and "squawk alley" is live i'm not a cat. ♪ the year of the cat ♪ ♪ ♪ ♪ she doesn't give you time for questions ♪ ♪ ♪ happy wednesday, welcome to "squawk alley," the show so good cats ask for it by name. i'm jon fortt with carl quintanilla and julia boorstin we're seeing in semis it's having an impact on industries

since our chip intake is limited we'll check in with former tiktok ceo kevin mayer, his new spac aims to keep us in. why pot stocks are surging and what reddit has to do with it and we will break down twitter's quarter after that stock pops post earnings. carl i'm really not too far away from all-time territory, it did get above 69 shares after that on the top and bottom line to spark the warning. kindred ventures, kanye, good to see you again. >> good to see you hello. >> there was so much pearl clutching post election about the disappearance of the former president from the platform and worries about engagement did dorsey do a good enough job of pushing back against last night? >> oh, man, what an unbelievable

result twitter you can't help but think of as one of the big three or big two of social media. i think great companies change the narrative ahead of the fundamentals in this case the fundamentals have caught up i think twitter has done a good job. better ad server, direct response ad. i don't know if you were watching the super bowl but if you had twitter as a second screen you would seeing ads that were really good daily active user growth has been substantively better than facebook and snap and other competitors. there's a number of product adjustments and monetization adjustments they've made that i think are better representative of where they're headed in the future >> so when you think about twitter, let's pit them against facebook, for example. in the old days i think you could argue the reputation of the platform was that it was a

little buggy there were ad platform tech issues but then they were aggressive in reining in content and stripping out hate at large. i wonder if that will be longer term against their larger rival? >> yeah. generally speaking if you can find a way to build a marketplace that can serve the largest possible audience i think you will be in a good spot not only twitter but a lot of the social media companies have had to deal with is the fringe of the minority trying to drown out the minority this is the case the majority strikes back and that's tremendous the other thing i'm really interested in about twitter in particular is the nature of the demographic and so it has creators, it has young people. probably, in my opinion, the most productive professional network for young people and so people are doing a lot of activity and twitter building their professional cred and the

creator economy is manifesting on twitter and tiktok and some of the other platforms i do think that as you think about the creator economy and the opportunity to monetize a suite, twitter is doing a wonderful job of that and continuing grow on the ad side in the traditional social media. >> kanyi, i will stick with twitter's demographic because the company warned they would have very tough comparisons in the second quarter there was such a surge of user growth in the second quarter last year as there were all these new pandemic -- >> yes, kanyi, while we're trying to get julia back, she was in mid question, i want to ask what you were saying about professionals. there is linkedin and youtube and so far i haven't really been able to see an economy in content and in reputation really building on twitter but maybe there's the possibility of some of that and some of these premium services that they seem

to be at least noodling with >> you're totally right and that's part of the reason i'm so bullish about it you think about two companies that are private, one is clubhouse, one of our portfolio investments and one is substack in the newsletter space. the most vibrant creators on twitter, a lot of them are journalists, are a time of content producers, the anchors on this show and then thinking about going direct to their audiences twitter is their primary channel today but a risk of moving off to something like clubhouse. the acquired company called breaker, they acquire squad, a company called social review, are helping them build a new audio and newsletter ecosystem to allow them to monetize those types of creators and those aren't creators particularly on youtube and really not on a

linkedin it's a place to shine especially written content. that's where i think there's a real opportunity for them and also a risk and so they have a competitive pressure that's motivating them at this point. >> the opportunity is interesting especially because with paid services and with that sort of professionalization, further professionalization of twitter, they have the opportunity to build out a credibility layer, a layer where the audiences are more curated, where identities are more verified and you don't end up with these troll armies having quite so much of an impact as they have in the past. how much time do they have to really lean into that? twitter can noodle some things without pulling the trigger. >> good point. there's two things that i think have bought them some time carl mentioned trump and he is relevant if you track the growth over twitter since he was originally elected they have seen a boone

from it and have been able to manage that boone while also, as we've seen, take more aggressive steps to content moderation. it's something they've done a good job of. their strong daus are buying them more time and then there are better ads twitter has not been a great ad monetization business despite having 100 million active users and so their opportunity to have a better ad service and monetize time it's not a lot of time they say that subscription opportunity is right around the corner, that they're going to start to roll out some of the newsletter features. i think it will behoove them to do it quickly. if you look at the revenue multiple there they're trading lower than a snap or pinterest there is a narrative they're going to have to continue to

monetize and monetize better i think this is just the beginning. >> to your point about the subscription, though, i wonder if it will be hard for this company known for being this free, open platform to convince people to pay for their services and so much competition in that space and clubhouse space trying to monetize that, via subscription as well or a tiered model. is this something twitter can approach to change their identity >> they're going to have to approach it carefully. i think there are two hints they have an opportunity to be able to approach it well. one of which jon made mention of is this verification thing the blue check mark does a lot of work for the platform and a lot of work in terms of users' ability to be able to have a safer space for themselves, their ability to monetize and promote in a different way i think there's a lot more ak it tift they can do to who gets

verified and how they engage with their audience and is reasonable in my view to attach some subscriptions to that the second is a free platform and an open platform if you choose for it to be so there are plenty of accounts that are locked which means you have to ask to follow that account. so there's already a piece of infrastructure for twitter that are well primed to introduce some pricing on top of and a subscription on top of they haven't gotten to yet. i'm optimistic they are going to >> they've taken their time on that, that's for sure. kanyi, turning to cannabis this morning, i mean, it's clear the sector has had some momentum in recent weeks the theory, the working theory is reddit did discover it. tilray is up 24. it's so early but could you argue or build a case that the

life span of the reddit squeeze is getting shorter as they move from pot to pot? >> i see what you did there. i think that what's happening with reddit is the same thing that happens with lots of efficient markets which is where a certain activity starts on the fringe and a certain activity starts in such a way the broader public doesn't understand and a quick normalization. if you look at reddit wall street bets at the beginning of january 5 million users, it has 8 million today. there's been a flood of people coming and those aren't just retail investors they are hedge fund investors, analysts of all types. lots and lots of people are watching it. the thing i find to be so fascinating about it this is not new activity the part that's new is how public it is and how at scale it is private conversations around which stocks to buy and private conversations around short squeezes, private conversations about building short positions are a tale as old as the market

being liquid doing that in public and being that at scale in public is the thing that's really different now. i think we'll have a game theory that has to play out around how quickly there's a reversion on the basis of everybody being able to see everybody else's actions. i hear you >> kanyi, do you think you can engineer a really good short squeeze out in the open? isn't that kind of like trying to be a coach in the nfl, engineering trick plays with the other team looking over your shoulder can they keep running this play over and over again on different groups of stocks, do you think >> i think it's a question that i'm, just like you, head scratching about as of right now my instinct is lots of things can happen and one of the things you saw happen even in the game stock side there was a large group of people who were having a conversation in public and another small but also relatively large group of people having it on discord which was a little less public and then other groups having it on

telegram and on signal so i do think you will see that activity and the more sophisticated investors will have digital communities online with strangers, one of the fascinating aspects of this new trend as well. >> kanyi, what you've described here is a cycle. there was the gamestop cycle and those stocks now we're in this pot stock cycle. how long can this go on for? what is the trajectory of this do you think it will keep going on and people understand their risk every time there's a cycle and the stock goes up and down >> unequivocally, yes. the reason i believe that, this is a cycle you've seen among professional investors, hedge funds and so forth, playing out over the last 20 years, a cycle they've been involved in this whole time you think about ackman and kyle icahn and short squeezes happening at that level this is,

again, a tale as old as time the second largest investor on the market, which is retail, 20% of market activity, is now figuring out how to do it, too we used to think of retail as the tag-along or as simply dumb money. retail has figured how to self-organize. as it figures how to self-organize each time it will figure out how to do it better until it becomes -- and i say it but one of the interesting things it's become an entity the market needs to grapple with i think it's totally here to stay >> yeah. it's not computer learning it's crowd learning. >> absolutely. >> fascinating to watch. they say live in interesting times, this is really getting interesting. kanyi, good to see you >> always a pleasure >> kanyi maqubela. >> kevin mayer is coming up as his new spac makes its first acquisition, beach body. that's at the bottom of the

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the shortage of ships taking a toll on other industries outside of just semis. more on the supply constraints josh julia, that's right. companies are feeling the pinch.

one company is extending the temporary shutdown at plants due to the ship shortage this morning on the earnings call saying it could cost up to $2 billion sony says it can't produce enough game consoles citing the same, you. big issue for investors when does the ship shortage end qualcomm's ceo talking about that on "squawk alley. >> we have way more demand than we can supply to and we expect that to continue to the end of 2021 when things should normalize a bit. >> i checked in with patrick moorhead as well he's betting the shortage eases up in six months as pc demand normalizes that will help ease the pressure, he says. if it doesn't, look out. we could see product delays and prices for chips and the products they go into start rising bernstein stacy says the next several quarters should look good for a lot of chip companies. they will be shipping everything they can make to their customers

but then what? will customers need even more chips or will they have over ordered. need to sit back and digest. we don't know. what's a chip investor supposed to do? rasgon is saying stick with what he considers strong stories, qualcomm's ability to capitalize on 5g and favors names he says are attractively valued with high margins and strong management jon, back to you >> josh, thank you and bringing all of that together chips, autos and qualcomm, one of the industries hit hardest by this chip shortage is autos. let's bring in mark fields, former ceo of ford now a senior adviser at tpg capital. knows a few things about qualcomm, too. great to have you. we're having this weird dynamic in the auto market where there's surging demand for used cars there's a chip shortage affecting supply of new cars, interest rates are unusually

low. but it's unclear what mobility is going to look like over the next 12 months what impact will this have on this industry that's already going through this electric vehicle transformation >> jon, what you're going to see even before these latest chip shortages, the inventories was significantly below what's deemed optimal levels. probably the industry was about 500,000 units below here in the u.s. of the optimal inventory levels the net effect is from a consumer standpoint there's going to be less choice on the lots because production won't be there to the extent automakers planned. prices will be higher because they will pursue margin so they'll reduce incentives so prices to the end consumers will be higher. from the automotive standpoint this is a bit like triage.

they are prioritizing their trucks and suvs and their crossovers and they're going to try for as much margin for the production they do have it's another challenge for the auto industry but this is an industry that always faces challenges and always has a way to get through it. >> we see this play out almost every year with apple. when th launch an iphone there's usually a shortage of units and you end up getting more of the higher end iphones with more storage available. oops, we have a shortage but you can get this model with half a terabyte of shortage you have to pay a couple hundred bucks more but that's what we have in stock. does this play into the hands then of the automakers who have higher end cars, the teslas, the cars that are more outfitted with electronics because they can get margin there they will make the chips that they have they'll build into

those models and if someone wants a low-end car they can get it used. >> you're right. what will happen is literally every automaker, whether they're selling mid-sized priced vehicles all the way to the luxury end, they will push a mix in the industry which is outfitting the cars with the latest options that drive margin and profitability. and so when you look at the earnings from the automakers going forward volume will be down versus what they had projected and that's why they're being cautious with their production outlooks but their average selling prices and what's called the mix that they have is going to go significantly because they're going to push every last dollar. you have a situation in the auto industry, in many industries, you've heard the term software is eating the world. look at it this way, semiconductors are the forks and knifes that allow you to eat that software and the software content in vehicles is continuing to go up. it's driving chip demand

the manufacturers don't have a lot of commercial pull with the foundries for their semiconductor chip makers. it's a relatively small part of their business that's why they're getting governments involved to try to help with folks like tmse who are the large foundries because when production goes down that impacts the entire economy of where the production is located. >> mark, certainly such a ripple effect of that decline and availability of the chips. my question is what is the impact going to be on the electric vehicle plans these automakers have? will it delay the time line they've laid out what happens there >> well, that's a great point you mention. it's a strategic issue for the automakers when you look at electric vehicles the semiconductor content of those vehicles is much higher than internal combustion engine. as we mentioned earlier they will be pushing for the most

margin they can get on every unit of production that they have at the same time folks like gm which have announced a number of electric products coming to the market this year, they're going to have to make the choice because right now on a fully accounted basis, those products either don't make money or make much less money than some of their bigger internal combustion trucks and suvs and will have to make this decision do they go for a little less profit to make those introductions on time and move them and the industry and consumers towards electrified vehicles, or are they going to delay those launches, maximize profitability, and when the chips shortage resolves itself then introduce those my bet is most manufacturers will introduce their electric vehicles because that is the future and many of them want to get that first step out before others >> speaking of that, mark, from a consumer standpoint we have

oil up the longest streak in terms of gains we've had in a couple years now there's a brewing thesis we're entering a new oil super cycle where the commodity trend is just going to be higher in costs. is that going to drive adoption of ev even faster than we had initially envisioned >> if you see oil go up and the price of gas go up, it makes when consumers are sitting at the kitchen table and doing the math as the price of gas goes up it will make electrified vehicles that cost of ownership become a lot closer and faster it could impact that i would mention one thing, carl, because you mentioned something interesting around what's happening with commodities they are bringing down production because of the chips shortage there are other shortages in the industry there's a labor shortage in places like europe, as you see these large lockdowns. and so suppliers can't get other parts to oems or automakers.

you're seeing steel here in the u.s. steel is going over $1,300 a ton. we haven't seen that in the auto industry in a very long time so you're starting to see these input costs ratchet up at some point automakers and other manufacturers will move that cost and move it to consumers. so whether it's the price of oil or just the price of the vehicle or whatever product is being produced inflation might be on its way because it's ratcheting up very quickly. >> wow, all right. well, that's definitely something we can watch out for mark fields, thank you >> thank you >> great stuff watch lyft this morning, getting a nice boost from piper. takes the target to 88 yelp on the other hand going the other way. another earnings beat but the stock is down more than 8%

almost 8% in today's trade a lot more "squawk alley" continues in a minute. ♪♪ ♪♪

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more spac news to get to this morning former tiktok ceo announcing his spac's first acquisition popular fitness brands beachbody and mixed fitness which makes connected indoor bikes the combined company will be valued at nearly $3 billion. joining us now one of the leads behind that spac, former tiktok ceo and former senior disney executive kevin mayer. we'll be joined in just a bit by beachbody company co-founder thank you for joining us again here today to talk about this deal >> always a pleasure, julia. thank you for having me. >> so, kevin, you know quite a bit about digital streaming companies. you were responsible for launching disney plus. now you're making this big deal with a digital fitness streaming company. why beachbody and why now? >> as you said, beachbody is a very substantial streaming

company in the fitness phase and is benefiting from tail winds that are raising the boat of beachbody. one is the digital subscription content space. that is an industry i'm very familiar with, a space i've operated in successfully with disney there's the connected fitness space with mixed fitness which is a connected bicycle they're entering that space similar to what peloton does, in-home fitness attached subscriptions and the overall health and wellness space which is also growing and they have great suite of nutritional products that they access through beachbody and open fit, the two brands that are the digital content brands it's a trilogy of growth opportunities all in one company and it really does access some of the premium content and subscription capabilities that i bring to the table >> carl, i want to bring you

here now i understand you started this company decades ago with a vhs tape eight-minute at-bats. so quite a transformation of this company here. i'm curious why you're interested in doing this deal and what you see these storied executives including kevin mayer who will be joining your board as bringing to the table >> yeah, we're incredibly fortunate. we could have gone the traditional ipo route, but one of our shareholders is the rain group and they took draft kings public the spac group was fast and efficient and in a very flexible way into the market and april loud us to raise money to fuel our growth and in our case, like you said this is a once-in-a-lifetime opportunity to work alongside two of the most accomplished executives who have ever worked in content, tom

stags and now kevin mayer, chief strategy officer, who helped launch disney plus and espn plus so this provided an efficient way to execute the merger and bring in mixed fitness so we could get into indoor cycling with the beachbody company and i know there's a lot of coverage around spacs these days, but this is an example of beachbody, frx and mixed fitness company coming together and putting great management teams and experienced teams together to bring a great company to the public market. >> carl, there certainly is a lot of talk about spacs these days kevin, i want to return to something you said about the tail winds there's a lot of competition right now. you have peloton growing peloton introduced -- lowered the cost of their original bike and are introducing different services, apple fitness which has access to a huge user base

then you have the question whether the economy opens up again and people aren't cooped up at home whether they're going to want to return to gyms and maybe not spend as much on at-home fitness. how do you see those competitive forces potentially limiting your growth >> that's a great question we focus on serving consumers. we entered this marketplace, we've been in it for over 22 years. we're in a position of strength. 2.6 million subscribers and growing. makes us the largest subscription, i think, fitness subscription model out there and we're not afraid of competition and embrace it competition makes us all better. it grows the marketplace it is a fragmented marketplace i think there's room for mergers and acquisitions to happen in the future we have a war chest to do that we brought in over $400 million of fresh capital to use much more aggressive into the subscription space and with the world class capabilities that we

have to grow subscribers through brand marketing we feel very comfortable with the growth that we are anticipating. we focus on consumers. we did that at disney, too we put our blinders on we focus on serving our consumer base as best we can. if you do that the right way and consumers love what you put in front of them you will grow and be successful. i would say the content carl and his team have been able to put in place over the years has been enormously successful. we thought when we first looked at the company that perhaps the content would be ephemeral and not have a long lasting value. if you look at the usage of the library of the content that has been made up to 15 years ago, it's still in the top ten content being used every year. so there's a huge library in place that is a great competitive advantage and a great source of enterprise value. and we continue to create new content and new marketing

opportunities when we launch new premium content and, look, the company has done great for 22 years, earned over a billion dollars in sales organically without a lot of fresh capital from the outside markets now that we have the capital puts us in a great position. >> carl, good morning. it's jon fortt talk to me about strategy and specifically technology strategy because one of the leaps you're taking here is combining hardware with this content and usually when we talk about this kind of vertical integration there's software in the middle it's hardware, software and the content and service. so what is your plan in software engineering differentiation around apps and how you'll present your product and service on platforms >> well, frankly that's the area we're the most confident we've been doing this for 22 years and our specialty, it's actually -- particularly when you talk about competition, it is not easy to give people a compelling and engaging

experience through a screen. and this is what we've been doing with things like p90x, insanity and 21-day fix. and so first it starts with great content and we've proven we can do that and we have surrounded ourselves with some of the greatest minds in technology, literally great silicon valley muscle, to help us now connect, literally connect the experience through heart rate measurement, a touch screen that swivels so you can access the content on the bike or off the bike and really give people the largest catalog of both video on demand and live content, some of it featuring celebrities like shea mitchell and others it will be this combination of content that engages, similar to what kevin is talking about, and then technology that takes all the friction out of the process so people have a great experience so that ultimately they do what's the most important thing. they get more active, they eat better, and they support each other to get results

>> although, kevin, you look at some of the travails over at peloton involving the manufacturing, the sourcing, the logistics, just the act of getting a physical asset into a household, is that daunting for you guys or not? >> well, look, myx fitness has a capability that is four times what the current shipment volume is and is growing. so we feel pretty good the backlog is strong. we've been able to service these orders in much less time than peloton has. peloton is a victim of their own success to some degree i have enormous respect for the company and the reason they're facing some of those travails is because of their enormous success. we intend to follow in their footsteps this terms of the success but learn from the travails they've gone through and try to avoid as much of that as we can. i think we're set up well to do that >> kevin, we would be remiss to

have you here and not ask you about tiktok i know the focus that you have today is about this spac, this big spac deal, but there are these headlines, also, about how the biden administration is going to be taking a review to potential security risks and put this deal that happened after you left tiktok, that was pushed forward by the trump administration, to have tiktok to u.s. asset and bought partially by oracle and walmart, to put that on hold. i'm curious for your take on it. i know you're not still there. as someone briefly ceo of the company, what would your advice to the biden administration be >> well, i wrote a blog in late july about this situation. and i felt, and i still feel this way, that the best opportunity the u.s. government has to make of this tiktok situation is to force transparency and accountability in competition in the social media space. i think that's been lacking.

several things actually at tiktok has committed to do in making moderation policies transparent, making the algorithm observable and transparent and holding themselves to a higher level of accountability and a higher threshold of demonstrated trust in terms of how they handle data that's what the u.s. should focus on not making them sell to a u.s. company i'm not sure what the biden administration will end up doing. of course none of us know. i know what you know and i've read the same headlines you've read today i just wish -- i hope it goes the way i wanted it to go when i was there, and i think that is the best way for our ecosystem to extract as much value as possible, as much trust and in the right dynamics moving in the right direction by just demanding transparency and accountability not a sale i hope it goes that way. >> and, kevin, taking a step back and looking at this more

globally and looking at this as you look at opportunities to invest in going forward especially as this new company looks to expand internationally, do you think that we will have tech giants that are truly global, or do you think we'll have a set of chinese-based tech giants, a set of u.s.-based tech giants and you won't be able to do both? >> well, i'm hopeful that we can have a global footprint for companies. if they respect the local laws and mostly keeping data private and making sure that's compartmentalized the right way. look, it would certainly benefit beachbody. beachbody thrives on social commerce we have influencers who help to promote our product through their followers and because they use the product to great effect and they can promote it to their followers on social media and i think social commerce for investability in the future and that's what beachbody is doing

and it would be great if these platforms did evolve into being global platforms so companies like beachbody and other e-commerce-based companies could sell dynamically around the world. that serves consumers and economies best i hope it goes that way. >> good pivot there, kevin, from tiktok back to beachbody great insight there. kevin and carl, i appreciate you both joining us to talk about this news, and we look forward to seeing what comes next and what other acquisitions you make for the stock. >> always a pleasure cisco shares, meanwhile, falling this morning down about 4% despite an earnings beat and a re-raise of its dividend those continued struggles of the enterprise market and the top product segment infrastructure platforms are the catalyst behind that drop today we spoke with cisco ceo chuck r robbins in the 9:00 hour

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. welcome back our next guest's stock is falling this morning after earnings, after earnings up almost 30% since the marchcovi lows g genpact's ceo joins us as they say good-bye to the post-pandemic. the company supports more than a quarter of the fortune 500 globally tiger, welcome, and so i really want to start there because you've got such a good look at

the different cases of recovery across industries. you said, i believe, you've got $3 billion in total new bookings and the client decision cycles are returning to kind of pre-pandemic levels, but i take it the decisions that they're making are maybe different than the ones that they were making a year and a half, two years ago >> no question, john thank you so much for having me on the show. very different, and i guess the phrase that is often repeated these days is digital acceleration has taken hold, in every industry, you're seeing this across the board. embrace digital, embrace analytics and give me realtime information so i can make decisions in a highly volatile world. we're seeing that be the big driver across our portfolio. so we've been talking about digital transformation for a long time, and been talking about cloud for a long time.

you guys at genpact specialize in business processes, right which is what this is all about. what is the difference here? why were certain industries or businesses -- i don't want to say sitting on their hands, but maybe taking this slower and what has incentivized them to speed it up? >> many things, actually by the way, it's a great question and one, i think every one of them raising it and there was a speed at which it was getting embraced and what the last 12 months have shown is it going to break those barriers down so it's an exponential curve, and remember, this is about change management because people have to embrace new ways of working and guess what happened in the last 12 months and very new ways of working and all of those areas are gone and the demand for virtualization, is i have to have data and transactions and it better provide bee insights and

analytics. if i want to add to my supply chain you have to get to the cloud and that's the fastest way to do it, and it's that driving it, plus all values of change are gone >> tiger, you wrote an interesting column about directive intelligence explain that concept to us and how practically you advise companies too really be able to leverage this collective intelligence with employees. >> diverse teams bear the best solutions and we've also been big believers and people who think differently based on their background, racial, experience, and they bring all of that to the table. what is very clear in digital and analytics, and there is no

way for all of us to know everything and by bringing them together and that doesn't have to be inside the company we are talking about an ecosystem coming together. when we work with clients clients get the benefit that we work with multiple clients and multiple geographies and see many situations we can bring to them when we work with a customer to improve receivables for a bank that's what the new world has taught us which is how would you bring all of that together and digital platform allow that crowdsourcing to happen so much better. >> finally, tiger, you mentioned, i believe that among the changes that are happening, salary increases for employees are coming back, and i wonder if that signals that we've moved further out of this covid-induced, grateful to just have a job, everybody hunkering

down and more of a competition for labor talent particularly in the areas where your employees work and where your customers are also active. is that what you're seeing >> i guess the answer is yes, but i'd be careful one, the world for talent has always been there. good talent has been true last year and will continue to be true does that become even more for talent probably yes, but it also depends on the industry. we are in a growth environment we are experiencing growth, and this obviously helps, and some of the work that we do is so interesting. you know, when our team actually helps the regulator in the uk and the health regulator to actually have a tracking of all of the adverse reaction to a vaccine.

how interesting is that and how much value do you think as an individual and a team you're adding to society. that is one of the things that attracts people to industries and companies like ours. >> a great view. tiger tyagarajan, the ceo of genpact. thank you very much. >> thank you very much >> virgin galactic shares are back today with a one-week low after ubs. they cite the current valuation, although they are convinced of the ngerlo-tm fundamentals down of 5.5%. w we're back in just a moment. at cdw, we get these new ways of working bring new threats. that's why we started an office commune. not a security concern around for 50 miles. unless you count the wolves. and all the llama milk you can drink. you know at cdw, we can design a security solution using hp elite devices with real-time threat intelligence to help protect your data from new threats, anywhere you work. anywhere?

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take a look at shares of matchup, up nearly 6% on news that the dating giant made its largest acquisition, spending for korean company hyperconnect and this comes ahead of match's rival bumble, widely expected to price tonight and start trading tomorrow don? >> speaking of matches and acquisitions, doordash still matching people with their takeout orders and just acquired that robotic solid maker

it is up about 10% this morning, carl >> yeah. that's a nice gain guy, you can't leave the hour without mentioning uber at least for a moment that's an all-time high today. 62.67 and on the heels of lyft we'll find out after the bell tonight. for now let's get to the half and the judge. carl, thanks so much welcome to "the halftime report" i'm scott wapner the russell and small caps surge to a new record high and why it's a positive sign for your money and we'll discuss with our investment committee today joining me for the hour, joe teranova, jim lebenthal, jim weiss and let's go to the wall, stocks are now mixed and the vix briefly dipping below 20 today, the russell's gone negative, too and we're taking a big focus on the russell trying for an eighth straight positive day. the tent