♪ i got to get it ♪ left my wallet in el segundo ♪ left my wallet in el segundo ♪ come on ♪ let's go ♪ good thursday morning. welcome. i'm carl quintanilla a big show ahead the ceos of fitbit and zynga joining us another ipo, beyond meat the ceo will join us after the first trade. starting off with a question from our friend kara swisher can anyone tame the next internet it's the subject of her latest piece on vox arguing it's not the individual tech giants we should worry about but the underlying trends driving the companies. as facebook agrees to add

privacy provisions with the settlement with the ftc. kara joins us with john chambers who runs his own investment firm jc-2 ventures. >> carl, morgan, john. it's a pleasure. hello, kara >> hi, john. how you doing? >> great. >> set us up what is the framework of the question you are addressing today? >> i have been working on this weird powerpoint i hate powerpoints about where things are going on the internet i came up with important trends because about ten years ago or more walt mossburg and i talked about web 3.0 being about movo and the smartphone device. we got a lot right i want to get the major trends which is automation, robotics, ai, privacy issues and everything else. i wrote a giant essay on those trends essentially >> any conclusions lots of them where we are going and if we can

control the technologies that are coming we were talking about the technologies intersecting together including graphical user interface, the mobile phone. that makes it difficult. you have ai working in concert with automation and robotics working in concert with privacy issues, hacking and everything else it makes it much more difficult. the backdrop is social and political unrest it creates -- we are seeing it i'm trying to get my arms around of what we do in this situation >> are these new technologies and the potential blowback are ununintended consequences that they could create something we can control? >> i think we can. kara raised the right issue. it's how do we do it and how does business and government work together. kara and i talked about voice being free and the internet

similar fiscal cliff indication. ai and automation destroying 20 to 40% of jobs the way we know it today all of us want privacy we want the advantages of big data this is where i would give my nudges to the silicon valley leaders in large software companies about working closer together and with government if not, government will regulate regardless of your position in government they will not do a good job of it how do you work toward a common goal and make sure with privacy issues -- what happened with privacy was right but it killed the start-up industry. you have to play out the hand. >> for the first decade-plus of the commercial internet there is an assumption that openness and free stuff was good. that would lead everybody to a better place we got a lot of good stuff out of it but also bad stuff that

people don't know how to handle. we got regulatory frameworks across the globe that are different. facebook paying fines back and forth. i'm not sure things are changing what's it going to take for there to be an actual shift in the way that data flows, cultures are influenced by the revolution >> two things have to happen first let's talk about what we need to do different high tech needs to work closer with government. if you watch the internet there were equally as many things that could trip us up with the internet we worked with government leaders whether in europe, u.s., china, india, et cetera together the companies came together on common goals and said, how to we make it a win? we focused on giving back, creating more jobs than we destroyed. today's pace is three to five times what we saw in the '90s and the first decade of 2000 it's all the more reason government and businesses have to work together >> how realistic is it for

executives, hyper competitive executives in the valley to see each other as colleagues, even on a broad policy front and then we have global companies dealing with governments that are at each other's throats, too. >> they're not all the team. when we say big tech it's different, apple and microsoft versus facebook and google that's one of the problems there is commonality like privacy which is a good example of something we can all figure out the correct rules between regulators, citizens, the media and the companies. a lot of people -- look at mark zuckerberg's speech about privacy. he's suddenly saying the word 50 times. the idea that there will be a privacy czar in facebook -- i volunteer. i'm a pledge i will do that for them. >> you would keep it exciting. >> oh, my. i pity the company >> i'll show them privacy. they are being moved in this

area it's really important that we start to move the discussion over issues that protect consumers. that's my goal this is impacting society in a way that we have to think really hard about regulators regulate banks, automobiles, and it works out. it has to be done in a thoughtful way it's coming whether they like it or not >> the fun part is and if i hedge in a direction you don't want to go, morgan decided to pull me back we have to be careful on the regulations. start-ups in the u.s. while it is exciting we'll do 330 ipos this year. in the 1990s it was 400 to 750 it is exciting to create jobs at 275,000 a month. it's largely the old economy our start-ups and innovation are no longer leading here we need to have two to three times the number of start-ups.

we have to understand the consequences on small to medium businesses 80% of the jobs were small business and medium business we have to understand the future and how we bring across all of america. >> we want to talk to both of you. just getting to the fact that you are on the front lines in terms of start-ups one of the conversations coming up there was the folks on stage was the fact that the new wave of start-ups, out of the gate one of the questions is how are they working with regulators, lawmakers and helping to craft some of the next laws and next sort of boundaries around their technology and how it works in society. that was a conversation that wasn't happening ten years ago have you found it to be a change >> no. it was actually happening better 10, 20 years ago if you watch, we go to washington all the time.

we'd work with the toughest regulators we had no issues with europe we spent time with the anti-competitive regulators. they told us the problem was coming the companies didn't come together to address it the next generation of start-ups have to learn from several key players today. government doesn't want to regulate, but if we don't meet the legitimate needs of citizens and government they will the consequences can be dramatic on jobs, et cetera the start-up should be focused on this. you'll see the venture capitalists as well. it's not good for your investors. we talked about if you invested $1,000 when cisco went public, $156,000 with facebook, only $4,000 much later in the lifecycle. with google which is multiple

times cisco's volume, only $23,000. when we put regulation on large companies and their missteps the penalty for small companies is bad. >> john, you can carve those out. they have had no regulation. let's be clear most of the companies have no regulation you can protect start-ups and small companies and facilitate their innovation at the same time, hold back the large multi billion dollar companies, trillion dollar companies with enormous power. we don't need to help mark zuckerberg anymore he's fine. we have to focus on business creation and allowing businesses to thrive with giants running the show there is nothing wrong with it absolutely nothing wrong >> i agree with kara >> speaking of start-ups, big ipo day as we watch beyond meat set to go public ceo joins us following the opening trade. in the meantime adidi roy has

more on the company. hey. >> hey there, carl beyond meat pricing at $25 a share. at the top of its already boosted range making it another unicorn to test the public waters the company faces stiff competition from the likes of impossible foods and companies like tyson they are all going after the 1.3 trillion dollar global meat industry the biggest competitor is a plant-based company. impossible foods valued at a billion dollars. the impossible burger was in restaurants in asia. that includes a small number of burger king restaurants where it rolled out nationwide. also in qdoba, white castle and red robin. it's tough meeting demand. the products are at kroger to whole foods, del taco. one risk for beyond meat, the

company could face more competition from former investor tyson foods. tyson sold its stake after announcing it will be creating its own plant-based protein products there is memphis meats whose investors include tyson, cargill and it is creating meat products based on starter animal cells cultured in the lab. we'll see if investor appetite holds. back to you. >> we certainly will as we await the first trades, really any moment here aditi, thank you now to the nasdaq and frank holland is tracking the activity ahead of the trades for beyond meat's ipo >> speaking of investor appetite, so far we have had development at the nasdaq. the indicative price of the beyond meat ipo, it started at $41.10 1.6 million shares have been paired it was initially priced at $25 9.6 million shares are

available. i spoke to the nasdaq, head of ipos a short time ago. he said he's waiting on the lead junld writer, goldman sachs, to give him the word to allow the stock to be traded it became eligible around 10:45 this morning we are just holding off, waiting on the call from goldman sachs spoke to the ceo he's over there. one of the tallest people in the group. he said his dream is to be drafted into the nba that didn't happen he feels like his stock is being drafted and the higher the price goes, the higher the draft pick is a lot of excitement for the company. sales of plant-based meat. beyond meat is available at 17,000 different retail locations. also different restaurants like carl's jr. and tgi friday. many people are becoming interested in plant-based meat

sales triple year over year but the company has yet to turn a profit a lot of investor excitement the indicative price at $41.10 1.6 million shares paired. we'll watch what's going on here back to you >> if there is a game of one on one, you could guard him thank you, frank holland at the nasdaq i was thinking of you. you are the only guest who brought in crickets to eat i would think this ipo is right up his alley >> there is a transition going on at the same time. business models. beyond meat is a huge impact in terms of environmental impact. the large players have to watch their competitive peers. we talked about ag tech being one of the sections of the industry that isn't overhyped. you're seeing what would be a string of alternative protein capability i'm betting on the next wave

which will be around insect protein and a verticalzation of a new category of crop around insects. there are 16,000 crickets in a single bin being the next generation of protein. you will see start-ups and companies and hopefully with muhammed making their launch he's about 6'2". this guy is bigger interesting basketball game. >> kara, it seems something investors need to think about with something like beyond meat is scale pea protein and that's a key ingredient for beyond meat, pea crops don't scale the same way software does. there will be a limit in the amount of the crop that's available, especially with a name like tyson getting in should investors think about this as a technology company or something else >> no, it's a food company but it's food tech, ag tech.

it's an interesting area if you are thinking of milk products, plant-based milks, this is an interesting area. it is getting people to feel comfortable not eating meat and replacing it the thing that we had the impossible foods people years ago at the code conference one of the things that's interesting is it's not aimed at vegetarians, people who don't eat meat it's aimed at people who do and that's a lot of people what's interesting is if they can execute in a way they can't given how complex the meat eco-system is they can do this it will be an interesting question if people can shift their attitudes. to me that's the challenge here. not so much that they are limited in the ability to roll out these things they will be for a while whether they can convince people to use them regularly and replace meat that's why the big players, the

meat players are here. they are worried, just the way the oil people would be around solar or anything else >> we'll watch that. indicated 42 the initial range was 19 to 21 then they upped it that will get attention at the open that was great thank you. >> thanks, cara. good to see you >> thanks, john. still to come, the challenges of valuing an ipo like uber's. later the ceo of fitbit in a cnbc exclusive post earnings when you look at the critical issues facing our world, what do you see? we see a billion more people breathing free. we see access to fresh food being the global norm, not the exception. we see homes staying cooler, without the planet getting warmer. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved.

we are about a week out from uber's public debut. no closer to consensus on the true market value. leslie picker has more on the challenges of valuing uber >> we are hearing more investors and analysts complain about what's missing from uber's 400-page prospectus in trying to model out projected cash flows investors say it is more difficult than other ipos because of what they believe to be limited disclosures take for example this chart on page 114 of the prospectus in many ways this is the closest an investor will get in terms of economics on a per ride basis. you can see the trend line for gross bookings has stabilized around $9 per trip while the number of trips is climbing. there are no clear numbers to

plunk into a spreadsheet investors say they were hoping for more of a breakdown between ride sharing and uber eats they wanted a sense of how the mix changes among the regions uber operates since markets outside of the united states accounted for 74% of trips last year but tend to be less lucrative for the company. they wanted more details surrounding driver incentives. that was important to them as they try to model it out to make matters challenging uber has a sprawling business model that isn't comparable to any companies that are currently publicly traded. lyft does raid shaide sharing b that's a fraction of what uber does uber uses unique financial metrics which they call mat-cs but due to the hype and anticipation surrounding the deal when you have momentum, modelss tos tossed out the

window in the short term financials could create volatility in the stocks in weeks and months following the debut as the market tries to sort out an appropriate price for the stock. >> a lot of key questions there. retail investors take note as we await the company coming to the public market. leslie, thank you. after the break, the creator of games like words with friends and farmville out with earnings. zynga's ceo joins us next. plus, the ceo of beyond meat sits down with us after the opening trade. stay with us

well, as we await the

opening trade of beyond meat we showed you the indicative price any moment in the meantime focusing on earnings zynga games reporting a first quarter loss of $128 million with results falling short of wall street expectations the maker of games like words with friends and farmville getting a boost after upping guidance it is up nearly 50% since the start of the year. up again this morning 5.5% right now. joining us is zynga's ceo. great to speak with you. thanks for joining us >> excited to be here. >> zynga is free to play you also glean revenue from advertising. one thing that's getting buzz this morning is the fact that on the earnings call you talked about subscription services. walk us through the potential revenue stream and how it factors into the outlook for the year >> as you look at the gaming category overall, there is a lot of innovation happening whether it's the coming 5-g streaming

technologies and a lot of technology happening with business models now. you have seen big announcements from apple and google talking about subscription-based services you are starting to see conversation and experimentation around can we move from premium games and free to play games to adding a new type of business model which is subscription-based we have started to look at options inside the portfolio oh of products to see if it's possible to create a valuable relationship with players based on subscriptions as you look at the gaming business over the next several years subscriptions will be more prominent. i think the majority of the industry will be driven by premium and premium business models >> interesting i know you are partnering with snap on its gaming platform. when a company like apple says they are going to launch a streaming service or video gaming service similar news from google, are you talking to those companies, too >> absolutely. we are platform agnostic

we make and publish games. we want to go where the audience is we are good partners with apple, google we have published on facebook and recently announced our relationship with snap where there is an audience that wants to be entertained by farmville or words with friends or empires and puzzles we'll get the games in shape and be ready. >> frank, have you figured out how to engage with subscription services somebody else owns like apple arcade, for example, without breaking your game distribution mechanics for so long companies like zynga have ridden off of hit games i imagine that's harder under a subscription model >> the production model, economics related to how developers fit into subscriptions is something the big publishers have to face. i think it will be one of the challenges for how many subscription services get off the ground successfully, which ones are popular there will be a lot of title

exclusivity that comes into play about which subscription service has which title. you won't see an offering of all games on one service because of the desire for a lot of gopper s developers and publishers to have their own environment over the long term it starts to settle in. there is a lot of interesting technologies coming together now that between streaming and cross platform play combined with subscription that will lead to new offerings players will like. there is a lot to figure out about how publishers and subscription owners interact and have relationships >> zynga's roots lie with facebook a lot of early success can be attributed to that platform. i realize the company has shifted gears. you have said recently the turnaround is in full effect essentially. the distribution strategy has changed. when you look at a company like facebook, the changes it made to its platform now the increased focus on

messaging. has it had any impact on sin za? >> facebook is a platform for us to publish games we were an early publisher of games for the messenger service. we like that snap is entering the category it can be a popular platform for players. if you look at zynga, we are 95% on mobile. our largest partners are apple and google we launch free to play services that appeal to mobile gamers all over the world mobile is the largest category of games over 2.5 mobile gamers worldwide growing every day. mobile is now the largest gaming platform in the world accounting for bigger than piece and console alicombined we have games an apple, google,

facebook, snap we feel good about the momentum in the company and prospects for the industry overall going forward. >> "game of thrones," "harry potter." you have headline franchises there >> and "star wars." >> in the works. thanks for joining us on the heels of zynga's earnings. stock is up 5.5% thank you. let's get to sue herera for a up ins update >> hello, everyone here's what's happening. reilly howell is hailed as a hero by authorities after the unc charlotte student sacrificed himself to tackle the gunman who opened fire in a classroom tuesday evening. police say he charged and pinned the attacker after several rounds were fired. he managed to pin the gunman down until officers arrived. four men are accused of running a huge concert scheme trying to get investors to pay millions for shows by rihanna, bruno mars and janet jackson. in one instance the men were asking for nearly $20 million

for a show by rihanna. her team denied knowledge of the men. the scammers promised a 22% return on investment as we know, no one is happy all the time that's the message from burger king debuting the real meals promotion. time for mental health awareness month they can order the whopper meal based on how they are feeling including the blue meal and the salty meal and sophie turner and joe jonas are apparently married after a surprise ceremony in las vegas the couple exchanged vows in a ceremony led by an elvis presley impersonator of course. it's vegas turner wore a candy ring that's all the news you need to know that's the update this hour, guys back to you. >> we wish them the best >> we do absolutely >> congratulations to the happy couple not so happy now, traders in the middle of the session. the dow is down a quick 150.

s&p down 11. this might have something to do with the european close. europe has been red all day. the worst dow components are globally related utx and others speaking of the european close, simila seema has a breakdown >> some concern from the bank of england which held rates steady. they did leave the door open to future rate hikes. the central bank raises 2019 growth forecast for the uk from 1.2 to 1.5% citing better than expected growth outside of the uk in countries like u.s., the broader eurozone and china two corporate earnings stories first volkswagen profits were better than feared and the company reaffirmed the outlook helping lift shares nearly 3.3%. the company seems to be weathering the shrolowdown in

china. sales did decline. the performance fared better than daimler, its key competitor in europe. volkswagen voiced optimism about a china recovery in the second half of the year switching to big oil, shell's first quarter profits fell 7%. due partly to lower oil prices and the chemical and refining businesses that still beat forecasts as the company benefitted from higher sales of liquified natural gas and stronger training. back to you. >> seema, thank you. when we return, a beat on the top and bottom lines for fitbit. but the stock is down. ceo james park joins us exclusively on the other side of the break. we are inching closer to beyond meat's debut you can see the indicative price of $44 the ceo joins us after the open. >> announcer: the cnbc trend tracker live board is brought to you by the cme group

fitbit growing more active users and getting a boost from strong smartwatch sales. those sales up more than 100% year over year joining us in a cnbc exclusive

is james park. good morning >> good morning. >> so some questions perhaps about the selling prices for fitbit hardware down more than some people expected how much of that has to do with you trying to seed the user base for the services you have coming >> that was the strategy for q-1. we launched products to address a broader segment of users and to hit a better price point. that strategy worked we grew our active users in the first quarter. that's in advance of the launch of a premium health service we plan on launching in the second half of the year >> how much will that require. what can you tell about expectations on uptake for that. is it exclusively people who have active fitbit hardware or will it go beyond that >> i think the great thing about our business is we have over 26 million active users

that's a tremendous number of users to whom we can market this new service. we expect to attach a lot of our users to the service i think it is indicative of the momentum we see across the business as you mentioned we beat on the top line our revenue grew 10% year over year which is the first revenue growth we have seen since 2016 our smartwatch portfolio grew 117% our devices grew 36% overall we are happy with the momentum of the business >> huge growth you mentioned 117% in the smart watches. the fact that you saw renewed growth in trackers who's buying them? were you surprised to see the uptick there >> yes trackers grew 17% year over year that goes to show how innovation in a more affordable price point can drive growth in a category people were not excited about previously for us the surprise is that the

tracker category continues to resonate there is a clear segment of users who use that form factor and it is resonating well in the health care industry for the form factor, the lower price the point that's why it grew 70% in revenue. >> how do you avoid falling into a pit of marketing spend on services you can go down the line of traditional subscription service providers and the amount they spend on advertising certainly the tv can be staggering is there a recommendation or freemium model or should investors buckle in for a lot of marketing spend and service launches >> that's typical. the great thing about fitbit is we have an incredible user base of users over 26 million active users that's grown nearly every quarter. that will be a great customer

base against which we can market the premium service. >> what are the bigger opportunities here in the u.s. given the fact that health care here is so ripe for disruption or for the new technology to come in and shake things up or is it international? >> if you look at the dynamics of the health care business a lot of growth is powered by strong execution in the u.s. what surprised us is that health care is a global opportunity as we try to hit our $100 million revenue target that growth comes from the u.s. and internationally. james park after earnings, the stock at $5.12 a share thanks for joining us. >> great thank you. coming up, beyond meat set to go public at the nasdaq

the ceo joins us next. the indicative price, $44.10 waiting on the first trade any moment

here's what's coming up at the top of the hour today. we will debate the answer. plus, nancy davis is back. she called the vick's blow up

last year. she has a new warning. from nba champion to an original investor in beyond meat, john sally is here. why he put money into the company and the reason he's playing the cannabis trade all at the top of the hour on the half morgan, see you in about 15. >> that's a delicious line-up, scott. looking forward to it. let's get to the cme and rick santelli hey, rick. >> good morning, sarah most of the time technicians pay more attention to closes we have talked about it. various closes are prioritized different with time frame being the key component. a quarterly close or a monthly close is more significant than a five-minute or hourly or daily close. an intraday. toss those intraday can be important. i look at the board and see 2:33 for a two-year, 2.55 for a ten we were at 2.20 around fed q&a

time around 245 in ten years. let's go to the ten-year chart this starts beginning in 2016. why is that important? i'll tell you why. because of this right here we have talked about it. the big double bottoms in the 130s 2012 july, 2016 july at that point in time everything takes on additional meaning. let's go to it what do we always talk about double tops. double tops are very significant. let's talk about what's going on it's hard for me to believe interest rates moved down so dramatically i love my double tops and even i question the three and a quarter. could they have that much horsepower indeed they have first reason i think interest rates are probably going to continue higher, because we are waving good-bye to some of the buying elliot wave that is. wave pattern number one. pave numb number two, three, four.

theoretically from somewhere in the zone we should be getting a wave number five that will, of course, carry us in that direction. of course right around here, that bottom was a little bit above 2%, 2.04 there is an important distinction between you go to the second wave and the fourth wave the distance between them is significant if we start to trade closer and narrow the spread, that will be the difference that's in the 230s this is slightly above 2%. there's the wave pattern there is another reason to get friendly that's the way the zone works out. we have the double top 259, 262 if you carry the line forward, how significant have the areas been 259 was the last top we had that we are now going back up to challenge. what tends to happen is you block yourself out so we have the double tops and

we establish another line. the minute you break through, you create another line of congestion in this area. the minute you break through there, we have another line of congestion here. basically, we are riding the steps down the wave pattern should negate it let's keep it simple where do you start to get nervous if we trade above 260 on a closing basis. back to you. >> beyond meat set to open any moment the ceo will join us after the first trade. meantime, the dow has taken another leg lower. now down 244 points. more squo more "squawk alley" after the break. i like to make my life easy.

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so dow down 207. s&p approaching 2,900 once again. a lot of head-scratching mid-morning. let's get back to mike santoni discussing oil down $2 some very loose headlines about china trade talks, are they hitting some kind of sticking point. what's your view >> my thought is the context for all of this is very, very tentative marginal breakout to a new high that didn't have a lot of oomph behind it and now most of the market cap has reported earnings and we know what's going on there

what are we waiting around for next pow ma powell gave the ultra dubbish fans a cut so a pullback would make sense, with sentiment getting a little comfortable. i would not say overexuberant but definitely people were positioned bullishly after a good run in the market beyond that not seeing necessarily today's headlines as sharp catalysts necessarily. >> what do you see as the next catalyst, jobs report? >> it could be the jobs report i don't know how that will alter the picture that much in the absence of inflation watch if anything, we're on inflation watch for the reverse. we're looking for -- it seemed like some faction wanted powell to be more in emergency mode about shortfall in inflation i don't think we're there yet and he said he wasn't there. >> market still looking for 50 basis points by the end of next year. >> in terms of cuts.

>> yes so is suddenly holding pat too hawkish? strange turn, isn't it >> i think yesterday showed powell had no interest in trying to bridge that gap with the market i also think it makes sense to keep in mind when you're talking about horizon of six to eight months or more, talking about the implied mood in fed funds, it doesn't mean much it's not really a prediction, just leaning of the markets. it's kind of a distant best guess. i don't know if it was necessarily hau necessarily hawkish but wasn't giving you extra you don't need this but you might want it. and some people desired that >> bottom line until the bond market and fed stop fighting, it will likely be difficult for the stock market to make significant progress higher, especially at historically elevated valuations xo1 tech bubble. you go along with that >> i go along with that. i think elevated valuations, you

don't have to go all the way back to the bubble to say that's the only time we were more expensive than this because we were in 2018 to some degree but i don't think valuation is the reason you're buying at these levels more of a reason you're selling. then you have atmospherics uber coming next week. you have this sense that sellers are active because the market is giving them what they want. >> so you don't -- you're not completely disconnected from kramer's thesis that supply over the next nine days, 16 new ipos, has something to do with this? >> i don't think it's supply literally dollar for dollar that there's not enough dollars to absorb the supply. i don't think it's a straight-up scarcity of buying ability i do think though what does it mean when you have that many ipos, when sellers are that interested in hitting the markets' bid right now the psychology of it is the same exact thing as if you had a shortfall in demand. >> mike, thank you we're still waiting beyond

meat's opening trade frank holland is at the nasdaq with more on the rare display. does plant-based meat take longer to cook what's going on. >> bad joke. >> they're cooking up this ipo now. we're hearing the shares of beyond meat could begin trading just about any minute right now. you see behind me everyone is kind of gathered around the ipo team at the nasdaq now you have to remember this was priced $25 a share now it's being indicative price of $30.40. 2.2 million, and i spoke the goldman sachs underwriter in this deal, they become el vabl eligible to be traded. now about an hour later, the phone call can come just about any minute still a lot of excitement here over the prospect of this stock beginning trading. this company overall has had a strong start to 2019 sales tripled in the first

quarter of 2019 compared to the previous year. however the company has yet to make a profit. in 2018 they actually lost $30 million. a lot of speculation about the prospects of plant-based meat. here's in the nasdaq, another ipo expecting to come later this year, impossible foods we will have to wait for that call from goldman sachs and let the shares begin trading. >> all right, frank, wondering, the atmospherics at the nasdaq with the company, they probably have some plant-based meat out there. has the ceo said anything about the road to get here maybe how the conversation might have evolved as they went through this road show process >> you know, we did talk very briefly, basically he said to me, this was our dream this is a dream to create plant-based foods and sell them on the mass market he said he's gotten a lot of excitement from investors, institutional and retail investors. he feels like this ipo will have a strong showing. >> frank, we will continue to watch it with your help.

>> thank you dow is down 233. 2902 we've not been below 2,900 since april 22 t? that's the beat of tglobal markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. like.. pnc easy lock, so you can easily lock your credit card when its maximum limit differs from its vertical limit. and clover flex, for when you need to take credit cards when no one carries cash. or requesting a call to help get a new credit card-

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well, they say sell and go

away but this is crazy after the first day sell-off may 1 and now may 2, another 229 points. the s&p looks to revisit 2,900 for the first time in about a week and a half. looking for hard catalysts you can't ignore oil down $2.28. that has an impact. >> yes, we did see crude take a leg lower right around the same time stocks took a leg lower energy stocks are the worst performing sector in the s&p now. >> one thing that's not lower i would like to point out is qualcomm after earnings last night, the after-hours action it was down because of guidance but qualcomm clarified there's weakness in china they're seeing i think some people assumed apple's royalty payment to them would be lower than it had been and that was the cause of the weakness in guidance but that's not the case and it opened higher. it's been even higher than this in the session but now up more

than 1%. >> also poised to not be down when it starts trading in the coming moments is going to be beyond meat, with the indicative price there 84% currently above the $25 per share ipo pricing we saw through the bell last night. >> frank holland is going have that for the time being, worst day for dallas since march 22. for the s&p worst day only since yesterday. let's get to the judge thank you. scott wapner is it time to get cautious on the markets for the first time since '87? or the fearless fangs taking stocks to greater heights? it's 12:00 noon this is "the halftime report." >> the alarm bell is ringing. >> nobody got hurt at the register. >> is it time to take profits? the halftime investment committee weighs in with advice. plus, big moves for tesla and under armour we will debate whether they are