we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. we're out of time. dom, thanks for joining us, everybody. >> metta world peace. >> "closing bell" starts right now. welcome to "closing bell." we should rename it meta bell. i didn't know that was coming in the script we're pushing back on dom's comment. green across the screen today. strong earnings and the nasdaq hitting a record-high as well. >> i'm sara eisen.

president biden unveiling a revised framework for the social spending plan now totaling $1.75 trillion a mixed day for data the third quarter coming in at 2% the jobless claims were better than expected, coming in at another low since the global pandemic again, on track with the record. ahead on the show today, two tech houses come up. we'll hear from the president of shopify, the ceos of hawaiian airline and twillio.

kayla, phils to you -- first on the big news out of menlo park because facebook is announcing its name, changing its corporate name to meta under the new ticker symbol mvrs let's bring in steve kovac steve, good to see you >> this is all about mark zuckerberg taking a step back and saying instead of working on our traditional social media apps, i want to focus on the future, and that's this metaverse thingwe've heard him talking about. he believes in it so much he just changed the company name to reflect that. >> do we think the name change is related to the recent troubles that they've had? clearly they could continue pushing into that area for earnings reasons, for revenue reasons, either way, without a

name change. >> of course they could continue building this mark zuckerberg talked about it. he said, no, this has been in the works for a while. it's totally part of their vision for the future of computing, and that's why the name change is happening, not a distraction from everything else. >> is it really? >> we're not talking about the problems we're talking about the name change. >> if you look at other corporate name changes, you go back to philip morris when they needed to change their name to save their reputation. >> think about alphabet. when they changed, google changed, it was to focus on futuristic problems. alpha said, we're going to cure death. that never happened. it's something to watch over the coming years to see if this

metaverse makes any progress right now it's science fiction the technology to do it doesn't even exist it's vaporary at this point. >> we still think of it as google it's kind of even annoying for us its ticker is goog the only difference is it's a bit annoying. >> it's a mouthful. >> we'll see certainly they are committed one way or the other to building or being a big part in building the metaverse, steve, thank you. >> thanks, guys. let's turn to washington where president biden outlined a new framework on his plan for social spending. kayla. >> this framework is what moderate senators joe manchin and kyrsten sinema have said

i'm told the rest of it is still under discussion here's where this agreement stands right now there's about half a trillion dollars in climate and clean energy incentives, $400 billion to cover day care and pre-k programs $200 billion to extend for one year the child earned income and tax credits and $1 billion for housing and im-home care to pay for it, there's going to be a minimum tax on u.s. companies and their profits overseas, sur tax on stock buybacks and on top of that, 2.02 americans the loophole will be closed. and the irs says it will be enforcing the law better today president biden says this package even with some of its sacrifices that had to be made is a delivery on a promise to compromise >> i know it's hard. i knknow how deeply people feel

about the things they fight for. but this is historic on our nation and our people. any singleelement of our framework would fundamentally be viewed as a fundamental change in america taken together, they're truly consequential. >> here the president was forced to broker a deal not across the aisle but within his own party, and this morning he told democrats it would deter his legacy if it didn't pass, but their ability to hold onto power. quick programming note tomorrow we'll talk much more about the spending bill with treasury secretary janet yellen on worldwide exchange at 5:00 a.m. eastern time. she'll join us from rome. >> she's coming live from europe it's not just your love for worldwide exchange let's get to mike now for a look at the headlines from the

metaverse to washington for markets, mike. >> so far the markets seem like they've gotten back into gear yesterday. it seemed like a flattish index market still a growth-led market. it's still apple, amazon making catch-up moves we are now in record territory here as well still haven't completely escaped the idea that perhaps things are, you know, slightly stretched. but i think yesterday's shakeup was probably valuable in putting folks back on their heels just a little bit in terms of what some of the proposed spending agreement in washington might apply as far as change in behavior, the buyback sur charge and proposed 1%, hard to see it really changing a lot of activity. 1% not a big difference. a lot of these companies are price-incentivized this is the performance of the buyback performance of the ctfs.

starting right here at the beginning of 2018, that was the largest single year of buyback volumes. that was the year of the big corporate tax cut, remember, and yet remember buyback leveraged stocks did not come back it probably overplayed in driving the market certainly bullish to have money flowing into brokerage accounts, but it's not always as a class gotten those particular types of companies to outperform. however, those select companies, take a look at these that have really radically reduced their outstanding shares out of their own cash flow. that would be lowe's, charter, and others again, it's hard to see whether a 1% tax on that activity would necessarily change the equation. keep in mind one of the reasons the companies say they do buybacks is a tax sufficient way

of getting it back in shareholders' hands. >> it's definitely not going to change the debate between buybacks and dividends as you said, mike thank you. a a new approach to white collar crime we'll look at the steps the justice department is taking in corporate misconduct you're watching "closing bell" on cnhricnbc

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welcome back 48 minutes left of trading tesla says any launches from competitors has generally fallen flat it's up another 3.2% you can read more on this. analysts are just chasing this rally. >> i mean it's rough approaching 1,100. the justice department is taking a tougher stance on white collar crime we're joined now in a "first on cnbc" interview. deputy attorney general, thanks so much for joining us good to have you. >> thanks for having me. >> first, why these changes and why now? have there been huge amounts of white collar crime that you

think has v gone unpunished? >> look. the answer to the question why now, this is an urgent issue i had an opportunity to issue a message to them this morning my message was simple and straightforward. that is we're going to crack down on corporate crime. the message was also we're going to focus on individual accountability it starts with individuals, but we also will not hesitate go after corporations because, look, at the bottom line is, this is about jobs, this southbound people's savings, and it's fundamentally about accountability and fairness. the question is no matter who you are, how big, how wealthy or not, there's going to be the same set of rules, and we're going to enforce them viciously. my message also was to c suites and ceos, look, you've got to focus on your compliance

programs, make sure your house is in order because it will be costly for you late fehr that is not the case our message also is our prosecutors are the best and they're going to be bold, and we're going to urge them to be bold in addressing individual and corporate accountability we're also concerned about recidivism in corporate crime. we haven't have the case be that corporations think a resolution with the government is simply the cost of doing business we're going to be focused also on holding corporations to their agreement. >> one of the changes as i understand it is that you're not going to demand that companies disclose all individuals involved in any misconduct, and they can't with hold the names of certain individuals during that what level of misconduct are we talking about for that new rule to apply >> so the message is quite clear that, as i said, individuals are very important in investigations

and accountability for corporate crimes starts with individuals so the message is if a company wants credit for cooperating with the government, they have to provide us all information about all individuals involved in any misconduct, no matter what their role is, no matter what their seniority or level in the company is, and that's because our investigators are best equipped to understand the importance of the information that individual has to provide and we're going to close the loopholes that have previously existed that allow a company to make that determination for itself we want all information about all individuals to be disclosed. if a company wants credit for cooperating with the government. >> there's a brit of skepticism on this madam deputy attorney general because of what happened in 2008 and just the general lack of prosecuting any white collar crime related to the 2008 financial crisis why and what's different now >> well, what's different now is

that we've got lessons that we've learned, but also we've got resources that we're applying to this and the landscape, we're very focused. part of my message this morning was looking at the evolution of the corporate crime landscape. i'm not going to speak what happened in the past i'm going to be talking about what's the focus of this attorney general and the justice department we're going to urge our prosecutors to be bold, to go after individual and corporate criminal conduct and address it viciously and fairly >> i wanted to ask how focused you will be on insider trading in particular. i know the fcc looks into it as well, but generally this is an environment where a lot of people out there think the market is rigged how much of this do you think is actually going on beneath the surface? >> well, look. our prosecutors will look at that as they have in the past, and no issue is off the table,

whether it's insider trading, market manipulation, you name it if it goes to corporate criminal conduct, we will be addressing it, and nothing is going to be off the table. >> i believe you were part of the doj enron task force when because the last big one like that? >> well, look. i think you've seen the justice department bring a number of substantial criminal investigations in this space, and you're right my time on the enron task force informs my approach to these issues as does my time as a board member when i was out of government i know there are tough discussions that have to take place in board rooms, decisions that you have to make about trade-offs and investments my message today was quite clear. you should be focusing on those compliance programmes, focusing on making those investments to save you costs, financial, reputational down the line

at the end of the day we want companies to be prosperous we want them to make profits for their shareholders we want them to succeed. but that also means making sure that they are focused on rooting out misconduct in their organizations. >> deputy attorney general lisa monaco, thank you very much for joining us putting corporate america on notice. up next, e-commerce company shopify jumping despite estimates before the bell. we'll talk about online spending with the company's president next and the ceos o hawaiian airlines and twill low will join us with their results. stay with us as s&p 500 and nasdaq head for record closes.

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shares higher by 7.5%. today's rally comes despite a preearnings miss and warning

that the 2021 revenue growth rate would be slower compared to 2020 it outperformed the broader market and tech sector let's bring back in shopify president harley finkelstein good to see you. >> thanks for having me. >> good to see the premarket dip and the stock surging. anything to worry about about the slower growth rate >> sarah, i think shopify's flywheel was on full display this past quarter. remember, it took 15 years for us to get to $200 billion. just 16 months to double that. we've done more than all of 2020 it's 35% up year over year i do think we're seeing a more normalized spending environment, but we're seeing more merchants use more of our services, and that's led to $1.1 billion for the quarter, and i think this is

a new world, and it's becoming clear shopify is building the infrastructure for commerce. every single year there seems to be a new obstacle and they've been incredibly resilient. and more and more they're doing it on shopify. >> the other thing is how the apple changes have been hurting or impacting you. >> just to be clear, there was no material change we observed the same patterns for both ios users and other users. also we estimate most users transitioned to it by the end of july the most important thing is every single year it seems they face a new and different challenge and they remain resi resilient. they've gone from obstacle to obstacle, and it seems they're doing everything they can. we're doing everything to support them and they're doing very well. remember, we have diversified

channels unlike big box retailers who sell a lot of others' products, on shopify they have margins to play with. if they become long-term issues, merchants will need shopify more than ever before to offset margin pressures but at a much more higher levels you heard us talk in the last few weeks about new partnerships with tiktok and roku the more places they can access consumers, the easier it is to track more consumers, and these sorts of changes really won't be too much of an issue. >> harley, you mentioned the changes. what about in the new businesses being started? have we seen more since people have gone back >> i don't think we're going back to normal in terms of how

retail has done. what e-commerce would have looked like ten years from now is sort of pull forward in the pandemic on the demand side, consumers are voting i think that, you know, forever the year 20 will always have an asterisk around it because of the incredible growth. we're still seeing a ton of new entrepreneurs starting new businesses we're seeing large brands, dockers and spanx, they're coming to shopify as well. we think the rest of the year will be very strong. >> you were tweeting earlier about the capital that shopify has provided to businesses is that in the form of loans or investments, and maybe we'll touch on that as well. >> yes, sir.

it's cash advance and loans. that's up 6 07 year on year. we've now given 2.7% capital to our merchants. we're trying to figure out all the merchants. we announce the shopify balance which our take of how businesses can better manage their cash flow what we're trying to do is make things a lot easier, so that capital program is great for merchants because it makes things better but increases the important that shopify plays in the role of merchants' lives. >> so our reporter tweeted yesterday you made a pretty good investment when you invested behind a firm and you were given the opportunity to buy a million shares at a penny each she said it's worth $3.1 billion. how do you think about unloading that if anything at all and do

you face pressure at all >> these are great partnerships for us that in the same way when we want to go to market quickly, we've found the right partner. we knew we wanted to do buy now, pay later. we found that a firm had the best technology, and so by creating shopify installments, we can sell more and consumers really like it there's a piece of that that allow us us to participate in the growth of a firm we don't look at these as sort of individual investments but more of a portfolio of us doing more partnerships. >> good to see you thanks for joining us. >> thank you. >> really big. likely to close up significantly. let's check on some individual markets

america raised guidance up 5.5%. ford surges on earnings. stock's up 8.3%. jim cramer talking about investing in companies to learn about his stock picks and sign up head to cnbc.com/investingclub or -- >> -- point your phone to the q.r. code on the screen, and it will take you there. time for an update on the day with rahel solomon. >> reporter: president biden will be giving a major address on monday at the international climate conference in glasgow, but it appears he won't be able to announce major initiatives on climate change as congress fights on what should be included john bel edwards said he will

also be going to the climate change conference because he said louisiana is especially vulnerable. >> i have no doubt climate change is real and it's changing our weather and not for the better that's one of the reasons i'm going. we're more affected by climate change than any other state in the nation, not just with respect to storms but also sea level rise. >> and in amsterdam where there's already a lot of water, self-driving boats may be on the canals they're coming out with roboats. they can last ten hours. very modern looking. very sleek. >> it is there's definitely a song there. it's best that i move on from breaking into song rahel, thank you.

>> we're just minutes away from one of the most important hours of earning season as apple and starbucks gear up fir their results. we've got experts standing by. plus, trouble in paradise. one airlines stands sharply this week as delta variant put the brakes on its recovery program we'll talk about how long those issues might last. it goes up oday, down last week we check in on bond yields high across the curve. today, the tenure, 1.56% we're covering the ground from the flattening we've seen in a colef ioseioup oprr ssns >> announcer: the bond report is >> announcer: the bond report is brought to you by pimco.

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holdings are down 20% over the past signature months. up next we'll talk about the company's current state of travel and when they think the airlines will be back to pre-pandemic levels. >> and apping's earnings >> and apping's earnings we'll previe [suitcase closing] [gusts of wind] out. [gusts of wind] [ding]

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hawaiian in the green, but this comes after falling 9% yesterday, the company reporting a loss of 95 cents a share, a better number than wall street analysts predicted

its bookings were hilt by the resur res res resurgence of the delta variant. talk about that. >> we started the quarter really well we had a very strong july and we'd really seen through the first half of the year and culminating in july the doumestc part of our business not only recover to where it was before the pandemic, but even beyond, and then as we saw the delta variant cases start to rise the end of july and the early part of august, we had a decline in bookings, and later in august the governor of hawaii discouraging people from traveling through hawaii, given the cases that we were seeing and the increase in hospitalizations in our

comm community, and that hurt us august through cement and into the fourth quarter we're already rebounding from that by the end of september we're close to full recovery and we're starting to make up the ground we lost in terms of bookings for the fourth quarter, so we think we're on the mend and moving in the right direction, and i think this is a short-term setback it really doesn't change the long-term trajectory of our recovery. >> we also see travel back between the u.s. and europe on the 8th is that not potentially a negative for you? it provides travelers in the u.s. another option they've been starved from for the last year or so? >> i don't think it's going to be a negative. i do think people have a strong desire to travel for leisure we've seen that play out over

the course of this year with all the pent-up demand being realized, and candidly, international is a big part of our business not to europe, but in the asia-pacific region, and we're excited about the fact that as vaccination rates are rising in japan and korea and australia and new zealand, conditions are falling into place for that part of our business, which has been dormant for 20 or 21 months of this point, and we're really keen to getting back there we've announced new services to sydney, australia, or the return of service for the first time since march of 2020, starting on the 13th of december you know, we're keen for policy, restrictions on travel to start lifting in other of our important international markets, particularly japan and as that happens, we're

positioned for a strong recovery in the international side of our business, which has really been missing here throughout the pandemic. >> peter, oil prices have been marching higher. jet fuel costs no doubt going up what's going to happen to airfares >> you know, ultimately we need to cover the cost, and we all consume jet fuel in our operations, so when those underlying costs, particularly fuel is such a big component particularly for long haul travel, that's going to put some pressure on costs, but it's up to us as managers in the business to make sure we're managing down the other costs that we have greater control over. >> peter, what is the latest in terms of passengers being willing to listen to the rules on flying? has that eased or escalated once again. >> we haven't seen a recent

escalation you know, i think earlier on in the pandemic there were a lot of challenges with compliance with the face covering requirements on airplanes we haven't seen -- for the most part we haven't seen the worst of it, although, we did have an incident recently where one of our flight attendants was assaulted on a flight, and we were pleased to see that handled by the authorities on the ground when the airplane returned we've worked with the faa and law enforcement agencies on enforcement. i think people are going to get the message that that is not something that can be tolerated in air travel, and i'm hoping that, you know, the civility that our guests and our employees deserve in flight is restored as we move forward.

>> yeah, hopefully that's true peter, thank you for joining us. it's always good to talk to you. peter ingram, hawaiian air. we're gearing up for a huge hour of earnings all set to report. also more on facebook's name change when we take you inside the rkmaet zone, aka the meta zone rs quality candidates matching your job description. visit indeed.com/hire ♪ say it's all right ♪ ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪

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moments. mike santoli will break things down let's kick things off. stocks rallying today, all 11 s&p sectors in the green nasdaq currently on track for record closes. mike, good spending news one of the factors, a bit of a bounceback from yesterday's pullback as well >> yeah. it seemed as if there was an element of yesterday, kind of the wimpy moves in the bond market, causing a bit of a rebalance at the end of the quarter. stock equities performs it by less than six months it wasn't just that. i think we were due for that today, back in gear, marginal new highs for the s&p 500. it seems like the economic data were firm enough that it keeps things in motion, plus these responses to microsoft and alphabet moves off of their

great earnings, i think, has people not wanting to get in the way of things. >> is it not a concern, stephanie, we had 2% economic growth in the third quarter, which marks a very sharp slowdown from the quarter and came in below what economists were looking for bond yields are up seems like the market's not too concerned than. >> i don't think they should be that concerned about it, sarah i think it was expected that third quarter was going to be soft i actually had heard numbers of zero for gdp growth instead of two. so it's still much slower than the 6, 7 we did in the quarter, but it's better than expected. we had delta variant spread, labor shortages. here's the thing i was on eight different calls every company i talked to or heard, there's a couple of names like caller pillar, hilton,

for u.p.s. earlier in the week, it would have been better it's not a supply issue. i think we'll see a better snapback it's above trend is my point and i think that continues into the first half of 2022 now, in terms of inflation, well, that's real, and that is why i have been talking about finding companies that have pricing power, and all those companies i mentioned earlier with a lot of other companies as well, they all have pricing power and they were able to deliver as a result. watch the pce tomorrow that's going to be a big number to watch because the fed looks at that very closely overall i'm sticking with my strategy if anything, i think better about reopen hilton, they sold out. pricing is above 19 levels i still like cyclicals, and i'm looking for reasons to buy

secular tech facebook, aisle continue to add to that one. >> we're going to talk about facebook they announced today they're officially changing their corporate name to meta let's get to julia boorstin on that. >> the logo just unveiled on a sign at facebook's head quarts quarters today take a look. they want to expand fitness and work experiences into the metaverse. i asked v.p. of metaverse, vishal shah, if this is in response to the criticism that facebook is grappling with. >> we're not running from our past we're heading toward our future, and the facebook products of instagram, whatsapp message remain important parts of our overall offerings to our

consumers. we're just more than a social media company. we have been for some time we're making it that much more explicit now. >> facebook will start trading or i should say meta will start trading under a new ticker mvrs on december 1st. guys, it's going to take me a while to get used to this new name. >> for all of us it's like google google, alphabet. >> thank you, julia boorstin as someone who's starting to look at facebook or meta shares, how do you feel about the major shift toward it. they're putting their money where their mouth is they're going to spend billions of dollars here. >> yeah. $10 billion, right i think that zuckerberg is spending a lot of his time on the metaverse obviously, and i agree. this is not just a facebook story anymore. it is instagram, whatsapp,

oculus i still call alphabet google it is what it is i doesn't change much. the fact of the matter is they're separating the businesses, the old school businesses if you want to call them that and the growth businesses and they're going to have more disclosure as a result when most increased their disclosure, alphabet, you had rereading of the stock that was the reason i felt pretty good. that's why e felt good going forward what the company is going to look like the quarter was pretty good. 35% total revenue growth they're going to by $55 billion back in stock. i find this very compelling. this is growth on sale to me, and if i have a long-term, i'll continue to buy on any dips here. >> it is bouncing today, again, more part of a theme we were talking about earlier coming in to today and last week. >> taking on a tremendous amount of bad news.

everything out frorjt it's been a pile-on. the numbers were very good you had value-sensitive investors who made their way to facebook having to come to terms with that heavy spending slate that they have put in front of investors now. so all those things together, we'll get past the name change i think it will end up like alphabet and google. alphabet is still a vert and everything else. i think one part of it, yes, p.r. helps, but it also is a message in terms of the organization that we can't just defend the legacy product and profit streams you have to think forward. you have to look for where younger preem going to be. it doesn't mean it's going to pay off. >> by the way, on the legacy profit streams, i did an event which you can find online. paul pullman, i asked him if companies should be pulling ads from facebook and he said he's talking to a number of ceos

about this basically idea that they should not stand by and watch if the company is being accused of putting profits over safety. >> one could argue they've probably been talking about it for the last four years but people haven't really acted on it. >> i don't think people think about the advertisers, the brands dilemma of reaching people we think they can throw their money anywhere they can't they have to go where the eyeballs are $20 million in ad revenue going to facebook this year and next year, it can't be -- >> that's what capitalism is about, mike. >> they'll try to keep their ads from getting pulled in. >> we'll see shares of cat are higher seema mody has more. >> you have everything from tractors to excavators and other

mining products. caterpillar doubling its profits in the third quarter they're managing with higher prices executives did not point to a concerning slowdown. that's in the last hours a lot of positive commentary on the street they're running 15 years under investment and housing and reversing and the market is now fully appreciating the discount shares out to its peers. it seems like president biden's spending plan is also helping industrials in squlen real move higher caterpillar moving up. back to you. >> see ma, thanks so much for that steph, was that one of the eight calls you were ow? what do you make of the numbers? >> this is one of the eight. look, they beat earnings and they beat them because they had better margins despite the fact

you had higher costs that was the fear going into this quarter revenues are basically inline. i think that was expected. the guidance for 4 q was better than 3 q inventories are at historic lows, so i think this sets up very nicely if you get the infrastructure package or you don't. they're getting back so much stock. i like it a lot. it was a good call to be on. >> after the bell rings, we'll hear from apple, starbucks, and amazon let's get a preview of amazon's report. >> amazon has been the tech mega cap nderperformer of the year. guidance will be key for the holiday quarter. this is typically amazon's

biggest by far not just on the representative knew side but costs are rising, wage increases, inventory build, streaming content, logistics and grocery build-out. watch the cloud number in advertising, ads, one of amazon's fast test growing segment, did it hurt we'll be on the lookout. >> thank you so much for that one. we're looking forward to that and apple 30 minutes after that, two big tech reports to focus on later. but mike, what are they saying >> pretty broad partici ticipat. the nasdaq is eiga little bette. take a look at consumer discretionary. this is the main index etf, xly

version. it's had a huge run to meet the other one on a year-to-date basis. that's because amazon and tesla are 40%. they may have woken up both of those stocks ramping equally weighted version tells you a lot more about the consumer the volatility index receding a little bit a little bit of a wobble is keeping it more elevated than you think. >> we are wrapping across the board into the close maybe braping a bit of a strong word we're at session hiegss with just one minute. nasdaq up 1.4%, and the dow up 0.7% aw all of those sectors are high even the worst performing sector, consumer staples is up as we mentioned the yields have risen today, back up to 157.

haven't seen that over the prior couple of sessions that has helped that border indices as well. the dollar slipping. [ bell ringing ] >> nearly 1.5% the nasdaq announced a record. >> record closing high, the s&p and nasdaq welcome back to "closing bell. i'm sara eisen with wilfred frost. a lot of buying. 240 on the dow the biggest contributor to the gain, it was earnings-related. caterpillar and merck. goldman sachs and apple.

american express, another tough day for those payment companies. s&p closing at a percentage higher everyone managed to close hire again, everyone was higher the nasdaq also closing at a record-high. first time we've seen this since early september perfect the market got hit in early september. closing up at 1 pena nieto 4% on the day. tesla, amazon, nvidia, microsoft, facebook. others are joining the party beating them by 2% it's beien a laggard get ready. apple, amazon, starbucks, we've got an all-star panel for you to break down these results plus shares of twilio sinking. we're going to talk to the company's ceo if he can tern u

turn up the stock around stephanie is still with us f do you think the spending package had anything to do with it >> it doesn't hurt we know what we might be dealing with the numbers don't really matter that much. we're talking about 1 to 2 percentage points. it helps, but it's not something the markets have been banging on it's much of a bit of a chase. today this was about the absence of a market on close sell order flow because people were worried about month-end, whether you were going to see that, and the fact you want to get out of the way just in case we have some

beats out there. >> amazon, what is your take on that we are indeed. we're seeing some softness in the stock, down about %, because, will and sarah, this is the top and bottom line, revenue coming in at $110.8 billion. $11.6 billion is what the street was expected earnings for street was light as well they were expecting $8.92. more than that, $6.12. that's about half of what amazon did in the same period last year remember, though, it is coming off a huge growth during the pandemic that was one of the biggest questions during the quarter, can they sustain or gather more momentum it's one of the worst performing mega caps of the year. also operating profit guidance i know the first time we've seen a zero dollar at the bottom or amazon because, remember, it doesn't bounce a lot of its money back into the businessful

revenue, it's key because this is a holiday quarter we're going into that's also light. guiding for revenue, 130 to $140 billion in the fourth quarter. the street was looking for $102 billion. cutting some of those losses down by 2.5% perhaps, guys, as i said, this has been one of the worst performing mega caps on the year back to you. >> thank you so much down 3.4%. it's a pretty simple mix. >> it is pretty simple and they're essentially attributing it to a lot of what they know was going on, not able to outrun in the quarter and pointing out in the fourth quarter, we expect to incur additional costs you have increased wages, it set rachlt it's just not immune. maybe telling you this is one of the reasons the market had been

a little bit gun-shy about betting big on amazon and never changes the overall story, what's interesting is the guidance in the revenue, i joke about what it is that's not that wide a range in the 130, 140 that's below the consensus clearly going against a recent pattern of pretty big beats of between $3 and $5 per share in the last three-quarters. >> it's characterized as the age-old amazon story you talk about profits versus what's best for customers versus costs they're about to incur he also points out 39% growth in aws which is, of course, their cloud business and profit machine, which shows that's kicking into high gear after microsoft showed some strong cloud strength what do you make of it >> so stock was only up 6% of the year it was a laggard as deirdre said, because there were

concerns about e-commerce slowing down they have to spend on wages, they have to spend on people, the supply chain, the logistics, they're going to spend on the positive side, those are great aws numbers, they really are. i was thinking 35% they did 33% last quarter. 39%, that's terrific they're so much bigger than most and alphabet in terms of the cloud business this is encouraging to see we knew they grew. this is right up there with them and they're much bigger. i think it's going to be fine. i think we have to get through this quarter of the next quarter. >> your take >> i would echo the rest of the

panel there. the aws growth versus some of the challenges it's obviously not what happened in the extended hours, but that was the big opportunity they were looking for in the last quarter they guided on the lower end they might have looked at 106. the street is obviously disappointing, but they were expecting something slower but i think in general, i'll be looking at aws numbers as well as how e-commerce as well. >> the billion dollars also that they're going to incur let's get back to deirdre bosa.

>> that came in better than expected a good beat there. we also saw microsoft beat here's where we saw a little bit of weak answer online storrs, amazon's e-commerce business. remember coming off is that. that came in just under -- a shade under 1 billion dlrz looking at other revenue, this is where the high growth advertising business sits. that was light too they were expecting more also another negative, that's coming down from about 50% growth in the last 60% in the last few quarters sequ sequentially, so we'll be sure to ask about labor challenges in the space and also it will be important because it's going into the holiday season and we know amazon needs to hire many

seasonal workers we'll continue to dig through those. >> thank you we'll get back to amazon in a moment we have earnings out for starbucks. $8.15 billion for the quarter. that's a slight miss compared to analysts' estimates. global comps up 7% u.s. comps up 22% for the quarter with 11% two-year growth that's a miss. international cost increased by 3% a slight miss compared toewsty m -- to estimates of 1.7%. staffer bucks is reporting its full year earnings u.s. rewards members, $25

million now. that's 28% year over year. the stock is down just slightly, guys barack obama back to you >> they were all jumping around after earnings, including am zochblt and gilead is down a couple of percentage points. >> reporter: it looks like a big beat on remdesivir earnings for the quarter coming in at $2.65. revenue is 7.24 billion dollars versus the average $3 billion estimates. remdesivir came in at $1.9 billion. the company raising its full year forecast across the board especially for the sales now

saying it expects to have between 4.5 and 4.8 from its drug talk about its third covid hospitalizations but they expect it back to you. >> i'll come to you. >> exactly i think the biggest thing i was look for is they increased their number they're guiding higher that's something they're going to move up in 2022 i actually was focused on the digital numbers. if you go into a starbucks store, there are higher amounts of digital online orders which may increase efficiencies

overtime, but the thing with the same store sales numbers came lower than projections, if you add that as well as higher input and cost, you're going to increase the margins over the past several months. i'm still holding to the smaller position, but i wouldn't be adding at this time, wolf. >> thank you thank you so much for the markets participation. we'll see you shortly when apple numbers cross later. when we come back, we'll have much more on amazon's numbers. we were discussing down over 3% in after hours trade plus with less than half an hour away, we'll bring you apple's results when ty oshecrs 17 minutes and 42 seconds minutes and 42 seconds we're back in a couple. ♪

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so you can stay ahead. get started with a great offer and ask how you can add comcast business securityedge. plus for a limited time, ask how to get a $500 prepaid card when you upgrade. call today. amazon reporting quarterly results, forecast comes in a little light as well coming in, tom forté and also

the assistant editor at "the new york times." welcome to both of you the online sales came in light but the cloud business came in pretty strong. how would you characterize the quarter overall? >> if you look at the quarter, it shows where the excess performance is and also the okay performance in advertising from a profitability standpoint wasn't able to overcome weakness online when you look at shop buzzlines, shop i phi indicated that consumers once again in the third quarter resumed shopping in physical stores once they were vaccinated. so that's how i'm looking at the official results from amazon. >> the stock had underperformed really since the last earnings, and it was a big miss for amazon then is amazon losing momentum in a longer more worrisome turn for the bulls or do you see this as

short-term issues that everyone's dealing with such as supply chain, labor, and coming off covid? >> i think -- >> sorry that was for ed. we'll come back to you. >> it's all good i think supply chain and labor is definitely the issue here what i like -- what i like in this note is they're talking about how they've doubled their fulfillment network in the past year and half since covid. that investment is going to pay off for them because really amazon is really more a services company than e-commerce. third-party sellers account for half of what they're selling themselves so i think the more they lean into the services element, the more that, you know, that becomes sort of their real value proposition, you know. bezos has always talked about they're a platform company, not a commerce company i think the way they've been managing this, i think that's

where they're leaning into and this miss is more just the moment versus longer term. >> so, tom, it's now down 4% clearly the bigger part of the miss was on the bottom line, not the top line do you agree with the sentiment there from ed that the kind of costs aspect of the miss will be temporary and not for long >> i think to the extent that if you look at the challenges right now from the supply chain and logistics standpoint, you can make the argument that every link in the chain is broken when you think about manufacturers in china or getting product from asia to the u.s., getting it off the port and into the truck and from the fulfillment center to the consumer i think that has the element of a six-month, 12-month challenge. in that regard, yes, i think that's somewhat temporary. >> ed, i was curious how amazon was specifically dealing with the labor shortage obviously it's raising costs

here, we know that but amazon has had problems and reputational issues around its factory workers, warehouse workers for a while, and the latest, a group in new york wants to unionize. do you think it's having more trouble than other companies in this regard? >> you know, my colleagues have done some great reporting recently on that front the unionization efforts at amazon are only going to get more vociferous, right because they're becoming one of the largest in the country and i think that's where, you know, people on the inside see it as a huge, huge bet, right? if they can unionize amazon, all the other dominos fall into place. amazon is sort of facing a lot of pressure there. they see that f i think they're anticipating higher costs there and they've hinted at that in this note, not just because labor costs are going up in general but because of the union labor efforts. it will change the bottom line

metric for them to put it another way. they're a bellwether, right, in a lot of ways for the larger labor economy, which is why people on the union side really want to see this entire company sort of collective bargaining. >> tom, what will be the key things you'll listen out for on the call >> yeah, the key things will be did they see consumers begin return to physical stores in the september quarter as they saw in the june quarter that slowed them to what extent they have confidence in being able to manage the supply chain to get consumer products over the important holiday period, otherwise, i think it's going to be a digital holiday period, which isn't bad when you think about ebooks and thinks of that nature, but focusing on the supply chain challenges and how they're managing them. >> the online sales are more worrisome. advertising not bad, tom where does that go in online

sales continue to grow i think the growth was only 3%. >> yeah. so where it goes is can amazon enter new markets like health care where it can generate significant revenue growth to maintain the revenue growth and maintain the multiple. that's really andy jackson's biggest challenge anding i look forward to him addressing in the next 12 months. >> tom and ed, thank you both for joining us good to see you. amazon slipping about 4% following their results. we're still waiting as well for apple's results. those results are due out in a few minutes. later, twilio's ceo to discuss the new push to take on other cloud giants we'll be back in call. a couple.

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trick or treat! (crdo you have any idea - bwhose house this was?! trick or treat! did you ever hear of michael myers? trick or treat! [ screaming ] happy halloween, michael. we are still waiting for apple's earnings amazon just missing on the top

and bottom line. fourth quarter revenue, which is key for the holiday quarter, coming in below estimates. the stock down 4.34% starbucks missing on sales gilead was a beat on both over is covid treatment remdesivir. and western digital plunging, down 7.65%. >> quite a few high-profile declines meanwhile time for a cnbc news update with kelly evans. >> good afternoon. the u.s. supreme court has cleared the way for oklahoma's first ex-e first execution in more than 60 years. he will die by lethal injection later today. he was to die over the murder of a cafeteria worker there were a series of mistakes in which executions were put on

hold a misdemeanor complaint has been filed against former governor andrew cuomo accusing him of forceable touching in the governor's mansion since's a sex crime complaint, only a redacted version will be available for viewing. we'll have a report on the tough questioning top oil executives got on capitol hill over whether they tried to hide their companies' contributions to global warming and two got to sigh their new soccer field. they are committed to bring big improvements reynolds also has another goal. >> most say we want to get in on the career we want to take it to space. >> that's our recent discussions. >> that's just on the way up the steps. >> i would never have known about any of this, i believe, if

i weren't trying to throw wilf a bone here. >> the space joke. first you buy a sports team and then you go to space that's the billionaire's playbook. we're minutes away from apple's earnings right after the break. your countdown is on 4 minutes and 1 second "closing bell" will be right back (♪ ♪) whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all (♪ ♪) whatever you hope to achieve

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welcome back apple shares essentially flat as we await their earnings. they're due out, of course, at any moment stand by to discuss the numbers. ed schneider and dan and steve levy and stephanie mike, as we wait for these numbers, big decliners today we await with bated breath for apple. >> folks who have been a little gun-shy after facebook and got some confidence back, yechlt it's been a long time since

apple missed i think the number they're throwing around is 140ish. i think people came into this leaning in the direction of it would be a good number. >> it certainly had a good day on the market today. it was the biggest contributor the nasdaq, by the way, closing today as an all-time high, first all-time high for the nasdaq going back to early september. obviously it's a big weight. the apple earnings are just out with the numbers >> revenue, 83.36 billion versus expectations of $84.5 billion. iphone, $38.87 billion versus expectations there of $41.51 billion. services, 18.28 billion versus expectation of 17.64 billion

wearables home accessories come in at 8.79 billion versus expectations of 9.33 billion mac comes in 9.18 versus expectations of .23. finally ipad at 8.25 versus the forecast from the street of 7.23 apple does not offer formal guidance at this time. back to you all. >> thank you so much for that. that 3.4% is the meimmediate reaction a miss on i phone when it was meant to be a very strong i phone quarter. >> yeah, look. that's speaks to what we're seeing on the chip shortage. because of the buy issue, they can't get the phone to consumers, and that could be about 5 to 10 million iphones that ultimately continue to get a push that's going to be the call that demand continues to be robust, but the supply issues, that's sort of the overhang

this is something that's going to sharp en the sword between te bulls and the bears. >> your first reaction, steph. >> disappointing, and with the stock rallying recently and it's up 15% year to date, i'm not surprised to see it sell off i think the key is going to be guidance and how long the supply chain is a problem there are rumors that the build rates, they had to cut them for fiscal fourth q and that's not going to be good i also am wondering work from home, the reversal and the tough comps in apps. so there's a lot to consider in terms of guidance going forward. that's going to be key this is a stock now trading at a 15% premium over its two-year track record so it's not exactly cheap. i'm not surprised to see it down. >> let's get back to josh lipton who got off the phone with apple's tim cook

what did he say? >> first and foremost he talked about the supply chain challenges that his company is dealing with right now cook told me they had a better performance which we estimate to be around $6 billion driven by the industry-wide chip shortages and covid-related manufacturing disruptions in southeast asia. cook told me that has improved greatly, but on the chip shortages, i asked him when he thought it could ease. he told me the chip shortages linger on. it's unclear how long it will last it's complex you have to know how the economy is going go in 2022. you have to know everybody else's demand. we're all competing for chips. as i mentioned, apple did not offer formal guidance, so i asked him for some commentary on it cook telling me we expect solid year over year revenue growth and we expect it to be greater than the september quarter greater than the $6 billion.

despite that, we're projecting very solid year over year revenue growth to an all-time record quarter back to you all. >> josh, thank you very helpful to hear especially on the supply chain. this is the first time apple has missed estimates since 2015. first time they missed revenue estimates since 2017 the question here is whether investors will give cook and apple the benefit of the doubt that it is short-temp issues like the supply chain getting in the way here. >> nobody knows when the supply chain issues will dissipate, and as you mentioned, it's been trading as a premium, and the market is a little skittish. it remains to be seen. the big driver here, of course, is the iphone that came in below expectations largely probably because of chip shortages. but there's a lot of doubt in the street for the folks who cover the phone business whether or not this phone will outperform it or even rival it,

given the tendency of apple to underperform expectations until iphone 13. so a lot of the questions surrounding the stock are going to be put on hold until we get through the chip issues, supply issues, or get better clarity on it between now and then a lot of folks will wait to see what happens. >> steven, your take >> it was all going to be about the supply chain, wasn't it? i feel that the current iphone and certainly with the mac and the watch are both products that people hadbeen holding their apple products for a while it's a good time to, you know, maybe refresh. apple just can't move with the chip shortage. i think it's a larger message for the economy. i was interviewing some of the people behind the mac, the product head, the hardware head of apple, and they felt that they were doing as well as anyone because of the long-term relationships in china in delivering the chips, and if

they can't deliver them, what about the other companies that aren't as well connected so i feel that, look, eventually there's going to be chips and people will upgrade their products, but it's an alarming thing that even apple can't get the technology that it needs to meet its expectations, and it's a little disturbing as tim cook says that it's going to be worse than the big quarter, apple's holiday quarter. >> you saw my anecdote, my pal can't get the iphone 13 in the apple store. it turned out to be relevant here that's all i've got. >> that's the current quarter too. maybe we have to plan on that being the case three months from now. >> we don't know when it's going to end >> it turned out to be true. you were very bullish on this stock and you were looking for the numbers to surpass expectations i think you were looking for a billion dollar beat.

did you not anticipate they were dealing with these headwinds at this level >> what took told josh, that's the key. is supply chain key, you put that down, this is transitory. demand is outtripping supply by 10 million units and it's a supercycle, not upgraded in the last 3 and a half years. i think it looks through this in my opinion as you quantify given the new york city cab driver knew about supply chain issues it continues to be a timing issue. supply issue is not a demand issue. >> mike, we look at how much cap was being added. they were both set tonight. >> it is you know, on one hand, it's a relatively contained move meaning the stock apple has traded with in the last two weeks, it had a little bit of a run. it's also built up because it's

underperformed it's built up on the valuation side compared to when it traded a year ago so that's probably mitigating things but the big question is going to be is it denied or demand deferred that's the story for a lot of the economy right now in terms of goods not being able to get to customers not that many companies can be $6 billion short in revenue and not feel it's material i will say that to you that's kind of shocking to show you the scale of the business for apple. >> ed, what are you expecting to hear on the call and guidance? >> i expect they're going to spend most of the time talking about this i totally agree. if apple can't get parts, nobody can get parts. their relationship is not only deep, but they're the customers for most of the suppliers. nokia said it earlier when they announced 2022 is going to be worse than 2021. they're negotiating the con tracts for supplies now. prices are going up. so i think they're going to

spend quite a bit of time about that because they're going to spend the next several quarters and they won't be free and clear of the overhang stock until investors get vis bltd whether this is going to end any time soon. >> and what is the risk that people decide not to bother ordering that new iphone when they ultimately realize over the last month or so that they dornlt need one, and, yes, we might have a disproportionately large pork of people who haven't upgraded for one but maybe they'll start to think they didn't need to. >> i don't think you'll buy into that thesis. i found 12 was a big seller. the first 5g phone that came out, you had the user base who had not upgraded this is very much like iphone 6's success. apple has been telling suppliers to be ready for more when you look at the guts of it, there's almost no difference between the iphone 12 or 13.

it's pretty much cosmetic. aagree with you. i think what likely happens is they pass on this phone and maybe look at the seq, and that's been one of the most popular phones the lower cost iphones have been selling very soon. that comes out in the spring if you delay it long, you could see it there it's tough to switch to android because you're locked in you could end up with overall longer lines than people expected. >> i think we got hims of guidance in the conversation that tim cook had in conversation with john lipton he brought us moments ago because he said apple expects solid year-over-year growth even though is supply constraints are there. he said the manufacturing issues got better in this third quarter. that's some of factors in southeast asia i think, ed, that's a signal he's feeling bullish about next quarter. >> you remember last year when they had problems getting the phone up and out and they

delayed the release. what you basically saw with apple and all of their supply chain, you stretch the volume out over more quarters so to that extent, it's been the case with i phone for a decade now. the first two quarters of buying the phone and apple admits you don't know how the phone cells until you get into the third and fourth quarter when most are dying for the phone are free and clear and you see how the general public reacts to it. they're delaying the point of it certainly well into december. >> i know you're a big bull on this stock what can you hear that would make you rethink that? >> look. to me, based on the ultimate demand story, this is transitory supply chain issues.

i still think six, nine months from now we see a market cap you can argue that supply chain and ultimate timing, but the demand story with services, that's how this growth story continues to play out. i think that's the focus really quantifying some of the supply chain issues. i think that's going to be the focus of the call. >> down 4.3% after hours dan, steve, sephny, thank you for being with us on this breaking news. up next, shares of twilio tanking after the company issued weaker than expected guidance, but they haven't seen massive gains since the pandemic lows. we're going to dig into the company's results with the ceo of twilio right after the break. "closing bell" will be right back

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shares of twilio take a look at that. down 17.5% following earnings last night weaker q4 guidance the stock has underperformed the broader market this year with shares down lower by 16% let's brick in twilio's ceo jeff lawson who joins us on a first cnbc intervuchlt the stock got hammered off that outlook today. >> you never know exactly how the street is going to respond i can say we feel really good about the business and the business continues to grow really nicely, and if you think about our business, the business

is a usage-based pricing model so customers pay for what they use on our platform. our success is tied to our customers using our product. and that has fueled our really high dollar base and expansion rate, 134% last quarter, which is really industry best and has fueled our extended growth we've committed to 30% growth, annual growth over the next three years. and i don't see a lot of companies out there doing that that indicates that we feel really good about the business and where we go. >> there's a wider than expected loss you put out there and the surprise announcement of your coo resigning, someone who has been there during the hypergrowth days of twilio. >> yep i've been with this company for 14 years leaders come and leaders go, and that's how it works. when you're growing as quickly as twilio is, there's always changes that happens

george has been here for five years and helped build the company, but we've got a great leadership team we've trained, and so i'm really excited with where we go. >> jeff, a big part of facebook, of course, is messaging. no doubt you saw the news today. what's your view toward the metaverse as it relates to communication and human interaction? is it possible that, in fact, simple messages might long-term prove to be better >> you know, i think it's one of those things where in the short term we overestimate how metaverse might affect our lives. maybe in the long term it's hard to predict how technology shapes our lives. a lot of the outcomes don't tend to look good in the science fiction realm. but in the reality, you never know how reality can impact our lives, but time will tell. >> you're going to be deeply pushing into it? >> we've done some

collaborations with companies in the past i mentioned reality and virtual reaction look i think it's the early days of it when you've got people who are fans of it they're hobbyists. i think of the personal hobbyists of the '70s that steve jobs and steesh wozniak remembers, but other hobbyists stay hobbies and curiosities the thing is will the average person want to be involved in more of a virtual life time will tell ther experiments through the years where they didn't stand the test of time. we'll see. >> i feel you're not sold. you're not as sold on the metaverse as zuckerberg is. >> maybe, maybe, we'll see. >> new customers -- we will. new commerce, growing 20%, 250k.

talk about what you see happening there because there was this big concern that covid pu pulled forward a lot of demand and new customer acquisition as everything went digital and all these companies went online. >> it's interesting. like i mentioned before, we have this usage-based press model our business is not selling seats. our business is fueling the ambitions of companies as they are entering the digital world as they have to excel and build new experience for their customers, and also they compete and win in this digital economy. so our growth really mears the growth of digital as an important part of our lives and every important part of the company as they make that transition as you can see, covid has accelerated companies' entry into the new world, but it's not left turn stuff that we did only because of covid many things we did last year is how the world was moving it happened faster than we had expected i think of the telehealth solutions how very few doctors'

appointments were done over video prior to the pandemic and then we realized, for a whole lot of our doctor appointments, it's so much more efficient to see doctors over video i think we'll see more of that that wouldn't have happened otherwise. maybe it would have taken a oveo maybe that wouldn't have happened for a decade and now it's here faster and we are investing more in our digital growth a, customers have the experiences. we are not taking them back, whether commerce, things done over a video, distance learning and things like that these experiences are a part of our lives. users are accustomed to it and competitive dynamics if a company and their competitors accelerated, now it's more important than ever. that's why we have been building

the customer engagement platform which is designed to help every company execute as well as the digital giants, to engage with their customers in this digital era. what they need is the technology that the best digital companies have to learn from every script, every return, and figure out how to personize that experience how to make the e-mail, tex messages, make it targeted and great for customers. that's what we are focused on doing. i see this as the biggest opportunity for customers today. >> thanks for joining us up next, your earnings jorecard. weust heard from amazon, apple and gideon all of those in the red after hours. we will be back in a couple minutes.

[announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪

let's get back with new details from the cfo what can you tell us

>> i just got off the call with brian. amazon did not expect laborer inflationary pressures to ease any time soon. he said they are expecting $4 billion in labor disruption and costs in the fourth quarter, and that's a doubling of the costs they saw in the third quarter. he said they need to hire 250,000 workers globally, mostly seasonal and they will adapt to remain competitive. amazon has been investing in fulfillment. he said for the first time they no longer have capacity constraints. that may not be a good thing as they head into the holiday season >> thank you we are wrapping up a wild week of earnings. there is more ahead. the names every investor needs

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looking ahead to tomorrow, more earnings on deck. we will hear from chevron and

colgate palmolive. and don't miss my interview with treasury secretary janet yellen. happening early at 5:00 a.m. eastern time we will play it for you on closing bell president biden says we have a framework for a bill how will it be paid for? i think that's something the market may be grappling with >> tax provisions seem like they are as palatable as can be, getting a little money from here and there, not across the board. it is not something the market will bump against. >> the wealthy dodged a bullet >> and government and corporate tax rate >> they are hoping to make a big deal there

>> we have a lot i can't wait for a 3:30 a.m. wake-up. >> it's going to be hard to close at a record high to close out the week >> it will amazon is down microsoft and alphabet are hanging in there it seems as if it is isolated, but we will have to see. >> we will see if the market judges those supply train issues to be transitory or not. >> thisis "fast money. i'm melissa bell tonight we are all over the after hours action, amazon, apple and starbucks. apple's call just getting underway amazon's kicks off in less than 30 minutes we are diale