but -- but, again, end of the day, earnings doing what they're doing and economy what it's doing, hard to make the case that's going to be meaningfully sustainable. >> thanks. alternative investments. got to go. becky? i want to say, see ya later, and -- >> bye-bye see you tomorrow. >> and see you in september. >> good dad joke. >> and "squawk on the street" is next. >> thank you. good tuesday morning and welcome to "squawk on the street." i'm david faber with morgan brennan and mike santoli live from the new york stock exchange jim and carl both have this morning off. let's give awe look at futures as we get ready for an opening bell 30 minutes from now. you can see -- let's call it slightly lower and let's get to our road map this morning it starts with ida's aftermath no water or lechty for thousan

-- electricity for thousands and restoring could take weeks. >> shares of zoom video sinking. revenue topping $1 billion first time ever but a slowing growth outlook is spooking investors. >> renewed covid headwinds for restaurants. a new report shows the delta virus is hitting the restaurant industry hard. >> start wit markets before we delve into as well the aftermath of ida mike it is the end of the month. for whatever purposes that serves we'll get obviously a jobs report as well this friday. thoughts as we sort of finish up this august? >> riding a couple of streaks here relatively significant. this would be the, presumably, up 3% for august so far, in the s&p 500. seventh straight month in fact, never been up february through august seven straight. i think 2017 was really close, but one month had a fractional decline. now, we've also been up three months in a row, at least 2%

kind of pile up all of these indicators of the persistence of the rally, the momentum. every time we do a historical study, say what happened after one of those, you've been in that position at one of those streaks or when the markets up 15%, 20% through eight months of the year almost says on balance tends to lead higher ultimately in other words, not the top when it ends. yes, choppiness, following month, a more mixed result tells you in general, strength begets strength and the market has been able to feed off of whatever was working that day. yesterday classic example. the humongous stocks is of the nasdaq did everything. >> everything. >> that was it some days it's like that and sometimes it's down yet majority of stocks up and about the banks and small caps and industrials and energy so i think that's been the way the market's gone, september, of course, historically, not tended to be good but -- that's more in years when it also has been a little bit

rougher along the way, until you got to september. >> yeah. those mega caps yesterday, quite impressive in terms of moves. >> yesterday, the whole month, actually look at big tech names some of the top performers for the month. netflix up 9% month to date. alphabet up about 7.5% facebook up, apple up 5% even as amazon a laggard, only up 3% for the month. >> that was yesterday. >> yes, exactly. >> so -- >> and, you know, but it is that rotation backward, has been, back into those big 2345names w essentially have become safe havblees despite they continue to grow as well. right? despite the fact we have conversations about antitrust investigations got the news just today out of south korea about apple and google as well starting to see those crackdowns happen which could have -- farther reaching ramifications. >> the app store, yeah. >> could have farther reaching ramifications in the case of

apple, for example the services business, a high-margin business one focused on growing and to which are the app store and revenue that generates has been crucial. >> look at microsoft who doesn't own microsoft at this point talking about a $2.28 billion market value just so well owned, yet here we are. by the way, we mentioned this many times the reception of the marketplace to what were incredible earnings the likes of which we've ever seen in terms of top-line growth for companies this old, so to speak, yet they've sort of played catch-up in a way in terms of at least rewarding those quarters >> they are really viewed as kind of all-weather, as opposed to, let me capture this exciting new story called microsoft there has been a growth scare. if you look how the market has operated treasury yields came down. inflation expectations moderated. the cyclical stocks all had corrections from june into this month. so there has been a growth

scare. it just hasn't been enough to drag down the entire index, because of those other stocks. so, you know, would you have to say it's almost kind of healthier, at least lucky, that it's gone that way that the market is constructed in this way, because why-what would cause broad-based selling pressure credit markets seize up somehow. you have to have real high expectations or fear of a fed mistake at this stage. yeah, there's going to a slow down in earnings, spotty, uneven not all boats rise, but that's a different story than, we need to cut back across the board on equities seems the instinct that's absent. >> keep in mind, not that much liquidity, europe is very quiet. not looking for a lot of action during the course of this week, given the time of year. >> yeah. >> let's move forward now. louisiana is reeling from the damage caused by hurricane ida frank holland is on the ground, he's in new orleans and joins us live with the latest frank?

>> reporter: good morning, david. the city of new orleans wakes up again today without power. about -- also without air conditioning temperatures are forecast to be about 90 degrees with high humidity about 1 million people here without power in the state of louisiana and at same time dealing with widespread damage like this building you see behind me. completely destroyed by the category 4 storm along with downed power lines and downed trees across the city. tensions building. police responding to various incidents with the national guard riding along to increase safety the governor activating about 5,000 national guard troops. people also trying to buy as much ice, cold water and non-perishable food as they can find seen long lines at stores and restaurants able to open locals say the immediate aftermath of ida does not in any way impair to the horror following hurricane katrina but they're worried an bout the day ahead. >> none of our phones are working. i mean, it's just -- just as it

prolong, got to remember you're going to run out of food, no grocery stores are open. can only stockpile two weeks it's just going to continue going on and on and on. >> reporter: and then what >> then it's time to go. sadly. did that the last time. >> nobody going to know no other place but near r new orleans if they never went nowhere else how can you determine us and violate us and our freedom and -- put us to where we in a bad situation so we have to -- go other places and be -- humiliated by other people because we're going to their cities to live there like, you got to understand that. >> reporter: the question now, when will the power be restored? the utility issued a statement saying in part it will likely determine extend of damage in metro new orleans and far longer to restore electrical transmission gas becoming harder and harder to find. a lot of people looking to power's their generator or gas up their car and evacuate.

morgan, back to you. >> frank, we've been hearing that at least from the power company side of things, the reports have been that you still have so many felled trees, damage, area where is there's flooding it's still hard to assess just how bad the damage is, and that, too, could actually contribute to what it's going to take to get some of the power, for example, or other, you know, key aspects of infrastructure back online are you seeing signs of that throughout the city as you do your reporting, just in terms of damage, areas flooded, et cetera >> reporter: yeah. morgan, absolutely haven't seen as much flooding. not anywhere we've been but downed trees a big issue literally have seen dozens of fallen trees all around the area ever been to new orleans a very green city old trees. seen those falling on power lines and blocking roads you imagine making it harder for utility crews to respond and deal with the issues. >> frank holland, thank you.

bring in our guest head of the utility operations rod west rod, thanks for being with us today. i know delivering electricity to 3 million utility customers across arkansas, louisiana, mississippi and texas. as of yesterday it was something like a million residential and commercial customers in louisiana without power. what are those numbers where do those stant today >> well, first of all, good morning and thanks for having me those numbers are relatively static at the moment as we've been communicating with customers. we're in that damage assessment phase, as you earlier reported, commenting, we're in the streets, yes the debris and everything else is part of the challenge of doing damage assessment, but when the sun came up yesterday, we had birds in the air. we had helicopters and drones all trying to assess what's the extent of the damage that we have to repair are there transmission facilities we have to repair or

replace. our objective, begin there and i'd be up front and tell you that it's been a challenge thus far for all the reasons that you all see. that said, we are making progress on the damage assessment front we do expect to be in a position to bring transmission 2356789s into service wirth the next day or so that will give us an opportunity to begin bringing some of the lights on in new orleans, in the coming days. we gave you a three-week projection early on because we were asked by customers while the storm was passing through what are you all predicting? when you think about the intensity of the storm, the location, the track, the position of our facilities, we gave a three-week estimate some of the harder hit areas of our service territory it may take that long, but there will be customers online beginning in

the next day or two. and so progress is being made. we're really experienced at this it's not -- if we're not good, we're great at this. unfortunately, this storm didn't discriminate and took no prisoners. >> a painful time line three weeks. promising to hear at least some customers see their power restored in the next day or so that being said, the fact all transmission lines that bring power to new orleans were knocked out by the storm how does that happen >> well, that happens, because you have two orthree different dynamics one of the dynamics is, you have catastrophic winds that destroy infrastructure we, amp katrina, we upgraded or fortified our transmission system and the standard spot which we go asset replacement and have stronger structures

some is not damage some of it is the system protecting itself. when, because of the storms, you have an imbalanced tz system that's the reason why you do damage assessment. to assess whether or not you have to do actual repair/replace, or simply have to walk those lines back in. the challenge for us is, you know, the electric system has to be in balance the entire time. that means balancing the generation coming from power plants, provided access to those high-voltage transmission lines, and the area where is you're prior reporter was standing in the street that's distribution. that's where you see the poles and wires and transformers all of those assets worth in concert to keep a balanced system think of it as a spiderweb and this storm, this storm passed through some of the most intense areas of this storm passed through center of the spiderweb of the grid that served new orleans, and whether it was damped or whether the

system responding to protect itself, those transmission assets were out of service we're bringing them back in. >> right but you can only do it in a certain amount of time, i guess. got to roll a lot of trucks, get a lot of people doing a lot of different things any particular or one significant imped niment you're concerned about getting that done >> candidly safety of the men and women working. you know, we're going to have 16,000 to 20,000 people working to restore power they know, because many of them lived in the areas we're trying to energize. they know we're on the clock with our customers it's not something that we take lightly. we want the restaurants, you know, to serve their cha cchoot and oysters and other things that are normal for new orleans

because we live here, but safety has to be the first thing. there is no job so important that we can't do it, we can't do it safely. >> rod, entergy opened a new natural gas power plant in new orleans last year and pledged it would help keep the lights on in times of heat waves or even potentially big storms now you have some government officials down there raising questions about why that plant didn't keep electricity going, at least to 1some parts to the city through the storm or even now. what's your response >> for those who understand how the system works they know the plant did exactly what it was designed to do the plant shut down not because the plant wasn't available it was because the plant needs transmission in order to bring the power in so -- so the way the system works, generation is just one part of the power delivery system that generation has to be transmitted through high voltage

transmission lines from the power plant to get into the area so there was nothing wrong at all with the new orleans power station. it is operating and was operating as designed, but we needed transmission. that's the challenge of the transmission system. we need a transin addition to get the power there. we have available generation in the new orleans area, the new orleans power station you just mentioned. we have 9 mile 6, the generation station. generation is not an issue this is a transmission and some distribution aspects of it so i want to correct the record. so anyone suggesting that the new orleans power station is not available, that is empirically false. >> all right rod, appreciate the updates. good luck restoring power. we hope that it can happen as quickly and safely as possible, and, of course, this raises questions longer term about what

electricity infrastructure in the u.s. should potentially be looking like and evolving into in the future. perhaps you can come back at later date to discuss that with us as well. >> i'll be happy to and thanks for giving me a chance to get the word out to the customers, folks working to bring you back home thank you. when we come back right here, a rough morning. you can see it right there for zoom video this after the company posted quarterly results. we're going to talk about why it is getting that reaction, and what it means for the stay-at-home trade give you another look at futures as well. 14 minutes from the opening bell a t resqwkn e lomo "ua oth street," straight ahead.

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off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months. better expected quarterly results and sales topping $1 billion first time the dramatic growth rate it saw when the pandemic first hit slowed more quickly than expected forward guidance was implicitly weaker because some of the earnings per share numbers they gave really accounted for the last quarter, and i guess you know, stocks already even before this move, down 40% from its high this has been having a huge pandemic premium being bled out of it for a while. right now, i think the tricky part is, it's down a lot everyone is pretty persuaded this is going to be part of kind of corporate work flow for a very long time it's just what are you paying for it today versus what the

revenue and earnings growth can be still at at $300 60 times plus, and other cloud stocks are more expectative. in other words, make kind of a leap of faith this is a continued fast grower on the order of a lot of these software service companies, where we just don't know exactly how much was pulled forward, and what they're going to be in small businesses, whether going to be canceling a lot of subs or not. >> right seems to be small business, one of the key areas in terms of this deceleration in the rate of growth i should note in terms of the forecast for q3, still something like 31% growth year on year for this company given everything we've seen in terms of the monster, i guess, moves, the monster growth coming through the pandemic does represent a deceleration i know we have a graphic i don't know if we can pull that up, that shows the small customers, those that businesses with ten or less, you can really

see that -- that rate of growth kind of falling down pretty dramatically. nonetheless, i feel like zoom is one of those household names now. >> absolutely. >> is it really going to -- >> it's a verb yeah. >> maybe look at the valuation maybe look at this quote/unquote reversion to the meme, but is it a name that will really go somewhere? overshadowed the fact they hit $1 billion in revenue this past quarter, too. >> you point out, customers with ten or more employees, people -- >> right. >> a milestone as well. >> market caps, though the whole thing. >> don't want to forget that. >> one of those things you know, nobody thinks it's "going away. like nobody thinks inflation is going away it's about what the pace of growth and the rate of change? >> don't want people to forget as well zoom is still in the deal acquires, to acquire 59 announced july 19th. i mention it because their shares will be down. ratio is, what was it?

.5533, and -- yeah, .5533. and all-stock deal hence you'll see declines in share the of 59 and strangely the sprepd tightening ever so slightly not a premium anymore from 59 shareholders announcing the deal thought it was, given an all-stock deal worth over $17.9 billion keep an eye on that as well, just to mention it on the 27th of this month, david pla platensky, department of justice, sent a letter to marleen dorsch, secretary of federal communications commission requesting the commissioner refer the above reference 59 application to the committee for the assessment of foreign participation in the u.s. telecommunications services sector was it a meme? acting chief's letter commenting the department of justice

"believes such risk may be raised by the foreign participation including the foreign relationships and ownership associated with the application. in a sense, the national security review there that you got to at least be aware of. >> hmm. >> from the doj asking of the fcc. >> yeah. interesting, too, when you think aboutson the fact some companies decided no the to use zoom because of national security and security obligations there, too. coming up, nvidia among the chip stocks in the midst of a record run we'll look at whether or not it's too late to get in on the group. more "squawk on the street," after this break.

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is brought to you by -- you've ooern. a leader in income alternatives and responsible investing. welcome back to "squawk on the street." we're about a minute away from the opening bell for this last trading day of the month as mike santoli told us earlier, never know about september i don't know what does the street tell us specifically >> history set weakest month of the year on average with many exceptions even just below break even not necessarily a great -- by wait, seasonal stuff hasn't particularly worked that great this year. august often tough for up 3% use it as part of the general context what's going on but not necessarily feel as if it's a reason to pull the trigger one way or the other [ applause ] >> there's some applause

you like that? >> yeah. >> got about 20 seconds until we get started ringing the opening bell look at the exchange back at headquarters in cnbc looking from the open, could be a mixed bag here at the big board. >> asset management. >> and over at the nasdaq, the firm agile thoughts. ag agile thought. and typically this time of year prior to the labor day holiday a lot of people away you don't get as much liquidity, planning on making big moves into our off a stock, may want to wait. europe, no the much going on there. china continues to be a question also well in these markets of course, talked yesterday at this time about that singular, call it or certainly highly unusual, it would seem, certainly if we ever anticipated anything like this ban on playing video games.

>> and child gaming. >> you're going to try it in your household at some point or tried it in your own in terms of controlled gaming. maybe i can tell them, the chinese say, sorry, kids can't do it anymore. three hours a week didn't have impact on tencent shares as anticipated. >> and beforehand, unclear if that would be the thing that would make -- >> waging rebound early going here in many of the names we've been following all down dramatically from highs. all down percentage -- many double digit prtagewise even in the recent weeks but a rebound lately as you it see even tencent. >> i was going to point out apple only because of an out-sized mover yesterday. not that much news yes, a little talk about potential satellite capability and new generation of iphones. something like 3% yesterday to a new high gets a lot of people excited did seem to break out from this sort of sideways rank now. giving back a little about two-thirds of 1%

i don't ever true it's a true bellwether kind of does its own thing even though biggest stock in the world. worth noting news out of south korea, some sort of challenge to some of the app store payments and google and apple's ability to kind of restrict things over there. i doubt that's the move, there but worth keeping an eye on. moves on no news and the big mega cap the story from yesterday in terms of up site. >> what's key about the south korea news today is the fact this is the first ruling of its kind it's expected to get signed into law in that country, and you're talking about companies that failed to comply with some of the key measures within this rule being fineed up to 3 % of revenue. seeing as potential bellwether for potential regulation and lawmaking in other key markets in the world including here in the u.s. and

in the european union as well. obviously we know things like the app store. google play already under pressure with antitrust kearns because the company, so big. another key thing to get to, you're hat tot to talk about th. robinhood. we saw moving dramatically in yesterday's session given the s.e.c. gensler comments we got about payment for order flow, and a ban on that potentially being on the table it wasn't just robinhood either. name other names trading lower on that potential as women. >> both down this morning as well gensler has been very clear that he is not pleased with the way overall market structure has evolved. because it's not the way you build it from the start. all of these alternative venues a lot of order flow especially retail never sees delight of a public exchange these wholesalers bid for the order flow so there's, he wants to kind of bring a lot of that into line

and maybe reform the overall thing. doesn't necessarily mean outright plan on -- somebody has to execute the trades. also a bid aspect and money to be made and somebody has to pay or kind of distribute the economics of that along the way. the payment for order flow, the wahhy compete for that improve the -- this exchange they can't actually operate in the small increments like the big wholesalers. all of these regulations surround it. i understand why robinhood would be down on this and, of course, the other part of it sort of the smell test people don't like the idea that your broker is selling your order flow and, therefore, at least some aggregate information what you're doing to wholeseeler. the idea, bristling at this, letting somebody front run my trades

that's not really what goes on it's because they want to generate as many sources as possible and can afford to sit there and have their systems, for every stock in the world, be ready to execute on a dime right? there's a little bit of, you know, kind of an emotional piece of this and then the structural, let's make sure this all makes sense in terns, what's disclosed. >> transparency seems to be crucial to this entire debate. >> yeah. let's not have a system orpd or flow is elsewhere oh the publicly bid price is not as reflective of supply and demand. >> transparency, you say, morgan, is the key back to gensler has plenty on his plate when it comes to that even we haven't seen reforms as far as the arkeggos and complete lack of it in kerms of those positions and inability that the

markets determined how much stock was actually owned by this one fund, when we saw it going up every day there's no doubt gensler -- he seems to always aim towards more transparency, if possible. >> so much technology is flooding into the financial space in general we talk about it so much from an investor standpoint. the hot opportunities in fe fintech. you wonder about the news broke by cnbc, weighing on robinhood to a certain extent, too, as many of these lines continue to blur and technology makes new products and services possible talking microsoft before the bell sorpt sort of what is old is new again? right jt in terms of tech companies around decades, basically re-inventing themselves and become even biggier heavyweights on the world stage. another one of those names, back in the late '90s now having a

whole new re-birth, if you will, in terms of what it's offering to customers out there by the way, cryptocurrency is all a big piece of always of this conversation with all of these companies as well. >> and market value, fre forget >> a total financial relationship in every way. the paypal news and payment for order news does underscore the idea that what robinhood offers as a product or service, nothing proprietary about it it's just what anybody could do but with a brand and a good app on top that's fine. nothing wrong with that. >> and it's not clear there's a great benefit, to your point in that platform versus other because of the pay it forward flow not necessarily the data you're giving up just for lack of a commission i don't know. >> right it's a very small net cost, in other words, revenue to the broker is fractions of a cent

per share. typically. >> yep. >> but the money, and people emotionally respond to this idea order flow is kind of getting out there somehow. and you know, just to -- not to burst anyone's bubble, rather trade against it than with it. that's the idea. collide with the retail, because comes from a different source. idiosyncratic and that's the value in t. following spac redemptions, sort of a story that's caught my eye and continues to be one of the -- also the -- >> wanted that to show up on the screen. >> more also, the sound. it's what the sound -- >> eaten by the ghost on "pac-man" right? >> i love it not quite as good as johnny introducing "the faber report," but we won't do that today basically seeing redemption rates that are enormous.

90%, 95% leaving little cash for companies. trust account, what's left, very little so they are violating the minimum cash requirement, which needs waived by the company itself, and/or try to do different things a look, by the way, at the cnbc spac 50. we can go through any of those spring vaem arrow farms. you may have heard ofaerofarms. raised quite a bit of money way spac deal. deal's approved by shareholders but they don't tell the number here simply as a result of redemptions the agreement and merger satisfied i've heard they might be a size 85% or more, but we don't have a number here. and so they're looking for more money essentially to actually close the deal it was approved by holders that's the other thing you get enormous redemptions but still get approval of the deals which is, seems somewhat odd

again i pointed out in merger, historical, merger, we see that as well, or deals i should say record vote. vote in favor then sell your shares that one, seeking additional sources of capital, and they're hoping to actually close it by the 24th of september. the other one, smaller deal. centr i centtriquist good to have an idea what these companies are involved in. i'm focuseds on redemption naught in perspective. only 34.5 million total shares for, in the spac so that's what we're talking about, dot math. over 90. way over 90% saying, nope. want to take our ten bucks

an investor already a part heritage buying 2.2 million of the shares submitted tore redemptions and unredeem them, essentially. raises $22 million many paying $10 for that and getting another $2 million in sponsor shares seeing sponsors making sure they have enough cash in the beginning even if they violate the minimum catch agreement, an agreement they're willing to go down to 100 million from what had been 150 manillion in minim cash giving up 2 million shares from heritage to come and and buy and a lot of different things need to be done here. reflective overall of investors don't like spacs right now they just don't. and there's a reason for that. >> another area taking a closer look at. >> yes something else that's on against lerp plate and disparity incentives and making money 50% or more on that

$10 price. as we head to break it's time for the bond report a quick look how treasuries are faring chicago pmi due out a few moments from now yield, see it across the board mostly higher. they're mostly higher. 30-year is down. and eurozone inflation s accelerated, fastest pace in almost ten years up a 3% in august. germany's ten-year bund yield actually up. still negative make sure. yeah negative .394. we'll be right back. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh]

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welcome back to "squawk on the street." rick san ttelli here live. and just hit the wires at 66.8 definitely a miss. we're expecting a number at 68 sequentially follows 76.4.

in nay 75.2, 48-year high back to '73 66.8 is the weakest since june when it was 66.1 probably, i can't tell you for sure, there's negative implications here with regard to the effects of the covid issues regarding the delta variant and also housing prices. that's logic and some of the highest-ever boom yields moving up to levels we haven't seen in about four weeks and what's going on there is very unusual, because their yields are moving higher primarily because their cpi is moving higher. "squawk on the street" will return after these messages. where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating

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technically it is, since world war ii it's down september, and august, two worst combination months you see down fractionally traders are less impressed with the seasonal trading patterns than they used to be the problem, they don't work as well in the last decade. for example, september worst month, actually up three of the last four months the next chart trading patterns sell in may, go away september's the worst month. santa claus effect, january effect, haven't been working as well some believe it's because the federal reserve flooding the market with so much liquidity it overwhelms these delicate seasonal trading patterns. add any point, it's not hard to figure out why the market is at new highs. when you get the combination of, number one, earnings are at records, in terms of dollar amounts. earnings estimates continue to go up and you have a record profit margin, north of 13%.

that's what the stock markets moves on, and so no mystery on what's going on there. and there's a very clear rotating factor that's been helping the markets as well. this quarter we see a pattern here s&p 500 out performing large cap stocks, and growth out performing value this is the exact opposite of what happened in the second quarter. cyclicals did better in the second quarter again, it's a rotation nat keeps helping the market out a little over 60% of the s&p is up if you look at the top five companies. when you get five that are essentially 25% of the s&p and up this much in a quarter, the s&p is only up 5% this quarter those are almost enough to keep overwleming the market and finally, just on payment for

order flow the sec have a proposal. there's a lot of different types of payment, not just robinhood and you might see nasdaq engage in payment for order flow. options markets also do that there's going to be a possible vote down the road but my sense is that's not going to happen. my sense is the ultimate goal is to get more transparency, more disclosure opening the genie in the bottle and defining what it means that's probably a pretty tall order. back to you. >> just bringing it all out into the open is probably the goal. number of chip stocks. hitting record highs and we're joined by the vj you know, there's excitement, just on a sector-wide index that the semiconductor index has

nosed up to a new high it's backing off today but i wonder how you would see what is bake said in the market, where are we in the cycle? >> just briefly on the semigroup. demand is very positive. still supply chain constraints we're seeing pretty strong 2020/2021 of the names and industrial names starting to peek we are seeing back logs starting to peek. and the pmi just came in weaker. we're seei some of the global trends start to slow down a little bit so, we would be more positive and the qualcomm and you see much stronger growth, especially

with apple launch is coming going to 2022 as well. definitely more conservative on the auto industrial side as we try to move more into the 5g side and really taken a backseat in the last couple of months. >> and on the auto and industrial side, where does at the take you, in terms of the stocks that you think are not as well positioned right now? >> yeah, we do think -- when you look at names, they compeelted very well. they obviously reflect the pandemic but you're starting to see things soften a little bit, especially in china. and so, we think the leading indicator is autos back-log autos slow down a little bit we're going to be more positive on gains

economists endorse as well i also find out, xpi, for example for the ceo selling stock. it looks like, obviously, that's been reflected through some of those sales at qualcomm. >> this is a longer-term question, even as we talk about supply dynamics right now as stocks are concerned but as we see production ramp, as we see more capacity and factories come online and more money towards the sector in general, will that make it more cyclical or smooth it out and this the stocks? >> i think the semigroup works anytime investors see accelerating earnings growth, stocks tends to do very well

the minute you see growth starting to slow down, earnings slow down, i think stabilize or even move noing into contraction we'll see supplies pick up and supply chain exand but that would be more middle of next year. again, push us back. you will see some of the pricing momentum for the seminame start to fall off. but at this point here, i think it's slightly tight constraint capacity here. pricing is a bit of a tailwind and that's your head wind, for sure >> thanks very much. appreciate you running through it for us. when we return, more on zoom media and the company's growth outlook. what is taking a toll on the

stock, as you see. that's another low, 16%. see what that's doing to their deal to acquire 59 there's a date at the end of icwhe eygrd d it's below the pre erth aeeto a deal

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good tuesday morning and welcome to another hour of "squawk on the street. carl has the morning off let's give you a quick look at the markets. you can see backing off a bit from yesterday's highs mega cap tech not participating, at least this far. consumer confidence out moments ago. rick >> thanks, david yes, it's arn august read and it's a big miss by 10 points 113.8. that sekwengsally follows 129.1, which is the basic highest post-covid reading highest reading since february of 2020. this is the weakest since

february of 2021 and of course, maybe, maybe the variant is having an effect we'll have have to continue to monitor. awaiting the present situation and the expectation index. don't see either of those on the wire at this point so, i will kick it back to morgan as we have a weak headline on consumer confidence for the month of august. morgan, back to you. >> thank you here are three of the big movers we are watching this morning. we're going to get to zoom in just a minute. but first, robinhood, falling after the nearly 7% drop after they reported that paypal exploring a launch of its own trading platform and chair saying that a ban of payment for order flow was, quote, on the table, dur an interview and you can see the shares are down another 1% today. and initiating coverage on virgin galactic.

price target due to an expected ramping up of capacity more space ships coming online, as well as growing demands the first to put a number for space tourism, putting it at $120 billion the biggest number i've seen so far. shares of space up just about 7% and tech tron getting updated to an out perform the firm siting an underappreciated opportunity in the electric helicopter, electric vertical take off and landing market also, though, talking about the business jet recovery we're seeing take root and even as the delta variant causes some issues and concerns and question marks around commercial business travel, the fact that is actually something that would fuel business jet demands. >> maybe counterintuitive but interesting point, morgan. now too, hurricane ida

steve leaseman has a look at the economic data already being gathered to determine its impact >> yeah, hurricane ida brought devastation to parts of louisiana and wide-spread power outages to new orleans moderate assessments would only have a moderate impact on the national economy they're able to monitor the economic impact in near real time these days using new datsau sources. among those that they watch, those from power outage.u.s. shows more than a million customers in louisiana without power. some may not get their power back for weeks, and that could deepen the potential impact. they estimate the combination of disruptions to oil and gas industry, power outage is going to increase national gdp, assuming the outages don't last very long. that would be far less than

katrina. and probably show up in the september jobs report. katrina, an exception. you can see depress said national payrolls for two months and many experienced economic hardship for years hitting the dawn of a revolution in big data. now, when it comes to ida, government officials get real time reports on jobs credit card spending in the specific areas and industrial production. they combine with flood maps to gauge economic impact. so, at a time when covid is being closely watched, especially places like in louisiana, understanding the storm's directed impact can play a role in all kinds of decision making, including on policy. >> steve, it's morgan. just to compare katrina and ida, based on what we know, katrina one of the worst storms on record, not just in losses but total economic losses and damages as well.

but what was the gdp impact of a that storm i ask that because do the data actually capture what the impact looks like on the ground in the regions when we have these major national disasters i realize industrial production and inflation could be efelked by ida as we see more rebuilding but can we actually put our arms round it >> let me ask you real quickly it's almost like 1% gdp impact and there's verses an initial estimate from joe of 0.2%. we'll see if others come up with other estimates. gdp measures production. it doesn't measure damage, when a building is destroyed. that doesn't count somebody doesn't go to work and their output -- the lack of output is counted but doesn't count the devastation of people's lives when they lose all the stuff they lose when they have their lives displaced.

people lose earnings over time, over years with katrina, it was something that hurt people for many, many months and years afterwards so, no, gdp doesn't pick it up, it measures the loss to production, if at all. >> thank you well, as we told you last hour, zoom shares are sliding this morning they're on pace for what would be a second worse day ever growth outlook is scaring smg investors at least they discussed the head winds urlier on "squawk box. >> what we're seeing is evidenced by the guidance is headwinds in our markets so, these are individual consumers and small businesses and as you say, they are moving around the world they're going to happy hours in person and as we came through the back half of 2, we started to see some additional turn there

>> joining us is senior research analyst. good to have you you know t does appear the revenue guidance, in part, reflecting that potentially weaker than expected smb trend what is your take on all of this is the market over reacting to it >> good morning. yeah, >> yeah, earlier this year, zoom fatigue. at the end of the day, we like the longer-term platform activity but the market sthoots first and asks questions later and they are seeing pressure, particularly in europe sounds like that started to impact them a bit more in the latter part of the quarter, took them a bit by surprise s&p has been closely watched for some period of time and that wasn't the principal folks of the company but with the pandemic, it was a lot greater

demand from customers of all sizes and it's coming back to bite them a bit. the good news is the bigger business segment, performed quite well >> so, how do you back that to the stock and whether it's an appropriate price. >> as you think of the 500 plus customers they have that have 10 plus employees, that's a look for the company and they generate 100,000 in annual revenue. as you think of the larger customer cohort, the net expansion rate those customers are still growing, as they displace providers. but it's also zoom full, which we think is really early days and another 500,000 zoom in the last few months to reach 2

million in total, which barely penetrated their base. the reason we like the stock on the weakness is this is a building platform opportunity, right? cross additional products into that large and global video. >> that's the question i wanted to get at, strategically, because there's a company called microsoft that wants to use this type of video communications platform as a an element of a wide suite of services what do you think right now, coming out of the pandemic, when people are less furiously in the mode of getting access to video conference capabilities, what the market share situation is going to shape up as >> look, that's a great question and i think there's room for both of them there's no question, microsoft is a juggernaut and microsoft teams. a lot of that, for microsoft has

been around. we've done our own survey on a regular basis and it's become a two-horse race and not every firm is going to use microsoft and they may use microsoft for some functions and zoom video in other areas. these are the two we think will probably continue to take share, along legacy providers like cisco and others that have been in the marketplace as you look at the numbers, especially on market, zoom's continuing to gain >> so, will, it's morgan given the fact you have an out perform rating on zoom, what do you see as the biggest risk, if it's not todayen in deceleration and growth, what do you see as the biggest risk >> well, look, i think bigger question is the video adoption

we're big believes in the hybrid work environment efficiency the video provides and i'm not sure we fully recognize, even as we get up and travel more. but keeping an eye on that enterprise piece of the business is probably the biggest focus. there could be bumps in the road and that's going to be an over hang, right? you got to be willing to take a longer term bet on the platform and their ability to build on the video base in to some of these new areas and recognize there are going to be ups and downs in the next couple of quarters >> appreciate it thank you. >> thanks for the time >> sure. as we head to break, take a look at our road map for the rest of the hour some experts saying it could cost between 15 to $30 billion worth of claims. plus the last trading day of august

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welcome back and the dow has turned slightly positive

the dow down, and? nasdaq down three-tenths of a percent. nasdaq on track for the seventh straight winning month and we're hovering near record highs wells fargo investment institute's head of global asset allocation strategy and ceo and cio of pivotal advisors. it's like an all-star female panel proigt now, at least for the next question or two whether it's talking about valuations, the feds beginning to signal a taper, perhaps later this year. covid, china on down the list. >> there are a number of risks that investors could be worried about here but it seems like the markets just continue to move higher and we think that's because the macro picture is still really

supportive of equities and demand remains strong. earnings have come in higher than analysts anticipated. and so, we think valuations are actually pretty reasonable, given our growth expectations. for earnings going forward so, we over weight thinks like large caps, small caps here and we like emerging markets >> i'll put the same question to you. and what to you like where would you put your money to work? >> i think it's important for investors to understand we're in the early stages of the expansion in the economic cycle. what that looks like going forward is stocks go higher but the gains are more moderate. increased volatility and in this rotational leadership we've been seeing all year. i definitely like tech i think investors should think about redefining cyclical trade.

so, where sectors like tech were traditionally more cyclical and now they're functioning more like defensive stocks. things like cyber security and ecommerce adoption become more of a matter of survival. >> and just -- i mean, to dig into that more, it looks like you have certain names that you specifically like and would be buying at these levels >> absolutely. so, as far as cloud goes, we like snowflake they had an incredibly strong second quarter revenue up 104% from last year they have the net high retention rate, which is best in class for the industry and they have a scaleable platform and we believe they're going to continue to do well as the shift from cloud to adopting the cloud and so we think they're going to take share away from the traditional warehousing data companies

we like a company, which is luxury ecommerce in about five years, 30% of luxury sales are going to be ecommerce and far fetch is really set to be the leader in taking that market share >> tracy, we talking about the way the market has just rotated away from danger it's preserved the index level smooth uptrend with a lot of movement in the service. it was about very aggressive stuff. fast growing tech stocks and in the past weeks, it's been somewhat more defensive growth stocks how would you approach this environment in terms of where to emphasize within the market, sector or style wise >> sure. so, we think that's probably been an underappreciated aspect of this market all the violent rotation we've seen under the surface markets keep moving higher but there's been different

leaders along the way and that's a good thing going forward, we think cyclical stocks and growth stocks are going to out perform those defensive stocks so, we've been looking at things like industrials, materials, energy, financials and communication services to lead the more defensive areas of the market >> tracy, the fact that we are seeing -- and i say this with a very large caveat, that these are names that have sold off dramatically in recent weeks the fact we're seeing some of the chinese tech names higher today, what is your take on investing in these u.s.-listed companies right now, especially as you do see president xi in china okay'ing or green lighting more regulation? >> so, he is greenlighting ever more regulation and we've seen a mark reaction to that. we do like emerging markets here

and china is a big component of the emerging market index. you have to have a view on china, if you're going to invest in emerging markets. we think the chinese communist party is balancing a number of factors and they're trying to optimize power and maintaining economic strength is one of the ways that they'll be able to do that so, despite these tightening regulations, we do think that china remains investables and that you can't fully discount the second largest economy in the world. so, we're over weight emerging markets but look to access management in the emerging market space because we think managers, who are in the region, should be able to taked a vant object of the local opportunity. >> all right tracy and tiffany, thanks for joining us today >> still to come we'll talk ida's insurance

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south korea pazzing a bill that could have a major impact on comp ans like apple and google >> this is being described as a soteback for apple and south korea's parliament are making a lot of new moves, attracting a lot of attraction. particularly this bill bans companies from requiring developers to use their payment system they can avoid paying commissions to the app store operators, directing them instead to pay with alternative systems. the apple saying this will put users who purchase digital goods from other sources at risk of fraud and make it difficult for them to use features like ask to buy and parental controls will become less effective. a google spokesperson saying its

service fee helps keep android free, giving them the tool to access billions of consumers around the world and we'll reflect on how to comply with this law while maintaining a model -- now, let's get to money. consumers spent about 4.6 billion on google pay. google was able to collect about 1.2 billion in platform fees and apple spent about 1.4 billion on the app in 2020, subject to apple's fee and they collected a $414 million. the risk is not the money but whether this is the start of a bigger trend would other countries propose and pass similar bills this legislation, by the way, will become law once signed by the president in south korea >> you just touched on it, josh. the key is this become as

precedent by which other countries, for example the u.s. or eu, begin to think of their own regulation and legislation around these companies for a company, like apple, which has been so focussed on services, future groelgt area that smooths out the cycle kalt of iphone sales how big of a dent could this be and i realize south korea is still a smaller piece of the pie from a revenue standpoint for services, which i know they don't totally break down overall, but if you were to see something like this enacted in other places as well >> south korea is not in and of itself a big worry for them, not when it comes to big number said by their math, the app store collected about $400 million in 2020 that's not going to make or break apple. one worry is what we saw in

south korea is mimicked elsewhere. listen, other countries have different traditions and i'm sure there's many laws that are not mimicked in the u.s. and europe one interesting thing is if the president does review and sign it into law in south korea, it would be interesting to see how south korea consumers react. people use these stores because, listen, they're reliable, efficient. it's very easy to use those payment systems. so, even if given the opportunity not to go through apple and google, maybe we'll find out >> we'll have to watch that develop. now, looking at china internet group, down almost 30% in the last three months as china's crackdown hampered names but watch online gaming company rising after reporting better than expected earnings

revenue was in line with forecast the stock rebounding after falling yesterday amid the online gaming restrictions pod t cnese government we'll be right back. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq you founded your kayak company because you love the ocean- not spreadsheets. 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

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stwoiv,000 utility workers are in the state and more coming from out of state. what they're calling catastrophic damage. roughly 2 million still don't have electricity and could be weekz bfore it's fully restored. and while new orleans was largely protected from the levy system, it's another story outside the city this is from jefferson perish, where officials think only a few

00 people actually tried to ride out the storm and many have been rescued. and as the caldor fire approaches, most of the tourist destination, lake tahoe, has been evacuated and the taliban in control of kabul's airport, after the departure of the last u.s. evacuation flight. heavily-armored fighters along the runway president biden is expected to talk about the end of the war in afghanistan. i'll send it back to you hurricane ida continuing its path after hitting louisiana analysts swearing the damage from the storm could cost insurers upwards of $15 billion. the president of utility operations in the key utility down in the region joined us to discuss the effects of the hurricane. >> we gave a three-week estimate

because, for some of the harder hits areas, it may take that long there will be customers online beginning the next day or two. so, progress is going to be made unfortunately, the storm didn't discriminate and took no prisoners. >> speaking of online, worth noting all of the lines in the colonial pipeline have been restore andds are up and running now as well joining us now, all-state's president of personal liability. thanks for being with us right now. and i realize we're still very early in the process of assessments and people being able to get out of their homes and start to file claims but what are you seeing on the ground at all state in terms of the damage and the claims being filed right now? >> so, thanks for the

opportunity to be here as your last guest said we're experienced at this as well and unfortunately, we made the to a lot of events and we're getting out there quickly to our customers. we're seeing a mix of things there's area wheres the eye wall came ashore and damage from the wind was severe. groups, buildings knocked down there's areas where rising water was predominant impact and of course, widespread power outages, which causes its own set of problems. but we are, right now, we're mobilizing 10 of our 16 mobile units into the area. we have about a thousand full-time catastrophe adjusters supported by our 16,000-claims persons overall and we mobilized them before hurricane ida even came ashore. so, we're in position to help our customers.

>> in terms of the power outages, and i realize we could start to see some folks have their power restored as soon as tomorrow and the hardest hit areas, you're still looking at potentially weeks, based on the conversation we had with entergy. the longer the power is out, the worse the damage tends to be what happens when you have a pro-longed period of outages on the personal side and on the home owner side? >> well, a number of things. one is people just can't get back to their homes. there are areas they can't get to until the power is on and you understand if there is additional damage, live wires or anything like that so, from a safety standpoint, we encourage customers to stay safe and we go back in when authorities say you can. and that increases claims of additional living expense, which is part of the homeowner product and being away from your home,

which is where you're staying, the food that you consume and so on the additional expense of not going back to your home. so, that changes the structure the main thing is people can't get back to their homes. and in some cases, we can't, for a few weeks, even get to the homes to estimate them and see the damage it just prolongs the overall process for customers when they can't get back there >> is there state already working off some preliminary estimates for total insured loss potential? i mean, we're hearing some of the early numbers are anywhere from 10 to $30 billion in insured losses due to this hurricane. is there a number you're working off of, based on your own risk mod snlg >> we have a great modeling team and bichb doing this a long time so, we have a good idea of where the exposures are, where the customers homes are and cars are and can do a pretty good job of

estimating what the total loss is going to be some time later in december, we'll disclose the august loss egsimate the main thing is we're going after helping our customers. this is about getting into city homes, getting customers cars taken care of. we're doing through the mobile app and a lot of our virtual to tools we do a lot of our estimating without getting a home to the side of the car. so, we're trying to get a fast start, get money in their hands and ahead of their claims. >> so, for many folks, with home owner's insurance, wind damage, for example is something that would likely fall. under their coverage flooding tends to be the demand of the federal government. the national flood protection program. i didn't say that right. the flooding program under the federal government autos, though, tend to fall

under auto insurance as well where do you expect to see the most damage, given the nature of the storm? >> well, certainly the home damage tends to dominate the overall losses, from the standpoint of it's a lot more expensive to prepare a home that has had major damage, roof torn off or structure knocked down or tree on top or water in it whatever it case is. that's a lot more expensive than typically the car. so, we'll have significant losses and our customers will have significant losses to both their cars and homes what tends to be more challenging is the home part of it because it takes longer to repair, more expensive to repair they're out of their homes longer than it takes to repair a car. and you're correct, the ouauto policy is unto itself.

>> all right fr thank you for breaking it down with us. and good luck with your teams on the ground, as they begin to process the claims the national flood insurance program, which i misstated earlier. thank you. >> thank you very much let's give you another check on shares of zoom video. down 13.5% they're in the deal to acquire 59 and also down about 15% shareholder vote is about a month away unclear how shareholders are going to feelgiven the stock now is below the price at which zoom agreed to acquire it, when they did the deaju 1h.l ly8t when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds.

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crypto rebounding in a big way in august. bitcoin is well below the july lows however, not able, so far too, sustain levels above 50,000. let's bring in open initiative cofounder. great to see you this morning. we could talk about the price action and why it might be benefitting a little more right now. and in terms of the massive shake up in terms of the prices, in terms of the nunderlying levl of activity. >> there's been a rebound across the board and it does seem to fit more in the uppers, more than the others in the long-term of alt coins and it will change a lot of the

dynamics, that will make it more green and that's been a big narrative around crypto kucurrey and we're seeing a resurgence of the nf trk craze, which has been fun to follow. and every time there's a reaction, it's -- a lot of it is more fundamentally driven and less speck jltive than one might expect as an outside server. >> you called it a craze and called it fun, so, let's talk about the nonfundable tokens getting used a lot or getting attention a lot for people buying images, spending a lot of money in the options for the digital images and obviously a lot of critics of crypto, who say what purpose does this serve, are pointing to this area. my view is if you don't consider it an asset, people buy lots of

nonuseful stuff all the time but how should we be thinking about this >> that's right. it's not hard to draw parallels, whether it's baseball cards or beanie babies in the past. but nfts a lot of people say this is going to be the future of art i think the reality though is that people are having fun with it they view it as a form of entertainment. again, as with the assets like baseball cards and beanie babies, like i mentioned earlier. that doesn't necessarily mean it's a speculative bubble, however. people talk about millennials spent money on experiences well, guess what gen z is spending money on their ported foelios, whether it's meme stocks or nfts. those two go in the same bucket, hand in hand and this is a way of having identities, of signaling and i think those are very real social

fenomina that you can't discount they make people feel a certain way. they make people feel a sense of belonging to a certain group and again, those are all very real you look at major fashion brands of the world tr they're based upon social signaling and there's very little market cap. no one talks about burken bags being a speculative bubble >> when you look at gold and i mean actual, physical gold, we've seen gold futures, the price of gold move higher, in part because of the terrorist attacks in afghanistan and i realize the u.s. is not there with the military presence anymore, as of yesterday, but it does speak to geopolitical uncertainty in general and i would imagine, in a place like afghanistan, ever increasing need for ways to move money around as well, given the

situation, the potential humanitarian crisis that's emerging on the ground i wonder how that plays out for crypto currency, especially because we've had sto much debat back and forth >> never in my life did i think i'd talk about nfts and humanitarian crisis in the same breath but it does speak to what crypto currency is just starting to demonstrate it's a big transition to make but it is true crypto currency is seen as and is demonstrating in some small pockits of the world, its utility as this global currency, as a censorship resistance currency. i know they put out a great report of the pockets of utility that they're seeing in a place like afghanistan where they're figuring out how to navigate the crisis where they don't have access to the banking system,

trying to figure out how to bring it with them and their assets with them this is not everyone who's doing this there are people who don't have access to the appropriate infrastructure but the fact that it is seeing some utility in this way, i think, is very meaningful j powerful for what it could entail in the future >> real world instance of nat utility. great to check in with you thank you very much. check out the biggest gainers on the s&p in today's trade. viacom, electronic arts. wall green, discovery and amerisourcebergen.

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us >> good morning. restaurant sales made a nice recovery so far in 2021, and are projected to reach $789 billion this year. that's up 20% since 2020 thanks to pent-up consumer demand and the availability of vaccines this is still, though, well below prepandemic levels but the delta variant is threatening the recovery, 6 in 10 adults said they changed dining habits due to delta, 19% said they stopped going to restaurants altogether and you can seat impact of rising covid casese ing sector r chipotle, domino's and papa john's, both brinker international were downgraded yesterday. yesterday mcdonald's discussed what data should prompt dining rooms to reclose in areas where the delta variant is widely spreading acording to internal company materials. starbucks and yum brands did not

comment on how those companies are handling indoor dining labor, though, remains a major hurdle for all operators 75% of restaurant operators said recruiting employees was their top challenge as of june, the highest level ever recorded in the 20-year history. for context in january, that number was just 8% p david, back over to you. to dom chu now with a sector sort for us. dom? >> we are hovering just near those record highs that we set yesterday. the markets are lower in trading today. you see the worst performing sectors so far today have been technology and materials, meanwhile, the outperformers have been financials and real estate financials are a key focus right now because they are the best performing sector of the month of august and the year to date period so narfar in 2021. that sector tends to track interest rates more closely, something to watch as we head towards that wig big jobs number

on friday. keep it here, financials in focus.

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countries and companies alike are racing to embrace esg conscious investors. but digging into the details, the pledges rarely live up to their promises >> reporter: now more than ever companies and countries are talking up their green crew den sh credentials. but the pledges don't always live up to their promises. simply put, net zero is the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere to reach that balance, we need to make up for the amount of co2co we emit. the definitions vary across the board. >> there is a fear by making a long-term commitment to net zero, but not filling in all of the detail about exactly how

that's going to happen in the short-term, that companies and countries are pushing off to tomorrow >> but how achievable are the commitments? carbon offsets avoid the release of additional carbon bdioxide into the atmosphere. research shows less than 5% of offsets actually remove carbon dioxide from the atmosphere. in a report calculating the total land required for planned carbon removal and found it could be five times the size of india or the equivalent of all the farm land on the planet, which means achieving net zero emissions isn't so black or white. >> i think there are some forced commitments, forced by shareholder pressure, forced by media which are not supported by -- and that's a challenge unless we have nearly actionable, measurable targets with people's spelling it out in every last detail, we're not

going to get there >> a pledge that doesn't include meaningful reductions could increase the risk that catastrophic climate change will become unavoidable and critics argue it is not as hard to make a pledge toward net zero if companies can set the parameters for it back to you guys >> yeah, it would seem to be another area for the s.e.c. to try to exert its will in terms of creating more transparency and/or at least data that can be believed, given just how many assets are reliant on some idea here hyou're going to be following esg policies >> and think of the accounting nightmare going forward when you have to calculate the carbon offsets for every single step of your supply chain, but it is still very ambiguous, much like the esg scores, which is why the eu and like you mentioned the s.e.c. are looking into this matter it is a matter of how detailed are they going to be with the restrictions going forward and how soon will companies instill

this in their operations going forward? >> kristina, great reporting, thank you. a key question we continue to dive into. well, a controversy is brewing at the u.s. open andy murray losing to number three seed tsisipas. murray continuing to voice his complaints this morning. >> the toilet is right there what's he doing? what's he doing in there it never once has taken me that long to go to the toilet ever, when it is right there. >> okay. so following up with that today, tweeting, fact of the day, it takes stepanos twice as long to go to the bathroom as it takes jeff bezos to fly into space

this sour is our version of batm talk, i guess. >> what was it >> 11 minutes. >> so not true then. 22 minutes he said >> 20 minutes he said, yeah. >> so maybe a slap at how short that trip to space was too >> yeah. all right. well, space tourism, we started the hour with it, ended the hour with it. now it is the end of "squawk on the street" and "techcheck" will start. good tuesday morning, and welcome to "techcheck. i'm deirdre bosa with jon fortt and julia boorstin today getting crushed as growth continues to slow. why zoom's run may b