subscription model where, you know, the price goes up and people take it >> okay. we're going to have to end it there. we have -- don't have a lot of time left. thank you. we're going to go. becky, andrew, happy thanksgiving make sure you -- we have "squawk on the street" coming up next. ♪ good morning welcome to sid"squawk on the street." i'm carl quintanilla with jim cramer and david faber the white house announcing that spr release of crude oil, europe's covid wave intensifies and there's pain in specialty retail yields are up after the powell news and the vix is approaching 20 jim, we have a lot to work with this morning you've been talking about the oils you've been saying it's demand-driven. you said you would buy chevron here. >> yeah, i talked to mike worth

last week. the ceo of chevron he's doing a very good job he said, look, above 70 is just fantastic for them david, you know that opening a strategic petroleum service is a short-term solution. it's covid that they have -- who wants covid to be stronger but the travel numbers are extraordinary. so i just think that this is all for nod and that's what the stock is reflected the stocks are right now in your face going higher. that shows you it has no staying power. >> it's seen oftentimes as more of a political move. >> i thought you don't talk politics. >> i try not to. one of the beauty is we don't have -- >> that was a joke. >> oh, it was? >> people want something lower they go to the supermarket i don't know i go to the supermarket -- i was at the supermarket last night --

>> you were >> yeah. why? >> sometimes i wonder. what were you picking up >> t-bone. >> what was the point, i didn't mean to interrupt. >> the t-bone was about 30% more than i thought it was. it's 1.12 points i'm thinking, how can this be $24? this is a $16 piece of meat. so you go to the supermarket and you say, wow, what is going on then you go to the gas pump, maybe you get a break, that's what they want that's why i say it's political. i know becky has been right that thanksgiving is more expensive look at prices prices are -- they're much higher and i think they should come lower, who is going to make steak come lower more beef, you have more cows. >> we don't have a strategic

beef reserve but crude oil is down 10 bucks from the high. on pace for the worst month in a year, jim. >> look, oil got too high. had it stayed up there, there would have been some cheating among the american oils -- there hasn't been, except for the private equity guys. we have -- china has cut back dramatically carl, i don't know, you know this olympics world. forget the olypolitics of the olympic. the clean sky initiative may be related to the olympics. i would have thought they would have started that the week before they're making an effort here and that's causing oil -- >> they're going to want blue skies. >> but they're still building plenty of coal plants. they have energy shortages in various parts of the country again, it goes back to the transition and they are -- they've increased their natural gas consumption 28% a year annually

for the last six years >> bridge fuel >> so don't underestimate their ability to continue to build coal plants because that is still happening in that country. >> why do they -- >> as for your first point, which i think is the most important one, this price is just find for exxon and chevron and everybody else they're perfectly happy. >> capex is down dramatically and they're making so much for money. they figured how to drill much more cheaply chevron has so few employees these oil companies have changed their whole way of doing business. >> and they're going to divert more capital into their initiatives designed to lower their carbon footprint exxon said they're going to be coming forward with more specific goals and we anticipate that as well from that company but this is good for them and

potentially you could argue as a result of how they're using the capital, something that will help buoy their coming business that they at least talk a lot about and could become something special -- >> i was asking mike worthy, carl, about whether -- they went to $3 billion let's say for cleaner, okay, to 10 billion and i said, look, isn't this just to apiece people? no, we got to be realistic there's a lot of things coming down the pipe that makes it so that even though we're confident that gasoline will still be used, they're not oblivious to the tesla phenomenon they have to have some other bet and he's talking about this renewable natural gas and it's for real it is for real i thought it was maybe just something -- pie in the sky. but you can -- you can recycle this stuff and they're going to do it and i think that's going to be a

very good way to be able to make it so we figure out how to power trucks truck being the biggest source of -- >> yeah, i don't know how much more plain it needs to be. gm says they're going to stop making gas engine vehicles in about 14 years. >> i think it's interesting. what is gm diversifying into boats. >> yes. >> we saw that yesterday >> that was curious, boats >> curious a little david folts, they're a boat maker. he's question me when i said, have electric votes. he is all in >> electric flying taxis we're going to be pulling hard on the grid in ten years we better be ready everything is going to be plugged in >> that's one of the big jokes

about hydrogen power they'll tell you you need 72 football fields worth of solar you cannot make clean hydrogen without using a lot of electricity. it's kind of -- you make clean hydrogen, but you make dirty skies because of the amount of electricity you need there's a lot of people saying stuff about the environment that are totally untrue. >> maybe to your point about the huge turn is why oil is relatively cheap versus other assets in 20 years j.p. morgan says in order to get to the middle of a basket of inflation, you would have to be at 115 today >> well, the late aubrey says, look, talk about that -- milk was the same price as gasoline let's talk about milk. you milk cow, send it to a truck, it goes into your supermarket. gasoline has to get out of the ground, then it's -- oil gets out of the ground, okay, then it's got to be piped somewhere or taken by truck or train, to a

refinery, then you truck it to a gas station. how can that be the same price as a calf? mike worth admitted to me cows pollute. >> yes, they do. >> big methane emitters. >> do you know mother nature obeys the laws of physics? >> i've heard that yeah, i have speaking of the law of physics, we should talk about the market, don't you think as well? >> we are talking about the market >> is that one of the things that go up, come down. >> we're talking about the market because oil is the only one going higher they survived the big onslaught yesterday. i want to pause at something was there some hedge fund that short all this stuff and got obliterated at 10:00 a.m. >> i think there was a bunch of hedge funds that were short a lot of things. but there were longs and, in fact, what they say -- what they're saying is, people are

overly positioned for more dovishness there seemed to be a belief that brainard and not powell. powell was going to be more hawkish. >> which is totally untrue. >> and you had a lot of crowded hedge fund trades and they got crushed, not to mention they have these shorts that also then back up on them -- usual, the hedge funds figure out a way not to make money -- >> but they still get to charge. >> they've made a great deal of money on their private investments this year. they don't tell you what the gain is privacies versus public equity hedge funds have not done well at all and they're publicly investing, but they have made a lot of money on names like rivian which is now a public company. but many owned it privately or upstart. you go through so many of these names. >> i do want to point out that

you can buy low multiple stocks, morgan substantially, united parcel >> some of them are in your trust. >> centene which is not. how about j&j. j&j decides -- raise you think if al is a bad ceo he decides his last act is to split the country into two j&j is going to give you a consumer products business that is very, very good and the fastest growing pharma the stock is down 10 straight points and i just think, wait a second, you get 2.7% yield, right, which is still good, you got finest management, aaa balance sheet. >> one of the other ones >> and it goes down every day. >> right and that is not -- it's not a huge growth multiple on this name. >> no.

we want to buy that. >> how about morgan stanley? >> shrink to grow may still work, but it doesn't seem to be capturing the imagination of investors. ge did not -- >> ge back to 112 and you know who attacked it today? >> who >> steve tusa. he said the renewables -- he comes up with these great numbers. $3 billion over value and it's not good, under the ceo. the ceo. >> you talk about names that are -- >> are you going to mention boeing >> i'm going to mention paypal, twitter, snap, veirgin galactic and draftkings, roku and beyond meat go on and on those things are all off 40% of their highs.

in a very recent period, let's call it the last eight weeks >> well, look, these are all now regarded as being areas where a lot of companies have come public and they have competition. there's not been competition in the payment space. now there's competition. beyond meat which did not deliver a good number at all, you have oatly >> there's some of the numbers, by the way, gives you a sense of what they are fairly recently. >> i was marveling, i said, look business is pretty good. stock has gone near the price to where salesforce tried to buy it. >> are there opportunities in these names or representative of a very narrow market ten names that powered almost 50% of the gains in the s&p. >> the percentage of the s&p names at one-year lows is the highest sense last year. >> this is a bad market in a lot of ways. but it's also a market that's come down so much, can you find some bargains?

i keep coming back to the conference call where -- talking about pass/fail -- >> they don't need the textbooks as much -- >> or they're not going to school at all because they're getting great wage increases at the low end. >> or they're going to schools where they get "a"s. >> teachers are grading more easily how is that? you want to bet that's going to be the case when things change maybe you get back into chegg because people will not -- people go back to school or maybe you say, wait a second, school is $80,000 a year i don't need to pay that if there's such good jobs chegg is really probably -- i'm glad you brought up chegg. that may be the big conundrum. how did that stop -- it's four times higher and i think the answer is, is that it shouldn't have been where it was

but i don't know if it can go back if the people don't -- if it's a secular change about college. >> when a growth stock gets hit like this one did because it's no longer growing at anywhere near the rate, 115 to 25 -- >> when does it become a value stock? or are there in value in investors. >> remember when it was three? >> okay, let's talk about the here and now because you are mr. market best buy >> okay. >> best buy. >> not that bad. the guidance wasn't great. but corie barry keeps it low. >> corie barry will be joining us later in the show >> people say to me, jim, have you seen the chart suddenly everybody is a chartist >> it's not good >> no, but william sonoma had a quarter that was beautiful the stock got hit and now it's flying

corie barry has figured out a lot of supply chain issues i want to own that stock you want a stock that reported an unbelievable number dick's quarter, i'm saying it was perfect. what are you looking at? >> we're hearing from -- said things are improving >> is that off the record? >> i don't know. >> one of the 40 stocks we talked about are improving which one is that, microsoft nadella checking in? >> i'll ask him if it's off the record -- >> i'm going to put him in the way back machine did you watch the interview? >> i haven't yet i'm going to -- he wants to put me in the way back machine >> he said time travel is here. >> only backwards, though. >> no, he'll take you forward. he couldn't sleep and he figured out how to put a man on mars >> we'regoing to get to future here in a moment as jim said, we got a lot of

retail to get to burlington, irvin, best buy, dollar tree. we'll talk some covid in europe and currency volatility today shir bk aurki la,acin minute

every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. a lot going on in the world of retail. we're watching covid, of course, in europe, which we'll talk about, and the energy complex with the spr release futures have been steady here. we'll keep an eye on big tech

enheasq opens in about 12 minutes don't go away. ebenezer. ebenezer. ha ha ha ha. marley? first you will see the past. excuse me! coming through! ugh! and then...the present. and finally, ebenezer...the future!

introducing the all-electric eqs. happy holidays from mercedes-benz.

nine minutes before we get to an opening bell let's squeeze in our mad dash. we didn't talk about zoom when we talked about so many of these companies that were great growth stocks and are off their highs dramatically this is another one of them -- >> this is paradigm. >> one of the great plays during the pandemic and putting up strong numbers, jim, but decelerating growth. >> these brokers all have price targets and they never lowered the price target one of one, two, three, four,

five, six, seven, eight, nine, nine analysts cutting price targets today. so where do you think it stops no one knows good in that the company is not falling apart. but i'll tell you, david, and this is right in your wheelhouse, the understated thing that should have been talked about was the 59 acquisition. they would not pay up. it was a stock deal and i think it was a strategic mistake to walk away from. >> it was a stock deal and they wouldn't pay up because the stock had fallen so much that the overall value to shareholders was significantly less and they voted it down. >> they could have thrown in some cash. >> they could have thrown in cash, increased the ratio and/or put a collar around it. there's things they could have done to save the deal. they didn't. >> and they have no expectation of anything ever coming back

their quarter was amazing at five nine. that would be a way to be able to get much more large-scale business, they had a lot of small, medium-sized business that's not what people are looking for. they're looking for big enterprise contracts which are much more valuable they did not have enough big enterprise contracts they do have a lot of cash but the fact is, this is not docusign which has managed to transition there are a lot of people in this business -- >> five nine has performed better what about teams and microsoft >> microsoft can loose a huge amount of money on teams, which they're not. they have great margins because of their core business this is one that is, again, very inflated but if it's going to deliver better gross margins and better

revenues, it's still going to higher you come back and buy this, because this one is not going to miss. >> people don't sell it much either retail is not as bad as what they're doing with the stocks. >> don't dump everything. >> we won't. >> i want to talk about the stock market you blacklisted me for talking about things -- >> we have the opening bell coming up. >> we have to go. >> always keep in mind, you can catch us any anymore and listen to us and follow the opening bell podcast ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq,

a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq [enwhat's strong with me?ut] yeah... oh. don't worry i got it! i know when i'm ready to run. what's strong with me?

i can find strength in a rest day. what's strong with me? there are some nights i sleep so well... i'm ready for anything. find out what's strong with you with daily readiness on fitbit. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

>> announcer: the opening bell is brought to you by nuveen, a leader in income, alternatives and responsible investing. the cdc and the state department warning americans against traveling to germany and denmark due to covid outbreaks in those countries the cdc raising its travel recommendation to level four, very high. do not travel advisories are in place for both nations the netherlands, the current pace they'll reach historic hospitalization in 11 days >> it's amazing. when i was in italy, they've

cracked down, mandatory. and that does it my wife was in portugal, that does it. these countries are kind of like florida where it seems like there are many constituents who just say, you can't make us do anything and yet they go for a flu shot so i think that these are self-inflicted -- they're talking about all of the needless deaths worldwide. needless because we have an ability to stop the deaths david, it is almost -- it's so counterintuitive what's happening. >> it's not something we would have expected a year ago, i think it's fair to say, when we were just -- when we knew the vaccines were efficacious but we hadn't had them approved and we were waiting and everybody was waiting. and i think we thought by this time we would have a vast majority of americans and people in other countries, certainly

western or advanced economies, vaccinated and that's not been fully the case. >> do you understand why >> i think we all know why there's resistance to it and a lot of misinformation. >> do you know why in terms of science is there -- what is the science that people -- let's say, i had a flu shot yesterday. they're like, 55% accurate and i had it what was the point of that versus a 96% obviously, i don't want the flu. this thing is -- it's a marvel when i was out west when people -- i asked people, what do you know that's something, what has happened? it's always the vaccines are perfect. and yet it doesn't matter. >> and also encouraging data on the antivirals we'll see when those finally come around for good how much that helps by the way, 3 million people got their booster on friday, saturday and sunday. and the tsa today, five straight days of 2 million-plus

passengers. >> this is political as i'll get, when you get your booster, go do things that's the point the point is not to get the booster and stay at home and watch netflix and play video games. get the booster and live your life that's the point of the booster. >> get boosted we've all got it done. there's the opening bell celebrating 20 years at the nasdaq it's movember, a charity focusing on men's health given what we talked about given vaccination rates and travel, do you think some of these travel names hang >> yes, i do they hang in and go much higher because, well, what we've got here is a -- again, who do we have it is terrible what's happening. remember last week when gottlieb said we're going to have herd

immunity, the worst kind, because basically that's an admission that nothing -- no one took the vaccines. i want to make a statement that the retail stocks all which are down is foolish. they're not all bad. look at that see this is -- the airlines. the airlines know that this is transitory >> you just heard the numbers from carl. those numbers are impressive numbers. >> they are. >> in terms of tsa i think that people are going to regret selling things here when you look at the booster numbers, if you get what you have in italy here, which is that people resumed their lives you're going to be regretting that you sold abercrombie & fitch, and best buy. i have gap stores on today.

>> abercrombie was in line they said the holiday was promising. >> i will say, when i was at banana republic last week there was a gentleman next to me who stole a sweater. and i asked the clerk, do you want to do anything about that they call the police, the police write it up and that's the new world, david it's an unfortunate -- >> when it comes to things like best buy, the stock did rocket from let's call it in october $106 up to $135. >> they all have the same chart. they went up too high and they're trying to hold. >> to be fair, it's only coming down, $117 -- >> i know. look in nvidia has the same charge corie barry has done a fantastic job and there's a price that you want to pay. i'll take that shot down 20.

i'm saying that you want to start buying because she's going to be -- what time is she on >> 10:15. >> when you listen to her, you're going to say, why did i sell it? she's a very strong, smart executive and you're throwing away a stock where she figured out the supply chain two years ago and invested a fortune >> operating margin was in line. same day delivery up 400%. that's interesting. >> do people even listen they're just selling i think it's a mistake but i also recognize it could be -- i could be wrong all day people are selling best buy right here you sell it and the broker and trying to prove they got a better price so they knock it down at the end of the day to say, i got you an average of 120. >> speaking of knocking things down, to your point, yesterday at this point, it was an

$860 billion market cap and no it's 790 70 billion in market value -- >> nothing happened other than i went there. >> you did go there. >> but nvidia did turn around, to your point. again, it's been parabolic, though >> so has home depot there's no time -- you know what the greatest moves were, going into gulf war number one with the oil companies. and the moment that started, things cratered. some stocks are doing so well that you don't know -- how do you value nvidia which is doing incredible well? >> i think you would be the one to answer that question. >> i think the answer is that you don't buy it but you don't sell it. when do you get back in? they're going to beat the numbers. >> they had an incredible quarter and one that was positive, which is rare in -- given how much it had run up into the quarter, there was an expectation it might sell off.

>> they beat by 500 million. but you had that move we talked about. >> that reversal people are expecting that brainard would have gotten the top job and even more dovish >> it shouldn'thave been what it is. david, they call that an island reversal >> is that what it's called? >> it's the most dangerous chart. >> unless powell takes on the erdogan -- goes the other way. 20% inflation and we're going to lower rates. that's something >> well, i'll tell you in 1988 i owned the turkish whirlpool. every day i came in and it was doing fine the currency was devalued by 15%. i actually owned half of what i thought i owned. i was crying i was a baby >> real tears? >> no, crocodile tears. >> did people come over and make

fun of you was this at goldman? >> i was at the hedge fund bank of america, they make those things so seductive. jim, i know you like bank of america, have you heard of yappy, that's the turkish bank of america. >> i would like you to get to comment on dollar tree they beat by a penny they guide below >> it's time for an activist to get in there and change things see, they get the bad number, the activist has ammo and so the stock goes higher, right >> it's true and you're close to that activist, right? >> no, i'm not close no >> that activist correctly family dollar, they bought this chain. family dollar has a bad reputation versus the dollar

tree why not rename they've never done that. my dollar tree is spectacular. you could eat off the floor. you may not necessarily want to do that. i happen to think that the dollar tree management should have been given a little bit of chance they've not even -- >> activision and blizzard is going up in the event by an blizzard. >> they did announce a workplace responsibility committee that will oversee -- >> wait a second, what is that the soviet-style -- >> i'm so against harassment. >> and don we know well from spotify. >> conde nast. >> probably -- >> they have come out -- have they come out strongly is it a strong commitment to antiharassment >> it's clear that the current

circumstances demand increased board engagement >> the issue had been that maybe the board -- >> they go on to say that this has been a challenging time across the company, but the board is confident in the actions under way. the board is showing they're stepping up a little bit they seemed so willing to just rubber stamp what was mr. kotick was doing. they can hire outside i want counsel if they choose to do so. they haven't done it, jim. >> they call you in and they say, you know what, bobby -- and i like bobby he's been on the show. he's fabulous. bobby, maybe you ought to hire your out counsel and then it begins but this one was -- when the board affirmed him, that meant no you're with us. >> that was the interesting part of this. the stock -- that is the first

time we've -- >> and you think she's -- >> i think she's a serious person without a doubt they can obtain outside advisers and i want -- >> remember when macy's last week, macy's said, look, we may explore -- >> yeah, splitting their business. >> i've spoken to a number of people in this business and they reminded me, carl, that when you want to have an omnichannel that can compete with amazon, you got to spend a lot of money. >> reminds me of target today. report that they are poaching engineers to try to leapfrog amazon go over at target >> well, i think you just stick to your knitting that's -- that was a good quarter. everyone just got too excite they got too bulled up how is walmart doing walmart, back to its old ways. i was furious last week because

you call the company -- they can't pass on. but you step back and you say, would you shop at -- would you get more loyalty if you heard prices were lower at walmart, would you stick with them after the cycle? and i think doug mcmillon made a case that it's a fungible world, but you might go to walmart. i have a fabulous walmart. but the idea that they -- why couldn't they give you a little extra for the shareholders >> two big mouths to feed, the shareholder and the customer. >> but the family sticks by doug and the family is committed to price cutting. and i think that's noble >> their slogan is literally everyday low prices. >> have you ever bought any closer >> i think i have. >> i know they say most of our stuff is made in america, but that's because they have a huge grocery business a lot of their stuff seems to be

made in east yasia. >> from an apparel perspective, that seems to be true of a lot of places. but they're still the biggest grocery ner the united states, correct? >> yes i had a company cook last night. if you've ever used a traeger, it's one of the greatest grills. they doubled down on china but you can't -- you have to use container. and the container numbers, talk about 2000 versus 30,000. >> so they're stuck on a boat somewhere? >> yeah. there's a traeger family >> didn't they go public here not that long -- >> it's fantastic. there's all these companies that nobody really wants right now. >> you want them >> oatly >> oatly >> i'm just saying these were

these brands that came out and people were like what happened at oatly >> is that the investment club oatly? >> no, that's at boeing. >> not doing too bad today whn . we'll talk about shares of medtronic. we'll talk with the ceo. check on the bonds as well you got the three year back above two. ten year was at 167 earlier this morning. that's about a one-month high. equities not moving around a whole lot. but you have the vix back up almost close to 20 we'll be right back.

live at cme hq with our november read on market pmis

following an october 58.4. 57.0 on the service pmi. that's a bit less than expected and less than october's 58.7 and if we look at the composite, 56.5 also a miss and lower than our last look at 57.6. now our pmis are closer to 60s than many that came out today, but they did all accelerate ahead of their october reads we want to pay close attention, 30-year bonds are hovering at 2% "sawonhetrt"ilquk t see wl return after these messages. this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies

designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. tv: mount everest, the tallest mountain on the face of the earth. keep dreaming. [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪ ♪ [suitcase closing] [gusts of wind] [gusts of wind] [ding]

medtronic lowering it's full-year outlook citing staffing challenges. joining us now is geoffrey martha i read every line of cardiovascular medical-surgical, neuroscience, diabetes and i say, why should i own your stock? you gave us very little reason to do so maybe you can make a better case than i can see from these

numbers. >> the last quarter, although we faced some headwinds on the staffing shortages and nursing shortages, we continued to invest in technology the largest r&d increase and a number of these are breakthrough therapies we have 180 products over the last year and 250 clinical trials going on right now. and a lot of these are breakthrough therapies omcompetitive standpoint, we gain share in nearly every business we have, with one or two exceptions competitively we're doing well investing for when the market dynamics pass. >> i agree with that you and i have spoken about diabetes

yo you said that was something you could address and fix. you haven't. sdwl are issues, which are supply chain issues. these things have to be corrected, sir this is to great an opportunity for you right now. >> i couldn't agree more and diabetes, we have it we're in active dialogue to get the new infusion sets with the system it's the best performing pump in the world. we just got to get it in the u.s. and you'll see the diabetes business turn around in addition on the robot there's one robotic company out there and they've been out there by themselves the lasts 20 years. we just got ce mark.

we're getting great feedback from surgeons. we're going to start our u.s. clinical trial any day there's supply chain issues we're working through here but we're really optimizing, and when we use our robot, called hugo, by the way, for the first time, it has to be a good experience this is a huge market opportunity that we're going to capitalize on. >> you mnention supply chain issues you spoke about nursing shortages. give us a stense mch sense, how big are they >> the nursing shortages, that has been the biggest issue, especially in the united states. we don't see it as much outside the u.s. and our guidance over the next

quarter is a bit, i think, appropriately conservative, given the level of uncertainty but hospitals are paying more for their nurses moving cases to surgery centers where there's less overnight stays and they're adopting remote technology. but there is a level of uncertainly in the next quarter. within the next six months, we'll see this pass and that's reflected in our guide we still did beat our eps and held our eps for the year. >> okay. so, brain modulation up mid-20s, which i thought was terrific

there are some things working where you know there are no problems it's clear you have some businesses where, if you have to have it, you're winning. >> right like i said before, competitively we had a strong quarter, gaining share in almost all of our businesses and this is due to the innovation, 180 product approves i'm talking about. we just launched our transcathter heart valves, which is the biggest growth market at medtech right now. is the strength of the prod kts across the portfolio we've got? gaps right now you can see the products performing so well

>> you can be bullish. i ntsds that we seem as though you're facing a lot of uncertainty,erant you cases and hospitalizations rising in europe, maybe here as well >> i think the europe situation is relatively new. our ous markets perform very well last quarter. our emerging markets grew 16% last quarter outside the u.s. we grew 6%. there's high levels of vaccinations there and i think they haven't seen the staffing shortage we're seeing in the u.s. and that's been the issue hope tale over the next couple of months we'll resolve these things and get backing to doing cases. jim, you pointed out our neuromodulation business

that's a an area we have 65/70% market share already this is what was talked about. the therapy that personalizes therapy for parkinson's is having an unbelievable impact. we took 10 points of new implant growth in that space alone we're going business by business when these issues pass, we're going to by in a good spot >> i was hoping it would pass earlier. but you have the best products i think it is a matter of time you come on whether it's good or bad and i like that and i think it's going to be very good thank you. >> appreciate it >> ceo of medtronic.

people stayed away from the hospital again none of us counted on it >> turning out to be a longer run dynamic than we expected tonight. >> we got gap on tonight and enrique lores is eight times earnings this is talking about -- worked out better >> yeah, yeah. >> paul says you shouldn't just cut to grow but should give. he's right >> he was early and committed, when it came to esg. >> how is turkey doing >> turkey, the country not so well >> how about your turkeys? >> working on it >> best buy's corie barry with

the dou. ♪♪ at cdw we get your teams work in different places, in different ways and across countless different networks. so how do you get everyone on the same page? microsoft surface devices, orchestrated by cdw. they adapt to each user and deliver multi-layered security, so your workforce gets seamless experiences wherever they roam. for devices that fit your unique workforce, trust microsoft surface and it orchestration by cdw. people who get it. ♪ ♪ ♪

♪ ♪ on my travels across the country i came across this house with water dripping from the ceiling. you never know when something like this will happen. so let the geico insurance agency help you with homeowners insurance and protect yourself from things like fire, theft, or in this case, water damage.

now if i had to guess i'd say somewhere upstairs there's a broken pipe. geico. save even more when you bundle home and car insurance at geico.com. . good tuesday morning, welcome to another hour of "squack on the street.

lively at post nine of the new york stock exchange. trying to reclaim 4700 on a busy morning, most sectors are up as well >> it's been a busy start to the week it's 30 minutes into the trading week we're going to start with zoom video getting slammed with folks venturing out of their homes, people returning to offices, you can see shares are down about 15%. plus urban outfitters getting crushed with a shift to online retailers adding and the stock is up about 30% and that's despite today's losses finally, best buy after the retailer posted comparable sales. so, the key holiday season largely belowestimates

and do not miss our exclusive interview with best buy c ceo corie barry. >> and the country will tap the strategic petroleum reserves in an effort to bring down gasoline prices it's been an interesting morning as we've seen prices push back on that. >> market might have been expecting more, even though this is one of the biggest spr releases ever and own lepley the first nonemergency release in history. every other release has been around a hurricane, a small channel blockage or the libyan war in 2011. all right. so, here's the numbers 50 million was the headline. but really 32 million new here

and it's not a sale. it's an exchange sale is we're going to sell the oil and highest bidder gets it we'll give it to companies, give it back with more added barrels. we don't know who's going to get the barrels. but you can figure it out. why is oil on the rise right now? well, the market may have expected more. they came down on job, about an spr release. it wall already in there by the rumor for the price of oil and the spr can release a maximum of 4 million barrels a day. the normal release is a million a day. you're looking at not quite two months of oil slowly trickling on to the market

the question will be opec, december 2nd virtual meeting, do they react to this by slowing down tharp gains in the market or continue their gains, adding 400,000. because if they slow it, as you know, that is going to set off a political fire storm because it looks like they're directly reacting to this president biden has been dealing with opec since he became a senator in 1972. >> i mean, it does seem like this sta game of poker being played you can release oil from the spr and i realize only so much but just how sustainable are lower oil prices actually going to be? especially when you thing of the fact they're going to have to refill these numbers in the coming months?

>> i'm not reading anybody who says oil rices are going to go down they're trying to get gasoline pricez bfore the holidays. i think that's key everybody's going to be flying, driving to grandma's house i think they just want a short-term, try to drive it down which they are down in the last couple of weeks. so, in part, they've accomplished their goal. longer term, you're right, you have to refill the spr in the spring, the consumer is going to bugs back out maybe they're not sure where the price of oil is going to be, which could impact domestic production as well but in the short term, looking to drive down prices ahead of the holidays inflation is every wear but not much they can do with housing, they can't bring down used car prices there's not an spr for milk.

this is the one lever we may have on inflation, on something we buy every day >> i have a feeling you're going to have a busy couple of weeks here thanks for your insights and bringing us the latest tech stock is trying to make a rebound amid rising yields what are the numbers telling us here it does feel like there's a big rotation afoot given that we herds hawkish yesterday. >> it's the enemy directedly in front of us and we're going to do our side. and therefore, short-term yields going up fr and inflation going under control. i do think all of this is

happening in the context of the bumpy rotation it is another swing back from the mega cap growth stock as a lot of other stocks have pulled back you're seeing growth verses value. it's a deep value segment of the s&p 500. a one-year basis, more neck in neck what we have is another swings of the pendulum. exacerbated by the fact that what did and didn't do well was is it a concentrated hedge fund position so, we don't really know whether that kind of adjustment, that shakeout is complete is it underway is it underdone? in what's usually a pretty

favorable weekend in through thanksgiving >> we talked about hedge fund population earlier they're all in the same stocks what about the overall breadth of the market? >> that's been the case more so in the last couple of weeks before this year there has been this narrowing of the market the average stock has not necessarily done terribly but hasn't kept up yesterday, you had better breath i think part of what happens when you go from growthing to value and the breath is typically going to improve you look at the equal-weighted s&p 500, it did better than the index.

the begs readings of this year, when everybody was saying finally an inclusive rally, september 2nd, the day the market peeked before the only real pull back we had. there's no implications whether it's been a narrow or broad rally. >> thank you let's turn to tesla. new sales numbers showing the country is surging in the number one auto market. phil >> we're talking about california and these numbers come out every quarter from the california new car dealer's association and tesla is this year the number five brand in terms of sales in california this is the number one auto market in the country where sales have been surging. market share 5.5%.

the model why. sales have been very strong. it is now the top selling, compact suv and the fifth best selling model in california. not just electric vehicle but model in california. all of this as we expect what's going to be oo huge battle, not only in the country, but particularly california, southern california, when it comes to electric pick-up trucks as a result, when you have the cyber truck coming out in early 2023, and electric pick-up trucks on the way, the e-s e-silverado and the hummer ev. this is going to be a big battle in southern california the rivian, some deliveries have

already begun. keep in mind it will ramp up r 1 t deliveries over the next year and they'll unveil the silverado early next year. bottom line is this. you're going to see a real battle in southern california, not just in pick trucks but for electric vehicles in general and tesla have this marked >> what fare the tax incentives i realize there's a lot of a federal level going on is this really just evidence that -- >> not right now but with the new one, if the new spending bill, the 1.8 trillion bill goes

through you buy a tesla, there will be a tax credit up to $7500 you'll be able to take immediately when you fwhooi vehicle. that tax credit could be up to $5,000 more in a union shop. those will come with a $5,000 greater discount than if you bought a tesla you can take it right away it's not going to be on your federal tax return ia can go to the dealership and say knock that off right now >> and elon musk taunting people on twitter

there -- musk responded transforming america maybe he feels defensive and knows the market is going to get tighter? >> i think he knows it's going to be tighter. i don't think he's worried blout the bolt and the volt. where it is, is with the hummer and e silverado. all the ultium battery platforms electric vehicles. they get a pass on the boat and volt and the fact they didn't move the needle. they won't get a pass if the hummer sut and silverado, if they don't do well, then gms in trouble. take a look that road map for the next hour. stock is sliding despite topping earnings estimates >> and we'll take you live to

the court house for the latest from her criminal trial. and add astra, literally,to the list of the only u.s. companies to reach orbit with a privately funded rocket. the astra ceo will join us in the next hour.

welcome back to "squack on the street." best buy trading down. but for more on the quarter, let's get to the company's ceo >> good morning and good morning to corie barry, who does join us the ceo for best buy plp it's great to have you we haven't had a chance to have you on in a while. i guess we'll start with this quarter that you just reported margins did fall one of them is shrink and particularly in increased in organized retail crime >> first fe, thanks for having me and we're seeing more loosely organized groups come together and target our stores and frankly, we're seeing it across retail targeting stores and grabbing large swaths of merchandise and running out.

for our employees, they're traumatic experiences and they're happening more and more throughout the country obviously, their safety is our priority so, we're putting a number of things in place, whether that's locking items up, working with trade federations. but we want to prioritize customer safety. it's been a horrible change in the trajectory of the business and one of the things we're working hard to try to stem. >> very interesting. you issued a pretty wide guidance when we're talking about comps. you're looking for them to be between down 2% to up 1% are you seeing some holiday demand being pulled forward into the third quart er >> our third quarter definitely

accelerate said. and so, we really feel like customers heeded some of the warnings to hshop early and tha is exlnlt. we felt pretty strong -- and we've been seeing this over the longer term. really again took place this year some of those sales happened towards the end of the third quarter. >> you spoke of the inventory levels at previous inventory saying it was 15% higher than a year ago, i believe. and you noted you were adjusting store assortment based on availability are you still missing inventory you're hoping to have on the shelves? >> there's always small pockets of constraints, like gaming consoles or mobile devices

but when we're talking about shifting that, a great quantity and we're going very deep, have great deals and a lot of supply. we're trying to make sure we're moving it around the country and that they have access, thanks in part to our amazing teams that have been working this for literally 21 months now. >> interesting when we're looking at the promotional environment or lack thereof for many retailers best buy seems to be in a different position because of the category you sell. can you talk about the promotional level you saw in the third quarter and what you expect to see frethe categories which you sell >> in the third quarter we saw promotions slightly higher than last year. because we do have more of the

inventory available, we did see more of a promotioninal environment in q3. we have said it will continue into q4. where electronics are high on gifted giver's lists all the reason we're targeting this supply, inventory for the great gifts that will appeal to as many consumers as possible. >> how about inflation are there more product categories you're seeing inflation? >> we're seeing three things happen across our business specifically the first is a shift into more premium product. that's something we excel in we tend to highlight the most recent innovations and we're seeing them gravitate towards those experiences, now

that they spend more time in their homes. and obviously a promotional environment different than two years ago. and the third thing, on a smaller scale, is some inflation. a couple of categories like appliances and televisions where you're seeing the cost come through. it's not the leading factor for what's happening for us right now. >> tech support is a twist an program last month is this program important to betts buy because it becomes an additional revenue generator or is it customer loyalty and stickiness you're going after? >> what's singlerly most

important for us is to create a loyalty pragram customers love and one they're very sticky to and attached to over time. we often get asked who else did you look at? we tried to look at what our customers value in their relationship with us and how do we double down, spaelgtsz in a world where there's more consumer electronics out there than ever and people look to upgrade the tech faster and faster because they're using it more and more it's our double down on more sticky internakzs with customers. we have this amazing chance to offer them a program different than anyone else why would you go anywhere else to buy your tech

>> corie barry, ceo of best buy. you'll have to come back so we can go over the different devices and connections for home and health care. >> thank you >> carl, back over to you. >> great interview, just a great interview. thanks still to come why the fed still faces uncertainty following the powell as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.

therenos founder will be on trial again. outside the court house, keeping track of the their latest for us >> reporter: this, in many ways, is the most important day yet for elizabeth holmes she was only on the stand for about an hour friday, two hours yesterday. today we expect she's going to be there all day, getting to the heart of her story and make the case she never intentionally deceived anyone.

that's the heart of it so, yesterday, under friendly questioning from her attorney, kevin downing, she talked about the early perceived successes, on work they were doing on miniaturization and testing small samples of blood contrast that to the government's case over 11 weeks, where they had former theranos insider president. she either flat out lies to investors -- the defense case is elizabeth holmes was an ambigsing person who believed in her technology until the end do you think you spent not

enough time tending to the problems to be clear, if that's all she did, accentuated the positive and didn't pay attention to the crimes, that would not bow a crime. that's the heart of the defense's case, that failure is not a crime. it's looking like they won't get a chance until next week because there is no court tomorrow then we take a thanksgiving weekend off. the sense is they give the jury with an impression of elizabeth holmes trying to break new ground >> would have loved to have known the facial expression behind that mask when you asked the question lts it's now time for our etf spotlight. ticker ftxd.

up over 36% on the year. dick pfgsz sporting goods and dollar tree are both top holding. dick's is down they do say disruptions could be a negative impact but it was upbeat commentary. you can see the shares are down 8.5% up only 130% this year as for dollar tree, guided below. freight costs were much higher than expected. and "squack on the street" be right back [crowd cheering] how's sanchez looking? with your qb's increased spin rate, any pass with a launch angle of at least 43 degrees puts sanchez in the endzone. you a data analyst or something? an investor in invesco qqq. a fund that gives you access to nasdaq-100 innovations

like ai statistical analysis software. how am i gonna do? become an agent of innovation with invesco qqq. ♪♪ growing up in a little red house, become an agent of ion the edge of a forestqqq. in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. i didn't have to shout out for help. because you didn't have another dvt. not today. one blood clot puts you at risk of having another, so we chose xarelto®, to help keep you protected. xarelto® is proven to treat and reduce the risk of dvt

or pe blood clots from happening again. almost 98% of people did not have another dvt or pe. don't stop taking xarelto® without talking to your doctor, as this may increase risk of blood clots. while taking, a spinal injection increases risk of blood clots, which may cause paralysis. you may bruise more easily or take longer to stop bleeding. xarelto® can cause serious and in rare cases, fatal bleeding. it may increase your bleeding risk if you take certain medicines. get help right away for unexpected bleeding or unusual bruising. don't take xarelto® if you have an artificial heart valve or abnormal bleeding. tell your doctor about all planned medical or dental procedures and any kidney or liver problems. help protect yourself from another dvt or pe. ask your doctor about xarelto®. to learn more about cost, visit xarelto.com or call 1-888-xarelto rqs back with rahel solomon. closing arguments are wrapping up for the three men

charged in the death of ahmaud arbery the in wisconsin, a vigil for those killed or injured at sunday's christmas parade. daryl brooks is due in court today. they say he drove an suv at high speed through the parade he had been recently released from custody on a $1,000 bond. now prosecutors say their bail recommendation was too low in the case and the tsa is advising travellers to get to the airport early because terminals are crowded again. more than 2 million screened nationwide monday. it's the fifth straight day that has happened it looks like the crowds also returned take the good with the bad president biden selecting

jerome powell for a second term. but steve liesman is looking at big questions that still lie ahead for mr. powell and the fed. >> many applauded the decision to renominate fed chair jay powell they pointed to uncertainty and continuity of policy here's three the pace of the taper, the ensuing timer of rate hikes and new fed members on the way standing next to the president when his renomination was announced, powell made it clear that fighting inflation is a major focus of policy. >> we know that high inflation takes a toll on families, especially those less able to meet the higher cost of essentials we'll d we'll use our tools to help the labor market >> among his options, two fed

officials said they want to talk about a december meeting, along with faster rate hikes it's pricing in the first rate hike as early as may and at 57 a second rate hike is in play. but powell's going to need his committee to agree three interim bank presidents and three spots on the berd of governors for you to still you can be sure they'll offset the regional voters who get the vote next year the white house says those oappointments will be made early next months. and the growing political consensus over threat of inflation, gives the fed a green light to fight it. guys, back to you.

>> let's turn to what powell's second term night mean for rates and going forward. gerard g to so you again >> thank you good to see you. >> before we talk about actual names in the bank space, this view that powell, some believe, is the best man to reverse engineer what are he's done in his first term >> i think there is some validity to it, carl we didn't have many choices to be rumored and she is dovish than powell. you're right he has a tough task in front of him is not as transitory as he thought and probably going to have to get more aggressive than they

anticipated six months ago at least powell is a known quantity >> that takes us to net interest revenue, which takes me to your view and correct me if yom wrong, that the barngs are poised for the best year since the political crisis >> you're right. during the typing of 2016 to 2018 and you remember we went to 2% fund rate andel for the industry t grew 15%. and it went from two to six, to eight. frrmgs it is going to be a similar pattern by rising heats. it positions the banks very well for 2022

>> ando i ask this because in recent weeks i've seen that. if that takes place now, what does that to to the entire thesis >> really good question. because if the yield curve steepens as they raise rate, that's ideal even in the flattening, it's going to be positive for the following reasons. first, the liquidity in the system is unprecedented. they've pumped over $3.5 trillion into the liquidity. think all bout it for a moment banks are earning 15 basis points, having their funds sit at the fed they start raising fed fund rates, is an immediate increase because they'll move that money. granted, if you have a lot of fixed-rate product on your balance sheet, you're not going

to benefit from the rise in share rates. but the liquidity and commercial funds prices, that's going to be very positive. flattening the curve won't hurt that much but a steepening would be better. >> what about the performance overall, gerard, of the banks? other than citi. though many have been flat through the summer really. i mean, do you see a lot more out performance possible and are current multiples what you'd expect >> you're getting to the heart of the matter, and it's really tremendous you think to stocks trading 15% and today it's about 140% of

book value could they go higher from here and it's going to be driven by the expectation that the return on equity continues to improve especially should we see higher rates and greater growth demand. 2020's recession was not a typical credit cycle go back to 1990, 2001, the banks not only recover in the first year after the recession but continues for the seconds year, with the exception of 2008/2009. because in 2011, there was a concern of us doing a double dip because europe was in a recession. they could work for two because of increased profitability

>> as we're talking, gerard, hitting the tape, they'll testify a week from today. before i let you go and i know this is a minority view at the moment there are some who blooev you get price declines maybe the fed doesn't bring the rate up. what does that do to your thesis >> that's an interesting observation. let's assume the front end of the curve does not go up because it is more transitory inflation. it's going to dampen the thesis and we still have the other component of growth, loan growth we knee supply chain problems are severe and the capitol expenditures heard of the announcement with samsung and texas, building the semiconductor plant. so, the thesis wouldn't be as powerful as it was in twounl 16

and 2017 but will be even if they don't raise the front end of the curve call >> and we're looking for more clarity on the samsung as well thank you. >> happy thanks governing, carl. >> hap ae thanksgiving astro ceo.

[energetic music throughout] what's strong with me? i know when i'm ready to run. what's strong with me? i can find strength in a rest day. what's strong with me? there are some nights i sleep so well... i'm ready for anything. find out what's strong with you with daily readiness on fitbit.

qs we know companies are investing in cyber security but what's the best way to t iradet? ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime.

it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ welcome back to "squack on the street." take a look at rocket

astro lifted off from alaska this makes astra the lastest company ever to reach orbit. they're giving up a little bit of those gains company's cofounder and ceo joins us now great to have you back on. congratulations on the milestone. >> thank you so much great to be here >> this has been hard fought and hard won you've had several attempts to reach orbit. how did you reach the milestone and how did this effect your launch business in general >> the team has been incredible. they've continued to take every opportunity to launch and learn and this was all part of our approach from the very beginning.

we launched the first rocked and it couldn't make it to orbit now we've reached orbit in five years, which is faster than any company in history >> this was, i think, your last test flight. the next flight is going to be commercial when will that happen and how quickly can you increase the cadence of launches? >> we're producing about one rocket per month and we're in the process of finalizing our gate for the next launch and from that point forward, we're going to do our best to increase launch cadence we have a lot of customers waiting to get their satellites into space >> you basically said your goal is one rocket a day by 2025. current price point is 2.5 million. how many launches do you need

conduct on a regular basis to start making money on that price point? >> as we start to move a weekly cadence, and we're in the middle of tripling the size of this place to allow us to make additional improvements and the ability to make the rockets to scale. and we're going to continue to reduce the number of people re required in the field and mission control. it's layering on with more efficiencies and opportunity to increase performance >> you're the fastest company to reach orbit. but you're also joining a small and prestigious group of u.s. companies to have done this with pro privately funded rockets that being said, the competition, the competitive landscape is continuing to grow.

how are you navigating that? >> this, as you've noted, is incredibly hard. and that's what we set out to do on day one this is launch vehicle 0008 and we're manufacturing these things much like an automobile would be manufactured, using alum nm and the kind of machines you see in a car factory. this allows tus to keep costs low. our competitors make large or expensive rockets and we're trying to avoid doing either one of those things. >> you wanted to build your own constilation of satellites for broadband services that's increasingly becoming competitive.

but you merged with the binear and billionaire and many people don't know this, one of the first early space billionaires in the late 1990s. building outn constellation and why do you think it could compete >> well, so we're focussed on making it easier for our customers to achieve their goals. and a lot of our customers spend many years building satellites, trying to figure out the core technologies in satellites, like solar panels and propulsion. you saw we acquired pelafusion we're bringing together all these technologies to accelerat our customer's ability to provide value and services from space. our mission is to improve life on earth from space. and getting to space is just the first part the easier we make it for our customers to do things in space, the easier it would be for them to generate revenue, them to create value in the marketplace. so this space platform that we

call it will dramatically reduce the cost and increase our customer's ability to be an operating in space and we filed some spectrum and continue to make investments as we go beyond just launching to provide these space services that will allow our customers to get up into space and provide value from space more quickly >> chris kemp, congratulations again on the milestone and thanks for joining us. >> thank you coming up this morning on "techcheck," shares of zoom plummeting this morning to one and a half year low as investors worry about a slow down in growth citi today cuts the buy. there's more "squawk on the street" after this

small businesses like yours make gift-giving possible.

now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today. comcast business. powering possibilities. welcome back to "squawk on the street." i'm dominic chu. stocks are lower across the board. right now session lows the nasdaq is leaning to the downside as you can see here, extending yesterday's tech-driven selloff. now, energy is leading the way by a pretty wide margin this morning, despite the announcement about the spr, the u.s. will release that amount from its reserves. 50 million barrels in an attempt to lower the gasoline prices now on the other side, you have tech and communication services as you can see here, the

underperformers so far today among the stocks leading, that particular communications services sector lower. you've got disney, also twitter, alphabet and netflix as well and com services by the way, the biggest lagging sector so far this month in november and quarter as well. watch that com services social media sector "squawk on the street" will be right back don't go away. (♪ ♪) whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all

(♪ ♪) whatever you hope to achieve for your business, cloud first helps you get to value...first (♪ ♪) let there be change accenture ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks ...it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [thud] [clunk] ugh... unbelievable. unbelievable. [ding]

it's the most joyous time of year. especially at t-mobile! let's go to dianne. i got the awesome new iphone 13 pro and airpods, and t- mobile is paying for them both! and this is for new and existing customers. upgrade to the iphone 13 pro and airpods both on us. this week only, at t-mobile.

welcome back sup play chain disruptions hitting retails and manufacturers and trucking economy. our frank holland has that story for us hi, frank. >> reporter: hey there, morgan the trucker shortage record 80,000 one factor is long haul truckers, the backbone of the american freight network only get paid by the mile that they drive and according to new data from m.i.t., they lose 40% of those hours they can drive everyday, waiting for loads at facilities, sitting in traffic or just because of bad weather that's just one factor creating that historic trucker shortage night swift and j.p. hunt, major operators at the port of l.a. and long beach cited trucker shortage in recent earnings.

other truckers for big box stores raising pay but pay isn't the only factor causing the shortage according to trainees at the trucking school they are paid by the hour when they graduate. also they get to go home every night. major factor for trainee christian young. >> getting paid by the mile would have been a little bit of an issue for me. that work/life balance, getting paid by the mile, you're gone for a large stretch of time. that really wasn't my thing. >> reporter: and the association for independent truckers also pushing back on government data that truckers make about $47,000 a year or $22 an hour. he says that's based on a 40-hour week which just isn't the reality for most truckers. >> too many instances you're away from home three to four weeks at a time. and, of course, out of that 48

grand, is likely going to come $10,000 or more of just living expenses on the road and you're working 80-hour weeks. >> reporter: the american trucking association says 1 million truckers are needed over the next decade just to keep the supply chain moving at its current level. david, back over to you. >> frank, thank you. that will do it for us right here on "squawk on the street. the nasdaq down about 1.5% we'll let "techcheck" pick it up right now. ♪ good tuesday morning welcome to "techcheck" i'm carl quintanilla with deirdre bosa and jon fortt. today, high growth tech stocks come up short. we'll explain this week's weakness and the interest rate hate for wha