we've talked about some of the reasons. anyway, it's been a pleasure, frank, having you this for this hour. >> such a great time, we should do it tomorrow. >> we will we'll see you tomorrow on "power lunch. "closing bell" starts right now. >> thank you, frank and kelly. who is robbing whom? stocks are broadly hired, but we'll have a look at what's driving the action missing estimates, the v-shaped recovery continues the pace, but could the delta variant cause the economic rebound we'll dive into the story. the robinhood ipo, finally

opened at the low end of the range. the as too stock fell as -- we'll watch on you that stabilizes and closes in the next 59 minutes. again, get ready to a busy hour of earnings. amazon the biggie, along with pinterest, gilead, and t-mobile. mike, let's start with you outever overall market softened just a bit >> the last hour or two, also

really holding to trend. the faang stocks lead some days, they're lagging today. market breadth has been weak recently, but it's looking okay today. this looks similar to a 45-degree angle that we have mostly held to, especially since the october liftoff that we got. the market keeps bumping up to that level take a look at this the equal weight does not count the bigger stocks any more than other it's been climbing since april/may, but you see here today, we check off one of the outstanding boxes if we can maintain it here the market has answered a lot of

tests. facebook and google had bad reaction, but they have managed to rotate toward strength. robinhood ipo we'll be talking about, and interactive brokers really the last pure play online broker, as weft as draftkings. a bit of tongue in cheek, but it's feeding offer of the same impulses, young people trying to make fast profits. this is a five-percentage point spread that also is reflected of robinhood's numbers, volumes have ebbed, so we'll see if that's acting as a headwind today. >> i haven't seen a proftractor in like 20 years that's a good reference. you heard the feds say there's still ground to cover.

today jobless clams, 400,000 yay, they're coming down, but that's still not good. the gdp was a bit disappointing. >> you put it all together the market is looking at all it, saying, it won't be overexcited, exuberant boom type of activity, but it might be protracted, last a little longer, especially in the interning of the gdp number. very strong consumer, weak inventories, a lot of catch june potentially, and a lot of room for jay powell to not start tapering, so a longer stimulus forever, kind of immediate. >> yes. robinhood going public in the nasdaq today leslie picker, people have to be disappointed. >> yeah, i think people who

expected this deal to trade higher, i don't know if we could use mike's protractor for it it's been all over the place it was down as much as 10% earlier today, it's come up a bit in the hour or so since then only about a quarter of deals do trade down on day one. you also don't see them with founder-led and venture growth, it has happened in the past, though shares did price low at the end of the range, it's also worth noting, there's been high volume today, people expect it could trade about 100 million shares, which could be about two times the size of the ipo. unique to this deal is the fact that robinhood customers were big buyers there was significant retail allocation, maybe not at the he

end of the range, about 35% of the deal, i'm told it's closer to the end of the range. but that kind of adds in layer on top of today's performance. it's not just a one-day blip that isn't great it's now that you have users of the platform, a different type of stakeholder than you're used to this is both customers and shareholders looking at this print today. a by disappointed, though, you know, it is still early. we still do have another hours of trading, guys. >> it's down 5%. you've got to wonder why the lackluster reaction, what that signals about robinhood's own business and future prospects. >> part of what it reflects is the valuation they tried to get, but also a bit of mixed feelings toward the brand and how the company has behaved in the last six, eight months, with regard to closing off trading of

gamestop, things like that a lot of skepticism about the business model that might have affected the first day trade as well leslie picker, thank you. our next guest was among robinhood's first investors and users back in 2014 here's the first e-mail he received when invited to use a beta version of the app. here is what the app looked like around that time rashaun williams joins us now, did you ever think it had be what it has become today >> absolutely -- just kidding. i had no idea. >> what was the original vision that attracted you to lev tenev and the app. >> we also knew that robinhood had a mission of democratizing the market we would never have known seven year later half of new accounts

are opened on robinhood. so it crushed it, and we're happy to be along for the ride. >> what about the retail participation? what do you take away from that? >> you know, i think the retail investors are having a bit of a hangover from spac mania but one thing that people don't see, the retail bid was very strong in robinhood the last 12 months i would say it's probably the most popular name for retail investors, wealth advisers, people on these web sites. it drove the stock price up in the private markets exponentially. i never had seen such an insabre usable demand for a company like robinhood, because of the army of investors its empowering.

so it was taking in a private market >> rashaun, does that speak to the valuation, the price sensitivity at they levels it's the same company, but it was obviously trading at a lower valuation. how do you think it's going to play from hoo on out, the fact they did face this almost a year on out, at a time when you talk about democratizing trading, investing, things like that, but all the competitors are now at zero commissions and trying to feed from the same pool. >> i think the opposite. they got it right, i think normally when they get the valuation wrong is when a stock price jumps 20%. but a 30 billion, just using it as a valuation term, it's right in the mid -- that ev is around 15 times, so it's probably a bit

on the low end, but industries like bick data and payments are 20 to 30 times revenue. >> so you really have to follow the multiples per segments of the industry, and for robinhood, i think they got it right. it's not a shock that robinhood would get the valuation right at a public listing, right? you probably should expect that. >> did you sell shares in the listing? or are you holding >> no, of course, we talked about this with coinbase these are the companies you want to hold on to for long term, to pass to future generations these are once in a generation type of businesses t there's an entire wave that's happening with the empowerment of the retail investor, and then game fits it and dominating you won't see another business like that. like you guys mentioned, all of the competitors are now following suit, but robinhood has the first mover advantage,

and they're massive. they will continue to offer new products they will continue to expand we're only talking about a company that's less than 1% market share in the united states we're not even talking about international yet. so put that in perspective for a second. >> all fair, but you want to compare it to pure fintech or big data or cloud companies, that's not what a brokerage business is. they have to have capital to put up against these activities that they do. it's a regulated business. existing brokers have been in this a long time they could make that long-term open-ended return, can they? >> they can't, but that's not the real story of robinhood. the real story is basically user growth first and foremost they grew to $ 18 million i've never seen that in my life. half the new users are first-time users, which leads me

to my next point the total addressable market is already massive, but they're increasing the total adjustable market, because half of their users are new users. then you look at the rpu, so all of their users are increasing the amount of investable xapt they'll have, where everyone else is stagnant to decreasing so you'll see an increase in rpu over the years, and then you add of that to the total adjustable market, and it's an amazing story. >> i think the retail will come back ebitda is positive if they just spent his on marketing, that's 50% of their revenue, just from a profitability standpoint you have user growth, rpu, and

different story. >> so, since you made the comparison yourself to coinbase, i just want to look at the price. it's trading at 237. this is a stock that opened up when it went public and shot all the way up to almost 430 it's a hundred billion company that's now a 50 billion company, so i wonder if that's a comp for how wall street is looking at this deal, compares the price action >> i think it's a combination of things i do think, like we mentioned earlier, the retail bit and hedge fund bid is tapered now. you see how that market has dried up a bit so i think people are making a break from the fast money movers we're in holiday season, we know what happens during that period of time. but two names you mentioned, extremely high demand in the private market coinbase 100 billion valuation

two weeks before the ip on in the private market so these are unprecedented times. you never seen retail bids in amazon, apple, facebook, google, so a lot of that steam and momentum is taking out before the ipo. they priced it at the high end, but you add the market factors in as well, and it's not as simple as it seems >> definitely a by of a changed equation from the old days, when the public market is when you got the pop. rashaun williams, thank you for your time today. >> thank for you having me. when didi comes over, the ridehailing company could go private. how that would work and their response next. keep it right here you're watching "closing bell" on cnbc.

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dow is up, 43 minutes left of trading didi denying a rumor it could go private. deirdre bosa has been following the story. deirdre? >> it did not take long for it to shut down the report, quote -- the rumor is not true currently the company is actively and fully cooperating with the internet security investigation.

the backdrop is a group of investors have see is the value plunge, and it was warned by the regulator that it should delay with the listing plans, and went ahead anyway there's lawsuits against the company, the underwriter and the board. one early investor tells me he would prefer for them to wait, but the key question is, who would likely be that >> deirdre, as we are talking about masasan, there's more fallout related so softbank. >> yes, this convoluted connection sources tell me that softbank is behind the large block of uber shares being offered to the

market, in part due to losses that it's suffering over the didi stake rovers, softbank has seen its stake fall into the red, and the portfolio is under pressure and other names, alibaba, and other stock versus sold off as well. they may have provided some liquidity, but recently were derailed by the crackdown in beijing. it raises th, guys, which other investors might have to sell out of winning positions to compensation for losses in china. could we see this cajun effect spread -- contagion effect spread >> the last several days, when it came to a -- this similar effect where you're taking losses in one part of the portfolio, you have to offset

them somewhere else. does it reflect anything on softbank's side, to your mind, or are they souring on these indicate goishs? >> it's hard to know these are some of the biggest technology funds in the world. softbank has become a conglomerate in investing. last year it started dabbling in the public markets with derivatives through the sb north star unit. we don't know anything about that yet we don't know what it's holding or selling until we get the 13-fs to tell us what's happening, so this masa son has grown -- but it's been some of the greatest invests of all time over the last few decades.

he probably would say it's part of his 300-year vision. >> no doubt, and we already heard reports that authorities may be softening some language around that. >> and adding liquidity? they're really trying to calm the markets. >> it's a pattern. it seems like they put out the hard line, see the effects, and think the message has been sent. still to come, kate moore from blackrock joins us. plus we'll break amazon's earnings at the top of the hour, just about 40 minutes tiunl those numbers cross. we'll be right back. dow is up 170. is almost at the e 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

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profit and raising guidance. the company says this was the first full quarter operating a digitsal bank, and most profitability quarter in the history of the company keybank upgraded, the firm expects it continue to benefit from a hybrid work environment, helping the nasdaq 100, along with gains in microsoft, apple and tesla, which were all sort of earnings loserser -- earl why the in the week. >> we have the bulls pushing back with work from the office under october. >> it's fun to see the narrative change time for a news update with kristina. >> hello the biden administration is calling on state and local governments to offer $100 payments to every newly

vaccinated-mile-an-hour. the treasury department says it can be infunded with money from the rescue plan. the senate has -- the 2.1 billion bill will repay outstanding debts from the insurrection and increase the numbers of visas with allies to worked with the united states. in brazil, rare snowstorms affecting numerous crops, including coffee and sugar commodity prices have risen on fears of damaging frost and weak harvests. scarlet johajohansson is sug disney, saying it breached its contract by making the movie available on the streaming plus service at the same time it hit movie screens. the suit claims that it lowered her pay for the movie, which is of course is based on box office

performance. >> just looking at disney stock, it's down a little bit kristina, thank you. it seems like a risk. >> some of the studios have cut new deals. it seems like one thing was promised, they didn't try to recut the terms, and now we have a lawsuits. >> shares of nikola crushed on news that the company's founder has been indicted on crghaes of fraud. we'll bring you the details, next that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads.

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nikola shares are under pressure after trevor milton has been indicted. phil le lebeau has the story. >> milton has pled not guilty. here's video of him leaving the courthouse he didn't say much, but this is the case where he's been accused by the doj as well as the s.e.c., they say he repeatedly and brazenly misled investors about the development of nikola products he's posted a $100 million bond. his team has said from the beginning this has been an

investigation in search of a crime. , so that means a strong -- not against -- and trevor milton has not been running nikola since he left the company last september. a note today moving to strong sell, saying this could essentially create a number of negative stories that could be hanging over the company to come they have a report on tuesday. guys, back to you. >> you know, phil, the government's allegations here in the indictment track pretty well with that initial short seller's report that hit nikola a while back it's kind of a lesson that the

shorts get the goods, at least here, of course with allegations that it's on the up and up >> and if you read the indictments against him, that's very clear >> yeah, also, you know, not to say it's in the same category, but lordstown also on a ride down, in the same ev mode of -- >> spac buyer beware maybe >> that's one of the lessonses for sure phil, thanks. still to come, we're still a half our away from earnings. can the company live up to great expectations we'll break down the numbers as soon as it crosses, in 25 minutes or so. speaking of earnings, blackrock's head of thee mattic strategy joins us with what she's watching this season. and a quick check on bonds,

ten-year yield little change today after fed chair jay powell yesterday made it clear there's some ground still to cover when it comes to substantial progress on the labor market before he tapers or scales back purchases. 126 is year yield on your ten-year we'll be right back. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. ♪all by yourself.♪

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wrench into when and how employees will return. masks right now required for apple store employees and customers in over half the locations. guests visiting disney properties will have to wear masking indoors beginning tomorrow citigroup is back to requires masks in all its corporates offices. ceos are rethinking how often to bring employees back. >> we're doing it in a very, you know, sort of flexibility pass. >> we asked our employees, and 80% want flexibility 35% wanted the option to work from home permanently. >> another step, employees vaccination requirements, which several tech companies like google and facebook just announced this week. sara mike >> kristina, thank you very much. gdp rising last quarter, according to the commerce department

that's the first estimate. that's below the dow jones industrial average, this is a good as it gets. joining us now is kate moore good to see you. >> hey, i'm doing very well. great to be here this afternoon. great. so talk to me about year main takeaways from the gdp numbers we had strong consumers showing last quarter, but a somewhat more modern headline. >> i think we all know that the pace of economy growth and rebound that we are experiencing, you know, if the first half of 2021, when the comps to 2020 were so soft you know, i don't think any of us were expecting that to continue indefinitely. even before this gdp print, there was a lot of discusses

growth, will continue, and of course the pace is going to moderate, but there's still plenty of opportunities. >> does it mean a change in leadership for the market, change in character, is the market going to reward more sustainability, as far as growth how would you position, according to this phase we're in right now? >> i think there's a couple really important style factors for investors at this point. first, we're really looking at growth at a reasonable price while we expect growth in the economy to continue, the pace will moderate a bit. we're looking at companies that can sustain that growth through all parts of the economic cycle.

we're also looking at quality. some of the stocks that rallied off the bottom, you know, particularly high, particularly strong we don't think are sustainable. one of the things i'm paying very close attention to, mike, is whether or not earnings will be sustainable poll this sort of peak growth moment so in the second half of 2021, into 2022. >> which is a question i'm just noting what you said, kate, about now not being the time to be defensive in july, the best performing sectors are utilities, health care and real estate this has been a market feeling defensive over the last few weeks. >> sara, it's been tough, though, right? rotations underneath the surface, it feels like, almost every day, about you we don't think you could over companies that don't have great earns

trajectories, simply because in the past, in history they've had more defensive starkt tickets, this is a time to dig in, focus on quality bound sheets, make sure they businesses are in addressable markets that are growing, big addressable markets, and company management teams are steering those ships in the right direction so from that i think it's more quality than the typical defensive sectors or industries that might be tempting for investors to sort of dust off. >> kate, we've seen the markets digest yesterday's fed meeting and the press conference reasonably well. it seems like a no sudden moves message out of the chair powell. do you think there's a way to apseudowhat will typically happen, where the markets has to have a bit of a jolt along with it >> i would love to thing we've had enough forecasting and foreshadowing of change in

policy that the market will be able to digest that moment, as you suggest, without any significant hiccups, but i don't think that will be the case. there will be a couple knee-jerk reactions, of course, or when we see people who are sort of projecting a more hawkish path for the fed. i don't think it's going to be extreme, you know, because we've had so much talk about u. talk about, talk about tapering, and so much talk about the normalization of policy, and because we've had so many promises from chair powell and the rest of the fed voters, they'll continue to keep policy accommodative for the foreseeable future we're not talking about a situation where we expect many rate hikes into 2023, for example. it's going to be a normalization against a backdrop in fact, if there's challenges in the labor market, you know, economic restart getting paused multiple times, we know the fed

will be very thoughtful and patient about the path so i think we can feel like they have our back a bit. >> know you talked about your portfolio, and the high-quality cyclical stocks right now. i know you saw -- u.s. and china, where in the u.s., given the regulatory crackdown if you think it's worth investing. >> you know, over the medium term, we expect china to be increasingly large portion of our portfolio, but we are digesting, like everyone else, the changes in the regulatory environment, the anti-monopoly efforts, as well as new interpretations, or at least new enforcement of policy in china we understand that the technology sector add chinese consumer are enormous growth opportunities, but we think it's very important to invest

alongside the government in terms of their overall goals to be conscious of companies that may not be forwarding the economic growth and social agendas that the government has laid out it doesn't mean, you know, getting away from china all together, i think you need to be thoughtful about your individual decisions. when it comes to the u.s., you know, there's some really awesome stuff in tech. yes, there's been a lot of crowding in terms of positioning in some parts of the sector, but there are durable growth themes across technology, and across every sector, where companies are using technology to advance their business, to nick their efficiency, and to really sort of exert competitive advantage against their peers. so tech is a major theme, have you invested in it and are you leading edge regardless of what you're gift

sector classification is >> a lot of that apparent in this run of earnings we're getting this week. kate, always good to see you. >> thanks so much for having me. have a great day. we are counting you down to amazon's results at the top of the hour we'll preview the key tr tmeico watch. that's next in "the market zone." lling performance from our entire line of vehicles at the lexus golden opportunity sales event. lease the 2021 is 300 for $379 a month for 36 months. experience amazing.

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we'll kick it off with robinhood's ipo. kate rooney has a look at how it's trading >> robinhood making its nasdaq debut after pricing near the lower end of the ipo range it's not trading around $35 a share. it's down about 7%, more than 6% heading into the close the stock was down as much as 10% earlier today. analysts tell me the weakness has been in part due to the large allocation robinhood reserved about -- on its app, employees being able to sell also a factor here. robinhood has been private for eight years, so folks may beau cashing in, finally some negative sentiment by customers online i've been on these reddit forums so you don't have to be, a number of people taking joy in the price drop, including dave

portenoy. >> because they're still mad at robinhood -- >> yeah, a lot of mentions of gamestop and what happened in january and some of the trading restrictions some people are not over that, but definitely a lot of comments taking joy in the fact that the stock was moving lower a lot of comments in general we have seen in the past some of any viral vents, regardless of whether the comments are negative or positive, have actually been good for their growth. >> kate rooney, thank you very much i guess it would be expensive to short it. >> can you do it, probably starting soon, if not now, what is fascinating is a short equities is you willy part of the meme stock, steph, how would you evaluate this as a business? is it a good opportunities just to have access to this demographic of new traders

>> the democrat photographic is re appealing for sure, but is retail trading, are we at the peak as we reopen, exactly what happens? so there's a lot of question about the demographics and whether it can grow at the level it has been. it's not as diversified as something like a schwab in e-trade. in full disclosure i own morgan stanley, they own eh trade two of the founders, the two founders have 67% of voting control, so to me it's noisy, it's a lot expensive not to mention some of the regulatory headaches they have, still having to prove they can grow this fast and also disprove the gameification critique. >> a lot of the growth happened when they were alone in that game, so we'll see how that geese. chip stocks jumping today. amd surging for a second straight day

and amd on track for a record close. you see it up 5% qualcomm also reporting today. there are chip names like xilinx, also up significantly. steph, you know, the semigroup as a hole went sideways for a few months it might be perking higher toward a high. where would you orient yourself within it at this point? >> i hope it's about to rally, because i do own quite a few of them you're right, semis were flat while faang and software did take off into the value into growth rotation. i think you want to be some of the mys that have great end markets, iot, ai, 5g, data center, cloud, apple, the names i own are broadcom at a 3 pushes different yield, and nxpi i own

for the autoexposure and lamb research, which is having a bad day today, but they beat and raised. i do like their space very much. so looking to pick that up more if it continues to be weak >> let's talk facebook, giving back some of the recent gains, down 4% after revenue growth warning. julia boorstin has the details. >> facebook shares dropping some 4% today, this after second quarter results beat expectations on the top and bottom line, but warnings about slowing revenue growth is weighing on the stock. mark zuckerberg focusing his remarks on more opportunities ahead, as he looks to transform the company to focus on creators, commerce and the metaverse. the question is whether it would echo facebook's warnings about what's ahead or the bullishness we heard from snap and twitter,

they both guided to better than expected third quarter results pin pinterest is projected to add 4 million monthly active users, this after last quarter user growth disappointed and the company warned about slowing growth ahead guys, that stock is down nearly 6% going into the close. >> julia boorstin, thank you steph, how much does the revenue warning about deceleration complicate the story it's been such a winner lately. >> it's not surprising, they just faced the easiest year-over-year, so 47% ad revenue growth is nothing to be upset about, and 56% revenue growth, it's still going to be

impressive the problem is, sara, it's up 31%, it trades at 22 times who's your incremental buyer and what's your incremental catalyst if things start to decelerate. i do own amazon, i do own google, but facebook i sold a while ago. >> interesting, it's a 4% hair customer today it closed last week at a record high, so clearly shaving a bit of the recent winnings >> yesterday mark said it's a buy. they always do this. they always sort of low ball in the comparison to the street what was the revenue growth, 50%? >> almost without effort yeah, exactly. amazon is set to report after the bell, andy jassy's first quarter at the helm. street is expecting eps of

$12.30, revenue of $115.2 billion. stef, what would you be looking for in terms of various themes or businesses that might stand out? give you a hint as to what is next for amazon? >> again, i own it, but it's lagged the ouismt -- faangs. i think the whisper number is 32%, 33% growth. google just reported 54%, microsoft 55%, so aws is big prime day, i think that went well it probably could do a 10% to 2% year over year growth on prime day, and also the spending levels we have less that two minutes to go. most sectors within the s&p are higher what do you see in the

internaling? >> been pretty firm all day. we've been talking about how broadth -- but we're good 2 to 1 advancing to declining take a look, too at the u.s. dollar index, after the fed meeting, the dollar started to decline. it's doing so against the euro that spurt higher in mid june was in response to the prior fed meeting, which was when the market took it as a hawkish -- >> talking about tapering again? >> exactly we've giving a lot of it back. you look like a double top in the u.s. dollar index, so that's usually not too bad. 1r089 activity still bumping along the lower 17s. we're declining, but not very fast, and we're in the summer. if it starts to look like that's a bottom back in july that may not be the greatest thing for the market the dow is losing a bit of ground, up 157 right now, s&p

500 is up under just 0.5%, but it's the cyclical areas leading the way. [ bell ringing ] small caps outperforming slightly, up by about 0.7% that's the most i've ever heard you yell now i know what it's like when you yell at your kids. welcome back i'm sara eisen here with mike santoli. look at how we finished off the day. the dow closing higher, goldman sachs, unitedhealthcare, amgen and disney were the biggest

drags. materials the best performers, financials with a 1% positive move northerly also gaining a percent. industrials did well as well the nasdaq closing up 0.1%, technologies did -- it's a rowdy bunch. the russell 2000 index up 0.7% also continues its comeback as well robinhood is the stock story of the day, after going public at $38 a share, but its debut was somewhat closing down 8.4% at the close 34.82. all eyes now turn to another big hour of earnings after the bell. we have instant analysis for you, results from amazon, pinterest, gilead, t mobile. says those numbers are out, sand t-mobile's ceo will break down

the results, joining us in a few moments. stephanie link from hightower are still with we've joined by phone by tiffany mcghee another strong day reached report highs, and even though a disappointing headline number, and still elevated jobless claims. >> disappointment on gdp to actually create a bounce in the cyclical stocks today. it seems as if we keep rotating around and yet the rest of the market takes up the slack momentum not impressive, under the surface, a lot ofstocks being left by the wayside, but overall the market keeping clicking in the right direction. everyone knows august is coming, august can be tough, but the market is really not fazed by it

yet. >> amazon is do you 4.3% after hours. it just came out with earnings it looks like a revenue miss, which we will tackle in a moment stef >> it's all 5g, it's all cloud, retail, e-commerce, its data center, ai, internet of things, and end markets that you want exposure to. quite frankly, i think all the faang reported to. you can't mitt on the revenue line you want to pick your spots. if you get opportunities

>> deirdre bosa has the results. >> as stephanie just said, it's a miss on revenue, a rare one for amazon $113.1 bill ion. guidance, this is very important -- and this was also light -- the company is saying it was expecting $106 billion to $112 billion the street was looking closer to $119 billion

aws, that's a beat revenue coming in at $14.8 billion. but it's they -- shares are down herely 5%. >> they put so much information any press release. >> it's a brag book up top >> clearly a revenue miss. >> it's certainly going to feed the idea that, there was, you know, a big pull forward that they were not ability to keep up with this year, because overall consumer spending is obviously much higher. between facebook's numbers, which were very good, and google

completely blowing it away it seems like google is the standout here. the final point, i always point this out, the guidance for the current quarter this is a quarter that's already one third done that shows you, we don't really know, we'll see what falls to the bottom line >> stef, what's your first position >> cloud is good it will grow smoother, so i have no problem there since cloud did welt, that suggests that margins were better than expected. is it prime dade that wasn't as strong

>> i said to see that as well. >> meanwhile, gilead's earnings are out. >> consensus that analysts were looking for. down 2% year over year hcv, hepatitis-c was better than expe expected a big beat in remd remdesivir, compared with an estimated $6 a 5 million

narrow the full forecast it's seeing an increase it shows perhaps increased used of this and increased hospitalizations back over to you >> thank you very much for that. i appreciate it. we have pinterest earnings out as well. julia? >> pinterest beading on the top and bottom line. stipped while revenue of 613 million beat estimates of 562 million, but you see the stock plummeting after hours that's because the company was

expecting to add about 4 million monthly active users between the first and the second quarter, but indeed that number declined, so that is a dramatic drop they lost 20 million monthly active users, a big surprise that is why the stock is down. looking at guidance here the company's revenue guidance is pretty much in live but when it comes to engagement, they say headwinds have continued in july, as of the end of july. they have delivered, and grown -- they cease the evolution remain unknow and we're not providing guidance on q3 monthly users given the lack of visibility. this is key here they benefited a lot from people

being stuck at home. now they're seeing a dramatic reversal guys, back over to you >> julia, thank you. if you're that's tough i want to talk about amazon for a moment there is one place i went to, online stores. the quarter before was 41. this time last year it was 49% so that's a real step down it wasn't cloud. that was an improvement, but you saw -- you see it in the third-party seller numbers as

well, where that number was growth of 60%. just slower growth maybe it was a the tough covid comps. >> well, sara, you hit the nail on the head there we know it was the big megacap, but this year it's been more -- come back down to earth this year, and quite frankly, as amazon faces more competition in the e-commerce face versus 57 expected with we look at some of the other businesses, though, physical stores, it's been a little lackluster. subscription services, though,

this was in line, as was expected other revenue, this is where advertising is this is a big growth area for amazon from snap, from twitter, from google, from facebook, coming in at $7.9 billion, verse $7 billion expected guys, that call kicks off a bit later. we'll see if he's on the call. bezos has not been on, for years. >> is he going to follow the tradition the not being the ceo present, and now elon musk will not be joining his as well we don't know, right i remember we did that with ibm, i don't think we're going to see jassy. the founders's privilege is to say, i'm done with the calls

>> i'm sure you would like to hear from mr. jassy. >> very much, for sure we pulled forward. the numbers are the numbers. they're still good. that was the concern going into this year, can they continue the momentum, and they are continues the momentum this is still very strong growth against a very high bar. >> stef, thanks very much. talk to you soon. >> thank you. still ahead, much more on

amazon's results plus t-mobile just releasing itrelts sus, and the ceo will break it down when "closing bell" returns in just two minutes. you now hold in your hands? yeah (laugh) keep your downstairs dry with gold bond body powder.

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and ask how to save up to $400 a year on your wireless bill when you add xfinity mobile. get started today. amazon and pin trust, both stocks dropping after hours. also just out, t-mobile beating on the top and bottom lines, raising the full-year guidance the ceo mike sievert joins us. good to have you here. >> thanks, hi, sara. it raises your guidian verizon also being raised. i thought this was a saturated

market >> well, in our case it's coming from overall new accounts. our new account growth was the highest in our company history, 349,000 new billing relationships just this quarter. >> so what kind of outlook are you giving, given that we have seen such a strong period of demand for people signing up for wireless, with covid, stimulus checks in the pockets, and for whatever reasons. >> we do see it opening up we'll have to see what happens with the delta variant, et cetera, but people been back in our stores, operating safely across the country, and we're seeing switching returning to the market in the second half, that's always when the extra, that's when apple brings some devices

out, so we funded our plan to be competitive on the year, and yet still raised our guidance across the board. >> what does it mean, more specifically, to be finded behind a plan when the action really starts in the second half of the year when it comes to pricing and competitiveness. >> it's a competitive market usually it's us setting is the pace, right now it's device offers, but all the companies have fantastic device offers, so the nature of the competition changes every quarter, but the extent doesn't really.

it's always been -- overall our job is to lead this market in growth that's what we did this quarter. what are your expectations, mike you win a lot of credit on best 5g service, how do you translate that into new customers when the if you known as are released. >> you're right. we have the best 5g network in the country bar none everybody who watches this industry understand that what we're finding is 7 out of 10 consumers value 5g, and it's important in their decision process, and we're seeing rapid increases in who they're giving credit for as the best network with us, rising 25% just since march in our network reputation, while vising is flat we've bested at&t and we have our sights set on viseerizon

>> what about in the prepaid area, is that something, reports you're making an additional push towards those customers, some of who you shed as part of the merge been with sprint and t-mobile what does that mean for exactly how tough it's gotten? 76,000 prepaid ads, and that's despite being the biggest. it's hard to keep growing when you're the biggest, but also despite big transference going on, and yet here we are. profitably delivering prepaid growth on the strength of the best churn numbers we have -- of course we're celebrating the movement of 5g on prepaid as well 5g is not just for rich people with post-pay.

t-meal is leading the way with our new offers from metro. comcast lowered the family plans to be competitive and are showing profitable growth as well. >> i'll back up a few years and say we didn't appreciate what they would do in this industry they came in out of nowhere and established about a consistent 10% activation, and it's been consistent comment cast's best-ever quarter was marginally up from last quarter it really hasn't affected us. >> mike sievert, thank you very much we appreciate you joining us. >> great to see you.

cheers a beat and a raise m & a moves after hours, qualtrik, it's a company that offers a platform to allow companies to annual customer feedback how people are talking about it. it went public a bit earlier this year. it was a spin-off from s.a.p., the european company part of the plan was to do m & a. i had a chance to talk to zig serb afin. he describes it as a way debt they help customers get to know their customers better also their employ crease there's a big hr as well, analytics, a.i., they complementary, he says, because it allowing them to scan all

sorts of chats, social media, everything you ever wanted to know, people were saying -- >> listening tools. >> to give more analytics clarabridge, with language model. so, a billion dollar deal. >> it's had a good quarter >> one to watch. up next on "closing bell," much more reaction to amazon's earnings and what analysts want to hear during the conference call that kicks off in about an hour from now. a miss on those online sales numbers, the e-commerce loc.ness, and the ceo of

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the investment management business of prudential. amazon moving lower. the company beat on eps but

missed on revenue. joining us to break down the numbers is ed lee from "new york times," and tom forte, from d.a. davidson good to see you both tom, it looks like you were at about $116 billion for the forecast for the second quarter, revenues came in a few billion light of that? where did they miss? >> i'd like to hear on the call to what extent this is a rye flex of supply-chain related issues, things of that nature. did they see consumers lead into travel and lean out the profitability is obviously very good, so what are our thoughts at a high level. you would have though the where prime gale in the quarter, perhaps expectations just got too ahead of themselves. look for additional details and

not exactly the first quarter that andy jassy was hoping to have as ceo. >> actually, to that point, it seems like a bit of a bumpy opener, and maybe the bar is a bit lower, you can be conservative about the guidance, and i wonder what it does about the composition of the -- i know it's all the big-picture stuff. >> i think that's the right way to put it. if you look at aws, it does really, really well. that's where jassy comes from. of course, great job if you want to focus on the core business, which is still e-commerce i agree, is there a certain sal race point they're hitting it

doesn't seem to boost the top line on that that is a bit concerning at the same time, there are current segments outside of aws that are doing well. their advertising business, that grew really, really rapidly, 87% in the quarter, 7.9 billion. if you couple that with your subscription price that they go ahead. that competes aws, just from a growth sales perspective that's actually very interesting. i would like to get a better sense of how those segments are performing, and yes, are you hitting that saturation point in north america? how much more important are oversaying markets, looking at india, south america, europe, of course is that ramping up enough? >> tom, some of these big-cap

names are flussed by covid-19. going the was a big winner, because -- it's capturing the up side some of these others, pinterest saw declining users. where does amazon fall on that spectrum could that help explain the miss here on e-merit sales? >> it's a great question the way i was thinking about it, for amazon, if you go back to the early days of the pandemic, they were not able to keep up with demand. since then they have added more square footage, more head count to better keep up with demand for e-commerce, so that makes me wonder if there is something else going on here, either consumers leaning in to travel or the discretionary things they weren't able to do during the heart of the pandemic, or an inability to meet demand, perhaps a hangover from that, to the extent that some consumers

may have shifted i'm looking for additional details to the call on that end, on both. >> ed, i don't know that this necessarily informs the broader kind of regulatory push, a sense that, you know, amazon can do no wrong, and at will they can dominate new areas, but clearly th that's. >> that's a fair point still falling short of expectations, so there's a mixed reaction if you think about it. if you're leena kahn, you don't care necessarily what the wall street reaction is, you came how dominant you continue to be, and amazon does continue to be dominant it does raise the question for example, if you broke out aws, would it be worth more,

could those profits be pumped more into aws. so these are interesting questions, even from an investor standpoint, you would want to take a closer look t. >> down 6% now after hours tom, it hasn't stopped them from expanding further, trying to buy mgm, obviously investing in physical stores, in whole foods. where does this regulatory threat take amazon the stock has been strong, into earnings when you think about the legislation being considered in the house and senate and the executive order by president biden, that up until recently, the market wasn't giving enough attention to regulatory risk i do think that we are going to see a more services-oriented amazon led by andy jassy, to focus greater attention on

third-party sellers versus the first-party sales. that bodes well for profitability, but i do think the market has not been paying enough attention to the regulatory risk, which i think is the most significant for the stock, over the nest 12 months. >> tom, ed, thanks so much for breaking it down for us. >> thank you. meantime robinhood shares falling 8% during the weights debut today, but the founders are still making billions from the ipo. we'll break down the windfall of wealth. plus keyry irving is trashing nike over the latest addition to his sneaker line details later on on "closing bell." this past year has felt like a long, long norwegian winter.

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from the news on cnbc, here's what's happening. president biden making a big push, announcing moments ago sweeping testing, masking and distancing requirements for federal employees who dot not get their shots. he's tall on state and local efficiency to offer $100 as incentive to get the vaccine

white house says the first lady's injury happened last weekend while walking on a beach in hawaii. and suni lee thanking supporters for her -- the 18-year-old bam the fifth straight american woman who claim that title tonight the heartwarming story of suni and her father, the bond that got her to the top, and carli patterson is with us to talk about lee's big win thank you, shep. robinhood closed lower do, about 8% after the high her anticipated ipo of order robert

fr frank. the compensation for the next eight years, the plan would give the founders restricted stock worth about $4.7 billion, and in an s.e.c. filings say the awards are aimed at incentivize -- they start to receive the shares if the shares hit $120, and they

receive all of them if the price hits 300 that would give the company a valuation of $250 billion. that's a long way off, given that the market cap right now after closing is only $29 billion. guys >> yeah. robert, clearly that's almost a ten bagger from here, so that's your stretched goal to get the full incentive compensation there, but it is interesting that out of the gate it's mostly stock price -- it's not necessarily as much on operational performance metrics? >> that's in keeping with a lot of tech companies that have gone public recently. you look at elon musk's compensation package, that's kind of the new model.

it's interesting you mentioned ten bagger when facebook ipo'd, that was -- today they are over a trillion they pen bagged it over about the same period as this plan would be not impossible, but they would have a long road ahead. >> thank you very much, robert longel wl r the ceo of hologic. "csi bl"ilbeight back millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul.

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covid cases, hospitalizations and deaths on the rise the seven-day rise, increasing in almost every state. only wyoming showing a decline in cases hologic showing revenue growth of 42% despite decreasing demand joining us is steve mcmillen welcome back to the show good to have you. >> thanks for having us back >> clearly, you are making money

on other tests you do give us color on what you're seeing now that the delta variant is surging? >> sure, i think it's disappointing certainly to some degree we were excited to see all the rest of our businesses getting back frankly, a lot of the testing we do for sexually transmitted infections, as well as mammograms and things you said a lot of women put off, call it, well women visits. it's nice to see people getting back into that other core business is focused on women's health. we ftoggled to provide a difference on covid tests. we've seen higher demand, but nothing like it was back last winter truthfully, while it would be good for our business, we would

rather not get back to those levels. >> how much of the business is covid testing? what portion does it make up >> in the last quarter, it was about 30% of you're business so we clearly -- you know, i'm just so proud of our teams i've been in the office every day. >> you know, we're just so proud of them. more of a normal products second that we were running all through last cold and flu season >> steve, you mentioned normal procedures, what have you seen recently, has there been any

backsliding on that? it's particularly important, frankly even in the inner cities but especially frankly in some of your inner 'tis devoted 100% of the resources to covid testing. we have to coexist, as all viruses mutate, it's positive that's not being reported is typically 24th mutate, and they go down in virilence or become

lest lethal, but we won't get it to zero, because we won't inoculate the world, so we've got to learn hose to manage through this i think we can continue to do that, but it can't be, shut everything out of in one area just to focus on covid >> i feel like that was a big takeaway for a lot of folks. remind us, should we be at a point where we're using more testing, if only 50% are vaccinated >> my why guise answer would be we're the ones who make the tests work we make the high throughput molecular tests. you know, we have about a three-hour turnaround times on

our panther instruments. what's very important and where so many tests have been misused over time is, our test is also proof for asymptomatic the rapid tests don't necessarily -- so the magic is really having the underpinnings, where you are testing, testing both symptomatic and asymptomatic people, with tests that will pick up the proper diagnosis. i think, for the most part, we have really evolved there very nicely frankly, particularly in the united states, where in the beginning there weren't enough molecular tests, huge backlog, and i think we've gotten to a pretty good place right now. >> that's a better spot to be in steve, thank you for the update. appreciate it. >> great, thank you, mike. thank you, sara.

all right. up next, big oil ahead the key metric to watch, after the break. so, i did something. i created a black business accelerator at amazon. and now we have a program that's dedicated to making tomorrow a better day for black businesses. ♪ ♪ i am tiffany. and this is just the beginning. ♪ ♪ at pnc bank, we believe in the power of the watch out. the “make way, coming through”... great. the storm alert... dad. and the subtle but effective ding. that's why we created low cash mode. the financial watch out that gives you the options and time needed to help you avoid overdraft fees. it's one way we're making a difference. because we believe how you handle overdrafts should be in your control, not just your banks.

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biggest movers, a big earnings beat, but it did miss on risens. the stock plunging on -- that stock now down 17% t-mobile also beat, and gilead beat estimates looking ahead, tomorrow is shaping up to be another busy day. brian sullivan watching the big oil names, and kristina partsinevelos. >> tomorrow we'll expect earnings per share -- of 12.86 billion in revenue but construction is what accounts for a major chunk of revenues and it's expected to improve.

along with strong demand from china. it's benefited minors, which could translate intosh and caterpillar is also seen as a china proxy, so we'll be looking for comments from the ceo about china's recent regulatory crackdown and its effect, if any, on u.s. corporations. >> kristina, thank you brian sullivan, what should we be watching for here >> reporter: mike, they're out tomorrow morning, both of them the eps and revenue numbers will matter, but not as much as this, capital spending plans if they booth those spending plans, it will entice the entire sector also, oil output, and price tarts are above where the stocks are. do they downgrade the name by the way, i am out west,

because tomorrow on "the exchanges" we're going to have a long form exclusive with the ceo, and we're going to talk about the occurrence state of oil and gas the electrification of america, 1:05 p.m. eastern time we'll hit them nice and early, about 4 a.m. pacific time. >> noose shot there, brian thank you. basketball star keyry irving blasting his longtime sponsor, the nets guard taking to social media yesterday to say he had nothing to do with the designer marketing for the keyry 8s he goes on to say, in hi opinion, they are, quote, trash. this is a big deal his signature shoe line is the top-selling basketball sneaker for nike he sells more than lebron james, in part because he's younger his shoes have a more accessible price point. nike is not commenting on the

story, but our sources tell us both nikes and keyry's own team were caught totally off-guard by the comments irving reportedly makes about $10 million per year from his nike contract. he first signed with nike back in 2011. he's got two years left on the current deal the only other thing i'll say is he makes extra money when he sells more shoes >> he has no interest in trying to deter people from -- is he responding to some kind of social chatter regarding the quality of the shoes >> he was trashing the design, literally. >> interesting nike stock went up >> it takes a lot to move nike. i want to briefly return to amazon, because the stock is getting hit pretty hard here on the revenue miss. >> it's another test, right? we saw we absorbed the apple disappointment, the sell the news on facebook, amazon a

fourth one we actually are starting to see things like the index etfs. people are wonddwondering. >> not a great first quarter for the brand-new ceo, andy jassy to come out, even though it was a huge beat on the bottom line i wonder how much theme blame it on covid they had such high growth rates. >> covid and logistical and supply-chain issues. obviously it's always been the hard part for amazon is getting everything where it had to be. even last year they had issues getting things to customers. u.p.s. had a big stumble, so a lot of this is staticy >> is it transitory? that's a question for the

moment >> that's pretty much a question for everything >> the momentum is in the right direction. i think we're slowing down a bit, and we pull back in the afternoon. so we'll see if maybe we get an end of the month lock it in type of move. >> i'm happy to have you here and tomorrow that will do it for us this evening on "closing bell." "fast money" picks up the coverage right now after this short break all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient,

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i'm melissa lee, and this is "fast money. one of the hottest ipos in the year falling in its first day of trading. we're breaking down the action of robinhood tim draper with his take despite a bomb of a gdp, and later a streaming smackdown.