by 20. we'll see if this can hold keep a close high on what's happening with the treasury market today rick santelli has been talking about the spread tightening as the two-year moves up. that does it for us today. make sure you join us tomorrow but right

we have a big show today we were conversations with ceos of several companies we start with hood, though, bigger than expected loss, though revenue was up 35 the shape of crypto goes from 51%, sticking around and trading crypto there aren't too many people gambling, the dogecoin was that -- i was impressed by the call i was impressed by the call. i had been hoping that younger people would come in, stick with it, buy long-term stocks vlad is doing a retirement portal, but it's not done.

i'm not saying nothing is being done i'm saying if you read the conference call, you think it's a fact, and david, if it's a fad, well, what can i say? they have a lot of people, 22 million, who don't have a lot of money in their accounts, and this was a quarter where it was crypto or nothing. >> right, right. i guess the alternative argument is that they are making connections and creating relationships, if you want to call it that, that will extend far beyond this moment in time that's where the value of the platform ultimately will be derived from it will be episodic, given interesting in some asset classes that could

wane. >> and morgan stanley is not episodic schwab is not episodic listen, we all know the first quarter is the best in the business again, i was impressed by it, because i want to see younger people stick with it, but maybe their daily fantasy -- >> your point about schwab is good they are more bullish on the company's able to capture more gen-ys and zs. >> mostly dogecoin --

>> it started as a joke. we know there's a couple in the account. i think -- is the revolution other? i think it's hid the pause button until we see people come b back. >> we have a lot of big interviews to do

>> the scale of these companies, carl, is just unimaginable. >> they look like countries. >> $65 billion revenue quarters. >> how about the growth -- microsoft is growing like -- you'll see these ipos, and they have 40% growth. now, these are countries, and they have aaa balance sheets. >> meanwhile, boeing is going to open up. phil lebeau has a spect guest. >> on a day where boeing misses, the shares are moving higher premarket. let's bring in dave calhoun. dave, third quarter, you knew this was going to be a challenging quarter. do you feel like, okay, i can see some light at the table, whether it's the 787 dreamliner

or other issues? >> i absolutely remain a complete optimist. it's important we open with a decent trajectory. i think fourth quarter will get even closer. i am an optimist i'm feeling good about where we are and where the year is going next year. >> the dreamliner, still haven't begun deliveries you are making progress there. what is your outlook for resuming the dreamliners. >> we're following a very deliberate process et cetera, but we dotted all the is, crossed all the ts, and started delivers we're going to do the exact same thing. the max out there is flying like crazy, and it is as reliability

as any airplane in any fleet in the world. so i feel have very good about that process i can't predict delivery times i have a counterpart in the faa, and for abnorm at products, and you're saying we expect altogether, whether it's two quarters, three quarters, it will be about a billion dollars. are you confident you have the cap there at a billion dollars >> we're confident, based on everything we know today that that is an accurate number it keeps all of our peet warm. it keeps everybody in place, we continue to learn, we get ready for what we believe will be a

good up tick in the market. >> jim has a question for you, dave. >> dave, always good to see you. i want to go over something. in china, goldman got its own franchise into a joint venture nike sales are coming back, apple not even an issue, starbucks, saying things have gotten better. absolutely fantastic macau, things look like the chinese are being less aggressive the only missing people of the puzzle is a gigantic order to boeing that would certainly fit the narrative of what's happening in china. >> all i can do is read what's on the ground with our customers in china, which has been very constructive, very good. everybody has been getting prepared for a re-cert and

reentry into china the caac, constructive, working hard with the issues, dotting is, crossing ts, so i'm feeling good about the work and the effort being applied from our side of the house and our administration, and china. and then, as you say, we don't need a big new agreement we want to act on the agreements that exist today i remain constructive and optimistic >> now, speaking of being constructive and optimistic, clearly i think we're at the tail end of the pandemic people are flying crazy. i think it's back you want to feel free, that you can go anywhere in the world. >> well, they do have enough today. by the time we get into the second half of the next year, i think everyone will be working hard on these plans, trying to

come to grips with what i think is a big spike in demand again, speculation on my part, but pretty well founded. these borders, the protocols have just begun to open up, the united states being one of the later ones to the part in november, but the order backlogs and traffic backlogs among the european airlines when that i was announcement was made, immediately lifted >> you have the 737 max right now 19 per month is the production schedule. you're planning to get to 31 per month by early 2022. how long do you think you'll be back to where you were before you had the two accidents and had to shut down production, which i think was somewhere close to 50, 55, up in that range. do you see that happening in a couple years if you have the out? >> honestly the wildcard in this

one isn't demand i think next year it's all about the supply chain our customers are having to come to grips with supply chain issues we have seen some of that variation, so they're going to have to come to grips with that. boeing will have to make sure i its. >> so much of what we talked about is the commercial side, but the defense side will increasingly come under focus, especially as you see increased attention around the world, whether it's what's happening with china, taiwan, southeast asia, what is your sense in terms of the next year, what you expect, in terms of defense budgets?

>> two major vectors going on. one is the fiscal stimulus, all these programs constraininging the amount of money we can spend. the other is the threat itself we've got from the terrorist threat to serious major actor threat it is shifting from north atlantic and nato to asia broadly. there is a lot of significant work that has to go on with the department of defense. i know they're up on up to it, but that can increase the advance technical work that goes along to support that. i don't know what the outcome will be, i don't see it declining, and i don't see it getting much worse when those two forces hit each other, i think the threats typically dictate the outcome. >> the news flow has been

horrendous, and here or there are obviously we have indictments of people. do you have any sense, when you're in the what's going on, at least in terms of the press >> yeah, i think so. i've always said i could go out and merchandise a different story. that falls on defendant hearing. what we can do is just deliver, make sure our airplanes are operating reliably, make sure the public has faith and confidence in everything we do i'm pretty proud of the worry our boeing team has been doing i think we're getting close. i think we're getting close to the, quote, end. what will it look like a steady, stable space

i think we're getting close to it i think the one outside issue is the one you discussed earlier in china. we have to make sure that the china market is open to the united states and open to boeing it is the difference it is the difference in global leadership in aerospace, in and i have yates, if it's not open to the united states and not open to boeing, europe will fill the void >> and with regard to that, last time we talked, you said you're not to a point where you have to be thinking about moderating production schedules in the future if china is not open, let's say, six months or a year from now, do you have to then say we have to mo rate our production plans for the max? >> without a doubt if i got to the middle of next year and said there's no china, we wouldn't cut rates, but would not increase rates at the pace we would otherwise increase it i think that's the way to think about it i think we have plenty of time

as i said earlier, i'm still optimistic on it thank you, dave calhoun, joining us you heard dave saying he believes they're getting close to finally seeing that light at the end of the tunnel after what's been a year and a half. >> phil, great stuff as always a busy morning for phil. after the break, we'll speak with lisa tsu on their quarterly results. again coming off record close for dow, s&p, durables were a bit better than expected oil is down a bit on that stockpile surprise we're ckn montba ia me i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust.

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we also talk about bullish fourth quarter forecasts that's exactly what we got from lisa su, in pretty much every single business line center and gaming was fantastic. this notion of the cloud is right in the sweet spot of lisa su welcome back to "squawk on the street." >> great to be with you. people were saying, this is ho-hum

you're kind of in charge what i want to say is i want to look at another part of the puzzle i am concerned about. i liked it i'm wondering whether there are people who have left -- xilinx is the key of getting off the treadmill. >> what i would say, first of all, we had a very strong third quarter, very excited about the results across our business, 54% year over year growth, and we're excited about the xilinx acquisition. when we first announced it, we want it would take to the end of this year to close you know, that's what we're seeing everything is right on track the beauty of it is putting together two great portfolios. the amd and high-performance

computing, and xilinx in adoptive computing, with artificial intelligence will come together next year. i'm very excited about the road map. there seems to be no end to the interest in gaming, no end you w to have cloud cap ex when will the two round out? >> you know, the key really is, you know, when you're in tech, to see out a few years and see where the secular growth is. we see the data center overall both cloud and enterprise as growth markets the cloud has been very strong for us we're more heavily weighted there, because frankly these

largest cloud partners want the best technology there is, so it's very deep partnerships we have weaver excited about what we see in the future too, jim in this environment we're seeing an even deeper partnerships with our make cloud customers, and planning out not just what we'll do this year and next year, but what we do in '23, '24, '25. it's a long-temple partnership in -- long-term partnership. >> there's a company that has often said they're far ahead, and that is intel. there's a lot of people who who feel like what they can do is cut price to take share. the more i study in, they're not even in the growth markets anymore. do you see price wars with intel? >> we really don't see that environment, jim what we see is an environment

wheenvironment, even when you're a consumer in gaming, what you want is the best technology. there is a tremendous amount of differentiation in, you know, our technology road map. we built it, we talked about it the last few years, we have some technologies coming around our newest product portfolios. we think this is what it takes in tech. you really have to be the best, really talk about performance, performance per watt you know, we're always talking about energy efficiency. these are the things that are most important to consumers and businesses alike. >> lisa, it's david. when you talk about growth, mark zuckerberg thinks towards the end of this decaade that would b a huge opportunity, and how do

you see it and where would amd's place be if the metaverse turns out to be something quite significant? >> that's a great question i might generalize it to the whole area high-performance computing. this vision of the next five to ten years, whether it's high-performance, machine learning or the metaverse, you just need more performance actually you need more tailors and customizatcustomization. we're investing in the heterogenous computing frankly this is from company lynx comes in nicely with adaptive computing, so together we'll have that to work with metaverse and so much more

>> you talked a about i about match set conrestaurants, adding supply, if we're talking shortages, and everybody right now is obsessed with shortages, where do you think it's most acute? what is the canary >> i would say this has been a year where having a strong supply chain is a big advantage. that's been the case with us i'm really proud of what we've been able to the in our supply chain. when we start this had year, we thought we were going to grow 37%. with the fourth quarter guide we're now guiding 65% year on year that comes with one very strong demand we're in the right markets with the right mouproducts we've been able to unlock incremental supply it is an area where, you know, everything is invests in capacity we're investing in capacity.

it's certainly an area where we will differentiate ourselves it's just about getting -- when we talk about match sets, it's making sure each of these systems have all the piece it is i'm happy with how we have managed through this supply chain situation. i think again this is a differentiator for under the circumstances. >> that's huge i wonder, do you see capacity getting to a point where we might see pricing flatten out other even drop in the middle of next year, as some hope? >> i think's we go into 2022, the current view is the first half will still be relatively tight in terms of supply we might see some loosening of that as we get into the second half i think this is all about the long term, though. it's all about having, you know, the right products, the right

supply chain patches again we're looking at multiyear trajectory for growth. no matter what happens, we need to ensure we have the capacity and capability to do that. that's why the strength of our business allows us to make those investments. >> you dropped a bomb last time when you were pc growth would be flattish, arguably yes, but when people hear that, they have don't like it. i was hearing about this rumor last month about the venture with taiwan media, if you do that they a venture, you have the high-end pc which would be incredible growth. does that rumor have any truth to it? >> let's talk about the pc market, jim. it's an interesting market we have made tremendous progress in the pc market

when you think about the market itself, we're talking about 350 million units this year, which is fantastic if you think about where the market was two years ago in 2019. the pc market is a very good market that being the case there are some pluses and minus that is go in as we look forward, even in a, let's call it, a flattish market, could be up, could be down, but let's plan it as flattish, we believe that amd is a share gainer in that market. we're great at gaming notebooks, we're growing commercial notebooks. there's a ton of high-end premium notebooks as well. so within that, i think our portfolio continues to get stronger that's what we're focused on. >> lisa, thanks so much for coming on the show you keep just lapping great quarter after great quarter. we look forward to the xilinx deal closing

>> thanks, good to see you guys. >> good stuff. pcs up for microsoft, azure up 15. 17 quarters of at least 10% sales growth >> we see a lot of these small-cap companies go pup they don't have the growth of microsoft, the stability look, that was the blow out. if you had to do a narrative of what happened last night, or it is microsoft. >> better quarter in the quarter so far >> best quarter of thee. >> looking, this is ridiculous this is a giant -- >> listen, cloud up 36% over 20 billion in revenues. >> 20 billion a quarter. >> up 20% in constant currency for microsoft. i mean, it didn't come anywhere near alphabet's revenue number

$65 billion is a number that's hard to even understand how big that is, but microsoft -- and it's deflationary. i thought that was interesting comm commentary, right at the top of the call it's like he was responding to -- >> to jay powell fit . >> i talked to -- just like the working man, i love that, we have the edge, because satya explained the world to us. he has such gravitas he's premier who is the premier of google >> sundar. and the premier of apple is tim cook

it's like, intel does not have a premier, when you get down to it. this is the opening bell here the big board, we'll talk to the ceo of the tech sector today and also celebrating its ipo, rent the runway. there is jennifer talking about the first ipo with the female ceo, cfo and c.o.o. ever. >> congratulations to them a business, by the way, that changed the way people dress, particularly people who are trying to, the great equalizer, david. you may not be able to afford a beautiful gown, not that that necessarily would be your thing, but you can, if you're a understandingier person, afford the same clothes that a rich person does.

you know, you have made it so that people who are not wealthy look wealthy that does matter on the job front. >> which is what they do that's going on in my house actually, too. they have stuff coming in every day. >> people are going back to work i think cassle, the barometer, now up seven straight weeks. >> but if you're a ceo in this country and you're in a competitive marketplace, for a white collar guy, you cannot say in your monday through friday. >> no way. it's over and done with. this is the most important. >> flexibility will be key you want people in the office. it's a grand experiment, three

days ago a wee they say, wait a sect, we're i just adopt know, but i'm worried. they do feel as thereon three days a week will be enough it's a grant experiment. like i said, we're the only people that are showing up on fridays. >> and on saturdays, if they let me i went into my garden twice this

year with wingtips, the suit and tie, topick some tomatoes. i want to work three days a week, they can't say, are you out of your mind the power has shifted to the worker the worker hasmore power than we have ever seen. >> it's the best job market since 2000, at least >> if i want to travel, i'll let you know, and i'm done at 6:00, because that's cocktail hour. >> that is what's happening right now.

>> so when did the power shh shift? >> it's shifted over the last year, there is no doubt. even though ceos who were talking five days a week, and we know who they were, have backed off. >> even gorman i was counting on gorman. >> people weren't showing up. >> >> i have twitter down a lot. >> which is so weird. >> again, the simple size and scale of these organizations is almost hard to comprehend.

when exxon mobil had a $10 billion earnings, that was $65 billion revenues, $21 billion in operating income ad revenue is up 44% they've gone a beneficiary -- didn't seem to have as much of an impact on twitter. youtube revenues were 7.2 -- netflix's revenues were 7.5 netflix trades at ten times the revenues. >> this quarter was -- which was greeted with a 2.5% decline, can i just announce that if anybody traded that down 2.5%, shame on

you. they probably would go to 7. i just -- you have to understand, this company literally has more business than it can handle. small, medium-size business using search is without a doubt the sing the best way to get customers, even better than instagram. >> that's why the ad revenue was the best in 14 years. >> incredible. >> when zuckerberg comes out tomorrow appeared does the m metaverse, i need a store. >> what's he going to do tomorrow >> it's going to blow you away. >> really? >> what's he doing >> a big demo? >> what's going on >> i expect to do so him inside the metaverse. >> will he ever come out >> stop it

no, i mean in the metaverse. >> i swear, it's teleporting >> like "star trek"? >> yeah, like "star trek." when they went back in 1850. >> reporter: that one? >> i remember a lot of them. >> you teleport,you go to a schoolroom, you go to the grand canyon, teleport and watch the gladiators you're in grand theft auto but it better be safety first. >> there's a lot of interesting nuggets in mcdonald's. u.s. up almost ten, they're taking 6% pricing, franchisees' record cash flows. >> i was going back and forth with my friend stephanie link, mcdonald's, coca-cola, what do they have?

scale. they're kings in their own realm. in the old days, we were these companies are bigger that are ford but what a quarter from -- >> particularly with the supply chain issues, scale matters so much, big box stores, lowe's and home depot will do better than some of the their small competitors. >> costco and old navy hey, hedge fund once had a name. >> and then we come back to the size of these numbers. >> the move in home depot and lowe's is something. hd is closing in on -- >> people are why?

they're so about they, but yes, home depot has been so busy. it shouldn't be right now. >> solar stocks, i think we should mention quickly also shortages that's record revenue. this is the leading supplier of microinverted-based batteries. non-gaap, you get the picture. >> solar is more competitive >> look at the whole group here. >> first, there is a belief there's growth potential here. we do know where we're going

>> mean being the first man in the sun light, richard -- >> why is -- it looks like it's going to start moving up >> ned siegle -- i thought that twitter had a lot of good things to say about direct response and what we're going to do with small, medium-sized business by the way, can you imagine youtube was impacted, and it didn't matter? >> and it didn't -- the growth late was still astoundingly large. twitter is complex they do not have in the vast scheme of things, they're not up there with the titans. remember the titans? >> yes. >> that is a good one. when we come back, we'll

take to coke's ceo james quincy. you had the lowest since middle of september as markets are pricing in a 70% june hike, but the long-term tends to be not quite as dramatic. we'll be right back. tv: mount everest, the tallest mountain on the face of the earth. keep dreaming. [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪ ♪ [suitcase closing] [gusts of wind]

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(rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito!

- [announcer] bito, the first u.s. bitcoin-linked etf. total share returns has not been that good we know, david, there's been also sabre rattling between elliott artners, and that's -- now in this quarter they announced today i thought was good, stocks down really fine, but i spoke exclusively to the ceo last hour, and i want to show you part of what she told me go ahead

>> obviously we're excited with the quarter, a look that our hard work over the last four years is working we're firing on all cylinders. double-did you get growth on pharma and vaccines, and proof that the pipeline is bearing truth, and a real acceleration of consumer healthware growth, looking forward to lots of key readouts over the year ahead, stepping up for a step change in growth next year for gsk, and very much on track to the de-merger of a world-class consumer health business next summer. >> you have a lot of people in it for the different, and are there many people concerned that perhaps after the de-merger, the

hefty different will not about there for them. >> actually, jim, you may have seen in our capital markets update in the summer, we were explicitly, extremely clear around what the distribution for gsk would be, both this year and in '22 and '23, actually, because '22 we expect to be a hybrid year. we've been public about the dividend distributions for expected range for consumer, too. so i think we have removed any ambiguity on that. what is really important is we're looking forward to a future for a new gsk from 2022, which is all about delivering a step change in growth. we have committed to more than 5% top line, more than 10% bottom line, and all of that really starting in 2022. so it's been great to have this marker of this quarter to start

to show the momentum coming through. earlier you mentioned vaccines i know that the vaccine for covid has not been what you're doing, but you do have a giant shingrex franchise i feel it's been under marketed. is there my way that can accelerate we did sell more than 500 pounds of that vaccine. it's being hit particularly by the variant, and as covid vaccines have been rightly prioritized, but we're back on the recovery track by the way, we've also been able to upgrade or guidance overall despite the short-term hit, and really importantly, shingles hits one in three of us, it's a extremely debilitating disease

we expect strong double-digit growth, much more global geographic expansion, because we are constrained in supply, and we're confidence we'll double is the revenues by 2026 >> now merck already has been an antibody out there, comparable to what merck has done >> we're delighted to be making a significant contribution to antibody solutions we also announced to expect on top of that another 7% to 9% e.p.s. from these covid solutions. it really is shown to reduce hospitalization and death by 79%. though we've had these triumphs,

people arestill being infected so this definitely matters, has a contribution to make it is shown to be able to maintain this activity like delta, and we're delighted to have this impact with the ongoing situation around the world. >> so one last question. you have this terrific franchise in cancer, and starting to pay off, it appears, and you have this work with 23 and me it's a treasure trove. can you mattery those two to get some targeted or predictive work particularly on breast cancer, which is ravaging around the world. how will the two play out? >> well, two distinct questions, but they can relate. i think, first of all, we are in a golden age of biology and

technology, and the predictive power of genetics functional genomics as of power of ai machine learning should allow us gsk is looking to lead the way in terms of our success rets of medicines and drugs. being much more predictable in the quality of the target that we identify for new medicines is what we can bring with all our 23 and me work and we're delighted. we've recently identified one of the first assets from that partnership. and i've seen an aggressive multiplication of the number of targ said that we can bring fargward fraour future pipeline. so, it's pretty foundation in

our strategy around genetics >> the stock is exactly where it was when the aggressive hedge fund said we need more, better, sell, sell and maybe made some changes. and emed told a very good story. if you're a good hedge fund and 246 stock did not go up, i'm sure they're going to say it's not enough >> i like the point about shingles >> so many people haven't gotten the shot >> i haven't gotten yet. >> i'm going to take you after this, honestly >> we will get stop trading with jim.

the biggest risk i think we have is his health he works incredibly hard hopefully he stays healthy for a long time. he says he waupnts to die on mas not landing there, but after living there he's healthy, working hard inspiring. >> on that note, time for jim and stop trading >> there was a moment in the

interview where he says basically who else is doing well in ev? gm is go tag tell you next year, farley is going to tell you ford maybe tesla finally has competition but baron said give me a break >> an original investment made eight or nine years ago, profits of 4.5 billion they still own millions and i mean, one of the great investments of all time, mr. baron has made there i think it's interesting he talks about musk -- >> incredible. again, a country as long as he remains president of tesla, then they are going to be a major power in the u.n. security council >> i saw a great stat that musk has made more money on papal than buffett has made in 91 years just this year >> wow, wow, really.

look, this has become the only market barometer i was hoping he would say the stocks they're buying are shares in tesla, microsoft, alphabet. no they're probably buying what's the worst thing. >> the ron wyden plan on taxing, on realized capital gains forces him to potentially sell. and i wonder how much he has already, in other words, tide up in bank loan against stock because it is a volatile stock >> are they punishing billionaires >> it's wrong. >> it's not fair you get to be a multibillionaire, you should do what you want. >> have your own army. >> see what the rule of law is like on mars good luck with that.

>> i hear jupiter is nice this time of year >> do you? >> yeah. i have prologis. and ppg, a real company in real world, which sells things to cars, to real planes and it's not software >> no. one of the earliest indications of the mess we're in right now >> housing stock look at everything look at everything >> good hour, jim. we packed as much as we could. >> we didn't get to visa >> or spotify. we'll see you tonight. "mad money." 6:00 p.m. eastern.

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♪ good wednesday morning welcome to another hour of "squawk on the street. live otthot new york stock exchange bunch of moving pieces we're coming off of record closes for dow s&p some not so good

we're watching amd google from last night >> and we're going to get a started in a day where we have so many earnings movers. here are three that we're watching right now general motors premarket gains. they beat on the top and bottom lines. the stock's down 4.5%. and help offset due to shortages of chips and other parts mcdonald's, meantime, those shares are higher after revenue and comp estimates and easing covid restrictions meant resurging international sales as well mcdonald's are up 3 er 3% and after revenue grew 22% year over year, as azure and other

cloud computing services soared. net revenue, was up 48%. stock's up 3% right now, carl. >> we're going to start with robinhood. shares are down after q3 missed estimates due to a slowdown in crypto trading we're going to take you back the lowest levels since early august kate >> hey, carl robinhood had a rough few months in the last quarter, at least with you compare it to the start, the trading start up saw wider than expected losses crypto guys was the big story. it made up to half of revenue base -- and only rose 19%. robinhood saw a net decline of funded accounts dropling by

100,000. and a bleak forecast weighing on the stock this morning saying some of the same head winds are sticking around. and getting a bit more active that could hypothetically spur growth robinhood, saying the new crypto currencies won't be lifted until there's more regulatory clarity from the sec and that includes an alternative that users have been clammering for and asking robinhood to add. yesterday, after the conference call, he called forecasting for this company super challenging he says they're not rushing to pull some of the gross levers. he says they've made a few missteps along the way and have learned how important it is to do things the right way and in concert with regulators. robinhood is officially rolling

out retirement akouccounts and there's a million i people underway for a crypto wallet starting today, half of convertible notarizeby being unlocked and by december 1st, all shares of robinhood, will be fully tradeable. stock is down more than 10% heading to the open. >> thank you almost 12% let's turn to other mover earnings let's get to mark from evercore. want to talk about alphabet, but let's talk with a couple of other movers twitter, they navigated the apple ios pretty well, didn't get hurt as much whathappened in the last hour to send the stock in a different

direction? >> maybe two things, david their commentary suggested expenses were going to rise 2022 next year more than expected and second, it's still the same mau issue and it's in the u.s. and they've been flat at 36, 37, 38, right in that space about four quarters. people want to see growth out of twitter's user base. they laid out a goal we're not seeing it and we want to see how can they get there? they're rolling out a bunch of new products but they haven't moved the needle yet and if they don't, people don't want to buy the stook. >> that's a graeat explanation. >> they've also cranked up the

number of employees. it's doing the right thing they're investing aggressively in products. everybody knows twitter. twitter has a relevancy problem and an intuitive interface user product. they need to start creating an experience that's more intuitive for the vast majority of people. they'll always be in the -- >> i know. mark, we've had that conversation for years now i can remember having it with dorsey and then i forget the ceo who replaced them. and dorsey again it never seems to end about having a more intuitive experience and yet they haven't got there. >> maybe that's just a limit to the value of the service there are just x-number of infoe junkies out there. or maybe it's the product

development spin at the company. this company has had -- and they've acknowledged this too, their credit they've had several times they missed product rollout deadlines. i think it's combination of both those things until they can improve product development. >> another name that you are a buyer of i don't know if youbl you've had a chance but spotify up 5% looks like a pretty good quarter. i think india looked pretty good what about the quarter >> this is my favorite stock in the large cap space. not mega cap look, i like spotify if they can start inglecting gross margins, they can reerate materially i like the set up on the stock and what you learned is they have record-high gross margins

and they had a modest acceleration and for the first time ever, they're starting to have it rise year over year this company, for the first time, they have pricing power, just like netflix did in the beginning of 2014, i think spotify can do the same thing. it's dislocated by spotify >> i want to get you to weigh in on alphabet as well. we did see better than expected numbers. 43% rise in ad revenue youtube adds the cloud division fell short how do we read through the different businesses and how do we get to a higher stock price, given all the attention we've seen paid to advertising at, i guess, some of the rivals? >> it's a great question it's a tale of two cities. facebook was sekwengsally down

and google's ad revenue grew 5%, faster than prior years. search is a beast on its own they don't need apple for everything when it comes to search that's the beauty of google's model today. they also benefit from travel recovery. for that hurt them last year. that was almost a flawless quarter by google. the stock will go up i like the stock i just don't think there's a lot of near-term upside. i it's had a wonderful 60% rally, fully justified. >> sorry finally, mark, somebody who's

been covering the company since infancy, regardless whether you think the stock is going to go up or down, the size and scale is astonishing at this point i mean, 65 billion in revenue is hard to imagine we'd ever see a number like that, certainly when the company went public. not a great public offering either, that dutch option, if i remember >> dave, you and i go back a long history on google the biggest advantage they have is a trillion dollar global marketing tam and it's a percentage of the tam is midteens call it 13, 14, 15%. that's why they can sustain premium growth and they have this wonderful option value currently priced at zero and maybe it's worth nothing but my guess is the next five year, investors are going to get rewarded for having that option value. core business is strong. we business with cloud doing

super premium growth 40 to 50% that's why it's a long-term investment you should be in google. >> and we didn't even get to youtube. thanks for covering so much territory. >> as we head to a quick break, here's a look at our roadmap for the rest of the hour pay to park. president biden looking to impose fines to ease the shipping crisis. we'll speak to the ceo of one of the largest truckers and freight forwarders >> more on the kriptdo trading slowdown >> and we'll talk to ceo as the dow's up 61. the long bond elyid below 2% for the first time in a month.

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>> and particularly the lock dchbs and around the world we've seen many come off and new ones come on. as we've learned to adapt and adjust and be flexible with how we invest and execute our business, we've got consecutively better at delivering and drivic the brands and execution, such that our business, sekwengsally over the year has got better. we feel strongly it's going to last us through the end of the year and set us up for a good, last quarter and that's why we built on the success. we feel good, given what we control, despite the business

still building back. >> so, given what you can't control, how acute are these supply chain challenges for you? because many of your competitors and peers in consumer package goods have struggled to maintain the earnings outlack for the year you've raised it so, talk about what you're experiencing on the supply side? >> no question, there are disruptions in the supply chain, shortages on some inflation, whether it be commodities or availability of labor and logistics. it's a bit whac-a-mole and every year for us, there's some part of the world that is experiencing microproblems we have long-standing of how

to -- you can never anticipate everything but we have a lot of deep capability, a lot of deep partnerships across the supply chain. not just on hedging and pricing but availability and working together i think that experience and enduring partnerships are allowing us to weather this disruption as best as one can. we also have lots of brands and packages so we can pivot from one to the other as the pressures go up and down in different areas in the supply chain. we use a global scale, a long of the term partnership, and diversity to manage through these hiccups. >> still we've seen shortages. how long is that going to last >> they're out there and they're going to last.

my analogy would be it's like an earthquake you get further shock wave ss b they're of diminishing magnitude. ot other parts of the developed economy and i think we'll see that spuratically as well into 2022 the cost inflation is there. everyone's working to bring supply volumes up. but i don't think all it's going to be resolved early in 2022 maybe with diminishing magnitude but it's going to last >> we see broad-based participation issues in the workforce, whether that be at the plant level, logistics and the trucking level and of course, our retail partners and

restaurant partners are struggling with labor. so, clearly there's a challenge in reintegrating people in the work force back in for 2021 and 2022 and i think everyone's working on that. so, these issues are real. they're out there. but our job is to work around them and to look for ways to offset and mitigate those constraints to the best of our unlt we want to see our consumers be able to find our brands in the restaurants every day they go there and find all the package sizes they want. and that's our objective and that's why we're paid to try and manage through the problems and deal with shortages. >> so, wanted to ask you a few on the portfolio you're in the alcohol business and i know there's an expansion across the country coming up do you really think you can take on some of the heavyweights like

truly and white claw at a time when the hard seltzer category has shown surprising slowdown? >> i think the slowdown, there's a piece of that, that perhaps was natural given it's very strong growth in previous issues the category is consumed very much at home and i think you've seen a shift from at home to away from home and that's mean last year is flatter the category and this year is doing the reverse. i think there's still growth there. you look at hard seltzer in the u.s. we've got enough momentum in the early stage. it's launching new flavors next

year and has a high trial rate compared to all the leading hard seltzers we think it will find a strong position in the u.s. we've also expanded. we had an alcoholic drink in japan. that's also looking interesting too. we're starting to get good insights and see a terrain that might be interesting going forward. >> i favor ginger, if that's on the table. finally, james, i'm watching your stock price having a good day. but was down for the year, maz underperformed the market and trading at a discount to the staple sector. why do you think that is

>> clearly in the staples market much of the other staples are much more at-home categories than we are. ours is half at home, half away from home. so, with a tremendous amount of lockdowns, that's a weight on the stock. and it's not fully back yet. the landscape has evolved somewhat there's still more back to the office, back to travel yet to come some channels is still closed think what you're seeing today with it goic up is a return to seeing that we are emerging strong from the crisis but what we've done to set ourselves up from the future, is going to set us up for long-term growth

and i think you see that reflected in the increase in the stock. >> it's good to see you back in the office in atlanta. chairman ceo of coca cola. we appreciate it with that, i'll send it back to you, morgan. >> coming up, profits rise by almost 50% this as the biden administration says it will start imposing fines for containers left at the rtpos. we're back in a moment i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning.

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needs to die. if you track michael's victims, it's a straight line to michael's childhood home. [ screaming ] tonight my family will kill him. [ gasps ] [ screaming ] welcome back to do "squawk on the street. "we're looking at the airspace and defense etf. it's basically flat but coming off the worst day since july yesterday. down 4% for the week so far as well lockheed martin is what has weighed on the etf after they cut revenue forecast, down 11% for the week negative for the year. you can see it's getting a bounceback, up almost 1% general dynamics is in focus it's just turned higher in the past half hours a well

reported a slight sales increase that offsets systems and technologies still a miss on sales expectations though. ge did reaffirm the full-year etf guidance lastly, boeing, which is lower after posting a big loss in revenue that missed estimates. free cash flow was not as bad as feared we did see estimates for dreamliner and the starliner, that factseored into results as well every name in the s&p industry group is low thorer on the weekd we have a few more stocks. >> meanwhile, a and, d sales are strong amid strong demand for ships, servers, game consoles we did talk to ceo last hour

about the company's growth trajectory >> we're looking at multiyear trajectory for growth. so, no matter what happens in the market, we need to insure we have the capacity and capability to do that and that's why investments today rethf important and the stng oour business allows us to make the investments across the entire supply chain [crowd cheering] how's sanchez looking? with your qb's increased spin rate, any pass with a launch angle of at least 43 degrees puts sanchez in the endzone. you a data analyst or something? an investor in invesco qqq. a fund that gives you access to nasdaq-100 innovations like ai statistical analysis software. how am i gonna do? become an agent of innovation with invesco qqq. ♪♪

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ium rr scott wapner almost 500,000 homes and businesses in missesmous don't have power this morning. in the wake of wind gusts approaching 100 miles per hour from a coastal storm schools on cape cod are closed

and faerries to martha's vineyar aren't running and whistle-blower's documents, staffers are trying to determine whether facebook violated a 2019 privacy settlement the leader of britain's labor party has tested positive for covid. he'll be in isolation for the next ten days. and for the first time, the u.s. issued a passport with an x-gender for nonbinary and gender nonconforming people. it has been in a long legal fight over gender designations with a colorado resident so, back to you, david >> scott, thank you. we've got a lot of earn toogz get to this morning. let bring in bob, he's looking at what's been moving and what we may have missed

sgl >> it's been an astonishing morning for you guys yesterday i thought it was 3m. today i think it's harley davidson number wurz outstanding and they talked about a gross margin hit, down three percentage points they talk about higher volume and prices and the head winds they're facing but the stock is up because people are choosing to believe stronger volume and higher prices, long term, are going to prevail. and they maintained the core guidance microsoft, we've been talk about all morning. it's astonishing, the revenues they've had. mcdonald's and coke also strong. the important thing is they're helping hold off microsoft and here's where we are.

about 40%. 192 companies have reported. let me give you what i think is the good and the bad demand has been terrific that's the most important thing we've been seeing. 83% are beating estimates. this word "navigating" used all over the place used yesterday, navigating supply chain disruptions and the corrosion is modest. it will be 12.5% 13% in the second quarter. this is a record so, modest deterioration but close to an all-time record for there and that's the most important thing we're seeing lower average earnings speed it's about 10% this quarter. it was 20% in q1 and q2. those are historically high numbers but it's down. and the estimates for the fourth quart not growing much

in fact, they have been flat for several weeks. earnings estimates not going up. it's not a perfect relationship but it is a cause for concern. and the upward revisions are not as strong as we saw in the first and seconds quarter. here's the biggest question right now. are we at peek supply chain or not? when are disruptions and cost going to evade it's early but encouraging to hear things like what 3m said yesterday about navigating some of the other names out there, sherwin williams said they're confident their margin will return when they goaet a little more control over the cost issues. i don't know for sure if this is peek supply chain but we're getting close. and i notice first and seconds quarter estimates for earnings are going up that's very interesting and i think there may be some analysts who believe we are indeed at that peek supply chain story

>> and suggests it's going to be more of a first half phenomenon, rather than second half phenomenon and kayla joins us right now hey. >> brian moynihan is leading a delegation to the climate summits this week as cochair of the sustainable markets nishtive writing the playbook to disclose cli climate risks and meet pledges i asked whether he'll still lend the greenhouse gas emitting businesses >> all those companies are going to have to make it back to an auto company, who make as net zero commitment. and a thousand suppliers have to meet that commitment or they're going to pick a different supplier the risk is they understand what it means to make a net zero commitment and how to do it. >> some critics have said banks

who do business with the fossil fuel industry are just washing >> we have a trillion dollar commitment to finance for the green transition that is a lot of money going to help our clients make that transition >> he says the market will play an important role. so, does that justify tesla's valuation? >> that's why there's a market each of those stocks will be bought and sold by people with different opinions what it means over long term is electrification of the fleet is going to take long time. there's 16/17 million new cars sold in the united states. i'll let the market decide the relative valuations. but all the companies are making these commitments and that's what is going to drive the chain.

>> a very diplomatic answer. we'll talk more about whether it's enough to combat climate change >> thank you as the trucking industry continues to suffer shortages ahead of the holiday season, one company is going strong, beating estimates with nearly 6.3 billion in revenue reported. down 4%. but joining us is ceo, bob great to have you on thanks for being back with us. i was looking for your results and gang busters growth in your global forwarding business o 138% for the quarter how does this speak to all the imbala imbalances in the supply chain and to move through ocean and air right now? how long do you expect this imbalance to last? >> how long is this going to last and what's driving results?

i don't know any of us are in a position to forecast how long it continues. but the thing clear to us is there are many nodes of a supply chain that continue to be disruptive we've got labor shortages in trucking, globally, that will continue to constrain some of the fluidity we need to bring back in to the supply chain. >> i want to get into all the labor shortages in just a second but first, how are you able to mitigate some of the issues and bottle necks for your clients? clearly you're doing something right, when i look at the numbers. >> the lead in said navigating the supply chain we try to help them orchestrate in the supply chain. we're in a unique position to do

that because we have a franchise domestically, as well as globally through our air and ocean freight businesses as well we provide them with teams of experts around the globe and really leverage the information advantage we, given the $26 billion worth of freight we manage and able to help customers to continue to suck sed. we can move very clearly, whether it be an air solution, ocean solution or when we get here, voia rail and truck. >> just how acute is that right now? how many people would need to be hired for truckload or less than truckload to get past the congestion we're seeing right

now? we're back to where we were prepandemic. we need to seat those in trucks to goat back to some balance and we need hire another million truck drivers to meet the needs of the demand that's coming. >> so, we're hearing about the potential of inventory shortages and not reaching store shelves we see the biden administration starting to take action. is this going to be enough >> i think it will be helpful but driving the ports is a really logical first step. but it doesn't clear the entire supply chain we have to deal with the shortage of capacities in the ports. and once the containers are picked up, we have to get capacity in the network to move

them out of the ports, whether it's via rail or truck and the rail, we continue to have congestion on ports like chicago. i don't want to forecast no christmas toys for the kids come christmas but i think woe're going to continue to see these delays >> long term, on the labor shortage, does it move the needle, either on the discussion of immigration or autonomy on long hall? we keep hearing about the promise of driverless but we know a lot of data is needed to make it safe and the immigration point is a very interesting one if you look across the demographic of truck driving, it's a great job for people that want to come to this country, start a business and the owner

operator community of one truck trucking companies makes up the majority of the trucking companies in the industry. related to autonomy, we think there will bea more autonomous future in our countries. obviously testing and learning through the autonomous features of class-a trurks. we tend to think that's further into the timeline for the future but we'll be ready for that. one of the great things about our organization is we're completely mode agnostic if you start to reduce bias of where a driver wants to go, there's a efficiency lock. >> given the entire conversation we're having right now and your company, like others we've been hearing earnings results from in recent days, have been able to talk about price power the elevated rates we've been

seeing, how sustainable are they >> they're elevated, particularly in air and ocean, we wouldn't think would be sustainable. and on average, typically trucking rates go up about 3 to 3.5% per year. if you draw a straight line in the past decade, the pricing would stay pretty stable moving forward. >> interesting thanks for joining us today. >> thanks so much. >> after the break, robinhood competitor on retail traders and those crypto markets you can see robinhood shares are down this morning. though off the lows we saw thatas d wue to a slowdown in crypto trading (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf.

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bitcoin below 60k as traders cut long positions at the highest rate in a month or so. joining us ceo, anthony denear good morning good to see you. >> good morning, carl. good to see you. >> why do you think the liquidation today? >> bitcoin and all digital currencies, they really flow by news flow. there's no real fundamentals there as we talk about all him the time so, when you start seeing fraud, and all the dog coin said, if you will when they start really rallying, it makes a bit of a frothy feel and you start seeing

money taken off. >> i mean, robinhood's a kwoorter and the percentage of transactions thatwere crypto related, obviously comes down in q3 a lot of discussion about whether that's related to return to work. there's less time to sit around your terminal and trade crypto >> i think that's a little bit of a reach, in all honesty you look at q3, it was a weak time for the markets and includes the summer, which it takes people out of getting back to sports, school. that's one argument. but when you have the economy starting to open up, people don't start moving away from investing. we've seen the opposite. we've seen people come back to trading after this huge lockdown early in the year and last year. we're seeing the trends continue and increase as a point of fact.

we have doubled the account openings in the month of october than september >> right what about the idea it is somehow tied to household cash flow and, by extension, stimulus checks or the pace of stimulus checks that is obviously coming to an end. how valid is that? >> that's a little sale in my opinion. when we talk about growing accounts and aum growing and newer brokers, like robinhood, we talk about the pie being expanded there's not aify nite customers. so, stimulus checks is going to be a huge tail wind for us but it's not the end all, be all. >> so, i want to go back to something you just said. you just talked about the growth you're seeing on your platforms. does that speak to the fact that there landscape is getting more competitive. and given the fact you're talking about other theories

in terms of more folks, day traders, etc. getting involved in the pandemic, is that something that's going to be more lasting in general? >> the model we created -- and i talk about wework and robinhoodg in utility this is something that is a long-term model. this ischanging the way people interact with their finances and this is going to be a way all will interact with their finances going forward yes, this is a long-term trend this is not a quick pop. i know, you know, robinhood was down about 10% earlier today after their earnings i mean, this is a short-term blip for a long-term project right. i'm very, you know, i'm going very bullish on this whole experience of investing, changing throughout.

>> lost anthony, but a pretty good point as you get robinhood shares really within 5% or so of an all-time low going back to their opening trades back in june. we have you covered in this morning's big tech movers including some names we have to yet to get to. robinhood getting crushed and dow is down 82 as you have short-term yields popping and we're back ia men mont

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well, check out shares of visa down 4.5% right now the worst performer on the dow "squawk onhetrt"s t see i back right after this break. so to accelerate growth, should all our it move to the cloud? well, it isn't right for everything. the cloud would give us more flexibility, but we lose control. should we stay, should we go?

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>> yes, i would support anything that is going to have the effect of being spent on increasing, creating equal opportunityand greater productivity we can't just talk about the raising of money, we have to talk about the usage of money and how that's employed. that is part of that picture yes, if it accomplishes those things, i would support it i'm not sure that it does. >> you can't answer the question in a black andwhite way. it depends on what you're spending it on so, the first thing is there's a debate going on in the united states on how much to spend. >> i would agree with everybody. if we can find solutions where

the money can be directed in a proper way, you know, i have more to give okay that's interesting schwartzman didn't say anything. he's just sitting there thinking, please stop talking. looked like they were in superman's lair. >> very white and shiny. >> the potential for that, let's call it the billionaire's tax. it's a fairly complex structure. we have learned more about it and ron white putting on 107-page proposal in terms of how they would deal with trying to get around what we see from bezos and musk where they borrow against their significant, enormous holdings and they actually never have to sell and therefore never create capital gain >> yes elon musk, in particular, is

sort of famous for that. he is always a buyer whether it's tesla or space-x. you know, those comments coming in the midst of ron bair who made comments about elon musk and said there wouldn't be electric cars if it wasn't for him and probably woouldn't be into space if it wasn't for elon musk and the most popular companies for engineers are tesla and spacex and he made that in his critique on the billionaire tax on capital gains. which right now we're seeing it get down to the wire in terms of the budget talks and the reconciliation package and it hinges on that dealmaking, as well but a lot of questionmarks about the execution, which i know we've been talking about and also the constitutionality of such a tax, as well. >> although some of the people you did hear speaking there and schwartzman tdidn't talk and, yeah, it seems somewhat

unworkable speaking of tesla up 4.3%. over $1 trillion market value as we've said the stock now up 50% for this year was only a few weeks ago it was underperforming the general market no longer. to your point, ron barren has made $6 billion on that position alone. that's going to do it for us on "squawk on the street. "techcheck" starts now. good wednesday morning welcome to a big hour of "techcheck." i'm carl quintanilla earning break downs on alphabet, microsoft, twitter crypto crunch. why those shares are awfully close to an all-time low this morning. later on a new name to watch in chips and