it's down significantly at 34 and change or so, as you can see 34639, which is, you know, if it doesn't move 5% one way or the other it seems like it's not even trading that will do it for us when we come back, it will be july july will be here. join us on the first day of july, "squawk on the street" is next good wednesday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer q2, futures are off the early morning lows as europe has been weak on covid variant worries. three new issues including dd, the biggest chinese ipo since alibaba. a winning first half for stocks. s&p up 14, dow and nasdaq up 12 on the year. >> as carl said, it is, well, we can call it ipo mania, china

ride hailing giant dd. that's what i wanted to say, is headlining one of the busiest weeks for public debuts we've seen in years. >> and biden versus business, the white house reportedly drafting a new order to attempt to broadly raein in big busines. it has been quite a ride heading into the final tradiing session. year-to-date led by the s&p with 14 second best first half for the s&p, jim, since '98. >> and i don't think it's done we are now in the seasonably strongest period if you buy today and held it for between 8 and 12 days, you almost always have a winning trade, sale on 75, 80%, thank you, larry williams for this do not say just we've had a great first half, it's time to cha ching cha ching, things are ripe for a further rally. >> so you've not been unnerved

by fewer names above the 50-day stronger reliance on fang in terms of the indices >> interesting you mentioned that larry was going over with me microsoft he thinks is the most dangerous stock that's been going up on very light volume. some of the faangs otherwise my lead group is not faang it's the semis and the semis are a beauty to behold, and there's word that my crone micron is going to blow the number away. i think a and d is a very sneaky stock here look at that one, quietly step by step inch by inch, amg goes to 90. >> b of a takes the target to 120 on amd on data center. there's so much news, jim, there's the breakout of semis overall yesterday. there's micron tonight, bemo goes to 110.

>> a and d, what we're waiting for is the closing of the steel, which i understand is imminent, and then we know we're going to have to hear gelsinger from intel bash a md in this subtle way. >> that's the second time in the last 30 seconds you've mentioned amd. >> because the stock's going up ten points and no one's even mentioned it. >> and you consider that it's going to go even higher? >> it leads us to a road map, not just because the next one she has is milan she has a lot of italian cities. that's the road map named after italian cities i've been waiting for florence. >> you have? and that's going to be the next chip or something? >> i hope. that's my bet. no one knowes what city she's go -- knows what city she's going to build next. this stock could go to 110. >> that's 30 points from here. >> really? >> even taiwan semi goes to neutral on tsm, 105.

>> i don't know who would not be loving taiwan semi, other than people who fear that the chinese communists -- by the way, they are communists, david, push a button, are going to take over taiwan i always ask ceos every time i go out with them, which is pretty much every night, what is your fear, and their fear is always taiwan. it's not the delta variant it's taiwan. everyone's worried that one day we'll wake up and it's hong kong i wish people were less worried, but that's what i keep getting and i don't prompt them. i say what is your number one worry. taiwan foundries. time magazine has a big piece on foundries. obviously we're all hostage. >> when i think back to earlier in the i guess quarter, certainly in the half, you were directionally strong on caterpillar and boeing, and the cruise lines i assume at this point you are waiting to see what happens next >> i have to look, i personally do not fear

the delta variant because i have moderna. i think that the more we hear from people that maybe were in trouble, which we didn't think we were, then i think the people, again, get -- say, okay, listen, i got to pull back why be the last soldier to die in this war. david, i don't know. i mean, are you back wearing nvidia look at nvidia, up 52%. >> yes >> did you know that nvidia the second had its own -- they just showed me the nametag. >> never stops. >> just got the nametag for nvidia the second. >> you did, number two, otherwise known as ragout. >> he answers to nvidia. as long as you have a treaty in your hand. >> yeah, i get it. >> let's get back to the market here in terms of the reopening plays and the concern about the delta variant. what about mega cap growth with e we looked at faang obviously apple and amazon. >> apple's starting to move up.

>> i did see yesterday it's starting to move up. there is a case to be made, and i'm looking at some notes because i had a couple of conversations with fairly large money managers harder to own snowflake than it is easier to gravitate towards the mega cap names would you agree with that? >> unity software which is a gaming platform. this is -- we were trying -- ben stoto and i, he's my guy, my analyst, we were trying to figure out, is it 20 times sales? those i don't like but can we just say if cathie wood continues to get money in, then this kind of stock goes higher >> the snowflakes of the world. >> yes >> i've had frank on a nuchl times, and when service now is a very small company he came on and he said, look, service now i'm going to basically take over the world, but whatever part of the world has not been taken over, he's going to take over

>> i just use that, snowflake we use as a reflection of the growth trade it trades at an enormous multiple to revenues doesn't have a very strong business. >> it's a great business it's destroying everybody. one of the reasons people were worried very much about splunk is they're gunning for splunk. >> we're going to get a test of growth today as well >> sentinel. >> cyber security, interesting company. >> i know. >> 10% by third point, they got into the b round of venture. it's obviously a huge win for them >> i talked to dan this morning, they're going to keep and add some shares. this is a huge growth play and they're losing money it's a big growth play it's out there competing against the crowd strikes of the world i mentioned it because crowd strike trades at something like 37 times next year's estimated revenues. >> pushed again today crowd strike. >> a price somewhere around mid-20s let's call it next

year's revenues. that gets back to the question about the snowflakes of the world so to speak. >> but you remember colonial pipe. >> throwing 100% -- >> colonial pipe changed a lot of things because we realized, wait a second, there's ransomware everywhere. we don't even know how many people are paying ransomware, and that's very worrisome, and so it becomes something that people -- they have a built-in business we didn't know about. >> detection and response, ai powered to make cybersecurity defense truly autonomous from the end point and beyond we're going to talk about the ceo in the next hour. >> do you know deep instinct >> deep instinct >> is that sharon stone, michael douglas. >> close this is heather bellini, not with sharon stone. she's a model. >> wow no, no, she's a -- >> what is she doing >> yes, she was a partner.

she works at -- she works at deep instinct. they play offense. they don't do defense. they play offense to get these people, and they're using ai and i got to tell you they have a compe compensation, 2 million pounds if a customer using their software gets a ransomware attack no more of this, hey, remediation, i just got attacked they are literally paying you if you get attacked because that's how confident they are david, it's called deep instinct, not basic instinct. >> that will win them some contracts. >> do you think heather bellini is mad at me in. >> this morning dd obviously going to be of all these companies by far the largest in market cap, the largest offering, and we'll be following it closely in terms of how it performs when it opens you got clear and sentinel

letter s, great symbol there >> letter s is back? >> yeah. >> the old sprint. >> i remember when it was at 2 bucks, wow >> i think it was, yeah, sears once had that too, right >> dan came on "mad money," and he said aren't you going bankrupt s and he said i'm going to guarantee we're not going bankrupt. >> finally figured out a way to merge into t-mobile, took a lot of those shares, and look at that thing. >> t-mobile has been the best. >> you were just mentioning taiwan a moment ago, as a chief concern on the macro side. does that implicate names like didi coming to market in your view the valuation aside. >> i got a lightning round call about baidu. most of the chinese -- a big percentage of chinese ipos are under water, not most but a big percentage

the biggest ones do quite well that's one of the reasons i said i think didi could be good we've been table to somehow separate the capital markets i remember when i had a campaign under president trump, david, that we should ban chinese ipos. >> i remember you talked about that many times. >> not even peter navarro was willing to go there. >> that i find hard to imagine >> your buddy? >> my buddy. >> he is >> why >> because you talk about him all the time >> he's my buddy yeah by the way, president biden weighing this new executive order. >> yeah, what is that? how can he do that there's courts he obviously read the ftc. read the ftc ruling, which basically says you guys don't know anything and you're jokers. >> if you're talking about the facebook ruling, yes. >> did you read that the judge is making fun of them. >> there is the ftc and the doj, but this conceivably would be something that they would try and at least get the regulatory apparatus or those that regulate

or -- >> not the antitrust regulators but the other regulators to at least keep in mind competitive. >> s.e.c., regulatory commission >> yeah, yeah, all that kind of stuff. >> i mean, honestly, david, when i read that, let's just say toothless. >> it may be, and it will get challenged like so many other things too we don't have the news as of yet. >> did you know about the google piece with microsoft that was just disrupted there was a truce that just broke up to lobby together, and now they're -- i mean, the articles make it sound like, oh, yeah, of course there was a truce. i mean, google cloud has been going against azure in a way that is hammer and tongs and i think google cloud is very real. thomas curian doing great, doesn't come on tv, doing my best tech -- skpl >> you're talking about whether or not big tech lobbies with a

unified front? >> yeah. >> and he's talking about the competition in cloud being reflective of very strong competition. basically we're here to translate what it is that's -- >> that's not true you go back to deep instinct, is that what you're doing google cloud was a third tier, was a pitiful helpless giant to quote nixon, and now google cloud is doing -- nixon was the president. >> still by far in market share because the markets is still growing 40% a year aws is still -- >> dominant. >> gartner had the numbers out the other day. >> and they keep lowering price and they're great. >> that's the thing, it's an ongoing endless price war. >> i know. >> which is good for the consumers of those services typically corporations of course, which means that competition is good and therefore, what, there's no monopoly power here. >> at what point, i know there's music in my ears means i got to go at what point does amazon say i'm taking on the government i'm just going to attack the government instead of waiting for the government to attack them.

listen, i've got the fire power, i'm going to attack the government. >> how does that work? >> i don't know. i'm thinking i have to think about this. >> you give that some thought. >> i'm going to meme it. see stocks have traded 300 million shares that had 9 million shares yesterday there was one named after a county in san francisco, a city, i mean a county near san francisco. i'm not kidding 300 million shares what is that >> i don't know. >> it's a lot of turnover. we're going to talk about apple when we come back versus some of its employees, when it comes to the company's hybrid work policy, futures have been a little soggy all morning long, we'll get to adp this morning, as well, virgin galactic and more when "squawk on the street" continues. designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi.

apple has a message for employees asking to be fully remote it is not backing down from its hybrid model that will require workers to return to the office three days a week beginning in september. an internal note from the company in response to a letter from apple employees saying some of their colleagues have been forced to quit because of the policy tim cook sent an email out a while ago, guys, saying you've got to come in on mondays, tuesdays and thursdays starting in the fall. i guess trying to bust up the weekend arbitrage, right >> i guess, it's hard to imagine anybody's going to be working friday from an office. this is i feel one of the most important business stories out there right now, all the decisions that are being made by the leaders of companies in terms of what the future's going to look like for their work

force, and i think it's fascinating that they got pushed back from potentially employees that at apple say we don't want to come in at all. there are not going to be many companies that require employees in person every day. there are also not going to be too many that allow you to have complete freedom to not come in at all your friend mr. benioff as well, the largest building in san francisco. >> aren't they taking an impairment to some degree on -- >> yeah, as mark is off the set, it was his first -- it was his first pandemic, marc now, one of the things that we got the first company to acknowledge your largest issue, general mills, which i know trading down i reqquestion that is saying tht we're not going back to 2019 people are going to be eating cereal at home, and the numbers are going to be elevated, so maybe instead of thinking that

this is just a pandemic story, understand that lifestyle has changed, and people are going to be eating cereal a qcouple of days a week. >> there seems to be a desire on the part of many employees to have the flexibility at least to work from home many ceos will tell you their productivity has been enhanced long-term. many will wonder the long-term effects of not having people together consistently and how you arrange the schedule you make sure the same team comes in for those three days? it's lost. if you're alone in the office, that's not going to help anybody either. >> and as far as this sort of generational collision is happening, becky quick on her special with buffett and munger last night asked about zoom. here's what they said. >> in the lasti year you both hd your lives changed dramatically from the pandemic. charlie, i hear you're adept with zoom? >> i fell in love with zoom. >> how often do you talk with people on zoom >> at least three times a day.

i made a deal in australia i think zoom is here to stay it just adds so much convenience. >> particularly if you're 97 getting around, but charlie and i have talked a lot obviously since the pandemic started we haven't talked about zoom yet. >> but that's not be because -- >> i'm his non-zoom guy. >> why don't you like zoom >> i did it once or twice, and that whole screen of people, i just didn't think it was adding the experience i'd rather have my feet on the desk and -- i find the telephone a very satisfactory instrument >> you got to imagine, people who are just coming into the work force, this is all they know, right? zoom is an option. >> that said, the younger people in particular are most at risk for -- they want to be in the office >> oh, my gosh. >> they need to learn, they need to get aculture rated.

>> what's the best financial >> you meet people there >> your relationships. it's a relationship business relationship >> i mean, come on >> did that too. >> 22-year-old sitting at home, that's not going to work. >> okay, listen to me what's the best performing financial? >> what? >> of the big ones. >> jpm, paypal >> gorman and company. why is morgan -- what do you have to do if you work at morgan subst stanley? you got to go to work. you got to go to work so you can play golf. >> we'll get cramer's mad dash on this wednesday, and we'll get ghmite autning bell inbo eit nus. don't go anywhere.

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let's get to a mad dash. we're going to take a look at homer simpson because he likes beer. >> do you know what the number two beer in dollar sales is in the u.s. >> number two beer, no. >> ma della, and you know who makes ma della constellation brands accelerated buyback, okay. growing, this is pacifico is the millennial beer. it's growing over 35%. >> i thought they didn't drink beer i thought they all drank tequila. >> they like hard seltzer. these guys have the fastest growing hard seltzer you should be looking at this company, and they have an investment in cannabis, but this time thank heavens it didn't hurt their quarter they're on tonight i think this is a stock i recommended hard last week saying there's so many shorts in the name, betting that they were going to screw up. they ain't screwing up

they are killing it. they're cleaning up, not screwing up. >> right >> trying to look here, so eps 474, uncomparable basis eps. excluding those losses. >> if you exclude the losses a big upside surprise. the initial headlines did not include that you should exclude the losses so the stock was trading down now people realize and the shorts are realizing we are on the run. i have to tell you, the shorts they're hitting each other over the head with pa sif coe bombs. >> double-digit depletion growth of nearly 11% for beer. >> let me give you a little heads-up pacifico is this year, you know what next year's big beer is going to be? victoria. >> not duff. >> victoria. >> no, no. >> we got an opening bell coming up next.

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welcome back a few stories in the housing space. one is that the fed governor waller says he wants mbs to taper first. mortgage apps, jim, down by the most in five months. gold man cuts pulte. >> goldman basically saying this is a long run. it's been a great one, but kind of move on toll brothers, negative things. the ceo would beg to differ. he can't put up homes fast enough at toll i think when i read about you have to link this with david's, the most important story ever told >> the decisions about whether employees stay home part of the week or not? >> most people's homes are not set up for great offices. >> ask nd then there's the othe

side which is commercial real estate, which we'll probably be hearing more about as time goes by >> final opening bell of the first half, and to the big board, secure identity platform, celebrating an ipo, the nasdaq it's legal zoom, online platform for legal and compliance solutions also celebrating an ipo. s&p is going to close the best first half of the year since '98 today. for the month, dow still needs a couple hundred points to get green. >> exactly >> '98 we did have long-term capital. remember, people were cruising and we went into that crisis. >> remember it well. >> but we have archegos that was very difficult and been kind of just forgotten, which is ridiculous. >> the fed cut 50 basis points remember that? emergency fed rate cut. >> midday call >> incredible. >> those were the days >> archegos was bare lay speed

bump. >> i just mentioned archegos because it came and went it shouldn't have just come and went here we go we're close. we're close. >> closing the psi links >> the other thing people are waiting for is your friend mr. benioff and the slack deal they did the bond offering for that >> 8 billion. >> e normous bound offering fro sa salesforce to close that deal. >> and how about the -- these are going to be very, very big i think stories to cover slack and my buddy benioff versus microsoft. >> it's one word that's part of his legal name. >> two buddies, and they're very different, navarro and benioff, i wouldn't want to see them together in a room. >> benioff could literally just take navarro. >> crush him for the most part, got a mixed picture on sectors today, jim,

although energy is up, we're getting close back to 74 today we'll be watching for opec plus on the headlines >> yeah, i was surprised i was watching brian this morning, exxon proxy fight. >> what engine one was able to accomplish we said many times was nothing short of extraordinary in terms of that. >> every oil company has to be worried. >> the question continues to be in terms of when we look at the fallout from that, the loss of three directors out of four that were -- that they were going after is -- will be index funds, will black rock state street vanguard always now float in favor of an esg proposal, or is that simply too easy to imagine will be the case, and in fact, this really was exxon specific this was reflective of years -- in terms of its lack of transparency, in terms of its lack of communication and

despite the efforts from the current ceo to change that, it was too late >> but exxon. >> or does it mean that anytime you put an esg proposal on a proxy now, the big index funds that represent 40% of the outstanding shares are going to say yes. >> exxon had been actually doing better at esg. they had been doing better there are others that are far worse that i think are going to be targeted. >> meantime, conoco adding a billion to the buyback and trimming capex, familiar story, but that buyback issue is one of the big bullish narratives of the second half. >> they had a good balance sheet. they managed to preserve their balance sheet, well-run company, stock's been a horse at the same time, i mean the group has had a gigantic run brian was talking this morning, maybe opec unleashes they don't want to make it so it's so profitable in the permian that we turn the spigot back on. >> you were talking about that the other day, what are we dow

1.8 million? >> yeah. >> what was our high in terms of production 12 million barrels. >> yeah, and remember, you also had -- you had pretty much everywhere going full speed, right? >> look at those stocks. look at the move even occidental has managed through this >> i know. >> with that debt load and that coupon they're paying warren buffett. >> they should be refinancing. waiting for that >> big refinance >> but you know, the ball ken w the place that was really hurt and a lot of these companies said we can't get shareholders unless we cut back spend, so they cut back spend and then president biden comes in, he's obviously probably the least oil friendly president in history. >> yeah, i think that's a fair point. that's probably a fair statement. >> obama looked like a drill drill drill compared to this guy. >> right

but he's not stopping drilling, but he's definitely in favor of alternative renewables >> there was a pipeline that runs right through jersey, and i was surprised because there's been voracious, you know, protests, but i do think that if you wanted to start a pipeline right now, i think people would say -- >> it would be hard to do. >> -- are you out of your mind >> it would be hard to do. not only is walmart leading the dow at the moment, but gap gets an upgrade over at wells. actually, street high over at wells on some survey data. i don't know if you see the chase card spending trends over at jpmorgan but new post-covid high. >> then you got the child tax credit coming. don't forget that. that's going to pump a lot of money into schools, which is why i like the gap, matthew boss at jpmorgan liking it david, it looks like it's all about easy easy >> easy. easy >> easy, not easy. >> i understand who you're talking about, yeah. like ezpass?

>> kanye west yeez si. >> sara eisen drills me on this stuff to make sure i know what i'm talking about. >> >>. >> we didn't mention bed, bath, despite a miss. >> that could be a potential meme stock but it doesn't have that explosion of volume the stock's flying it still has a 20% short position last week it was 30% it's come down dramatically ahead of this quarter. keeps talking about buy, buy, baby he sneaks it in every time obviously he's thinking that the valuation of buy buy baby is dramatically low he will be on tv later today and he will be on cnbc. >> oh, great. >> not on "mad money." >> but you have constellation on "mad money." >> i have constellation, and

they're my buddies. >> yes they are. >> you have a lot of buddies. >> if i were to get married now, there will be 1,500 people >> last wedding was 245. >> number one, number two, number three they just kept repeating. >> it was me, lisa, and my buddy. >> can we do that again, and my buddy benioff at quarter to 3:00 ba because we were oing where are we going no, we're going home he said come on, it's like 12:45 my time. so it was me -- >> that man can party. >> guys, what would a morning be without mentioning spacs. >> no. >> spacs >> yes, we got to mention as we take a look at the quarter to date s&p gains >> here it is. what happened to the noise >> what happened to the music? that's disappointing >> no, it wasn't we didn't hear the music >> are you hearing music >> it's kind of creepy

>> they're creeping me out. >> we're not hearing it here guys but as long as the viewers are hearing it i still love hearing it why do i want to talk about this, last mile delivery in space, it's a big market >> last mile delivery in space >> is that xpo logistics. >> stable road acquisition that spac has traded above ten for most of the way. why am i mentioning it, they had a $1.1 billion deal. they cut it in half in terms of the value. recut the deal, extend the terms, how long it's going to take to close, everything else merger vote is august 13th they amend the board of directors. there were some russians involved they had to leave. they say we've experienced erosion on our backlog of 86 million to 66 million as of june 11th as customers choes to cancel their contracts with us and seek alternative providers due to delays in our schedule missions as we await receipt of necessary government approvals >> thunder road, what's it called >> it's called momentous is the

company and i mentioned it because they cut the deal in half the stock trading up it's been above 10 last mile delivery in space, guys, get with it. >> it's very important >> big >> we haven't mentioned in detail the double downgrade of virgin to under perform. target 41, talking about risks remaining even after this faa -- >> endless trials, that's not what we want we want to go to space if we can't go to space, how are we going to do last mile >> that's true >> is bezos, is he worried about last mile? >> if bezos is in space, you've got to figure amazon is going to control last mile. >> now you've got this morning elizabeth warren asking for ftc review of the mgm deal, which we've talked about >> such a small -- very small deal. >> that deal should not move the needle at all in terms of antitrust, there's not a chance. >> why don't you tell senator

warren that. >> to amazon, this is it maybe you get this one through you want to go buy viacom one day, forget it. >> i actually thought about that what this is really about is future deals, david all of your buddies who are bankers right now they are saying i don't understand favor saying this is just a pimple. this is the beginning of pay investor having nothing to talk about. >> by the way, they have begun there's a lot of deals in the smaller range, but the big deal, this is all that this is about if you're the ftc, you don't want to go to court if you can avoid it what you want to do is prevent them from thinking about doing the deal because of the threat of houw long it's going to take. >> leaders always go to fire brand. >> when i think of that, i think about -- you know, raise less corn more hell you think about the great populous of all time. >> you don't think of chaka khan

at all, just lena chan >> thesla laid out some of the hopes for star link. man that thing is going to consume a lot of capital the star link satellites delivering broadband around the planet, particularly to rural areas. may even cover the polls this is not going to be a replacement for broadband to urban areas or even suburban because of line of sight issues to some extent. >> 40% is rural. >> in terms of competing with other satellite providers in rural areas or where there is no provider at all, they're talking about having half a million users in the next 12 months. of course he joked that is mr. musk, our goal is not to go bankrupt, and if we succeed not going bankrupt, that will be great, and we can move on from there, it's going to be interesting. >> high bar. >> it is >> not going back, high bar. half these companies that we see

rip ringing the bell. >> spacex could be worth $100 billion at some point in the next round. >> then the last mile is much more important >> 1,500 satellites is nothing to sneeze at, right? >> no, that is >> we might be talking about that ipo one day soon. >> absolutely. >> as woe go to break, take a look at how treasuries are performing, chicago pmi is coming up in a couple of moments. that's the lowest since about june 21. the dow turns some early losses into gains hey frank, our worker's comp insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow,

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welcome back to "squawk on the street," rick santelli here are live breaking news, our june read on chicago pmi expected to be in the vicinity of 70 is a disappointment at 66.1 66.1 that is the lowest read since february when we were under 60 at 69.5 in the rearview mirror still unrevised, 75.2, and what's

interesting about that is that level was the highest level since november of '73. so we have digressed a bit, but we still are looking at a number of that is well above 50, which is the expansion contraction line, but definitely a reversal from some t rofheecent momentum "squawk on the street" will return after these messages.

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as we said, it's a big ipo wednesday. let's get to bob pisani. hey, bob. >> i am a happy man, carl, because i am back on the floor, and look, there's people back on the floor of the new york stock exchange they've been letting them back all week, allowing them to ring the bell we have 18 ipos this week. the most in many, many years 18 it's important to look at some of the big ones that we've got right now. three disrupters here's clear over by citadel, talking to the crowd over there from citadel identity verification, and look, the indications 36 to 39, price talk there was $31 that was what it priced at that's going to open above the price talk here. right here on my left here, not on the panel yet, but we have sentinel 1, which is a cyber

security threat detection company, that's ice obviously there, but they're also going to be -- they also priced above $35. the price talk there was 31 to 32 the big one that we're all watching here, didi, the chinese ride hailing service, right here hasn't opened yet, priced at $14. 13 to 14 was the price talk there. here's something i haven't done in a long time let me go over into the crowd and talk to glen coreal. it is a while. >> welcome back to the floor good to see you. >> thank you how's the indications? it is early. takes a hile to build the book. >> we are still in the early process. takes time no indication as of yet but soon enough we'll get something out there. >> you handled alibaba and many other chinese ipos your thoughts for the second half of the year >> it is about didi.

we are just focusing on that whatever comes will come we'll be ready. >> we'll wait for that to open an hour or two keeping an eye on that i don't want to neglect the nasdaq because their a lot of ipos legal zoom a big 0 line compliance platform pricing yesterday above the range. $28. the price talk there 24 to 27. it's been a remarkable first half of the year here. 213 ipos raised over $70 billion. that's a typical full year we have $18 billion ipos never done that before in a whole year average ipo return 26% why here's a disappointment. most of the return for ipos is on the first day, 24% on the first day why the after market

after the first day is a little bit slow so big gains have been made by the institutional investors. how about the second half? look at the companies that are out there floating ro robinhood. warby parker chobani. flipkart instacart. global foundries is out there. that's a big semiconductor designer i even have dole food company believe it or not. around a long time and doing public or slated to possibly go public a very interesting year and the most important thing is this is about the most perfect market conditions that you will have. not only markets at a new high but oceans of liquidity out there and private companies that are brand names still waiting to go public. guys, back to you. >> what a list

fascinating. a couple others. krispy kreme buzz feed. are we in an environment it takes oxygen from the room >> companies won't have coverage and not going to die on the vine but not going to be paying attention to i think it is important just because you have a name doesn't mean you have a company whose stock goes higher. you don't have a zoom. i just look at the companies and say that one -- used that product. used that product. i won't get coverage which says buy that stock i think that's going to matter tremendously i don't think -- the people underestimate the work of the wall street momentum machine. >> interesting. >> trying to get the name in front of a retail audience. >> i have a lot of companies to come on "mad money" and what they need is an analyst and so you have numbers and i think

they're going to go nowhere and nowhere fast that's really important. >> that does become important. analyst sponsorship. we talk about whether they add value but they need to be paid attention to in a way. >> they're lost! so glad you said that. looking at a company that's a spac and then try to find information about it, you go to google it is like, wow. >> go to the s.e.c only thing to do is rely on the filings. >> the filings are all 2026 making a lot of money. i can't stand it >> there's a lack of transparency ala the one today. why did you cut the price in half not really clear. >> i am very uncomfortable with a lot of these companies whose names i have heard of but don't really have numbers because what happens then is you run into a situation with no idea what it's worth and very hard. >> jim, let's get to stop

trading. >> what is going on with walmart? rehabilitation of plug power had accounting irregularities and a hydrogen play. people interested in hydrogen. today is rbc's day to say, you know what? don't worry. it is transforming into a one stop turnkey hydrogen. no footprint general mills is doing good. when i mentioned it people staying home and the stock down. that was wrong plug power it is putting the accounting irregularities behind it and if you think hydrogen power is the future and i do and lindy being the biggest producer of hydrogen you have walmart yet >> no. >> it is a move. for walmart it's a mover 3% plus. >> they had that insulin deal.

very important nobody seemed to care. the market's very imperfect here be careful very thin. things that should be moving stocks haven't been. i question a lot of stock's moves with a downturn. >> walmart is still down for the year. >> been the worst -- one of the -- charitable trust owns it. i feel like a bo zo but i love going there. i have -- i like to fish other than cabela's they have a fantastic fishing session. david, i have a pond that's never been fish jd the bass don't know what the hook is. >> really? haven't learned. >> so naive. so young. >> boom. can't -- like. that ate the rig 50 more rigs from amazon. >> do you cook them up >> i do catch and release except for the really big ones which i

make myself and my wife. >> tonight >> adrianne shapira, everyone remembers her from goldman sachs. nest >> yeah. >> i know nest cams. >> first. >> bill newlands is a constellation. you won't do better than that. i love the show. great, great brands. maybe i'll knock back a pacifico to celebrate constellations numbers later today. maybe, maybe not >> keep us guessing. >> i have a last mile -- >> yes, i know. >> mars. last mile. >> will be big last mile in space is big. >> come on >> amazon prime and mars >> yes. >> see you at 6:00 dow's up 54. "squawk on the street" is back in a moment.

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which offers spending power built for his business needs, to furnish a new exam room. the doctor will see you now. get the card built for business. by american express. keeping your oyster business growing has you swamped. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. good wednesday morning welcome to another hour on "squawk on the street. i'm carl with morgan and david live at post nine of new york stock exchange why going to put the first half to bed today why

dow's turned some weak futures into gains up 81. pending home sales out just a few moments ago. diana? >> reporter: jumped an unexpectantally high real or thes was surprised sales up 13% year of year. you recall sales started to bounce back last may after the lockdowns. pending contractors are a forward looking end catoer pointing to lower mortgage rates and then held narrowly throughout may sky high home prices are a concern. spk shiller index up there and chief economist said while it's contributed to pricing out some

would be buyers the record high wealth in the country from the rising home prices are providing funds for home purchases regionally pending home sales up across the nation and jumped the most in the northeast and the west these are may numbers. we have seen mortgage applications to buy a home drop steadily morgan >> thank you. we are 30 minutes into the trading session. here are the three big movers right now. general mills. beating on both earnings and revenue. forecast net sales fell by 6% from a year ago, reflection of at-home demand as the pandemic taking hold. the shares up right now. plus bed bath & beyond taking a hit from turn around costs but the retailer is raising its 2021 sales forecast the sales ripping higher

up 28% and ending with virgin galactic a b of a double downgrade on that stock we have more on space in general in this hour the shares down 5% turn to the markets. in general more broadly as we begin trading on this final day of not only the second quarter, the moth but the first half of the year joining us is phil camprielle and andrew slimman good morning to you both phil, given the fact that we have had such a strong first half of the year specifically looking at the s&p how much further can this run what are the at lists you are watching >> good morning. good to be with you here we are at the halfway point. good time to take stock and we make a couple observations we see trends we haven't seen

for yearings we talked about value outperforming growth this year europe is outperforming the nasdaq when do we ever say that from a portfolio asset allocator perspective core bonds are on pace for only the fourth negative calendar year in 45 years. so you get no protection from core bonds but like a good coach makes adjustments in the game we need to adjust here in the portfolio and one thing that strikes us is that we've got really hot cpi numbers one in april and one in may. we have the fed that upgraded their inflation number to really an astronomical 3% for 2021 and rates move lower the catalyst is rate just for us to be right and to be validated overweight stocks versus bonds and i think we need to see rates

move higher and we don't think that will or can happen until the fall if the fed is right about the jobs coming back post unemployment benefit roll off and schools reopening. >> okay. we'll dig into that more but first, andrew, do you see it the same way in terms of this dynamic of equities and treasuries >> look. i'm an equity manager so i'm not an asset allocator i think we have had a very good first half of the year two companies just reported earnings and they beat and the stocks are up. you saw it last week i think we are coming into a quarter of good earnings reports where companies are going to do pretty well. wall street has been too negative on estimates. thaifb forced to revise upward

estimates. i think we could end the year looking at a next year estimate north of $230. that would support s&p higher on the year having said that, i do know that once we get through second quarter which is mid july to early august that becomes a dicey time of the year for equities and maybe a little cash on hand to prepare for that is not a foolish thing but i think stocks will be higher than they are today by year end and not sure by labor day. >> saying a dicey thing, does that mean you're calling for a bigger correction? would you buy on that? >> absolutely. what i have learned is it is not what we expect what we need to focus on is when the s the market vulnerable. not what could cause the market to pull back but it is

vulnerable when after we get through the second quarter earnings without fundamental news and something comes along out of -- that we don't expect remember when russia invaded crimea that is a great example. not saying geopolitical but those things in low volume happening in august is usually a time when corrections get extenuated and a time if you have some cash take advantage of it 5% pullbacks, buy stocks add another -- if it's done another 5 add more and i think by year end you will be rewarded. >> coming back to that, you still like energy. it is the best performer, "morning joe" the best performing sector. why buy it here? >> david, think about it this way. it's up 43% for the year

how much love do your sense in the energy sec toer? what's fascinating is in may tech did badly financials did well. this month financials did poorly tech did well. the one area that just continues, sector that continues to drive higher is nergy it is up 43% and it gets no love and the reason is because from 2018 to the bottom of 2020 these stocks got sered there is an a lot of pain in people's memories. the stocks have not kept up with crude off the lows and i think that ultimately greed always comes back into sectors that are doing well and will be -- happen as you get further rallies in energy i'm a believer in the reflation trade and looking at what's not a crowded area i think it's

energy. >> yeah. so to come back to you, phil, you talked about value outperforming growth in the first half of the year but we have seen a rotation again solar stocks growth names some internet and tech software names. the faangs that have been outperforming. is that trade played out or more room to run? where would you put money to work >> we are getting closer still overweight to value but the last trade to shrink and add some growth. even add cap waited s&p explosion which we know is loaded with faang names so at least for the summer if you're not going to get any rate volatility at least to the high side it makes sense to get growth back in the portfolio but one thing is this move lower is not sinister not seeing utilities outperform or defensive

energy is doing well we are not talking about a down rate in growth we are talking about a move that the fed made to really get ahead of any talk that inflation is spiraling out of control and that's really important for the way that we invest and a good sign for making risk you didn't want rates above 2% in 2021. that looks like a low probability event and also means that add some growth into the portfolio because they're long duration equities that do well when the rate volatility is low. >> all right gentlemen, we'll leave the conversation there. >> that's a great point. >> yeah. we'll leave the conversation there and have you back again to talk about it more meantime, thank you for kicking off the hour with us the s&p is basically flat. david? didi global going public there. largest ipo of a chinese company since alibaba in 2014.

our deirdre bosa has more for us this morning >> reporter: didi at $14 a share with an initial market cap of $6 billion putting the value between the other public ride share companies we know well $14 did land it at the top of the range but at one point it was thought to fetch a valuation of up to $100 billion. ride sharing has not been a great bet. they have cooled on it they have under performed the s&p. they remain you be profitable. regulatory environment is uncertain. didi faces a similar outlook but as a chinese company there's another layer here its dominance in the home market seen as an advantage and now under scrutiny and the american counterparts narrowed and didi is pushing into autonomous

driving to freight on top of that u.s. listed chinese companies have had a tough go with some of the biggest tech names in china like alibaba also in the red for the year so amid the hot ipo summer this is a record half year for listings didi is priced more conservatively and sped through the road show and will see how investors respond when it opens for trading likely a few how shalls from now. >> yep watching it and so many others thank you. our road map for the rest of the hour does start with cyber security firm sentinelone going public here. we'll speak with the ceo in a first on cnbc. elon musk setting big goals for the satellite network star link we have those details ahead. the semi surge

micron tonight we'll break it down with "squawk on the street" continues in a moment - stand up if you are first generation college student. (crowd cheering) stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent, but it doesn't equally distribute opportunity, and paths are not always the same. - i'm so proud of you dad. - [man] i will tell you this, southern new hampshire university can change the whole trajectory of your life. (uplifting music)

sentinelone is is the to make a public debut here at new york stock exchange. the company looking to raise over a billion dollars placing the valuation as high as 10 billion and will see how it trades joining us now is company ceo, tomer winegarten congrats

i want to get to the business and explain to me what exactly the platform does. you say it ingests data from a myriad of ever-expanding external and internal sources in realtime. >> indeed. >> tell us what that means and how that distinguishes you what from what is heavy competition in the cyber security area. >> it is a big tax surface that obviously is kind of what the attackers out there are going to exploit. one of main things to do is monitor the devices. see everything that's happening on top of them collect the data cross core late it as fast as you can and find the bad things happening and then if you can leverage ai or machine learning

to automate the remediation of the attacks preventing them in realtime at machine speed then you create a very, very unique system and effective one to deflect the attacks before any damage happens and keeping the customers secured. >> you say of your singularity platform, what is the market look leek for you in terms of your ability to win contracts versus competitors and expected growth rate given the story of the s1 >> yeah. the market is huge we look at a few addressable masht combined with end point security, cloud security as you kind of seeing a wave of digital transformation the areas

are more used. customers tranis igs boo the cloud and we transfer. we have a win rate across every competitor out there the incumbent vendors are weak antiquated technologies. not up to par with the current threat landscape and to us it really is about grabbing market rate we have a win rate of nine quarters of 70% every pretty much competitor in there we just continue to take our fair share of the market. >> it is morgan. given the fact that the end point security stopped the sun burst malware associated with the solarwinds hack we saw, have you seen a bump in sales >> i think we have seen a sustained tailwinds throughout the period

even the covid pandemic really put more emphasis on end point protection as a whole. we moved home with the deviszs no more layers of protection that kind of trying to deflect the attacks before they reach that desktop that we all use and the emphasis on endpoint protection is growing and that's just a continuation of that trend. yes, keeping the customers safe and the technology to demonstrate almost an unparalleled protection, complete deflix of ransomware attacks and going to the customer base that obviously drives up sales. >> such a key piece of the puzzle is government piece is the government spending enough on cyber security what does a future strategy need to look like >> yeah. it's a great question. it's a big,big challenge it's something that's going to obviously happen over time why i

don't think there's a silver bullet it is a massive amount of infrastructure needs to be overhauled, modernized the security solutions that are still very much prominent need to get upgraded. it is something we address we are a fed ramp certified and just announced chris krebs to the advisory board and working hard with the government both to address cyber crime challenges across the globe, nation state attacks and in thinking on how to secure further the government perimeter. >> you referred to competitors as having and kuwaited technology one would anticipate they try to change that. what gives you the confidence that you will have the ability to stay ahead at least as you say you are in terms of where your technology stands versus competitors? >> we're investing a lot in

technology and we have developed a unique approach on how we preach deflect attacks, some of these other third party that is try to test and understand what each and every product can do you look at the miter attack framework, a u.s. government body to map out what every vendor can do, see and deflect and to see a big separation in the pack by the antiquated legacy providers trying to deflect file based attacks where the threat landscape shifted away massively to complete file attacks and even in terms of approach maybe a few good years behind. >> raising a good amount of cash losing a lot of money as growth companies do what will you use the cash for you consume a lot of it at this point and the expectations to get to cash flow positive from

the ipo or going to need to raise more >> no. i don't think we need to raise more to us as long as we consciously decide to spend and invest to grow then we know the model is sustainable. the targets are to be profitable and something that never progressed it's all part of the plan. all right. we appreciate you joining us and we'll watch ofly getting closer to the open for that. also a quick reminder, this is a two-time cnbc disrupter 50 company. for a closer look at this and others sign up for the weekly newsletter at cnbc.com/disrupters news letter. >> 3 for 3 today. take a look at the top gainers on the dow we are back in a moment.

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1-800-376-4376. that's 1-800-376-4376 go left! i'm gonna go where navigation says. ah! [ navigation ]- turn left. thank you navigation. the difference in try and triumph is just a little "umph". upsies! i need upsies! i think on our way to having a few hundred thousand users, possibly over a 500,000 users

within 12 months squaring rapidly operational now in about 12 countries. more being added every month. >> that was elon musk yesterday at the mobile world congress on the spacex starlink internet service and expects to offer service as soon as august and they have 70,000 active users and last month over 500,000 requests it is a big bet on broadband and musk estimating yesterday to cost $5 billion to $10 billion to be fully operational. as much as 20 billion to 30 billion in investment over the long term and said spacex has two quite significant partnerships with tellcos.

talks are under way with companies and country just talking about the space based broadband race and billionaires with multiple making big bets this hour with sunil bharti mittal now executive chairman of one web so stay tuned as we continue to talk space this hour, guys. >> so interesting. starlink line of sight is an issue from what i understand and the real focus here would seem to be more on rural communities opposed to urban but that's still a lot of the planet and covering. let's not forget wireless companies spend billions every year on cap x. >> many cases in many countries and musk talked about this yesterday for the these companies to actually acquire 5g licenses they have to guarantee service to everybody, coverage to the rural customer just hard to do with 5g and why something like starlink is seen as a compliment to fiber and 5g and i

think musk sees this as a 3% to 5% of the population type of opportunity and translate to tens of billions of dollars and seeing one web which is more b2b focus. >> when you think about this space right now pardon the pun is about connectivity and satellites tourism. are we still talking about low gravity manufacturing? >> all of the above. >> really? >> that being said from an investor standpoint right now satellites and some of those capabilities where connectivity is concerned is seen as the key near term money makers and space tourism very, very exciting. very, very flashy but a lot more risk associated with that and more question marks around the total addressable market. >> right certainly a reason -- the double downgrade today is about the price action in the last couple of weeks opposed to whether or not they make money in 2030.

>> this stock, that stock virgie galactic is volatile and the sister company virgin orbit is in the middle of an orbital launch of seven satellites the first actual mission as a commercial operational company so keeping an eye on that because we might have video. >> trying to figure out total addressable market for starlink. how big is it? may be very large. >> we know that musk sees this as a $30 billion a year revenue opportunity and we also know that he is - >> he is elon musk. >> works out in the end. >> it does. >> let's get the etf spotlight going to a quick break looking at the consumer staple space. flat for the year but up around 10% since the beginning of march seeing the names get fresh legs.

one name is sconstellation. pretty good full year forecast and the ceo on with jim tonight at 6:00 p.m. eastern time. dow up 105 we are back in two minutes folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq i'm dad's greatest sandcastle - and greatest memory! does this come in blue? but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles.

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welcome back i'm rahel solomon. here's the news update as the july 4th holiday weekend approaches gas line prices are rising in los angeles between $4 and $5 a gallon the average price hit $3.10, the highest this year. donald trump's long time numbers person chief financial officer allen weisselberg will be charged nbc news reports that the company will be charged tomorrow but says that it's you be clear

if weisselberg or other individuals will be aused. the company denied any wrongdoing. now confusion in the new york city mayor election results yesterday dave democrat adams a slight lead and then they took the numbers down saying that 135,000 test ballots had been counted epa added uncertainty to an election causing confusion as the city uses ranked choice votinging for the first time carl, back to you. >> all right thank you. semis are surging in q2 with the smh hitting another intraday high nvidia is the top performer. let's bring in wells fargo aaron rankers. a nice breakout here first time since february. what's driving it? >> i think there's a renewed interest in the sustainability of demand in the end markets we have my front reporting

tonight after the close but just in general there's a retotationo the growth areas there's some renewed interest in the end demand across the space. >> so for the second half i wonder, what's going to be the most interesting thing to watch? is it gaming, data center, automotive something else >> that's a good question. looking at the coverage i think the data center in particular is the area of keen focus we have a strong server cpu server this year we have the continued proliferation of ma schine mach learning in the data center side. i think the other vet call is

definitely yeezing constraints in autd. sustainability of pcs and then the iphone 13 cycle from apple a key focal point into the back half of the year. >> hearing from old timers who know what gluts look likeon th other side of an environment what do you tell them? is this different? >> there is a structural change in the market. you are seeing the constraints i cross verticaling driving the end customers to hold inventory and been angst around that inventory build. i think we are seeing companies more comfortable with holding more inventory to alleviate the constraints. again i think the end markets in semis is more diversified. not just smartphones and pcs but ai, industrial, automotive and

makes the cycle stronger and longer than seen in the past. >> bottom line looking across all the different stocks you cover, top pick? >> we like micron. we think this is a $8 to $9 through cycle earnings story peak earnings into the $13 range and a circular growth story unde underappreciated nvidia is a name we are constructive on. >> on auto, there's expectations to get better, not worse in the second half in terms of supply the market is out today saying expect a reasonable level of demabd in the final quarter. do you think we're setting ourselves up for failure >> i think we are constructive

on auto. a colleague covers more suppliers into the space and will defer to them a bit but for my coverage i think the auto space will continue to recover nvidia very well positioned as far as the proliferation and drive to autonomy and talked about a $8 billion pipeline of opportunity and so those are the names that i cover that we think play well in that auto category. >> yeah. it is going to be -- you have to watch the tape tonight when micron hits. good to see you. >> thank you. as we await didi's public debut a look at the chinese technology companies and stocks are performed this year. >> from leader to laggard, china underperforms in 2021 under concerns stocks in china up about 3% for

the year compared to the s&p 500 higher by 14%. china's economy is starting to show signs of weakness two downgrades on the forecast for the country below 9% even in emerging markets where china is a standout stocks trail in south asia the sharpest selloff is in big tech and started last november pulling the ipo with worries of growth and regulation. take aing loo at alibaba, all down between 30% to 40% from the respective highs scott kennedy says there's certainly a logic to clamping down and policymakers have scared away innovators from invatding and pushed more chinese companies to go west 29 chinese companies have listed in the u.s. raising over $7

billion until ipo market this year with didi set to trade today. morgan >> see if didi can do it thank you. heading to break, a look at the biggest gainers on the s&p energy up more than 40% year to date see the names. marathon diamondback and l brands up 93%. everhiytng else, energy. we'll be right back. stay with us skirt... and shorts) the world is going hybrid. so, why not your cloud? a hybrid cloud with ibm helps bring all your clouds together. that means you can access all your data, modernize without rebuilding, and help keep things both open and secure. that's why businesses from retail to banking are going hybrid with the technology and expertise of ibm.

opec meeting could halt the record run in oil prices this year we talk to an energy expert. more "squawk on the street" coming up.

announced a fine against robinhood. kate rooney has details. >> good morning.

robinhood reaching a settlement with a regulator $70 million fine 57 million the fine of 13 million and going to restoration. this had to do with the options trading practices and outages from march of last year. they mention the outages talking about customer service issues finra saying that it sends a clear message to all member firms that they have to comply with the brokerage industry rules. robinhood set aside some money for this $26 million in preparations for a feine and disclosed in march more than double what they forecast and they're not denying or admitting allegations saying robinhood has invested in

improve stability, resources and building out the teams and they say we're glad to put this behind us and continue to focus on customers 'democratizing finance for all. this startup was dinged in 2019 for best execution practices, less than $2 million at the time and the company expected to file ipo paperwork. some settlements were an overhang and with a regulator f finra the path appears to be cleared for an ipo morgan >> all right kate, thank you for that. bart enterprise is investing $500 million to satellite xhux company one web. the investment comes as oneweb prepares for an eighth launch tomorrow 36 more satellites sent into low

earth orbit increasing con connectivity across the globe. joining us now is oneweb expectative charcht and founder sunil bharti thank you for joining us today. >> thank you. >> you made an investment into oneweb taking it out of bankruptcy with the uk government last year now it secures 2.4 billion in total funding. why now? why exercise the options now >> any call with enough time and which exercise with some more period to be gone. but this will bring certainty to the investor, employees, vendor community. we needed to raise $3 billion and we have 2.4 in the bag and a

few investors are knocking hard. we may or may not take measure money but the company is fully funded and no debt that's taken on the books of the company. we are secure and set now to do exactly what we are set up to do which is to provide broadband satellite services to telecom operators, maritime, rural broadband, et cetera. >> it is interesting we heard from elon musing with spacex building out starlink which is not necessarily a direct competitor but involved in the space race if you will. the numbers he put around building out that constellation were 5 billion to 10 billion to get to cash flow positive and then potentially tens of billions more for upkeep of starlink oneweb fully funded at $2.4

billion, how do you keep this so low in quotes in terms of costs to build this out? >> fundamental issue is the orbits we are placing the satellites at 1200 kilometers. the closer you are to the earth the more satellites you need against 648 satellites needing at least 6,000 to 7,000 sat litds to do the sam job. that's more launches and sate satellites we are benefitting from the pre-chapter 11 spend of $3.4 billion which we acquired for nothing and therefore additional $2.3 billion and additional investment does the job. so that are the -- those are two fundamental facts in our favor

that we have the lowest cost to serve in the marketplace. >> we have been hearing about this possibility of low earth orbit, broadband service for the better part of two decades i realize launch services have come down quite a bit over that time but in general when you step back and you think about this, both i guess from a personal standpoint as the chairman of oneweb and also as the founder of bharti enterprises with a telco and other companies with digitation why is this a good investment right now? >> look. i come from the world of telecommunications covering 17 countries. i have over 250,000 cell sites and not to talk about radio based stations which may be over million but 250,000 towers and

only 17 countries. with towers in space i will cover the whole globe. this is a powerful proposition i provide connectivity to places we never reach with fiber. we will be able to have a very strong business case in my own opinion places in africa will operate, india, the deserts. the deep forests and of course in entire coastal area and not to forget the very poor aviation services we get in aircraft all set to change. there's a tremendous amount of enthusiasm we have signed a first big deal with -- and signed two -- two people have been spoken to and very large interest and i compliment what they do on the ground with something from the space. and if you heard mr. musk

yesterday in barcelona he is moved the position to where we were from day one and not compete with mobile operators but cooperate with them. he's come there now finally. >> thank you so much for joining us today. >> thank you. let's get over to bob have tumult he has the latest on the big day for ipos >> it's so nice to be back on the floor of the new york stock exchange, here with stacey cunningham, the woman in charge of the new york stock exchange what a great day we see people on the floor clapping and cheering. we have clear just went public $31 priced at, opened at $38.55. we're waiting for sentinel one to open. we're waiting for dd to open, the number one ride hailing service in china your thoughts on today's open? >> a busy day. it's really evidence there's still a lot of demand for great technology companies

there's almost $6 billion of tech proceeds raised last night just in those three companies you named. we're excited because we get to have people here on the trading floor because clear health pass is providing proof of vaccine so we can gather on the floor again, and it feels really good. >> 18 ipos this week, folks. the biggest week in many, many years. the biggest first half in terms of the number of ipos ever we have done as many ipos in the first half as we do in a normal year any big thoughts >> what's interesting about the first half have we have seen ipos across a variety of -- >> our thanks to stacey. we'll work out some of the audio issues >> coming up, we'll talk to slack about the future of work some pretty provocative comments about whafuture holds from stewart. all starts add the top of the hour as the dow is up 144.

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i'm sure this isn't something money can't solve? what the fudge? oh my gosh, oh my gosh, oh my gosh! welcome back to "squawk on the street." i'm kristina as we end the first half of the

year, let's look at some of the winners and losers of 2021 as was mentioned earlier, energy remains the top performer by quite a large margin up more than 40% for its best first half since its inception back in 1989 and even a few names, devon occidental as well as diamondback up 80% on the other hand, the s&p's biggest laggards is the utility sector, right around the flatline year to date. its largest constituent by market cap, next air energy, is down 4%. so i'll send it back to you downtown >> all right, thank you. we're keeping our eye out for dede's opening priced at $14. it is a busy day here for ipos ipwhat is a busy week for ipos we'll be right back. stay with us

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the street." in case you haven't had enough space this hour, virgin orbit's second orbital mission is currently under way. we're showing you live shots right there. it's officially kicking off the company's commercial service as

a rocket launch services provider sir richard branson's other space company which was spun out a few years ago, is carrying seven satellites to orbit for companies including the company of defense it took off before 10 cl:00 easr from the launch site in the mojave desert. it's this air launched rocket that is currently carrying the satellites to orbit. we're going to continue to keep our eye on that. in it meantime, you have the double downgrade, david, of virgin galactic. >> that stock had moved up a lot last week, and even, i mean, a great deal huge percentage move on friday >> of course, that's in focus as well because sir richard branson has been that speculation, those rumors that he could potentially be going to space as soon as this weekend who knows. >> wants to beat bezos into space, is that what this is all about? >> that's the scuttlebutt. right now, he's focused on this launch, which we are as well

that's going to do it for us on "squawk on the street. for not only the month and the quarter but also the first half of the trading year. that's going to do it, as i said tech check, my god, starts right now. >> didi. didi happy wednesday. welcome to "tech check." ahead this hour, dede's dramatic depew. this year's biggest ipo and how it impacts the likes of uber and lyft, and then slack ceo stewart butterfield as the debate in silicon valley about hybrid work and remote work rages on later, bulletin board material as faceboo