where are they going to purchase things are so expensive. the market is high right now to purchase and you know, to rent, too, that that's a big problem >> and the current housing shortage is so bad some estimate we need about a million more homes to meet demand david? >> diana, thank you. that will do it for us on "squawk on the street. "techcheck" starts now ♪ ♪ good thursday morning welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today the dow and the s&p bounce back the nasdaq not quite joining the rally. vix is still above 29. s&p tech the only positive sector over the last month slow down in iphone demand apple joins the rest of tech in

this week's selloff. we have an analyst who is still bullish. plus a trio of earnings interviews ceos of snowflake and okta this hour dee? >> roller coasters have taken this past week, vix down massive end of trading yesterday but still almost 30 and the dow and s&p rise for the first time in three sessions the nasdaq is trailing though it flipped into the positive, flat for now. software names have really fallen behind. just the past month, growth names like zoom, crowd strike and spulnk falling more than 20%. mike santoli joins us now. mike, nasdaq sort of on the flatline, now turning slightly into negative i should say but what's been happening the last few days is interesting if you want to blame omicron, you might want to see the state home names catch a bid but that hasn't been the case we mentioned zoom at lows we haven't seen since last year >> exactly

it doesn't fit too neatly into this idea we're migrating back toward lackdown type economics and privileges those stocks that did well during that period of time i do think a part of the reason for that is this new wrinkle in the economic outlook and the covid outlook came as a lot of those stocks were really almost in liquidation mode. there had been this period of time where people felt as if they were willing to give the benefit of the doubt to these software tech companies addressing huge markets. we know what happened from january really we had these lower waves of enthusiasm rolling through those areas. now it's sort of like keeping it on a shoert leash. a lot is the mechanics of portfolio managers and other investors what they need or want to do near year end and how they're calibrating their bets seems like a lot of tech selling, lot of surrender on those growth stories and also i don't think there's a lot of folks out there willing to bet that we are going to really have behavior changes that goes back to work from home, stay at home all the time so that's why i think there's a

little bit of complication in that neat story line that's also why you haven't seen people really grab for those cyclical stocks going to do well if we reaccelerate and caught in between those two paths, i think. >> right i think that there's maybe an assumption that things won't change too much here in the u.s., but it's still early, still hard to know what's going to happen internationally, right? that could raise the supply chain problems especially if countries do institute new lockdowns or perhaps just bit more resistance to that reopening. >> right and i think that really in general low conviction on all fronts in terms of how people are willing to place money behind any opinion about how this plays from here, that's why i do think in an information vacuum or this sort of foggy environment, you know, people are just trimming back portfolios one of the things that i think is hampering the market or has done so in the last few weeks is that we came into this period of the year with people pretty high

equity allocations already some indications we were headed to the later part of the cycle fed maybe having to pay more attention to inflation so general idea is i would rather lock it in after a good year than sort of let it ride for a year end rally that seemed not to come on time. >> right some profit taking at the end of the year, not a hard case to make despite, the market leadership, megacap tech names over the past week haven't done a whole lot though we're seeing apple down 2.5% on the iphone 13 reports. but still sort of the relatively safer space to be in terms of the market certainly in terms of tech >> absolutely have been. it's a relatively select group i would have to say. and absolutely delivering you relative safety if not outright gains during this period of time apple in particular, microsoft to a lesser degree and the semiconductor stocks haven't given up much of the leadership profile so far during this little bout of volatility. >> all right, mike that's a good setup. appreciate that.

mike santoli on the broader markets. let's turn specifically to apple this morning we were calling ate safe haven stock amid the selloff in the week, getting pinched this morning on the reports of weak iphone 13 demand down more than 2% the next guest still likes the name in the volatile market and takes price target up to a street high of 200 dan, good morning to you i'm not sure how many times we can sort of absorb these anonymously sourced supply chain stories about this name. you in general don't put much credence in them >> look, there's a lot of ebbs and flows to the apple supply chain. but at the end of the day, they overordered by about 8 to 10 million units going in so, i think this report kind of contradicts what we're seeing in terms of asia's supply chain tech where it's stronger than expected this is across china in terms of demand and u.s and if the strongest holiday quarter apple ever had is weak, then call weak, but to me i think this is a stock that's on

its way to $3 trillion market cap. >> what takes you to 200, dan? is this a scenario where you would have to wait for the spring quarter where we typically hear more about capital returns? or is it something else? >> well, it's really about services i think services is the big part of the rerating. we issued about 1.5 trillion valuation part of the parts. that could be upwards of 80 billion going into next year so i think that's something on the services going to continue to be strong and then i look at the over all product cycle. i think the strongest product cycle we have seen in over a decade and even though we'll have these sort of gyrations and maybe some white knuckle periods, i ultimately think this is a stock with a 2 in front of it going into next year. >> dan, i don't see how this report even makes sense, the idea of demand weakness in the holiday quarter given the supply constraints that apple has guided the market also reacted

negatively to by the way and the lead times that we have continued to see the checks that so many analysts have done i don't get it do you get it? >> look, it's a bit of a head scratcher to be honest in terms of looking at. but what i do think what happened here is, you know, anyone is doing checks, that caught 8 to 10 million units the fact that apple is not reordering that maybe sort of mischaracterized as being weak but ultimately, that was them just overordering for holiday knowing a supply chain crunch was coming i mean, i think based on our checks, this is about 40 million iphone unit they'll do between black friday and the holiday that would be the strongest holiday quarter they ever had and that's 10% above current street estimates there will be a lot of noise here but i think this is a stock that continues to move higher. >> yeah, as you say, it continues to march towards 3 trillion in your opinion, dan.

services is a big part of that rerating but what do you make of app store pressure we haven't talked about it in a little bit but it's still there. you saw google what about a month ago take down its fees preemptive to any kind of regulation how big is that risk >> it's a golden goose when it comes to app store i continue to focus on despite epic and what we have seen from regulatory perspective, it's a pretty strong competitive move around the edges there could be some pressures but it's going to be north of what i think 80 billion going into next year and that's a big part of the re-rating. i go back to last 18, 20 months i think going into this street was 2, $300 billion valuation for services and we think that's worth 1.5 trillion this is going to be a situation where the haters they'll hate it 1 trillion despite it at 2 trillion and then when it's 3 trillion they'll be yelling out into an epic cars. >> dan, finally, longer term, we've had a couple of weeks now

to absorb those reports that apple was accelerating its car program, specifically its autonomy car program yesterday there's some work at morgan stanley, they're wondering whether or not that eventually turns the auto industry into a subscription model and makes tesla the blackberry of mobility what are your thoughts on that >> well, i view it as a matter of when not if apple gets into the ev, especially on autonomous we think apple car by 2025 but this is not zero sum game. tesla will continue to have ironclad ownership of the market what we view 5 trillion green tidal wave biggest transformation to the auto since 1950. this is another indication of where this market is moving. but we continue -- that is going to happen. it's a matter of how and ultimately when in terms of where they partner >> dan, great to see you

appreciate it. important data to have as well now we said growth names are falling, apple falling you know whatst not falling snow snow snowflake up 11% joining us now cnbc exclusive, sno snowflake's chairman and ceo and upcoming book "amp it up" frank slootman good to see you. now this quarter, i i'm not into reporters congratulating on quarters, but given what we've seen growth names do, it's remarkable you're up 110% year over year and you had a nine-figure deal and five eight-figure deals. am i reading that right? >> yes, i think you are. >> what is the difference that you're seeing -- how are you able to get deal sizes that large over this period of time what's the strategy that's allowed your sales force and your company to execute in that way above expectations

>> one of the really important observation here is that what we really do is enabling demand that we believe has just been pent up since really suffocated for a long period of time that really couldn't be manifested. and if you couple that with the bigger macro backdrop the whole move toward direct to consumer and digital transformation data becoming so coordinated, operations becoming so core to how companies operate, now it's a perfect storm. really, really potent cocktail for growth so i don't want you to get the impression that we're a hard selling company. we're very much enabling our customers to do what they want to do. and they're on a journey and they're on a mission and they're driving hard for building that digital data driven infrastructure. >> what are the conditions right now that allow you to execute on that kind of growth, though, and will they continue you're growing faster than the

hyperscalers overall and you seem to be growing at a pace that we're used to seeing with smaller companies you're pretty good size already. so, give us some perspective on the expectations here because you did raise your guide. >> yeah. well, what really happens is that you know, as enterprise and institutions get their data in the cloud, once they start migrating their data bases, then all of a sudden, all the friction is gone it's very, very easy to spin up new clusters, new warehouses, new workloads. you can run them every night instead of once a month. you can overprovision them there's all these things that all of a sudden become possible that weren't possible before because we had capacity limitations in the on premise world. the cloud world that all goes away so it's just this opening the lid, letting the jeannie out of the bottle and people are free to run as hard and as fast as

they want and you see that reflected in our revenue and consumption patterns and these larger enterprise, larger customers as they get deeper and deeper into that journey they see more and more opportunities to take advantage. so that's really what's driving this. >> now conveniently, next month you've got a book coming out called "amp it up on leading for hypergrowth. i think maybe you could just put these results on the back of a jacket here. but, give us a sense this isn't your first company, not your first company that you've taken public you talk in this book about declaring war on mediocrity. how is that different from what you see in silicon valley, perhaps in tech in general there are a lot of ambitious and aggressive leaders out there >> you know, one of the main theme is how do you run a company with an extreme focus on the core mission in other words, fight all the distractions, take up the

energy, the intensity, the pace, the tempo and really run an entire organization, every single person, today driving with that energy and with that intensity. and that's really, really hard to do. most people get distracted they get sometimes infatuated with their own early successes they want to do victory laps they get very happy with themselves all those things, you know, you don't hear us do victory laps no matter how good results are. we're always focussed on the next thing and the next thing. and that mental attitude is really, really important if you want to stay alive and you want to -- in other words, that's really, that mental mindset you can strap that on, you'll be way ahead of most other people because in silicon valley as companies grow, they become very, very easily distracted and pretty soon they're a mile wide and inch deep and employees are swimming in glue, moving like moe la sis and before you know

it you're in decline we see very proud, big names in silicon valley over the years go by the wayside why does that happen, right? culturally something is amiss. you want to fight that on the day-to-day basis if you're a leader in your company >> yeah. it's hard to stay on top good advice, frank it's deirdre by the way. so what then is next for you guys as jon said, you held up a lot better than some of those growth momentum pandemic peers. you're off your lows by about 90%. what is your appetite for mna especially as other names in this space remain far below their highs? are value yaxs looking attractive to you? what's the next chapter, growing organically or through some mna activity >> we're pretty active buying companies and investing in companies. and we report on that as well. and i really view that as acquiring stem cells right? it's really buying sort of the core when there are skills or techniques or things we just don't have and that we find it

hard to grow ourselves that's what we're going to go and buy. you won't see us do mna because we're running out of market. we won't run out of market for a very long time in the business that we're in. so, it's much more tactical, much more looking for opportunities to really advance our own agenda in very -- in a lot of different technology domains where we feel like we don't have the critical mass or the depth. so that's what you'll see us do. big mna is extremely unlikely for a company like snowflake. >> why is that why is big mna unlikely? and you know, where do you stand in terms of valuations as we have seen a lot of valuations and enterprise software sort of the wind come out of their sails? >> you know, the valuations are all relative when you have a big market cap yourselves and obviously you can afford more pricey assets as well, right? so are things expensive, yes we're expensive too. it all becomes the same thing. big mna is driven by people running out of market typically

and big mna is super high risk, it's very distracting. those are things you only do when you absolutely have to. for us, we're really focussed on executing our core mission and much more focus on attracting talent and building the company that way because that's really the beating heart of a growing enterprise is talent >> tell me one thing also about your strategy in go to market. you have a try it before you buy it option in your data marketplace. and you're doing some usage-based pricing as well. what's the impact on engagement there? how do you expect that to affect your continued velocity based on what you've seen so far? >> that's actually super important observation. snowflake is completely based on consumption model. we don't sell use license. they only pay what they consume. you really lower the bar for people to get started with snowflake because they can just

start with a handful of files and just run some workloads and pay as they go so you really lowered the bar and the threshold for people to become productive. so, a lot of the demand, if you will, that comes into snowflake comes from the bottom up where people are trying things and experiencing things before they start signing contracts with us. >> well, not taking the victory lap but the stock is doing some things this morning for sure frank slootman, thank you. >> thank you meantime, the ceos of c 3 ai and okta are coming up as we have the dow at session highs. a big hour of "techcheck" continues after this

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don't worry sweetie, she promised she'd be here for it. oh! nice shot! thanks! glad we have xfinity. with wifi speeds faster than a gig. me too. [claps] woah! look! [chuckles] mom is on tv! she's amazing! [screams and laughter] yeah! xfinity brought us together after all. get started with xfinity internet and ask about wifi speed fast than a gig. click, call or visit a store today. ♪ time now for a gut check on shares of crowd strike revenue coming above street estimates. subscriber growth up 7% year over year leading the company to once again raise guidance for full year 202. arr surpassing 1.5 billion for the very first time. calling the quarter another home run, adding they see this

company as a long-term secular winner in security but the street not all seeing eye to eye here while many firms are still maintaining a buy rating, jp morgan and jeffreys are all slashing their price targets. recent multiple compression across the group shares are up about 5 bucks today. splunk out with results. coming into today the stock had lost a third of its market cap since early november q3 eps misses. revenue beats cloud revenue grew nearly 70% btig says they, quote, remain concerned about whether they can consistently execute going forward with others on the same page jpm cuts their price target to 140 bucks from 156 geoffrys following suit but it should be noted that most think there's still upside with the stock trading well below estimates. jon? >> yeah.

dee, thanks. after the break, the ceo of c 3 ai, stock now nearly 80% this year, following another let's see 16 plus percent after results that would have beaten raise. huh. check out qualcomm, another new chip for portable gaming consoles they announced. nvidia currently seeing a lot of growth in the sector, by the way. "techcheck" is back after this

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♪ welcome back to "techcheck" i'm carl quintanilla with deirdre bosa, jon fortt and julia boorstin in a moment julia will look at some of the theater stocks break down some of the recent declines and whether there may be a buying opportunity. hi, rahel solomon. >> good morning. here is what's happening at this hour shares of kroger continue to soar now up 10%. and leading the s&p 500. the supermarket chain posting strong earnings and raising guidance kroger says demand due to

at-home cooking remains strong dollars general one of the biggest laggards did top estimates but guidance for the holiday quarter was light. dollar general sharply expanding a new line of stores aimed at wealthier customers lookin for a good bargain. jobless claims lowest levels in more than 50 years. the jobless data coming out a day of the november employment report expecting to show more than 570,000 jobs created last month. crude oil erasing losses of as much of 5% this morning, now trading higher after opec and its allies agree to continue gradual production increase. the oil cartel resisting calls from u.s. to pump more oil in order to lower prices. you're now up to date. deirdre back to you. >> thank you for that. during the volatility of the past week, one sector suffered is movie theaters. could this dip be a buying opportunity. julia boorstin with a look at what is going on with the sector julia.

>> well, dierdre, the past concerns about the omicron buy risk variant have sent theater stocks plummeting. in the past five trading sessions alone, amc entertainment shares are down 23%. imax shares off 11% and sin mark shares down about 8% now, amc, is still up around 1250% year to date but, for the other two stocks, some analysts see a buying opportunity. cinemark down over 10.5% and imax down over 9% year to date alicia reese of webbush, buy rating of cinemark and imax. pent-up demand for high-quality content, particularly from younger people who don't feel as threatened by the virus. she points to evidence in ticket presales for spiderman no way home out two weeks from tomorrow cinemark on tuesday announced the film has the second biggest

advance ticket sales of all time just behind marvels agenvengersn game imax and cinemark are oversold he does warn saying, quote, longer-term though there are still a lot of questions about the pace of the box office recovery and if that recovery moves at a slower than anticipated pace in 2022 will studios reverse course and return to hybrid window releases in addition to spiderman this christmas westside story and sing 2, those two films will be exclusively in theaters and matrix resurrection, highly anticipated sequel, that film will be simultaneously in theaters and on hbo max. so, guys, a lot of those familiar franchises draw audiences back into theaters and whether those omicron fears keep people at home guys >> interesting i know we got our tickets to spiderman, julia, after our

youngest got vaccinated. so, we'll see how that pans out. meanwhile, ubs resuming coverage on a slew of tech names this morning amazon the favorite saying aws estimates are too conservative alphabet, metta and snap have buy ratings. compelling time to revisit the online ad space. right now the nasdaq let's see up fractionally about half a percent. stay with us when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world

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>> well, let's see when we went public we priced the stock at 42. and then for some reason the retail markets ran it up to an astronomical number. i think it was good that some of the air came out of that but if you look at the big picture here, topline revenue growth 41% we beat analyst's expectations on virtually every metric, you know, revenue growth, cash, earnings, we -- i think the customer growth grew by an order of 40% it was a great quarter we exceeded expectations on every basis and some markets are brutal that's the way the market is we are the world's largest provider of enterprise software applications i think most of the analysts estimates have us growing this year at 35 to 36% compounded

growth rate. that means we'll double in size every two years. so, our growth rate is in the top deck aisle of rapidly growing software companies so, i think the story is we have $1 billion cash in the bank, world's leader provider of enterprise a.i. applications i think everything will be fine. >> so everything will be fine. you sound optimistic you did price the ipo in the 40s. you're now at about 28 bucks a share. are you personally a buyer is this an opportunity >> you know, i don't make recommendations on -- >> but yourself. >> on the stock. i have -- as you know, i have an inordinarily large position, concentration in this company. i think it would be -- i'm not certain it would be rational for me to increase my concentration in one company

>> tom, beating a raise, who knows exactly what's moving the market especially when it comes to growth stocks these days, but at the top of the call you did mention your selling model and how you have adjusted that and you're adjusting it back the one number where you did miss, i believe, was on subscription revenue give us some perspective on exactly what happened there, what you're adjusting back to and perhaps the results you've seen so far if you have seen results? >> well, subscription revenue grew 32% year over year. so that again would be in the top deck aisle of software universe and i think our services revenue has varied in any given quarter between 14 and 19% over the last four, five, six quarters it was at the higher range this quarter. but kind of -- it kind of varies but 35% growth understand the company grew last year, the year before we went public, it grew

at 17% compounded annual growth rate it's currently growing at this quarter it grew at licensed revenue grew at 35 overall revenue grew at -- i'm sorry, 32% overall revenue grew at 41 we're looking at almost 35% top line growth this year. this is a strong growth story and we're addressing a large addressable market the goal here is to become the world's leading provider of enterprise a.i. applications, and i think we're on track to achieve that goal. >> tom, to that point, you've talked a lot about industry diversification in terms of your customers. you've added agriculture and some financial services, life sciences and the like. which of those of the 14 or so that you're in, what's the sweet spot >> i believe while we do a lot of work today in the defense and intelligence community today we're in agriculture,

agricultural, manufacturing, huge and oil and gas energy financial services i believe the largest market for enterprise a.i., hard stop would be precision medicine. a.i., disease prediction, adverse drug reaction, specific medical protocols this will be the largest application of a.i. commercially and it will accrue enormous social and economic benefit. and we're now starting to get involved in that i think the social and economic implications will be staggering. >> tom, earlier this year we talked about return to work and you said that you only wanted to hire people who were willing to be in the office 100% of the time i wonder how has that been going? have you been able to attract top talent with that policy? or have the variants changed your stance? i notice you're coming to us from home also >> well, that's because i'm just getting out of the gym and i'm on my way to work. >> you are going in. okay >> absolutely.

in our office in redwood city today, we'll have 429 people every one of our -- all of our people are vaccinated. we have -- all of our offices are open all around the world, washington, d.c., chicago, atlanta, rome, paris, london, new york and we're all working together at the office we had -- we employ roughly 700 people in the last people we had 52,000 job applications in the last quarter we had 18,000 job applications i think that annualizes to 72,000 get your mind around this, okay? i think 52,000 applicants i think we interviewed 9,000 and hired 200. so we are being swamped, okay, with -- we're overwhelmed with really, really highly qualified data scientists, a.i. technicians, application developers, salespeople, administrative people who want to work.

>> all those people are okay to be in the office 100% of the time >> if they didn't -- if they weren't okay being in the office, they wouldn't come to work here. that's where we did take almost a year off for the pandemic. while -- people did work from home almost a year now we're back in the office it's highly productive it's high energy and it's a very high performance work environment. >> well, thomas, as always, thank you very much for being with us. tom siegel, talk to you soon. >> thank you before we go to break, another check on apple here. on the day where the s&p is holding about 4560 apple, though, in that takedown almost 2% here, down 1.8 stay with us

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if you're having trouble keeping track of who has been naughty and nice this holiday season, our friend jimmy kimmel has a solution take a look. >> elf on the shelf can only see so much. that's why this season no secret is safe. >> they're mittens from macy's they cost 12.99 and they're one size too small. >> oh. >> interesting, zuck on a truck. with the power of facebook's massive data base, your personal mark zuckerberg knows absolutely everything >> also, your mom is having an affair >> mom, what's an affair

[ laughter ]. >> jon, no disrespect to mark zuckerberg, but that doll is creepy >> i just don't even know what to say >> neither do i. >> i have never seen that before. >> i hadn't seen it. i was not prepared for this, carl ruining elf on the kids. >> that's what happens when you become an icon, even beyond the world of tech. >> all right now moving on as the art world gathers in miami, so does the crypto crowd kate rooney is there looking at how those worlds are coming together kate >> reporter: hey, jon. normal here year in miami the sign i'm told that art basel kicked off, more loafers around. a lot of people from new york city or london this year, though, a lot more sneakers here in miami they say that is due to the crypto crowd really descending on this city since let's see you can see a lot has changed here since the last time art basel happened nft has gone gang busters and we were not on the map two years

ago. flash forward, seeing estimated $2 billion in nft sales per month. you can see that buzz inside of the conference center here there's at least four nft exhibits gallery owners we talk to say these digital pieces are piquing interest from the old school art world and some are doing things differently which they say collectors are interested in but there's also a noticeable group of new buyers. >> we met a lot of younger collectors a lot of people who seem to know a lot about crypto and a lot about black chain. who knows how they got their money or how they got their start into collecting. but they did kind of have that younger vibe and that vibe like they were way more knowledgeable, even than us about the work, you know, and about how it's made. >> the idea that everyone is speculating is a myth, he says, these are serious art collectors they're not trying to flip immediately. he says, others do see a bubble, though, but some we talked to say the tech and block chain is

here to stay while some of those projects, though, will inevitably fail. a lot of the action, though, guys is happening over in winwood about 20 minutes from here there are multiple other nft conferences going on it's a lot more about crypto networking there have been concerts there every night. a lot of talk about black chain and web 3 but some big name vcs here this week as well and guys, i was in an uber last night, took me 45 minutes to get 6 miles. the traffic is insane. the driver i was talking to said he has never seen anything like this because of the crypto crowd coming in. back to you. >> yep they can be loud and fun, i guess. kate, thank you. also thank you for saving us from zuck on a truck great reporting. meanwhile, take a look at okta popping time for investors to dive back into a stock that's been down big this year. todd mckinnen is on the other side of the break, the ceo stay with us opportunities... are all about timing.

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up nearly 9% snowflake as well. i'm interested in the customer momentum here and deal sizes because that seemed to be a theme that we've heard quite a bit this week. what are you see dlg >> >> well, thanks for having me on "tech check," jon. it's good to be on with you, deirdre and carl with every organization large and small, different geographies and different industries, they're realizing that the heart of the strategy is the technology and it's about connecting people to that technology and doing it securely in a simple to use way and they're realizing this is key and they're seeing okta as the leading independent mutual vendor at scale to help them do that and that's driving these results whether it's the 950 customers we added and it's stats like revenue growth which is 60% total, but over 40% in

organic for okta and company and it's an important acquisition and we're firing onn all cylinders. >> tell me about that acquisition. there is a key difference, it seems. we were talking to snowflake and c3 a.i. and the notion of the sales force to what degree you're being hands on versus layered traditionally in that approach and the impact that's having and how is that impacting booking? off zero is the acquisition we completed a couple of quarters ago, and it's a very, very critical part of our company going forward and that's because we are building the leading independent ad scale identity company and that means we have to provide identity use cases for both employees we come to work, log in, make it easy and make it secure and give employees choice about technology and also about customers. when your customers come to your website, you try to launch your mobile app to stay competitive

and you are on-line. identity is important, as well, if you want to give your customers a great, secure experience off zero helps us do that the idea is they have a lot of complexity and identity. they're, like, who will solve these problems who has the reach to solve this problem for me and that is okta and off zero is a big part of that. >> todd, good to see you since early on in the pandemic you've been mapping a strategy, and i'm not sure if you heard tom segal, a few moments ago, he said he had thousands of applicants that wanted to be back in the office full time do you think people and companies really do want to be back >> our philosophy on this is we have confidence and we trust our team we hire the best we empower them to be successful we trust their judgment so our work environment is dynamic and we give them the choice if they

want to work remotely or if they want to come to the office and yesterday afternoon i was at home, so it's really flexible on how the team wants to handle it. there is real challenge in this environment, the complexity of who might be where, but thankfully our own technology helps overcome that complexity and then we have these teams that are working smartly and they're empowered and they're motivated to make the right choice for them, the team and for the mission that okta is trying to accomplish >> todd, in the overall economic environment, any icebergs you see or that you're concerned about? market volatility is one thing uncertain political outcomes on, you know, debt ceiling or various things are another, but i'm curious, as you look into 2022, if there are any concerns or questions in particular that you have that could affect the macro environment and overall demand >> it varies by industry, john some industries, as you know in the past couple of years are

more impacted by the pandemic. some industries moved their businesses forward because of the pandemic if you talk about tech companies and on-line retailers and so forth. what every company is realizing is that more and more every year, whether it's this year, next year, five years, ten years it's more technology in the business and it's imperative to get the best tools to theit sub to ransom ware or the hacks going on or that they reinventory create new businesses online and identity what we're seeing over and over is that companies talk to us and identity is at the center of that and to get that right they have to have a strong, neutral, independent identity for them and we're here working hard for them the street is rewarding that today on the stock up 9.5% todd mckinnon, ceo of okta thanks for being here. >> thanks for having me. >> if you missed part of the show, don't forget to follow and subscribe to our podcast, as the

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today's one more thing and that's another name change in technology, jack dorsey reminding square employees and himself that yes, he does still work there announcing the company will change its corporate name to block effective december 10. another metaverse play perhaps turning that three dimensional you'll still be able to find it under the ticker sq. acknowledging the company's growth while also creating room for further growth as we wait to see what the after-pay vote will be, the later vote as they have people, bank of spain, for example, being a holdout >> as you might imagine, at first in my head i was thinking yes, another name change square, from the beginning it's not hip to be square. square, it's not good to be a square, but they made it good and block, there are a lot of ways that this can work and originally, it had to do with the size of the card reader and okay, i get it

you're buying this one that's saying a lot, john, if you're not so skeptical of this name change, but it does go back to that dongel, right? this is the company when it started and it is an indication of what it's grown into and they've got square cash title and lots of different thing, and perhaps block doesn't have the same effect and bitcoin as you see in the markets and you see square shares down 2.5%. >> a lot of people believe we'll see dorsey unrestrained when it comes to crypto adoption >> we'll get asana, docusign up 4% on the year marvel doing well, but asa, in a is quite the chart look at that year to date up 200% not spared from the recent cloud sell-off down from the november 15 high. guys, the market took some comfort in hearing about this minnesota omicron case that the symptoms had resolved and it was much lower when that first

crossed the tape >> that case, he was vaccinated and as dr. fauci said, yesterday, we have to get more data from africa on how different sorts of people handle it, but not bad news, carl >> of course, all-important jobs number in the morning. we look forward to that. let's get to the half. carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, a question every investor is considering right now, should you buy stocks or beware them? we'll debate that with the investment committee p joining me is jenny harrington, josh brown, jim lebenthal and jon najarian the surge in equities today, there you go, pretty much highs of the day 612, almost a 2% gain and volatility continuing over the next few days, and there is the nasdaq and it's a laggard today, still a 76-point gain there, a half a percent and the russell is having a strong day, too.