always world class wine coming out and they release new wines every year the supply gets replenished. you know, it's kind of like the art world or some of these things i think there is cash in the marketplace that is being thrown around and it's understandable >> right james, thank you for the reveal. robert, enjoy your power lunch i'm only a few hours away from pouring some wine myself that will do it for us on "squawk on the street. "techcheck" starts right now. good friday morning. welcome to "techcheck. i'm carl quintanilla big question this morning, is it time to ring the register? new words of warning as tech hits record highs. the top performing sector in the s&p right now. then we're a week away from

black friday we have a look inside amazon and the dark secrets about your data finally, don't miss the ceo of intuit. shares now up 85% for the year, john >> yeah, it's friday let's take a step back and start with the broader market for tech nasdaq, semis, growth names all continuing to hit all-time high after all-time high. when do you call the top just the latest high profile name to warn investors that a reckoning could be on the way. writing i find myself with more questions than answers that's probably a first for him. pointing to stock sales from elon musk and jeff bezos selling 15% of his stake in fintech and buying shares of clover health. yesterday it was john malone and bill ackman warning about bubbles and parallels to 1999. julia, always been good at

asking questions, but he's also known for excitedly let's say promoting certain ideas. >> yes, i mean, he was king of the spacs or maybe he is still king of the spacs. i don't know maybe the spac market doesn't have a king any more he was all in and now we're in a different phase. the heat on spacs has slowed down and a divergence within the tech sector. this is something we talked about a lot. those companies really hurt by supply constraints those who have not been able to navigate it and those now feeling the pinch as the stay-at-home market seems to wane carl, i do think that we're seeing some of the high fliers of the past year really come down to earth while we still have some of those stocks at these very high valuations, carl >> yeah. wells with the note a few moments ago, guys. we've seen a number of recent stories that in time may be seen as signs the market for risk assets both stocks and crypto

has peaked john, they point out to crypto.com arena out in l.a. they point to sweet green going from a $1 billion or $2 billion valuation to 5 or 6 in just less than a year. and then the mayors of new york and miami taking their initial pay and bitcoin. they point out, look, our year-end target is still 48.25 we're not necessarily bullish, but you have to have your eyes open >> yeah, you know, viewers, everybody, i think too often we can get locked into this binary sort of we're trying to call a top and it's like buy this and buy all of it and sell all of it not necessarily the case cramer was just talking about selling a bit of amd earlier this week. doesn't mean he hates amd. some people were trying to call a top on nvidia. that did not work out so well this week. how do you get a sense whether your targets have been reached it has been nice, julia, to hear some analysts saying they reached our price targt and we

don't have a thesis that further supports real bullishness from here so we're holding wow, okay. so, there's some gray areas here some nuance on how investors ought to be making these >> always nuance, yeah there is no black and white when you're talking about the tech sector as a whole. so big and so diverse. now, let's move on to some movers pm moving post earnings shares about 10% intuit one of the biggest gainers and market cap nearing $200 billion and bigger stan morgan stanley, starbucks and quite a long-term move we're going to be talking to the company's ceo in a few minutes palo alto pairing the pop after beating investor expectations for revenue and billing both up

30% year over year those stocks up marginally but it's already at 84% this year. other stocks not quite as lucky. applied materials that stock down about 3% this morning after missing on the top and bottom. overall semi stocks have been on a tear the sector hit a new all-time high today so, john, what are you watching here as we see some of the winners and some of the losers on these earnings reports. >> julia, i'm zeroing right in maybe a little selfishly on intuit a company i have been following for a long time and i think a little bit before he took over officially as ceo. a thing we have been talking about on "techcheck" cloud services and building up to serve in a way that is more profitable than in the past. matter of fact, i was just talking yesterday afternoon to go-daddy ceo who was talking about with all of these ios

changes around targeting and the need for first-party data how small businesses even despite big platforms like amazon crowding it how small businesses need to be served. take a listen. >> i think their products are differentiated in amazon their products are differentiated on it they're able to build a following and what we have to do is enable them to bring those customers directly back to them. we have to enable them to build the relationship with their customers so that the relationship is not through a platform like we want our merchants to have that relationship because they're building the product and the service and the experience and their customers should be able to experience that directly, as well. at the same time, lots of eyeballs on the major platforms and our customers need to be able to reach them >> talking about the importanceance of first-party data that's what godaddy is trying to provide.

really similar to what we were hearing from adobe >> yep, fascinating. obviously, the creation of new business has been one of the huge ripple effects coming out of the pandemic. but, you know, julia, it's amazing you mentioned some of the earning stories and remarkable how quickly we have gotten used to 10%, 15% and even 20% moves on earnings and today is a good example of how tech is being whip sawed by rates. we walked in here and risk off on rates you saw the nasdaq hit a very quick all-time high and now in reversing a little bit, but clearly, we're a highly sensitive to even marginal changes on the global inflation outlook. >> and just to go back to the conversation, inflation was his primary concern. the lack of certainty around that and the concern about inflation impacting so many different parts of the economy, carl >> let's turn to apple meantime. stock as you probably know got intra day highs yesterday following that report out of bloomberg saying it plans to accelerate the timeline of its

rumored car project the 2025 focus on self-driving. morgan stanley calls that potential move the ev bear case and a negative for the rest of the auto industry if we move to a subscription model on evs. our next guest is bullish on the stock noting that share buy backs have been an earnings driver and shouldn't want to take on leverage and apple could keep stepping on the gas for the next 15 years. bernstein research joins us this morning. happy friday, tony good to see you. >> thanks for having me. >> you made waves noting long-term buy back trends and what is the more important dynamic. capital returns or big growth categories like an ev? >> look, i think at the end of the day, stocks multiples and valuations are most correlated with our topline growth rates. so, i do believe that the biggest question for investors is at what rate can a company like apple that is $350 billion

in annual revenues grow over the next three, five, ten years. and that's why the car is such an area of intrigue. because you have a gigantic market, a $2 trillion market that apple could actually potentially move in to and there are very few new incremental markets that apple could move in to that are anywhere near that big and that, you know, that's really the intrigue and i think that's why you see shareholder excitement ultimately when investors hear that apple may be accelerating plans to move into this market. >> i wonder if you are a buyer of the theory that they're creeping move into vertical integration. for a while we thought, oh, they just want easier access to chips for their ipads and phones is leading to that. to the ultimate vertical integration which would be the most complex that you could make short of an airplane being a car. >> i would be really surprised if apple vertically integrated

anywhere near the extent that tesla does in looking to make a car. apple still today has essentially every part of its products manufactured by others and even though they designed the chips, apple doesn't make them and the iphones max irxi pads, watches are all assembled by largely chinese odms so, that's a model that's worked well for apple what it's choosing to do is leverage its tremendous rmb resources which are approaching $20 billion a year and saying, hey, where can we make a difference not only in assuring our supplies, but creating a technology edge. that's what we've seen recently with the m1 processors in the mac lineup where, you know, apple has basically said, hey, we can do this better and ultimately provide a differentiated offering.

so, i think you'll continue to see apple leverage its rnd strength to push on design integration. but i would really be surprised if either from assembly or manufacturing perspective apple would look to be more integrated they're an ip rich company, that is where their core talent lies is creating and developing extraordinary products it's not in assem bllg and manufacturing those products >> toni, we are noting your skepticism about a car coming to the market from apple by 2025. so, we'll have to see how that all plays out. i want to get your bigger perspective and bigger picture perspective and you write in one of your notes how all the scenarios you're exploring are contingent on hardware sales not declining. what do you see as the potential there? >> yeah, look, if you think about apple today, it's roughly

80% hardware sales and 20% services revenue and if we look over the last five or seven years, 70% of those hardware sales, which has been iphone, mac and ipad, you know, haven't really grown much. the iphone has grown a little bit. everything has grown substantially in the last year but prior to the, you know, to the last year where there's been some arguably some benefits from covid and work from home and learn from home. there hadn't been much growth in those hardware categories. if you look broadly at the tablet market and the pc market and headset market there isn't growth and hardware categories historically haven't had much growth so, that's ultimately the key question is, can that 70% of apple's revenues which is over $200 billion a year, iphone, mac and ipad continue to grow? and, yes,it would be great if

there were new products like the car that could help accelerate that growth rate but at the core of that key question, we started this conversation with growth rate matters most and establishing valuation for a company. that's 70% of revenues is the big question and history would suggest -- >> at the same time, toni, if they can vertically integrate with the m1 and with other in-house design chips that both gives them lower costs and higher performance more differe differe differentiation, i think the argument is they could incrementally gain more units, more revenue and have higher margins because they don't have to pay somebody else for that ip but i want to ask you about the car possibility because, you know, it seems to me it's been seven years almost since apple introduced the apple watch it's been eight years about since they bought beats and started moving into more of that headphone space. and only now it feels like are those bets coming main stream. and apple likes these step change technologies whenever

possible so if they move into car and they're looking for a step change, might it really, even if they do introduce it in '25, might it be an automated vehicle that moves around campuses and not move into the main stream until the 2030s. >> it's certainly possible, john i think that's a great question. and it may ultimately be dictated by, you know, how advanced apple believes or is able to get its technology particularly around autonomous i think the history of product introductions that we learned from apple is not about the fact that apple is going to be first to marketplace apple is very content to take an established marketplace and reinvent it with superior functionality. that's what it did with the ip iphone that's what it did with digital music and that's what it is likely hoping to do with cars. i think the challenge for apple is tesla pulled an apple in

introducing the model s in 2014. that was very much an apple product. unique styling, game changer in terms of being all electric. central software control control panel. that felt like an apple product and the question is what will apple do to then take the industry to kind of the next level and that's why you're hearing a lot about can they make an autonomous car that feels like a living room and doesn't have a steering wheel and a gas pedal in it? i think apple's ability to sort of deliver on that technology will also oep gauge whether it tip toes in or whether it really tries to redefine the industry as it has done with other products >> we look forward to talking more about what that would mean for the overall ev space toni, sounds like we have some time, though we'll kick this around for the next few quarters or years good to see you. thanks so much >> likewise. same to you all. looking intuit popping almost double digits at the

moment after positive results. see it up 9.5% the ceo is next. don't go away. "techcheck" just getting started.

let's get a gut check on zoom a new report out of similar web says the company may have caught a case of zoom fatigue ahead of its earnings report on monday. these estimates are exclusive to cnbc right now and make the argument that the total number of active clients is slipping, especially among small accounts which make up more than a third of its revenue similar web has data showing that we may see in the first quarter that quarter over quarter revenue decline at zoom. now, the number of active enterprise accounts has also been declining since the start of the summer. but overall usage there remains stable all in similar web still expects a moderate beat to guidance. that's something to watch on

monday, john >> all right let's get in to it shares slightly higher in late trading yesterday after the financial software provider posted results for its first fiscal quarter earnings beat the company's own guidance and street estimates, revenue topped $2 billion and on its upbeat forecast into it seeing benefits from the acquisition of credit karma and it's up a lot more than slightly this morning joining us now intuit ceo sasan goodarzi i want to get into credit karma. a number that jumped out at me in this quarter revenue of $418 million. when people think about credit karma, i don't know that they think about smart money desishz they think about credit cards. right now buy now, pay later is ramping up how do you deploy software and ai to keep that business relevant, keep it from peaking

>> yeah, john, thank you, first of all, for having me. good morning to all of you you know, first of all, the whole premise of the acquisition of credit ckarma was centered around helping our customers get out of debt and make ends meet and save money credit karma has over 120 million customers and really a data platform that creates powerful network effects so what that means is we use the customer's data with their permission and on their behalf to connect them to financial products that are right for them to be able to find ways to help them save money and be able to ultimately get their taxes done and have experts at their fingertips buy now, pay later choices will ultimately be a choice for credit karma and within the credit karma platform. you'll be able to get access to credit cards, personal loans, auto insurance, home insurance, auto loans and be able to find ways to be able to save money, automated bill pay so, think about the platform not

in context of just credit karma, think about the platform as a platform where you can truly leverage all the assets of the company to achieve prosperity for you as an individual buy now, pay later is really just the choice of the platform over time and not a threat to the business at all. in fact, we believe it will accelerate the growth of the platform >> got it. now, let's talk about small business quickbooks online having a strong quarter and wasn't too many quarters ago we were talking about the lack of access to capital in a difficult economy and for some businesses that was causing some issues what is behind the acceleration here to what degree have those problems been alleviated and do you think this momentum for small business can continue? >> yeah, john, you know, i'll set very brief context i think first it starts with our obsessive focus on what matters most to our customers. for small businesses, we're really focused on fueling their success. the only way to fuel their success is to give them the

opportunity in one place to be able to not only grow their business but to be able to run their business and to be able to manage their cash flow that's really the power of quickbooks coming together because now we can leverage the purchase data and permission to give insight so you can ultimately grow your business more effectively run your business now within the platform, you can take your business online and market your business and you have crm capabilities and payments and payroll and all organized in one place and what is very unique and you also have experts at your fingertips to help provide advice for you. so, i think one we're positioned to solve what is most important for customers and that is a driver of the growth that we're experiencing i think the second is when you put together the last couple years. covid really caused a significant shift to digital being the need for everyone and when you look at the current environment with inflation, supply chain issues, labor issues, the need for our

platform is more important than ever before. so, really, we are positioned very well both strategically and with the tailwinds that we're seeing and i think this is, you know, sustained growth that we're very, very excited about >> interesting hearing you talk about how the pandemic really marked a shift to get more small businesses to embrace digital tools and how that is really a permanent shift. but i'm curious to hear more about your better than expected guidance and there's still so much uncertainty ahead we have these headlines out of germany about more covid waves what are the factors that you're watching and that give you confidence looking into the next quarter and into next year >> well, i'll stay on the small business line, you know, for a moment key indicators that we look at and as you can imagine with well over 8 million small businesses, we see not only their business performance, but we see the performance of their vendors, the employees that they have, the charge volume and so to answer your question directly,

you know, we can see what's happening with consumers and how much they're spending. we can see what's happening with the number of employees that small businesses are hiring. we can see what their income is. we can see what their expenses are and that's, again, where the power of the platform comes in we can actually pull all that together for a small business and help them become more effective. so, the trends that we're seeing is higher spending, more hires of employees and more of our small businesses that actually want to make sure that everything that they do is digital from how they have their business online to actually making sure that they can receive payments all digitally, they can do payroll digitally and access experts digitally that's really what is giving us confidence looking forward and the proof points are in the results that we just delivered >> sasan, given all that let me put that in the context of valuations which is where we started the show this morning. you have been aggressive talk about credit karma just before the pandemic and we talked about how valuations have gotten the high.

you bought those and yet continue to turn in strong growth results given where we are now, are you going to continue to be aggressive in m&a? >> well, john, i'll start with if you think about the company, you know us well from three years ago, we were really a platform company that focused on tax and accounting great foundation solved big problems. now we shifted the company to be a platform company that really solves the everyday needs of both consumers and small businesses and for us time to market is everything we want to be the center of small business growth. we want to help consumers with financial freedom and where we believe that we have gaps. if it helps us with time to market to look at partnerships and acquisitions, we'll do that. our principles remain the same and changes our strategy and we're very excited aboutthe progress we're making and look forward to truly powering the prosperity of those that we serve. >> sounds like foot on the gas and so is the stock up 10% as we

finish the interview sasan goodarzi. first etf to track bitcoin directly question is what comes next. we'll talk to the man himself jan van eck. oil 75.5 $10 off the november high. stay with us it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard

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welcome back to "techcheck" i'm carl quintanilla and julia boorstin and john fortt. dow continues to get weighed down by financials and tech helping to lead things higher at the nasdaq let's get a news update with rahel solomon. >> hi, carl, good morning. here's what's happening at this hour renewed covid concerns out of europe pushing oil lower european stocks and even u.s. bond yields all getting hit on austria saying it will go into nationwide lockdown starting

monday and that vaccinations will be mandatory starting february 1st germany's health minister says his country is in a national emergency although the country's finance minister has ruled out a full-blown lockdown. the fda giving emergency approval for adults to get covid booster shots. all three stocks are moving higher cdc does need to endorse the move >> boeing shares are slipping more than 4% "wall street journal" reporting that the company is slowing production of the 787 tremeliner to address problems withdoors on the jets leaders of the key house committee also asking for review of faa oversight of the dreamliner and foot locker getting tripped up that stock falling 12% despite strong quarterly results some analysts are raising concerns about weakening sales next year. you're now up to date, carl, i'll send it back to you >> thank you very much. a busy day in washington, d.c., and now some more news with kayla

>> hey, carl we have just gotten word that the pentagon is asking four big tech companies to submit new bids for a multibillion dollar cloud contract after this summer canceling a deal with jedi amazon competed for that contract over political interference during the prior administration a new solicitation posted this morning online sees the pentagon asking amazon web services, google, microsoft and oracle to bid for this new cloud contract. the size of which remains unclear. but certainly it opens up the competition for at least these four companies seen as a major win for all of them to get a piece of a very lucrative government deal. now back to you. >> thanks so much, kayla interesting news there shifting gears, vaneck launched bitcoin futures etf trading under the ticker shortly after the etf rejected vaneck

etf that sought to track bitcoin directly joining us jan van eck let's start off with your response to the fact that sec continues to deny direct bitcoin etfs >> it was sad news last friday you know, we've been trying to get a bitcoin etf approved since 2017 the logic, it wasn't surprising decision the sec is very clear that they would like some more insight/surveillance into the cash bitcoin markets that just having a regulated bitcoin future's market isn't enough for them but we're happy to have a bitcoin fund in the market i think investors are dramatically underinvested in bitcoin. both individual investors and institutional investors. so at least happy to have the bitcoin futures fund in the market >> jan, tell us about the future

etf. there has been some criticism that these aren't as favorable as etfs that actually track bitcoin. what role do they serve and are there other opportunities down the line to enable investors to do what you were trying to do with your bitcoin etf? >> yeah, the main, the main issues is any fund etf or mutual fund that invest in futures can see a distortion meaning performance difference from the spot price i think people know that for the oil markets and the bitcoin future markets are no different. if you look at history when bitcoin has rallied, investing in the futures has lagged the performance of bitcoin's spot. so, we've been very clear with investors that that is unfortunately part of the reality of this fund but i think it's just as i said so many people have money in brokerage accounts and need to own more bitcoin we're happy to have this fund in

the market so, that's, you know, that's basically where we're at there's also tax consequences that we think our fund is structured a little better than the other funds out there. that would take half an hour to explain that and i won't get into it here >> we can definitely go down a rabbit hole, jan we talked a lot about central bank scrutiny of crypto in general. lately warnings about it being used long-term as a destabilizing tool against government we've done some work on quantum computing and whether inscrencryption is at risk long term how do you think inestvestors should absorb the utility of this asset. >> i differentiate bitcoin from other digital assets bitcoin i think really is part of your inflation protection trade. i know lots of conversations, the fed behind the curve whatever kind of inflation

cycle, we're in one now. and i think in this cycle is different in a couple of respects one of which is you have to, if you're owning gold, you have to own some bitcoin, as well. but i think, you know, bitcoin is very imperious to government banning and control. we saw that when china kicked out and the network covered without much of a problem. you know what we're talking to ines investors about are smart contracts, protocols and things like ethereum and that is showing dramatic growth. what i like to ask people for their thanksgiving day dinner conversations for the crypto skeptics is how much economic value has traded on the ethereum block chain this year and the answer is $3.5 trillion. that tends to change the tenure of the conversation. they're just databases, but very powerful databases

>> pretty lively dinner table conversation there for your thanksgiving i just want to shift gears away from bitcoin briefly to talk about some of your other etfs. this buzz etf that is basically investing in the reddit trades i know we talked about cathie wood and her transparency and what are other opportunities >> yeah, the buzz etf is i think a really interesting the strategy has been around for over five years. an index has beaten the s&p. and i think what is really interesting about it is you think this the crowd is a momentum-based investor. but if you parse through all the messages on reddit and stock and some of the other social platforms people are realizing there is a different signal in there, as well not only does it own maybe what you would expect, coinbase, upstart, but also some like

paypal and a stock that has gotten really hurt and zillow, as well. >> fascinating times also includes amc entertainment. that stock is up over 1,200% over the last 12 months. jan, thank you for joining us. >> thank you. now federal court dismissing one part of a proposed class action lawsuit against robinhood and the company's role in january's gamestop frenzy. robinhood did not conspire to strict trading as meme stock surge. shares of the company are 50% off their highs and deutsche bank says sell now or that customer account will continue to drop in q4. we are back in two ♪ feel stuck with credit card debt?

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black friday is a week away and retailers are investing money in tech and ramping up their digital businesses more than ever. the slew of quarterly results under our belt already courtney reagan is here with a breakdown of what we learned courtney >> hey there, john so far the quarter's retail earnings report reveals a consumer that is using multiple channels for retailers in store and online which typically makes that shopper more valuable

target posted the strongest digital sale year over year at 25% comparable sales growth and significant instore traffic and said 70% of sales were fulfilled by the stores. competitor walmart saw net grow just 8% and 87% in two years and added 21 million items to its marketplace just in the quarter. lowe's turning in the best second digital increase for comps at 25% up 158% in two years making up just 9% of total sales lowe's digital business not as advanced as home depot which saw digital sales grow 8% and 95% in two years with 55% of all online orders fulfilled by home depot stores william sonoma is the parent of pottery barn, west elm and other brands saw 64% growth since 2019. giving us a two-year comp but

ecommerce now makes up 67% of total revenues one of the biggest that there is footlocker is the outliar so far. digital comps down 4% year over year but making up now 20% of total sales. and that has tipped higher year after year, particularly in this last year. >> courtney, we used to talk about indoor and ecommerce being like separate businesses but omni channel has turned that on its head. for some reason i'm guessing that a number of the retailers you mentioned that have heavier items are the ones that have some pretty high ecommerce sales and part is curbside pickup and the story is more about overall efficiency and less about choosing one channel and not the other. >> exactly, john so, i think that's a great point with home depot. if it's a really heavy, bulky item, it might be easier for you to pick it up in store some of that is about guaranteed availability even if you use home depot as an example what if you're in the middle of

a project and you need some type of piping or certain kind of screws and you want to make sure it is available. in the moment, you order it online and then when you have a break from your project in an hour, you go and you pick it up. almost like a guarantee. which really means that all of these retailers have to very, very closely watch their inventory and make sure that they can satisfy that online order if it's picked up in store. >> thank you so much, courtney this is all a reminder that i need to do more of my holiday shopping meanwhile, datadog and snowflake are up double digits in a month one of those names just getting a downgrade and while the others named a top pick at rbc. we'll tell you why next. plus, roku announcing its plans to development more than 50 original shows over the next two years. that stock is still down 30% just this month. don't go away.

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and meantime meta's instagram coming under fire again. this time a bipartisan coalition of attorneys general from eight states announcing a new investigation into, quote, the techniques utilized by meta to increase the frequency and engage engagement tiktok and new data out of analytics showing weekly usage of tiktok has surpassed instagram which saw a decline in use year over year carl, this just really speaks to the challenges that facebook, sorry, meta has. they need those younger users and, yet, they're under attack for how they're engaging with them >> yep even as we get those surprisingly strong engagement numbers out of roblox in q3, john i guess, what, in early december we have a few more weeks to get the meta name wrong before there is no excuse >> that's for sure

we have time plenty of time it seems to me, though, why isn't congress investigating tiktok for all the share that they seem to be getting and attention they seem to be getting and retaining, maybe i'm channeling my inner sheryl sandberg do i have an inner sheryl sandberg i don't know not that you shouldn't look at instagram but tiktok is doing pretty well. goldman out with its annual holiday survey and saying forget macy's buy fedex and u.p.s. as consumers shift towards ecommerce. amazon ramping up for what could be the biggest black friday ever take you inside the action, next the internet wasn't built to be a place of walls. but then the walls went up and choice became limited. until now. now we're in a new digital landscape of emerging channels, data-driven campaigns and measurable outcomes. welcome to now - the new open web.

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you probably know by now we're a week away from black friday and amazon ramping up to deliver more packages than ever. frank holland has that story for us today hey, frank >> hey, carl amazon is growing its network of delivery stations. this facility we're standing in right now by 300% since 2019 to power its one and two-day delivery this is where the blue trucks behind me pick up your package before it comes to your house. this facility in central jersey right now, about 50,000 packages a day will come out of here serving a 30-square-mile radiance during the peak of it delivers 72% of its own

packages delivery service partners program the name of its blue truck network says amazon has invested $1 billion this year, including upgrades to its routing technology ahead of this historic holiday peak. >> we continue to improve the amount of times drivers visit the same neighborhoods and familiarity increases. these are the kind of things that enable our routing technology to get smarter as drivers visit these addresses, we're able to teach the tech how to navigate better >> and amazon will get its first big test a week from today the head of the program says this year customer service will be more of a focus, that includes taking time to talk to customers along the route and the all-important product placement whether you want it in the front door, back door. >> all of that an important wrinkle in the modern holiday

process. frank, thank you people are getting anxious about getting their shopping done. now, speaking of amazon and seriously wired out with a deep dive amazon's dark secret. building a case that even as the retail side of the company focused on growth and giving employees access to customer data to solve their problems, amazon overall failed to protect that consumer data in the process and some rogue employees abused the data. amazon didn't know where all customer data was located or who was handling it. julia, this is a theme that we've seen again and again with large technology companies we, of course, await amazon's answers to some of the case that wired builds here about how customer data has been accessed inappropriately. people's shopping histories, celebrity shopping histories being accessed when it's not to solve a problem but troubling.

>> so troubling. i mean, this company knows so much about everything that we do in this idea and to quote them that amazon has given its global workforce extraordinary latitude to tap into customer data at will this does not sound good and, carl, you got to think about all of these regulatory pushes to tamp down data not justidate about what we're doing on line but data on what is showing up at our front doors. >> seems like some days, guys, every story involves amazon. black friday, the rivian stake, the visa co-brand, they're everywhere no doubt about it. meantime, trying to invest in the metaverse without investing in meta. morgan stanley top picks in a moment don't forget to subscribe to our podcast. we'd appreciate it we're back in a minute

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- [narrator] introducing the grubhub guarantee: our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order. one more thing morgan stanley taking a look at what it calls underappreciated opportunities in the metaverse

vr and ai plays saying, quote, we're finally in the early innings of exponential growth. starting out with rayband their stories collaboration with meta platforms the first smart glass product to be commercially viable the chinese phonemaker is both build up virtual and augmented reality apps lastly universal music group opportunities in gaming. i would say metaverse concert opportunities for the music labels john, i got to go to you opthis one. you're the metaverse skeptic what do you think? >> it's not that i don't believe in some of these individual pieces, it's just putting them together sometimes a bridge too far and i just got a text from my wife about giving you a hard time about holiday shopping. she is starting today and i'm always last minute, carl >> we still have a little bit of

time we have a little bit of time >> guys, even though next week is holiday shortened for thanksgiving busy on the earnings front zoom and urban on monday throughout the week, best buy, dollar tree, dell, gap and deere along with october have a good weekend, let's get to the judge >> welcome to "halftime report. a new lockdown in europe and some calling for a nearterm selloff here are those fears overblown more reason to be cautious. we debate that and our next move joining me rob and kevin o'leary, mr. wonderful is back and pete najarian. nasdaq sets a new record high. the dow is down 185 and s&p is flat for the most part up four points there's the russell down 1.5%, too. yields are down today, oil