auction the only known lunar samples. three moon rocks from a mission in 1970. they remained in the private american collection since 1993 when they sold at auction for almost 442,500 bucks to be exact. you're up to date. that's the news update at this hour back to "squawk alley.

everybody needs a lunar rock, carl >> you got that right, sue thank you. >> a hot collectable these days. ibm authorizes $4 billion for stock repurchase, a couple days after they said they would suspend buy backs for 2020 and 2021 as they try to maintain their investment ratings we are watching that people are waiting for the buy back window. >> that's on top of 1.4 billion they have in terms of purchasing power. ibm down almost 2% for the week on the heels of that acquisition. and akamaj, shares on pace to wipe out losses for the month of october tom layton joins us. welcome back

>> thanks very much. >> welcome news for those watching the selloff what's driving the growth? >> obviously security is doing very well, growing 37%, year over year. now a quarter of revenue, running $700 million a year, and the best part is there's a lot of runway ahead as we pri the -- bring the enter prieprise to the market >> we are doing a great job with margins. we just reported four consecutive quarters of margin improvement. guidance for q4 will add another point to margins we are looking forward to doing that over the next couple years, achieving 30% margins by 2020. we're having fantastic progress managing costs just another anecdote, we delivered a lot more traffic

this year than last year and spent less dollars to do it, so really great work at improving profitability. profits up 47% in q3 over last year >> tom, growth this quarter in cloud security solutions, how much of that is demand fueled by some issues around security breaches, privacy issues, more discussion around better protection of consumer data. has that been driving sales there? >> yeah. all of the above there's just a lot of bad stuff taking place on the web. we have capabilities to stop a lot of it, to stop bank fraud, stop denial of service attacks, stop theft of data, and i think that's helping to drive the rapid expansion of cloud security business. >> got to get your thoughts on fortnite have you seen a bump for streaming? >> absolutely.

we had record traffic in the last quarter, growing a lot in the gaming sector for software down loads, for things like fortnite and the ott or video sector, you know, a lot of adoption there higher quality viewing by more people that drives significant traffic growth, helping fuel the strengthening of media and carrier division which grew 70% year over year. >> currency is an issue for tech companies this month, tom. i wonder how it came together for you this quarter it is always impossible to ask ceos to forecast where they think the dollar, how it will effect operations in the year ahead, but directionally do you have thoughts >> we have almost 40% of our revenue comes from offshore companies so when the dollar strengthens, that mitigates revenue expansion. that costs us a point of growth

in q3, and as we look ahead, probably more impact there we are so strong that we can overcome that and still have good revenue growth and fantastic bottom line growth and expansion of margins >> tom, before i let you go, you do business in china have you seen impact from trade tensions between that country and the u.s. >> not directly. obviously if there were to be full blown trade war, that's not good for any global company. we do business in china, help chinese companies as they deliver content outside of china, and also companies delivering content into china. we have strong relationships with major tel cos i would say we have a strong and growing business there, looking forward to future expansion. >> 15% gain, tom appreciate you coming onto talk about it

see you soon >> thank you very much coming up, tech stocks are getting crushed in october amazon and netflix are down more than 20% this month, off their lows in today's session. has faang lost its bite? we'ldiuslar isoul scs teth hr.

stocks are up this morning after yesterday's selloff, close to the highs of the session, up 286 on the dow 16 points away

volatility continues to drive the market narrative with the dow in triple digits keep your eye on the vix coming off as people look for less volatility good reason why we have some positive action today. >> speaking of volatility, take a look at shares of ge as well we have seen sharp moves following earnings today is general electric. you can see it is at lows of the day. trading with a ten handle. lowest since 2009. ge cutting quarterly dividend to a penny from 12 cents to hang onto more cash one of the first big moves from the new ceo. the conference call basically said look, i have been in the job 30 days, i'll share what i can, expect a bigger update in early 2019 he did double down on previously announced plans to spend on health care, exit baker hughes in the next few years. said the timing might change, we'll have to see. he announced reorganization of the struggling power business, two units reporting directly to

him. big focus of the call saying he is spending most time on that segment. cfo jamie miller plans on $3 billion of capital contributions in 2019. ge capital was another big focus. as that unit shrinks, they need to support capital further to achieve desired capital levels or execute strategic options around the portfolio big focus there, insurance reserves, since we'll see a fourth quarter review of that piece of the business in capital. other big headlines, no plans for equity raise, no update for guidance real strength in health care and aviation which was overshadowed by power lastly, disclosure that the sec expanded its on-going investigation to include the $22 billion charge we saw in power, and the doj is also investigating that now as well ge is cooperating. property it is unusual to see the sec and doj working together, but nonetheless i

think that coupled with the fact that much like we saw a year ago, there's a lot of uncertainty around the future of the company. now you have this tremendous dividend cut that so many folks were anticipating ahead of today, but it is still a stock widely held for the payout four cent dividend >> eighth largest dividend cut in history, according to howard silverblatt. ge accounts for three of the largest dividend cuts in corporate history. we knew it would be a kitchen sink quarter, given it is his first at the reign but the doj, sec, guidance, it all came together today. >> i think so. we have to keep an eye on that for 2019. keep your eye on the major averages close to session highs, the s&p and dow try to work back into the green for 2018

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facebook set to report after the bell one of the traders is adding to one of the names while another is selling the same one. we are going to debate where they're likely to go. nvideo has fallen.

one and list makes a call. pete najarian is buying. we'll talk more about that at noon >> we know how much things change in the middle of the day. see you then let's get to rick santelli, get the santelli exchange. >> good morning. thank you, carl. everyone is trying to understand why the funk hit the markets today is an up day it is tuesday, counter trend tuesday type move. i think the answer is easy many have been thinking it is going to happen a long time. conditions were too easy too long it really is that easy we have the real economy and the market economy, and all that time from '08 until about 2015, what happened is the real economy wasn't really built on a foundation, it was built on

straw. the market economy, however, took all the santa claus giving to central banks and monetized it up. you want to know where all of the inflation went into financial assets. now we are looking at the other side of the mountain how did we get here? debt everybody says debt. they're probably right problem is we had years and years and years of debt where nobody seemed to notice. many years, '09, '10, '11, over a trillion dollars nobody noticed because rates were low why were rates low there was no fiscal policy to speak of it was the santa claus of central banks. all of a sudden we see that we had some decent fiscal policy. you can say a lot of things about this president, whether it was the rally in 2016, '17, beginning of '18, a lot of positive fiscal activity any type of fiscal activity really ben bernanke, janet yellen were

begging for real fiscal policy the alarm clock rang, we started doing something to help the economy, the real economy, the gdp type economy now, well, gains and pains you know, you can't go forever it was always a matter of time many believe that the central banks did what they did to pull the bandaid off slowly no matter how you slice it, the growth recently in the u.s. and some parts of the globe is the real deal. it is built on things that aren't a big deal and now paying the price. many say powell, it is your fault. shoot the messenger. nobody argues with central bank santa claus, whether it is janet yellen, ben bernanke, mario draghi after every big parade, there's a guy with a broom mr. paowell was the lucky guy

with a brook what would we do, see mario draghi to put rates at minus 200 basis points yeah, that will fix everything >> rick santelli thank you. up next, more from the apple event in brooklyn. jon fortt wraps up everything you heard this morning meantime, dow is up near session highs, near 280. more after the break

dow is at session highs. one name that is helping propel that rally right now is apple, up about 1%. that event wrap up across the waterways in brooklyn. let's head out there now to jon fortt with an update. >> morgan, it is rare to see apple up on an event day often you have the sell the news effect let me put into context what we heard from apple today this will event. we expected to hear about new macs, portable macs, and also new ipads. we got that. what happened here is a recasting of the ipad. more specifically the ipad pro as a computing device primarily. apple didn't talk about tablets mow such they compared the ipad proand the i pat line to portable computers in terms ever their

power, their thin and light characteristics and popularity of course we also got a macbook air, the thin and light notebook that steve jobs pulled out of a manila envelope years ago. higher resolution on that display. miles an hour power. updated keyboard lower volume it is a smaller machine, thinner and lighter as well. i would say that the primary focus of this was the ipad pro the updated chip in that, the power that apple says is built into it. the advanced manufacturing technology that they are using in this. it is built on a seven nanometer process. i think that points forward to apple's premium argument here, similar to what we saw with the iphone with the xs and the xs mass we are going to grow

incorrelatally each if worry not growing in units we are going to great massively in markets and volume as well. we will see how it plays out in the holidays but the margin and the high end element apple is emphasizing here. >> fascinating a lot of information for apple share holders to process today jon fortt is in brooklyn seen in time, dow almost exactly erased monday's loss squawk alley continues in just a squawk alley continues in just a moment from bus tours, to breathtaking adventures, tripadvisor makes it easy to find and book amazing things to do. and you can cancel most bookings up to 24 hours in a full refund. so you can make your next trip... monumental! read reviews check hotel prices book things to do tripadvisor

highs. a bumpy ride today we were up 300 points minutes ago. look at the two day chart of the s&p, climbing back after monday's late day selloff. ge, down 8%. almost 10% today we are watching that mike santelli is back with what the afternoon might bring, along with facebook earnings one thin that struck me is consumer confidence. people are not rattled yet about rising rates or declining stocks. >> nope. that's not going to be a leading indicator but it would be coincident with the economy feeling softer with the stock

market people really taking it to heart the levels we are at in the s&p 500 we hirs first hit them in the history of humanity around thanksgiving last year you are still working with 11 months worth of a round trip and not necessarily cutting into muscle yet. >> that puts it in perspective there are data points being circulated that we see a big selloff, a pullback in stocks this month that you tend to see in end of the month rallies and repositions. >> we are down 18 of 24 days in this month not two days up in a row you are kind of sold out for the short-term and the end of the month. you have all of these mechanics. we talk about earnings, they are going to matter and take hold as a driver some day. right now it is the market reacting to itself almost. during the course of the day you have oscillations where the traders and the machines are looking for more sellers do we have any here? here

when you don't find that the market bounce as little bit. >> there is no way to move a market 900 points just on humans alone. this is heavily machine driven. >> without a doubt especially when you can't say this was a stampede out of stocks or into stocks. you are not seeing markers saying humans are making the gut decision, okay i am going to get in it is about the tactic the traders and systems finding a new range, asking do we have a floor here. >> big thing to watch? earnings >> i think it is reaction to those things does the market say the storyline of decent earnings is intact for the moment and we have beaten the stocks down so they can bounce. >> have you been struck, yesterday people noticed a down index on positive -- >> yes >> was that interesting to you. >> totally the equal weighted s&p was flat yesterday. breath was positive. in a weird way it wasn't hasn't

been hit yet where there are still profits. we are taking them down. i don't know that that's a model for how we totally climb out of this you can't have the nasdaq 100 down 2% and have the rest of the market bring up the slack. but it is an interesting process. >> buckling up for facebook tonight. let's get to the judge. >> i'm scott wapner. fable, amazon, alphabet and google all known as the fangs. the question now, is it finally time to buy? it is 12:00 noon, and this is the halftime report. >> is this the blood on the fanks investors have been waiting for? afl beth bet and facebook down 15% in a monday. amazon and netflix