>> happy holidays. andrew, are you still with us >> i'm right here, baby. i'm nothing going anywhere. what's the score fauci is a saint or a sinner have you totalled up the score on your twitter feed i can't decide. >> oh, i'm in the same category. you know that. >> i'm talking about your twitter feed i'm getting crazy stuff from both sides have a good weekend, andrew. >> you too. join us next week. "squawk on the street" is coming up right now good morning welcome to "squawk on the street." i'm here with david faber and morgan brennan this may look familiar because of the omicron spread, we're on separate desks, we're trying to be safe. cramer has the day off

our road map begins with poised more losses. >> plus shares of ev maker rivian are tumbling. the company did cut expectation due, in part, to supply chain issues. >> speaking of supply chain, p fedex getting a boost. we'll dig into the results, carl i was thinking earlier in the week, the front page of "the daily news" here in new york city was, here we go again, and it sort of feels like that we talk about protocol changing and sometimes it happens at your own place of work. >> it does it's not something we're unfamiliar with. the thing is spreading quickly the questions sisters i, and we have so many, in terms of how it

potentially moves very quickly, and infects a lot of people, what will truly be hospitalization rate we have heard anecdotally that the omicron variant is milder. we know people with full vaccination, three shots likely to have very few serious symptoms, and certainly not end up in the hospital, but the concern is the sheer numbers could be so large that even though the denominator as a percentage is extraordinarily small, the overall number could still be fairly significant. so we are going to, once again, be revisiting some of the concerns we'll see how people and businesses react at this point, but also we are also doing our part to sort of react to things as they occur without obviously as much data and information as we'd like, which i feel like we've said all along and, yes, our an abundance of caution.

>> we're trying to look at the best analogs that we have. south africa, of course, is one of them which dr. gottlieb talked about ventilation patience, number of oxygenated patients coming down, numbers in the icu are death south africa is a pretty young nation versus the united states, but david, dr. gottlieb did say maybe this wave won't by a wave measured in weeks than months. >> people who are waiting to get a booster to afford themselves a measure of protection, time is running out to do that if you live in the tristate region, hopefully you already have an appointment. in other parts of the country, people should be seeking appointments those moment will fill up. demand will surge, which it's already doing.

the best way to protect yourself is a booster shot. >> called it a short-lived endeavor, but there have been reports that appointments for boosters, say, at walgreens looking to last two weeks out. so definitely time to get that appointment if you haven't already. >> that's right. i saw that headline, too, walgreens is seeing record levels of vaccine and booster demand at least in the metro area it's hard to get a covid test, too. we're a week out from christmas eve. case count numbers do seem to be going up in this area of the country, but also, of course, people getting on planes, traveling to see their loved ones, et cetera. also, j&j is falling because of concerns over the rate of rare, but serious, blood clotting condition that is high other than previously detected novavax two-dose coronavirus

vaccine looks like it could be approved as early as next week by the european medicines commission not necessarily here in the u.s., but speaking to the global push to vaccinate as well. the stocks are higher this week. it's been a pretty down week for the major averages, guys pfizer is having its best week since october of 1994. novavax, eli lilly, bion tex, moderna, weaver seen a rally you don't necessarily want to see a rally in these names because of what we're talking about because of this latest iteration, but in terms of market outperformance, that's where you're seeing it. >> indeed, along with utilities and a lot of the safety names. talk about deja vu, where none of us were together and we saw

these names soar all the time. a lot of the pain from the nasdaq was because of fear of higher rates, but the ten-year fell below 4 dtoday. >> that's a good point, carl we have been watching the growth value trade all week we had the fed a couple days ago. we know what to expect for next year, we'll see if we really get three rate hikes in the course of 2022, but we also have been following not just the ten-year note, but the nasdaq comp in particular, some of the higher value tech names have been hit they had a bit of a brief rally, but overall it's not been pretty, as you can see from the course of the week, threat's call it. it will continue when we start trading 23 minutes from now. there has been a lot of what

they call de-grossing. but we'll have to see where things play out. one other point from me. i talked about hedge fund underperformance, the only real outperformance is from their ownership of privates, what we call private investments some of these, like rivian, have gone -- but at the end of the year, with this declines in so many growth names, when you have to market your private investments to their at least peers in the public markets, that can have an impact as well. so something else to keep in mind again, i pointed out many times, the overall underperformance in terms of picking public equities bailed out to some extent by their private investments, but given that decline, the high-growth multiple names, it may be hitting some of the privates, because you do need to mark them to something. >> morgan, we can't wait to talk

more about fedex, your interview yesterday and the degree to which maybe the labor shortage hopefully subsides in the second half of next year. >> that is the hope and expectation at fedex we're going to talk more in depth as the hour goes on, but the company logging another $470 million in additional costs year on year, large lip in ground and largely because of the labor shortages it has faced, having to increase pay, benefits, incentives to get the workers in, while simultaneously, i might add -- because you have a feeling this will be a bigger theme across 2022, while simultaneously making those capital expenditures and investments in new technologies, like, for example, automation, which is something we heard from fedex yesterday, but something we've heard from a number of restaurants, that have spoken to us in recent weeks and months,

and other industries as well, as we see this bigger, broader big spending cycle taking root i would note that despite that it was a down day, we did see eight of the 11 s&p sector notch gains, which speaks to the outsized impact of those megacap tech names, which we have been talking about. also, the fact you have seen central bank divergence and what that stimulus scenario seems fob looking like, to. morgan, let's again to one of the big names shares of rivian are down. and phil lebeau joins us with some of the guy details.

let's talk first about the challenges, and then the optimistic news. with regard to the production of the supply chain, they said on the call they'll be a couple hundred vehicles shy of reaches the target for fourth quarter production of 1200 vehicles. they will push that out into 2022 why? because they're having problems ramping up production, and carries greater inventory, at least near term. that is not widely unexpected. it is a negative, but not one that analysts are saying, we never saw this coming. on the positive side, when you look at orders and demand for the pickup truck, when is the r1t, or the r1s.

here is the ceo talking about the demands for this truck and the suv. >> we are focused on how to ramp up production and opportunities to pull ahead on our volume ramp take a look at shares of rivian going all the way back to the ipo. the price i believe was $72 a share. now you said $100. the company announced yesterday it will be building a second final assembly plant, this one will be east of atlanta. it will be up and running in 2024 capacity, 400,000 vehicles you take that plant along with the plant they already have in central illinois, 600,000 in capacity by 2024, or at least that's the target at this point, which is substantial

don't be surprised if it grows beyond that? >> it's substantial and will take some substantial money as well that will be a multibillion declare investment this company raised a lot of money through the ipo process and in the private market, will it have enough cash on hand to have to pull after the this off? >> they have enough cash on hand right now. that's a $5 billion investment for the plant east of atlanta. i don't think anybody is worried about the cash position and their ability if they need to go to the capital markets and raise more money, they can certainly do that. look, when you listen and the analyst call the other day, while the stock is down 10%, this was largely fairly positive in terms of the analyst commentary and you're ramps up from zero. you can't expect some of this, so i know the stock looks like it's cratering, but the

commentary and the tone of the analyst notes not nearly as negative >> phil, appreciate that what a story from last night we'll talk more about it today in the meantime, a look at the premarket, relative weakness on what's been a pretty tough road. we'll have more stories on oracle and more, plus a boatload of analyst calls om a t seequawk onhetrt" fr variety of location, that's straight ahead.

welcome back to "squawk on the street." shares of fedex are up sharply this morning the company posting better than expected quarterly results on the top and bottom lines also, re-raised its guidance for the full fiscal year yesterday, on "closing bell," i spoke with the fedex president and ceo, and here's what he said about the company's challenges and the road ahead >> we had roughly $470 million of headwind in this quarter, so that's what we expected. we don't expect that to continue in the second half, if that's what you're asking

we also feel, because of the value proposition and the demand we had in the marketplace that, you know, we were able to improve our operating profit in the second half. >> it's not as unionized as u.p.s. it's been looking to bring in 90,000 workers, is what it was aiming for, just for the peak period we're in. he said 111,000 applications, and to put it in perspective, it had been 50,000 applications in may. he said he attributed it to higher pay, better benefits and

ince incentives because of that, they are well staffed for this key peak season fed had earlier forecast they would see a 10% increase in peak season volumes between thanksgiving and christmas, versus the pandemic 2020 peak season i asked if he's on track for that he says it's a little too early to tell, but cyberweek they saw a million more packages moving through the system because they touch so many different types of goods throughout the world, they really have an economy lens on how things are moving. in terms of the omicron variant and the impact of the coronavirus, it's one of these companies that, given the fact it's been essential work, basically has the playbook in place, but we're going to have to see how that plays out. i don't think they expect full

air capacity it will be restrained through calendar 2022. they don't expect a full recovery until at least 2024 of course, a lot of this depends on what with you see with omicron and some of the lockdowns taking place in different places around the world. >> i thought the most interesting pardon of your discussion was the strategy of doubling down on e-commerce, and the projections of the numbers of deliveries they had going into 2026. it will be an amazing difference from the numbers we have now >> yeah. of course, this is key for investors, especially on the ground unit. he was cede yesterday that they had 50 million parcel per day. by 2026, expecting 130 million this has been a secular growth story. some of that demand has been

pulled forward by the pandemic i did ask what that means for an evolving competitive landscape, given the fact that fedex had cut ties with some of amazon in its own right, and basically said there's more demand than anyone one play can handle e-commerce is just the wave of the future >> it doesn't take much to realize that in your own life, for sure. guys, still to come, steve case will join us in the next hour a lot to talk about on the tech front. take a look at futures here, relative weakness in tech, once again, as "squawk on the street" continues in a couple minutes. ♪ music ♪

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adobe tops -- you'll recall the revenue guidance yesterday for next year, the street was looking for 18,2, but with that a 14% decline for the week we'll get the oping enbell in just under seven minutes don't go anywhere.

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>> announcer: the opening bell is brought to you by - as it related to our 2022 targets, the underlying business is still as healthy as it's been i guess when you're a $15 billion company, the one thing people didn't understand, perhaps, is how the exchange is moving against us, but the business is very strong.

>> that's the ceo of adobe last night on "mad money. interesting to see him try to put it in some kind of perspective. >> obviously jim was defending quite strongly in terms of the long-term outlook for the company. in this environment, there's no doubt where any number of growth companies have been penalized even without core guidance, you might imagine this stock would get hit. it has, and you can see in terms of the performance, go back, and that does give you a sense of the growth that he has seen. nothing be spectacular over that period of time, and jim's expectations is that will get back on track, but maybe it will take a bit of time. the other name that kind of got dinged yesterday was affirm,

as the consumer protection board is trying to get more clarity in how the data is being used in the buy now/pay later space. >> also putting focus on names like klarna and others, which is being acquired by block, which has had its own drama. but looking at the role these plans are playing and how these companies are uses consumer data 53 million adults lack traditional credit scores, according to fico, and so these installment plans, we've seen seen them pick up team even as we have seen other payment stocks really take a hit in recent months, as well, but all of these companies saying they're welcoming the review they're welcoming the possibility of regulation and better understanding of what they do, while the banks simultaneously say they would

like to see a more level playing field moving forward as well affirm is down about 3.5, almost 4% in the premarket, but it's been a major high flyer in recent months. >> if jim were here, we might have a discussion on how much investors want and expect a santa claus rally, given historically seasonality but also, despite that hope, trying to come to grips with the amount of monetary and fiscal tightening you'll see year on year in 2022, and how that de-grossing that you mentioned early is investors trying to position ahead of that. >> there is a lot the cross-currents and you're right to note them but take a look at the ten-year, down below 1.4% on the ten-year again, which is somewhat

surprising, giving what we ahead from the fed this week yeah, layer on the fed on top of where we are right now it does create a lot of uncertainty at this moment, and therefore, perhaps, alternates less direction than some investors might like >> we're getting the opening bell at the big boards is vertical aerospace, celebrating its listing via spac we'll talk with the ceo in alternates over an hour, and at the nasdaq, new york cares speaking of guidance for next year, some headlines out of pfizer, sort of an update on the number of vac sales in 2022, we see more evidence that points to the advantages of mrna technology over, say, j&j. >> yeah. listen, we've been talking about, of course, the incredible

amount of revenue that pfizer is getting. obviously biontech also a beneficiary of their success with the vaccines. it was only, what was it, earlier this week, monday when they announced another deal, remember, carl, to acquire a relatively small, not a small deal, over $6 billion, if memory serves -- to acquire another biotech company. but they're starting to put their success in vaccine to put it to work so you do want to start to replenish with science with things that are in perhaps phase two or even phase three, to see what you can do to generate future billion dollars plus. it would seem that pfizer will

not have any problem in terms of demand for its vaccine, not to mention the antiviral which we're still waiting for fda approval on, both pfizer's and merck's, and it would seem it will be pretty good time to approve these, given how many conceivable cases are comie our way. >> we've been reporting on it, where some of the these oral antivirals are concerned, but it hasn't seemed to have move as quickly through the regulatory process as, say, the vaccines and gathering data one would imagine that maybe starts to pick up some team here in the midst of omicron. i would note just looking at the

major averages, lower on the week, we're lower over the past month now for the major averages, but the transports is outperforming, and the reason we mentioned it earlier in the show really is fedex, which is up 7.5% u.p.s. trading higher in si sym sympathy guide we were talking about the more defensive tone we have seen in the market, as you see things like real estate, utilities, consumer staples reaching record highs, despite the broader downdraft. >> david, you mentioned pfizer and m&a. are we going to do oracle today? >> sure, let's do it i don't have a lot to add from the "wall street journal" reporting, other than i did confirm from someone that the two companies are talking.

if you don't, maybe you push it. but it's funny, talking to a number of people who were not aware of it per se, but had been tracking oracle's plane, or that insiders at cerner had not sold stock, or the ceo who lived in new york never put his place on the market that typically means oar not entering into a deal to sell the company. that does appear to be the case here we'll see if they get to the finish line, the journal reporting it could be as much as $30 billion. but, again, they don't have

details on price i don't have details on price. looking at one research note this morning, they note cernor's organic growth has slowed occupy the last several year. they also talk about the fact that at that price, a little less than 16 times, 21 ebitda, which is essentially a last 12 months' calculation, obviously that would represent around a 20% premium. not that large a premium so, again, carl, we can tell you they are in talks, but we'll see if they get the call down. >> interesting, dow down 270 i think one thing that's interesting, morgan, there is a bit of shopping for reel opening names this morning six flags gets upgraded over at credit suisse to outperform.

they cease the pendulum has swung too far the other way. actually the second upgrade for six flags this week. livenation is green. i think that's interesting given everything we know about omicron. amc, ticket sales for "spider-man, no way home" sets the highest opening night, which will be interesting to see if it puts a damper on movie theaters, restaurants, going out in general. >> which is something we're going to get more insight on in the next hour, with rich gelfan at imax as well, who has been inside in traffic patterns, but also striking deals on the streaming front as we continue to see some of the lines blur. yeah, the other thing that's

getting my attention this morning, just to go back to another trend we've been talking about in this hour, is the labor situation. so we talked about it with fedex earlier. now the fact you have kellogg and that union reaching a new agreement that will have to be voted on, after workers have been striking for more than two months for better pay and enhanced benefits package. it does speak to this labor environment out there and what that means for companies as we go to 2022, and investors continue to be so focused on margins. around this idea of a wage-price spiral david? >> morgan, on my m&a focus this morning, i did want to quickly hit bottom line technologies,

symbol is epay tomo bravo behind the company. you can see where that is mentioning we've had them on occasional thoma bravo has been so active this year, dominating to a certain extent tech, go private technology deals in that range sort of let's call it anywhere from -- stamps.com was fairly large, but they say -- what are they calls it a premium of about 41% to the 30-day volume-weighted average price. this company i should mention, because sometimes we don't get to actually what they do, makes complex business payments simple, smart and security relied on for international payments, automated workflows

for payment. it's been quite a year for that private equity firm. i'm wondering if they're trying to take advantage of the absence of a company terr tore in the market, or to wrap up some deals, and we'll see what comes next in 2022 for this firm. some of the other movers this morning, darden will get some attention the ceo will retire in may, succeeded by the c.o.o they actually do raise their guidance, guys, on revenue, eps and comps. for the quarter itself, an interesting set up, fast casual has been able to adapt to more delivery, a dine-in has taken it on the chin, but also rode the wave back to more in-person dining it will be interesting to see how they strategize that over the longer term. >> definitely focused today. this is a ceo i think that has

been well received and performed very well from a market standpoint, so perhaps not surprising to see the stock understand pressure despite the fact it did have strong comps. this goes back to something we've been talking about, the mergen of e-commerce and retail. but you see that here with restaurants as well, to your point, around delivery, some companies setting up ghost kitchens, and then,ers -- of course, the increasing role that some of these technologies will -- especially as you do have -- i think of denny's that was on with us not that long ago, moving to make sure they have never workers to keep those businesses, those restaurants for open as long as they said, david. this continues to be a focus, perhaps interesting that booth the m&a stories or reports that you gave us this morning speak

to some of the most aggressive deals. it's been around technology, whether it's fintech or even the blur of lines with health care, but some of these tries where technology can perhaps continue to do more with less in the midst of labor shortages to your point we'll see how quickly this wave comes and goes, and what impact at all it will have in terms of the overall economy, in terms of deep people home and/or continues to pressure the labor market we should come back to it, of course, as we watch the broader market, carl, i can't tell you how many people keep watching the numbers out of south africa. you know, you get reams of data, though a lot of it delayed at least a day or two, and things move so quickly, we are still waiting as well to see the uk and denmark date there, given omicron seemed to hit earlier

there as it has here, what hospitalization rates will be, because a lot of that will help inform people. i can tell you, so many people do seem to be testing positive it doesn't mean they're sick, but testing positive all over the place, obviously keeping them from going out and doing stuff. >> that headline there about south africa that david mentions points out that hospitalization, compared to the prior wave, is down about 90% so it's a lower hospitalization rate, but contract to that, david, is it's a young demographic in south africa, other than other countries that are more developed there's also some notion they had a high level of prior infection if you look at some of the wastewater data, maybe that offered them some protection

but there's no -- pantheon did some good stuff on that. there will be a hit in q4, even in the uk, so i think the idea that people will curtail their activities going out will not come as a surprise. >> it shouldn't. we all hear different things from different experts, we can't at this point know how many cases we're going to be seeing, but the numbers could be eye opening. it could bed many of those are asymptomatic and don't result, thankfully in hospitalizations, but when you get to a number well into the many hundreds of thousands, the question continues to be, will the overall numbers still be one that we need to do something to respond to that's kind of what we're watching we don't have the answers, just a lot of questions >> and we're talking about this a lot from i think the human and

also the as muchservices sides economy, but if you start to see some of that slowing economic growth, more lockdowns in certain parts of the world, in key hubs in china we're starting to get, and gold is having is most weekly rise we've also seen thedollar weakening a bit, and you have companies lie u.s. steel coming out lowering current quarter guidance saying it's higher expenses, but cautious customer buying patterns that are offsetting improved steel pricing, which does speak to some of these areas where we're seeing that uncertainty around omicron manifests in market that are not services related. coming up right here, we are going to continue to talk about the omicron variant, this time

its impact on cruise lines and the stocks, of course, of those companies. first, a quick bond report and take a look at how treasuries are faring that ten-year note yield is below 1.4%, at 1.380 we'll be right back. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care.

seema mody is here. >> carnival is said to report on monday the focus will be the impact on sailings the company had said the second half 2022 bookings were pacing ahead of 2019 levels and return to profitability. in its last report, it said it expects to break even during the early part of 2022 that's important, because the crew lines are sitting on billions of debt

capacity also in focus carnival was aiming for 55 ships, around 65% of its fleet back in service by the end of this year. one of the concerns is that carnival, along with the other cruise lines are bringing back hitches at a time when the variant is raising more questions about the future demand william blare pointing out that -- when delta cases started to rise. as a result analysts say it's prudent we wait before getting more constructive on this phase. cruise stocks among the most reactive to covid headlines really from the start. they rallied on december 6th when experts said the variant was less severe. it's been a choppy ride since then david >> thank you, seema. shares of gm are getting hit fairly hard.

we got news that dan ammon, the ceo of the autonomous vehicle effort under the cruise llc b banner is leaving the company. it's a surprise, right now and into the future, not to mention, as well, autonomous and those haishares are down ass 6% >> former gm president it does raise questions about -- because the departure is effective immediately. how that might alter the strategy on, not just electrification but self-driving in general at a time when we're watching to see if other major players get in on this place and seek a second strike advantage

>> that's right and cruise has come so far in california, which is its key testing ground. i mean, dan, outline for in investors, an ambitious target in augt. it was talking about rolling out thousands of the robot taxis in the coming years he saw a path to achieve $50 billion in revenue by the end of this decade. i think one of the key questions is does this copt to move full steam ahead in the wake of his departure? gm is it basically saying in a statement yes, that is the game plan as wee've seen with so many of the next generation capabilities, they tend to be somewhat personality driven. look no further than riveon and what we're seeing on the heels

of that tech today and tesla, of course it speaks to the personalities and how the markets and investors react to those personalities. >> given some of the cap ex, this new plant in georgia, the governor talked about on "squawk" this morning. take a look at the markets on this friday. dow's down almost 400. about a 1% loss and s&p currently down 40 points your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do.

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stock look to end a note the way it began that's growth names and names that had higher numbers earlier in the year. david, i think deutsche cuts the target from 32 down to 17. roughly where it is right now. i know i can hear you laughing there was report that cathy wood did add about 6 million on this dip. >> we applaud the transparency

they have at arc and robinhood, 52-week high. of course, it is reflective of what has been very poor after market performance for many initial public offerings this year and i'm not just talking about the many spacs trading below their $10 issuance price there's also prices out there that have really suffered in the after market and never recovered. and robinhood certainly is one of the key words there and 63% over the last three months >> it's been a rough year and goes back to a point you made earlier about the reerating that perhaps potentially we're going to see in the private markets and what that means for 2022 as well as future ipo pipeline. this is a big year, not only for spacs but for traditional ipos

perhaps gives some pause in terms of where we see that money go, both in the private market and how and when the trajectory is for the companies to then go public >> meantime, clearly risk-off mode dow's down more than 1.5%. bitcoin under pressure a lot of the growth names. we'll take a short break don't go away. 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. i promise - as an independent advisor - to put the financial well-being of you and your family first.

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♪ good friday morning. welcome to another hour of "squack on the street. markets under pressure on this friday as we wrap up what's been a tough week, especially for tech names you see the weakness of the nasdaq once again but it's the dow getting pressured the most 1% loss, down almost 500 points, morgan >> that's right. well, we're 30 minutes to the trading session. here are three big movers we're watching this morning. we're going it started with buy now, pay later company, affirm, after the protection bureau said it was launching an inquiry into

firms that offer such plans. that stock is down 35%, down about 1.5% right now plus, elon musk shedding more shares of tesla this week, even as exercising options. selling more than $884 million worth of stock tesla off its initial lows. for it's higher right now by almost 1% still down almost 20% since the start of december. we'll end with fedex rallying after beating on both the top and bottom lines i spoke to the ceo yesterday about the company's growth >> we've taken some very bold action, whether it's wage rates, benefits flexibility of working hours and combination of all those activities we're seeing great momentum here because of that, we expect that the margins in our business get better in the second half.

>> kind of makes me think of the field of dreams line, if you build it, they will come this is a company that has been aggressively and substantially and steadfastly investing in its network and in automating its network, expanding the network while simultaneously raising the rates and applying surcharges where necessary. which is part of the reason you saw the beat, despite they logged $470 million in increased cost, related to supply chain challenges it's seeing $7.2 billion and telling me that they have expanded agreszively ahead of peek season. they'vall stow been able to bring in more of the workers off the sidelines with increased pay, increase incentives and that's part of the reason they were able to raise earnings

guidance which is why you're able to see shares trade up today. >> and may be the new authorization. $5 billion they still have some left in their 2016 i did note they announced accelerated purchase as wells of 1.5 billion as part of the share repurchase there's been some talk would an activist ever take a shot at fedex? it reads to me like the was somebody there bugging them or are they making sure nobody's going to come at them? not that anybody really waned to take on fred smith but there has been frustrations over the stock five years, not bad. but there's something to this in terms of the levers they're pulling. >> you know something i will do some more digging on because i don't actually know the answer

fred smith is still very much at the helm, although >> is an heir apparent, when the time comes smith decides to hand over the mantle. companies underperformed, not only the broader s&p but it's rival. a lot of the reason for the underperformance is due the labor woes and supply chain issues and they've had to do more investments and i'll note on a day where we're talking about evs and next generation mobility in general, fedex also announcing it has received the first five of the 500 electric van order from bright drop, which is gms ev unit >> interesting i was thinking when citi upped ups, chooseing it over fedex it's going to be a horse race between the two.

it's interesting there's been a lot of discussion about earlier in the week. and there's a narrative that the committee meeting was not as hawkish as feared and hence you have the two-day bounce, which jim said to be leery of. but a bit of a come to jesus this morning although that meeting may have been a tad more dovish than market expected. we're in the beginning stages of withdrawal of accommodation, we think. and that's sort of being reflected in the reerating we've been seeing today and over the last couple of weeks >> other than that brief rally that you mentioned where some of the high growth tech names had a breather the growth value trade has been in favor, at least a bit lately, in value and i pointed it out when we started the session. nasdaq was underperforming the russell, which is a lot of

stocks, as you know. by 90 basis points we've been hearing a lot about growth verses value and i'm sure we will next week. >> if he were here probably talk about expectations and rivian cuts 2021 expekzitations colin, good to see you i wonder whether you take the lead out of the print is about the loss or the reservation or something else >> i mean, i don't think it's epic but this is a stock that's -- we're reading the tea leaves it's early days. rrs we're talking about cutting a few 00 units into the company. several hundred in two years a disappointing start but pretty small in the scheme of things. >> i wonder. people were making light of the

revenue figure of about a million dollars. whether do you think that becomes material >> i mean, this is almost a prerevenue company i think all the investors were aware of that, hopefully, as they bought into the ipo it's going to take many years to ramp to meaningful revenue 77,000 orders are ready. it's about getting the production up and running. and they have an exciting electric vehicle out there that i think consumers are going to really like. >> the cash position, are you comfortable with it? and i wonder if you think they're biting off more than they can chew in georgia with this new plan? >> with the iopo -- to be totally honest, in a few years, since they need to build new plants, charging infrastructure, servicing. they're going to burn through quite a bit of what they raised

in the ipo if the story's successful that's not going to be an issue the georgia plant's not much of a surprise it was leaked to the media and they were transparent they were going to be building the plant because they have the r2 coming in 2024 and that's when this plant is supposed to come online they're doing more than tesla did. by the end of the year, will have three vehicles out. took tesla many years to get three vehicles on the road it's a challenge and that's part of the issue in q4 production. said there was challenges get r 1 s ramped at the same time. >> does if make sense to invest in the story now when it is going to take several years to come to fruition >> i mean, i have an equal weight i think there's a lot of optimism priced in here.

i think liltser pricing in about 2.2 million units. which is the size of bmw and mercedes this is probably going to be a volatile journey i think it's one of the most compelling ev start ups. if you're bullish on the story, i think -- it's an interesting investment for my standpoint, i'd be on the sidelines. hence the equal weight >> got it. i'm just wondering what the methodology is you apply to a name like this, given the fact it is virtually prerevenue and so much is about the actual story and the ramp up we're expecting to see and coming years. >> i mean, i do use an underlying bcf, which i'm not a big fan of but for a company like this,

prerevenue, it's one of the few options. i try to line that up by looking out ten years. and if they could sort of hit the volume targets required, assuming they could hit their margin and assuming a certain level of delusion. that's a pretty aggressive number since, as i said, it's in line with bmw and mercedes in a normal year. bit i got to admit having been in the car, it's quite an exciting car i feel like out of all the ev start ups, this probably has the best run at doing that and we're in a period where there's huge demand for electric vehicles they have an interesting and differentiated brand everyone looks like they're chasing tesla. they're more of an outdoorsy brand. >> i'm curious to hear your reaction to the product. are there other names in the

space which you were more excited than this one? >> i mean, there's not many. i only covered tesla and this one in terms of the ev start ups. this is very exciting, agreszive story. i'm excited to see how it go tos. >> we're watching tesla closely today on the bounce it got around 900 on a day we're getting more information about sales. stocks are sliding in early trade.

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got market weakness. closing in on a loss of about 1.2% and a day we're getting a lot of rebalancing and futures activity it's a broad mix of concerns obviously the omicron variant, david, is expected to surge. meanwhile, j.p. morgan out with a chart that shows consumer spending has weakened in recent weeks, compared to prior periods out of thanksgiving. we saw that reflected in retail sales. and maybe consumers got early shopping done out of the way because they saw supply chain as an obstacle. maybe there's been more caution going year to end and we're going to see how that impacts the consumer going forward >> i think maybe warranted

it may not be. it's very hard to know in terms of the data. it's hard to imagine we're back in a situation where we're all look atthings in terms of the spread of covid. i think the market is going to be keyed off to that for a certain extend and handful of people that are market participants so to speak. uk national data will be sort of the first comparable data we get encouraging signs, many say, certainly in terms of symptoms again, to make that point. if omicron spreads three or four times as quickly as delta did and even if it's far milder, you could end up with a fairly high absolute number of those that end up in the hospital that's been the concern. we'll see and many hope this is it we're at the end it's going to spread fast and we're going to really be done.

between now and then, it's unclear what will happen and any move back the office, for example, which jim and i and you talk about so often, that's clearly off the table for now. >> your point was well echoed this morning that this is not going to last and we'll get a period where this will burn bright but hopefully short and we're not going to end up with the chapter repeating and move through all letters of the alphabet. crossing the tape just now, pfizer, 30 million out of 80 million treatment courses will be available in the first half of 2022. which we hope willmake this particular wave look a lot different. >> listen, it's what we have been talking about for so much of the year. clearly a great efficacy from keeping people from getting particularly sick with the virus. there are drug interactions people are going to have to be aware of

and it's effective not as much as it initially seemed to be but nonetheless, the question for the fda is why haven't you approved these they're needed and they're needed right now we'll continue to watch and wait >> we're seeing eu regulators move more aggressively than here joining us, aol cofounder, revolution chairman and ceo. how are you in. >> terrific. good to be back with you >> good to see you i wonder how you're thinking about valuation resets verses keeping in mind the long-term secular growth and innovation we hope will continue for years to come >> we've been careful the last year, around valuations. we want to make sure we're disciplined about underwriting for what the likely outcome will be i'm not surprised there's been a

pullback in the last couple of mupgtss. and stocks did get ahead of themselves innovation economy is moving across some of the sectors we focussed on ten years ago to some of the largest industries and as a result, it's still an amazing opportunity for new companies to disrupt incumbents and create valuable companies. we're bullish long term but careful disciplined around underwriting in the short run. >> do you believe covid dynamics made businesses look viable that had no business being viable and if so, where do you think we are in the washout process >> i think it's been opposite. i think you saw dynamics around covid accelerating e commerce, and telehealth and things happening in e sports and

streaming other kinds of things. and even though it's been a difficult year in many respects. what we call the rise of the rest r regional entrepreneurship. it says the last ten years, there's a six-fold increase. and for the first time in ten years, less than 30% i think we hit peek in sillicon valley and we've seen a tripling of the dc firms investors outside the typical places san francisco, new york and boston i think that bodes really well for what's going to happen in the next ten years where more comanies are launched in more places and the investors think all the action in the sillicon valley is going to miss out on the trends in the next decade. companies up for grabs, launching and scaling those companies in dozens of cities

across the country not just a few on the coast. >> which of course you've been instrumental in spearheading and touring around and meeting with entrepreneurs in different parts of the country which i think raises the question what are the next rounds of inovations and the next trends, investing trends, the next types of technologies you expect as it becomes a more diversified, i guess, entrepreneurial basis fwrum an investing standpoint what do those look like? >> i read a book called "the third wave" talking about the third wave of the internet first wave was aol and many others getting people online the second wave is internet and the third wave impacts how we move around, invest our money, things like that so, impacts health care, the largest industry in the country. we've seen a lot of momentum

there with talk and clear and others we're seeing a reimagination of food and agriculture we've seen a lot of momentum happening in the sports sector draft kings, some of the companies we've backed and finally, sustainability. all esg momentum has been quite striking places like richmond, virginia and showing a lot of momentum. those are some of the areas we're focussed on. i think as the internet meets the real world, there's going to be incredible opportunities for innovation disruption and our bias is backing entrepreneurs across the country because it's harder for them to raise money and get attention. i think that will accelerate in the next decade. >> okay. in the meantime, i wonder how you would gauge more broadly the health of the private market

we've seen the tech down draft in the public markets and sell off of growth names and names that have gone public this year like robinhood came up in our conversation whether that's going to trickle back and what those valuations look like in the coming year >> i think revolution growth, revolution ventures and the rise of the growth fund, which is the later stage. we are careful around underwriting typically only make three, four, five investments a year and we try to be thoughtful around the entry valuation, recognizing they will be public companies and call it five years and understand what the likely market comps will be back then and just trying to get into every hot company, independent of what the entry valuation is if you're disciplined and understand where the puck is going.

look for them in the right places and take a long-term view of how you build companies i think there's a lot of opportunity. >> david, what do you think of the metta verse and opportunities that may or may not be available >> i think it's exciting some of our early work, to launch the first multiplayer graphical game called habitat, which created a universe you lived in that was literally over 30 years ago. obviously a levelof investment by metta now and many others is quite extraordinary. still work to do i'm the chair of the smithsonian institution. 19 museums and a lot of a research operations. the kind of thing we're looking at in terms of can we take the smithsonian. and things like that could be helpful. i suspect it will take a few more years, despite the

innovation and the level of investment some companies are make before it is a mainstream phenomenon >> you mentioned the $10 billion number we got from metta, formerly facebook, and more to come what will it represent will it be a place that a lot of people spend a lot of time >> i think we've kind of been living in a version of the metta verse but it happens to be called zoomland in other video conferencing technology. clearly the way we've been interacting, it's amazing given 35 years ago we started the only 3% of people were connected and an average of one hour a week and most people didn't think the internet would amount to much. it obviously became mainstream and in the last 18 months, became essential in terms of running our businesses and so forth. this is just adding better

technology that's more immersive. i think it will play a role, both in terms of business and entertainment and other things i suspect the adoption will continue in the next decade. there's work to be done to make technology ready for primetime, mainstream audiences >> reports that boeing wants to help use it to do some design engineering in the years ahead going to be fascinating. always good to see you >> good to see you market sell off picking up a little bit of steam as cramer joins us on the phone to talk about the action and how to separate it from the expiration rebalancing we're expecting today. >> we're sitting here. we're trying to figure out what the heck to buy. not what to sell and the reason we're positioned that way is, quite simply, you mentioned santa clause rally it's been an actual perfect

call, let's say, since 2008. you have to wait a couple of more days but i'm looking and looking. because we've had a bunch of days where we're -- j pal is getting tighter. it's easy to say it's all over but look at the banks, the chip stocks, the oils they're all starting to act better maybe put some now and some on mondays. i like it. >> interesting we were mentioning in the last hour, in your absence, which we regretted, in summary opening names. cruise lines were green for about five minutes >> i think you've got this weird thing going on where you have to thread the needle. you have gottlieb saying everybody gets it. and then you say but once everybody's got it, it's return to greatness so, you really have to say

carnival is up because people are saying you know what i'm booking reservation as year from now but then you have other situations where people are saying maybe i'll cancel and not so good. just the hotels not so good. i got to tell you i like the fact everybody got so negative when i'm listening to david, did you detect a positive fuel about david. >> what are you referring to by the way, positive or negative, that's you that's -- >> i'm listening to you talk about the antivirals and then pfizer and i'm thinking okay here's what's is happening we can keep people out of the hospital if they're vaccinated we make it more about public health we say at what point did jay powell rwreck the economy and th

answer is he hasn't wrecked the economy. when you look at gm, there's such demand for cars the only problem is they don't have any chips eight times earnings if ford was able to sole that rivian sell it. it's getting late in the game but i still think it's sell. and there's all sorts of staples that will have great quarters. pepsi co will. clarks isn't doing well but who cares. >> but as you pointed out the multiple is fairly steep there's been a bit of a return to the companies you've been disdussing >> how about u and, h? i thought he was going to be focussed on the fact he said he was going to retire. i'm going to say right now you need to buy oracle

there are only two companies in the medical records business one is turner and one is private. i think oracle is doing better than people realize. oracle's dirt cheap. they can explain the situation if, for instance, on monday, the ceo were to call in on our show and talked about how she brought this thing at a great multiple, everyone would buy oracle. i don't know if you can help me there. >> i'll fry. >> look at oracle. >> it did and it responded very positively to the numbers. we don't have any idea on price. we know they're talking, just to point it out >> i need you to look at the marvels of the world they started so badly today. you can't make a big swing because when you come in on monday and people might say i

don't want to enthem but people are beginning to realize not all semis are the same buy epsy no supply chain problems, no mall in incredible interface i just want to give you some okay >> okay. >> jim, it's morgan. we're having this conversation -- >> morgan. >> hey hi so, we're having the conversation about some of the tech stocks that are selling off, opportunities to buy. a lot of the narrative has been about the idea of the fear of rising rates and the 10-year note is 3.878% >> the bond market is out of its mind. for it's signaling omicron is going to lay waste to the country. it's not as bad as delta in the meantime, in your wheel house, look at fedex do you think it's really done plus 15 after the first good quarter in what? i don't know

since sun became the ceo of the falcons? just kidding he's the head coach. pioneer. great quarter. big dividend i like it. sorry to be so positive. is it okay to be so positive >> pfizer says, on this investor call that's been going on this morning, currently assumes covid will transition to an endemic phase in 2024, which is a little later than j.p. morgan's call for next year. >> what are they trying to get rid of the exclusivity gap what is this about the loe? help me. is this where they can bridge it >> that's a long time. i know there's a lot of people who hope it's fairly soon, apparently including gottlieb. with the potential for a vaccine

to treat omicron and once again we'll talk about the antivirals. i've said it a number of times it does seem strange we're still sitting here while this thing is raging >> listen, belichick should be the head -- no, a couple of things two quarterbacks out is the type of thing people think about. nfl's on people's mind at the same time, i look at some of the stocks that have been crushed and i say why shouldn't i start? by the way, take a look at milley look autothe biogen. the europeans refuse to use for aulz hiemer 's despite the fact i've been snubbed and hurt by the ceo. this eli willy drug works. >> we did not nengz eu regulator.

we miss you today but enjoy the weekend. >> catch tonight's show. it's going to blow your mind >> okay. that's a tease jim, thanks. >> love you guys >> love you too. let's get to phil with a very special guest hey, phil. >> let's bring in mike royce, president of general motors on a very important morning beginning deliveries of the first electric vehicle on the alityium battery and we have to discuss the announcement of general motors and you're the president, that the ceo of cruise has left the company. and it was a very short announcement all it said is to pursue other opportunities. what can you tell boutsz this? >> as you saw in the company's statement, he's left cruise and we believe it's in great hands

with the cofounder and cto so, cruise and gm were really totally aligned on accelerating the autonomous vehicle strategy we outlined in our recent investor day we're leaders in ev technology and have a lot of growth ahead that's what i have to say about it accelerating and moving forward, deeply committed and we're in a good place >> mark, you say you're totally aligned #. i go into the interview knowing you're not going to give us new insight into exactly why dan ammon left the company but you say you're in line with accelerating the autonomous future you see for cruise. were you not totally aligned with the dan as the ceo there? >> as i said we're accelerating

the strategy we outlined that recent investor day. i'm here to talk about hummer and our first deliveries of hummer and really the big news, which is making good on our promise with the altium platform with the revolutionary delivery van from the super truck and hummer that's what i'm here to talk about today, phil. >> we'll take that as an answer you're not going to give us anymore on dan ammon do you expect to accelerate deliveries rather quickly in this next year, given the fact there's so many supply chain challenges, not just for you but everybody in the auto industry are you going to be able to keep the cadence that you initially expect >> we are. and as you know, we're doing the first addition, addition ones here as we ramp it up.

those sold out in a very short amount of time it's 1200 vehicles and we have 17 in the hopper at factory zero ready to go to customers and last night, we have a rigorous quality prosose last night about 10:00 p.m., the team opened the gate to ship we're very excited for our customers. the chip question? i've said this before. thestability piece that will come first and then the volume piece second so, i look in the future here and i don't have all the answers on this. but i will say we're planning for a better supply with our valuable suppliers here as we go into next year it's not over. so, i think the hummer piece of it is in great shape to match with our chip supply th that's the answer to that question

>> what about the cost of raw materials, particularly when you talk about developing and manufacturing batteries and the inflation impact we're seeing out there. what's your inflation outlook for 2022 >>ia may have read we've hard on putting together an incredible supply chain around some of the rare earth metals and magnets and the whole ev supply chain. we're in a very good planning execution standpoint from a material cost standpoint and a supply standpoint. if it's one thing this chip crisis across the whole industry has been a good thing is that it's forced, i think, everybody to take a look at what are we doing? where are we getting it from and are there multiple supply avenues for us to do that? and that's what we've created the last few weeks and talked about it publicly, when you look at the things we're going to

need for evs in particular and avs. and the bright drop team has did a phenomenal job i have to say how. happy i am with what they've done it's the fastest program in gm history and started delivery with our customer at fedex here. so, we saw the pictures of the first five i was down at the factory in michigan about a week and a half ago. the vehicles are fantastic and i couldn't be prouder of the team in fact, the couriers at fedex, i was told, were really fighting to try and get a driver seat in the new vans we just delivered >> mark, it's morgan that's where i was going to go with you i think investors have their arms around the market potential when it comes to electrification of things like hummer and cars

for consumers. but what is the opportunity on the b to b side you talk about the commercial vehicles and early adoption there >> i think it's a huge opportunity. it's the van itself, which is -- we designed a ground up altium platform based van based on the courier's requirements but we also have an ecosystem we're going to deliver the last piece of a these things, that is a good cost advantage for people like fedex, our customers, how to get into crowded, urban areas in things like our small electric goods carrier that carries on our av 600s there's a whole ecosystem they're excited about. we're right on what we said we'd

do with hummer and bright drop in our delivery times and to our customers. we're going to do what we say we're going to do and i feel good about that. good opportunity >> mark, one last question here. build back better plan is languishing in the senate and questions about whether or not this ever gets passed. as you know, in that bill have substantial incentives for electric vehicles for consumers. up to 12, $500 if that bill does not go through, does it slow down the projected rate of ev sales growth, let's say, over the next few years? >> that's a good question. if you look at those accelerants or stimulus to get it going, it would have an effect on. but i would say general motors, our company, has not planned to have those from day one. on a profitability and execution

standpoint so, three years, when we decide to go all electric, that was not part of the plan at all. and so we've put together dedicated platforms from everything to a hummer and so, that plan is very much not fully dependent on that but it is an ccelerant and i think that's the way to look at it >> mark royce, president of general motors thank you for joining us on a huge day for general motors as it has begun deliveries of the hummer evs said it would be the thoechbds year now they will start to ramp deliveries over the next couple of years >> we'll take a quick break here stocks continue their slide although just off the early morning lows all sectors red. vix up to 23 for the s&p and the

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welcome back to "squack on the street." we're about an hour into trading this friday morning with the s&p off the lows of the morning but so far down three quarters of 1% here's what's leading the s&p lower. names like oracle on the news -- on the heels of a report about a potential take over of cerner. and a replacement in the ceo -- in to the ceo starting nex year. also gm, similar situation a seat change. and also names like eli lilly and pfizer that are moving lower today as well. >> we've got the nasdaq coming back a long way right now, actually a nice rebound, off the lows

investors continue to weigh the ongoing challenges from the omicron variant of the covid virus. what impact that could have for movie theaters joining us for an exclusive is the i max ceo. you've got a big weekend coming up with "spiderman" at the box office you concerned this latest surge is going to have an impact >>. >> no, david last night, we opened in the u.s., it did $50 million overall and i max 1.5 million. projections are north of 150 million in the u.s i mean, those aren't just pandemic records those are nonpandemic, all-time records. our 5.1 million is the third best opening we've had in the history of i max i think people talk about the intersection, as you said, david. but if you look at the numbers, they're extraordinarily good

over the last couple of months, at least for i max >> i wonder is it a generational or demographic kind of thing a week or so ago "west side story" did not have a great opening, despite good reviews and a spielberg movie. you would think it would appeal to more my age group than those going to "spiderman. >> i think you look at the tracking of "west side story." great movie, great director but it's dated ip and steven doesn't have the same audience among younger people that he had years ago. i think it didn't resonate, didn't resonate with audiences and evan hanson didn't resonate with audiences i know people are trying to tie everything to covid but i don't think it had to do with that it has to do with the music hitting the sweet spot

>> or people don't like musicals, judging the ones you put together >> that's a good point except the queen one, "bohemian rhapsody" musicals, in general, are a tough sell >> and a great deal of uncertainty around the latest covid variant. back to the big box office you're seeing here with "spiderman" potentially? >> there's an interesting nuance, which is next year's slate, which is fantastic. "top gun", "mission impossible." "thor", "avatar. i listen faithfully to your dr. gottlieb who says he expect this to be a short-term blow out. in january and february, aren't big movies out

in china, there's the chinese new year it's not going to have much of an impact on us and on the movie business >> even as you're talking, the rap has a piece on why "west side" didn't work and say what you said musicals in the theater, they argue, are over and that older people stayed home in part because of health concerns i wonder if you think the business is done changing covid protocols if what you have in place is what you'll always have in place or is there more to do? >> i think it's baloney about the older people i think when a movie doesn't work, everybody tries to find excuses. but movies sometimes don't work and you blame it on all kinds of things for the near-term future, they'll ask to see vax cards in some way when the comes up higher levels, people will wear masks

but after my view, and i think i was on around a month ago. october was our best october in our history by 50% september was consistent with the best year ever and right now, if we look at q4, we're tracking to levels very similar to 18 and 19 i know it's a really good narrative, people aren't safe going to theaters. at least in the case of i max, the numbers don't support that >> it's morgan the last time you and i spoke, which was about a month ago, you were announcing a streaming partnership with disney. you have been expanding to that area as well give us an update on whether you're going to strike any more of these streaming deals >> we're very pleased with how it went up we're putting out marvel films that were reformatted for i max on disney plus

we've done early market research, which is way positive. it shows that disney plus subscribers really like it they might be willing to pay more for it. more attention around it so, after that was announced, a lot of other streamers came out of the work and other conversations to really work well and then last week, also, we did another thing directed to streamers. we took apple's movie, "macbeth" and did a live q&a around it and created an event that was really successful then we did a disney plus thing with spielberg and at the end of last week we did the kanye drake concert live stream in imax. people dancing in the theaters in certain ways, it was the best seat in the house. we are repositioning ourselves a little bit so we can take advantage of what the streamers are doing. >> rich, always appreciate the updates on various fronts. thank you. >> thank you, david.

coming up a bit later this morning on "techcheck" a deep dive on the recent weakness in big cap tech names like microsoft, apple and nvidia nasdaq on pace for the third negative week in four although to david's point a moment ago, nasdaq has gone green. we're back in a moment asn't remd the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work.

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comcast business powering possibilities. welcome back to "squawk on the street." it is now time for our etf spotlight. we're looking at the airlines. ticker jets, jets. up now more than 2% though still poised to be town about 4% for the week on pace for the fifth negative week in sixth as the travel industry deals with a spike in covid cases united and delta all slumping over the past month. but we'll take a quick break right here with the markets now mixed. the nasdaq, russell 2000 and dow transpart transports are actually higher don't go anywhere.

welcome back could boeing's next plane be built in the metaverse reports are hinting at airline services in as little as, get this, two years. plans for the factory of the future includes 3d engineering

design with robots that speak to each other and, david, in many ways this is kind of an extension or i guess maybe an amalgamation of what we've been seeing on many of these factory floors, especially when it comes to things like aerospace and defense when you have so-called digital twins that are already part of that design, development and production process you have so much things like 3d printing that have become a big part of the production process so, perhaps not surprising to see that boeing would be looking to connect all of those dots and certainly boeing could use that win given the fact that this was the year that they were coming off the 737 max crisis and getting that plane back into the air and then, of course, everything that is going on with the 787 dreamliner right now with regulators, as well so this idea of being able to design and create an aircraft of the future more streamlined, more seamlessly and faster and arguably safer would make sense.

>> yeah, it's been a theme that jim cramer, of course, has hit many times when he talks about nvidia which has been focused on the omniverse as opposed to the meta verse industrial uses, for example nvidia those shares which are up right now. coming back to the broader market and being a key component of the nasdaq overall with the market value, morgan, we should note a significant rebound in the nasdaq, perhaps something of a short squeeze. a lot of the names sold hard during the course of the week. but as we kind of move ahead here in the trading session, the nasdaq is notable for its outperformance right now >> certainly i mean, the s&p 500 is moving closer to the flat line, as we speak, as well only down 0.3% keep in mind, a lot of volatility out there today a quadwitching day, as well. coming into the actual holidays in earnest, david. >> yes, we are

also coming closer to the start of "techcheck. in fact, let's let them start a little bit early and give them a little bit of a gift that will do it for us on "squawk on the street. have a good day, everybody "techcheck" starts now. >> good friday morning welcome to "techcheck" i'm carl quintanilla and we're grateful and nasdaq has gone green to david's earlier points up about 50 points as we're coming off the lows of the day coming off the worst day since september as the valuation reset continues to play out. bofa bullish on amazon and match and thinking about the impact on inflation and rivian down after posting its first result as a public company