when we get that big jobs report jobs report hits tomorrow at 8:30 we will be covering it live and see if it's a reflection of adp or not if this is a disappointing number you can bet there will be more pressure on the ten-year. if not, who knows. that does it for us today. andrew, we got a lot to talk about tomorrow more stuff on robinhood, more things to come on this we'll see you right back here at this time tomorrow right now it's time for "squawk on the street. good thursday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber gnat the new york stock exchange. futures pretty steady here after the dow's worst drop in a couple of weeks earnings are a big story uber, etsy, roku, moderna along with covid concerns as u.s. cases now at a six-month high. jobless claims are in line ahead of the jobs number tomorrow. our metric ends with robinhood's wild ride after yesterday's 50% surge, the company's filing to sell up to nearly 98 million

shares over time. >> and uber shares, they're going to be down despite what was better than expected revenue. there was a jump in bookings we'll tell you what's going on. >> we got highlights from last night's "jeopardy!" episode with david as guest host. >> 16. >> of alexa ray joel. >> kevin. >> who is billy joel >> what is brinkley. >> remember it's moms. >> that was kevin writ large too. it's moms. >> how could you not get kevin something during the halftime? spot him 10,000 or something that was a rough night. >> and robinhood by the way, there's the one that's filing 7 million shares and the one that lost a lot of money because someone decided to take a big swing. >> we'll get to that from last night's episode. we should start out with the robinhood our viewers care about, which is the one we've

been following closely lately. >> it's not dilutive, it's insider selling. it might actually matter that the people who try to keep the balls in the air, the apes, they may say those people are idiot moron wealthy investors who don't know anything and we're going to take it to them >> 97, 98 million shares, that's almost twice as many shares as they issued when they went public. >> david, this is a class warfare situation. what happened to lockups remember those >> we're going to get to that. >> it's old news it's about 30 seconds old. >> by the way, that's not a particularly large deal. i will have more on that qualcomm bid later. >> the fact is the language of the prospectus is not exactly clear about how they can do this deal you have to be double for a certain period of time i mean, i think we need some answers here about how these insiders are able to sell. we need answers right now. >> they're able to sell because

they put it in a prospectus and there was not a lock upon their share so they're selling. >> so the guys commented it had to be up for a certain amount of time. >> up? >> yeah. from where it was. >> you mean, oh, there was an actual percentage gain needed on the stock price prior for them to actually exit. >> for a period. >> the period couldn't have been very long, what was it five days >> it was up there for 30 seconds. >> that's all it needed. >> you mentioned with becky a moment ago our conversation yesterday about taking some off the table, but when you put all of this stuff together, where does it lead you directionally in a buyer, seller mentality >> remember these people -- of course i am trying to furiously do a david here, trying to actually get the answer while i'm on tv. the people who own the stock, if you take a look, they really did what i call a pincer action

where they buy the 70 calls. they buy the august 70 calls very unhedgeable they buy them in the morning when the stock's at 38, and then they come in and blitz the common stock and the people who are short the call don't know what to do that's how you get the volatility up to 80. they can't hedge the 70s what are they going to hedge them against once they finish the hedging, we say take the profits, thank you, david by killing robinhood by telling me how to take profits that's how they do it. it's all options oriented. as soon as they start the options, the stuff goes and we don't really see it. we look at the common stock. especially when you see the robinhood prospectus, many of their buying -- of the buying power is devoted to options. >> right >> so if everybody wants to settle on a definition of a meme stock, you think it has mor to do with options flow than -- >> they were blowing through the

higher calls for amd the probably is amd is a huge stock so it didn't have the kind of close -- >> it's hard for them to move that stock you would think it really is. >> amd's got a good shareholder base they had a good quarter, but you really are shooting against xi xilinx >> they collapsed in pain. they collapsed in pain. >> yes, they were bent over. >> do you know that they tried to do -- do you know they actually tried to do nvidia at one point? versus arm >> what? nvidia arm who's they they tried to do -- what are you talking about? >> the apes. >> but arm doesn't trade it's a private company >> i know, they were taking nvidia up. i'm saying how wrong headed they can be it was like let's gun nvidia, maybe there's an arbitrage

somewhere. nvidia is the biggest semiconductor company. that made no sense whatsoever. >> no, it didn't. >> you have something here. >> these are enemies of the people go ahead. >> friar tuck holdings got to love that >> who is friar tuck, he was the big dumb guy he's not dumb today. >> he was funny. >> maybe he will be when he looks back, friar tuck and says why did i sell >> friar tuck is the memes? and then he's affiliated with -- >> give us the real rich people. >> index ventures. i mean, i don't know who these people are steven ovitz dispositive trust enough of that thrive capital who's thrive isn't that -- all right, that's it >> that was really helpful >> that's what i'm here for. >> all of it leads us back to the conversation we had with vlad tenev on ipo day about its

evolution into a potential meme name here's what he said. >> with what we've seen in retail investing over the past year is that a lot of these companies have been hit hard by the pandemic, right? and you see it started with some of the airlines and then followed with some of the retailers, some movie chains and brick and mortar. >> right >> and you know, you have the institutions that are basically writing these companies off, and then retail investors coming in and keeping them up and supporting them. i don't know if people have understood the ramifications of what high retail participation in the markets means, but i think fundamentally it's a very good thing, and we're excited to be a part of it. >> i think people understand the ramifications of retail participation. >> look, you know i'm a big fan of vlad and what they're doing and the democratization. i think the difficult thing will be on monday when adam aaron

speaks about amc this new delta variant has really out of nowhere really hurt the receipts, and people are staying home again that industry is so challenged the stock's come down. the stock peaked when adam said we're not going to do any more offerings. >> yes, we're not going to increase the share count. >> share count. >> right >> and david, you have been adamant that the balance sheet there is not as strong as people -- >> they did a great job raising equity and putting them in a much better position than they were, but they still have a good amount of debt it's more a question of the fundamental strength of the business and what the change will be that conceivably can generate -- justify 17 plus billion dollars market value. >> he did put an end i was hoping he would do another at the money deal. >> no, they're done with those. >> the money bs, it's not fair n some ways to them. he didn't anticipate the delta variant. >> now he got reports that china is capping theater capacity to

75% in low risk areas and undoing it completely in high to medium risk areas. meanwhile, viacom is out with streaming subs up to 42 million. >> 6 million actually increase for the -- you know, when i was looking earlier, the stock didn't seem to be doing much it was a decent increase we certainly always have some questions, and pluto also quite strong for viacom. we are going to be speaking to the company's ceo a little later in the program we'll get deeper into that, carl as you see right now not doing much discovery reported the other day did not get a good reception we also have fox numbers out we'll keep an eye on those as well, ask then we're keeping an eye on uber. we hear from dara earlier on "squawk box. maybe this goes back to what you're talking about, the delta variant. from their perspective people are still out there not just ordering food but taking the actual ubers. >> and liquor. >> one thing david said at the

very beginning, the trick is you've got to have autonomous drivers. >> yeah. it's going to be a while it's going to be a while >> and autonomous driving has kind of dropped off the face of the earth. >> bookings were up more than 2x the real headline was seeing q3 ebitda loss less than 100 million. here's what dara said about driver incentives at least on squawk early this morning. >> we really leaned in and building up driver supply in q2. we brought back over 425,000 drives and couriers onto the platform we added to that 110,000 couriers, and now that we see driver supply coming back and with driver earnings being very high in our top cities, drivers who were driving for uber or making over 40 bucks an hour including tips, we think we're very, very good position for q3

and q4 >> one of the things i felt was really dispositive here, they point-blank talk about how miami, atlanta, dallas, houston, phoenix, places where there's no longer the bigger unemployment benefits back to normal looking for drivers. got drivers. >> right. >> so there are drivers. i mean, this is something that a lot of the very big issue is when you'd normalize the benefits, when people come back to the work force, the answer for uber which i think is really kind of a very important cross section is absolutely. that's very positive for the -- for jay powell uber's literally that big that you could use it as a barometer of what happened. >> in terms of people going back to the work force, so to speak or employment. >> there had been some research that maybe those states that had benefits weren't seeing huge resumes flying out the door. >> i think that youuber's a goo test of it someone who tried to own a

restaurant business. you can't find anybody that you genuinely think you're going to find plenty of people in another month. >> a bunch of price target cuts on uber, barclays 63, evercore 70, just trimming here basically. >> look, after lyft you really kind of knew that -- didn't everybody know that there was a driver shortage? i mean, anyone who has taken uber during this period has a sense that you paid a lot more you go to your apartments david. >> yeah, no, i wouldn't get in an uber. subway's been working pretty well or city bike. uber, that priced me out, man. i can't do it. >> someone was supposed to see me, very wealthy person and had a $400 offer on an uber to go basically from 9th to 6th street >> apparently like in hampton to go one town to the next is like

$300 that's what i heard. i haven't done it. >> you went somewhere. >> it does have a secret location place. >> i did not go anywhere. >> and remember, he was voted having the best living room of everybody. >> that was true, very true. ten out of ten as i recall. >> ten out of ten. >> host of "jeopardy!. a charmed life. >> he's living his best life. >> we're all jealous of you. >> it's going by fast. >> really, you're jealous of me? >> okay. >> man who can't actually visit all of his homes or keep track to have it. >> david's a pretty good looking guy. i got one last night, these are guys saying he's a pretty good looking guy. a chemical conference i attended, dave's a pretty good looking guy but is he shorter than you >> yes >> i don't think i am anymore. you keep shrinking >> by the way, neither one of us have anything to talk about when it comes to that thankfully he rounds us out at

least. >> all the guys in the chemical business are all over you. >> i'm from jgermantown. >> why would you go to a chemical conference? >> i'm trying to learn. >> that's what he does in his spare time, resin, resin. >> it was a resin conference. >> i know. >> if you look at what's hurting people -- even kellogg -- we got to move on, i know that because someone's saying that in my ear. i wanted to go to jgermantown, that's where i was born. that's what matt got wrong. >> if you missed it last night, here's a good piece of sound as david hosts "jeopardy!" for a third night. >> what did you put down what is french. >> no. the correct response was german. german speakers made up about a third of philadelphia's people, and there is of course still that jgermantown in pennsylvania what was your wager? >> $37,000 you are still our jeopardy champion

>> ouch. >> crushed me. >> i was thinking on twitter a few days ago matt had said, you know, kiddingly, i should ask david for financial advice maybe. don't bet $37,000 if you ever have another opportunity on final "jeopardy!." that's my advice i did also say stay diversified, which i think is good advice too. that was brutal. he went from what would have been like 74,000 to 6,200. still won. >> someone said to me last night, there's been athlete great hosts. art fleming. okay al sha bet, and david faber. >> thank you, jim. >> i love it >> you come out so strong, and he's got the whole look, goes through the board correctly. makes the little jokes, even when matt uses the last name of people, which i absolutely hate. >> he does what for people and who for things people are not happy with him, but that's fine. judges say that's fine for them. >> the nation mesmerized by

david. >> i do not think that's the case but thank you for that. >> i bet you get stopped everywhere on the street >> oh, yeah, right not once >> you don't go anywhere. >> they stop me because i'm looking at resin prices. >> you are a sad man. >> polly parole lean, david, you can't recycle it you can't do anything with it. watch these chemicals. there are a lot of clothing companies making clothes with what they have. >> we're going to talk a bit about commodity prices, platinum rolls over big conference at the white house. way fair, goldman sachs, we're back in a minute as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.

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...plus up to 400 dollars off her wireless bill! wow! cheer on team usa with xfinity internet. and ask how to save up to $400 a year on your wireless bill when you add xfinity mobile. get started today. take a look at futures here, pretty steady action in the premarket as we work our way through all the earnings on the tape we'll get to etsy and roku i think jim's got -- what do we got tonight, etsy, that's right. >> brooklyn's own. talk about claims, robinhood, of course skprgs another "jeopardy!" style edition of the mad dash when "squawk on the street" returns. another "jeoparl edition of the mad dash when "squawk on the street" returns a edition of the mad dash when "squawk on the street" returns ,e edition of the mad dash when "squawk on the street" returns style edition of the mad dash when "squawk on the street" returns. ndanother "jeopardy!" style edition of the mad dash when "squawk on the street" returns. another "jeopardy!" style edition of the mad dash when "squawk on the street" returns.

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and now here is this week's host of "jeopardy!" david faber. >> week's running out unfortunately, only two days to go we've got our mad dash edition of "jeopardy!" you're the c cont contestant reopening crypto and cramer's choice, what are you thinking? >> work from home. >> for how much? >> 500 >> earnings outage, this company is slowing down in a hurry. >> very clever and the answer is what fastly? >> correct >> because fastly actually had an out anl and the outage caused them to be hurt. >> you're not kidding. >> this is one that was a very high flyer i don't know what it could be worth. you know this was very overvalued to begin with because they were supposed to be perfect. i say not yet. >> still too early to buy fast. >> still too early to buy?

>> it has to slow down the decline must slow before you can buy fast >> got it. all right. well, we have time for double "jeopardy!" round. >> we do >> yes, we do. back to the board. >> a double dash double dash. >> reopening for 200. >> don't bet 37,000 though >> reopening for 200 >> i got to go a little bit lower in honor of matt being wrong in what he chose. >> and your clue is? >> this sasquatch is real. >> what is yedi. >> let's take a look at yedi last night yedi -- it was a monster quarter. really this morning i said, oh, my this is just huge. david, not huge enough the groswth stock component today, whether it be roku, whether it be yedi. >> we've seen it with a number

of earnings reports. that's beaten estimates. that's well above, and then it gets punished in the market. in part because they have done these kinds of moves. >> this is one of the problems with august that a lot of the tech nnicians and historians ta about. you have this kind of you've got to be kidding me that's when august has been a profit for hedge funds yedi's great there are other companies dipping its heals. rubber maid could be a competitor my biggest problem with yedi, david is that anybody who bought it here or more importantly when it was down here, they've got to take something off they have to. >> i remember when it came public right here at the nyc, and we're going to have weber grills. >> you have yedi with weber. >> weber actually reduced the amount of shares they're offering. >> and there's people back

outside again with the variant i just bought a weber. i love it. but didn't have any of these features that we're going to talk about it's not a full featured weber. >> got it. it's very straightforward. >> that does it for our "jeopardy!" version of today's mad dash we've golt an opt an opening beg up for you

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to a note from goldman sachs, david costen upping his year end target for the s&p to -- it goes to 4,700 from 4,300 and to 4,900 from 4,600 for 2022. he had said that the 4,300 was contingent on a 19 ten-year at year end we may not get there. >> he's favoring corporate tax increase the respect of this man, people want to know why do we refer to him other than the fact he's a terrific guy this note broke at about 518 and the futures spiked instantly when it broke. that's the power of david costen and the rigor he approaches it

i love his work. point-blank love his work. this is a very important note, david. >> okay. i'll make note of it his head is so big >> that is not true. at all >> why didn't you say, yeah, co costen's really good >> you say it all the time what do i need to add my voice to that for. >> i believe it's a go ahead time to praise someone else. >> i praise plenty of people >> well, anyway. >> okay, matt. they call you matt >> so a big part of costen's call is about lower than expected rates then the other half is better than expected earnings >> but how about all the money that he cease on the sidelines, households, corporates, and david, this is something you will pay attention to. the private equity firms, apparently kkr has, what, $400 billion worth -- >> buying power. >> on this week with me talking about it it's just going to continue. that's why i made note of that

59 billion during the quarter that kkr brought in, just as reflective of how much money has moved into private equities coffers. >> worried about what happens with antitrust if it's private equity >> was fine for their deals, probably not going to get as much scrutiny, at least not that often. >> there's the opening bell and the cnbc realtime exchange it is weber celebrating its ipo, we're going to talk to the ceo at the nasdaq, also celebrating its ipo. speaking of money sloshing around, we are wondering, jim, why they took their share pricing from 47 million shares to 18 and then priced below the range. >> when i talked to him last week, i thought it was the kind of deal, the same day i talked to ms. tryingeager that this wob a deal where the backers could get some liquidity

it just turned out to be a sliver deal where it might pop they're going to get the pop, i think, because they cut it back so much. >> that's a substantial cut back from the 40 millions to 18 >> we're so beleaguered, we don't want any more ipos in terms of the little amount of cash that's left, from the endless onslaught. >> it has been a record year, and obviously we're talking -- when you talk about spacs as well, so much has been raised there, which more often than not is going to result in a company going public, and then we look at robinhood, of course which only is a week out from its public offering. at 38, let's not forget, and then what was the tie yesterday? 80, 85 >> when the memists come in to preserve this? don't the memists have to come in let it come in a little. >> hawaiian punch, david we did note at the top of the show, that news that came on qualcomm let me add la little bit of

background on what's going on. >> it's a $3.5 billion market value. now it's worth about 4 4.1 billion. it is an overbid you can see the stock is of course rising above the $37 bid that they have in a letter that was sent it's a swedish based company, but it's delaware law. madna a canadian company that had a deal in place. this is an 18% premium above that deal, and. >> the diversification is extraordinary. >> given the wherewithal of qualcomm, the ability to pay, and it's all cash. delaware company already in sale mode and they have a partnership with them by the way, that added to market cap when it was announced and they can unilaterally withdraw from that partnership. quick look at this. >> cristiano. >> yes. >> mollenkauf could be tough.

>> this is an important move for the ceo. >> it's all about what we were talk about not long ago, autonomous. >> that's why i love it. >> it's really about level two plusautonomy when it comes to actually uber is going autonomously on the streets of the metropolitan era. >> you know you're up against jensen. >> i do want to point out these guys probably going to need china approval which you never know you never know i believe that is the case we are, again, we're talking about advanced driver assistance systems. here's sort of the quick rationale for why they're doing this arriver is the differentiated software that they have. the other driver assistance assets along with qualcomm's

leading snapdragon platform. that portfolio and automotive customer transaction says cristiano will enable us to transform the segment, grading open, which is sbinteresting, they're going to want to deal with all the automakers, competitive platforms and tier 1s that's where we stand on that. they seem to be in a strong position one never knows if you need china approval, which i'm told is the case here. >> yesterday there was an interesting debate on the judge's show halftime about qualcomm's relationship with apple i'll tell you what their relationship, how close it is. you're never supposed to name a apple as a customer. i don't think that they're going to that relationship, qualcomm's saying very solid that was debated last night yesterday in the show. >> you know, there's no real -- it's a bit of a vested show. >> this is a small -- again, a

very small deal but important. a relatively new ceo kind of being bold here. >> yes, definitely we've got to watch that guy. >> those of us who -- i don't know if you had a chance to meet him, carl, but he is one of the most genuine items i've seen as a ceo. he knows what he's doing, and i did not expect this of him i expected a much more mellow let's get involved this is very aggressive. >> we don't see over goods too often. >> pretty good action on travel-related names the cruise lines are up. booking holdings, expedia as med life, jim, is on the table saying that the grip of the economy within covid is easing somewhat you would hope that insurance companies have a pretty good read on where we're going directionally. >> if you want to really get a sense of what could ease. you got to go over to simon properties david simon saying he's got

right in the heart of covidville in missouri. >> b of a upgrading yesterday to buy saying they're repermitting on some of their california properties. >> they are doing so well, and david simon, hats off to him he's talked about how florida was doing, no covid, that raise the dividend, i felt so -- that was one of those few -- because i've been quite concerned because i have so many friends that are breakthrough friends, i felt much better about where we are with covid after reading david simon's conference call. he had very encouraging things to say. >> also tweeting some chart of rates of transfer in southern states going back to one or below, states like arkansas and tennessee, it's the exact trend that you would hope. >> well, that's dr. gottlieb dr. gottlieb said it's going to burn itself out the right way or the wrong way. it did burn itself out in 1919 let's not forget.

>> we can hope that that will be the case as we take a look at some of the vaccine providers. >> the stock dropped 20 points when she was talking i said like, are you listening to him i mean, the thing is -- i mean, it's a juggernaut. you'll have enough money to be able to do all the cancer vaccine study. anybody could have had that. anybody. i had it in my arm for heaven's sake. >> this morning 93% efficacy after six months following the second dose. that's down from the original 94 i'd take that. >> i am taking it. i've got it. >> you've got it >> i'm going to go check my antibodies. >> let me know i'd be curious too. >> a friend of mine came down with -- had moderna and came down with it, he and his wife. >> are they sick >> 101 degree temperature. i think that's sick. >> yeah, that's not good on the m&a front real quick, i

mention this more because i want to refrerence the stock you saw moody's. it's a private company, something called rms, it's a leading provider of climate natural provider disaster risk modeling servicing serving the global property and casualty insurance and reinsurance industries it shows the importance of getting data on climate and risks in general jim, look at that stock. moody's take a guess, you probably know market value of moody's. >> a lot of issuance. >> market value of moodies 80. >> yeah, almost, 72 billion. >> hey, you know who i was going to say s&p, doug pederson, he's a survivor, 106 billion. do you remember when it was a part of mcgraw-hill that nobody cared about? >> nobody liked it we wanted business week. >> you could have had it for like a billion dollars s&p. >> the three of them, moody's s&p, and my favorite is msci

it's only 52 billion it's a new high. if you had a chart of msci you won't believe it >> that's the size of robinhood. >> and that's henry fernandez who's a remarkable i would say probably one of the least -- one of the most humble ceos i've ever met you would never think this man's a ceo. he's a regular person. >> we've had him on. >> they had to decide whether china should be included that's why i think we've got to get henry back is it right that china is able to turn profits into nonprofits, right, with a wave of the pen. >> we were talking a moment ago about consumer behavior in the pandemic actually down about 13%. you've got him on tonight. >> there's some slowing of the general merchandise volume and some mention of a single-digit number, and they also made some acquisitions that people are saying please, but again, what really is going on here -- and i think josh is great and is people just saying that's an

indoor stock that's what you do when you're locked up. it's not like he necessarily dismissed that we also had it in roku. >> i was just going to say, roku specifically pointed to customers doing more outdoors. that's why streaming hours, although up 19 were kind of just in line. >> i know, but you've got these companies that when you look at the hours per day and you were locked up, well, you're looking for something to do. now, i bought a ton of stuff on etsy just yesterday. >> just yesterday? >> yeah. >> really? >> i'm making over 100 bottles of pickles, so i ordered jim's none better . >> that's so nice. i assume that's something else i won't be getting, along with the olive oil. >> oh, my, the olive oil i had some monday night with tomatoes >> must be nice. >> so you bought bottles you bought cans on etsy.

>> i use ball jars in america and i used italian bottles as part of the co-op, and i'll bring you some, and it's about -- people say it's the best ever. it's virgin. it's good. >> no doubt. i'm sure. >> evo >> those of us who have been fortunate enough to go to the villa know that we've got great olive trees. >> i thought you were going to be put a picture of my olive trees. >> i'd like to get a picture of those olive trees. >> i go to olive garden and i have an olive. >> we mentioned viacom earlier, and it is up we're going to have bob bakish join us on "squawk on the street." thank you, jim you can see that stock is reacting positively. there he is. you got to go back, of course, remember archegos, you can't forget it. you can't. there it is. let's go back. there it is. that's it. we're looking at the

year-to-date so look at that mountain. >> were they able to sell any stock when it was up there >> they were they sold over 2 billion. >> how'd they feel >> not so good. >> did they jump off that cliff after? >> they were taken for a bit of a ride. >> that's bob iger's book. >> ride of a lifetime. >> ride of a lifetime. >> great book. >> is that a clue? >> no, no. >> on the call they are talking about increasing costs on streaming, and david also bakish on the window, the fast follow model of about 45 days he says is the sweet spot, but they're looking at it title by title. >> yep, and they will do that title by title carl, as you have focused on a lot in your reporting and things, i mean, it's tightened up a lot that window it's certainly not what it was, and to your continued coverage of amc, it's not great. >> let me give you one, this international retailer pays his people more than any other

>> international retailer pays his people more than any -- highest of any retail. >> it's not costco, though >> yes what is costco >> i think of it as domestic >> well, i had to add that that was a little tricky >> right but it was -- they had an unbelievable month once again, another beat, another month, and it's all time high >> jeffries goes to 500 on costco today. >> isn't that something? david is that -- matt even would not know that. >> matt, he knows a lot. >> he's a seven-year graduate student. >> he knows the whatchamacallit table, i was like are you kidding me i don't even know what that table's called the periodic table. >> still to come this morning, a summertime ipo, outdoor grill maker weber going public today

a lot of activity outside the exchange we'll get an interview with the ceo in a moment. the dow's up 166 treasury's ten-year back above 1.2. we're going to keep our eye on that we're back after a short break

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lots to watch on robinhood this morning, down about 12% as we get to the open here. the sell up to 97.7 million shares over time, and we got at least one initiation, wolf initiates with a peer perform target 55, obviously well above that we're bam knox we're back in a moment \ we're back in a moment we're bact . you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire that building you're trying to buy, matc- you should ten-x it.ion. - ten-x it? ten-x is the world's largest online commercial real estate exchange.

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webr first, david faber asked me, the deal has been cut back why? >> we are excited about the future of weber. it's a long-term play. as you noted a couple days ago, jim, there is a lot of market activity and noise begoing aroud we don't focus on the bumps an noise. we are focused on the long term. we have built a successful brand around the world, in 78 countries around the world, the leading grilling brand in all of those countries is weber we are investing in growth and the investors we talked to are super excited about our runway going forward. >> i got to tell you, here's what i'm worried about i need something that tells me that i haven't burned the steak. have you got anything for me >> have you heard of the weber connect? weber connect, think of it as the waze for navigating your grill cook you have a cloud-based technology platform with kking

algorithms on your phone, guide your cook on your grill, controls your grill, perfect results every time it's like a transformed game-changing grilling experience it won the ces award last year for bekt connected home product. >> first of all, i need that badly. i did turn - >> i know a guy. >> yeah, look, you know, some people tell me, listen, want it to moo, some people want pittsburgh, which is very hard on the outside let's talk about the divorce maker. we all need to know how far along we are with propane. can you give me some somthing tt can stop divorce in its tracks >> you run out of propane and it causes marital stress? >> those of us who have been here, this is empirical. >> i am with you weber is launching a brand-new line of grills at the end of this calendar year

it measures your propane, signal the propane running out, it will get you a refill and you can have a new business model now for weber driving subscriptions, consumer engagement in between grilling experiences, all kinds of new ways that we can take this category. >> anybody still use charcoal? >> 40% of the world does gas and charcoal are neck-and-neck. between gas and charcoal, it's over 80% of grilling sales and grillinguso occasions and weber, what's yunique about weber, we don't care what fuel you like. it's a big tent. you like gas, you like charcoal, you like pellet, you like electric, you like portable grills for tailgating and camping, we have everything in the weber family and we are inundating to driving our market share further and further ahead. >> speaking of family, this an old family brand i said i can't think of

another -- i don't know the other companies in the country because weber has been so successful for so long. >> we are the number one brand in every grilling company -- grilling country around the world and we are by a wide margin, average three times lead in every country and in every country it's a different number two. so there is no other global brand. we take that leadership really seriously. it's driven 70 years of double-digit sales growth and we are looking forward to a long runway, $49 billion in front of us we are in 50 million households around the world today we are going for 100 million households around the world tomorrow. >> when you get to 100 mil, covid. >> yeah. >> a lot of us recovered grilling and then some people say once we have kind of licked covid, we went back inside to get to 100 mil, people have to say, you know what? i rediscovered grilling and i'm staying with it. how have the numbers been with

covid and then after covid >> we are lapping some of that timeframe now. we found people have fallen in love with grilling who maybe forgot about it for a while. it's a roman take story, like you smell it out here. we are weberized the new york stock exchange today you can smell barbecue in the air, right >> i know. >> when people experience that during the lockdown, that behavior is going to stick we have surveyed consumers 85% say they will grill as much or more after the pandemic as they did before. there is a ton of runway in front of us. >> so i went to your site and i realized i can disintermediate yat some very good retailers because the site is a terrific direct to consumer site. >> we have built the direct to consumer business and e-commerce combined from single digits when i joined the company a few years ago, now over 20% of our business so it is creating a whole new shopping experience and an educational experience for our

consumers. we have had 65 million visitors to weber.com in the last year. so it's a huge traffic - >> and that's where i want to go but that is where i am getting my tailgate weber. >> you're a traveler, right? >> yes. >> i should have one here. please have me back to "mad money. i want to show you the weber traveler. >> happy to do that. congratulations. a big day for you and your company. to the weber family, well done thank you so much. >> appreciate it. >> thank you back to you, carl. >> jim, before i let you go, etsy tonight, shares are recovering a little bit, back to levels back to just monday >> brooklyn's own. i happen to think that etsy is a place that has changed the world. so people want to just celebrate here because they didn't do some number, be my guest. you are not getting a single bottle of jim's none better pickles. >> see you at 6:00 nice to see you outside. our jim cramer, "mad money" with jim cramer 6:00 p.m. tonight

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♪ good thursday morning. another hour of "squawk on the street." live at post 9 of the new york stock exchange dow's trying to reclaim losses from yesterday got the ten-year recovering to is and the vix below 18 as we get the jobs number tomorrow morning. >> 30 minutes into the trading session. three of the big movers today. we start with uber shares recovering from premarket losses the ridesharing company the top and bottom lines, stemming from the investment without them it would have reported a loss of more than half a billion dollars it's been tough to recruit drivers. shares up more than 2% right now. roku on the move after reporting weaker than expected user growth it beat on both earnings and revenue and it's 55 million

active customer accounts watched more than 17 billion streaming hours. nonetheless, those reopening efforts around the world having an impact there. you see shares down almost 5% etsy getting crushed similar situation given the reopenings afoot it also beat on the top and bottom lines but its user growth fell short of the street's expectations those shares are down 9% right now. of course, our other mover in focus this morning is robinhood. it's selling 98 million shares n they are not receiving the proceeds from the sale that stock surged more than 50% yesterday. as you can see, right now down 12.5%. bob with more on the massive moves. >> and another volatile day, this time on the downside. i want to remind everybody robinhood started trading at $38. that was the low end of the pricing and it moved down on the first day and of course up and now down today existing shareholders will be

selling 97 million shares, including some of the venture capital first responders like andreesen horowitz the analysts are confused. analysts tend to move back they did this with gamestop. we saw a big research firm, wolfe research saying robinhood was uninvestable they said we cannot in good faith recommend investors get involved in robinhood on the long or short side they are talking about a $45 price, peer performed rating they are concerned about a slowdown in retail trading a lot of people called yesterday and noted robinhood traded 175 million shares that's a lot of shares who was doing the trading? that was the big question. trying to track down i had made a lot of phone calls. i will make some guesses here. it seems to be in the retail trading. most of the desks i talk to estimate retail traders were probably 60% of the volume

a large group insisted we needed to pay attention to hedge funds and institutional traders who simply make a living trading high volatility, high momentum stocks and the estimates were all over, somewhere around 25% could be that particular group short covering, fairly small options market makers started trading options yesterday. yes, a factor, but fairly small overall. the question everybody wants know and has been asking me, how do you look at this? what is this it's not really a play on retail trading. it's almost like an option play at that point, a volatility play just like amc was not really a play on movies it was a play on volatility. gamestop, arguably, has not been a play about games, it's a play on volatility. i think at this point a lot of people are simply saying, robinhood, yes, infuriates retail traders in reality, at this point it's an option trade on volatility. guys, back to you. >> bob, thank you.

we see robinhood shares down about 16%. speaking of shares, viacomcbs reported better an expected quarterly earnings the stock is up nicely over 3.5%. the media giant add the 6.5 million global streaming survivors in the second quarter. paramount plus will launch in europe in 2022 bob bakish is president and ceo of viacomcbs good to have you back. it's been a while. n nice to see you. let's start off, if we can, with direct to consumer with paramount plus with streaming over all you added 6.5 million subs but people want to know, how many are paying subs and you can you give us the actual revenue per user of those subscribers? >> great to see you. great to be here we are really happy with the quarter. we reported today, obviously, on the streaming side, great momentum, great strength both on the pay side

you referenced subscribers as well as streaming advertising side with the strong growth and then on our broader business, great affiliate numbers, great advertising numbers. happy with the quarter with respect to your question on paramount plus, this is a product with fantastic momentum. it was the overwhelming majority of the subs we added in the quarter, which as you point out 6.5 million globally also importantly, we saw arpu improve year to year and quarter to quarter we have like the trajectory that's on. in general, all our metrics under the covers for paramount plus improved. so it's in a really good place we are excited about the road ahead, including, as you point out, our global expansion. >> right all right. but you are not giving specifics there, bob discovery gives us more. why is that? why aren't you telling me

exactly what the numbers are investors are very focused on this you see they are responding positively they want to know about the growth trajectory here and specifics of each subscriber. >> we have been on a journey of increased disclosure over time, as you know. when we began this year, we increased our disclosure on the streaming side to not only include subscribers and meus but streaming advertising revenue and streaming subscription revenue. total streaming revenue almost doubled in the quarter, by the way. and so that's a result of our conversations with investors and thinking about the business. we will continue to evolve disclosure people can calculate things like rpu. i had an analyst on the call this morning ask about it and he had done his own calculations and he could see it improved again quarter to quarter and year to year you it's not a measure that we

officially disclose. >> fair enough you mentioned streaming revenues being up almost doubling but again there, how much is pluto, which has been growing very fast, and how much is paramount plus >> yeah, so both the ad side and the subscription side grew dramatically the ad side was about 102% growth, the subscription side about 82% growth speaking of pluto, i don't know if you remember, david, but after we acquired that company at the beginning of '19 i went and came down and saw you on the stock exchange and we did a piece and there were questions about what this pluto asset was. i would point out that was off the 2018 full year numbers, about $70 million. fast forward to this year. we will do over $1 billion in ad revenue at pluto in 2021 that's from 70 to over a billion in essentially three years so the growth at pluto is driven by a combination of mau growth,

time spent, time spent per user up 45% in the quarter. and of course monetization where we're seeing very strong demand, both call it on a scatter basis, and we were very pleased as part of our iq product. so pluto is a rocketship that continues to outperform everyone's expectations and we are just thrilled with the asset and the road ahead for it. >> yep, and i of course remember when you came down for that deal, which, as you point out, has gone very well advertising overall, pluto being add-supported well total advertising rose 24% year over year in line with their forecasts. fox had 38% they reported yesterday. can you explain why you might be lagging there? some of your competitors and what the ad market is looking like for you >> i haven't looked at the fox numbers in detail.

the 24% growth that we posted in the second sququarter excludes streaming. that doesn't include advertising in streaming roughly doubled overall streaming revenue for the quarter was about a half a billion, $502 million. that is a material incremental piece to our advertising story as you know, david, right now we are very happy with what we're seeing in the ad market. scatter is very strong part of it is market supply and demand where supply is tight and linear and demand is strong in the ramp out of covid. part is viacomcbs specific our ability to transact linear inventory and streaming inventory with iq. our ability to deliver broad and young and diverse audiences and our ability to do it on a turnkey basis through a single point of contact it worked tremendously well in the upfront and continues to work going forward and we are just very excited about this business.

>> yeah. part of your earnings you announced this partnership with sky. of course, a part of our parent company, comcast, for paramount plus distribution in certain international markets. is there more to come there? is there the possibility of paramount plus and peacock somehow getting together in some way in terms of producing content or distributing it in markets you are not currently in >> yeah, sure. a couple of things streaming is, obviously, fundamental to viacom/cbs's future we believing in the largest total adjustable market, including global and international as part of the global and big european countries as part of international. in this case, the u.k., germany, and italy. we've had a long mutually beneficial relationship with sky. i know that company well from running international for a decade we saw a tremendous opportunity to work together to not only

elongate the traditional business, it includes linear services and ad partnerships in all these countries, but also continue to transform the business, including through streaming, where we will launch to the subscriber base in all these countries, which germany also includes austria and switzerland, the u.k. includes ireland, in all these countries in '22 as part of a tier of sky cinema that gives us, you know, an incredible millions and millions of subscribers in '22 from which to accelerate paramount plus we are feeling great about that deal i know the sky folks are as well it's really another example of putting the full power of viacomcbs behind in this case paramount plus not only content, but also relationships, and it's something we aim to continue to do and we're super excited about it. >> maybe more to come as well potentially in that kind of front?

>> well, for sure we are going to continue to partner with mvpds to accelerate our streaming efforts. you saw that in the u.s. with cox, charter as the operators drive set top box and broadband only so, yeah, you will see more of this activity because it is one of the things -- it's a asset viacomcbs brings to the table. >> yeah. that's to drive distribution speaking of streaming versus theaters, are you finding a sweetspot here is this going to be the new nornl after the pandemic in terms of how you release movies, how much of the window you actually have for the movie theater versus bringing it on the platform or licensing? >> so, look, the film business is strategically important to viacomcbs. it drives the consumption on multiple platforms, including, of course, streaming earlier in the year we moved to

a general model of fast follow from theatrical implementing a model where 30 to 45 days after theatrical we would bring product to paramount plus. we are phasing that in over time because of an existing pay one deal we have "a quiet place part ii" was the first title in that strategy that's airing right now on paramount plus did well in the box office and it's doing great on paramount plus so we like that. but, you know, we are all living in this covid world. so we are looking title by title on what we should do considering really all the constituents involved so next up we have "paw patrol." probably the biggest preschool franchise in the world we are thrilled to work with spin master to bring a movie version of that. we will release that in this market day and day theatrical because we thought that was right for the title. you will see us to continue have a variety of release strategies in this covid time, but in

general we to like the h45-day fast follow model. >> yep, gives you more flexibility. finally, you can see it right now. that crazy chart of your stock, which basically goes up like everest and comes down give me some thoughts here from you on just what went on there it gave you an opportunity to sell stock and raise money but with some months of perspective now, what do you make of all of that? >> look, our overwhelming job is to drive shareholder value creation and we see that on a very compelling organic execution path for our company and probably driven most today by the streaming opportunity, which again you see tremendous momentum on. as we looked at the streaming opportunity and saw some of our early success, we decided it would be beneficial to deploy more capital against it. that's why we raised capital earlier in the year. and, yes, the stock has had some significant volatility since that, but we believe it

continues to be extremely undervalued. i mean, look at again pluto. $1 billion of revenue this year. that's roughly the same size of roku and the growth rate is roughly the same they trade even depressed today 15 times revenue the guys we get to do some of the parts for us attribute three times revenue. so that's tremendous upside. i'm confident that as we move forward and continue to put points on the board the street will see that and we will see material appreciation. >> okay. probably not back to those levels you saw earlier in the year of course, nothing to do you, bob. i appreciate you joining us. thanks for taking the time. >> thanks, david i look forward to doing it in person some time soon. >> as do we. >> ton of news on moderna this morning. stocks at an all-time high news on a potential for boosters and the quarterfinal results meg tirrell has it all. >> hey, carl one of the biggest pieces of news from moderna this morning amid the second quarter beat was

six-month efficacy data on the vaccine. they said overall it helped up at 93% if you look four to six months out, that only decline really to 92%. we also got a similar read from pfizer last week they said months four to six it went down to 84% we asked the ceo of moderna this morning, are those comparable? here's what he told us. >> the final analysis of a phase 3, 93% shows very good duration of efficacy. if you think about it, the studies whether or not similar time, they were similar design in the u.s so we're very happy about that duration because that's really important to protect people. >> most important, of course, to protect people is the efficacy against severe disease and for both vaccines the six-month data showed they held up well, 97%

for pfizer, 98% for moderna. importantly, data cutoff for the six-month update was in march. this was before the delta variant was circulating really at all and so moderna today getting a ton of questions about its expectations for boosters and saying with the more contagious delta variant it expects to see more breakthrough cases among the fully vaccinated and they think that booster doses will be needed by the winter the stock was down earlier the company announced the first buyback plan, $1 billion planned for that it is now approaching $170 billion in market cap that is just a massive run-up. the company talking about potential acquisitions of other technologies outside of mrna could we see them buying into crispr or gene therapy those will be the questions for the future of moderna. guys. >> we know you will be watching it closely for us, meg, as that 12-month schart is at 450% thank you. we are getting comments from

federal reserve governor chris waller steve has that for us. hi, steve. >> morgan, good morning. yeah, fed's chris waller saying he is really skeptical about the need for essential bank digital currency they are considering this, supposed to issue a paper on this, not necessarily one way or the other in the fall. they said it's a solution in seven of a problem as far as he is concerned he said it requires explicit congressional authorization because it would change the rules under which the fed operates here is some bullet points he makes. the government should not compete with the private sector only do so to address market failures, which he sees none he goes on to say the private sector is already developing new payment technologies i think the fed would be any smarter and dove cheaper technologies he says the cbdc won't deter use

of crypto assets for money-laundering he makes a strong point about china saying chinese central bank digital currency is not a threat to the u.s. dollar reserve status here is a quote. he says i see no reason to expect that the world will flock to a chinese cbdc or any other why would non-chinese firms desire to have all of their chinese transactions monitored by the chinese government? carl, there is something to talk about on "tech check" this morning. get your tech people to explain why the fed does this or doesn't. >> i will tell the team. no guarantees, team. as we go to break, a look at the growth map the ceos of western digital and kellogg after they reported strong results. >> plus, industrial technology company trimble gaining popularity after kathy woods arc investments that's big on the company. we will have the ceo. >> and highlights from last night's "jeopardy!" episode with david as guest host. don't go anywhere.

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western digital with a beat on the top and bottom lines. they warned that still seeing a shortage of certain components which has resulted in additional cost pressures joining us in a cnbc exclusive is western digital's ceo david goeckeler.

i want to get to the data center in the cloud spend but the component shortage, delivery times, doesn't sound like you necessarily think those lead times have peaked. >> no. we are still planning out through the end of '22 on getting all of our components. i think the world's adjusting to all of the technology we use every day now and what is the right supply for that. so we still see a tight environment going forward. >> are you encouraged at all earlier in the week we got data from ism that suggested that maybe the delivery times in aggregate across industries were starting to roll over. are you seeing any signs of that >> well, i think anytime you have a system this big, you start to optimize it and people get better and you start to make the best of what you have and you start to see some improvement. but when we look at the overall demand environment across our entire business, again, we have everything from a multibillion-dollar consumer

business to selling to every cloud provider in the world, we still see strong demand across the board. >> yeah. definitely the data center and the cloud spend was, i dguess that led to the upside surprise on margins, right? >> it's an innovation story. the innovation engine is alive and well at western digital. when you aploo that against a very large and growing market like the cloud you end up with a very good result an easy way to think about the company is 40% of the data in the world is on a western digital device we have been bringing a lot of innovation to that market, especially in the data center space. that was the standout in quarter. 44% sequential growth in that business, and not just growth, but increased share and increased profitability adding over five points of gold ross mi in the business. driven by new product cycle, customers really responding to an increased value proposition, better tco for our products.

that against a strong demand backdrop led to a very good result. >> hey, it's morgan. i realize that cloud and data center was very strong for the quarter, but the fact that you did benefit modestly from cryptocurrency as well talk us through that >> yeah, cryptocurrency kind of hit us the third or fourth week in the quarter it was very, very strong these proof of space cryptocurrencies, chia and ipfs, and it really hit the channel. it hit our retail business and just was just huge demand. it added probably a couple of $100 million of upside it subsided in the end, but helped driving pricing as well we will look at it closely going forward. we will be cautious. we want to see it for a couple of quarters before we kbied on it and put it on the run rate of the business but it's definitely, you know, more of the same theme the world is using more data all the time we feel like we are in a good place with our portfolio,

driving innovation across the entire storage market. >> you do reference return to the office you say increased activity from enterprise customers as offices start to reopen and i.t. spending picks up. there is a flash head on the wires morning tat least wells fargo is going to push out their return to work because of concerns around the delta variant. are you seeing that trend pick up steam >> we haven't seen it yet in the business it's incremental demand for us the cloud has been so strong and then we add on top of that enterprise is starting to come back and on top of that a little bit of cryptocurrency is what led to the strong result but we are still seeing our customers with upside demands and we still see return to office is a driver of that like i said, it's a little early on the delta variant and what impact that's going to have on the business >> david, i know you mentioned looking out to 2022 in terms of components and we are in this

super cycle, if you will, that has been fueled in large part by the pandemic but as you see more money or at least more policy focusing on more production within this sector, and i know it's a long lead time the next couple of years, what does that do to cyclicality? >> i mean, there is no doubt the pandemic, we're all more technology enabled and, quite frankly, technology dependent than we have ever been as we come out of the pandemic, there is no doubt we will use all of this technology i think we have found there is a lot of use cases that even after the pandemic is gone the technology is going to be very beneficial for so i think we are trying to figure out what that new demand environment looks like it will take a while to work through that as we talked about, the delta variant is still going we run a global business we are very focused what's happening in the philippines, malaysia, thailand, those kinds of places. so i still think we have a

little ways to go to work through what this new normal is -- where we are going is ettel out. >> finally, looking through some research on the stock this morning and on the numbers, looking at a web bush note where they say they are willing to believe a shift in mix could be creating a headwind for the company but they find it hard to believe any shift is enough that the company would not realize a benefit below the 2% average selling price uptick they modelled in. they seem to be indicating you are low-bawling things so you can, obviously, top estimates. is that the case >> no, that's not the case we are on our seasonality growth remember last quarter we had an impact from chia that was a couple hundred million dollars we need to see that for a couple of quarters before we put it in the run rate of the business the reality is that the portfolio is very strong the technology is good there is a good demand environment, not just across that data center, pcs, smartphones, the amount of storage is going

up, gaming, automotive there is just a really strong demand environment again, for us it's about innovation, drive innovation, better value proposition for our customers and that will drive the growth and profitability. >> it's always a challenge to cover this space, but especially now with so many crosswinds at hand david, appreciate it good to see you. thank you. >> thank you very much, folks. appreciate it. time for our "etf spotlight. the first trust cloud computing etf sk "ymca." it's been a volatile start right now about six bucks off the 52-week high of 112. shares are basically -- the fund's basically trading flat now. a big contributor to the downside today, though, those shares have been tumbling. future revenue below expectation. you can see stocks down almost 20% today.

it's down about 60% since the start of the year. and after the break much more on today's move in robinhood. plus, trimble. one of cathie wood's top picks the ceo gngo inisoi tjo us next don't go anywhere. folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq

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robinhood shares down 10% this morning after they were up more than 50% yesterday. the company filing to sell near 98 million shares over time. >> this is not a primary offering this is so-called secondary in a sense, selling shareholders. so there are no proceeds coming to robinhood from the sale kate has a lot more for us on it. >> this is selling by a lot of early investors from silicon valley investors in robinhood. robinhood like you mentioned won't see any of the proceeds. the startup announces that existing shareholders will sell up to 97.9 million shares over

time that news rocked, knocking robinhood's stock off of that monster rally we saw yesterday in in a filing they say this is an automatic conversion of converting debt held by the shareholders if you remember back in january robinhood raised about $3.5 billion from its vc investors as emergency funding that was to meet the capital requirements during the gamestop saga as part of that deal the vc investors that got in there, they got a 30% discount to the ipo price. this is a maximum offer of 35 bucks a share. it will bring about $3 billion to those investors the stock guys closed above $70 a share yesterday. based on how early a lot of these investors got in, it is still a pretty big windfall for the early investors. some of the names taking money off the table in this announcement are the same investors that backed robinhood back in january. we have nea, new enterprise

associates, which owns 10% of robinhood shares that's on the list it's getting rid of 3 million shares still has a significant stake in the company. ribbit capital with 19 million shares index ventures on that list as well as andreesen horowitz this could return some money to their shareholders their lps, vc funds have a ten-year life cycle. they will need to get money back to the shareholders. i talked to a few of the guys around the ipos. they said if they sell, it's better to stick with a winner once you find one instead of cashing out completely back to you. >> all right kate rooney. thank you. it was an earnings beat for trimble. the industrial tech company raising full-year guidance as well the stock trading at a new high today, up almost 30% this year thanks in part to ark invest's cathie wood. trimble is the top holding of arc's space exploration and

innovation etf the second largest holding behind only tesla. and joining us now first on cnbc off of earnings, trimble president and ceo robert painter. great to see you. >> good morning. >> all right so let's talk a little bit about the quarter itself definitely stronger than expected numbers the strength in hardware helping to fuel that as well given the fact you serve so many different end markets, particularly the industrial part of the economy, what are you seeing in terms of recovery and reopening? >> we are seeing really strong indicators from really all of our markets. if we look at construction, we are seeing strength in residential and infrastructure and agriculture business, commodity prices are strong, and corn and soy and the transportation market. the market has shifted to the carriers we see that in the level of spot prices at the moment so the fundamentals are there. the funding when we look at things like infrastructure

funding within the united states and elsewhere around the world, looks to provide a favorable backdrop for us for some time to come. >> i am glad you brought up infrastructure we have talked about it in the past as we see this 2,700 page bill in the senate and make its way through that house this week, what are your expectations in terms of a final plan and what does it mean for trimble >> we are really optimistic at this point we are not there yet, but we are hopeful. we continue to see this as a general raili generation opportunity to increase the competitive of infrastructure in the united states and the use of technology like ours at trimble can build our infrastructure back better, faster, safer, cheaper, greener. we see this as a positive sign for us at trimble. >> yeah, we talk so much about the digitization of everything right now, and certainly you have hardware, you have software, you have services. you are very focused op construction, agriculture and transportation markets, and those are three markets that

have been a bit slower to adopt some of those new technologies and be disrupted by them does that change -- how does that trajectory look and what is the market opportunity there more broadly >> excellent observation the markets that we're serving are global they are underserved, underpenetrated by technology. we see a secular trend towards digitization of these markets in the nature of the technology we have, that connection of the hardware and software. that allows us to connect the physical and digital worlds. that means connecting the office and the field and the hardware and the software and really delivering workflow productivity to our customers so against that backdrop, you know, today we are $3.5 billion in revenue company half comes from engineering and construction markets that looks like we have tailwinds for some tyime to com. >> we mentioned cathie wood, ark invest, made a big bet on your

stock. i wonder if you feel that that has had an impact on the knowledge and popularity around the company, especially as it trades at an all-time high today. >> there is no question that thathas provided increased visibility to the company. and i think that increase in visibility ins awareness that awareness increases interest and then when interest meets the company producing strong results, that's going to be a catalyst for more buyers than sellers. and certainly from a technology angle, ark has brought a sharpened lens to what we are doing in terms of digitization and disruption of markets. i have to say we also have many long-term holders of trimble that i am grateful for, the prime caps of the world. over the last couple of years we have seen a big movement in esg theme attics there is so much about our technology that drives sustainability first responders like impact and

generation have also been behind us it really is a good thing to have this visibility. >> yeah. finally, quickly, trimble ventures, what do you plan t invest in? >> thanks for asking yesterday we announced we are launching a $200 million corporate venture capital fund so two themes around this. first, we want to invest in companies that will build on top of our industry platform so we are building cloud industry platforms so we are looking for companies that can help seed growth in those platforms. the second looking for disruptive technologies that support many of the efforts that we have in areas such as autonomy and robotics and mixed reality. >> robert painter, thanks for joining us today. >> thank you dow has gone positive for the week joining the s&p and the nasdaq in fact, the nasdaq's up four straight and the dow's up 165. we're back in a moment it's so good to see you. good to see all of you, yeah! why is jerry so... popular?

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an olympics update with rahel solomon. >> good morning. u.s. women's soccer team taking home a bronze medal. they held off a comeback by australia to win 4-3 carli lloyd and megan rapinoe scored two goals. in u.s. basketball, winning in their semifinal game. kevin durant's helped team usa overcome a 15-point disappointment they play france in saturday's final. men failed to qualify coming in at 0.02 seconds short of the time they need to advance. the 200 meter final, two medals for the are u.s., bed, bath & beyond wkenny bednarek and noah

lyles took home the bronze medal. the u.s. has 9 # medals, china with 74, and russian olympic committee 58 you are up a to date back to you. >> thank you. new york to london in 90 minutes. how does that sound? that's the goal of a small but growing aerospace startup develop hypersonic aircraft. they are count the air force among its investors thanks to a $60 million contract for the air force, it's an opportunity to help a commercial company develop and test hypersonic technology, which is traveling at five times the speed of sound, capabilities that could be use on the national security front for reconnaissance or fast transport of cargo or people over long distances. this partnership accelerates a early long-term strategy. >> the real key to how you bridge that valley of death to put together the bubillion

dollars you need to certify a passenger aircraft, you have to have interim products along the way that, you know, you are leveraging for tech development or risk reduction, you have to turn those into products and solve problems for customers that's a huge piece of this partnership that we're starting with the air force >> so still a long way to go to see this become a reality ious hthey have the goal of flying people commercially on these types of flights around the world. a market opportunity that some estimates peg at $100 billion. there are risks as evidenced by the recent demise of air i don't know still, boom super sonic in agreement a united lockheed martin working with nasa on a quiet supersonic x plain and virgin galactic which is currently focused on suborbital space tourism laid out their supersonic and hypersonic aspirations as well

that's the long-term bull case for that stock which reports after the bell today aswell. guys, it does really speak to all these next-generation mobe blts, tech kts, capabilities, the role that dod can play in helping to spur that process along. >> brave new world interesting to see what they say tonight. by the way, speaking of guidance, we will talk to the ceo of kellogg on the company's quarter and the consumer shares almost to a three-month low this morning on some comments about inflation. back in a moment

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keep your eye on shares of kroger, up 1% after raising full-year sales guidance off the intraday lows. steve cahillane joins us, chairman, president, ceo thanks for the time. good to see you. >> good to see you. >> certainly you affirmed the guide organic revenue was much better than some of your peers in the space but you do talk about material shortages, freight and labor can you just put a picture on what you think the second half will look like on that front snrjt the second half i think will be like the first half in that the supply disruptions we

have seen, i know, are pervasive and really all around the world. we would hope that it starts to mitigate towards the back half of the year. we are taking a prudent planning stance because we haven't seen any improvements up to this point. it's everything from labor shortages, material even things as simple as pallets and containers being in the wrong part of the world. >> i guess the best we can do at this point is gave it a few more months and get a better picture about the year end quarter as for the consumer, i'm looking at cereal and snacking and it seems like snacking is where it's at. >> our snacking business has been very strong and the occasions that we have been focused on are both at home and now on the go as starting to come back as well. and even with our cereal business, you know, much of the cereal being consumed is being consumed during snacking occasions. the snacking occasion is

something that is -- remains strong throughout covid and continues strong today and we're lucky to have a strong portfolio with brands like cheez-its and rice crispy treats. >> we have seen an agriculture jump this year what does that mean for pricing of your products or i guess maybe even not higher prices necessarily, but this whole idea of quote/unquote shrink inflation that we're hearing about too. >> it is a important question. we're seeing the type of inflation today we haven't seen broad-based in more than ten years. so it is real, it is pervasive, it is around the world our first line of defense against pricing like this, commodity inflation like this is always productivity. but productivity is not going to take you all the way to margin protection in an environment like this. so clearly then we have to look at areas like revenue growth management which includes pricing and which we have done

you've seen in our results but it is more important than ever that when you're in an environment like this, that you look at your pricing elasticities and that means continuing to invest in your brands because if you ask consumers to pay more, you have to give them more, through innovation, through delighting them in every step of the way. so we're focused on productivity, revenue growth management and delighting our consumers so in this environment they'll stick with us. >> steve, when you say inflation is real and pervasive, i'm curious, if you can talk to chair powell as we talk about this a lot what would you tell them in terms of how we should be viewing things? >> david, you know, far be it for me to advise him, but i would say that, you know, talking to our customers, looking at our peer group, talking to our suppliers, this inflationary environment is intense. it is real and i guess the great debate is how long will it last? is it just the disruptions that we're seeing in a post covid world, or is there something

underlying that will cause it to continue i almost think that debate doesn't matter so much because the environment that we're seeing will last at least 12 to 18 months and, you know, after that, you know, we'll have to see. but it is clearly back to us in a way it hasn't been in the better part of a decade. >> steve, another topic we talk about a lot here on air is vaccines how are you approaching that >> so we're encouraging our employees to get vaccinated. strongly encouraging them. and providing as much information as we possibly can we have outside advisers, great doctors and epidemiologists who are advising us. and really opening themselves up to any kind of questions that our employees have and so we're in this strong encouragement camp right now in our offices, in our offices are open, we're not encouraging people to come back in an aggressive way yet we were hoping that september 7th would be a day when offices

would be more back in the 50% populated range, with the rise in the delta variant and the new cdc guidance, looks like that's probably going to be paused. >> yeah, we were just talking about the number of companies this morning at least during the last 24 hours that have pushed back their own return to office policies microsoft is one wells fargo, black rock is on the tape going to push it back to october. sounds like you think you could be moved there, depending on how case loads change. >> yeah, that's right. the fluidity has been quite amazing. i think earlier in the summer, everybody was thinking that when the kids went back to school, we would be back in a more normalized environment now, hopefully kids are going back to school and many of them will be masked. so i do think it opens the opportunity for people to spend more time in offices however, i think the hybrid environment will continue because if you have to be in offices, and you have to social distance and have to wear masks,

i think a lot of people will opt to spend more time in a hybrid environment because they can be, you know, productive as we have all shown, they can be, you know, using zoom and using microsoft teams and other tools like that. >> right finally, really quick, got a couple of seconds, when we got the vaccine, there was a lot of talk about how the consumer could begin to move out of home, and within the home. is that tracking more or less where you expected at the time >> pretty close. in fact, what we're seeing is mobility is clearly on the rise. substantial improvements in lots of areas of mobility, the one area where mobility hasn't really returned is the office environment. and so people are on the go, you can see them on airplanes, and in hotels and gyms and the like. but offices have been one of the slowest areas to recover and that does mean more at home eating occasions which, by and large, has been good for our business >> steve, we really appreciate it, that's good guidance, thank

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you have a sourdough starter and its name is -- >> its name is bread pitt. >> they loast a long time. >> we got it from a sourdough class. he was 7 years old when we picked him up and now he's 11. >> how is the aging? >> the aging is great. >> just like the real one. >> bread pitt. >> my dad sent me a text message this morning singing your praises and you should be the next permanent host of "jeopardy" you can add him to the long list of people who have been sounding off positively all week. >> it is really flattering how many people have been so positive and so few negative. so i'll take it. we all know in our day job, it varies what you see on twitter here, almost uniformly nice. maybe it is the "jeopardy" audience is really nice. >> yeah. >> we're having this conversation, i'm very curious, you know what that process looks like for you during "final

jeopardy," you have the seconds of waiting and wondering. >> there is no waiting and wondering. the producers -- you see how much they wagers and there are calculations that have to go on in that period of time you're handed a card that gives you an idea of if they get it right or wrong, you don't know what their total will be, but you need to prepare. there is no wasted time on jeopardy and no wasted time here either we're done "techcheck" starts now good thursday morning, welcome to "techcheck. i'm carl quintanilla with jon fortt, deirdre bosa and julia boorstin a number of big funds cash out their holdings after yesterday's sudden rally we're going to go