markets here, of course, as we wrap up a week here on "squawk on the street" the s&p let's call it flat not been a great week, though, overall. if you own merck shares quite a good week. that stock backing off its highs but still up 8%. that will do it for "squawk on the street." "techcheck" starts now. good friday morning. welcome to "techcheck. today trying to hang on to this rally to kick off october. nasdaq is coming off its worst month since the start of the pandemic will q4 bring more pain for tech plus, what did we actually learn from facebook? the stock led most of big tech lower in september but is it oversold at this level an exclusive with the head

of amazon deziss as we test out the camera on wheels that is the new. stocks and names trading at a relative bargain to begin the quarter. dom has that for us. hey, dom. >> interest rate concerns and headline risk certainly on the regulatory front affecting a lot of the big tech and media trade over the course of not just september but the quarter overall, as well now, if you take a look at the broader context for the dow and s&p 500 and nasdaq, you can see that the nasdaq has now because of that recent underperformance taken a bit of a leg lower versus the s&p slightly above the dow right now. that big move and the green line lower here from the record highs that we've seen has been really kind of outpacing to the downside story we've been talking about. now, if you take a look overall at some of the interesting parts of that particular kind of trade in technology and media, it has really been the internet stocks, some of those that have really kind of faired some of the

worst. you can see over the course of the period the dow jones internet down 3.25% there. the tech software etf up 2.5% and the same with the cloud computing side of things the far move to the downside that has people wondering whether or not there are bargains out there some of the former high fliers that we've seen that has really pulled back a bit over the course of the last couple of months and then certainly the quarter. look at pinterest shares up 5% today and maybe dip buying happening there over the course of the year to date period a real underperformer and that sharp move lower over the course of the quarter has really caught some attention there also, check out what's happening with other parts of the market, not just in social media there but check out zoom video up 2.5% today. year to date down 20% has this sharp drop lower over the course of the quarter really caused things to really accelerate to the downside and perhaps pick up some of the interest in beaten down stocks. another one to watch, as well.

roku another momentum name that had a fairly sharp dropoff over the course of the quarter period now down 7%. many of these stocks like roku and pinterest and zoom all hitting levels that might trigger some interest, folks in some of the interest and buying that we're seeing today. i'll send things back over to you. >> all right, dom, thanks very much. speaking of zoom, the second biggest tech merger of the year has been officially scrapped rejected zoom's $14.9 billion bid for the cloud tech center company. feeling 13% premium from the value of their shares prior to the july agreement was not enough their feelings may be justified after square paid a nearly 30% premium to afterpay shareholders that $29 billion deal the biggest tech acquisition so far this year. analysts have been relatively encouraged by the move receiving at least six upgrades on thursday, including wells,

evercore and barclay's dom was just saying the recorrection as we see more reopening take place kramer's point is zoom needs to show us what zoom's 2.0 is going to be. this was going to be that. >> this was going to be that interesting to hear what eric's plan b is. i mean, if nothing else, great marketing. we weren't talking about it nearly as much as we are now think about the risks that 59 shareholders had to think about. when this deal was announced back in july, zoom's stock was around 350 and now around 270. and it's been, i mean, if you look at the trajectory over the past two months of zoom shares, they have really been heading on a downward slope, julia. back when we first talked about this deal, it was in the context of these high fliers, how are they going to use their stock as currency how are they going to use this valuation to head into the next phase and zoom seemed to be buying some enterprise stability and not doubling down on the

more consumer and smaller business attention that they were getting there are other ways to do that. we'll see if eric and his team can have something else. >> john, when you talk about the focus on the enterprise, that really seems to be the future as we move into more of a permanent hybrid work environment and the sense that companies have to be ready for both it will be interesting to see if zoom pursues other acquisitions and then for the question of what happens with five9 you have to see if they end up selling for a premium. the name of the game here seems to be significant premiums it was also, you know, we want to mention that microsoft hit, i believe, a 23% premium for nuance so, this precedent is being set here that companies in this space, carl, can really demand a significant premium. five9 didn't get a big enough premium and that really seems to be what scuttled the deal. >> creeping into investor psychology and we deserve more than that.

let's get back to facetime the senate commerce subcommittee on consumer protection questioned the global head of safety yesterday after that series of orereports from "wall street journal" on how its products affect young women. >> this research is a bombshell. >> facebook is just like big tobacco. pushing a product that they know is harmful to the health of young people >> you're telling us if only you knew the full research and then at the same time you're not releasing the research which is it? >> a recurring theme with this company. do everything and anything to mold the world into your own image for your own profit. >> but the question does remain as to whether this ultimately will hobble the company. the stock down nearly 10% since that first report. it is up slightly following the hearing. julia, we talked about some of the political circilarity yesterday and i know bloomenthol

has been beat up about his comment but it is being used as a moment that sort of incapsulates the degree to which congress has got to get up to speed on some of these tech issues >> yes and just to explain what you're referencing there. the idea that anybody can create a fake instagram account and bloomenthol saying this is their fought it's not a product or a feature, it's just a behavior that people have i think that's sort of the center of the whole debate, carl i mean, is bad behaviors ma manipulative things and things that make people depressed is it being exacerbated by facebook and facebook's defense more of a mirror of society and are doing their best but one thing, john, i think will be interesting to watch is whether this permanently ends facebook's interest in doing an instagram for kids and we'll see whether we get one of the kids acts or legislation that will crack down on manipilative

marketing or some of the features on apps targeting kids that are considered more dangerous. >> i'm still caught up in this tragedy, why did facebook throw her to the wolves like this? this is a situation, clearly, if you're zuckerberg or if you're sandburg, you don't want to be the one to have to face the music on this one. but what to deserve that? >> my theory is that facebook wants to have the people who are experts in each category answer questions about that category. of course, before congress these hearings can be all over the place, right so, if these senators were asking questions just specifically aboutsafety, then she probably would have been able to answer all of them but we all know these hearings relatively sort of wide ranging in their interest and in their scope and maybe it's better for facebook to put someone out there who doesn't have to answer all the questions about everything if this hearing is supposed to be just about the safety and that data of that

expose >> john, i mean, it is interesting. >> better for facebook >> yeah, i mean, we're getting, i think the street is beginning to see a pattern where if it's a product rollout and if you're going to roll out rooms or reels then you hear from mark. but if it's a policy issue, it's definitely not mark. >> yeah. i want to see davis hitting zuckerberg with a pillow next. we'll see how that goes. meantime, amazon revealing its first home robot this week the astro. alexa powered robot priced around 1,000 bucks at first sold only by nvitatio by amazon. in a "techcheck" exclusive i spent time with dave limp at amazon seattle headquarters an interview you'll see more of later in the show. first, we had to test out astro and see how it works in real life >> astro, go to the kitchen. when you set up the device, it

maps through the house and then you can do a home tour and you get to name all the rooms. astro, raise the camera. so, we built this pretty cool mass cam so if you're away and you want to see if the stove is on or left an iron on or those kind of things astro, follow me you'll see it moves pretty fast, too. up to a meter a second it understands what it is around it and also realtime looking for changes, too if i throw something down in front of it, it is going to not plan to go through the pillow but around it. the kind of functionality you would expect with alexa, too astro, play "castle on the hill" by ed sheeran. you can see now there's eyes on the display. that is the default kind of home screen for the device. we learned about halfway through the project that customers just seeing the typical kind of echo show screen here, that didn't

resonate with them go to your charger then once it has a charge if you want it to to come back to certain parts of the home and settle in where you're hanging out. >> julia, as you might expect i had questions about security some pretty good answers like what happens when somebody is trying to remotely control astro while somebody's at home turns out the person at home has the power to shut down the robot if they don't want to be talked to or spied on also, measures in place to make sure that others can't take remote control of astro and hack into it. you have to relog in if it's been taken outside of the wifi network. they have thought this through but a robot with cameras and a microphone in the home not for everybody, julia >> yeah. i know, john we talk a lot about privacy and whether or not americans really care about privacy but my question is really first stairs can this thing go on stairs and, second, who is this for? i have plenty of robots in my

house. i can ask google and alexa to set timers for me. why do i need something following me around? >> robots in my house, julia >> although this one moves around the house as you showed us and reads faces there's been a lot of discussion this week about remember all the privacy debates about what kind of information the police can get from ring or nest or alexa now you got one that can literally tell who's who in the household. would give police a lot more information than they have on those other devices. >> right if you choose to share that information with them. julia, to answer your question a bit. there's an elder care and elder kind of help element to this that can be part of it also, you can monitor pets carl, i had questions about the cat friendliness of astro. cats like to attack things dave said they did a lot of pet testing. not with my cat, though. i know, julia, you have a couple cats, as well. it cannot handle stairs.

stairs are the vein of this thing's existence. you don't want it going anywhere near the stairs. >> i will be very curious to check this out, john i have a feeling my two cats would not be a fan of it and meanwhile with the nasdaq on pace for its worst week since february, time to get into big tech. "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.

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let's get a gut check on fintech names. hitting paypal and square. both stocks down 10% to start the month. the street bullish on paypal one of their favorite stocks going into the fourth quarter according to cnbc pro. meantime, an unstable end to the quarter yesterday as you know that heavy fall on the major indices and all the sectors closed out the day in the red. heading into the last quarter of the year now, investors notably switching from investors like tech into so-called value shares like banking and nenergy with us this morning to break down his thoughts is wedgewood partner david. good to see you. >> good to see you, carl thanks >> a pretty interesting weight between info tech and finance. i wonder whether or not the

prospect of higher rates and hawkish banks around the world are making you nervous about part of that >> certainly we've seen, carl, when the ten year is up, value roars and growth particularly big tech gets hit really hard. but as our thinking has evolved. we are really starting to pay attention to what these ceos and other executives are saying on this earning call. it's really interesting, carl. we keep hearing this idea that once we get back to normal and once we get back to 2019 and i'm starting to think that maybe 2019 wasn't normal maybe 2019 was perfect when you think about maybe fed policy back then. certainly we don't have all the supply chain and logistic issues and employment issues. when i think back to 2019 maybe coin the thought, carl, it was like spinal tap 11 it was perfect

and so when we look at, we only own about 20 stocks. but when we hear all of the issues, particularly the permanent ones, the sticky ones like freight costs and the difficulty of finding good employees. i mean, we saw the ism number today and good headline. but if you look at some of the comments, just nothing but supply chain problems but interestingly enough, yeah, we'll get past this covid stuff hopefully very soon and some type of normalization. when you look at supply, the supply of labor, people willing to work maybe some jobs that they don't want to work any more i think, i think the new normal is maybe what we're seeing now and this idea that we're somehow going to get back to 2019. we're not holding our breath on that thought >> so, you see, let me, you can normalize covid and activity, but somehow we're in this new

regime of long lasting inflation. we've had that discussion over and over again through the decades and it just hasn't worked out >> you're absolutely right but maybe at this point when we think about inflation and, again, i'm no economist but it does seem if you look over history, if you're going to have some sustained inflation, you probably need sustained wage inflation. and i've been in the business 35 years now. i can't think of a time where employers, employees perspective employees probably had more bargaining power than they ever had. so, again, when you just see what corporate america is saying they have a hard time hiring across all ranks and, again, with this particularly in the white collar area with the thought of a lot of people maybe they do want to work from home and employers don't want to lose those great employees that can be very effective at home. i think it is a new day on the inflation front when you consider labor issues.

>> so, david, speaking of working at home, let's maybe get a little narrower on this situation. is there any broader lesson from the 86'ing of this five9 deal because zoom which was a pandemic high flier was looking it seemed to kind of stabilize and move out and broaden out into a different kind of business and now it can't do that is there something investors in general should take away from that >> well, yeah, when you saw the movement of some of these stocks when covid hit, it was astonishing. it was a change in tech. not to use this word again but we're starting to see normalization of the business models again, the idea that this merger is not going to go through but, i mean, you know, we don't have a position in zoom. and our focus is in some other areas of tech right now. >> well, so, with that in mind, david. with all these themes you just

laid out, what are your interests? what are the best overlooked opportunities in tech? >> i think one, certainly not sexy but a great business and the stock is even better cdw. they are a value added reseller, particularly for small and medium businesses. a better way to think of them is that they are the i.t. department for 250,000 customers. small and medium businesses, education, government and health care and they typically grow two times the rate of the overall i.t. business. again, the $25 billion market cap. not a big sexy name. but if you look at the stock over the last one, three, five, ten years, it crushed the s&p 500. it does have returns like the big tech goliaths and what is interesting about the business model, it scales beautifully and if you look at the return on working capital of this business over the past ten years or so, it's gone from 40% to 60% and

maybe the best news of all in this environment where tech is still selling at a pretty good premium. the stocks should earn and the company should earn about $8.50 a share in calendar '22. literally has their first in every aspect of i.t. spending. >> which is a huge deal, as we know, given everything we just talked about, david. little macro and micro today appreciate it very much. >> good to see you again, carl thanks, again. showing you a little bit about astro and what about the executive behind it? more with amazon's head of devices is next. stay with us

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month since the start of the pandemic rally faded but the index, as we said, did turn green a few moments ago. get more on that in a second in the meantime, a news update with rahel solomon >> here's what's happening, shares of merck jumping 9% and on track for their biggest one-day gain in more than five years. the company announcing a pill in a late-stage trial reduced hospitalization or death by covid 50%. the news is slamming the stock of vaccine makers and shares are down 15% consumer sentiment rising more than expected in september but remains below the prepandemic high the increase comes increasing concerns and lingering impacts from the delta variant surge in covid cases. manufacturing activity strengthening as they battle labor shortages. the manufacturing index is getting a boost from improved supplier deliveries. accounting and consulting giant pwc making remote work a

permanent option for 40,000 workers. all employees will be able to work virtually and live anywhere but they will need to come into the office for up to three days a month for in-person meetings if only we could do the news from the beach. >> or a rooftop in san francisco. i'll take that i'll appreciate that for today rahel, thanks. now, as we mentioned earlier, amazon doubling down on its hardware ambitions and makes sense, it's q4, showtime for hardware an alexa enabled robot, astro. i had the chance to some time with amazon dave limp. how and when they decided to build a robot. >> yeah, i think we started the project about four years ago and, you know our invention process. we write a working backwards document and we wrote a document

where we thought customers, especially would like the security aspects of a home robot. it senses cover much more surface area than that but that was the original idea and then when you ask the question, are technologies ready for it at a price point or even sort of possible for a home-based robot? and we saw that sensors had begun to evolve and, you know, the state of the art of processing systems on a chip had enough ai that you could start thinking that maybe we could run these navigation algorithms and the combination of that got us excited about, we should get started on this. >> when you think about, i don't know whether to call it privacy exactly, but that factor of well now there is a camera and microphone in my home that moves. it's not just in one room, it's potentially in any room on this floor.

how much did you think about that and how people will either be comfortable or not comfortable with it? >> we thought a lot about it when you're coming up with new ideas. this is foundationally a different type of robot for the home you do have to think about privacy as a foundational thing. so a couple of things we thought of we did the things we already had done on echo-like devices. we disconnect the microphones and the cameras so that nobody could see through them but secondarily, we also knew that one of the use cases is to remote control this device from your app and so thinking about you want to go check on your cat as an example and go find it and see what your cat is up to but if somebody's in the home, we want them to be the primary sort of arbiter of that experience so, before the cameras go live, the screen comes up and it

starts beeping at a pretty loud volume and says, hey, somebody is going into live view. if you cancel that, it doesn't matter, the remote person cannot come in. one additional feature once we started thinking about the mobility solution. another one was when you first set up the device it maps your home basically goes around autonomously and maps your home and then it presents you a map and another feature we added is theability to say, keep away zones. places that you don't want it to go the best design for that is a door, obviously, that's what we use in our everyday lives. if you're in the bedroom and you don't want somebody to come in, close the door you can draw on the map. don't go into this room ever and the device can't even navigate into it. it's sort of standoff zone >> i want to talk business a bit because it seems to me you have tvs that are above $500 and, you know a little bit above $1,000 a $1,000 robot

this isn't like kind of experimental hardware any more when you're in that premium consumer price point it feels to me like something has shifted in amazon's aggressiveness in consumer hardware has it >> i think we still find some of our highest volume products are the ones that are around $50 you know, echo dot is our best seller our fire tv stick around $50 one of our best sellers. our tablets around $50 one of our best sellers. that being said, some of these brands have been around for a while and as that happens, customers ask us to, you know, add more features and to move it and also the amount of resources that we have as we've scaled the business has increased, as well. so, when you have those two things, there's a customer demand and we need to tackle someproblems, think you're right >> robots at low volumes

you're not announcing a big rollout yet. but updates to echo show and ring and blink and kindle, which we haven't talked about here but we could all in an environment where supply chains and components, things are tight what gives you the confidence to do it? >> there are chip shortages in certain cases, transportation shortages. any given week a factory for the right reasons could be shutting down because they have covid cases and they do need to take care of the workers. so, you know, it's a very moving target right now you know, i wake up almost every morning with something happening. you know, it may be very different. i gave you three examples and there may be many more but i think the reason that we're confident is that our business has been pretty predictable over the past few years in terms of its growth there was some unprecedented growth during covid but now we're kind of understanding it

and for a long time we've been forecasting pretty far out so for the components that are the hardest to get, it doesn't mean we're not getting surprises like others, because the forecasts have been a little bit out. it's been a little bit more predictable for our suppliers. and i can't speak for other folks and i also, will we have shortages in certain products? my guess is yes. but right now i feel like we have a pretty good grasgrasp. >> you know how many kindles and doo doorbells, do you handle inventory different given the shortages and transportation issues is that part of your planning? >> i think transportation certainly comes into play. no question about it and as you look at the number of boats that are available in different parts of the world, ships container ships, versus how much erair capacity, you're looking at balancing those

things each transportation arc has a different transportation costs and the availability of something with the chance that something might be less affordable for customers so, those are tradeoffs that we're making all the time. >> is part of what you're saying is that you might have to do some more air freight in some cases because, i mean, we know that the shipping situation is volatile and that could end up affecting margins to some extent >> it's not necessarily margins because you might also, you know, might pass some of you if that's planful some of it might be you price it into the product and you do that but i think that generally we're planning those transportation arks pretty early on because the lead time to get something on to a ship is very early on. >> in some degree it makes sense to launch premium products that consumers have been asking for in an environment where things are tighter because it does, you can justify a higher price with more features. >> gives more predictability,

and so i think you might change your tactics a little bit, but i think, i personally would recommend everybody be very wary if you're trying to look at supply chain issues and not building what customers want focus on what customers want and customers love products under $50. >> well, carl, i think we've learned quite a bit this week about from amazon, from microsoft about supply chain where they're thinking about t it's critical in q4. amazon was able to ramp the lower cost items earlier in the year and sort of take some of the risk out there premium products are a better positioned in this inflationary and tight supply chain environment in q4, if companies have done the right planning so, it seems to me that is a key factor in these q4 earnings when we eeventually get them january february who was able to have the right mix of premium and who was able to do the right kind of planning around when these things launch

that applies to apple and so many others, as well >> we were talking about amazon's seemingly renewed interest in hardware whether it's televisions or astro, but wonder how far you think it goes and what the fly wheel effects will be on the core retail business and things like prime video. >> well, it's interesting, carl. and also julia, the fact that they're moving into this $1,000 price and they're doing it with content. right. we talked about the exercise content that they have the nutrition content they have. they tie some of that back to whole foods through the wearable device that they have. if they stick to that and a lot of times amazon sticks to these initiatives long term once it locks into them. it's going to be quite a challenge for apple, peloton and google fit and others who want to make in this space. >> and that focus on content, john, it seems to be central to so many of these companies

when you talk about content, you also talk about advertising and we can't forget that amazon is a growing force in the digital advertising space. number three, of course, behind facebook and google, but growing very quickly so, im sure that plays into that, as well. you can walk around your house and order things on these robots and also, i'm sure, eventually get fed some ads by them, as well meanwhile, catark seeing biggest quarter almost $2 billion leaving the fund through late september. and don't forget top holding tesla could new delivery numbers drive that stock higher? that is next so stay with us.

tesla's q3 delivery expected in the coming days phil lebeau has a preview. >> when we look at the third quarter for tesla a record one in terms of deliveries we've seen nothing that tells us that won't be the case the estimate is for 227,000 vehicles to be delivered though there are some that can believe it will be as high as 245, it 40,000 90% of the deliveries model 3 and modely the case since the

beginning of the year. regions are not broken out they're not going to tell us here's how many we delivered in china and the u.s. and europe, et cetera. they've never done that. in terms of the impact of the chip shortage, tesla has felt an impact and elon musk has talked about that over the last couple months but more limited to what other automakers around the world are experiencing perhaps we'll get a better sense in the next couple weeks remember the berlin factory is scheduled to open this quarter and then we also have austin, texas, which is on deck, as well in terms of annual deliveries from tesla the estimate right now is for 871,000 vehicles. that is going to be well above what they delivered last year. and most believe that there's a chance that we could see them tickle 900,000 though they would really have to push it in the fourth quarter and i'm not sure they'll be able to do that finally, as you take a look at shares of tesla, a nice

three-month run here shares had a nice, steady progression higher remember the annual meeting is next week and then you've got tesla's q3 financial report. that's likely coming in two or three weeks. we don't have the exact date yet. guys, back to you. >> thanks so much, phil. of course, autos are one of the many sectors impacted by the semi conductor shortage. just when will it end? hear marvel tech prediction later this hour. luke capital is no longer a renter but a buyer upgrading air bnb to buy b benioff is right, we're not all inba to in-person work catch that call. stay with us t exciting medicare advantage plans that can provide broad coverage, and still may save you money on monthly premiums and prescription drugs. with original medicare, you're covered for hospital stays and doctor office visits. but you

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with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. facebook finding itself playing defense, again, this week following yesterday's hearings and key whistleblower set to testify in front of the senate on tuesday. called the leak research from the whistleblower a significant threat to the company and described facebook as a company losing its grip on the narrative. casey joins us now what is going to happen as a result of all this another analyst with a buy rating yesterday and the stock was not really impacted by the hearing at all what's the impact? >> well, look, i understand why the stock isn't moving there's been a long history of

these facebook scandals that come along and a congressional hearing and then nothing happens. but i do think that we do have a couple more turns of the screw yet to come. the first that the whistleblower will give an interview to "60 minutes" on sunday who knows what she will say and then the whistleblower will testify before congress and she brought thousands of documents with her when she left so, we just have to wait and see what is in those documents and what the reaction is >> but play out the potential, you know, like things that could happen here. one question does facebook like totally scuttle its plans to have instagram for kids and no longer targeting teen users are they going to lose their grip entirely on that teen demographic. what is the potential outcome here >> sure. so, one potentialoutcome is that, yes, they just simply do not build that instagram for kids app i think they're really committed to doing it, though. i would be surprised the other ramifications have to do with what their research team

finds out about what the long-term use of social networks does to our mental health, does to society they're researching all these questions. one question is, is congress going to compel them to share that with the rest of us a lot of material here that is in the public interest that is not being shared and i would not be surprised if congress compels facebook at some point to release it the final thing is yesterday we saw several members of congress introduce or reintroduce l legislation that would compel facebook to share more attempt to regulate them in various ways >> casey, i have been racking my brain on this one and the best thing i have come up with so far is that facebook, this means facebook has lost the argument with apple over, you know, privacy protection versus data access and all it can do for you. even if nothing else happens, you know, stock wise, all of that that facebook versus apple stuff, trust us with your data and apple is closing us off

unnecessarily. i think they lose that argument with tim cook now. i didn't want them tracking me before i certainly don't want them tracking me or my kids now and i feel fine about that >> yeah, i hear you. i agree completely look, on some level i do think that there is something almost superstitious about some of our fears with regard to how these companies are using our data, right. not so much concrete harms as we're just worried about what might happen or how it might affect us in ways that we don't totally understand apple has a much clearer value opposition, pay money for a phone and buy services from me and we'll keep way less data about you. >> casey, i know you have written about this episode being slightly different in that it is being originated by former insiders how significant that is and also the oversight board, at what point does that lose its usefulness for the company to

say they are really monitoring themselves >> so, start with the oversight board. there was this sort of honestly funny moment in one of the first wall street journal stories where it was revealed that facebook had especially been lying to the board about how it uses a program called crosscheck where it creates a special set of content for lead users. the board is presumably mad about that they'll have a meeting with facebook soon to sort all of that who knows how that goes or how the board will be. but to your first point, i think this is a big deal so often when a company finds itself in crisis they want to turn around and point fingers back at the press and say, oh, there the press goes again but it's much harder to dismoiss whn it's your employees saying we're sounding alarms and no one is taking us seriously and much harder thing for a company like facebook to shake off. >> well, facebook has shrugged off a lot of issues and

regulatory scrutiny in the past. we'll have to see if this time is different, casey. great to see you >> great to see you. we are getting some news out of the white house on ransomware and cybercrime. javers hi, eamon. >> the white house has confirmed that president biden is going to convene, excuse me, 30 nations in a counterransomware initiative and that will be hosted by the national security council at the white house the goal is to get their hands around the ransomware scores against corporate america over the last year or so. part of the goal is to accelerate the combatting of cyber crime, stemming the illicit use of cryptocurrency and the idea here is to gather these 30 nations virtually at least, at first and there will be follow-on meetings after that and of course, the problem with ransomware is that it is a global phenomenon. the bad actors here are outside

legal jurisdiction they're hitting multinational corporations they're using cryptocurrency which is circling the globe. any one nation taking action on that really faces the problem and the fact that the bad guys can just sort of, vad that nation's rules and regulation. so by acting together, the theory is here, these 30 countries will be able to crack down more intently on ransomware and put some of the squeeze on that hasn't been there in the past and we'll wait to see exactly who is attending and more of the details here and the white house confirming they are going to convene 30 nations in the cyber crime initiative >> fascinating, eamon. thank you, eamon jabbers. >> our own jim cramer which will be delivered right to your inbox with the cnbc investing club you see it right there and you can register at cnbc.com investment club and the qr code on your screen basically, jim will send daily e-mails right from the website

and appear in videos online all to give you his unique insights into the market and you'll have a front-row seat to what stocks are trading in his charitable trust and we'll tell you about his winners and losers and total transparency as he told us earlier on "squawk on the street," his goal has always been to be a teacher and it allows him to do just that to educate, teach and recommend this you can say that one is too risky for me that one's got dividends that i like and we also rank what we're about to sell and what we don't like and price targets and it's like a brokerage house and we don't want your commission and we just want you to learn. >> maybe more important, jim points out the club comes at the right time as a new class of investors are coming into the market >> it's really good for this younger generation that the robinhood generation that wants so much to have fundamentals what are fundamentals? why does something go up why is something recommended and it's the why, and i think the why has been lacking and the

club will give you the why >> so you can sign up to find out more, as we said, cnbc.com/investing club or just point your phone at the qr code on your screen, and it will take you there. make sure to take a look in the meantime, s&p back to 43.30. more "tech check" after this ♪ ♪ ♪ ♪

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we've been talking a lot

about supply chain here on tech check over the last few weeks and months leaders across the industry have been trying to deal with bottlenecks in this pandemic there's also the focus of yesterday's town hall of cnbc's technology executive council semiconductors have been one of the hardest hit sectors. i moderated a conversation with leaders that included marvel's tech ceo matt murphy he had this to say about the shortage >> right now every single end market for semiconductors is up simultaneously, and that's -- i've been in this industry 27 years. i've never seen that happen. it's unprecedented, so i think what happens is if it stays business as usual this will be a very painful period including in 2022 for the duration of the year >> and to hear more of your tech leader who wants to join the

council and head to cnbc.com/cnbc. more "tech check" after the break.

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buffing up against 43.30 the dow's up 240 next week we'll start to get those preliminary earnings reports from the likes of pepsi, levi's, constellation and the jobs number a week from today. have a good weekend. let's get to the half. >> all right, carl thanks so much welcome to "the halftime report." i'm scott wapner front and center, what the final three months of the year will hold for your money and so many issues on the table for investors and the fed earnings and so much more we are debating it with the investment committee and liz young, jim lebenthal and josh brown. the dow's holding on to a gain of 250 the s&p's good for one-half of 1% the nasdaq's green the russell is green yield on the ten-year is at 148. stephanie link, we've got a lot of unknowns. what's the fed going to do wit