the company also noting inflation saying it had experienced some freight cost increases in emea and the americas dure to the pandemic and the company said its localization of production in the u.s. and emea and asia to come may help to curb some of those costs, leslie. back over to you >> it is amazing they had that short selling report and shares were down slightly from then that will do it for "squawk on the street." "techcheck" starts right now good monday morning. welcome to "techcheck. i'm carl quintanilla with deirdre bosa, jon fortt has the morning off. a sell-off in tech, stocks to be bullish on today amid the dropoff. the u.s. government opens a probe into tesla's auto pilot system we're watching elon's twitter, of course. later on, uber over amazon

why one analyst is changing his top buy on the street, d. >> we start with stocks after a week of record highs for the s&p and nasdaq stocks are largely in the red today. led lower by sell-off in the nasdaq it was down about 1% last i checked. wall street continues to remain bullish on tech. and if you miss the hottest names in that sector on the way up, today might be your second chance to get in dom chu has a look at those stocks and where there may be some opportunity. >> a lot of the opportunity has come in some of the parts of the market that have not participated as much in the upside within technology and within communication services, deirdre, carl. the reason we want to show you this, if you look at the relative performance of the s&p 500 technology and communications services sectors, technology has been a market performer. you see here roughly the same amount as the overall market on a year to date basis communication services, a decent amount of outperformance by 4%, 400 basis points worth of that

near historic highs, these two sectors are key because they represent such a large part of the overall market there are roughly 100 stocks in those two sectors combined nearly a quarter of them right now have implied upside given analyst target prices that could be 20% or more above where their current levels are and for many of these stocks it is because they have been laggard so far. here are a few of the names. on the technology side of things, check out shares of semiconductor and storage equipment names like micron and western digital. micron has 66% upside given the current levels right now western digital, by the way, about 49% upside from current levels by the way, western digital up 12% this year already. and global payments, underperformer here, still has relative upside there for sure as well. watch those particular shares. and on the communication services side, look at news corp., activision, blizzard and discovery communications each of those stocks has

relative upside of around 39% for news corp. 39% for activision blizzard and 38% for discovery communications we know that discovery communications got caught up in the arkego saga. the video game publishers, some downside and news corp. as well, those could represent some of the biggest opportunities, but they are, again, some of the biggest laggards so far this year remains to be seen how they perform in the next couple of months back over to you. >> what a reminder of how crazy that springtime was for some of those names. thanks, dominic chu. our next guest remains bullish on large cap tech, lo tony joins us >> good morning. thank you for having me back >> it is not an exaggeration to say the news flow over the last couple of days has been depressing getting word now that the president is going to speak

about afghanistan at 3:45 p.m. this afternoon that's according to the white house. i guess there is obviously that, lo, the taper discussion, a weakening consumer, sentiment surveys. does it change the picture for you in terms of what is on your shopping list? >> it actually does, and i think what we're seeing, we should have expected and i think investors showed that was priced into their thinking and taking some gains off with the tech stocks look, we're seeing a slowdown, a little bit, in some of the behaviors that we saw during the pandemic now, the pandemic is far from over, but i think right now with certain opportunities to open up people are starting to shift some of their dollars instead of going and buying things online as we saw with the e-commerce numbers from amazon. they're going out and buying things in person they're shifting their dollars towards travel i think what we're seeing is a little bit of a slowdown based off of the expectations that were already priced in there are some bright spots.

i think amazon in particular, what we did see is a continuation of the digital transformation because the amazon web services business is absolutely exploding with growth. they beat by $500 million. i think those are the areas that we should look at long-term. i look at this as a buying opportunity. >> great, your point is a great one. from the rokus and etsies, they were making comments like, look, we're going to lose a little bit of traction because of a consumer that is more outgoing but the delta variant says the opposite i guess my question to you is are you in a netflix peloton frame of mind, or more of a reopening live nation frame of mind >> yeah, look, this situation is really fluid you know i just got back from europe and, you know, it was really a country by country case as to how things were opening up or what was required to be able to do certain things like go into restaurants or did you need a mask in public or not.

so i think until we actually see some ability to continue the rise in the vaccinations, and get some control over these variants, i think it is just going to be a fluid situation. but, look, the genie is out of the bottle in terms of all the people who have experienced these services that allowed them to be able to continue to have a good life even if they're locked down some of those behaviors will persist. we're social creatures by nature so we want to be able to get out. i think that's what we're seeing reflected in some of these consumer services. and, look, we kind of knew that we were going to hit a peak in terms of all of the different activities that consumers were doing during the lockdown. these are going to be tough comps to lap once that time comes. i think the guidance is to be a little cautious. >> yeah. good morning, lo, deirdre, good to have you here when you look at these different pockets of technology and talk about the changing habits, we just got earn frgz companies in the shared economy, uber, lyft,

doordash, airbnb what did you make of them? there was some caution you talk about people wanting to get back out there that's what airbnb has seen. a lot of caution on their outlook, especially in the fourth quarter >> yeah, and, again, i think it is just because, number one, it is really fluid now. we're not sure what is going to happen with these variants we had a lot of promise and hope we saw some openings, but i think it is the right frame of mind from the leaders of these companies to provide some guidance, to be cautious because i think even with their ability to look forward is just not clear as to what behaviors the consumer will continue to purr persist what we might see with future lockdowns or the inability to continue to go out and do the things we want to do. overall, again, i remain bullish, i think what we're going to do is see an opportunity right now to be able to buy, for some of those people that may have missed some of the gains, if there is patience applied by making these selections of the right

companies, looking ahead two to three years with a longer term perspective is probably the right approach. >> lo, we made the point earlier this morning that it is a little poetic that on a day where we're all asking serious questions about the longevity of consumer sentiment in this economy, that names like apple hit an all time high today it is not the kind of name you would go out and buy if you were worried about the consumer clearly there appear to be a very hair trigger impulse to chase some of the names on the slightest discount. >> that's absolutely right even with some of the head winds that, you know, face a company like apple, the components, the chips, the shortages, qualcomm, mentioning we might see chip shortages going to next year to 22, but nonetheless, i think it just shows the power that these companies have and, look, there are some wild cards as well, right? we are still unclear about what could potentially happen with regulation we continue to see these companies getting bigger and we

continue to see more scrutiny on them so there is a lot of wild cards at the moment. but i think long-term by focusing on those larger names, the five biggest tech companies right now, they're on a run rate for revenues collectively of over a trillion dollars. it is just unprecedented growth. they saw their collective growth rise over 30% this past quarter. so it is absolutely phenomenal growth even though we do see some indications for a little caution. >> right and then you got the cash balances, and the buybacks, it is -- we're still shaking our head over some of the q2 prints, unbelievable lo, thank you for the guidance >> thank you for having me on. staying with stocks, our next guest says uber today is a better buy than amazon mark ma haney is with us mark, good to see you. i realize there may be opportunity into uber, shares down some 20% year to date but the strategy of deal-making

and expanding into other verticals really hasn't resonated with investors and some of its rivals, lyft, doordash, making more progress, whether in terms of profitability or market share. so what are investors missing here >> well, i don't know if investors are missing anything they're focused on two issues that have been negative for uber one is the business model needs to be proven out in terms of sustained profitability. the company has yet to reach ebitda break even and after that the free cash flow thing the other thing, though, the other thing that investors are concerned about is what is the slope of the recovery like how long are we going to have to wait for commutes to come back, for business travel to come back and for leisure travel to come back, leisure airport travel to come fully back. it is those two questions, when do i get -- when do we know what the business model can look like and what can we get this recovery we think we'll get greater visibility those in the back half of the year

the single clearing issue we had with the last print is driver incentives peaked in the june quarter. if that's right and they come down, you'll see margins start gapping up in the back half of the year that we think unlocks the stock. >> are you convinced they peaked on the lyft earnings call, the team said they have to spend more on driver incentives and i realize uber spent more in the previous quarter, but what makes you certain that sort of the battle for drivers has peaked on the uber side? >> i guess, deirdre, the honest answer is we can't be certain. i think we learned lessons about certainty over the last 12 to 18 months that said, uber is dramatically larger, 2x plus in the u.s. versus lyft. the company in the u.s. that is going to determine -- most determine economics for ride sharing is uber, not lyft. uber got way ahead of this issue. man a month or two ahead of lyft in terms of realizing you had

needs to incentivize drivers to come back, once drivers were out of their cars for over a year, you have to incentivize a change in behavior. you did have unemployment benefits that probably had a little bit of a reverse incentive for drivers. all those things, we think, we hope, will get resolved over the next two to three months, we have been thinking that's september, october, that would be the time. we know that's when the federal employment benefits will ease off. we have a good number of data points from uber and lyft that suggest riders or drivers are coming back. riders are back. the demand is there. both of those stocks can work, they're both among the top picks for the back half of the year. >> mark, i know it is not that you don't like amazon anymore. but i'm trying to remember the last time you had another name, any other name, that you liked more than amazon and how cheap amazon would have to get before it reclaimed your favorite spot. >> you know, we cadence this in

earlier in the year, our top picks were the advertising names and names like facebook and google did phenomenally well i want to step back. i know what happens, we think we know what happens when the companies face against tough comps, how you see deceleration across the board that means the stocks don't retrace, but they'll consolidate for a three to six months, we saw that with the advertising, with the retail names, with the covid winners like peloton and netflix. we think that will happen with the ad names, so we have shuffled around a little bit here amazon, we may have a little overhang on amazon i doubt it lasts more than three months or something like that. and for patient long-term investors, you can buy amazon probably the single highest quality asset name i cover and have ever covered, you can get that now at a turn or two discount to its average forward multiple, when advertising is clicking, aws is clicking and we think retail will click again too. we had a sustained permanent shift toward purchasing more and

more products online and the newest initiative by amazon, the newest investment initiative is super same day delivery i think that will also unlock more consumer spending >> right of the baird case scenarios that people try to draw on the name, right, investment cycle, regulatory risk, succession, do any of those sound particularly convincing to you? >> yeah, i know that and also in competition, multichannel retailers like walmart and amazon, walmart and target upped their game they have some strategic assets that are an advantage. and then maybe even in the online, you have this emerging company shopify which is far from emerging, now become a company that is dramatic in and of its own -- there is a lot of competitive risk here and other issues, maybe the biggest newest wrinkle is that regulatory risk. we haven't had a -- we haven't had this much regulatory scrutiny amazon is at the top of the heap for among the big tech names in terms of regulatory scrutiny

i think all of these issues are there on the stock at the end of the day, as an investor analyst you have to answer the question is this a pe issue or e issue does it impact the company's earnings i don't think regulation is going to impact the company's earnings we'll see a rerating in the stock. that's why amazon is one of our top picks with three to 12 month lookout. >> yeah, i think markets agree with you, mark haven't seen a lot of fallout in terms of share price mark, great to have you with us. thank you. >> thank you, deirdre. still ahead this hour, the other side of the street we're looking at the biggest sell calls in tech on the names everyone else is a consensus buy on today is it time to get bearish on intel that's at 11:30 eastern. "techcheck" is just getting started.

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patents. stock up over 9% today, nearly 30 in the last month, d., as we did get that surprise profit last week. >> a big win for the incumbent meanwhile, let's turn to tesla, shares are dropping this morning as the national highway traffic safety administration opens a former probe into the company's auto pilot system. cnbc.com's laura kolodny is with us is this a tesla problem, a self-driving tech problem or both i mean the system is programmed so that it doesn't always identify these emergency vehicles or stationary objects because it needs to avoid thins on the sides of the roads, right? >> right so the probe has to do with tesla's adas system, which is not self-driving, a level two system driver assistance and how it responds to the police or other first respond vehicle on the side of the road there have been 11 incidents where nhtsa determined auto

pilot or traffic aware cruise control were being used and may have been a factor now they're going to figure out whether there is a safety defect in tesla's auto pilot. >> so, laura, if it does lead to a recall, which could be the eventual outcome, correct, do you think it would be a software recall like the one we saw in china, called a soft recall because they didn't have to go in and tesla shares largely shrugged off the recall. >> that is what happened in china. that was the massive auto pilot safety recall that affected hundreds of thousands of vehicles but done through over the air software updates that may be a possibility here one difference is that the recall goes back to all the sxy 3 vehicles from 2014 on and some of those have different hardware, recently tesla removed radar from its vehicles, these radar sensors that are part of auto pilot and it is more of an fsd level 2 system

it is not clear how many updates could be delivered through over the air software pushes. >> laura, one thing we're still looking for is a response, any word on how or when that might be coming. >> these things can actually take a really long time. and usually with a preliminary investigation like this, if it does seem like there might be a mandatory recall, the automakers will go ahead and do a voluntary recall >> laura, i think what about a response from tesla itself i know we're watching elon musk's twitter handle, and usually he responds because they sort of disassemble their media arm, right >> i don't know. joe rogan, episodes don't book themselves they have a nontraditional approach to media relations. i wouldn't expect the company to speak on this. they have a history of posting about their safety record, but there aren't third party -- they don't have third party entities

that are reviewing all their data, so many questions. what they will probably do at ai day coming up is remind everybody how advanced their systems are, how they have a different approach than everyone else and the fact that they can update the entire fleet of vehicles with these software updates, sort of agile software development approach tesla pushes that, they tell investors not to worry and i think we might see investors get over this pretty quickly, because of what happened in china. more seriously there is a reputational hit like i said because tesla pushes safety at the big selling point. and, you know, in -- there might be other regulatory responses like in germany, the regulators told them, hey, you can let the products out, you can't market them you have to change the language around this. i thought that may happen here in the states if too many people are using them and overestimating the capability of

the systems. >> good point. not just the u.s laura, thank you so much for that, for being with us. >> thank you for having me meantime, theranos ceo elizabeth holmes appearing for court. >> this will be her first court appearance in a couple of months we expect her to arrive anytime now ahead of her trial one of the most anticipated white collar trials in recent years, that starts just over two weeks from now and this is a lot of housekeeping ahead of that. elizabeth holmes charged with a dozen felony counts in connection with theranos, the blood testing startup, once valued at $9 billion, that was cheerily not what it seemed to be on the agenda today we will learn more about the complicated process of jury selection in a case that received so much publicity. holmes attorneys asked for 100 question jury questionnaire, the judge has whittled that down

we may get more word on what kinds of questions they will be asked as they report for jury selection a week from tomorrow we'll also learn more about the witness list and how witnesses will be called, what kind of notice the defense and prosecution will get about what witnesses will take the stand in this -- what will be a lengthy trial and we may learn more, this is a separate issue from the hearing today, but learn more about elizabeth holmes' mental health. the wall street journal's publisher dow jones filed motions to unseal some documents relating to that as a defense begins to shape up about who really is to blame for what happened at theranos with holmes apparently looking to point the finger at the former chief operating officer and her former boyfriend who will go on trial separately next year this, of course, also will be holmes first court appearance since she became a new mother last month we will learn how she is doing,

i suppose. that is one other thing that has delayed this trial yet again it starts with jury selection on august 31st. the trial when it gets going in early september is likely to last up to 13 weeks. guys >> it will be fascinating, scott cohn, thank you very much. look at the five biggest laggards on the nasdaq this morning. led lower by moderna and jd.com. more "techcheck" still ahead stay with us ♪♪ we've all felt this gap. the distance between what is, and what could be. while he's tapping into his passion, the u.s. bank mobile app can help you tap your way to your savings goals. without missing a beat. so, you can feed his passion. ear plugs not included. ♪♪ u.s. bank. we'll get there together. as i observe investors balance risk and reward,

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will speak on the cris isis in afghanistan this afternoon he plans to give remarks at 3:45 eastern. worries about china's economy weighing on u.s. stocks this morning industrial output and retail sales growth slowed sharply in july the slowdown adding to signs that the global economic recovery could be losing steam the federal reserve showing growing support to speed up its timeline for reducing asset purchases. steve liesman saying tapering could be announced next month followed by purchase reductions beginning a month or so later. head to cnbc.com to read that reporting. and hyatt edging up after announcing it is buying apple leisure group for $2.7 billion in cash. the deal will add 33,000 rooms in ten countries to hyatt's portfolio. now back to you, deirdre. we're kicking off a new series, reality checks, on some

of the names in tech we start with intel, the stock is down despite promises from the ceo of a return to market dominance for the chipmaker by 2025 the industry veteran taking his show on the road the wall street journal reporting that he has met with the biden administration and other global leaders jockeying for billions in subsidies. but our next guest thinks that won't be enough. joining us now with his take on intel's future, matt bryson. matt, good morning to you. what is it that you take issue with the whole strategy that he wants to push into manufacturing >> no, intel has always been in manufacturing. that's been one of the advantages rather for me the struggle is simply the timeline. look, they're doing the right thing. they fell behind they're coming back, investing that's the way you catch up. the problem from my standpoint is they're targeting 2024, 2025

so there is a whole lot that needs to go between now and then >> it takes time to build a foundry business how much quicker could he go about this does it take an acquisition like a global foundries or the field is too tough with some of the dominant players like taiwan semi here? >> so, not even on the foundry side just in terms of catching up, you are absolutely right it takes time. i just think that the market is looking through the amount of time, the amount of money that it is going to take in assuming that they'll be successful in terms of getting their manufacturing back up to where samsung, to where taiwan semi are. and i don't think it is a given. i think it is certainly the only way to do it is to go and invest and in getting there, you're

going to see a period when earnings fall, when cash flow deteriorates and at the same time, they're going to be ceding share to amb and that's going to make it look that much worse on the financial side so it is not that they're doing the wrong thing. it is just from an investment perspective, i think it is going to look like the wrong thing over the next one, two, three years, until you see them catch up and they begin to reap some of the benefits. >> that's a long time to look through, for sure, matt. i wonder separate from intel, there has been a growing view on the street that at least in memory a cyclical downturn, some argue starts in q1, we remain oversupplied for most of 22. is that misguided, do you think? >> i think it is so memory historically and particularly dram cycles have been dictated by capital expenses, people bringing on too

much capacity, that creates oversupply this time around i think rather what is happening is because foundry is so tight that oems can't get the other circuits they need to make things like servers and pcs. i think there is reduced demand, not increased supply and i think that it is not something permanent, right that demand gets pushed. if you're a corporation you still need a to buy that server to run your database and so from my perspective, as the ic situation, supply situation improves, we'll see demand for memory improve and this is a hiccup rather than a cycle >> matt, thank you for sharing your contrarian, i suppose, to the rest of the streets. matt bryson. we'll talk to you again soon

>> thanks. >> meantime, the ceo of rocket can company is on the other side of this break. the stock did surge after reporting earnings last week however, still worth about half of what it was during its march reddit rally high. nasdaq continues to be under some pressure. down a percent, led lower on the mbx by moderna more "techcheck" after this. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee?

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cutting in on the housing boom, rocket companies posting its largest purchase quarter ever after reporting q2 earnings last week. this comes as existing home sales saw a 1.4% bump in june. its first boost after four months of declines joining us now on the latest plans for the prop tech giant including their new efforts to finance and install solar panels, jay farner jay, good to see you again rocket continues to expand beyond mortgages there is rocket homes, which gives you a direct line to the consumer can you talk about the direct to consumer model and how much growth you're seeing there i believe that we have lost jay.

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or you'll get back at least $5 in perks. rocket company's vice chairman and ceo jay farner back with us. jay, glad we got you back. i was asking you to talk a little bit about your direct to consumer model, what kind of growth you're seeing there, especially as you grow units like rocket homes. >> absolutely. what a great quarter the second

quarter here, so proud of everything we accomplished and as you touched on, rocket homes is a big engine for growth, not only right now, but into the future. we're going to double our purchase volume this year. and it comes from this full ecosystem that we have built with rocket homes. for sale by owner.com, which helps folks thinking about selling their homes on their own, centralized real estate services we just launched. our eye buyer program we'll launch here in 2022. and our network of agents across the country. all of those things together have really set us up to become the largest purchase retail lender in the country in the next 24 months. >> and at the same time on the earnings call last week, your cfo said the stock was undervalued, and yet your competitors in the mortgage space at least have lower multiples, i wonder what do you think investors are not seeing here how should you be valued >> it is a great question. so when i look at our different areas, let's take rocket auto, for example. we tripled gmv in the last 12

months on rocket homes, we have doubled in size in terms of real estate transacts. and i think our next closest competitor in the mortgage site we're doing seven or eight times adjusted ebitda. so our platform is clearly different than everyone else's and i think over the course of time investors will recognize that our multiples should be quite a bit higher just look at q2 earnings compared to earnings out there from other mortgage providers who have one channel of origination and we have so many between direct to consumer, our tpo partners, our rocket pro partners, our 50,000 real estate agents that are part of our rocket pro insight network so that's been our mission the last 36 years, to build a platform that separates us from the competition, that's what we have done and the last thing i'll mention is our servicing book we're on pace to have over $600 billion in servicing by the end of the year. that will throw off $1.3 billion in cash. so i would encourage all investors to take a deep dive

into our business, rocket company's, and i think you'll notice it is far different than anybody else in those markets i've just mentioned. >> so what is a better comp, more of a fintech company that you think rocket should be compared to? >> i talk all the time about our fintech, which we leverage, of course to have great scale, the way we're able to double our volume, you saw what we did in covid, we're double where we were pre-covid levels. i think about the client base we have, the returning to us over and over again, even to refinance a home, buy a new home, buy a car. we just announced solar. we know that market will grow, quadruple in the next seven or eight years. so when i think about the services that we're providing, i think of fintech, but i also think of e-commerce platforms like amazon. >> yeah, you mentioned solar you announced that move into green energy with your solar financing unit what are your expectations there and are you hearing anything,

can you give us any color on early demand >> well, our clients, we have got, you know, i think nearly 2.5 million clients, servicing their mortgage already please keep in mind, we're talking to our clients each and every month, we know so much about them our mission is to help them save money, maybe with mortgage, maybe buying a new car but in some cases that's saving on their utility bills that's where solar comes into play we know a lot about the home we can help navigate through designing a solar system we can help do the financing through our rocket loans platform and then we work with trusted partners across the country to actually do the installation and so we think we're uniquely positioned, anyone else in this market has a pretty significant cost to acquire. for us we're already talking to the clients, already trust us, we got an incredible brand and so we'll lean into all of those things to grow solar at a rapid pace >> all right, that ecosystem you messen mentioned, jay, thank you for being with us. >> thank you for having me. robinhood is down 5% today

the air is slowly coming out of the mean trade frenzy we saw about ten days ago a new study out looking at how social media impacts the investment decisions of users trading on platforms like robinhood. kristina partsinevelos has some findings >> so we know that we are in a new era of meme investing and the online world is encouraging people to hold or huddle investments and the public nature could be why younger retail investors are willing to take on that risk. almost six in ten investors are members of investment communities like reddit. and many, many are getting their financial advice online, hopefully through apps like anything to do with cnbc, but youtube and tiktok lead the list and tho a survey of 18 to 24-year-olds were found to be more likely to choose riskier financial decisions when being watched by others today, investors are constantly

sharing trades on twitter and encouraging each other to stay long in trades behavioral researchers say the risk could stem from the interaction of community and capital. >> it is not really so much about earning profit as much as showing your fellow community members this is what i got, this is -- i'm going to keep holding on for you guys, for the rest of my community you saw a lot of that with game stop >> social media is a big part why robinhood and reddit are so popular. 10.7 million people are include and though the propensity to gamble grows when everyone can see your stock pickings online, there is an upside, that sense of being part of something and a rise in retail investor market participation. deirdre? >> sounds like a fomo trade. thank you very much for that >> thank you. blade back in the green after reporting its first results as a public company.

big jump in revenue, one of the catalysts there. the ceo joins us next. we're back in just two minutes

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the nasdaq is selling off, though it has made up some ground it's down about 0.8% let's get to josh lipton at the nasdaq market site with the names getting hardest hit this

morning. >> let's start with some of the big tech names like apple. that did hit a new intraday all-time high earlier but then came under some pressure now we see it clawing some of that back. keep in mind the recent move as well up about 15% in the past three months another big name to watch, amazon also in the red. it's down around 15% off its mid-july all-time high let's look at some of those chip names. for example, amd falling in today's trade. that's after jumping about 20% in the past month. and we'll end here on nvidia, it's been a rocket this year it's up about 50% in 2021. nvidia scheduled to report earnings on wednesday. back to you. >> thank you, josh blade often marketed as the uber for helicopters revenue taking off in q3 up 270% that's a significant increase versus its last pre-covid quarter. travelers take to the skies once again. joining us is blade's founder

and ceo. congratulations. >> thank you >> it's nice to see some of these numbers in print >> absolutely. it's about time. >> on a two-year stock even. revenue up 73? >> if you look at revenues for the quarter, we're up as you said around 270% but when you compare it to the pre-covid 2019 quarter, up 73% so that really is a strong sense that people want to fly and we're going to eventually get back to the kind of growth trajectory that we all deserve >> you're taking some pricing that clearly the consumer that you're marketing to has money -- has discretionary income i assume that's a wave that you'll be able to ride for a while. >> correct i think that there was a lot of pent-up travel demand. one of the benefits was during lockdown we were able to reduce our supply but when there was a travel snap back in the spring we immediately put that back online and we're actually able to enjoy a 6% price increase in certain

key routes there's resilience on the part of the consumer and some price elasticity in business models. >> obviously, a big dynamic will be commuting patterns and certainly hybrid office would make one cautious on this space but you make the point that traffic congestion in general all around the world is getting worse, not better. >> it's getting worse everywhere what i'd also say is part of the difficulty of predicting the impact of things like delta which clearly has elongated this period for travel companies with respect to uncertainty is, what does it really mean for your snbs we have leisure routes where people fly over 70 miles it now became commuter routes where people are spend something time in the office and some time at home we're now flying seven days a week. that started this past april and we never had a before and now that delta is here and we see all these companies being pushed back as you heard today in terms

of office openings we might have expected before this to end in august, we expect this to continue seven days a week for some of these over 70-mile routes possibly well into the winter. >> you've got the airport business what you're doing a lot with like fewer routes available. at least out of manhattan. explain how that works >> back in 2019 we launched blade airport and we were flying from all three of blade terminals to jfk, newark and laguardia all day long obviously, travel is down. business travel is pretty much on pause we felt it was really important to get back into the market with our core routes. we started with jfk and we're really happy with the performance. it actually is better in the first couple of months of 2019 we'll be cautious about it we'll continue to monitor what's happening with office openings obviously business travel will be compromised until people get back into the office at least that's our point of view and we'll be adding newark and laguardia and potentially one

other area >> are you bullish on manhattan's recovery as an office hub >> i really am i think in talking to ceos of big companies, i think that right now, they are -- it's really about degrees of openness you'll see 15% coming to the week senior executives. voluntary. all these types of things. and that just aids to this seven day a week opportunity to fly people to various destinations and this idea of people moving out of the city or using potentially a second home as a co-primary residence these are all realities. it makes it difficult to schedule but i think that, you know, we're starting to get a sense of the pattern. new patterns are emerging and user data, use our technology and figure out what it is and optimize those flights >> we followed you since this was a scrappy startup. you faced reports earlier in the year you used an alias as a spokesperson because you were a scrappy startup. >> we were a scrappy startup the best way is i prefer not to

talk about our colorful past as a small emerging company, but, you know, obviously as a public company today, the level of controls we have, the level of executive talent that we have, being able to actually have a corporate communications staff, i think being a public company, hold yourself to an extremely high standard. it's a very different company than it was a couple years back. >> the shift to ev what is that going to mean for you as you build this out? you talk about being an asset light model. >> it's exciting it's almost like operation warp speed for ev but literally if you think about it, $5 billion has been poured into this industry i think six companies either have gone public or planning to go public are raising an additional $4 billion but when i think about next to building spacecraft, i cannot think of a more ambitious task than

building an eva. you have to build it, certify it it has to be on budget, on time and has to get to scale in order to be profitable that's not our business. we need to be focused on the entire value chain that goes around that which includes terminals, routes, customers, the data -- the information technology in cockpit and with our operators. keep building this great brand and we talked about it before. go back to the early days of netflix. we're moving dvds in bags and waiting for streaming. what streaming is to netflix we're going to be better positioned than anybody to take advantage of that. >> that's going to be fun to watch. we'll talk maybe vaccine mandates next time we're coming up to the top of the hour >> i wondered if you filled that corporate communications role. take a look at shares of chinese ride-hailing company

didi it will improve pay transparency after state media accused it of paying drivers unfairly. and as we see the nasdaq continue to underperform, those chinese names continue to get hit pretty hard. >> indeed. although when the market opened, dow was down 250 currently down 85. let's get to "the half." carl, thanks welcome to "the halftime report." the state of play for stocks the virus, china slowdown, taper timeline all in focus. the wharton schools jeremy siegel steve liesman with new reporting on when the fed will act our investment committee debating what all of that means to your money. joining me, bryn talkton, steve weiss and pete najarian. stocks are falling to start the week off the lows, though delta variant continues to spread our committee making all sorts of moves in their portfolios today. we're going to get