good morning it is 8:00 a.m. at facebook headquarters in menlo park, california, 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ ♪ ♪ good morning welcome to "squawk alley." i am carl quintanilla with morgan brennan, jon fortt at post 9 of new york stock exchange also with us, recode co-founder

kara swisher we'll check in with her in a moment tech is being led lower by the likes of apple, facebook and others dow is currently down 182, along with other famously big momentum names, a and d, align -- >> throw in adobe. that's above 100 billion in market cap sales force not sure if you mentioned. at first glance, looks like a lot of names down most are smaller names like square and zen desk and drop box but when you note cloud names that are down, big cloud names like sales force, adobe, makes you think something else is going on. >> and gaming stocks are being crushed. fresh new 52 week lows today worth noting, nasdaq 100, big cap tech names leading that

average down, now down 5% in the past one month it has been the worst performer of the major indexes. >> the social network is under pressure the journal reports that mark zuckerberg adopted a more aggressive management style in light of the company's recent troubles reportedly told top company lieutenants earlier this year the social network was at war and planned to lead the company accordingly. paper says the new approach has driven several key executives from facebook and at times has created tensions with coo cheryl sandberg for that, we turn to kara. it was the times, now the journal. can you shine any light on the degree to which sandberg's tenure is threatened >> i don't know that it is threatened, the journal said she's worried about her tenure when i was writing about the kevin cysttron department, he talked about that war meeting. i think everybody was put off by

the declaration that it was wartime, as if he was in some godfather movie. needed a war con significant lee ari. that was problematic for a few executives and you saw departures with that attitude. this reaction to problems that were raised in "new york times" is a bad reaction, to focus on being a victim is a real problem for facebook it is not a victim, it is a player and has to take responsibility for what it does which is something i talked about for a long time. >> kara, before this year started, mark zuckerberg was saying his goal for the year was to fix facebook. i guess that's harder than learning mandarin. how is he doing? seemed like he was going in, acknowledging something was broken here. now perhaps criticism is so much that he feels like he has to focus on hitting back? >> this is something so common to facebook over the years they apologize, say they're sorry, get more aggressive

you see it, it goes way back it is quite striking and comes from mark zuckerberg i think i think what they need to do is have real self reflection. as i said 100 times before, it is a miracle mirror's work they cannot reflect on problems they caused and be transparent about it it irks some of the executives that don't want to be part of that, who want to talk about the problems it doesn't mean every problem is facebook's problem or they caused it, it is that they have to understand their role in the ecosystem and try to fix it, and they have done that with midterms they have been making moves to clean up the platform. and that's laudable. once they do it, we don't say thank you for doing that it shouldn't have been that way in the first place >> going back to "the wall street journal" report when he tells employees expect more negative coverage in the coming

months, you think what >> they're concerned with coverage versus what to fix the company. you fix things right, coverage will be great. the only reason they have bad coverage is the way things are going. they love to blame the press but the fact is they have had serious issues in the management of this company in terms of their products that needed to be fixed like fake accounts, like ad transparency, use of the russians, and they need to address that it is easy as that if they do the work, all will be forgiven eventually. they cannot sustain any criticism more than a second you wonder about the i'm sorries. i always do. i think they're not real or genuine. i think they need to do the work, stop complaining about the coverage i don't understand that reaction at all >> speaking of that, alex stamos in "the washington post" op-ed over the weekend in which he tried to spread blame across

several parties, then spoke about it to msnbc. >> mark cares a lot about his reputation, the reputation of the company, and i think that's actually one of the benefits of having a founder led company he is not responsive to short term whims of wall street. they're going to make less money from growing slower and spend a lot of money fixing the problems ido think that they're engaged on it. the real question is can they move fast enough with the bad guys >> yeah. >> that was to you, kara where is there value in that answer >> he is saying it is something that will cost money that's what i heard when he asked that question. alex is one person that is there saying we really messed up and this is going to cost money to fix. that's an adult way to address it like here's the deal i don't think he is saying it is everybody's fault as we've got

to fix it. he is saying it is great, founder led companies you can do that no matter the destrakotracs he should be responsible to the board or public or media there should be leverage on the mismanagement to get them to do the right thing. i think they are in a lot of ways i don't want to completely beat up on them, but it is an enormous task. they have to stop complaining that they're victims and understand what happened and try to fix it. >> kara, the other thing that raised an eyebrow for me is the way that mark and sheryl point to the communications team on the definers issue are we to believe thetwo top execs didn't know what external partners were doing put in charge of defending facebook's reputation, and if they didn't know, isn't that as much a problem as not paying as much attention as they should have to

the core issue in the first place? >> i'm not sure they know who was hired by the communications team, but they know now. now they're acting like someone hired them they know who hired them it would take two seconds to figure out i have a sense who it was. to me, when they did that, i was sort of disappointed i would have said as leader it is on me, period, it was my fault, not point to the communications team. that's a beleaguered communications team. they have incoming all the time. you can make bad decisions as someone lower in the food chain, to me ultimately it pops up to the top. top leaders shouldn't have tried to seek blame, they should have said this is on me, we'll figure out where it went wrong, we'll get back to you. that's the kind of thing i would have done if i was a leader. >> one last thing on this. walt mossberg tweeting about this entitled tone deaf attitude by zuckerberg and sandberg is nothing new. they birth massive fortunes --

built massive fortunes by giving out private information. their greed is wearing thin and the long con they've been running is in danger would you go near that >> i'm not quite down that road, but walt has been tough on facebook that's his big thing i think he has a point to make i don't know if i would say duped. i think people were liking what facebook had to offer, i just don't think they knew what it meant, i don't think anybody understood this is the biggest experiment in human data sharing ever, and only one person is in charge of it so that's problematic on any level i would think. >> on the flip side, there's apple. tim cook talked to axios about silicon valley sent meant, relationship with google, and coming regulations for technology >> i am not a big fan of regulation i'm a big believer in the free

market but we have to admit when the free market is not working and it hasn't worked here. i think it is inevitable there will be some level of regulation >> all right so kara, is all of this heading in cook's direction? >> yeah, it is we interviewed him in the summer where he said similar things about facebook and other places, he felt regulation was coming. i think it is good for apple in that regard, although i think in that interview they point out rightly that apple is taking lots of money from google which might have privacy -- they're all interconnected in this way, they're all making money off each other but i think tim is right, i think he has been right for a long time, banging that drum on privacy. it is good for apple to bang that drum, but he is also right. he is right. you can listen to politicians now, senator mark warner and amy

klobachar, there will be regulation we'll have to see if it is intelligent or emotional reaction to all of this. >> i am glad you brought up the relationship between apple and google i guess help us pull that apart and the idea that apple is taking billions from google, tied to their search engine. according to the interview with tim cook, putting safeguards in place in terms of privacy. >> yeah. it is interesting, tim did say i think in the interview we did this summer, i think chris hayes asked if they would take the facebook app or some big apps off if they violated terms of service, and tim said absolutely i would be surprised if they would, but it was a really interesting answer i think the question is where is everyone going to adhere to on privacy issues and who will be the one to say enough data collection is enough or find ways to make it so people have more control over data

i think that's the critical part what control do you have over data who gets to use it, who gets to make money off it, and who gets to control it. that's going to be the question of the next year in tech >> kara, you were early on all this, continue to guide us through it good to check in with you. see you soon kara swisher thanks for being with us. when we come back, nasdaq getting hammered for the third time in four days, slipping further into correction territory, down more than 1% facebook, apple, netflix leading the index lower. where do stocks go from here we look into it after the break. stay with us this isn't just any moving day.

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simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. welcome back to "squawk alley. take a look at the faang names all lower, facebook down more than 3%, hitting a fresh 52 plus week low for a closer look at tech names, bring in victor anthony and pierre feragu. good morning >> good morning. >> the sell off across the board in faang names, is it justified, the broad based nature >> for facebook, on the negative

headline news over the past week and this year, the backdrop of the china trade wars, brexit issues, the fed what they'll do for '19. i have seen these situations in the past put pressure on high multiple stocks, that's what i'm seeing it faang. facebook has some individual issues we can discuss. >> where do you stand on the stock now, facebook specifically >> listen, i like the stock. i do think i could go on and on talking about the negative headlines this year, this week, over the past year or so but i think what's most important for investors about facebook is whether or not the negative headlines puts pressure on user growth, whether users flee the platform or advertisers flee the platform. i looked at data on monthly active users, not seeing people leaving in mass. for instagram and what's app,

user growth is up. when you look at facebook in the fourth quarter, they're saying they're paying attention to negative headlines, but plan to increase the advertising budgets heading into fourth quarter, mainly because facebook is a hyper targeted platform. there's no other alternative they see that can match that >> moving on to apple, you were here november 1st. apple was at $222. you had a sell rating with price target of 165. last time i looked, it was 188 more than halfway to where your price target is, down 15%. at what point do you get positive or move to a hold clearly it is moving the direction you said >> yes thanks so remember what i said, what i was discussing in november my issue with apple was that, well, two things first one is that people can buy

a phone, firsthand phone, a group of people that is not growing any more second thing that these people like the iphone but tend to stick to it longer, refresh rates are elongating these two are explaining the weakness in iphone shipments and the second thing we discussed was the iphone x was successful 15 million buyers brought forward to refresh, and bought the iphone x normal circumstances, would have refreshed -- >> the stock is closer to where you said i wonder what should investors do now >> what investors should do now is give room for further disappointments unfortunately because if my feeling is right, expectations for second fiscal are flatter and too high both units, shipments and asps will be disappointing second

quarter. we expect shipments down 10% in that month and asp down as well it is a high end problem i recommend investors still be patient and beyond the adjustment, what's the story it will stabilize and that's a growing business everywhere. new devices, different services and growing well there at some point apple is going to become attractive again, but you have at least an additional quarter to go through before considering it >> i want to go back to comments about facebook and the fact you're seeing signs that investment is increasing with advertisers on the platform. that surprises the heck out of me i would think it would be an opportunity for google or amazon to come in and steal some market share. >> i think on google, youtube, it is resilient from the checks

i am hearing, they're certainly not losing ad dollars. i want to make that clear. listen, what's important for investors longer term on facebook, right now the stock, four app platform, close to a third of the world population, i think numbers continue to grow peruser monetization rate will grow facebook and instagram could rival youtube over time. you have the fact of option alternate route in ter-- option and also 2019 will be somewhat of a peak investment year. you have significant earnings growth after that. what most people don't talk about, in spite of heavy investments, they still generate significant free cash flow i like this amidst volatility. i made facebook my top pick in

the next year. >> before i let you both go, i want your thoughts on nvidia this is a stock just slammed after the disappointing earnings results. i got one of your reports here crypto stabbed in the back you still like the stock, why? >> i still like the stock, yes we have been through an amazing time all this crypto currency frenzy created $900 million of additional revenue for individuals in the last four quarters one thing that we didn't see coming is that half that money, $450 million actually got stuck into nvidia distribution channels that was the surprise of last thursday, for a quarter they

would barely sell mid range gpus next quarter so what happens. the whole distribution channel, retailers, wholesalers, integrators, at the moment, crypto looked like exploding, it suddenly stopped overnight now nvidia has to draw down this inventory. i am convinced it is an inventory channel correction of large magnitude, but only that and second, it creates good entry point. >> thanks for joining us when we return, a deeper dive into chips as the sector continues to struggle. amd, nvidia, micron down double

digits tj rogers is going to join us next amid the selloff in tech, take a look at worst performing stocks so far for today's session. nvidia dragging the index lower with align technology and adobe all in the red don't go anywhere. a lot more "squawk alley" straight ahead at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. whoa! presenting the iwhat's he doing? come on, let's check it out! nice. he's pretty good at this. hm! it's like a game! (gasps) woo-hoo! got it! which car should we get? all of 'em! ooh, yeah! that one! this one looks nice. yes, and yes. i like this game. i think we're winning! delivery? where? (doorbell rings) (man) it's here! what? (announcer) save $1,000 from carvana

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chip stocks moving lower today, following reports of weaker than expected iphone demand, international trade wars, falling cryptocurrency shares of nvidia alone are off close to 40% in the past six months, down 20% for the year. is there light at the end of the tunnel joining us, tj rogers. welcome back good to talk to you again.

>> hi. >> multiple head winds we talked about. which ones in your view are the most serious and what's it going to take to work off this kind of cycle? >> well, first on the macro, macro level, i watched the ticker on the semiconductor company for 34 years every day one of the things i have to tell you, i wore my tie this morning, tartans go out of style, and my wife and i like them and they come back. semi conductors go in and out of style. that's the macro view. there's always micro things, are the koreans or japanese attacking, is china going to start messing with the market. trade wars, et cetera. but basically if you look at semiconductor composite index stocks, it bottoms out in

october, november. everything shipped for christmas already. peaks out april, may number one, we are in the unfavored tartan phase and about to come back to it because the overriding factor on semi conductors which is more important than news of the day, all of which you recited, is moore's law. moore's law says that every year chips get 30% cheaper for the same function. and from my time in semi conductors, that moore's law compounded 30%, cost reduction occurred it is a factor of 300. i want to bring it home, let me apply that learning curve to cars i did a little math this morning. if cars followed the same learning curve since i got in semi conductors, you would buy a car for 100 bucks and it would go around the world 25,000 miles

on one gallon of gasoline. so it is amazing beyond belief that's still happening in the semi conductor world it may go underwater for awhile and come back. in this case i don't think we have the worry it will go down in october and stay down a year unless the economy crashes because we've got big things driving semi conductors. we're going to go to gen 5, new wave of cell phones. new frequencies are high, they carry a lot of data. unfortunately, high frequency radio doesn't go far, so you have to have a lot of stations to relay the signal. >> we talk about those long term trends all the time. i think the question is whether the curve toward the trends has flattened. investors willing to pay less

for growth in the near term. is that fair or not? >> okay. so the question is, normally i have this foolish view of stocks, buy low, sell high i didn't, truth in tigeadvertis, i own cypress. right now, the stock is, give you cypress because i know the numbers, trading 1.7 times sales, a 30 plus percent discount is it going to come back my guess it will come back by april, may in the worst case, may have a weak april, may, cruise through next year. that's a heavy hit that's a 2001, 2008 phenomenon unless we have that, overwhelming economics i'm

talking about, which include not only cell phones, cars, cars are going more electronic, way more electronic two biggest things we own are going to have a wave of electronics. that 30% a year moore's law rate will overwhelm what's in the market like i said, we're out of style now for chips. >> yeah. that's the first tartan semi conductor analogy i heard on air. like your optimism hope you'll come back soon >> thank you. and european markets just closed seema mody has today's action. >> hey, guys let's look at european stocks, closing mostly lower on-going brexit uncertainty, lower oil prices those two factors are not helping today's trade. volatile session for the british

pounld theresa may said that should end before the election of 2022. may is going to meet with the european commission president. if a draft can be concluded, a special european council is expected to be held as soon as sunday it is worth pointing out the broader downward decline in the pound this month is one reason the ftse 100 is fairing better than european stock 600 in the month of november. you see that the ftse houses a lot of the export driven companies, so they benefit from a weaker currency. some reprieve in italy where the italian banking index rallied following reports of france and germany could be set to layout plans for a limited joint eurozone budget. looking at ubi and others moving in today's trade they're down sharply from recent

highs back this summer stock of the day, renault shares down that stock hitting the lowest level in three years certainly a developing story and on tech and chips as you were just discussing, key european suppliers are coming under pressure, hurt by signs of lower than expected demand for new iphones. austrian chip maker for facial recognition sensors used in iphones, that stock is down. and sd micro is down fractionally on the day. those concerns weighing on the european tech sector, making it the worst performing sector in europe last week it was energy that led european markets to the down side >> thank you let's get to sue herera for a news update. >> good morning. thousands of people have been

asked to evacuate homes in guatemala after eruption of a volcano. that same volcano had a devastating eruption in june that killed 194 people and left at least 234 missing president trump says a full report on the death of journalist jamal khashoggi will be issued today or tomorrow. this despite reports the cia has already concluded saudi's crown prince ordered that killing. president trump called that finding very premature, end quote. in california, firefighters are making some progress against the deadly wildfires, but flames from the camp fire in the north are still spreading. total death toll has risen again. at least 80 people now confirmed dead, nearly a thousand more remain missing. cvs and wall greens being suited by florida, accused not doing enough to stem illegal

sale of opioids. cdc reports 45 people die nationally each day because of opioid overdoses you're up to date. i'll send it back downtown to you, carl. >> thank you very much, sue. look at the major averages as we go to break. d dow is down. back in a minute i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk.

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welcome back facebook ceo mark zuckerberg reportedly adopting a more aggressive leadership style as things are piling up julia boorstin joins us with facebook's bad news time line. >> as bad as things seemed since the cambridge analytica scandal in march, the headlines accelerated since second quarter earnings since then, the stock dropped 37%, amid talk of conflict in the top ranks, and criticism of mismanagement. the last day of july, facebook announced the first coordinated

inauthenticated activity ahead of elections, removing 32 pages from facebook and instagram, part of a sophisticated campaign possibly linked to russia. then they banned the my personality app, notified 4 million people their information may have been misused. september 28th, the company announces security breach around the view as feature, saying it effected up to 90 million, later saying the number was 30 million effected october 11th, the company removed 559 pages and 251 accounts tied to coordinated inauthentic behavior and november 5th, independent assessment of human rights impact of facebook in myanmar said the company wasn't doing enough to help our platform from being used to incite off line violence throughout this time, facebook grew criticism for not enforcing transparency rules around political ads, allowing illegal

drugs to be sold on the platform, and listening capabilities of the device they introduced last month. not to mention that facebook and apps are being increasingly criticized because they're considered addictive john, back to you. >> thanks. facebook adding to losses, worst day since october a few weeks ago. longest monthly losing streak ever joining us, inside.com founder and ceo, and also head of technology and media trading, joel colleena. joel, you say that headlines aside, the real reason facebook stock is down is because of performance metrics. which ones jump out as being the issue, and can instagram save the day? >> yeah. obviously the regulatory overhang and declining view on zuckerberg and management team is getting the most attention,

rightfully so from media you go back to the earnings report in july, they missed across the board what jumps out at me, we see decline in monthly active users in north america or stalling active user metrics, declining in europe, and the only reason they're seeing growth is in ashz where average revenue put user is more than the western world and instagram, they're banking on stories ramping up, probably led to the co-founder bailing on that venture, and a lot of uncertainty. the decline in popularity at the core is the heart of it. >> you talk about the reputational danger to facebook for awhile now around privacy issues the latest seems to be less about new privacy issues, more about the way management has responded internally to those things what do you make of the best way

for facebook to work its way out of this stage? >> this is a pretty serious crises shareholders no longer want to hold stock, you're seeing the stock collapse if you look at employee morale, it is low, and founders that sold to facebook, to zuckerberg, made billions of dollars, have been incredibly critical of mark zuckerberg which is incredible when you think about it. give somebody a couple billion dollars, they criticize you on the way out the door but advertisers love the platform a anecdotally, private companies i work with, it is the only game to reach users at this level of scale. one has to wonder if the fourth constituent, governments around the world, are going to put up with democracy being compromised. you put those four stakeholders

together, it is a true crisis for facebook this could be, it is possible, probable, this could be the aol peak, yahoo peak it took a decade or two for those companies to deprecate facebook is 2.5 billion people i don't think they're going anywhere and advertisers love it and will go to the platform with the lowest customer acquisition cost, but this is a crisis among executives and people that work there. people are starting to realize that net net, it is not a positive for society put it all together, you don't want to own the stock and you don't want to work at the company. that's dark when you think about it i don't know there's an easy solution other than grinding it out for the next three, four years like they did with the mobile problem they couldn't figure out mobile advertising and they figured it

out. i think it could be peak facebook right now >> joel, it seems like all of this hinges around consumers, right? and we don't necessarily see many signs that consumers are jumping off the platform monthly active users continued to grow, albeit a much slower pace if they continue to have people signing into facebook, using facebook, using the other social media accounts, doesn't that mean longer term they're able to weather the storm and continue to attract more and more advertisers and make more and more money >> potentially but i think if you go out and talk to younger generation of the population, there's increasing frustration with popularity that's why zuckerberg realized that they have to monetize, ramp up advertising on instagram stories as quickly as possible the issue is advertisements on instagram monetize at 30% lower

ratio than news feeds. there's a risk there could be a saturation problem on instagram very quickly which could turn away user base that's the million dollar question jason touched on it as well. there's increasing view the platform is becoming toxic i think a lot of people with younger kids hope that social media looks different than it currently does ten years down the road. >> you got that absolutely right. jason, the other day netflix and disney users five years down the road, i'll ask you, sandberg out, positive for the stock or negative >> that's a great question the sandberg, zuckerberg partnership has been legendary sandberg, so politically savvy, zuckerberg so ruthless in building the product that was a powerful dynamic. i think one person has to stay, one person will go

to me, it means zuckerberg stays, he is the god king, he has the power, shares, voting, probably sheryl will exit to possibly work on a political career will stock go up it shouldn't she's actually a net asset to the company. you might see some reaction that it goes up on the announcement, but i don't think long term it is good for the company at all she was the rails of the company, maybe reigning zuckerberg in a bit. i think without her there, zuckerberg could make bigger, more colossal mistakes she may have been on the edges a bit of an enabler, maybe should have put her foot down, not let him do certain tactics where they compromised people's privacy, but losing her would not be good for the company but may make the stock go up in the short term >> good insight. thanks

look at shares of another tech company falling today apple down big after the company cuts production on the latest iphones. stock down 3.5% now. now down 14.5% for the month of revember so far. mo "squawk alley" back after a quick break.

let's get to the cme group for the santelli exchange. good morning, rick. >> good morning, carl.

many equity traders and traders outside the interest rate complex, i will try the treasury second quarter to sector have been disappointed with equities. makes sense. to some extent high yield, investment especially. i know the security side on the spreads have widened but maybe not to the extent of past widenings that should have caused that. we see in various areas of the market over the last several weeks. there's a good reason to think, in my opinion, at least for 2018, that the high rates may be in place what does that do for the other markets? my cornerstone of making that statement. keeping track of open interest by speculators since the mid-'90s and pursuant to an article i wrote over the weekend reuters said the third largest, drops of interest in that time period that they've collecting

data that's pretty huge there's a technical aspect to this ten-year charts since the end of september. we have a double top we've talked about that. and the double top has taken us below 3.11, the highest yield close of the year. now let's add in the notion of the open interest and look at a big picture since 2012 i will give you a little elliott wave without getting deep in the weeds. three waves is usually the corrective so you know you'll have three big waves not only that, we have that double bottom from 2012 and 2016 at 135 which makes everything coming out of this more important. we have one, two, three. and there is your double top on the scale, 3.23. to think we're going to get a fourth wave is pretty much built

into the cards if you think rates are going up we should get a fifth wave that should carry us higher in 2019 if we go sideways there's a very good chance of pulling it down the last major double top i would think the cheapest return you're going to get on the trade will be 3% there is a good chance you could trade through it finally, the last reason, psychology the other asset classes will spark up if they think we're not going to make a higher yield close on the year and ultimately that could give the end of the wave a little upside by new year's eve jon fortt, back to you now take a look at facebook down just over 5%. "squawk alley" continues after a quick break. i am a family man.

i am a techie dad. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools

that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. the biggest losers on the ndx are names that seemingly could not go down for months and in some cases years. align, adobe and intuitive dow is down 100. we've lost an additional eight points in a hurry. presenting the internet!

whoa! what's he doing? come on, let's check it out! nice. he's pretty good at this. hm! it's like a game! (gasps) woo-hoo! got it! which car should we get? all of 'em! ooh, yeah! that one! this one looks nice. yes, and yes. i like this game. i think we're winning! delivery? where? (doorbell rings) (man) it's here! what? (announcer) save $1,000 from carvana black friday through cyber monday. then go see "ralph breaks the internet," in theatres november 21st.

take a look at facebook since the cambridge analytica story first appeared in "the times" back in march, the stock is down more than 28%. since then for a long time it looked like 140 was a level key to hold. that looks like that's in the rear-view mirror now >> a number of levels getting busted another stock that's been hot for a while, square today trading below its 200-day moving average, down almost 10% this morning. >> hasn't touched the average in

about two years. >> we mentioned adobe service now, a cloud era name down big before the holiday season might surprise some. >> retailers are selling off today. notable because of the holiday season and black friday. every sector is negative now except for utilities which is flat to the upside it's amazing how we went but it's notable it is a holiday week you could see increased volatility >> jb hunt transports, u.p.s. doing okay, hanging in there the leaders are company specific arkanic with some reporting. >> you know what else is up 2%

tesla. how about that you think risky names are down, not that one elon musk bastion of stability over to "the half" and the judge. i'm scott wapner with stocks in the midst of another sell- f sell-off, is it time for investors to face this harsh reality? stocks are already in a bear market the only question now is how long it might last it is 12:00, noon. this is "the halftime report." as we head into winter, the bear is alive, awake, and on the move today the big names that have fallen the hardest and fastest and where they go from here. we're talking wells fargo, sales force, and dow dupont to name a few all down more than 20% from recent highs plus, the new report that has apple investors selling today. "the halftimre