conversation we'll continue to have, fascinating. better get a quick check on the markets s&p down fractionally the dow slightly as well the russell 2,000 small caps are higher that's if for "squawk on the street." "tech check" starts now. ♪ ♪ good tuesday morning welcome to our big hour of "tech check" i'm carl quintanilla with jon fortt and julia boorstin today, the internet's third rail jason calacanis joins us with whether facebook is investable here plus, what's the opportunity in tech, wearable airbnb and piper, ideas in the cloud,

salesforce, tulio. julia. >> the stock down 16% since the start of the september, and one of the biggest laggards on the 500. and just out calling the stock quote the internet's third rail posing the question is facebook investable the analyst behind, mark, thanks for talking to us today. you have a buy rating on facebook despite the challenges, including challenges targeting regulatory overhang. why give a buy rating on the stock? >> yeah, there's certainly a lot going on with facebook right now. one of those emotional topics, kind of just like religion and politics you know, aside from the rhetoric around the name, there's obviously fundamental questions with the iefa coming in this quarter, regulatory

overhang, engagement questions why i continue to like it, despite the noise as we look into 2022, there's a lot to like about the story. user engagement is quite strong. advertisers continue to stick their head in to invest. and new next year, particularly shops, which gives a leg-up can once we get past this negative media psych thacycle that we're. >> well, mark, certainly there have been negative media cycles in the past. it's whether facebook meeting with the regulatory board could face the question of the way facebook works and the ability to monetize the users. do you consider thata real ris now? >> you know, i don't i'm stitt waiting for details on what the larger charges would look like. mostly about levying and complaints, but not much spent on what resolution looks like. and we look at the fundamental

metrics that matter, facebook is investing in innovation more than any other in the states it doesn't want to be in the moderation business. it certainly continues to push the privacy bar on advertising there's talk about introducing new ad products that's effectively privacy first. so, for me, when i look at it from an investor lens, engagement is strong, and they're indicating to advertisers, and when i look at the complaints levied against facebook they don't appear to be facebook mishs, they're social media issues more broadly. so, i look at what could actually change with regards to breakup, et cetera, facebook actually quietly filed to dismiss really the only antitrust suit on the table which is the ftc suit against them i don't see a lot of risk. >> interestingly, as it's down

to 317 mark, stay with us, we want to bring in angel investor mark calacanis. jason, i'll just ask you whether or not you think it's investable >> nice to be here, carl, and julia. historically, if you're looking, absolutely buy the stock when bad news comes out because it's gone from 50 to 100. and now a peak-out, i think over $1 trillion valuation. historically, that's correct now, what we have to wonder is, you know, is this the straw on the camel's back here, because, you know there is something about kids and body dysmorphia issues and this research that feels qualitatively different this ti

time came bridge analytica. but this one feels different i think if you look at the proposals they're putting up of how to deal with it, those also seem different for the first time, we're hearing facebook say things like hey, maybe we'll age the service. maybe we'll give parents control over the kids accounts oh, my god, maybe we'll even put time limits on this thing. that could lead to headwinds the death by distraction i think is the one with the most credibility of not to buy the stock. there's a moral reason not to buy the stock but the distraction is on management and recruiting that's going to be really hard and the degeneration of people i think who maybe just don't want to work for this kind of company. >> maybe but they also seem to be able to hire zuckerberg's overall approval ratings as seen in gl

glassdoors >> the views are down and under water, right, jon? >> we'll see. >> today is not a good day >> i want to ask you about, what really sinks the company individual mistakes, to seems to me, are what tends to sink tech companies. it's more the wrong ideas that permeate the way they hire the way they build product the way they roll out services thus far, up to this point, with m and a, with product design, even though you might take issue with the results and impact, facebook has been right. is there a signal they're start to be wrong? >> yeah, i think the signal they could be wrong is going to be reflected in stock prices which we're seeing today the way they've dealt with the issue is to brush them off let's face it they've been arrogant about it. they've basically sent out pr people and they don't actually take meaningful steps the meaningful steps that we heard from whistle-blower were

very, very moderate. but this could be a microsoft moment where, yeah, they couldn't be as aggressive with buying companies we saw what happened with explorer and antitrust there. bill gates got burned out by it, management got burned. if there's a thesis not to buy the stock, the rsus becoming worth less and if they didn't buy instagram or whatsapp, we'd be talking and referring to facebook as something very different than how we talk about it today long-term, in the next couple of years is the stock going to get fresh, i'm not sure about that this will take a long time to litigate 10, 20 years from now, could this be a company that has a hard time buying other companies, innovating, yes, that's possible. >> we talked about a moral

compunction buying the shares whether or not they have a harder time recruiting but in the end, is it an issue of whether or not advertisers want to get placed next to this con content? i'm seeing conflicting reports whether or not they're pulling back on the margin >> i don't think it's the only thing that matters that's how they built their business to date like e-commerce. but certainly, advertisers speak with their wallets, that would absolutely have an impact on how we view the company in the near to mid-term prospects. we've seen it not just on facebook, but with regards to one of the ones where they chose not to moderate it, they didn't have much impact when you're the lifeline of customer acquisition for something like 11 million businesses they're not going to switch that off because of moral issues now, from an investor lens,

investors need to make their own decisions on their moral values and whether facebook fits with that thesis or not which i'm sure that every advertiser goes through as well. it's something that matters, something that's very important, but i wouldn't say it's the only thing. >> yeah, mark, it's interesting to see how the risk of boycott layers in with targeting returns to that operational change jason, i want to go back to you and bring up something that your friend and fellow podcaster david saks said on our air yesterday, the potential harm of facebook's algorithm has been completely broken out of proportion in that the algorithm actually gives the user more choice, not less how do you respond to him? >> yeah, i think, you know, he's presenting a kind of false dichotomy, either we let it be a free speech, free-for-all, or the government is staking over i heard it with the position,

oh, we're just giving government really no, there's a lot of steps here. age rating and parents, 16 and above, maybe an hour a day on the service. maybe the parents can set that those are more likely the congress or president is going to run facebook, that's kind of silly. all due respect to my bestie so, i think the algorithm is important to be disclosed. and i think that's where we're going to get to is, hey, listen if the algorithm -- and facebook's best interest, is to show you things that basically go viral and go crazy, we all know that fake news and charged topics do that and even facebook is saying that it does that and they want to show you more of your friends and interests. twitter actually that, remember, in the past year, oh, you're into venture capital, you're into the nix, we'll show you more venture capital it's more about our passion and interests as opposed to

polarized political stuff. and, you know in terms of just anecdotal evidence we were sitting here two or three years ago saying facebook was going to be the new money, the new bitcoin, and i think the distraction, like death by distraction, libra is a spefrt example. when the last time zuckerberg discussed talked about taking over the monetary supply i think the crosshairs, it's such a spotlight on them, the same thing with amazon and microsoft. is amazon going to buy a $100 billion company. they tucked in wholefoods. they may not be able to tuck in whole foods. >> that's true they are still hiring a whole bunch of people and working on a i. mark can you put some numbers to that are you factoring in things like libra and crypto plans being pushed out the ways that, you know, fafb

might be hesitant to be aggressive in ways that they have in the past, you know, slow down m & a is that in your model as a bear case and if so, what does that do to the stock. >> yeah, we certainly factor is in, especially the m & a it's one of the ways facebook has grown. even gipy, the small application stuck to the cma, they're having a hard time getting that through. it's how you drive further engagement as typically acquisition has been able to drive it in the past are we factoring things like libra, et cetera mostly not the only thing, e-commerce, as they face built-up shops as of next year, they'll be charging a 5% pay rate on sales.

it's near the new revenue, as a new revenue stream, and outside of that, everything priced at libra, arvr, we don't want to have chickens before they hatch here >> jason, with the m & a, what would signify all shares, you come in and say yum yum on facebook again >> i told mine at $110, i couldn't stomach being a shareholder of the company given their behavior i think if you saw behavior from them that looked responsible and not attacking the messenger. releasing the research and saying here's our algorithm, here's how it operates, yeah, we're going to take short-term hits in changing that algorithm and here are the parental controls facebook is good at looking at their behavior

whenever they hit a fork in the road, they pick what is in their best interest, not voting, variety, the search for truth, people's mental health, they've always taken the wrong path. if we actually saw behavior, not talk, not, you know, being pulled before congress or the senate, if we actually saw them change the product a little bit, that would be to me a signal maybe they were being more responsible and allowed to do more bold projects for m and a that is the key. you just haven't seen it except for mossari from instagram, do they do something concrete like that that would be, i'm shutting off instagram kids i don't give them any credit noor the only reason they turned that

off is because they got called on it. and i think that's why people are getting frustrated with them >> well, jason, you just sort of laid out what you would want to see in order to be bullish on this company long term but i have to ask what is actually going to happen, more now you think the whistle-blower talking to be the moment that actually drives the kind of behavior you're hoping to see here >> yeah, you know, i'm reticent to think this is the turning point, even though it feels different. i think as long as zuckerberg is running the company they're going to make bad decisions for society. and they're going to make great decisions for themselves so, i don't like to touch the company and be involved in it because i find their approach to building product, to be a bad one, for society and i -- it does feel different this time. but, you know, we said that whether. when we saw the $5 billion fine

and the ftc is after them again for the second, the their time, cambridge analytica. we keep thinking that something will change zuckerberg's behavior the fact is, he controls the company, the governance of the company is zuckerberg. and he's going to control the business he's got a cavalier attitude about it, the fact that he's out sailing. i don't know if you saw him making fun of white journalists because they got his wave board incorrect in terms of what kind of board it was. he just doesn't take it seriously. to me, maybe because he gets burned out and being the most hated guy in the technology space but change his behavior, i haven't seen it. >> ark, i want to give you the final word here. how do you respond to jason's concerns and criticism of the company? >> yeah, look, i'll respectfully

disagree you know, i think what we forget is, cambridge analytica was a big thing until it wasn't. and research shows that the it was overblown. we look at the algorithm change in 2018. i remember seeing a company presentation tptsd that says the worst thing that we've seen that affects mental behavior is lurking. so on the platform now, certainly, engagement is the north star, we can't forget that but part of what allows them to change algorithms in to begin with was the idea that engagement from friends and family actually improved the behavior what we don't know the unintended consequences of changes we make. i think we've seen that laid out in the most recent iteration in their view, it's a noble quest to connect the world but also unprecedented no one's tried before so we're kind of learning as we go.

every time they try to change it, we end up in a situation with more unintended consequences we talk about oversight committee, it's something that facebook has asked for and set up themselves because they don't want to be in the moderation business making decisions on what types of content what they really want to do is simple, hey, let's connect the world. we can argue whether that's good for society or not >> yeah. it is a responsibility for sure. depends on how they want to handle it. we're going to watch it closely as we bounce off the 200 day today. jason, mark, appreciate it >> sure. that was a lot of facebook we've got other stock to take a look at. two major upgrades for twitter anaid r bchairbnb, which one be? that's next on "tech check." not. and anything could happen.

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from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. i personally think that bitcoin is worthless look, i don't want to be a spokesman. i don't care, it makes no difference to me i don't think you should smoke cigarettes either, you know? now it comes jpmorgan. our clients are adults they disagree. that's what makes them our clients. if they want to have access to buy or sell bitcoin, we can give

them as legitimate access. >> that was jamie dimon yesterday, reiterating his skepticism around bitcoin as the crypto hilt its highest level since early may. it's up over 1,000% since dimon originally called the coin a fraud back in 2017 up 30% this month. interesting guys to see some of the big banks alter or pivot around their policies. in this case, dimon saying personally it's not my trade, therefore i can't provide the service to clients >> kieng jamie dimon is having one with us. this is like him saying the rolling stones are just a blue cover band, right? >> as mccartney told me. >> yeah. i know you're a stones fan the crypto folks get very worked up about that kind of take, julia. i think it's important to really look to at what your own thesis is on something. every time i express even, you

know, neutrality on bitcoin, i get like a dozen twitter people offering to educate me that's not the issue like have your own thesis on what this thing is worth why it's going to the moon, if you think it's going to the moon how far you think it's going to what it pulls back stick to that. jamie dimon thinks it's worthless, so he's saying away >> he's got a thesis i don't think it's just his prerogative, i believe he believes that. since he made the original comments on bitcoin, now he has to service his customers, it's a changing world out there >> i think paul mccartney actually thinks that the beatles are better than the rolling stones it's time for a reality check on two different upgrades of the worth first off, square. jack dorsey's bank getting a wave pointing to multiple factor including cashout.

praising the rapid growth on the pandemic, expecting through the payment plat storm and the buy now pay later acquisition afterpay on the flip side, we have airbnb, upgrades to outperform do expect the pandemic boost for alternative accommodations through a main post-covid firm airbnb is going to grab 50% of online travel agents this year and sees bookings only going high over 100% year over year growth. $126 billion by 2026 carl, i think the real question here is, the difference between products and platforms square's, you know, unquestionably done great stuff, with cash app, i think the potential clients with afterpay are interesting, but is this a

platform or are these individual product successes that don't necessarily build on one another i don't think it's clear >> well, the airbnb call is also really fascinating when you couple it with encouraging commentary from american airlines this morning, julia, about the holiday travel season. but they're way, way above consensus on bookings and ebitda in 2022. it's a big call today from callen >> it's a big call the question is what happens when people want to start traveling to places when maybe there are a lot more hotels than airbnbs. you think about the return of the hotel business obviously business travel is a whole other question and that is something that airbnb hasn't participated in. you have to think, user behavior has changed during the pandemic. a lot of people discovered airbnb which some of that business to shift back to the more traditional hotel market. i think if you look at the two companies, they have both benefited a huge amount from the

digital transformation that's accelerated during the pandemic. but the question i would ask, how big are the competitive mode, different types of product, different modes >> it seems airbnb was well positioned heading into this some of that home cooked meal and experimental stuff that they were building into their travel offerings, that seems very much in line with what people want coming outside of a pandemic so, you know, my outside take, versus square, the tie-ins seem a little clearer there >> yeah. it will be fascinating to see how it all plays out i've embraced both of those tools, personally, both square and airbnb meanwhile, salesforce, tulio, coupa software, that report exclusively on "tech check" is next n'gonyere.

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welcome back to "tech

check. we are resetting here near the bottom of the hour, i'm carl quintanilla with julia boorstin and jon fortt. the value continues to outperform growth, the head of earning seasons kicking off with the banks. let's get to rahel solomon >> hi, carl. job openings fell more than 650,000 in august. the company is seeking to fill 10.4 million positions and jumping as much as 8%. the stock soared after credit suisse credited to $68 a share fastenal up 4%, amid the highs of the day earnings well ahead of estimates driven by price increases as margins are down from 2019 level. and pharmaceutical giant glaxosmithkline is up 1.5%

it's firm on track to sell its health unit by the end of next year $50 billion or more. unit brands include advil and sensadine. and cloud season is upon us, google conference kicking off in less than an hour. and ceo speaks at noon more ahead for microsoft and cloud getting big contracts. the next guest is out with the cloud tracker analysis of the largest cloud conference piper sandler. first of all, the third place hyper skill right now. sort of has a reputation of being a unit with good technology google cloud, that is but really not great go-to-market, as far as solving problems for the user.

is your sense that enterprise engagement has gotten better for google, that it's really growing its ecosystem and ability to compete here, or no? >> 100%. i think we need to realize it takes about a decade to create a $10 billion cloud infrastructure business i think pk has done a phenomenal job, pk 2000, very focused go-to-market effort that has changed their success on the cloud business for sure. and now business scaled, and continuing to scale at a fast clip obviously, you're competing with two other big platforms, microsoft and aws that are certainly much, much larger in scale. but google is making up ground there for sure >> no your report, looking at some of these highest conviction new money cloud ideas to buy on the pullback, a couple of them, twilio and coupa, wouldn't could

argue they've been pulled back they haven't done much over the past year but they're interesting. coupa from the cost management side twilio from that the digital transaction side are those underappreciated now what do you think drives them? >> absolutely. in cloud software, we talked about this cloud transition for a decade a lot of these cloud software names have high valuations they are well appreciated. what you have to do is go where there's controversy. and there's controversy around twilio there's controversy around coupa. that create it's opportunity those two sets are mispriced on twilio, we think twilio is the next $10 billion combloud aspect before snowflake twilio is only 7 billion, and we'll get to 10 billion revenue. we do think the hole direct to

consumer tailwinds driving twilio will make that a much bigger business than people are looking at today >> you make the point that the number of stocks has tripled we know it from about the ipo markets and the nasdaq there are two companies to research independently or is there bandwidth on that? >> i'm not going to lie to you on that front. while you have the household names, microsoft, google, amazon those will eventually consolidate the space over time. we think there's a long tail opportunity here, where, even though maybe 80% of the market is controlled by the big five, the alpha creation is going to happen in the 20% of the market which requires basically a little bit more homework but i think there's great opportunity in the long tail cloud software don't forget, a lot of

enterprises have a thousand different applications sothat' a lot of opportunity to create differentiation there. and what we're seeing now now this convergence of cloud software and payments is opening up all sorts of avenue ks for growth >> brent, you lay out the sector for those five companies i'm wondering what you see as the biggest risk for the cloud sector which companies are the most at risk >> listen, we're talking about a market for about a decade at 10% of penetration, the penetration of cloud today the enterprise span overall is about 13%. we think somewhere that e-commerce, that penetration rate is going over 50% by the end of the decade. so great run rate. the rick lies in the innovation. you have to pick your spots carefully in the cloud software group because people are confident in the profit

potential growth models. they're high growth models the most mature companies are generating 30%, 40%. people are under five, six years of duration risk so you have to pick your spots carefully, ivan if there's a rise in interest rates, you have to pick your spots carefully in this group zblch what's the worst area in cloud software, either because growth isn't going to be there or because valuation has gotten way out of control >> you know, listen, i think there's a little bit of a crowded space in front office. that's really where you're seeing a plot of proliferation of new ideas we're actually quite bullish around blackline it's been a laggard. driving a change, listen there is a talent shortage you have to automate because you can't hire that back office space is the

hottest space, i think front office might cool down a little brit >> front office, i like a specific answer. brent, thank you >> no problem. keep an eye on tesla, the company selling its largest monthly total of vehicles in china since it started production in shanghai two years ago. after the break, one family lost $700,000 in cryptocurrencies, now they tell us they can't get anyone to do anything about it. that cnbc investigation is next. "tech check" will be right back. ♪ 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.

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as investing in cryptocurrency has skyrocketed so have abilities to keep those safe companies in the coinbase are angry with the customer support which is expected to provide help eamon javers has that story in a cnbc investigation, crypto nightmare. >> i was kind of pan irked >> they saved $1.1 million until a cryptocurrency account in july but eric got a message and said

someone logged into the account. eric clicked on the text and soon received an email that their two-factor verification was changed. >> he was in a state of shock. i tried to help him. i tried to stay calm looked up coinbase on line trying to find out how to get their customer service >> richardsons said they got nowhere trying to get immediate help email was the only option. >> and within the 20 minutes that we sent the email, somebody had done 110 different transactions, sending out about 21 bitcoin >> in all, the hackers stole some $700,000 of the couple's savings. they're not the only ones, as cnbc reported in august, cryptocurrency holders across the country have been victimized

by hakters who drain their accounts and they can't get anyone on the phone. coinbase finally set up a phone number to call if their account had been taken over. customers told us the live support was useless. a joke and it was only for accounts that are actively locked so we wanted to see what would happen when the richardsons ca called coinbase's customer service. >> i'm going to call and fee if i can get my money back. >> an agent does answer. >> i got locked out of my account about two months ago, i haven't been able to get back in, someone stole 21 bitcoin out of it. >> agent tells richardson he doesn't have access. but should respond to an see mail he already responded. a coinbase spokesperson said we recognize the challenges that customers have experienced, and

continues to remain a top priority eric said his biggest regret is not doing more to secure his bitcoin, ethereum and chainlink. one that he didn't follow on was a hardware device used for cold storage. >> i meet myself up every day, i have my friends' voices in my head, eric, put it on cold storage and i just didn't. >> she says cold storage is virtually hack proof you get a key to buy and sell crypto and you store that key offline >> when you keep your funds in cold storage you have access to them. they're offline. away from hackers. >> of course, the problem with even that solution, owners can lose their passwords or something can go wrong with the device itself. >> as far as the richardsons,

soon after the interview, coinbase restored access to the account. they received a credit nowhere what they lost. coinbase >> i felt like they kicked sand in my face >> coinbase told the richardsons it won't refund their savings because the company was not responsible for the hack customers have filed 12,000 complaints against the company with government and consumer agencies since 2016. meanwhile, an additional 1500 complaints have been filed since the story first aired in august. mostly over customer service back to you. so, eamon, what happens next, all of those complaints filed? but is someone going to take action is one of these agencies going to hold coinbase accountable >> look, it's really not clear, julia, for the customerses like the richardsons there might not be any option to get their

bitcoin back that's because a lot of that falls in a regulatory gray area in washington, d.c is this a security for the securities and exchange commission to regulate or banking have regulations? none of that has been sorted through effectively in washington a real dispute over which agency would even have say over any of this for now, there's really no government help on the way remember, a lot of people who invest in bitcoin and crypto cryptocurrencies, generally, don't want the government to regulate this. they don't want any oversight in terms what they're doing part reason why they're doing that is to be free of the traditional banking system in this case, the traditional banking system has advantages like ftic insurance and the like if something like this happened in banking the customers wouldn't face the loss the richardsons are facing a

cl loss here. >> and the clients you talked to who helped manage the cryptocurrency, you see the ancillary industries cropping up to fill the need >> yeah, there's a huge need, carl, you go on the reddit page dealing with coinbase and other exchanges out there. you see page after page of posts of people, desperate for help what to do in terms of getting cryptocurrencies back that they've lost a lot of people posting that they've seen their accounts drained. they don't know what to do or where to turn. one thing i would caution, though, you have to be careful in that market as well it seems like there are scammers at work as well, offering solutions here that might not be all they're cracked up to be so this is a dangerous area as well >> yeah. certainly, eamon, seems like there are risks at every turn. thanks for bringing that to us today. a quick programming note, as we head to break, don't miss

cnbc at work summit where executives from wi cnbcevents.com/worksummit. "tech check" is back in a moment

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workplace, but what about in education? i talked with presidents from thee historically black colleges yesterday in my monthly fort knox livestream. abdullah talked about no strings attached. >> we are excited about it, scott. if i'm being very honest, the letter she wrote to talk about her investment in hbcu is the cool summation of her engagement and our job is to do a good job with the funds that she gave so that we can prove to her that we are a quality return on investment. >> in a way that might be good because a lot of people have a lot of engagement and give a lot of money. >> brother, who are you talking about? our impact has been about the money, i want 2 million for you, i've got 30 million from

mackenzie scott. >> that money allowed them to be more flexible. you can catch the full conversation online on "tech check's" twitter account "tech check" will be right back.

amazon announcing it will be giving some of its workers more flexibility to work from home indefinitely and cnbc partnered with catalyst on a new survey just out today that explains why amazon is doing this and the results are a wake-up call for corporate america. more than half of employed american parents of school-age children and 40% of all employed americans are considering leaving their jobs they cite their employers' lack of concern for their well-being and we also found a stark disconnect between what employees want and what their employers tell them that they need about three-quarters of employed americans say their employers believe that employees are more innovative and work harder when they are in the office, but more employed people say they would like their company to make work permanently flexible

we did find striking differences between the way men and women are reacting to the pandemic employed men are much more likely than employed women that they are considering leaving their job because their employer has not cared about their concerns in the pandemic and they intend to make changes in their career, such as asking for a raise and starting a company we'll have to see if more companies follow amazon's lead in light of these pretty dramatic numbers showing just how much people don't want to go back to business as usual. >> i wonder how much of it is permanent, though. amazon saying you have to stay within commute distance, carl, of the office or ask for approval to move further away from that. some of this feels like it might be, okay, we're willing to stay in this, you know, maybe in, maybe out flexible position for a bit longer, but that's not necessarily how it's going to be forever.

>> yeah. a lot of this is driven by the labor cycle that we're in, guys. maybe some of these workers are quitting because they have feel b feelings about their personal health or higher wages i heard the amazon news and how much of that is truly softening andy's ox original position which he told you that innovation happens at work pretty much cut and dry. >> think they're still figuring it out as i was seeing that news i was thinking about when he and i were coming back into amazon headquarters after a chat outside. he was noting sort of how certain businesses hadn't opened up yet, and seattle in general was trying to figure out what foot to lead with, given what was happening with delta and then we had satya nadella on a couple of weeks ago pushing further out what they were going to do at microsoft so i think there are just a lot of questions and not only about what workers want, but what's

practical at this stage, carl. >> for sure. and what technology's allowed them to do >> by the way, i am told andy jassy's 100th day is tomorrow. we'll talk about that as we brace for cpi, retail sales and j.p. morgan earnings in the morning. let's get to the judge and the half. carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center, why one of wall street's mouft trusted strategists say stocks are sitting on the edge and what is the most important level you should be watching right now we're debating it with stephanie link, degas wright, and jon najarian the stocks are seesawing once again today. right now we're green. dow's up 55, nasdaq's good for a quarter of a percent, that's 35. there's the russell in the green, as well today all right, josh, beginning with you. that strategist