morgan >> okay. meg terrel, thank you for bringing us the latest. quick check on the markets to end the hour here the s&p down ever so slightly. the dow basically at the flat line the nasdaq, though, slightly higher that's going to do it for "squawk on the street. "techcheck" starts now ♪ ♪ happy tuesday. welcome to "techcheck. today, the story was going to be a bounceback from yesterday's selloff, but that bounce has disappeared. all averages in the red or just about a flatline we're looking at semisoftware, big tech versus small and what moves kathy wood made to rebalance her portfolio yesterday. what should you do or not do in this market? we will discuss. then, exclusive with the ceo of cyber security giant

crowdstrike, as that company's stock quadrupled since its ipo finally, a check on apple. reviews of the iphone 13 are out today. ios 15 out, too. what apple's newest hardware and software will mean for the company and the stock. >> jon, we'll start with the continuation of this week's selloff. dow is down 40 points giving up all of their early gains this morning. that early rebound now completely wiped out our senior markets commentator mike santoli joins us with more as we watch to see if the nasdaq turns red mike >> karl, unfinished business yesterday's final half hour, rebound might have stolen the usual next day bounce from pretty stretched conditions to the downside take a look at the semiconductor etf. what's interesting about the sub sectors of tech relative to the s&p 500, the big news yesterday and friday was that the s&p 500 kind of broke below its 50-day average. it stayed there for a couple days that's the first time in ten months the semietf is sitting right on

its own 50 day and you see it really hasn't gone back that far in time. still above the august lows. still in more of an up trend than the overall market is same is true for the nasdaq 100. also take a look at the software sector very similar the magnitude of gains year to date is on par with what the s&p is doing but the gains came more recently and you see that that actually is well elevated relative to where it was trading mid summer or so. also, above its 50-day average does that mean there's more air under these sectors to come out and rotate out of? that's one of the questions probably look to answer as we try to gauge the caliber of the attempted bounce this morning. >> thanks. i'll pick it up there. and kathy wood is known for aggressively rebalancing her etf's, selling her winners and using that cash to buy what she sees as undervalued. kate rooney has those details for us kate >> hey, julia. kathy woods arc invest swooping in to buy more high growth tech

names or really beating down on yesterday's selloff. robinhood was one of the biggest. adding more than 400,000 shares of that trading across two different funds innovation and fintech fund coin based meanwhile was another. ark bought a total 96,000 new shares of the crypto exchange. ark also buying up more ui path, zoom, roku, blade and pagerduty. and did profit taking as well. sells were a lot smaller but shedding shares of intuit and 2,000 shares of amazon investors have been rotating away from a lot of these high-flying names especially this week amid some of the fears of rising rates and potential economic disruption out of ever grand and china as a result all six of ark's etf's down an average 3.6% to start the week flagship innovation etf seeing the deepest losses and so far this year only two of her etf's

are in the black you can see they were rebounding a bit today, though, but moving around with the broader market wood is keeping her conviction on a lot of the high growth disrupters she said at a conference last week, quote, removing to the other side of the cycle. she thinks the market will start rotating back to growth and innovation guys, this is textbook cathie woods. known for dip buying and lot of down downturns. retail investors look for her play book for any guidance after ark innovation fund returned roughly 150% last year back to you. >> kate, we always turn to you regarding crypto on squawk box we think of crypto as an alternative to a lot of assets at least the tethered part of it and the seeming connection to some parts of commercial paper and this case china, does bring some kind of macro exposure i wonder how interesting you think that is. >> absolutely. that's something that was coming

out throughout the day yesterday. we looked at the crypto and bitcoin selloff specifically it seemed to be sort of a move away from growth and the other thing i was hearing little later in the day was that people were worried about tether so they said from the outset, we don't have any exposure to ever grand. the commercial paper is not backed by ever grand, but they don't say exactly where in china the commercial paper is. they're backed by majority commercial paper out of chi that we don't know exactly where. of course, if you guys have been reporting the past few days here, ever grand is tied to a lot of the chinese banks traders i talked to say this is a potential risk for crypto markets. a lot of traders use tether to get in and out of bitcoin and other crypto currencies. if there's some sort of fear of contagion, that's what i'm hearing a lot of they say, if people decide to try to redeem tether, it could spark fear. that's one of the themes playing out this week. >> yeah. well, always throwing us curveballs, kate, thank you. kate rooney. stick with the market action today. is today's selloff just more

opportunity? web bush securities head of technology and media trading joel kalina joins us this morning. i would love to know where you head is with tech. whether or not -- you make the point looking for reasons for selling off for a while here but when you combine the ever grand worries with sort of pandemic trends, seasonality, valuation, are we at a true pivot here or not? >> i think it's a little too early to make that bold prediction coming out of this summer and after labor day, you saw a clear cut shift in mentality from the investment community to some degree it kind of feels like the apple epic rolling back on september 10th may have been the straw that broke the camel's back. we know that apple did a lot of heavy lifting to the major indexes in late august, early september in the face of deteriorating technicals under the hood and now it's kind of triggered a little avalanche of selling pressure i think once again the crowd kind of slowly but surely coming out of the summer went all in on

tech and here we are only had a 5% correction off the highs. this is the third one we have seen of that magnitude over the past 52 weeks. so nothing to be overly panicked, but i think you're crazy to think that the tech sector isn't facing head winds heading into year end and whether it's we're past the peak pandemic, valuations are relatively lofty and you're seeing pandemic tail winds slowly but surely continue to fade in the face of difficulty. >> i do wonder long-term constructive tail winds that might come into play the on going reinvention of the i.t. office in hybrid work when it's enterprise the consumer shows evidence they're willing to spend even though they worry about supply chain inflation. how much of that comes into play as we get into the q3 and q4. >> >> yeah it will be extremely interesting. we're coming out of the bulk of the conference season. at least for tnt, most part of it it's been mostly constructive in terms of demand trends

especially for the software cloud complex. but you know, you have to look at what we've been seeing. you had another three or four mornings last night. granted they're coming more from the industrial sector. every airline on planet earth has cut guides at this point something to keep an eye on. we know the supply chain issues and headaches aren't easing any time soon. you're still seeing warnings from the automotive oems about shortages lingering well into 2022 so, i think at least from a tech point of view, you really want to keep an eye on what the semiconductor companies say regarding inventory build and supply and demand dynamics and then looking out, consumer tech hardware, names like logic tech, hue let packard and dell and how they're disrupted by the supply chain disruptions which will lead to continued revenue short

falls as well as potential margin head winds. >> joel, with all of those head winds in mind, which of these companies do you think are best positioned over the longer term as you look at these different sectors? >> i think you hit the nail on the head take a step back, longer term, i think the semis is where you want to be you keep it simple the chips had been an absolute beast over the past three to four years and there's no reason to get off that train quite yet we know investments from the big three until samsunk, aren't slowing down soon. china continues to ramp up their investments as they want to become a lot less silicon dependent on the western world even further down we look at the foundries. you're continued reports of price hikes from taiwan semi and samsung as well. simply put, higher price equals higher sales and higher margins.

that's not a bad place to be at the moment face of all the other noise in the market. the stocks i want to avoid are the names the pandemic winners that have been confessing that tail winds are slowing so whether it's peloton, zoom, lodge tech i want to stick to the semis probably the safest place to be. at least within the tnt space at the moment >> joel, a few days ago we said that supply looked good and so did demand i think is interesting when we have a day like yesterday, i always wonder, has anything fundamentally changed really and wouldn't we -- shouldn't we, shouldn't investors have expected a downdraft at some point? is there anything that has changed to suggest that they will be further downdrafts and people should shift their strategy or is this just a gut check, a test to people's resolve >> i think it's a combination of each i think 2021 has been a tough market, especially for the long,

short community. i think you want to be very selective in the horses you want to go with what i'm seeing on my end, declining or non-existent gap for the stocks that haven't done well all year, so here we are, we're pretty much nine months through the calendar year and i don't think you're seeing guys looking at names that have lagged and looking for the catchup trades i think you want to stick with the horses that have gotten you here alphabet, microsoft or whether it's with cyber security complex or i'm more focussed on the semiconductor space. i think this is one to be very selective. it's not going to be a one tide everything rises together. obviously i think you were talking about the ark, cathiewood earlier in the show that's a chart that's done absolutely nothing average down on the kind of names that haven't been working and historically that's just not -- averaging down on your losers is never a really winning strategy so, i think you stick with what's been working and forget about the names that have been

left behind hopefully post pandemic. >> joel, appreciate that very much great to see you good stuff joel kulina from wedbush. one tech stock to watch today uber rising up after announcing revised financial outlook for the third quarter that forecasts a possible even a profit of 25 million dollars for the quarter. this was on "squawk box". >> we're in a mobility business expanding in all forms of mobility on a global basis with very strong margins and now we're proving each profitability the core business is going to hit profitability possibly in q3 and at the same time, we're gaining share based off third party data we're the fastest growing delivery platform in the u.s. right now that's a great combination >> they may be gaining share,

but really interesting also to hear his comments about how prices are going up. yes, that does flow through to the driver, but you got to wonder how those higher prices impact demand when people may opt to get somewhere a different way, take the bus, drive themselves >> yeah, he did say that pricing would ease somewhat in the second half and last week's volume was pretty good as we look for telltales for the r recovery it's hard to talk about youtuber without talking about the discount it trades at. >> we talked yesterday to tony shu at doordash and really wanted to find out what's going on with the labor market he seemed confident? that at least from their perspective. dashers, as they call their delivery drivers, not looking for a full-time job working for them but looking for that occasional, a few hours a week and he said that they're not having trouble finding people. so, we'll see if that flows

through to the other names as well or if there's becoming a bit of a bifurcation even in the labor market even within the gig economy. so let's stick with this volatility taking a look at semiconductors as our next guest says semis are increasingly becoming an enigma. demand has never been stronger, supply never tighter and conviction weakening daily with investors increasingly fearful the peak is near joining us now bernstein analyst stacy rasgin good to see you. >> good to be here >> tell us more about this conundrum that we're in with semis right now. are we going to learn more in q4 based on how supply plays out? >> yeah, we will like everyday we're learning more like i said in the quote you had, it is a bit of an enigma. numbers are going up every quarter, demand is off the charts all these companies are running flat out everybody is still crying about supply constraints throughout

the industry and yet investor conviction is getting worried. most semiinvestors have seen this movie before. they do worry we're getting close to peak. the last three months estimates have gone up something like 15%. multiples have come down, you know, 5 to 10% the stock have gone up but not nearly as much as the numbers. conviction is just waning. it's sort of interesting because, again, by definition mathematically everyday we're getting closer to peak and there's a lot of cross currents in terms of things, good signs and bad signs it's very hard to get a feel for what's going on. but i actually do think it's entirely plausible we could be close to peak for quite a while. most of the companies, the car companies and everybody else are talking about shortages lasting well into next year. this is not an implausible thing. so this is going to look good until it doesn't and we'll see how long conviction can stay here as investors continue to worry about sustainability as we get into next year. >> yeah. i'm hoping we get a lot smarter

on this even next week. >> yeah. >> amd ceo at code hoping to get insight from qualcomm and product announcements from the likes of amazon and microsoft rolling out. just get a sense of how confident they are and what their plans are for these products into the coming year. what would you ask the chip designers, chip makers, right now about what they're seeing q4 wise in their plans for the beginning of '22 >> yeah. so you need to remember most semiconductor companies their actually visibility into what doing is precisely zero. i'm not knocking them it is what it is. what they see are the orders in front of their face. right now those orders are incredibly strong. i don't expect that to change, you know, over the next week or two. we actually just went through a bunch of conferences over the last several weeks by and large the tone coming out

of i think your earlier guest called constructive, that's a good word. it's been very constructive. order patterns are strong. i don't expect that to change the next week or two >> but stacy, as you look at this strong demand, aren't there signs of deceleration saying the pc market. are there areas where you see weakness in the coming year? >> let's talk about a few of these sort of discrepancies. pc sz a great example. pcs have been incredibly strong. we did 250 million pcs precovid. again we did 300 million 2021 on track to do 340 or 350 massive growth chrome books will start to roll over i'm convinced you talk about inventory build and everything, i'm convinced that cpus have been overshipping especially the notebooks by a wide amount i think the last several quarters cpu shipments have been overshipping notebooks by 30%. i do think that if we see anything start to roll over it's likely to start in pc. now, we can contrast that with

automotive and that's been an area where there's been a lot of issues auto semis today compared to 2018, precovid, they're probably 20% or even more higher today than they were if you look at auto shipments, however, they're 10% lower, give or take. there's a massive discrepancy between auto semistrength and autos. the auto vendors are having real production shortages whatever they're buying and they're buying a lot, they're obviously not getting enough of what they need to build the cars right? so you have a lot of these things going on. it's different in every end market pcs is one i would be watching in terms of what we're watching for potentially rolling over >> yeah. stacy rasgon, thank you. we'll see what we can find out as we do more of these interviews carl >> guys, thanks. no advantage for advertising names yesterday. we'll get a breakdown of media's biggest winners and losers coming up next "techcheck" is just getting started.

it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular?

it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.

it's moving day. and while her friends are doing the heavy lifting, finance, hr, planning and spend management jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

social stocks making up some losses after falling more than the broader market yesterday as investors did some profit taking now take a look at snap, that stock up about 4%. twitter up more than 2%. facebook up just half a percent. pinterest the outliar down more than 1%. extending its losses after falling 4% yesterday now just this morning, facebook responding again to the exposes last week in "the wall street journal" claiming it made progress in addressing issues of privacy, elicit content and election interference. announcing that it now has 40,000 people working on safety and security that's up from 35,000 in 2019. now facebook and all the social stocks have outperformed over the past 12 months facebook up about 45%. pinterest 40%. twitter is up 55%. and snap, those shares have roughly tripled. meanwhile, the traditional

media and communications names did hold up better in the broader market pulled back yesterday, verizon ended yesterday flat while comcast and at&t both were just marginally lower. comcast hovering around the flat line this morning. loop capital markets did initiative coverage of comcast this morning with a buy and $71 price target on that stock loop predicting robust broadband growth will continue for come cast driven by expanding footprint of available homes, increased penetration and higher revenue per user meanwhile, netflix has pretty much flat after losing 2% yesterday. new report from consumer research company attest says that while netflix does still dominate streaming time, the percentage of people who are streaming five hours or more at a time is down to 12% this year from 26% last year jon, that still sounds like an awful lot to me.

>> that is indeed, julia and along the same lines, netflix is bringing users to the met verse, but in a way mark zuckerberg's metta verse the game is call eden on earth reviews have been positive or quizzical. it's important to note the app's experimental, possibly still under development. it's posted on occulas as app lab rather than formal app store meaning it hasn't gone through a formal review process. this one is described in one review as being a very loose story and game structure kind of halfway between a game and just an immersive environment. mainly this is just netflix experimenting, but it's got us talking about eden which i hadn't heard of before. >> indeed. we always talk about netflix not

having any other silos they just make stuff to watch but trying to drive engagement and viewing through this new channel is interesting by the way, julia, also the story today about their first free and ad free plan in kenya as they try to drive some in roads into key africa markets. so that's kind of interesting. >> netflix absolutely understands that the primary user growth is going to be overseas the u.s. market is so saturated, but i think when it comes to holding on to those subscribers here and even adding new ones, it's all about expanding the franchises, doing sort of the disney thing, taking a franchise and taking it elsewhere. and i think that's what's going on with this game here but then i think we'll hear a lot more about netflix trying to build its fan base make sure that those fans are really connected to the brands and they have that big fan event coming up on saturday that we're going to have to keep an eye on as well. now, meantime, cyber security crowd strike is up about 90% in a year.

and triple digits since its ipo. is there more room to run? hear from ceo next paypal launching a new super app today that combines payments, savings, bill pay, crypto, shopping and more. we'll continue to watch that story. stay with us that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. the internet wasn't built to be a place of walls. but then the walls went up and choice became limited. until now.

now we're in a new digital landscape of emerging channels, data-driven campaigns and measurable outcomes. welcome to now - the new open web. powered by people-based software from viant - a new standard in media. the upgrade marketers deserve. viant. built for now. ♪♪ (vo) at t-mobile for business, unconventional thinking means we see for now. 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.

in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart.

welcome back to "techcheck" i'm carl quintanilla with jon forth and julia bornstein. first, a news update with rahel solomon. hi, rahel. >> good morning. here is what's happening at this hour draftkings is reportedly making a $20 billion offer to buy entain sports betting company sources tell cnbc the offer is mostly draftkings stock shares are up about 20% on the news draftkings is down about 7%. jp morgan chase adding

another fintech acquisition. cnbc also learning the bank ut bought college planning platform frank. no size of the deal. frank served more than 5 million students since it was launched in 2017. home construction rebounding in august. 3.9% increase was better than expected and follows decline in july although the rise was driven by a jump in apartments being built. singly family construction continued to fall. and here is another reason to start your holiday shopping a little early record backlogs of container ships waiting to unload continue to grow. 72 ships in line to dock at the ports of long beach and los angeles and some carriers are canceling voyages to allow the backlog to clear jon, now 95 days away from christmas. >> that is a few pictures of what supply disruption looks like rahel, thank you now big tech some of the biggest laggards on the nasdaq yesterday, trying to regain some green today. josh lipton has a look at some

of the newest names on a discount josh >> so, jon, it is a better day for tech bulls nasdaq is moving modestly higher yesterday the tech heavy gauge finishing deep in the reds worst day since may. apple now higher as well still, though, about 10% off its 52-week high of course, those new iphones becoming available on friday alphabet today hanging right around the flat line that one of course has surged higher this year, though it is still on track here to break an eight-month winning streak the longest since 2009 for that name the smh, etf that tracks the chips tracking right now for its worst month since march 2020 it is, though, only about 5% from its all-time high joe kulina from wedbush saying that chips are the place to be in his opinion pointing out that investments continue in chip makers are raising prices finally, the video game publishers interesting to watch here, ea is actually tracking now for its worst month since

october 2018 blizzard both about 30% off their highs. andrew over at jeffries says in part recent game delays have weighed on these names act vision blizzard acknowledging that the s.e.c. is investigating that company specifically around disclosures regarding workplace issues they have a buy on all three stocks betting that ultimately new compelling content does get released and sparks strong demand from all those gamers back to you all. >> thanks, josh. now, crowdstrike ringing the opening bell at the nasdaq this morning, celebrating ten years since the company's founding the cyber security firm has seen more than 600% growth since its public debut a little more than two years ago and it joined the nasdaq 100 index just last month. joining us now is crowdstrike ceo george kurtz george, thank you for joining us you recently released your

annual threat report in the headlines are pretty terrifying. why don't you break down what is really different about the threats you're seeing this year. >> well, one of the things that we're seeing with the threats this year is just this speed at which these adversaries are moving in particular, e crime was up massively and 75% of all the intrusions that we've seen are related to e crime one of the stats that we actually gave was something we call breakout time and that is when an adversary gets on to a system, it takes about an hour and a half to move off that system to another one on the network that's down from four hours in the prior year so we're seeing the speed and the impact that they're having all across the globe when we think about ransomware and how devastating it is. >> yeah. the threats moving faster, more of them. you just last week launched falcon forensics for gov cloud how does this fit into your portfolio of offerings and what is this going to enable you to do vis-a-vis the competition? >> sure.

we have 19 modules today i started the company basically had one. we ipo with 10 and add more modules. falcon forensic is a relatively new module that is geared at looking at a system and forensically examining it. and this is important not only for the federal government but also for other commercial customers. it's just one of many modules that we have again it's the reason why we've done so well is that modular salesforce of security approach that we've taken. >> i wonder if you can give us a sense of what's going on, george, with ransomware. you talk about the profit spider here we sort of in the news can sometimes be spotty on following trends, particularly in security we talk about it for a bit, then we don't talk about it that doesn't mean that the ransomware threat or that the persistence has flagged at all has there been sort of professionalizing and platforms of ransomware over the past months >> absolutely. we see this as a service the thing to remember is that the e crime market is very

fluid, very dynamic and very organized. and you can buy access to a particular company you can buy ransomware as a service. you can buy mule service to move money around the interesting thing about ransomware as a service, just like software companies, they're looking to make it a subscription and they also get 20% of the ransom that is created. so they can sell this kit to almost anyone and any ransom that's collected they'll take 20%. so, it's a very well run organization, many of them they come and go, but they're here to stay and they're very persistent >> george, i'm glad we have you on today because there were some headlines this morning about some treasury sanctions regarding some bad actors in the crypto space the president mentioned multilateralism and global coordination in fighting cyber crime today at the u.n i wonder, that sort of partnership between countries, is it a net positive or does it

create complications that gets in the way of good policy? >> i think in general it's a net positive you have to remember on the internet it's not just about the u.s. a lot of these attacks are coming from abroad and it's really just the laws are different. the interactions between governments are different. so, if we can get to a level of cooperation from these governments to help stem the tide particularly in e crime, i think it's a good thing. >> very interesting stuff. it will be interesting to see what happens next in terms of a global unified approach to these very pressing issues thanks so much for joining us today to discuss. >> thank you we mentioned earlier iphone 13 reviews are out some of them aren't so laudatory. hear the tech world's take on apple's newest products next "techcheck" will be right back

we see breakthrough medicines getting to patients in record time. at emerson, our automation software is empowering pharmaceutical companies to accelerate their production of critical vaccinations for the world. emerson. consider it solved. (tennis grunts) pnc bank believes that if a pair of goggles can help your backhand get better yeah! then your bank should help you budget even better. virtual wallet® is so much more than a checking account. its low cash mode℠ feature gives you at least 24 hours of extra time to help you avoid an overdraft fee. you see that? virtual wallet® with low cash mode℠ from pnc bank. one way we're making a difference.

zero-commission trades for online u.s. stocks and etfs. and a commitment to get youk. the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.

how much better is this year's new iphone the 13 a lot of reviews out this morning point to modest upgrades some calling them, and this word is almost only used for iphones at this point, iterative the star of the show's battery

life followed by camera upgrades mostly in the 13 pro mac journalist jo anna stern highlights the new models deliver on battery life but some new feature promises don't hold up she spotlights cinematic mote and push to upgrade perfectly fine iphones to be off putting the most incremental upgrade ever i guess that's not iterative, that's incremental the new cameras are new dramatically comparable. this year's upgrade is only slighter better than last year there's no reason to upgrade from an iphone 12 but coming from an older model you'll notice and appreciate the differences. while we're on apple, the journal reporting the company is in the early stages of new technology to detect depression and cognitive decline. apple partnering with ucla and bio gen to determine whether

data obtained from its devices like facial expression and typing speed could be a signal for health concerns. julia, back to the iphone. i think sometimes as reviewers and i've done reviews before, we can miss the point at the high end, people don't necessarily upgrade from the whole phone every year i don't know if there are a whole bunch of 12 people looking at the 13 unless it's for a very specific feature, like that battery life or like macro on photos something you only get the highest end. i think that's going to determine whether -- especially at the high end apple has a successful holiday season. >> yeah. and i think a lot of people with the 12 probably are already pretty satisfied with the camera the question is whether this camera would be better enough to make them switch but i just have to say, jon and carl, i'm so fascinated by all of these help things apple went from being a communications device and entertainment device and

productivity device, apple is going to be the system for healthcare that you walk around with and carry with you everyday there are all these other devices like the ora ring that tracks sleep but increasingly i think we'll see the watch and the phone together be used to be this sort of holistic health system, carl. >> yeah. we all know tim cook talked about apple's long-term legacy, long after he's gone, being in the health space you think back to the product event last week where the watch was clearly about health and just riding your bicycle, but the cognitive decline bit is exciting and cnet today i see they say the iphone 13 a delightful upgrade some exciting upgrades but familiarity is part of the charm. i think at the high end is where it gets interesting. i want to try that cinematic mode. >> yeah. being notified about other people's cognitive decline is exciting i'm afraid about my own. i downloaded ios 15.

i must say, it's interesting apple is continuing on this mode of asking me what i would like in mail, would i like to have my ip address blocked and notifications, would i like certain notifications not to do. it's one of those relationships where the other person is trying to be very careful about making sure i feel safe you know, so hopefully that paves the way for them in health because they need to be careful with that. >> yeah. obviously we're going to monitor all the high frequency order data and wait time data that the street is interesting in terms of gauging the success of the new model. speaking of apple, b of a talks about the china risk they forecast strong growth for the company despite some of the possible regulatory risks in china. big market for the phone a lot more "techcheck" ahead as the markets try to hold on to the rebound. dow after dipping red now up once again 136 ♪ competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do.

workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices.

or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. what the world needs now... is people. people who see energy a little bit differently. where a switch to cleaner power

means a more resilient grid... with renewables and gas power providing energy whenever it's needed. because seeing a more sustainable world isn't far in the future. we're building it... now. ge building a world that works. the uk's most valuable startup, now rolling out commission-free trading in the u.s. going after robinhood directly don't miss $33 billion fintech company revolut after the break. plus, want to keep up with the latest fintech of course we all do. don't forget to subscribe and follow our podcast wherever you download podcasts. "techcheck" is bk aomt.acin men

the internet wasn't built to be a place of walls. but then the walls went up and choice became limited. until now. now we're in a new digital landscape of emerging channels, data-driven campaigns and measurable outcomes. welcome to now - the new open web. powered by people-based software from viant - a new standard in media. the upgrade marketers deserve. viant. built for now. ♪♪

the s.e.c. launching a wide scale investigation into video game publishing giant activism blizzard how they handled employee allegations of sexual misconduct and workplace discrimination, according to a report out yesterday in "the wall street journal. s.e.c. subpoenaed act vision known for game franchises like call of duty and warcraft. the agency's requesting documents regarding board meeting minutes, personnel files and separation agreements the company reached with staffers this year.

in addition to communications with other senior executives regarding sexual harassment or discrimination complaints by employees. activism blizzard's top lawyer has also stepped down and this morning, julia, it is if employs activision's top lawyer has stepped down and this morning, julia, if not the biggest laggard on the ndx it is one of them >> yeah. that stock now down 2.5% it will be interesting to see what the next shoe to drop is in that investigation mean term bernstein,with the long term. amazon, vase and dark horse netflix. cnbc.com, tech check is back in two. look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step.

see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪ as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. t-mobile is the leader in 5g. we also believe in putting people first by treating them right. so we upped the benefits without upping the price. with magenta max, get our best plan for 5g. with unlimited premium data that can't slow down based on how much smartphone data you use. and taxes and fees are included! you won't get that from anyone else. right now, pay zero costs to switch! and bring your phone -- we'll pay it off up to $800 bucks. only at t-mobile.

♪♪ ♪♪ ♪♪ 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 well, we are no longer in the red. so let's take a look at some nasdaq 100 gainers you can see trip.com, regeneron, who we've had on recently and asml among those names carl >> meantime, john, fintech company revolut announced it will offer commission-free stock

trading in the u.s the uk's private company valued at $33 million now set to compete with the likes of robinhood and square nick, congratulations on this part of your ongoing push into the u.s. and retail trading, but you're taking on some big names. can you talk about your ambitions? >> well, basically, we want to bring trading to the u.s in europe we have more than one million trading companies and one of the large of the breakers in europe and we want to offer our product to u.s. customers. so the benefit of using our product to the likes is offering u.s. stocks and we'll be offering european stocks, japanese stocks and australian stocks and so on you'll be able to trade foreign stocks much cheaper compared to the likes of robinhood >> right talk sort of the process of getting to be. we are now calling the first

global financial super app what is that going to take and more importantly, how expensive is it going to be to get there >> well, ultimately, the trouble that we see in the u.s. so customers have one broker and multiple bank accounts and multiple credit cards and insurance provider and it's inconvenient basically for a new product they have to get onboard with a new provider and they don't talk to each other may bank account doesn't know what's happening with my brokerage account and my insurance account and so on. by providing one simple app with onboarding and within ten minutes i have access to the financial services that they need and privacy for the services is cheaper compared to the other providers. those are the benefits of the right offering >> but, nick, we did just see paypal launch its own one-stop shop app trying to simplify

things and bringing all of its different services into one place. i'm wondering if you see that as the main competition or who you see as the main competition whether it's robinhood, paypal or square? >> the market is very large and it's very fragmented some of the companies will try to have the same financial super app, but at the moment i don't view them as competition it's a $1 trillion plus market in terms of revenues every year and it's very fragmented between bank, brokerage companies and e-commerce companies and so on >> lots of different thing, nikolai which makes you think about buy now and pay later which has models in europe as well as the u.s. or is that not part of your strategy to cover all consumer needs >> well, this obviously is one of the best that we are going to develop in the nearest future

and there will be multiple other things >> and i wonder, do you think that there is sort of a difference in fintech needs in different markets similar to the difference in needs in messaging. whatsapp took off, i think, in europe because of the difficulty of messaging between countries that the u.s. consumer didn't feel as much are you differentiating your offerings based on region? >> so, basically, we do the organization, but the difference as not as large as you think i think the reason why whatsapp took off in europe is because they work for us and it's a game of first move and it's the right thing for consumers. a company that will be able to provide great financial services for every single private line under one app should be

available to win because this is compared to the single-line products >> nik, there's been a lot of back and forth between gensler in the u.s. and other companies surrounding payment for order flow your view on that as a revenue source and whether or not regulation here in the u.s. it provides some business friction? >> as a company offering, stock trading services we do not rely on the floor it is prohibited through regulation and in the future, and we also see the same regulation in the u.s. so our business model does not rely on payment for order flow >> nik, we will watch you closely given the big-name investors and whether or not you continue on a path to what some believe will be a public

offering in europe or in the u.s. appreciate the time. thank you. >> thank you >> speaking of buying now. one more thing here, google is not giving up on the office. the buying a new york office building for $2.1 billion in what will be the priciest sale of a u.s. office building since the start of the pandemic. google one of the city's largest property owners. they paid nearly $2.5 billion for office space in chelsea in 2018 and i believe that's where they have the new store space and that comes as more companies increase their footprint here in new york, julia. >> they're playing it for the long game, john, and we should mention the universal music group, the company built up and it completed the spin-off and it's trade as its own public company and that stock is up about 35%, and we can take a look at vivendi shares, as well,

if we can pull that up, but carl, we see a surge there. >> yeah. fascinating to watch it will be a busy post-market tonight. of course, adobe, stitch fix and fedex. don't forget, cramer has adobe and crm tonight on "mad money" and we'll get to the fed tomorrow at 2:00 p.m. eastern time and let's get to the half. >> welcome back to "the halftime report." i'm scott wapner the state of stocks after the worst state of your money in four months. is it safe to buy the dip or is it simply too soon we'll debate that with the committee as one member is buying today at least one we'll also be joined in a few minutes by morgan stanley's mike wilson who just revised his call on the market and you need to hear that. stephanie link, josh lebenthal and the stocks got a nice bump off the open at 11:00 it was all gone it's coming back a little. the dow is up 141. the s&p is good about 17 and a third or so of a percent and t