about. i worry that these funds become marketing concepts more than anything else. >> i think i would say on the fee issue in a weird way if you're paying higher fees for actual research and diligence about these companies it might be paying almost nothing fees for almost nothing very interesting hour. thank for tuning in and watching the special edition of "power lunch" "closing bell" starts right now. thank you kelly and tyler and welcome to "closing bell". dow and s&p and nina dos santos in the green >> weekly jobless claims came in higher than expected this morning rising to 419,000. congress was expecting 350,000 european central bank saying it will maintain a monetary policy start. tech is leading the market with

names like sales force, microsoft and apple. we await intel's results shortly after the close. >> coming up on the show, ceos of some interesting earnings moves today. we'll talk to quest diagnostics about return of routine testing. plus ceo of cleveland-cliffs will join us that is coming up. >> let's focus on the big stories. mike santoli is tracking the markets. and mike let's start with you. >> very dirt feel from the last two days prior couple of sessions we had, just an all inclusive buying b binge. a broad rally. all of the activity was on the upside insulates the market from much down side.

today most stocks are down but big caps are up. you have enough traction to come up of the old highs. it's ratifying this resilience we had a pull back responded to it immediately. a little bit unevenness. cyclicals giving back. take a look what this looks like exact index but with all stocks weighted evenly. you see a peak from back in the spring that's still in place that looks much more like a steep climb and now kind of alongside it, people are saying well until we see the average stock as measured by the equal weight make a new high or get close to it, maybe we have to wait and see if this is not just a range type of activity that kind of thinking can be prudent and leave you behind if the market is in a little bit of these up, up and away phases

let's go to the next charge. down a quarter percent blackstone, one of the strongest stocks today, one of the strongest stocks in the last couple of years. look how they've done even compared to blackrock and goldman sachs. clearly people love the idea that these are now these big institutions, you can rely on them great plays. great credit conditions. interestingly enough the more the stock market goes up the more asset allocators say expect returns from public equities not so great we have to diversify into private equity and real estate and other alternatives helps them seems too much of a beloved consensus trade. s&p 500, they have the momentum behind them. >> what buys they were back in 2018 or whenever it was before they switched to status. in terms of whether we're celebrating or not for the week's performance we're back in

positive territory for the week. having also flussed out a little bit of that excess bullish sentiment back on monday >> this is what happens repeatedly this year you get these little sharp gut checks and definitely wipes away a bit of the maybe over confidence that builds up in the market or prevents the market from getting to that point where everything looks rosy. the investor survey came down. also more tactical traders reduced positions by other gauges i think it's been constructive so far at one point it will seem smart to get defensive tough season period coming up. but so far it's been really helpful in refreshing the buying power and keeping sentiment more moderate >> thank you for more on today's action let's bring in adam parker thank you for joining us

clearly a lot of debate at the moment has been over inflation and what that does to yields little bit of a softer job spring this morning. what's your view on inflation versus temporary inflation debate >> the triple digits are transitory but you can still make lots of money. i'm bullish on metals and energy inflation will last long enough to drive prices higher and the profits the companies are making, the cycle will be substantial. the longer wait in the equity market -- the banks are more cautious simply because they guided and back up and tougher to make money in that environment. it's transitory but could last six to 12 minutes most cases and can still make money playing in the equity market. >> in terms of what you're seeing in text market, similar egypts to any recent cycles or

no >> look, i think this cycles rides the entire 2009 and 2010 recovery in so many ways it's classic the fed comes in, a fiscal stimulus then you get to a point where you start seeing what happens and requiring fundamentals to improve, quality company stocks outperform single most thing for equity investors is buying stocks that can span their margins inflation you mentioned whether it's wage inflation or cost inflation can be offset by revenue growth if that's the case stocks will being a great. what won't work is buy stocks that are cheap and short that might not work this time. >> which types of stocks, adam, what sectors do you see this kind of pricing power and higher margin >> so it can be all over the

market i think there's a lot of long term opportunity in discretionary. i'm bit more cautious about industrials because many of them have the input to deal with them that maybe can't pass it on and very optimistic expectations industrials are the only sector in the market where earnings expectations are for double earnings did you believe digit growth every single quarter. probably the best way to play it is still in energy and materials where the analysts lag and don't bring their estimates up right away and can drive through the price. >> what do you say when you have people like morgan stanley's mike wilson, 10% to 15% pull back for the indices do you see that as a very, very low probability. >> personally, i'm friends with mike wilson. i was at morgan stanley. i would say there's differing views. i don't have the ability to call

market corrections of 10% or more that's challenging or make me call a correction of 10% or more. too much capital spending, too much hiring, inventory levels look like they are going to impede growth, fancy new corporate headquarters i don't see a lot of ek ses in the market right now i see the opposite so i think that's what i need to see. on the debt front not a lot of companies that turn around their debts. i don't see a lot of reasons to be cautious. if you're making a call if the market corrects for some other reason it's about market raise they want inflation and let things run as hot for as long as they can i don't see that correction. i'm more optimistic for next year earnings are growing economy is growing

et cetera. and if you want to fight that go ahead. i don't think you should i think it's more rosy >> adam, just quickly on jobless claims i was curious to get your take 419,000. this number has remained high and going in the wrong direction. why are we seeing those kind of layoffs in a week at a time when there are millions of job openings, millions of people unemployed >> i think there's a bifurcated market there some of the skilled workers can demand premium i think that speaks to why the fed probably doesn't act until a longer consensus view. most firms kept saying the fed was going to raise and take them all the way from maybe 15. if you have that same logic and the fed's mandate i need stable

pricing, it could be several years. that's another reason to be bullish on u.s. equities >> yields or down again. adam parker thank you for joining us >> straight ahead on the show, quest diagnostic, the company saying noncovid-19 testing helped drive sales up next we'll talk to the company's chairman and ceo he joins us for an exclusive interview. keep it light. the dow is up a little more than 63 points.

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shares of quest diagnostics higher today after its earnings before the bell. the company beating on top and bottom lines also saw revenue for noncovid-19 related testing actually grow for the first time since 2019. joining us now is quest diagnostics chair and ceo, steve rusckowski good to see you. >> thanks for having us. >> very notable you reinstated full year guidance and better than what was expected how far along are we to normal era testing, blood tests, stds, cholesterol, whatever demand there is typically for these tests. >> when we talk about our tests we talk about the covid testing.

outside of the covid testing we expected our base to get back to '19 levels sometime in the course of this year and we were expecting it in the back half of this year but fortunately we've seen it get back to growing in the second quarter so we're encouraged by that. >> how big a part of the business is covid-19 testing at this point >> last year we did in excess of $2 billion in covid-19 testing it was considerable last year. we reported north of 9 billion for the total company. a sizable portion of our revenue last year. then the first half that continued. but this year as well we set our covid-19 testing business would go down as we saw the recovery, if you will, from the pandemic and it has gone down throughout the first half but what we're seeing in the last few weeks, actually in the

last couple of weeks we're testing related to the delta variants we're seeing a slight increase in that covid testing volume as well >> seeing 40% top line growth in light of the pandemic numbers that you got last year i guess is very impressive and quite surprising but is that because q2 last year didn't quite yet have a huge amount of covid testing and it would be much harder for you in the next couple of quarters >> if you remember last year we were just getting into the pandemic our base business dropped considerably in april of last year it dropped 50%. we just started in march of last year bringing up our covid testing. today we the actually have about 300,000 tests capacity per day that was szczerbiak in march of last year. in the second part of last year base business was down and just started to bring up our covid

testing. >> you mentioned the delta variant. is there any way or are you working on telling where we can test for type of variant we have of covid-19 where that can pop up in the test >> next gen sequencing in centers for disease control so we look at positive pcr test for covid and provide that to the cdc the actual variant and we see this week the majority of our positives are actually the delta variant. we do not have a testing capability that that variant is known real-time. right now we're finding that through next of gen sequencing which takes some time to process. >> any other testing you're working on related to covid-19 for instance do you think at some point we can test for vaccine efficacy >> we have a whole portfolio of serology test that can test for

antibody the antibody can be seen in individuals if they have been vaccinated or recovered from natural infection. we're looking to make more and more progress on those serology tests. see if we can separate the protein from the rest of the vaccine and see if the memory and response from that, gives a immune reaction in the t-cells to be tested as well >> thank you for joining us. >> have a good day coming up a big morning for airlines morer and, southwest and alaska we'll break down those moves and what the ceos are saying about the travel industry as covid cases rise check out some of today's top tickers on cnbc. the top five are the ten year the top five are the ten year yield, apple, didi

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nvidia. it was a busy morning for airline earnings american, southwest and alaska all reported quarterly results let's bring in phil lebeau for the key takeaways. >> reporter: forgettable day with airline stocks with exception of alaska. three thing you can takeaway for the third quarter leisure continues to drive traffic now corporate bookings are improving but not back to the levels that they were experiencing back before the pandemic as for the delta variant so far airline ceos are seeing no impact there's alaska ceo >> question is we don't know what we're seeing right now is no impact to our forward looking bookings but one thing we've done in alaska is how we deploy capacity we try to match capacity and demand we're going watch this delta variant closely.

>> reporter: take a look at the airline stocks alaska as well as southwest both saw a profit in the move june as for the second half of this year they will be pushing the through pre-test profitability here's doug parker on the growth of business right now. >> to get that growth in revenue, we have 80% of market capacity that's a lot of growth today we're about twice the size at the start of this year. a lot of growth. we did see in june we had some issues with that growth. as soon as we saw it we throttled back and make sure we did some pre-cancels and took care of our customers. that's all behind us >> reporter: bottom line airlines expect a trajectory that they are on right now that they experienced in the second quarter to continue in the third and fourth quarter guys, back to you. >> leb >> phil lebeau, phil, thank you. let's look at the railroads

which are gaining today. frank. >> reporter: rail stocks out per performing cbx and union pacific reporting increases. one catalyst is shipping containers in the first half of 2021 that was up 18% year-over-year and 6% above 2019 both cpx and up expect to demand strong and capacity to be an issue. more than a quarter of freight move on rails and they can be a forward indicator of demand. in q3 they are 5% above those levels retailers expect consistent demand this number is muted due to bottlenecks at ports auto shipments are 13% below those 2019 levels. a chip shortage is a factor. i spoke to jim foote after the

earnings call. he expect earnings to grow petroleum shipments are down 20%. brent trading at $73 a barrel and forecast to reach $80 a barrel in the second half. something to watch with potentially 20% more demand out there. >> frank, flat on the week somewhat remarkable given monday's move. thank you. still to come we'll get earnings from intel, snap, twitter and others after they close and we'll preview what to expect coming up shortly. the ceo of cleveland-cliffs will also join us to weigh on everything from steel price to supply chain disruptions that interview is coming up. after the break here's a check on bond. treasury trading around 1.285% we'll be right back.

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about 30 minutes left to go. let's check in on individual "market movers". plenty of them today shares of crocs are soaring. raised its full year guidance. company ceo said he's very optimistic about the back to school season. that stock up 9% they are killing it on celebrity endorsements and celebrity wearing their shoes. >> mike santoli is a likely endorser >> i don't know. >> i'm an observer of this very

strong trend >> justin bieber, celebs wearing it to the oscars domino's seeing strong sales in international markets as well as high demand for its new menu items like chicken taco pizza. that stock up almost 6%. coming up on "mad money" jim cramer will talk to the ceo of domino's at 6:00 p.m cheeseburger pizza, not for me >> not for me. >> i like the regular. >> i'm just thinking when jim on "mad money" has food ceos on they send way more food to jim than they do to us >> true. >> chipotle this week did we get any food no just putting it out there. if food ceos are watching. the interview will being a

great. now time for a cnbc news update. hello, everyone. here's what's happening at this hour u.s. forces have launched several air strikes to help afghan troops fighting the taliban. attacks are the first in average since the top u.s. commander for the country returned to america. strikes also show u.s. intentions to continue combat from outside of afghanistan until the end of the u.s. military withdrawal at the end of august. back in washington the house approved more visas for afghan allies of the u.s. to seek refuge the bill has 8,000 more visas for translators and others who worked with the troops and in spain, a rat. surprising lawmakers happened in the regional parliament some jumping on their desks. a few ran out of the chamber others laughed the rat escaped quickly and without injury but the commotion

stayed for a little bit. quite a commotion. >> we needed the volume up for that one >> yeah. got to use your imagination. the visuals are striking >> it's chaotic in there >> i do think -- >> no rat. >> there's all sorts of search problems in parliament >> i gotcha. just 28 minutes left before the bell here's where we stand in the markets. s&p 500 is higher a .10 of a percent. russell 2000 index underperforming. nasdaq is the biggest winner you're seeing strengths in other places like hotels the railroads. tobacco companies. when we return shares of lemonade sliding we'll break down what's

pressuring the stock we'll talk to the company's ceo next and why the citigroup put a street high for microsoft. didi down sharper again today. another report that chinese regulators could hit the company with serious penalties that could surpass the penalty alibaba faced. down 11%, almost 30% for the month. we'll be right back. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. ♪ ♪ ♪

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has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks! only at t-mobile. welcome back shares of insurance tech company lemonade trading low down around 3.7% it's been a roller coaster ride for investors since the keys ipo

last year. the stock rose to a high of $188 back in january now trading at half that level but still up sharply 200% the company bounces purpose and profit as a certified b corporation and recently more than $2.3 million to 65 nonprofits for the 12 months ending june 30th lemonade ceo, dan schreiber joining us now good to see you. clearly down a little bit off the back of the results but up sharply since the ipo as we discussed. what's been the main push back from investors today to the numbers? >> we didn't publish numbers today. we issued numbers a few days time so i want to discuss those results. what we did publish is what you spoke about in the introduction is our give back a seminal

event. a seminal event in the calendar of the company with some $2.3 million going a bunch of charities. the way our company works when customers buy insurance at lemonade they designate a nonprofit that's near and dear to their heart and once a year if there's money left over, if results have been good, then we're able to give whatever money is left over to that nonprofit that's near and dear to the heart of our customers. >> so do you think -- was this number out there already of it expected was it a bigger give away than expected and do you think investors welcome this generosity >> yes we've been doing this, this is our fifth year in a row with give back. it's grown 4,000% over the course of that year. it's been growing steeply this year over last year's 100% growth i do think it's welcomed by investor community

i don't think there's anything meritorious about giving away money from investors we just raise money from investors and give it away that's not a wonderful thing to do but in our case it's different this isn't just ask us being generous with investors money, we're building for investors one of the premises upon which lemonade is built, can you change the business model of insurance and actually use the effect of a nonprofit to solve a business problem that's near and dear to the heart of our investors which is that it's an industry that's plagued by distrust so tens of billions of dollars a year go in fraud and transfer which is not committed by some criminal gang overseas it's by people like you and me for some reason when it comes to insurance feel entitled to embellish our claims as we found lemonade we wanted to contend that issue. how do you build a trusting and

trustworthy brand in insurance that would elicit a different kind of behavior from customers to the benefit of consumers, the company and its shareholders and our give back is a central plan in that strategy >> as you continue to grow, how much of your new customers are first time younger insurance buyers and how much are you getting from some of the bigger guys the old school competition? >> so, historically, we published a number something like 90% of our customers are first time buyers of insurance, which is a pretty stunning number when you think about it we don't have reliable data on this but in terms of the newco horticultures of insurance buyers we might be the number one buyer. we're up there in terms of our market share among the new, new cohorts. which is the most predictive number you can have in terms of long term market share rather than taking a customer from an existing insurance

company, we're focused on how can we get the next generation customers. we're thinking about the long term growth of our business. that bodes very well indeed. in the last year since the ipo you just referenced which was early july of last year, at the ipo we only had one product to offer which was homeowners insurance. since then we added pet insurance, life insurance and car insurance is coming. we're now seeing for all of those customers both existing customers of other insurance companies switching to us and newcomers, multiple points of entry into lemonade and multiple cross over pods, they buy one product but then add others. we see the dynamic of our business change for the better over the course of the last year >> aside from grabbing the new generation to what extent do you need a big event of people to then look out and look around and change who they are insuring with by that i mean buy agnew home, buying a new car or indeed a new

pet. is that the moment that triggers them to consider changing who they have insurance with and, therefore, are you quite linked to the limit of economic activity i >> we are. we are linked to the sense of people's individual gdp. if we do as i suggest a disproportionate growth, disproportionate number of first time buyers of insurance they will enter the market at a fairly low level of premium. our entry level is $60 a year, $5 a month to buy a basic renter's policy on lemonade. then they go through lifecycle events and their gdp grows they start as students dealing with mates and then they accrue wealth in fact the medium net of an average american under 35 is something like $10,000 it grows 15 x over the years and insurance does dovetail with that we see that.

rear seeing a huge number of homeowners policies which are six to ten times more valuable in terms of premium, big chunk of those are coming from people doing this as renters and we get those dramatic upsales not 10, 20% but 300, 500, 1,000% upsell from existing customers. so we incur no incremental spend to acquire the incremental premium. that's our strategy. we see that play out if you get a pet, have a child and thinking about life insurance, a renter you graduate to being a homeowner, any of those lifecycle events which of the ten times will occur as people go through these major events which when they are accruing wealth over time, accruing responsibilities over time and want to protect those through insurance and lemonade is increasing their choice >> aren't there a bufrmg of others that are doing just that? soft bank which invested in your company invested in ethos which

is trying to disrupt the traditional insurance business is it getting crowded in your space? >> the nice thing is that there's room for everybody there really is. this is such a stunningly big space. we don't bump up on other start ups. like 11% of gdp in the u.s talk about something like $5 trillion worldwide and so we could 10 x our business, 10 x it again and still be a small insurance company. the largest insurance companies in the world do about 100, 150 billion dollars a year at about 4% market share. so, i think the one problem that we are not going to have any time soon is that we run out of space to grow. at first proximate major leagues

this i -- proximatation this is an endless market space >> we will preview key mrietcs to watch when we go inside the market zone. that's next. ♪ ♪ ♪

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russell 2000 lagging in the red despite monday's selloff averages are on track for weekly gains. russell the outlier today. otherwise a nice little bit of gains following two big bounces like this. >> certainly at the headline level. really what's going on today is digestion of this two day rant we got most stores down russell down stuff that led to the bounce is falling back not much surprise or alarm in that you expect it after two straight days up a couple percent or half a percent from all time highs. all these cyclical groups had these rebounds over the past couple of days that are settling back treasury yields are down not the overall story has changed that much. >> one thing you could be surprised about is how the market appears to be discounting a lot of risks including the delta variant and break through infections some of these markdowns in gdp

still at high levels some weakness we're seeing out there. >> where that might come in to play more is when, maybe we're already there, is when the negotiations and banks and industrials don't look as over sold and just ripe for a bounce no matter what because they were underperforming for several weeks before this and the market is not proactively panic and hasn't done that all year. waits for thing to be worried about before it gets there so, you know, so far we're holding in here but not really with a lot of aggressive new push higher. >> steph did you get nervous at all on monday? are you nervous now >> i'm not near vow. i'm always worried about something. i'm hearing from companies we have 19% of the s&p 500 companies report earnings this week and they are good. earnings are beating by 18%. it started with the banks. the banks beat it by 26% the rest of the market is beating by 11%

it's early days, i know. i'm impressed it's so diversified in term of the beats. not just one industry. we did start with the banks. it's more broad based. you have j&j, phenomenal pharmaceutical number. good number out of coke. organic growth of 39%. a crazy number then i look at some of the companies that are economically sensitive. i happen to own union pacific so obviously i care about that but i want to hear what they have to say and that quarter was superb and the strength is coming from a lot of various different segments it's housing, steel, grain, consumer just suggests and confirms that the economy is on the mend more than on the men, we're the actually booming and that's why we'll do a 9% gdp number this year and that will continue into next year. so far so good on earnings and so far so good on visibility and guidance going forward >> microsoft is on track for a record close after citi group up

its priced to $378 citi has a positive look they like microsoft best out of the mega cap software group. citi predicting microsoft which report higher pc sale numbers and believe covid has catalyzed consumer adoption as microsoft as your business the question is how much is in the stock and whether we'll continue to see new highs. >> the stock is up 28% year-to-date oh, by the way the analyst community 91% of them have buys on this stock. not exactly undiscovered clearly they are in the sweet spot with i.t. spending recovery office 365, azure. if azure grows in the 40s that's super impressive because they've been doing quite nicely taking share. aws is growing from 28 to 32% in their cloud business i got to tell you, i don't own it it's expensive

a lot of people own it i have other places in technology where i think there's better value >> intel one of the big names to report earnings after the bell >> reporter: here's what we're looking for from intel earnings per share a walk 06 on revenue of 17.8 billion. the stock is up 12% so far this year but down 20% from it's 52 week high back in april. q2 grows margins street expecting 56.9% because there's insight into what's happening with that important server business indicating whether amd is taking share or creating pricing pressure back to you. thanks for that. the pull back since april happen all of a sudden fairly quickly and the question is whether they got behind them and if there's a base to build on >> there's a bit of enthusiasm

they had a pretty decent quarter earlier in the year. great pc numbers but then the disappointment over where they see position in terms of this current and next wave of chip manufacturing has been really -- the stock is valued 12 times earnings always been cheap. in this market if you're 12 times earnings the market is effectively saying you're post-your growth phase right now the consensus is for no growth in 2022. can they come out and say something strategically that will shift that story whether it's ama, or capital investment in a new class of chips or whatever emphasis they can make within their portfolio business right now. i think it's really pretty well expectations >> a little pressure texas instruments last night within the group which one do you like and does it have to be intel or amd, is it one or the other? >> well amd is taking market shares, sizable market share

you want to go with the winner that's important i get if tell and i get that there are low expectations it's going to take a long time for that story to work itself. you got time on that one i own broadcom i love 5g, the stock trade is very good dividend yield i like that management team. they are lowering their debt their balance sheet is getting better i own nxpi on the auto side and land research i still own that one. i do believe they are in middle innings in terms of recovery >> that's it for social stocks results from snap and twitter will be released julie boorstin what can we expect >> reporter: well, shares of snap and twitter have gained 25% year-to-date the pressure is on for these companies to show continued growth as the economy re-opens one thing i'm watching is user

growth so snap is projected to add 10 million daily users for a total of 290 million users this after the company added a better than expected 15 million users in the prior quarter and twitter is projected to add 7 million monetized daily active users for a total of 206 million so, of course, the question then is what kind of guidance these companies will give for the rest of the year as each rolls out new products, sees the impact of economy is re-opening and potentially some impact from apple's operating system that limit their ability to target apps guys, back to you. thank you. they both have winners lately. snap has been much higher. >> yes >> valuation >> they are very rich. look over the last four months,

facebook has eaten value and growth for investors alike both facebook. so i think at some point pinterests, twitter got revalued based on the durability of their audience i am not really sure except for, obviously, user momentum, what they can say also the digital pod growing so fast >> how do you play this space, steph? >> i own twitter i'm a little nervous because it's up 27% year-to-date i bought it after last quarter and then it fell so julia is right, do you have to focus mostly on the use of growth number and that number is 206 million. hopefully there's upside there expectations are pretty high into it. >> interesting ring tone or something you got going there, steph. nice background music too, the market internals with mike santoli. >> different complexion because

they are skewed to the down side the last two days were what were called major accumulation days vastly more volume to the upside than down side both tuesday and wednesday. that gives a lot of people who nooflz these things the confidence to say markets may be insulated from bad things. pretty durable signal over the course of events today new york stock exchange advancing, had been about 70-30 to the down side there you go about one-third to two-thirds in terms of advancing to declining volumes. clearly not really, a good payback the last couple of days. s&p 500 underperforming. u.s. dollar index, firm today. right near but not above the former highs from the spring euro is week ecb very dovish. kind of an interesting

combination. lower treasury yields but firmness in the u.s. dollar. different dynamic. vix, kind of hanging around below the 18 level it did have that pop well above 25 on monday receding from there. been twitchy around here as we go around the flat line. most stores down not an absolute all clear, everything is back to calm waters but not standing in the way. >> when it comes to lower treasury yields and the euro, lagarde will tolerate higher inflation. one minute to go before the close. take a look where we are in the markets. the dow is down about 20 points. some new highs microsoft hit a record high. mcdonald's and nike and honeywell. they are all contributing.

[ inaudible [ bell ringing ] >> there goes the bell [ inaudible >> i know that it was gold dust for our viewers. welcome to the cl"closing bell" people ringing the bell after pandemic lockdown. they do it with enthusiasm and noise. dow just posted, nasdaq up a third of 1%. all three indices come to be

high for the week. monday feels like a long time ago. after the bell earnings are going to take center stage, intel, twitter and snap set to report results we'll have instant analysis of those numbers coming up. stephanie is with us mike, we already mentioned that ecb point that debt in the first hour of the show just kind of pull back that spike in yields, the bounce back in yields you've seen in the last couple of days. >> did it. so maybe a little bit of kind of static messaging out of the bond market one consistency, though, is it did have the cyclical stocks take a back seat they lost southeast bid the they had over the last couple of days not a big change i feel when we're in the 125 stone, we've been here for a couple of weeks. just like on the upside. we make the case that stocks at each level need to make their own piece at that level.

no financial stress erupts similar on the down side you don't want to see yields compressed the market can get acclimated. all that, be it as it may the market was mostly holding today and some profit taking under the surface, about half a percent from the all time highs on the s&p. looks like the june and may pullbacks. got some further grinding higher after those bottoms were put in. >> you pushed back against this whole notion that we're due for some sort of correction or inflation trade is over. you must be vindicated by what you see in the last few session. what your telling your clients >> reporter: this is the time in the cycle, we're firmly in mid-cycle where you should see volatility and this concept we're referring to is the delta dent it is certainly not near the down side scenario that people have been modelnmodeling and its

concerning maybe you saw a little of that in the jobs number and restaurants shutting down in california so, you know, again, it's a dent it's not a threat to where we're going into this amazing cyclical recovery, it is simply a day or a month delay and i think the markets got a little scared, the bond markets got even more scared which is a little paradox because you would expect if the delta variant or if there were a threat to our economy that would mean the fed would move later so rates would be even more supportive but we see banks, energy, some of the things that lagged today that's where we'll be buying >> on the bank front last week we were talking about earnings and dissecting that. today it's the yield moves

do you have confidence at all as yields dip below 120 earlier in the week >> well, yeah. i do trade a lot obviously with the yield curve some more than others, though i the actually did trade a little bit with bank of america. i'm still overweight i put it in morgan stanley because i think they can fare better they are not yield dependent but less so. they just put up a stellar quarter and the guidance looks very reasonable to me. so i think like 14 times earnings that one is the one i want to continue to build on weakness and then i'm also expecting a good number tomorrow from american express. hear about leisure travel coming back, business travel not as bad. those two names i focus on at least in the short term. >> mike i'm looking at earnings reaction domino's, up 14.5% cbx up 3.5%. a tough set up

stocks are near all time highs the fact that they are being rewarded what does that tell you do you expect to continue to see that >> he yes. obviously there's a relatively high bar in terms of how much you have to buy typically domino's is this machine that's tough the fight. we saw a lot of what you would consider long running traditional growth stories like domino's, chipotle and other industrials. so it's not so much about earnings momentum it's just the reliability of it and i think they are getting rewarded for that on a whole we can't make a determination whether companies in general are getting a boost >> let's get more intel just out. josh lipton with those numbers what do you see? >> reporter: intel is reporting q2 results a 1.28 versus $1.06.

reve grows margins 15.2%. guidance for q3 looking for 1.10 revenue looking for about 18.2 billion first expectations of 18.oat billion they are raising guidance and looking for 480 versus 462 and revenue of 73.5 billion versus expectations of 72.8 billion quickly to the segment, ccg chips for the pc, so.1 billion and chips for servers, 16.5 billion. this conference call starts at 5:00 p.m. eastern and we'll be on it. >> that's up half a percent in the after hours trade. we'll discuss intel in a moment. twitter's results are also out julie boorstin >> reporter: twitter on the top and bottom line users numbers coming in line with expectations reporting monetized daily active users of 206 million we see the stock shooting higher

up over 8% on revenue of 1.8 billion beating expectations of 1.07 billion and earnings of 20 cents per share. and looking at guidance the company also guiding to higher revenue than projected a range of 1.2 billion to 1.3 billion surpassing estimates company also saying it expects head count along with total cost and expenses to grow 30% or more and that revenue will grow faster than expense this year. i spoke to the cfo of twitter. he told me twitter blue, a subscription service they expect to have more price points, features and geographies business profiles launched in april in the next few quarter, companies can include commerce in their business profiles sounds like big news ahead in the coming quarters. he also weighed in on the impact of apple

targeting ads going so well but too soon to call it. back to you. thanks so much up 7.3%. don't miss first on cnbc interview tomorrow with twitter's cfo on "squawk box" at 8:35 a.m steph, how are your liking these numbers and your reaction? >> i do. i very much do up 27% so going into this, it was very high expectations. here's an interesting thing, though the stock trades 14 times price to sale. snapped 32 times price to sales. there are only four buys on twitter. there are many more buys on snap so i think maybe this will turn sentiment a little bit but it looks like a very good number. pretty much everything in line except that revenue number >> is this an area of the market of just the general trend towards ad spend which has come back with the economy? is that a place you want to be

or social too high valuation >> reporter: no look the stephanie made a lot of good points in general all of which just came out was exactly what we want to hear, right? it's guiding it's visibility into the future. it's guiding guidance upwards. it's everything we wanted that stephanie was talking about wanting to hear from the analysts to know she feels good about what's going on and the path will continue communication services, yes, absolutely that is a place that we're overweight tech in general, this conversation around big tech is a tough one for us we're neutral on it and largely neutral on it because there are a couple of head winds that we see coming the first is we just saw biden coming in with jonathan canter with his nomination for a teching regulator in the antitrust space. you can't ignore what china has done in its campaign against domestic big tech.

the other thing that was alluded to and is especially important for intel within this is there's such strong pandemic outperformance that once we start getting into let's say late this year early next year, there's a really high bar. so one of the things that i think this highlights is that within each universe, within each sector there's really an ability and a role for active management right now built from an overall tech perspective i rather be getting into the real value play that has been globally under appreciated, accelerate in a developed market and can react to the path that we know has to lie ahead of us. maybe not until 2023 or 2024 but interest rates going up. >> snap soaring as well. 8% we'll get those numbers in just a moment mike, i guess snap really applies to some of the other

bo . >> reporter: snap beating results across the board that why we see that stock soaring with adjusted earnings of 10 cents per share. that company was expected to report a 1 cent per share loss the company also adding 3 million more daily active users than wall street projected ending the quarter with 293 million. i want added 13 million daily active users in the quarter. third quarter outlook for user growth also better than expected projecting at 20% year-over-year user growth to 301 million expectation of 20 half million 58% and 60% revenue growth in the third quarter much stronger than 49% revenue growth wall street analysts were expecting

that stock is up i want to mention commentary from prepared remarks which were just posted noting that this quarter they grew revenue and daily users. also noting they made significant progress with the augmented reality platform this quarter with more than 200 million snapchaters engaging with ar every day. 200,000 craters using their lens studio i'll continue to dig through those prepared marks that stock now up 9.5% >> julia thank you nearly 10% gain. twitter 6% gain. mike particularly with that momentum buying user growth, you see why it does have a high multiple >> now $100 million company. younger than twitter close to twice as large market cap wise even though user is not quite 50% larger the momentum of the level of

engagement i guess all these stocks at some point maybe a year ago were considered potential kind of tik tok victims. clearly gone beyond that concern for the moment just also the different type and level of activity of how active the snap user is versus the twitter user maybe more passive twitter user and younger. >> snap user growth during the pandemic might fall off. doesn't look like that's happening at all >> right >> this is one reason why you mentioned the valuation gap between twitter and snap they are growing users faster. >> they are, but the stock has lagged twitter only up 24%. that's only up 24% still really good. as opposed to twitter being up 27%. maybe there's a little bit of a catch up it's great at both companies and all because ad dollars are actually coming in and seeing a

recovery in digital ads. so that was something that depressed these companies last year and that's why they stumbled last year for a quarter. so, i still like twitter over snap i can justify the valuation more i like the new products they have i love this twitter blue so i think for me i'm more comfortable with twitter but they are benefiting from the same themes. >> both higher after hours snap up 9%, twitter up 6.4%. we'll leave it there thank you both for joining us. still ahead we have much more reaction to today's big after hours movers we'll discuss the strong results from twitter and snap with an analyst who has a buy rating on both stocks. and the implied default rate in junk bonds what it could mean for the market we're back in just two minutes . oh. oh! ♪♪

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impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. >> let's get more on those results that crossed snap in particular

julie boorstin has that for us i'm digging into the prepared remarks they note that spotlight this is where snap showcases user-generated snachs people that you're not necessarily friends with showing that daily active user growth is up 49% quarter over quarter with daily content submissions more than tripling growth there they lay out opportunity they see to grow advertising and accelerate ad revenue in other geographic markets particularly in jump, talking of uk, france and netherlands. they the talked with opportunity they see in doing more of augmented reality, advertising, giving brands tools for people to try on their products virtually. a lot of opportunity there especially driving revenue for those brand advertisers. back over to you >> those shares moving even higher after hours up more than 12%. for more on snap and twitter

let's bring in -- let's start with snap. up more than 12% they've grown users faster than expected and monetized it better is it still a big long term opportunity? >> i think snap is firing on all. how many more people they can add. second what is the impact of apple on snap. snap does a lot of direct response in apple advertising. so they are the most direct, directly hit companies they have essentially proven that both of those issues are in their window we're going to be seeing snap users are one of the highest there are questions around these two things

i feel we haven't seen many companies do that. >> julia just gave us a little bit of color overall how has snap managed to grow user growth at this rate and do you see this as a sustainable growth this quarter the they had was the best they've had in years. >> i agree if you look at snap app, last year essentially building their mobile communications platform many netflix, many tik tok in there, many google maps in there. also their own video camera. the way they are executing it and engagement for users in their portfolio and expanding that, that's extremely impressive they are adding more surface area for advertisers

they are adding so many pillars to their engagement. that's attracting more users and advertisers and increasing monetization >> when it comes to twitter do you think that's a beneficiary of re-opening? >> i think so. again for companies like twitter and other advertisers trying to compliment viewership. if you look what snap does and what twitter does they are exactly opposite as to who advertises everybody in the green, all the core companies coming in next week, amazon, google, facebook, after going to benefit from what we're seeing with snap and twitter. for twitter i think it's a great opening play, great valuation. they are responding to something

that's true for twitter. they are executing it. >> that word execution in first sentence of the report $83 target on twitter. 81 on snap thank you for joining us >> thank you >> we got an earnings alert on skechers which looks like a big beat courtney regan with the numbers. >> reporter: skechers reporting their quarterly results earnings per share coming in at 88 cents. unclear if that does compare to analyst consensus we have. revenues are above at 1.66 billion compared to the consensus of 1.5 billion skechers is increasing its third quarter guidance range for earnings and full year to above where the street is. you can see shares are popping higher by about 7% really interesting commentary. record gross margins above 51% very strong in direct to consumer and wholesale we talk a lot about sort of

department stores and retailers that are selling brands on behalf of a brand not performing as well. here for skechers it is performing very well here. they do note sort of the problems with the supply chain but clearly they have managed through to put up some record sales and they are comparing this with both 2020 and 2019 to have a good view of this compared to a pandemic and pre-pandemic back over to you >> thanks so much for that 4% for skechers. meanwhile boston beer also reporting numbers. >> reporter: boston beer down more than 12% after a miss on revenue and a big miss on eps. eps almost $2 below estimates. the company said in its commentary we overestimated the growth of hard seltzer and demand true lifr impacted our volume and earnings for the quarter. the company also added that its depletions, sales from distributors almost cut in half in this

quarter. boston beer reducing its guidance both on the top and bottom end of the range. previously gave guidance of $22 to $26 for the full year they now lowered that to $18 to $22. boston beer shares falling hard. thanks so much as you said 15%. don't miss an exclusive interview with boston beer ceo tomorrow at 3:00 p.m. on close bell a lot of advertisers let's send it over to mike who is having a look at the default rate on junk bonds >> well specifically what the market is now implying the default rate of high yield bonds will be down the road. so this comes to us from kkr using some of the bond intexas data and shows over time how the market has assessed implicitly the default rate of bonds.

you see it's pretty much as low as it gets under 2% is what the market is priced for right now historic default rate over a cycle in high yield bonds is well above that 3, 4% depending on what slice of the market you look at. other times when we saw something similar, right here was around 2006-2007, sort of peak of the credit boom back then before it rolled over here's the late '90s not with an absolute top in equity prices but was a time when risk assets were getting expensive. the takeaway is it's really good in the moment. there are so many people willing to buy a higher risk debt, ichlt reduces the cost of capital for companies, but the times you really want to get aggressive in putting new money into really risky stuff was up here when the market was freaked out just one of those things, background condition not a catalyst we don't have a lot of bad maturity walls coming due.

the wolf is not at the door but be careful when you assume what your returns will be >> for sure. in terms of the other point which i guess what you touched on, what it implies for the other sort of asset classes and whether they are near the top as well given those other time frames when we were down at these lows the big difference is what central banks have done in the last two decades which wasn't applicable to the late 1990s or 2006-2007. >> it allowed so many companie to refinance and push out the moment when they have to worry about rolling over their debt. secondly the fed bought high grade corporate bonds. hadn't happened before at some point that gets into a thicker cushion. snake thank you. up next intel shares volatile despite beating on the top and bottom lines we'll get reaction from an analyst with an underperform rating ceo of cleveland-cliffs

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>> shares much intel now

negative an underperform rating stacy what do you reckon the share price is reacting to they are up and now down >> gross margins were very strong that's fine. it's the implied guidance in the second half. so q3 outlook is roughly in line gross margins are coming down. they gifford guidance to q4. they basically are effectively taking the back half down. when you look what's implied for gross margins in q4 they are going down to low 50s. that's probably what's taking the stock down people looking at the trajectory of margins and enthe terrifying 2022 there's still an open question, transition economics look like, what does next year look like as the initiatives. they get going their investment intensive, for example. so it looks to me we get to the

rest of the year the margins, the structure economics of the company are coming down. >> so, this push back, when people can get excited about this stock or is it a temporary blip, short term cyclical issue. >> look the issues that intel has were as a result of decisions made in the last five to ten years it will take years to fix everything maybe people can get hope. i like the guy people are starting to realize he's not a magician. company is having a webinar on monday they have an analyst in november where we should get a better look at what 2022 and beyond might look like. beyond now and then it's still up in the air. >> what's going on with pc demand it's been strong lately. will it last >> incredibly strong

let's set the stag massively above pre-covid levels up a ton last year, up a ton this year. we're models pcs down next year. partially because of pc way above pre-covid levels we'll see where things go. so where does intel rank among your hierarchy of top picks. what's the top pick of the moment >> underperform on the stock on the negative ide. on the long side we like a number of things depending, but especially in this environment where people are nervous about the cycle. i like broadcom a margin of safety with a good growth opportunity. their business is selling out. they have a software business

which offers support they will do something where they buy something or do buy back great dividend highest margins. cheapest thing in my coverage except for intel that's not to like >> what about the semi shortage. how is that impacting your group. >> we don't know how long it will last. that's part of the cyclical worry because the problem in a shortage situation as most investors know, you tend to order more we don't know how much is real and how much is it down. how is it impacting companies? some are supply constrained and some are limited how much they can upside because of constraints. the broader structural worries what is it doing, all the demand building my guess is it's still going, to you know, it will hold until it

doesn't. my guess it will look pretty good the problem is with investors, investors are worried. by definition we have to be closer to peak than last quarter or the quarter before. >> so which one will you be watching for, stacy, for the outlook to give a general take on this is traditionally a cyclical group says a lot about where our economy is going who is the barometerfor you in terms of what they say >> texas instruments reported last night they were similar. their value similar to the last several quarters one of the controversies part of the reason ti was down today ti managing, admitting they don't know what's going on none of these guys, most semi companies is precisely zero they have no idea. not bad. but that's kind of what we're seeing limiting their ability to continue guiding for sequential

even if ultimately they put up a number they don't feel confident abide tight. my guess is it will roll out differently. we'll see pcs first. i feel better about auto it's okay if that channel goes to inventory demand is still out of whack common construction, some puts and takes on china may roll out big diversified guys to watch are ti, microchip. the season just started. >> will do down 2.25. thank you for joining us >> thank you >> intel ceo will be on "techcheck" tomorrow don't miss that interview, 11:00 a.m. eastern up next on close bell cdc recommending booster shots for some americans what you need to know ahead of

tomorrow's earnings from american express and honeywell here's a check on some of today's after the bell movers. twitter and snap both up skechers also with a big gain surge 7% and boston beer down 15% after a huge profit on weaker guidance. we'll be right back.

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>> time for a news update. >> here's what's happening new united states sanctions now on the cuban official and government special brigade accusing them of human rights abuses during government crackdown on protesters earlier this month biden condemning what he calls mass detention and sham trials of people speaking out against cuban leaders. returning to flood ravaged homes in germany some residents crying as they take in the damage mud every where. drawers filled with water. clean up in jirm and belgium with the death toll risen to 200. justice department and atf setting up strike forces to

combat gun violence and illegal gun trafficking. they are targeting five cities to slow down the flow of weapons and coordinating he forget with federal, state and local law enforcement. tonight our series of reports on crime in america continues as we examine how grief counselling can help plus we'll hear a man who negotiated a truce between two street gangs searching for solutions right after jim cramer we'll see you then cdc advisory committee holding a meeting this afternoon to discuss whether to consider covid booster shots for immuno compromised individuals. did we get an answer, meg? >> reporter: we did not. the cdc advisory committee essentially saying that the fda would need to weigh in on this and essentially give authorization for additional dose of the covid vaccine before they could officially vote and make a recommendation for the

shot that said a lot of members of the committee acknowledged this is getting away if them and a lot of folks who are immuno compromised are seeking third shots. they are more likely to get severely ill from covid. studies have shown a third dose can boost their response at least for some folks. so there's an acknowledgment of the urgency of this and the fact that it could be useful and also acknowledgment this success recommended in other countries like israel and france, but not making it official recommendation to do so yet although acknowledging this needs to be considered and figured out. >> we asked dr. fauci yesterday. he didn't give a definitive answer on the booster question one of the great homes with mrna it was easy to respond to a new variant, they could tweak it and make a new shot.

what about a new boast engineer shot that targeting the delta variant. is that something pfizer and moderna are workining on that soon >> pfizer announced they are working on that. moderna has not announced trials on a delta variant they have one that they combined with the original virus and the south african variant that they put together sort much a combination vaccine that they think looks pretty good. so these things can be updated fairly quickly so far it does look like protection against delta is very good particularly for severe disease. not clear we'll need that but they can move fast >> they have to go through trials again >> they have to have phase one human trials, safety and immune

response they won't have to run 30,000 patient phase three again but they need some human data. >> thanks so much. shares of cleveland-cliffs, shares turn around finishing the day essentially flat but significantly off their session loss up next we'll speak to the ceo on those results and his outlook for the rest of the year back in a couple.

shares of cleveland-cliffs closing off the lows of the day. the steel producer missing earnings estimates this morning despite the chip shortage hitting its sales to the car maker. cleveland-cliffs still sees excellent steel demand going forward. joining us now is cleveland-cliffs ceo, lourenco goncalves. welcome back to the show so, is there a demand problem or not with autos w-the supply shortage >> there's a supply shortage of the things other than steel. and we are benefiting from that because we are being able to sell our steel product to customers that have shorter lead times and the level that is being practiced in the marketplace right now. that's why we beat

we made $1.4 billion that's a beat. >> thank you for clearing it up for us the stock is up only half a percent today. beyond the auto sector what your seeing out there as the world does re-open i assume a lot of building and demand >> demand is relentless. demand is relentless we have been talking about that before, people buying things, consumers are consuming and we are the ones that supply the things that consumers wind up buying we supply the steel. steel is transformed into cars, appliances, all kinds of things related to household purchases and that's what the economy is about. you can talk as much about this company that does something else >> do you think the infrastructure bill will pass and will that be a a big factor

for you? >> wigbig factor overall and th' good for companies like cleveland-cliffs we're benefiting right now even without the infrastructure bill. the infrastructure bill will still be icing on the cake as of now we're in one of our best moments in our history. just look he at the numbers. numbers don't lie. we have already made revenue more than 9 billion this year in six months and we are more than double the number that we were for the entire year last year. as far as our guidance to $5 billion just for 2021. it's all based on demand >> as you said on the call you're planning to use a lot of proceeds to reduce your debt load >> yeah. we are using, as we speak, we

have eliminated one of the -- we continue to do purchase of funds in the open market every day as soon as we see an offer we go and buy and we'll continue to do that as we go forward. we are planning to apply $1.4 billion of free cash flow that will be generated. $1.8 billion just continue to knock down debt we'll be net dent zero by 230. >> what can you tell us about pricing and the fact that your stock often moves commodities which have rolled over lately. >> steel prices are good they will continue to be strong. it's all about demand. the old supply and demand works in our industry.

we have a lot of demand. we have limited supply people want things done right now. so that creates competition. that's the basis of capitalism we continue to work with our shareholders and generate the cash that's necessary to reinvest in our business >> what about china? what's going on there with the chinese government trying to crackdown on surging steel prices they are obviously a huge producer >> well, china does what china does china is mimicking what is going on here in the united states they are continuing to support manufacturing. they are continuing to support the development of domestic market they would like to be like the united states. they don't have democracy or freedom. these are all things that esg should address at the right time they are moving like there's no tomorrow we're completely different

but they try to mimic what we have if they accomplish that we'll have a better world. i don't believe it but they say they will. >> thank you so much for joining us good to see you. >> always a pleasure nice to see you both >> you too >> up next, we're look ahead to some key economic data more earnings coming down the pike tomorrow. we'll break down what to expect as you can see lots of people expecting more data tomorrow. we're back in a couple of minutes. ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪ go with us and find millions of flexible options.

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♪ ♪ a quick check-in on this afternoon's biggest movers lots of big movers, in fact, off the back of their earnings intel did jump half a percent or so they did have a beat in terms of the quarter past the pc platform volume increased 23% from last year and then a

bit of focus on the margin and the guidance into q4 disappointing and it's down 2.3% and snap a healthy off their earnings beat and big revenue beat, but also engagement and user growth which really stood out. twitter was up about 8% and up a nice 4.5% and the fastest revenue growth since 2014. the decent pandemic rebound. boston beer down sharply, 17% and they will be joining in the closing bell. >> we gear up for the final trading day of the week and we'll get manufacturing and services pmi, plus earnings from american express and honeywell they're both out before the bell tomorrow >> i think we should talk about the move in snap after hours which is the biggie, up 14%. overall, very strong and investors are excited about multiple streams of growth here including a.i. and the fact that they're continuing to grow and engage users

>> no denying any of that. it's 3 million users that will be hard for anyone else to really take and snap engage wes them and we know it attracted demographic, and all of that makes sense. when facebook debuted as a public company with a $100 billion market value it had earned a billion and a half the week before if you wanted to just wife away the massive amount of stock-based compensation so the point being the market rushed to give them credit >> the 2012, exactly, and i think you can look back and say facebook had that much in earnings, and it is up 10x since then so i'm just saying it's a lot of it is on the com, as well. >> what about the read across or the read a lead, is snap is in its own field here >> i just think that their market share is relatively low and it can only go up from here and so they're gaining and

average revenue per user, so i don't know if it's direct. everyone assumes facebook can get its share with the alphabet of a different sort so i don't think it's a negative. nobody's thinking that they're stealing back from the larger incumbents >> i feel like we're getting into honeywell tomorrow and some that can move the needle for the entire market, and we feel like we're in a more environment where the realtime indicators are more important and the commentary about the future about the companies. >> that is the case. what is also important, and people are on alert for what will happen, and you want to see these numbers moderate, right? in terms of delta and if not, things are fine and more economic bellwethers are on the way and this past quarter is like 12% nominal and nobody noy

no one has analyzed earnings and a lot of consumer names and it is a matter of what can be expected over the next two to three quarters and today's market values make sense >> we have the s&p up 0.2% and after-hours earnings and movers. we're out of time on "the closing bell." thanks for watching. "fast money" is next after this short break. [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events.

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live from the nasdaq marketsite overlooking new york city's times square i'm melissa lee. guy adami, karen finerman, and intel, snap, and twitter intel and snap just kicking off and we are dialled in and ready to break down the big headlines. didi falling another 10% and the leading headline out of china that had investors slamming the brakes and later, gushing with opportunity. one top technician says it is time to hit the buy button