these other quotes are apparently a little glitch glity right now. the rest are on my twitter feed. >> have a great weekend. final check on the markets, they're a little weak but off their worst levels lacrosse, did he give any picks for -- >> betting >> yeah, i think he said draft kings. >> we've got to go i'm going to try that. maybe that'll work make sure you join us next week, "squawk on the street" is next good friday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange, dow futures a bit soft, but still on pace for the first positive week in three. we're going to get index rebalancing, look for some heavy balancing as e head into the last official week of summer covid, boosters and the economic recovery the fda meets to debate allowing

additional jabs to the general public >> plus, regulating crypto, why investor mark cuban doesn't think it would necessarily be a bad thing. >> and watching the evs once again today, shares of lucid are up again ford ramps up lightning production, and tesla's ealon musk praising automakers >> people are buzzing here about it they're saying that it seems to focus more on it and so then i try to pin people down and have a lot of friends here, and they said just focus on we actually don't know, now today is supposed to be -- today is the beginning of a period during the last 20 years that we've been down i don't know whether that means this week. becky and i were talking about, a lot of people were trying to anticipate it was down people think there will be fire works here it's the first time i've been stopped, people saying if you

don't focus on this reebalancin, you're missing the big story. >> monster reallocation from cash to stocks largest inflow into u.s. large cap ever, 12 weeks of tech inflow jim, they're citing receding threat of tax redistribution >> well, when i listen to squawk, i mean, there are certain areas that they're talking about fast movers, starting with salt relief. now get this, the association -- american association of individual investors put up some numbers. bulls fall at 22.4 from 38.9 bears rise at 39.3 from 27.2 that's hard to believe that we could go down a lot with that much negativity. again, i think everyone's saying look, it's been a horrible time. let's pull back. i like the bank of america -- >> it's their flow show, the b of a flow show.

>> is that better than the evidence lab holy cow it's hard to keep track of these things. >> anyway. flow show. >> anyway, the negativity is very, very heavy bounce back yesterday from the opening was actually kind of nice to see. look, i'm not going to go against the -- i do like to see if everybody thinks something's going to go down, david, that tends to not happen. >> it's true we do tend to perform the other way. >> right >> there is more -- not unanimity of opinion, but more weight of opinion. that's why typically we look at bulls, bears, and actually it's seen as a positive we should explain that sometimes. >> president manchin -- always forget, senator manchin seems to have caused -- there's a battle in the democratic party over who's more important now, the president last i looked -- >> a lot of levers, but joe manchin is one of 50 democratic senators and you need 51 votes to get this $3.5 trillion bill through reconciliation that includes obviously the vice

president's vote and mr. -- senator manchin is very much opposed to that level of spending and doesn't appear to be at least willing to compromise to a level where the rest of the party or the president might be willing to go, so right now -- >> to the president -- >> trillion dollars infrastructure bill has yet to make it to his desk. >> fuel companies despite the numbers -- >> but u.s. steel, though, opening -- >> at ops and i know that the capital budget, they brought back a huge number of shares, so i think people feel like steel is just prices can go high e people are looking for about 20 bucks from nucor, and then $22.11 next year 11. >> yes, it looks cheap, it doesn't look so cheap if they only do 11. >> see if steel does what iron ore has done this year which has not been pretty if you were long. >> no. >> putting the wholeweekend into some context. i think the phrase is unsettled

macro narrative because cpi was cool, retail sales were good, empire and philly beat, and yet journal leads today with transportation costs and maersk upping their guidance. we'll get fedex next week. >> it is very clear that supply chain issues a nucmber of cuts today for csx, rbc, supply chain con congestion a lot of people think fedex is going to talk about high costs i think fedex is oversold, but i think it doesn't go away it just doesn't go away, ask it's interesting that you mention tesla. tesla is importing cars to europe from china, but china goes on. they just don't have the supply chain issues. >> right >> they have other issues. like david -- >> there are quite a few issues. >> how is that ever grand paper holding up did you guys know that this is really good -- 300 billion in

debt, could default next week. 200,000 people work there. at one point china's richest man, i mean, excuse my pronunciation, i mean, i should know him he's not part of the common prosperity plan. >> no. no it's potentially going away. that's -- yeah, that's a lot of money. >> a lot of money. >> continues to be a concern for u.s. investors, although i don't know that we got anything new today, so i suppose there's that >> well, actually, you know, we did. >> did we? >> yeah, we did. there's -- >> as we see some of the bigger market cap names, of course, which are trending higher. >> global "times" piece, which says it's not too big to fail. what does that mean? it means that those bonds -- 83. >> you're back to ever grand now? >> i think ever grand is -- >> it's a big deal >> kind of the biggest -- 300

billion could reverberate throughout the system. they actually allowed a protest, 100 people protested that's like in china 100 people protesting, that's a big deal. you have to get approval to protest. right? doesn't the communist party have to approve a protest or they got a first amendment there? >> no, they don't. >> thank you i rest my case >> we should point out, this is a property developer in case people have not been following the story sometimes we want to bring people along. >> it's the largest in the world arguably. >> one of the largest, yes >> i just think it has to be on the radar screen i'm sorry i've not talked about it more. i've been busy talking about dogecoin or something. but this is a big deal. >> it does feel as though -- i mean, we could go back five years, ten years, 15 years and talk about defaults of property owners in china and it would always be a concern, but it's never risen to the level -- >> kyle comes on is and says worry about it.

>> kyle's been talking about worrying about a lot of things in china for a long time. >> he's a very big worrier during the period they passed us in growth and expansion. >> they haven't really passed us in terms of their economy. >> number of people that make 100,000, i think that's uncommon prosperity. >> when do you believe that they actually will have a larger economy than our own do you have a date on that for me >> yeah, january 7th, 2023 probably closer to 2027. >> if trump is elected again. >> look at this fiasco of trying to get things out of vietnam it's unbelievable. trump may have switched to vietnam. haiphong harbor can't even handle these things. >> also there's supply chain problems in vietnam because of covid. and malaysia as well the journal reporting on that this morning >> what kind of shock did they have that they have such -- i say this only because there's a big pfizer discussion today about how much we should get dr. gottlieb, who's on the board of fpfizer talked about the idea

that people who are older should get it, but this is going to be a very big decision today, very big. i'm all over this thing. been talking to pfizer i have dr. topol on tonight and he's the best authority on this guy gottlieb, and dr. topol told me get the third before you go overseas so we know where he stands >> get the third. >> get the third. >> get the third. >> don't take the fifth, take the third. >> yes >> we're going to learn more about the booster headlines today of course, the panel meeting next week and gottlieb was on "squawk box" earlier this morning talking about this very subject. take a listen. >> an older population vaccinated a while ago there is clear evidence that the boosters can provide additional benefit we know that population's uniquely vulnerable to covid to the extent we're seeing rising breakthrough infections and some rising instances of more severe disease, that's concerning you worry that that is the tip of the iceberg and you're going to start to see more and more older people become vulnerable,

so i think where we're likely to come out here is some recommendation around providing boosters but bifurcating it based on age and people's circumstance. >> interesting, gottlieb's been pretty cautious about the fall, especially in the northeast. one of his lines was just as we have tamiflu for influenza, we'll have it for coronavirus. the technology will get better delta may be the last major wave of this virus. >> look, he's been saying that we are peaking david has been saying that instead of talking about vaccine, which does matter and regeneron, if we can get -- >> well, i mean, there's two, there's merck, we've been talking about it forever of course we had my friends back on a year and a half ago almost at this point, but they are there in phase three however, it's -- you know, we indust still have to see. we'll have to wait and see, but the hope is that these antivirals, and pfizer has one as well, will be able to work very well early stage disease

knocking down the virus effectively and be equivalent to if not actually exceed a tamiflu. and the fact is if you've been vaccinated, maybe we should be thinking about this as a flu anyhow because the fact is it does not appear to have any worse ramifications for your health than a bad flu. we don't have a lot of data on that i'm listening to gottlieb and others who say those things. we'll see. if you had a tamiflu as well if you got covid, breakthrough or otherwise that would be very helpful. >> we know that, yes, they keep you out of the hospital, and 99% of the people in the hospital are not vaccinated the data dr. gottlieb's referring to, it does say after 20 -- this period, 20 weeks goes down to 65% for some people. the studies are not good in terms of the length. but i -- >> no, but again, even if you do get a breakthrough case, which as you point out becomes more likely as the efficacy wanes,

just not going to end up in the hospital. >> but the other side is true too. it's 99%, so why not go for it the numbers are staggering if you get the third. i mean, the third, and you could be in a room full of people with delta. >> right >> just kidding. we saw the united airlines thing today. i almost had a heart attack. i mean, like, did you see that one? that was worse than the walmart taking dogecoin, whatever it was that you said was cool. >> oh, i said it oh, i did, okay. thank you. oh, my god, it was lite coin actually >> they took the fall for it >> oh, boy, i mean, listen, i get it, believe me i think all the years, i usually know a fake press release when i see one, but this crypto stuff, it's like you put a fake merger in front of me, i'll be the first one that says none of that makes any sense, i don't get it. but this stuff it's like -- >> i know you're not a believer. >> what? >> i'm going to roll you off the set today. >> fine, doesn't bother me none.

>> we're going to talk some more crypto, including what mark cuban weighed in on yesterday. a lot of news in the auto space, ford, gm, teslas we said, another downgrade of casinos here as we watch macao take a look at futureon ts his friday more "squawk on the street" continues in a moment. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind?

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lucid extending yesterday's gains, one of the ev startup's luxury sedans has been rated at 520 miles of range by the epa. that's the longest of any car rated by the epa tesla's elon musk praising chinese automakers, in a prerecorded speech at a green vehicle conference in china. take a listen. >> i have a great deal of respect for driving these technologies my frank observation is that chinese automobile companies are the most competitive in the world, especially because some are very good at software. and it's the software that will most shape the future of the automobile industry. >> this week's been busy between the lucid rating, tesla, and now ford doubling capacity of the lightning, finally getting to 150,000 reservations >> i think that ford's numbers have to include the possibility of a certain part of the battery being in short supply, that

is -- the reason i mention it is because we already have a semiconductor shortage supply. i happen to be a huge believer in ford. i just caution people that every time you get excited you have to remember that the semiconductor situation is not going to resolve. >> right >> and they can have all the orders they want, but can they fulfill them, and that's been the issue. shares of lucid have had a good week. you know, there's been some research that has been more positive than not, others not quite. adam jonas came out earlier in the week and was sort of not overly positive on it, but at morgan stanley i'm talking about, but he does come out and give them credit for this 520 mile epa range >> that's a big deal. >> he does say we're likely living in a barn storming era of ev breakthroughs where records may be shattered on a regular basis with respect to charging times and energy density, all the other aspects required to

replace gasoline in the years ahead. >> we wanted to talk about the issues with batteries are. he has done more homework than anyone he spends a huge amount of time interviewing the players involved. >> got him on tech check today >> you guys are booking everybody. >> i know, we're the best. >> you guys have had a week, wow. >> nadella, jassy, we call them co-anchors. >> jassy is a special contributor. >> was that last week? it doesn't really matter who's left that they haven't gotten. >> haven't gotten bezos. neither have we. and you know who else, the guys wearing the tuxedo jacket there. he hasn't been on. did you notice that musk had -- >> he had just thrown his after party for the met gala, so i'm sure he's in a fashion -- >> did it say tax the poor on his back my wife said can you get me a gown like that

i said no, i'm not getting you a tax the rich gown. >> i'm sure that you can go right now. >> you could spray paint something. >> i thought it was a cool look. >> there it is, see, he's got those lapels >>$35,000 to go to that gala it's a good look anyway, they haven't had him on tech check yet either. >> and we'd love to get zuckerberg talking about this remarkable week of reporting at the journal and these internal documents. there's more today about the percentage of posts that were discouraging the vaccine, even as the company was trying to promote it >> oh, right, that's today yesterday was mexican drug cartels and hit men. >> and the prior day was instagram, teenage girls. >> and then the first one was -- right. >> you don't have to go on it. you don't have to go on facebook what do you expect apple does take off things that we hope -- >> wasn't it supposed to unite the world? >> what, facebook? >> bring people together >> i thought that was coca-cola.

>> what does it reflect about human nature that this is what it's become. >> you don't have to go on facebook, okay >> i don't >> neither do i. >> why is this -- i mean, my wife's watching facebook last night. i'm watching the big giant win i shut it off because how could the redskins -- i mean, excuse me, oh, my god, washington cracked it t, but my wife said the way, the washington team won, and i said what are you doing? she said facebook, what do you think i'm doing? i'm watching facebook. she watches facebook like it's a show facebook, instagram, you don't need to watch this thing we got to move on. >> meanwhile, if you watch the stock it has declined a bit this week it has not been particularly -- >> because they're great for small business i keep telling you that. you're for walmart, i'm for facebook. >> trillion dollar market value. >> yes, incredible.

>> incredible top-line growth to your point. >> and supporting small business. >> when we come back, look at cramer's mad dash. we'll count down to the opening bell got some decent gains in europe despite uk retail sales down four months in a row, the first time or e thlongest stretch in at least 25 years. we're back in a minute (vo) at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs. being first on the scene, when every second counts. or teaching biology without a lab. we are the leader in 5g. #1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. without trade-offs. unconventional thinking. it's better for business.

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welcome back, a little less than seven minutes before we get started with the final trading day of the week. let's squeeze in a mad dash. we've been talking energy a bit, you have, and this is an energy name. >> earlier this week i had mike worth, ceo of chevron, a lot of people consider him the dean of the industry he is saying there's newfound discipline among the major players in the permian we also saw that with pioneer

pxt, huge discipline meaning returning cash flow. this morning perhaps the most aggressive permian player, diamondback announces a $2 billion buyback returning half of free cash flow, half so this is money that used to go -- they used to borrow this free cash flow in order to drill. the thesis here is if you've got these companies not drilling and aramco paying a gigantic dividend, maybe you really do have a supply shortage i think it's incredible that these guys are returning free cash flow. >> i think it's a great point and an important point that you're making, and we should pause on it for a minute because, again, it goes back to the idea where were we 13 million barrels a day out of the permian when we were at our high >> in this country, yes, because of permian growth. >> now it's 9. it's the permian cutback it's not going to improve because these companies have decided to return capital to shareholders instead of put it in the ground.

>> they're accelerating it to the fourth quarter they're doing it now mike worth is saying jim, your numbers are wrong, okay? because you're using permian numbers presuming the free cash flow goes back into drilling, and it's not so i think people have to pay attention. we are going to be actually a slip into a very negative situation. >> you've talked a lot about natural gas. >> i could go to six >> and oil >> well i now have to revise my forecast i did not think that these guys would do this. i had pioneer on to talk about it >> this is the largest. >> maybe you and i should get together and start -- >> 75 bucks or whatever it is. >> whatever you say, we'll get in private equity, make a lot of money, not produce anything, and not get taxed. >> guys at blackstone moved pretty fast. they're already looking at it. >> yeah. blackstone is i'd say the best. >> remember when they bought up all those houses in like 20 minutes and they suddenly were the biggest realtor in the united states. they're going to be like none of

the majors want to dig anymore, maybe we will. >> it's kind of a mexican standoff, maybe nobody can drill because nobody else is drilling and blackstone comes in and wrecks it. that's probably not thrue. >> we're just totally making that up. >> the rest of it we weren't. >> this is fact. this is the real faang >> all right, we're taking a break. we've got an opening bell right after this

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let me ask you this, where is it written with all the tax breaks in the american tax code go to corporations and the very top. i think it's enough. i'm tired of it. big corporations and the super wealthy have to start paying their fair share of taxes. it's long overdue. i'm not out to punish anyone i'm a capitalist >> that is the president yesterday announcing once again, jim, the number of large companies that don't pay federal tax. >> well, i mean, look, it's easy to pick on him the raise that they're talking

about raising them too no longer are as competitive in the world. david, you know that one of the things when we cut the rate is we kind of went to where other countries are, and we're going back to where we're not as competitive. someone's got to pay for something. >> and 23 or 21 to 26. there's the opening bell on the cnbc realtime exchange at the big board, bioworks celebrating its listing via spac a long-time cnbc disrupter on our disrupter list. >> i featured them, and they're real, not just because they made a lot of noise and at the nasdaq, the metals company celebrating its recent listing via spac. >> we did not cover dutch -- this is more than double this is a favorite of mine once i told starbucks go buy dutch bros it is a fantastic place to get a cup of coffee. oh, my, it has been the hot deal, and it's what people are

talking about. dutch bro. >> can you give me a symbol on that >> i drink their coffee, i mean, dutch bros. >> dutch, there it is. we got it. bros. >> now you know. my daughter always said it's bruh, it's not bros, dad, but what they do is they have key y kiosks, i went into a dutch bro, i used to go see my daughter in oregon every quarter after i went to san francisco. i went to a dutch bro in the first quarter and then i went back in the second quarter and they knew my drink. >> wow >> that's what i call loyalty. >> yeah. david, don't just -- shine me on. >> that's great. i mean, my coffee guy here in my little cart knows my drink, too. >> u yeah, but you've been there 20 years this guy had been there 20 minutes. so, yeah, you like the x look out, this stock is the darling now, and look at this

thing. this started trading last week this week, they didn't come on they were bumped unfortunately, trying to get them on, trying to steal them from tech check. >> yes >> but this is -- if you've ever had their coffee, they have a coffee that was basically 140 octane for me. i had one around 6:00 p.m., and i didn't sleep for three days. >> that was -- one more day than usual. >> true, yeah. >> as we said, it's -- look at on holdings, above 40 today. it's another 7%. >> why has it been such a strong week for the new issue >> not a tlot of stock, cutting that amount of stock, and the companies, believe it orb not, are very real known growth companies and they're working. look i had weber on last week. weber announced a much better than expected quarter, and it's done nothing if you're looking for growth, weber's a growth stock

we thknow them as a grill play. it is very easy to be negative like everybody's negative. but i saw this dutch bros and i saw on, and i said there's some loyalty out there to companies. >> we still have an enormous amount of companies going public via spac one of the largest -- >> that was exciting company. >> that's a good question. they did use soaring eagle to come public, but ginco, we're talking a 14, $15 billion value i believe. >> why wouldn't they just buy shares. >> they only have a 50% redemption, which by the way, is very low in this market. i've been following that closely, these redemption rates. >> you mentioned it to mr. gensler. >> he's aware of it. >> he said it's an issue. >> ctac is the latest one where you had more than 90% of the shares redeemed. i love that.

it's trading right around 10, they did postpone their shareholder vote from the 16th of september to the 22nd, but again, it comes back to the old minimum cash only 50% redemption, less than they expected perhaps, but in this case these guys are looking at 345 million not clear they're going to get there. they're violate the cash requirement, then you need the company to say we're okay with that that continues to be questioned as well, guys. should it be the company that decides and waives the minimum cash requirement or maybe the shareholders, giving the shoulders a vote on the deal prior to knowing how big the percentage is. we're staying on this. >> what are we doing now iron net? >> what about iron net >> that was the short squeeze. it's down 7 today. >> it is wow. >> you reported on that. >> e we reported on iron net because it similarly had a 90 plus. >> if you own that, how could

you not take. >> far less cash than they'd anticipated. it has captured the imagination of number of traders, jim, maybe even some of the memesters. >> the memesters were out in full force on it. >> remember lidar, lidr, that's down 10% today because it was up yesterday. >> just kidding. >> you had a bunch of names yesterday that got briefly m memefied tnc the metal company. these are all spacs. opad down 17%, offer pad solutions. these things are moving all over the place. >> two unbelievably good companies, real companies doing upstart taking tremendous share, really doing great dock similarity, every doctor i know uses it when you look at upstart, that's ai loans wells fargo went with them that company is so fabulous. it's a benioff company

>> all right, so there you go. upstart and dutch brothers. >> dutch bros, docimity,up start, who needs spacs why do we have to have spacs those are the companies to own. >> dutch bros coming in here >> i shouldn't have mention it had. >> we're watching crypto today, mark cuban with a granular thread yesterday about crypto saying any discussion of regulation has to start with the fact that his view that crypto is not monolithic. he thinks stablecoins will be the first to get regulated he says personally i think regulation built around existing fraud laws is not a bad thing. he says he's open to changing his mind as he learns more headlines that the white house is considering new sanctions that would make it harder for hackers to use digital currency to profit from ransomware attacks, jim >> well, that would be very good because unless they do that, i find the cybersecurity companies i talk to say, look, one of the

biggest problems is there's no penalty if you pay, and yet there's a penalty if you pay ransom for kidnapping. i think that mark is terrific. he's saying that if gensler uses fraud laws and goes after people who rip off others, he's going to support that. and by the way, stable coin, you're absolutely right. he wants more regulation of stable coin. they have rules that they follow or they can't be called stable coin that i think is terrific so i think that marc is representing a view that a lot of people like i have on crypto that we just need to go after bad people, we don't need to go after everybody. have some rule making, don't necessarily prosecute everybody. prosecute the bad guys. >> looking at some of these prices, there's some headlines that we're in alt coin season as minor cryptos take share away from the bitcoins, the eithers and the litecoins. >> litecoin is getting crushed david, i know you're closer to ethereum not doing well and

ethereum is the one i keep hearing people want to be able to trade. >> you're an ethereum guy. >> lock stock and barrel >> yeah. it's been terrific because i sold the bitcoin and bought that farm >> see they're not securities, david. >> right >> now earlier this week we did the have s.e.c. chair join us on that very subject. >> do you have a clip? >> we do take a listen. >> we encourage the platforms to come in, properly register, work with us if we need to sort of sort through whether it's, you know, some of our laws written in bricks and mortar time. transfer agents, i know your listeners aren't thinking about that maybe we have to adjust some things, but to work with us and to come inside to help this market, if this market's going to have any potential, it's not going to long survive outside of an investor protection framework. >> sound like he's got mark

cuban on his side on that a little bittings, right? >> brian armstrong in that interchange, he was ready -- he was hoping to speak with chairman gensler didn't happen. i also thought when he caught gensler doing sketchy actions, i thought that was ill-advised it was ill-advised as that pass by hieineke when he should have run and comes off as an offside penalty. i think armstrong is more ill-advised than the giants coaching. >> i like that everything comes back to the nfl. >> the bradys are good this year >> jim, white house has a statement saying that failing to raise the debt limit could cause a rec recession how much are you thinking about this >> i did a study of this, and you had to buy every time some high official said it would cause a recession.

so i just got the buy signal from the president. >> is that thrrue? >> i know the president says he's a capitalist. maybe he's focused on the work i've done. >> mcconnell said in 2019 that failing would be catastrophic. >> 2011, remember that decline remember that decline? i was at eagles training camp, and i was very worried about team, but a guy who played cornerback who obviously was not thinking about football came up to me and said, hey, this debt ceiling, it's really a crisis. i said market's down 19%, you got to go buy. when a cornerback from the nfl lectures you, go the other way. >> you're not saying we won't witness a game of chicken. >> no, but i'm saying if we go down on this, you have to buy. there will be a game of chicken. we have two parties that are not as important as any business business is much more serious than government. these guys can play this game. it's not going to end up being rebel without a cause where

somebody goes over rebel without a cause, james dean. >> yeah, i know. >> you do? >> well, i'm aware of it, yeah >> jim backus was in that. >> howell was in that? i didn't know that >> yeah, he was. but not marianne or the professor or his wife. >> right or ginger. >> tina louise >> thank you you said that in a way that tells me that you had a bit more of a childhood crush. >> we know what kind of guy he is. >> who didn't? >> not that i recall. >> there's a marianne, beginger debate >> continues to this day. >> did incredibly bell. >> i think we got more ph.d.s on the floor than we ever have had on the new york stock exchange. >> and yet they went and spacced rather than brought a deal what does that tell you? >> i don't know. what does that tell me. >> it says that you didn't need to do a spac it just confuses things. >> it may, there are a lot of

moving parts. >> that was a disrupter from way back they did fabulous things i question whether they needed a spac >> speaking of disrupters, i did want to do a quick faber report on zoom and 59, listen, we talk -- >> and now here is the host of the faber report, david faber. >> that's it you don't need any of this >> it's never going away that's never going away jim. >> you don't need any of us. >> because johnny gilbert's introducing the faber report forever. you can just leave, and i'll talk >> let him do his thing. they still haven't figured out who's hosting that show, just letting you know. >> i just showed you empty chairs doing it. >> zoom went down a lot after they reported those earnings that were not well met by the marketplace. >> no. >> and they had agreed to buy 59, remember, it's .5, 53

shares, full stock deal was it was worth roughly 200. it's not worth anywhere near that it is trading well above what it is near if you were to do the ratio. this is the focus. it's a focus certainly for those who call themselves takeover stock traders or event guys, however you want to call them because many of them are expecting that zoom is going to have to raise the offer in some way, either add cash or add stock. if you were to top it up to 200 again, you'd increase pro forma, the ownership of five 9 shareholders to around 14% that's one possibility they do have cash they could use this morning as i tweeted iss, the influential, whether you want it to be or not, it is, the firm says vote against you got this vote coming up. it's very unlikely that zoom is going to win the vote. >> is the ceo saying anything at f

five9? >> i haven't heard anything from him. >> i thought he was totally on board and would not rock this boat. >> they're including zoom in their -- i'm sorry, five9 in their projection jim, it's not clear that they ran an auction it's trading well below the price at which it was trading prior to agreeing to the deal. if you're a shareholder of five9, you can't vote in favor the widespread expectation they will top this up to bring back value up to roughly the level it was prior to zoom's significant decline, but we'll see maybe they won't maybe hthey'll choose not to. >> are you telling me roe wa didn't try to get best price >> this guy has a background from the transaction is hard to conclude i don't have diadditional reporting on it. i will back off on that and say i don't know >> i didn't think zoom would be down 17% on that quarter >> no, they didn't they didn't. it's a focus call for us as we get closer to that date. one of the larger deals of the year by the way.

>> it's very important zoom needs to get beyond just being a way to be able to communicate. they need call center, cisco has been there for that. remember, rowen is from cisco. >> we talked about some of the upgrades yesterday over at jpm and credit suisse. >> the numbers are going to shock people >> that was credit suisse's point. by the way, two calls we didn't get totoday was jeffries cutting las vegas sands even now. >> very early on that one. >> and then bmo cutting take 2. >> that's a very interesting downgrade. a lot of people feel it's been going down because of nba 2k which is a big game in china china only represents 3% of their growth i think it's going down because the games are late and zelle nick is not going to sell a game

that isn't perfect strauss is a guy who is pro gamer. he's thinking more about what his real customer is doing for being like that his stock has gone from 220 down to 150. even though i think he's remarkable, but grand theft auto is also under fire because of esg. there's a lot going on at take two that is not good even as the company is in excellent company. >> guys, finally, in answer to your question about zoom and five9, the background shows there was no auction it was ceo to ceo. >> it doesn't party they got a market check at all. >> they got a great price. >> 13% premium >> not that big of a premium >> the stock had run up in antic anticipation >> okay. >> who was interested in them besides -- >> you know what, i don't know maybe they don't know either >> you know what, we don't have time for -- >> he's doing --

>> we're out of time. >> all right >> all right >> all right . >> watching equities here, on watch for high volume on this quad witching day. dow's down 20. treasuries today, ten-year 137 getting back to that 200 day moving average after a few days we did see yields drop we will be right back. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. that building you're trying to buy,

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jensen wong, tesla's elon musk among those on "time" magazine's most influential people of 2021 here's what nike cofounder wrote about tim cook replacing steve jobs this almost impossible transition was handled with amazing dignity and grace.

and by the way, in the ten years since, apple stock has gone up 1,000% making the most valuable company in the world and ken frazier. >> no. listen, it's owned by mark he does not interfere. but i think jensen wong is the most deserving, the ceo of invidia, which was reiterated again today. just one more recommendation this thing, i don't think, quits. there he is. he is not 40 he looks 40. he's remarkable. that is a motorcycle jacket. his mother is in the cia no, culinary institute chef and everything -- every time i turn around, there's something new i learn about him. yet, he's the most humble of the executives -- tim cook is very humble too but when you ask people out

there who's smarter than you, it's always jensen i've never heard anyone say antioch. jensen and i call him da vinci. one of my friends over there is saying some people are talking about him be dg vinci. because he's an architect, an artist a writer. think about what da vinci was, right? been the da vinci museum inventor the helicopter and those are things interesting but jensen's invented the metta verse. >> well, facebook's going to own it so, that's good for all of us, for sure nothing bad will happen in the metta verse >> we're going from the metta verse in no time >> why not i'm a hologram anyway.

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time for jim and stop trading. >> just raised numbers very important great stock. smoke. so, anyway, this morning bank of america reinstates william sonoma with an underperformed west elm trees don't grow to the sky. i don't think this -- i think this is going to be wrong. i think it's a shame because i think laura albert's doing an amazing job. and i do think delta is another reason to be in it i would not short or go against william sonoma and laura albert. but mr. haas thinks it's peeked. >> interesting furniture yesterday was up 37. >> she can deliver it's certainly with everybody. but she will deliver

i think it's an incredible model she has. constantly being underrated. once again someone else comes in and underrates it. that's going to be wrong >> all right, jim, how about tonight? >> tonight, i have builder's source and then dr., which will be in reaction to the pfizer meeting this afternoon, where i think that the elderly will get permission to take a third shot. or as doctor said, first he said old and then older and it's very different, old and older, let me tell you >> i'm sure it is. you're not old you're older >> thank you >> we'll see you, jim. busy day ahead as the wndo is down a hundred and we're back to

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and the headline number expected to be somewhere in the neighborhood of 72 comes in a bit light at 71.0 but that's still better than our final read at 70.3 and if you look back, that was the lowest read in ten years now, let's get to current expeck orientations 77.1 compared to 78.5, final read last month and what lies ahead, 67.1. two points ahead of last look at 65.1 the money ball's in truly the inflation numbers. one-year inflation, 4.7, which is higher than last time's 4.6 you have to go back to 2008 to find a higher number, which was 4.8 and five to ten-year inflation at 2.9 equals our last look, which was at 2.9 it isn't the high water mark that was actually may at 3.0 and you had to go back ten years to

2011 to find a higher rate at 3.2. the one-year inflation rate heated oplittle bit. and add to that, 1.37% on 10-year notes. we haven't closed above that number since midjuly and 1.37 to 1.39 that's very key. look at boon yields overseas they hit minuses 26. doesn't sound like a high yield but it's a fresh two-plus month high they haven't closed it that level or higher since july 6th carl, back to you. >> a lot of good information thank you. good friday morning. welcome to another hour of "squawk on the street. rick mentions the 10 year, we're watching that as well. index balancing and looking for booster news later today >> that's right, a lot to keep

our eyes on. in the final days of trading week we're going it start with lucid motors getting a boost after beating tesla in range and bank of america initiated coverage on the stock with a buy rating they're up double digits just since monday and steel planning to build another steel mill in the u.s., with construction set to begin next year, amid strong demand for industrial metal with prices quadrupling since the summer of 2020 and as you can see, shares are down 6%. we're going to end with eli lilly, winning approve for the emergency use of the covid-19 antibody treatment you can see shares down 1% and speaking of the fda, the group currently meeting and debating the need for additional covid-19 booster shots

meg. >> hey, david. what you're seeing from the fda's outside meeting of advisors right now is a look at a presentation from israel some folks from the ministry of health are having real-world data on how vaccines hold up and we heard a presentation from the u.k. and we're going to hear from folks from the fda. we heard from the cdc. and pfizer's third dose. the advisors to the fda are going to vote at the end of the day. but really the question, because this is the first booster application to go up to the fda, it's a broader question of whether the advisors and the fda believe we need a booster shot and who needs a booster shot so, there's speculation. we heard from scott gottlieb

this morning that they could possibly approve it for people over the age of 60 we'll have to see how they vote. then this will go to the fda on whether to approve the third dose of pfizer's vaccine and for whom and next week an outside advisors will meet on how the booster will get used. there's been such debate over when we need boosters, if we need boosters, who needs boosters we'll start to get clarity this afternoon. >> are things like natural immunity factored in as well when we talk about herd immunity, it's very much missing from the public conversation right now. i wonder how it's being considered in the scientific discussions? >> that's a great point, morgan. i think people feel natural immunity needs to be taken into consideration better as to what

the models are looking like. the scientific focus is on how well the vaccines are performing in the vaccinated. is the protection against severe disease wayning and for whom and over what period of time that will be how they decide whether a booster shot is justified. they have to weigh whether it's safe and effective as well >> cdc saying this morning it's hard to tell whether it's reigning immunity or something regarding delta as well. meantime, the fed chair ordering an ethics review after several fed presidents disclose the milt million dollar investments. hi, steve. >> good morning, carl. amid an out cry officials trading securities, an in depth look found three fed officials, who last year held assets of the same type.

boston president, rosengren received mutual investment trust. for he made 37 separate trades in 20 twen the fed last year purchasing almost $700 billion. he announced he would stop trading while he's president and sell shares. robert caplan, actively traded individual stocks, those are actions that he would take a spokesman for rosengren, said quote, he made sure his personal saving and investment transactions complied to what was permissible under federal rules. and the fed received municipal bonds. they were a small part of his overall portfolio. they were held while the fed last year bought $21 billion in minies, includic in the state of illinois, where he held bonds.

powell had no say over the fed's individual bond purchases and no say over theinvestments in his family's trust a fed ethics officer found the holdings did not violate the ethics fed rules and barkin held between 1.35 and $3 million in bonds in 2020, and last year the fed bought 46 billion of bonds overall none of the holdings or trades appear to be barred by fed's ethics rules but the question is should they have been barred from buying -- the fed's code of ethics, quote, officials should be careful to avoid any dealings or conflict that should be even an appearance of conflict of interest between the system and the public interest.

and saying cnbc that if such fed actions are not dprens tagainst the rules, quote, to think that such trading is acceptable because it is supposedly in compliance with fed policies, shows how insufficient they are. and quote, permissible financial holdings by senior financial officials. guys >> we talked this over with richard fisher a couple of weeks ago. one of his general points is sometimes you have fed officials, people with means with money they likely came from finance. but you want those finance experts to balance out the academics. how fair is that discussion? >> i think it's a point for sure i don't disagree with richard fisher lightly what's more important here

think about yourself, carl you're at cnbc, which has tougher conflict of interest rules. if you were covering the a automotive industry and you had a portfolio of automotive stocks, would that be an appearance of conflict of interest it's appearances, actuality. i think the are plenty of people who would live by tougher rules and still take the job >> thanks for joining us on the latest as we head for the break, here is a roadmap for the next hour, including spacex's historic launch, continuing to orbit the earth as we speak. plus the newest nyc listing, ging go blowworks goes public. and why mark cuban says crypto regulation wouldn't necessarily be a bad thing

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qs it copts to orbit earth now in the second day of this historic space flight. and mission specialist, chris and hayley arcenaux.

and reaching altitudes of 556 miles. it's been decades since that's been reached by humans they've been busy, including speaking to children at st. jude's research hospital, in for which this mission is making money. and last night's giants/washington game paid out for st. jude and other billionaires taking to twitter to offer congratulations, including richard branson, jeff bezos, whose tweet was his first in more than a year and a half, actually and will ring the closing bell from the nysc from orbit and sometime on sunday, this is going to depend on weather and splashdown conditions, inspiration 4 will return to earth and land off the florida coast. well continue to keep an eye on that, guys

>> for a while there we had 14 people in orbit. crazy. >> i'm glad you brought that up. it's the most people ever in space. the three chinese astronauts, that water part of the head count, returned from the chinese space station mission earlier this morning but for something like 24 hours, it was a new record. >> i know you mentioned morgan stanley note yesterday but they said this is a step towards space hotels, space restaurants. do you see it as that dramatic and if so, are we all going to need billionaire ben factors to visit them >> at least to start trrls and the nasa administrator talked a little bit about this ta this idea of commercialization of low earth orb some time in the coming years, the international space station is going to reach the end of its life and you have multiple companies building out their own space station concepts right now and developing them.

some privately and some in tandem with nasa it does speak to the idea of continued and perhaps more colininization and not just earth orbit but the moon i think this is closer than most terrestrials realize >> during your interview with isaacman, he brought up with costs for other things that came down dramatically for the '80s, for technology we would never imagine would be as cheap as it is now >> look no further than an innovation like gps, which we all use and depend on, on a daily basis. and so many aspects of our lives. that came from some of the early investments and innovations where space is concerned the other piece of the puzzle for this mission is all the health and meddical experiments and research they're doing as well that's expected to further

information and capabilities for future people who go to space and are on orb there's an expectation there will be capabilities to be gleamed for medical care and treatments on earth as well. >> mining you talked about >> asteroid mining >> we're going to get there eventually we'll watch it this weekend. as we go to break, avis budget group adds to the year end gains of more than 70% and tracking the best week since november they upped the stock to buy 125. as stocks go negative for the week, across theoa brd with directv stream, i can get live tv and on demand... together. watch:

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i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind?

yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. more on that breaking news from the white house and that debt limit >> it's good to see you. this is a memo that was circulated earlier today, warning of the economic consequences the country would face if the debt limit was hit and those are exhausted, which the treasury secretary said would happen next month. in the memo this morning, the

operative line is where it says hitting the debt ceiling would cause a recession and the labor market could lose millions of jobs and the white house notes that certain state programs like disaster relief, child nutrition programs and more would see their funding effectively halted if, in fact, the united states could not make its obligations, if in fact the debt limit is failed to be lifted. we spoke to the minority leader earlier this week. he has urged democrats to go it alone to figure out how they could potentially raise the debt limit without any republican support. we're waiting to see exactly what the white house will pursue, as far as a pathway on that front the white house is trying to say, thugter side of the aisle, there's a recession at stake, if in fact, you don't get on board. >> thank you now, for our etf spotlight we're taking a look at crane

shares e trk, if, cay web. kweb and one group you see a lot. pinduoduo. the founder has lost $27 billion this year. amid the crackdown on technology companies. we're joined by kweb's chief investment officer what do you tell investors or perspective investors, given every day seems to bring another negative headline from the china's governments broad attempts to rain in technology companies in the future? >> we believe it's possible we're getting to an end of implementation of internet regulation there's very important meetings around senior leadership retiring

those changes begin in november and that might explain why we've seen an implementation, a short window at the same time we've seen the internet security law go into effect in september, as well as the first information protection law in november. maybe we're getting to the end of this. we certainly hope so >> assuming you're correct, do you have a sense as to how the profitability of how many of these important chinese companies are going to be impacted >> this far, the q4, 2020 financial results, which we got in february and march were quite strong the q1 data in may was quite strong the august q2 data alibaba, 34% revenue growth. 10 cent, 30%, and the price action doesn't agree with that statement that these companies

are still doing well but we think it's been the implementation, the lack of transparency that's led many investors to the sidelines we need confidence that we're at the finish line or close to it to come back the names >> we've been hearing about that finish line and it keeps moving. to your point about the performance of the companies, they've committed what 15.5 billion towards common prosperity that's got to be coming from somewhere, right probably from shareholders' profits? >> sure, they have cash on hand. at the same time, alibaba's been increasing from and every day buying 200,000 shares. and boughto bought back stock since april 1st. a little company, called joy,

announced they're going to buy back $200 million. they have more cash than the cash market of the company i think if they felt they were going out of business, wouldn't they be hoarding cash? we think it's a sign of confidence from them why would they buy their stock back >> i mean, $300 billion in debt, on the brink of default. there do seem concerns that could have broader ripple effects to china's economy, to markets there. to also how this crackdown with regulators continues to play out. >> i mean, evergrand's been the company with nine lives. they always pull something out of the hat and i think ultimately, ever grand is too big to fail several years ago, we had companies like ang bang that were going toby the first domino, lead to a collapse of

the china financial system those companies were broken up, debt distributed and we're likely apt to see the same thing around evergrand cnh volatility has been really low. i hthink the market was really concerned about evergrand going down, you'd see cnh volatility increase significantly that's not the case. >> well, always good to hear the other side there because it's been a fairly negative message, i think, that the market has been sending thanks for joining us. >> well, after the break, ginkgo bio works making its debut on a spac deal. ♪ ♪

♪ ♪ ♪ ♪ ♪ ♪

♪ welcome back i'm rahel solomon. and here's your cnbc update at this hour. groups of people who walked into the rio grand to go to the u.s. are going back to mexico they say they're going back for essentials that they're not receiving at a makeshift camp on the u.s. side. many are from haiti. boarder patrol says it's increasing staffing at the site and providing drinking water, towels and portable toilets. supporters of russian opposition leader, navalny say they've removed things to help antiputin people and there may be lingering

flight delays after a delay of the computer system for united shutdown for 45 minutes. ginkgo bioworks is in the green after the closing of a s spac merger, one of the biggest to date. and also a former cnbc disrupter. congratulations on going public. let's talk about the company itself ginkgo seeks to make programming itself as easy as programming computers. sounds exciting and hard >> inside every cell, plant, animal is digital code in the form of dna. not zeros and ones like a computer, but you can read dna sequencing and write it with dna printing

so, at ginkgo we have a 200,000 square foot lab where we read and write genetic code we program a cell, we get a portion of the sell. >> and with many bio techs, i think historically, you create a product or suite of product and you patent them. you're taking a more horizontal approach more like aws or cloud players targeting a variety of industries >> 100%. the model is stolen from tech. i think that's why we're with, $1.6 billion, is a biggest bio tech to industry it's not a drug. it's like an operating system or an app store the idea is if we're successful, all those apps should ultimately run on ginkgo's platform >> so that business, the

self-programming business is basically your so-called foundry business and you have another one focussed on bio security, tied to covid, and schools. that's been growing particularly fast so, how are you looking at the growth of those businesses, not only for the rest of this year, but beyond how sustainable is that piece of the business >> it's a good problem to have we've signed more than 400 million contracts with states around the country around k 12 testing. if we're going to make it as easy to program cells, as it is computers. just like google would invest in bio security, we should. and what covid has shown us is we're not prepared for this sort of thing we just announced a partnership with one of the big vaccine manufacturers, where we gave them a program cell. ten fold

and so, we'll get royalties on that, like we normally do. but it speeds the sale for bio security so, the pandemic, at least for now, continues to be a growth driver. in terms of looking across the broader platforms, where do you see the other greatest growth opportunity? >> i think you'll see us do more in therapeutics. but if you look at the kind of project ginkgo does, we worked with a company called cronos in canada that makes can boyd we work in animal-free meat, antibiotics. the range of places you can apply this is broad. the thing i'm most excited coming up, start ups, small companies. you should be able to launch a new company on ginkgo's platform and we'll do the bio tech and you can commercialize. that's what motif did.

they're expert food people they didn't have to have any biotech people ginkgo handled that. so, start ups is where i want to grow >> hey, jason, it's david beck here at post nine. i read lou the risk factors and we should point out they're just that many don't happen but you have to list them nonetheless, it's not often you see one that talks about malevolent purposes from third parties who gain access to some of your engineers cell materials. how big a concern is that? because it sounds pretty scary >> i think there's two halves to this one is like the software industry that needed to deal with piracy. because it's easy to copy software i think as you see more cell programs in the world, you need more legal structures to make sure people can't pirate it

the reality is we're entering the age of bio technology. ginkgo is a moment this is a moment for synthetic biology, for programming cells that's going to come in our lives and we do need to invest in bio security. it's nice. it's like cyber security happening before the internet. instead of having to catch up after the fact, all of what we're building up now will help us with those problems >> speaking of bio security, there are those that believe covid did come out of a lab in wuhan accidentally, perhaps, or most likely. what do you think? >> i don't know. i think it could have been an accident, could have not i don't think it was engineers i think that's definitely not the case >> as far as the foundry business, how do you get there >> basically increasing the number of programs we ended last year without 50

cell programs for customers. we just um updat that to 30. and by 2024, add 500 it's about adding new programs on to the platform it drives our cost down. boss the facility in boston, it's like intel or ford. the more of the work we do, it's cheaper. this is why people are moving to us that's the big way we hit those numbers. we keep riding the cost curve down >> and you mentioned -- it's like you have start ups, i know you're excited to get on board the platform it almost becomes bio tech or innovation as a service, if that's a way to think about it >> take this project, a one-year project to program that cell if we were doing that work with a customer, we'd often get paid fees, like amazon would for usage to compute and at the end, we give it to them and that's when the app store revenue kicks in

so, now we get a royalty that pays 100% margin. those are the two halves of it helps offset and make the company more solvent in the near term to bring in cash on r&d and where the real value is, is through the app store. >> stock's up 19%, you've raised money through this profit marger where does that go >> we want to invest more in building out scale in the platforms. one thing that's cool about this today, it's a moment to tell the public about programming cells we put a dinosaur on the outside of the stock exchafg one of my kids hit the bell today. we grew up knowing it's wonderous. and then we get told it's not important. er for it's not computers. it's biology and trading dna and being up with the scale is awesome. >> jason kelly, thanks for joining us today

and just a reminder we mentioned it before. er for it's a 12th company to make the market debut since may. subscribe to our weekly news letter slash disrupter news letter morgan >> as we head to break, let's give you a look right now. one of the biggest laggards from the s&p. and you can see led from the continued licenses coming up in 'rba aerhi wee ckft ts.

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mark cuban saying in a tweet "personally i think regulation built around existing fraud laws isn't a bad thing. it will require proof of authorship and identity but won't slow anything down it will open the door for more people to confidently use crypto welcome. good to have you this morning. i know you've held a conference on this. you've talked to ginsler on our air this week. are you seeing regulation come into focus a little bit? >> definitely. first off, good to be here thanks for having me on. at our crypto conference this past week, we had around 15 protocols come on. it was top of mind what we heard from investors and from the companies themselves most felt we're going to see regulation come into focus and we're going to see more regulation i would say most that presented,

emphasized that they believe regulation, at least in the u.s., will be more middle of the road but won't necessarily be so restrictive as to drive innovation outside the u.s i think that's sort of the way these companies are positioning right now, whether they're private, whether it's public ones or decentralized ones i think they're anticipating a more middle of the road policy but definitely that we will see some regulation. >> one of cuban's points was that stable coins might be first in line in terms of the spanking machine. >> i think stalk coins and defy are both areas that regulators have called out and drawn a focus on but i think it is important to differentiate some of the off shore stable coins, which have had more regulatory focus than some of the on shore ones that do follow a more regulatory

compliant manner i think there's enough in the coin markets that i don't think we can look at them all the same because they follow different regulatory procedures. there may be ones you see regulators go after more than other ones, which have been, for the most part, following the regulatory procedures that have come out >> in terms of investing opportunities, there's been chatteder about technical resistance on the big names, like bitcoin there's talk they're losing shares to alternative coins. is the general sense, where you are, that lesser known coins have more upside at this point >> it feels that way, right? so, the last two months you saw a real run in markets. a lot of layer ones that were competing have done really well, in terms of price appreciation for the token. you are seeing a lot more investment flow down the stock

into the some of the smaller alt coins. that's what we saw with the conference as well whether it was companies that facilitate lending, do trading, institution, over the counter trading. you're starting to see, not just retail folks but retail investors start looking at the points and moving away from bitcoin and etherium and you are seeing some of that share slip as some of the institutional investors get comfortable with other platforms and as keep digging deeper and deeper into the ecosystem, there are other opportunities that start looking attract attractive you are seeing a little bit more liquidity in the alt coins than you saw a year or a month ago. so, it's making that side a little bit easier for institutions to get involved in some of the smaller ones

>> you can buy the coins, trade the contracts. there's the other opportunities, right, whether it's buying stocks that affiliated or associated with bitcoin or other crypto currencies or a coin base or microstrategy or etms i guess, looking at the broader emerging industry and infrastructure, where do you see the greatest opportunities >> look, it depends on what areas they're looking to get exposure to. we cover coin base we have a $120 price target on the stock. we think it's an interesting opportunity in the equity markets. if you want exposure and want to own the tokens, there's interesting opportunities in there as well. you can look at layer ones that could bow the next etherium. probably value there even though there's regulation concerns within defy, there's opportunity concerns within defy

those areas are going to be interesting. and then in the equity markets, we still think coin base is an interesting story. they're broadening beyond exchange services. this past week you saw them move not -- moving into crypto derivatives as well. >> it's really getting interesting now, john. appreciate that. please come back often joining us from neatm. and coming up, don't miss new fed check, ellen pao check on the markets we're down 2 on on the dow back to the 50 day on the s&p, as the repeated play book on tis pyi o noponislangutow

we raised $137 million from a guy coming from the army, this is a lot and that gives us for the next 18-plus months, and i believe our stock will be much

higher at that time. so if we need to raise money we can raise it so i think that's a good thing i know some of the companies i think regretted not coming in especially when the stock rose i think that's an artifact of the amount of float and other things we have a tremendous opportunity just in what morgan brought out, what the future of cyber security so i'm a huge optimist in this area >> that's general keith alexander, the co-founder and co-ceo of iron net who joined us a few weeks ago when the company began trading publicly after its merger -- its spac merger, i should say ironnet reported earnings and said new customer momentum has been strong and, quote, the explosive increase in adversary activity spanning industries and geographies is unprecedented i mean, but in general, this stock has been all over the map. it's down right now 16%. but it's been all over the map >> up dramatically from

yesterday. the question he was answering was from me, something we've been focused on, the redemption rate 93% of the shares went away, they were redeemed leaving 1.17 million shares in the float. that's it. and that's a key reason why that stock has moved so dramatically one way or the other there are so few shares out. he did answer the question as well which is about minimum cash requirements starting their life as a public company with a lot less cash than they might have anticipated given that high redemption rate, morgan. it comes back to the public float which is extremely small >> yes and also gets to a bigger story you have been covering, some of the companies that had been going public and covering their spac mergers in general have seen these high redemption percentages. a space name, similar story. >> i did one today, ctac as well

gingkgo bioworks you would say that's very high now as you pointed out $1.6 billion is what they'll be starting with, one of the largest spacs going but a trend we have to keep track of it is important to the after market performance meantime, it is hispanic heritage month we will spotlight cnbc contributors, business leaders and our own cnbc employees the most important financial advice for the next generation of latinos is to make sure that everyone within our communities is financially included. latinos are among the least served communities, so we need to make sure everyone has an account from which they're able to be included in the financial system where they can save and create a credit history and make better progress that is open, more inclusive and better for the future for everyone. 're going to like it here. umm, why is everyone...

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in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ welcome back to "squawk on the street." we're joined by robert frank taking a look at the race to sell stocks and property before any increase in the capital gains rate takes effect. robert >> reporter: good morning,

david. it is the $50 billion question -- when will the capital gains increase take effect president biden, democrats in the house and senate have all proposed an increase in the capital gains rate on high evers. the president wants a rate of 39.6%. the house 25%. a bigger source is the timing, and that has created mass confusion for tax planning president biden announced his capital-gains tax should be retroactive to april that's when he announced the plan the new house plan september 13th that's when its plan was released kevin brady, the top republican on ways and means saying on cnbc that, quote, no decision has been made. meantime tax advisers say some clients are racing to sell stock, companies and businesses hoping for perhaps an even later start date after the bill passes others are looking at all of their sales between april and september and just trying to figure out what the heck their tax rates will be.

all of this matters to the government because a tax foundation analysis found that if the capital-gains tax takes effect on january 1, 2022, and investors have all this time to sell beforehand, the revenue from the plan would be $50 billion less so, guys, a lot at stake here yet to be decided. >> yeah, a lot of negotiation yet to come, too, right, robert? including the effective date, the effective rate itself which is dramatically less, at least in the house version, versus what the white house was looking for. >> reporter: that's right. the house version all in when you add the 3%, the 3.8% net investment income tax. it's 31.8 versus biden's plan all in would be 43.4%. a huge difference there. and we haven't even heard from the senate so lots to be negotiated the time one thing investors think they can control in the meantime is the timing of their own sales.

and so that's why there's a lot of discussion and confusion from investors from asset holders >> robert frank, we'll continue to keep an eye on it thanks for bringing us the latest we're going to get a check on the markets here as we are near session lows with the dow down 200 points the s&p down about .75%. it is quadruple witching day, david, and we have that quarterly rebalancing of benchmarks such as the s&p 500 later today as well. all of that means the potential for a lot of volatility as we are seeing >> which september often brings. >> that, too >> volatility as well. we are right in the middle of the month here that we have seen in the past certainly typically ends negative more often than not, i believe i think i'm hearing mike santoli telling me that. it's been a tough week looking at the big mega cap all

down over 1% >> all the major averages poised for weekly losses as well. that is going to do it for us on "squawk on the street. "techcheck" starts now ♪ good friday morning. welcome to "techcheck. i'm carl quintanilla with jon fortt and julia boorstin coming up this hour strange comments out of instagram on the dangers of social media. it'll get an explanation of that backlash coming up plus, mark cuban wants to make crypto a little less anonymous his take on why regulation built around existing fraud laws makes sense. later on elon musk kisses up to china. morgan stanley's adam jonas

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