their portfolio, david >> yeah, without a doubt of course, insurance a big part of their overall business , as well leslie, thank you. speaking of that broader market, we have the s&p 500 up 1% let's call it right now as we get to the end here of "squawk on the street. it's time for "tech check." good wednesday morning welcome to ""tech check." i'm carl quin tarx nilla we debate the effectiveness of their oversight board. netflix pops and the biggest stock movers straight ahead. later on between the regulatory crackdown and now

evergrande are chinese stocks investable right now an argument for yes this hour with one specific name in mind, john >> we start with facebook as several headlines top our own feed this morning. first is project amplify an in-house initiative at facebook that targets pro facebook stories to news feeds to distant zuckerberg from sca scandals and then the lawsuits, two groups of facebook shareholders suing the company saying they overpaid on the ftc cambridge find from any deposition or personal liability finally, the oversight board not raising the white flag on how facebook treats its so-called vip users. if history is any indication, the board will mull it over for a few months before kicking it back to the company to make a decision of its own. still, highlighting facebook and the need for more transparency and salesforce ceo mark beneoff

weighed in on all of this last night. >> i brelieve in redemption and pardoning and today, wow, it's unacceptable to see this kind of behavior in such a large and important company like that. if you look at what is going on in the pandemic and just the amount of information that is just plain wrong that is on there. it's just, you know, this has to stop >> and if that weren't enough, julia, you have more on these advertising headlines we're seeing, right? >> that's right, john. facebook shares are down more than 3.5% right now and i would say specifically because the company came out and said that it was underreporting the performance of adds on its apple operating system so, remember, apple set the limits and opt out of targeting. they were underreporting ad conversions by about 15% and this really could be a big deal. you know, they have been talking a lot, carl, about how they

would see an impact eventually from apple's operating system change and i think this really is a hint and a warning to investors that the impact will be reported in the third quarter and there is a limit to facebook's breakneck pace of growth and it seems like the operating system change from apple is really key to that. >> yeah, there's the prospect of some fresh ad boycotts which axios has today and details in the lawsuit regarding why they paid $5 billion, john, to the ftc. the ios updates still a story and then this piece with whether or not the shortage of goods at retail because of the supply crunch we have been talking about for weeks means the ad market slows down for all social media this fall. that's one reason why names like facebook are close to a two-month low. convergence of negative press the last 24, 48 hours. >> but, julia, i want to make sure i understand underreporting is facebook saying that they were underestimating the impact

of apple's ios 14 change that it's actually going to have a bigger impact on their ability to target ads in the future? >> well, they have warned about that for some time, john we haven't seen the full impact of it yet because of the timing of when the operating system change rolled out. but what they're saying now is to advertisers, we have been underreporting to you the targeting and the effectiveness of your ads on the apple operating system there said we will work with you to try to make your ads more effective even though there is not a limit how you can target your ads. an effort to get ahead of investors and get ahead in the next quarterly report and also have the long-term plan to try to figure out new ways to target people and make those ads effective even if the apple ios change is going to make it more challenging, john. i think this is the beginning of a longer conversation about how facebook is going to have to

evolve to really exist and thrive in this more privacy-focused world that we may be inching in to >> maybe we talk more about the oversight board, too, which i know john has been tweeting about this morning. in the meantime, chinese tech names have been crushed this summer thanks to the crackdown out of beijing all flirting with their 52-week lows although higher today looking to get in on the bottom but not sure how to play it, our next guest makes the bull case on why jd.com may outperform the rest joining us this morning, raja, interesting and provaoccing it thought here >> the stock was down about 40% year to date back in august when the crackdown really started hitting. but then it had a 30% pop based on their q2 numbers. their q2 numbers were very good. sales on the retail side are up

31% and logistic side 50%. even more important the total order volume per user were up and more people are buying more things on average which is every ecommerce company's dream. but their net profit margin was down 1%. that should be an area of concern but they said very clearly that they're investing into expanding e-commerce infrastructure to lower tier cities, fourth to sixth tier cities this is the reason i think jd.com operates in this really unique space in this entire crackdown environment because they are working to build the retail infrastructure, the automation and the innovation and the grocery wearhousing logistics to bring economic activity into a more widespread region and that is very much in line with the goals that the chinese government has set down in this entire crackdown >> so you do not acknowledge that you're taking on a fair

amount of headline risk that you might walk into the office one morning and find a crackdown related specifically to jd, the way it did to for profit or gaming >> so, this is the most important thing. about a month ago i was here on "tech check. and soft tech and even ecommerce and hard techis biotech and renewables and semi conductors and the things that will build the infrastructure for the 21st century. any time an investor thinks about looking and even xi j jinping gave destringz between fictional growth and genuine growth what is going to build the economy to get the country to the 21st, as a leader into the 21st century and jd has been building

warehouses and people i speak to in the logistic space says their warehouse and innovation is on par, if not better than amazon they've been working, bringing offline businesses online. which, again, rather than displacing and killing offline businesses, their entire competitive positioning is to help bridge that gap and bring local mom and pop shops and local appliance chains and local grocery stores bring them online and provide them digital infrastructure and that's the reason i think jd sits in this really unique position between the hard tech and the soft tech space. >> but, rajan, i understand how this is a different type of company and bridging the offline and online so much risk right now and so much uncertainty what the chinese government is going to do and what the potential fallout would be >> so y would say leaving the country completely and worrying about this kind of risk at any

level it isn't necessarily the most prudent way to approach this again, everything that has been done has been telegraphed. again, fictional growth versus genuine growth and going after things that are unproductive to society versus things that are productive to society. and i actually, i will say the evergrande situation clearly poses a great deal of risk over the next few days, over the next few weeks and even the action the government took overnight, the pboc injected $19 billion into the repo market and a vaguely worded statement they said they're going to hit their next interest payment due tomorrow but only in a domestic local u.n. denominated bond. they haven't said anything about the dollar denominated bond. right there you see in this kind of bailout china is not bringing the bazooka like they did they're bringing a scalpel where they're going to pick and choose

and be more methodical on how they approach this kind of bailout. i think jd is situated fairly well in that approach. >> rajan, the poster child for your bull case here on jd is apple which has massive manufacturing that they support in china and a whole lot of stores and service workers so, that is scene perhaps as providing them a buffer against too much, you know, downside from china but then the poster child for the bear case on jd would be didi, right. similarly it's focused in the logistics space and that movement in cities and the ability to electroify somany o the cars on the road would be positive for the government. i mean, jd could get caught up in, you know, driver pay, driver treatment issues, you know, with that working class push that the government is looking at, right? >> yep 100% agree and china has actually been very aggressive on issues of wages for delivery drivers, working conditions for labor, as you

said didi got caught upin it. didi a big part of the entire crackdown around them was around their u.s. ipo which was rushed and then most of the actions were taken around data privacy issues so, still didi as an entity in building logistics infrastructure and electric car networks is a positive for the company and that's one of those things that it becomes clear that how these companies approach it. because, again, i wouldn't be saying this if jd just out of no where said our focus is on bridging the online and offline gap and building innovation driven logistics infrastructure. but that has been their differentiation from alibaba for the last decade. it is not coming out of no where. this has been their story. >> ice water in his veins, rajan, thank you >> thank you. now, let's turn to adobe moving lower by almost 3% despite the company's q3 results

and beating street expectations and annual occurring revenue is what some investors might be eyeing and topped analyst expectations but not by that much and adobe beating by quite a bit lately adobe still outperforming the s&p this year, julia up next, investing in the media space. launching a new spac he's on the other side of the break. the ceos of squarespace and the $10 billion ipo fresh market

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some media names shares of disney took that hit yesterday now in the green as ceo says expects slowing subscriber growth and low single digit millions to production delays from covid-19, reassuring the headwinds will be, quote, very short term with long-term growth

on track that stock is on pace for the worst month since january. shares of netflix up today reid hastings posted a possible push into one area of sports and didn't bid on the rights of formula one when sold a few years ago and hastings said we would think about it the company announced the entire catalog the author known for "charlie and the chocolate factory" and "matilda. takes their subs for the quarter from $14 million down to $2 million in a pretty tough week from media after the comments from comcast and discovery yesterday talking about being less aggressive near term. >> well, yes, i think what is crucial here is that disney did maintain its long-term targets but they said there have been a number of nearterm headwinds that will mean the numbers they report coming up are not going to be what a lot of analysts have been expecting. hence that lowering of that

estimate of subscriber additions. one of the key ones to focus on here, guys, is the fact that there have been meaningful delays from the pandemic to production you have a backlog of productions and things will start coming out in a more normal cadence next year and a lot of content that they would have liked to have come out in this past quarter that just wasn't ready yet that's something to watch and i think it's worth keeping an eye on netflix and the fact that they don't stop doing these deals. they're investing so much in content, john. they want to have the exclusive, familiar brands like "charlie and the chocolate factory" and wonder what kind of game can they make out of "charlie and the chocolate factory. >> i want to protest on behalf of "bfg. that was my favorite book growing up but, julia, i noticed over the past year in particular netflix and disney converging for a long time disney was outperforming

and underperforming and now coming together and i wonder what you think is going to determine going forward their relative success is it not just existing catalog but building catalog versus having to rely on more of the hit driven performance of current shows. netflix strategically builds whether it is gaming or, you know, buy into other franchises some way to even that out. >> well, look, these are two very, very different companies, especially if you look at just how diversified disney is with the parks. you can't overlook what a big part of that business that is. but look, you know, explicitly the streaming business going direct to consumers and the most important thing right now. i think the growth of that business and the question of how much content say for espn they pull over will be essential and then for netflix, i don't think they're going to be moving into sports all that quickly because what they really want is content

with global appeal and one reason why they were more interested in formula one. for the next year at least a battle over the streaming subscribers, john. that's what we're keeping an eye on all of this, of course, a perfect lead in to our next guest who today is launching his own spac of which he will be chairman and ceo formerly the ceo of cbs at the time of the viacom merger joe ianniello joins us you probably heard our discussion about all the different headlines in the media and streaming landscape right now. why don't you tell us where your thesis is and where your company will fit into it >> well, let me just start by talking about the media, you know, industry in general. i think, you know, what you're seeing is consumers are in control. i think, you know, they want choice right. they want convenience. they want to know the price. so, i think media companies really have to satisfy that appetite and really all of these changes are really being driven

by advancements in technology. so, we are really enriching the consumer experience and increasing the value proposition to them. we jokingly say that there are really 32 hours in a day because when we look at how much time consumers are spending on content, it doesn't add up to 24 hours in a day so, they're obviously, multitasking so i think all these companies are investing in preme i content which drives times spent which ultimately drives the business model. >> and so what is the thesis behind your new spac what type of acquisitions are you looking for? >> so, look, i think for us it's going to be, obviously, media driven the way we say tech media driven so, we have assembled a team that, again, is really unlike any other spac that is out there because of the depth and breath of the team. so, these are colleagues that i've worked with before. they are subject matter experts in their area and really meant

to really derisk the transaction and making sure that the entry point on the valuation is the right entry point and then it kind of grows from there so, think about, again, media in general but tech driven media where technology is enabling, you know, consumers to enrich the experience as i said >> just this morning at the goldman sachs conference bob bakish and he was, you know, optimistic about the streaming space in general but there is this question about whether some of the streaming players like paramount plus and some of the media companies are subscale you're going up against the disney and the netflix of the world. what do you think is going to happen next? will we see even more consulidation? >> i natural there is more consolidation. i don't think everyone will have 200 million subscribers to be

successful i think you have to kind of monitor how you define success and, you know, the markets will ultimately determine the valuation of that. but i think there is room for more than just a few players in that but the premise of really the viacom/cbs merger at the time to put this content together and paramount plus, launched cbs all access in 2014 so, that's quite some time ago so, what we learn there is we started with serving the super fan and then have to keep increasing the content load because the appetite for that content continued to grow. so we knew we had to add more and more content to that offering and, again, then expanding globally i think is certainly, you know, ambitions that certainly we have at our spac we look for companies that are, you know, high-quality companies, the ability to scale and, again, we like the direct consumer relationship because of the data you receive so, i think much more effective in how you program and how you

market to those customers. so, again, i come back to technology is really enabling all of these business models, these options for growth so, i think it's a capital allocation in how some of these large media companies prioritize capital. >> well, we hope you'll come back and tell us about your deals when you do them joe, thanks so much. >> thank you, julia. bye-bye. if you're worried about the disney selloff credit suisse worried it is overblown. rewind on cnbc.com/pro big hour of "tech check" just getting started. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity.

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resetting here near the bottom of the hour i'm carl quintanilla with julia

boorstin nasdaq looking for two up days in a row update with rachel >> strong quarterly results pet food sales and baking products existing home sales fell 2% during august and posted the first year over year decline of 2021 supplies of homes remains tight and driving the median sales price above $356,000 ahead of today's fed meeting a warning from the head of jpmorgan chase ja jamie dimon saying forced into policy moves if inflation doesn't ease >> obviously, inflation is so high that the fed has to do more traditionally and then you can see a huge reaction. i'm not predicting that, but possible they have to do that some time next year. remember, the fed can't always be proactive i mean, sometimes they're going to have to be reactive

>> you are now up to date. julia, i'll send it back to you. >> thanks, rahel out with news on a crypto wallet feature kate rooney is live with chief product officer. kate >> hey, julia, that's right, robinhood launching crypto currency thank you so much for being here >> thank you, kate, for having me >> of course, customers for robinhood have been asking about this product for a long time they talked about it on social mead i a what took so long on your end? why are you just launching it now? >> the customers have wanted it for a while and we have been taking the time, as you noticed. you're right to notice that. for us, three things that have been really important is number one making sure we do this with enough safety and safeguards in this wallets and crypto is an emerging ecosystem and we want

to make sure we can expand the access to the market so that's one reason the second is we're trying to take a different tact here by building it in public. what i mean by that doing a phased rollout and include some of the customers and reiterate on the feedback and share the feedback back and so on. the reason, again, stepping back we've done the same thing for robinhood on the stock side. taking something really accessible, unaffordable for most people and made it intuitive to use we wanted to do the same thing with wallets by the way, the other thing here is that the investors that are in the market are very different from, you know, what you think some morediverse set of investors to qualify women on robinhood platform and invest in crypto we want to make sure we get this right. >> i should have said from the outset you spent more than a decade at google product, engineering there. on the tech side, silicon valley launching products and really

about user engagement and mobile first. robinhood has taken some of that into its own products and regulators, meanwhile, have framed it in some instances and they talk about the addictive nature and the potential dangerous side of making products too easy to use how are you balancing that at robinhood making it fun and entertaining and usable but also safe for customers >> look, kate, i don't think we should conflate accessible design with gameification. when you think about it, again, like i saw this at google first hand the next generation of customers, users, they're visual and actually forget even next generation the rest of the world didn't have the luxury of growing up on a laptop and all mobile first users and need that mobile for accessible design. we should not conflate ac accessible design and intuitive to use and let's not forget what it does. what is the before and after here that there are millions of americans that have been cut out

of the market before and suddenly between zero fee and access and accessible design we have more women, more minorities, more younger people participating in the market. this is the greatest creation engine we need more people to do that >> wild creation for sure, especially in crypto we've seen a lot of volatility in that market chairman of the sec was on a panel yesterday talking about thousands of the crypto currencies not even sticking around for the next couple years. referred to it as sort of the prebanking regulation era. how is robinhood preparing for the potential of some of these crypto currencies not making it and customers potentially dealing with the implications? >> i think like i said earlier, that is the reason we're taking the time even with wallets to make sure we are, as my improv, you know, it's yes and it's safety and accessibility

we're so aligned with the regulators and our customers we want to make sure protection and at the same time expand access to the market and that's the approach we're going to take in crypto. this reminds me as i pointed out for me the power of giving access to an emerging market to a whole lot of folks and let a lot more folks participate in this is undeniably good and how do we do that? of course, we have to make sure we have safeguards in place. in fact, i'll give you an example. the wallet experience rolling out we said, look, we'll take the phased rollout approach and then add safety features right at the get go. a simple example is this multi-factor authentication. basically what it means is that we want to make sure that it's you who you're transacting with when you say you're trying to transfer coins, et cetera. features like this and that's why it's a yes for me, safety and accessibility. they go hand in hand >> robinhood looking a lot more

like a crypto company lately thank you so much for being here john, i'll send it back to you >> thank you. watch stitch fix this morning. a big boost after announcing and up 18% from a year ago you can see those shares up nearly 15% but still 64% off their 52-week high the ceo is on "closing bell" this afternoon at 4:00 don't miss that. "tech check" is back in just a "tech check" is back in just a moment 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. work... hey, rob, you're on mute.

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yesterday market was watching to see if the s&p could hold monday's low. now s&p right at monday's high 44.03. meantime, nasdaq is trying to make it two in a row we've got the ceo of squarespace next as "tech check" is back in two minutes. 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.

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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. ♪♪ welcome back apple's not the only company out with new hardware this week. microsoft unveiling eight new devices as part of its surface event that kicked off at the top of this show the new flagship is the surface laptop studio. you might recall it branding from a desktop they had earlier and this machine 14.4 inch display supports up to 120 hertz

dolby vision and flexible hinge on this. hinges a big part of what microsoft is putting in these devices. you remember the surface duo one of their devices to run that down a little bit more, they have the surface pro 8 out. 13 inch screen and 16 hours of battery life and the one that flips open triple lenses on the camera, qualcomm snapdragon processor which is pretty standard you can edit on one screen and view the photo that you're shooting on the other screen slim pen stylus and all sorts of goodies here, guys all of this comes as we're looking ahead to a holiday season where there are chip constraints for devices. so, companies trying to figure out how they're going to manage those and i think there is a question on how much of consumer taste is going to shift towards the high end microsoft had had this interesting strategy with the surface. they argue they're not competing with their oems, but they're trying to inspire them by

keeping focus on the high end. microsoft up, i believe, let's see, almost 1.5% this morning as that news happens, carl. >> yep microsoft definitely broke 300 on monday when it fell as low as 289 but recovering well above levels from monday and monday's high even. much of the market is. interesting, guys, as we keep our eye on some of these photos rolling in at the surface but, julia, we talk about hardware. this is a big week for it. even as today goldman, for example, named some top ideas on semis because of the crunch john was just talking about >> yes, certainly the semi conductor crunch is going to be the cloud overhanging potentially the whole, the whole hardware business this holiday season but i also want to point out something we haven't talked about which is that facebook unveiled some new portal devices. these are its attempt to have something that looks a little bit like an ipad and designed for video calling so, carl,

interesting to see if now that they have a portable one does need to be plugged in. they get a little more uptake. meantime, guys, a $10 billion cloud company going public this morning trying to challenge the likes of salesforce and oracle. the ceo of freshworks will join us with a 60% gain at the open us with a 60% gain at the open we'll be right back. that's decision tech. only from fidelity.

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pot stocks on the move as the house passes the safe banking act with canopy, tilray and cronos among the movers and part of the defense authorization act would allow banks to do business with marijuana companies without penalty and goes to the senate where its likelihood of passing is unclear comes a day, julia, after amazon in a blog post doubled down on its support for reforming u.s. cannabis law so, busy week in the cannabis space. >> that's right, carl. and, meanwhile, squarespace is taking aim at companies like shopify announcing new ecommerce products include tools for enterprise video creation and etsy and selling access to online classes and tools to build and bolster social media presence for users and this comes as the stock has seen a bit of a roller coaster since its ipo in may more or less flat after its highs earlier in the summer.

joining us now squarespace founder anthony casalena interesting to make squarespace a one stop shop. tell us about broaden the universe of people who want to use your tools or generating more revenue from the customers you already have >> sure. thank you havefor having me. today we're celebrating a few new product launches and updating, sharing some updates for our existing products and really share our positioning right now which is that squarespace is intended to be everything to sell anything. so we're known as a website provider and we've been offering ecommerce tools for the better part of a decade what a lot of people don't know about squarespace you can use it to book appointments and sell access and book reservations, do to-go ordering and leaning into that notion of multi-motor commerce and helping creators transact and sell no matter how

they might be doing it a big opportunity out there to empower many ways of selling online that go beyond selling physical goods >> certainly selling digital access and content as well as the physical goods but tell me about this competition to shopify, such a leader in the space. how do you seeyour products being differentiated and are you trying to steal market share from them? >> so, we've got a lot of sellers on our platform and they generally come to us because of our design orientation and the simplicity of the product. but, again, kind of leaning into this idea of kind of everything to sell anything there are many ways to transact on squarespace that are beyond selling fiscal products. booking appointments and selling access to member areas and video classes is something we're leaning in to and courses and all those things that we do there are actually competitive with other services and, yes, of course, the ecommerce part of sharespace competes with shopify. so we have a number of people on

our platform, you know, restaurants, you know, events, campaigns that wouldn't probably gravitate towards a different kind of platform and we're really creating products that serve them >> anthony, that's the challenge i see that you've got a space where there's companies that are doing courses and you have go-daddy that is trying to shake free of its legacy, reputation of selling domains and web pages and then, you know, you've got shopify which we've mentioned. how are you going to emass the users that are new and also activate the long-term users who might think of you as just a webpage provider when, you know, that's pretty comodatized at this point >> so, we've been around for 18 years and one of the biggest companies in the world that do what we do we have a design orientation unlike any other company we

compete with and the breath and de depth of everything we offer and what we do for appointments and services is incredibly deep. when we talk about our members area and selling access to private content is incredibly deep joined forces with talk who is an absolute leader in the space in terms of online, in terms of reservations, prepaid bookings to go, ordering events so i think we're positioned incredibly well while still being one of the absolute biggest, well-known brands in what we do and i'd also say that one of the elements of squarespace that goes underappreciated sometimes is our positioning in social so, we have an app called unfold that is in the top ten in graphics and design and almost 100 countries that helps people who are just getting started with their presence on social media make themselves look good, establish a quick website in

their bio and help them with scheduling posts and amazing adoption and puts us in front of this entire group of creators that otherwise might not be starting with a website or a w. >> anthony, i'm fascinated by this poll you did with harris earlier in the year, half of americans think a well-designed website or online store is more important for a business than a good brick and mortar location i wonder what do you think it says about where physical fits in right now >> look, i think physical will remain important, but it is undeniable that more people will probably experience your brand or your store via an online interaction than a physical one just because it is so accessible many of us can pull out our phones and look at brand online. so we believe in the importance of online presence now for almost two decades, and i think if you look forward into the

next decade, it will just continue to be more important to have that online presence, represent you properly and you know, i think that trend is not reversing. well, anthony, it's the booming creative economy thank you very much for joining us >> thank you for having me. wells fargo is starting out bullish on vimeo they initiated overweight a $47 target and called it an attractive entry point those shares up better than 4% this morning as the s&p is now close to 4410. we're back in a moment r ta king , 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.

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it's a busy day in a busy year for ipos. toast inc., priced at $45 buck airs share way above its range now at 60 bucks a share. you can see there 50% above the ipo price. freshworks going public on the nasdaq today still awaiting the open there, but the initial valuation about $10 billion, and joining us now ceo gareesh

good to have you congrats on the anticipation of the first trade. talking about freshworks helping connect to customers and employees. talk about how you expand your reach and distribution you call out specifically the cloud giants at amazon, microsoft and google as being key to that? >> so thanks for having me, and so our mission at freshworks is to make it fast and easy for every business to delay customers and employees, and i think today's day zero and super excited for our employees and shareholders i think we have a massive $120 billion tab and we make software that is designed to have the front-line users of our software and we make sure that businesses who can go live in six to eight weeks as opposed to the date,

and offer it at an affordable cost, and i think this gives us a very long runway to keep going over the years delighting our customers and employees. >> has your playbook changed over the last year and a half during the pandemic on how you expand that go-to network and how it is expanding and it certainly helps that you are built on a modern foundation, but how do you accelerate based on what you've learned over the past 18 months >> i think freshworks has always been a company from day one. our first customer came from australia and the first handful of customers came from four different continents so in that sense, the pandemic was just a natural -- when the pandemic happened, we didn't have to do a big, go to market transitions. i think the best way to understand the freshworks go to market is our consumer grid. users find us online and bring

it into their companies and over the last five years, we've invested a lot in terms -- that we see that the product is being adopted and we made our tech enterprise great and our go to market, and we pulled into larger companies and we are fine with them because it's the users who are trying out our software and liking it and digging it into their companies, as opposed to consultant. >> so bottom-up adoption, not top-down adoption, but i'm curious as you look at these two different markets that you're focusing on. crm as well as this service management how you see competing against both of the giants in each of those fields and whether it's -- is there an advantage to having more of a one-stop shop and how do you think about differentiating your service and is it more about focusing internationally? >> our product differentiation

all comes how customers choose freshworks, right? as our products are designed to delay the front-line users of the software, and we also make sure that compared to legacy, businesses can go live in six to eight weeks. that is why we are seeing we have more than 52,000 customers in 120 countries so why we believe that the original cloud promise has been broken, when software was supposed to just work when you find the browser and that is what we do differently in freshworks where we are able to deliver software that users can start using like you get going in a day or a few weeks >> we are seeing the stock trade at $44 a share thanks for being with us. >> thank you >> one more thing before we go today, the department of justice has flagged zoom's $15 billion acquisition of customer contact

center five9 agency is holding off on approving that deal until a full national security review can be c conducted. doj expressed concerns whether the platforms poses a risk to the national security or law enforcement interest of the united states. zoom is the u.s. company, but the company's development team largely based in china according to its own filings zoom's stock, of course, has reacted this week 0.4 for a one-week period and we'll keep our eye on that as we see doj involvement in that, guys and issues regarding the airlines and american jetblue we'll keep our eye on that and as we got the fed decision after john talking about ipos and whether it's freshworks or certainly toast here and the run that the ipos are on and that theme that carries forward from square space

you're doing a lot of things how do you gain haishare in thoe things competing against big companies. we'll have to watch that across industry, carl. >> the dow up 450 as we continue to look for evergrand headlines and can't take your eyes off of the market let's get to the half. >> carl, thanks so much. welcome to "the halftime report." i'm scott wapner the bounce for stocks and whether the worst of the pullback is over we are also counting down to today's big fed decision and whether we'll learn about the much-talked about taper. the investment committee debating what all of that means to your money with me for the hour today stephanie link, joe terranova, jim lebenthal and jim najarian >> 34,367, the s&p 500 better than 1% to the upside as is the nasdaq and i want to start with something in