expected perhaps soon as let's call it towards the end of this quarter. that's going to do it for us right here on "squawk on the street." with the s&p up .28%, let's send it over to "techcheck. ♪ ♪ good monday morning. welcome to s"techcheck" i'm carl quintanilla with jon fortt and deirdre bosa tesla kicking off 2022 with a bang why that stock is up more than 9% on the first trading day of the year finally, verizon and at&t say no to regulators. is a 5g roll outcoming your way

soon >> our feed starts with chip sock, goldman sachs includes marvel tech and micron among its top stock picks for 2022 the sector is already coming off a big year, easily outperforming the s&p thanks to huge demand contributing during a continued global shortage. one analyst this morning says that there is more to come, jon, predicting chip sales will grow more than 10% this year. yes, it outperformed the past year 2021, but it's actually the third consecutive year, jon, that chips have outperformed. >> carl, dee, first, happy new year great to be back with you. i think this is a time where we've got to really emphasize the difference between stock performance and financial performance of a company because i think there's this tendency to always assume, oh, what happened yesterday is baseline. so if a company does well the stock ought to go up or if it doesn't do well the stock ought to go down we're in uncharted territory

coming through this pandemic, the demand for tech still in the pandemic with omicron, the demand for consumer technologies and office technologies and cloud technologies to keep things running but then at the same time, with what the fed is signaling in interest rates perhaps cooling some of the loftiest valuations out there. so it's going to be really interesting conversations i think that we're having with analysts and with technology watchers about where the value really is and perhaps, carl, you know, what's been beaten down that deserves to come back >> yeah. it's going to be a complex trade, jon you're right you have the macro concerns which you referenced regarding the fed and a lot more but also even within the goldman call this morning, dee, they're doing the barbell thing where on the one hand there's huge secular growth stories like amd. on the other hand there might be value in cyclical growth with autos. so they upgrade micron and on semi there's going to be a lot of cross winds to read within chips

themselves. >> yeah. it's time to get discerning, right, jon that seems to be the trend here. you have to look for bargains in the space now because there's a lot of disparity in terms of those multiples throughout, mu, micron is one of the more cheaper valued and also, jon, you spent a lot of time talking to pat at intel among some of the cheaper chip stocks when you say you have to sort of distinguish between the stock price and the financial performance, certainly that's the case with an intel after ten years of sort of struggling. it's going to take some time to turn that chip around. >> well, i think part of the question is how well does, say, intel have to do to go higher from here versus how well does an amd or qualcomm have to do? >> yep. >> if intel maintains a pulse, if it can run ten-minute mile, then -- >> low bar. >> get excited where as some of these other stocks have usain bolt built-in. let's talk more about that does today's market opportunity in tech lie in chips or

elsewhere. good morning great to have you. so it seems to me 2022 you got to be weary of the crowded trades, right? and megacap tech has been crowded. some of the chips are crowded. why are you excited about those? >> thanks for having me, jon and carl and deirdre i think there's a few reasons and you mentioned some of the head winds that are out front for a lot of the growth plays and kind of the megacap plays, but if you look at it, fundamentally, some of the megacaps that obviously performed really well throughout 2021, outside of maybe amazon who lagged, there still is some great strong points. obviously on ternings front, obviously on the cash flow front, the ability to get inorganic growth from purchasing acquisitions that's going to be a strong thing. you look if a standpoint, those are often defensive as they are the biggest megacap, the biggest in the market, right they are what is pulling up the indexes in a lot of cases.

i still think there's room for growth if you look at the longer term bets these companies are making, investors have bode well in being in these trades the last few years and i think that trend continues in 2022, jon. >> strategically distinguish for me between financial performance and stock performance, right how much risk is there to the downside even for these megacap names which might be relatively defensive. should investors be prepared to just pile into those now, wait for pullbacks, what? >> that's a great, great point i think investors, one, if they're not already holding these positions should potentially wait for pullback. look for example like tesla. they had a great report there with the deliveries. that's a stock that a lot of people have obviously argued the valuation, right but if you look at the price -- look at the chart, you know, the bulls and people behind that stock for a while have obviously been winning so investors need to be careful when they're understanding their thesis, especially if you're someone trading these stocks

but if you're looking from a fundamental standpoint especially for a lot of these megacap names, a lot of what's priced in now has not been futured for a lot of these companies. from our standpoint we're long-term investors. we like a lot of these names, jon. >> you know, it sounds like deano you're not freaked out by the fed as a tech investor why not? >> that's a great question, carl i think the fed has really been great at communicating to the market that's one of the big things the investors is looking for, a direction in what's happening. the communication has been great from the standpoint of when rates would raise, when tapering would happen and that's eased investors especially someone like myself. so those things are big that we price in we look for. but we also look for other areas of growth as a growth investor, i'm obviously looking in the public markets but want to take things to the early stage of private markets and we're doing that research and diligence. still be output to be made in

2022 what we had over the last two years have been incredible performancers of market. we expect that in 2022, but still a lot to be gained as far as momentum in the market. >> right delano, other the last few months with the fed gearing up for tightening, we have seen discrepancy within tech. what does it mean -- is good communication enough to stop the bleeding in some of these high-growth momentum names we have seen over the last few months >> that's a great, great question you've seen some of the ark names go down and we sold some of those positions as well as bought at right areas. but i think those are going to be hidden. if you're just crowding into those names just because you've seen a lot of foelks, specially some retail investors have done that they beared some pain in that area. but diverse ity is important

you rec there will be head winds in 2022 for high growth names. but if you're well diversified, you bode well here, diedra. >> i'm on the record of saying i think metaverse is a bad theme i think it's lumping together some good themes with some things that are just don't make sense yet. but what do you think are the most important themes that will actually deliver in 2022 if investors are looking through and trying to figure out which stocks are worth investing in, which themes in terms of the technology that they have and they're able to actually execute and deliver on should investors be looking at? >> that's a great point, jon a lot of the buzz words that we have seen especially with metaverse and all those areas they're not commercialized they're not heavily adopted. obviously these ideas still need to take place, shape and form. especially when you see the infrastructure, that's why we're going into the early stage markets. but i do think you'll see a lot with the metaverse you'll see a lot of the top minds shift their focus there.

obviously with mark zuckerberg shifting the focus of facebook i do think there's a lot of opportunity. that's an area you'll see nearby communities and the metaverse will see nearby communities grow and build and do things together i do think there's opportunity there, but there's a lot of commercialization and adoption and infrastructure building that needs to be done i also think if you're looking at virtual and gaming and some digital currency that's an area i like they're doing their robuks platform being used with real money for virtual currency, that's something i want to see take more shape as well. but these themes you know are really exciting. but you are right. they still need to be built out and adoption needs to happen so you see the market fully, fully materialize, jon. >> lots of wood to chop even if it's virtual wood. delano, thank you. >> thank you, guys. >> look at one of today's biggest movers and that is of

course, tesla. look at this surging more than 10%. record deliveries taking that stock hire this morning. phil lebeau has more on what to expect from tesla in 2022. and phil, we're barely at a million, not far from it adam jonas already contemplating looking at how realistic 2 million is for this year >> right i think ddierdre, we'll see the estimates for 2022 sales will go up let's recap the numbers for the fourth quarter and for all of 2021 because you're right. they were far better than anybody was expecting. in fact, when you compare with the estimates, they're so far above. you sit there and say did anybody expect them to do this well in the fourth quarter and in 2021? they delivered 308,600 vehicles, the best estimate i saw going into yesterday, 295,000 for the year, just over 936,000, well above the expectation of just under 900,000.

95% of the deliveries model 3s and model ys when you take a look at the 2021 deliveries, they were up 87% compared to 2020 remember the goal is to hit 20 million in annual sales by 2030. so, they're doing better than expected in terms of annual growth and that's the thing that people need to keep in mind in terms of when you look at where they are at elon musk tweeting out, great work by the tesla team worldwide. now the question becomes, what do we expect for 2022 and what's wall street expecting? deliveries the estimate is 1.34 million by the way, that's just an increase of 48% compared to 2021 if they hit the target of at least 50%, and by the way, that's an average over several years, then it would be closer to 1.4 million you have the 2 gig factories in texas and germany coming online. will we get new model updates?

many expect elon to talk about it early next month. look at shares of tesla, deutsche bank, jp morgan have all raised their estimates in terms of what to expect when the q4 numbers come out. i wouldn't be surprised if we see new estimates from other analysts as well again, guys, the 50% growth in deliveries on an annual basis, deirdre, that's an average over several years when they said that's going to be our benchmark. it's not that they're saying every single year it will be at least 50%. we expect to average that over several-year timeframe >> right at the same time, phil, we see 2022 start with wall street once again sort of catching up with tesla. as someone who covered this company for so long, i just wonder does that surprise you that estimates were all lower? this is now more than $1 trillion company elon musk just continues to beat expectations are you surprised that at this point still the street is underestimating in terms of those delivery numbers

>> i am surprised. and here is why. when it happened in the third quarter and they showed that they're managing the chip crisis better than almost every other automaker in the world, you saw a lot of analysts saying, okay, now we need to sort of re-adjust how we believe tesla can handle this situation and its ability to ramp up production when so many others were not able to do that and i thought that we would see estimates being a little closer to the actual numbers. the fact that these were so far above really has to make you wonder if wall street is not fully appreciating how quickly tesla is bringing these vehicles to market and the ability to ramp up to meet demand >> that's a great point, phil. sets us up beautifully here. let's stick with tesla and bring in dan ives who says demand in china is a big part of today's surge. you say the delivery numbers were jaw dropping, hard to poke holes in and a major feather in the cap of the bulls on monday

morning. >> look, this was what i call -- because 275 was really what i thought the top of the bull case in terms of what they could hit. we think of 200,000 alone they delivered in the month of december look at the trajectory now between china as well as globally going forward, we could be looking now 1.5, 1.6 million units for 2022 that's why it just continues to be that scale and scope of what we're seeing in tesla beyond what with even bull case the haters will continue to hate but you look at these numbers, i think gives a lot of momentum in 2022 >> yeah. some of your peers on the street are arguing maybe 2 million, dan, is possible for the year. maybe a stretch target for a lot more realistic given this print. >> yeah. if you look at specifically the run rate in china, 2 million,

it's not out of the zone in terms of what they could ultimately hit and then the chip shortage, that took down in our opinion probably about 25 to 30,000 units in the quarter so you start to add that chip shortage easing into the first half of 2022 i think this is really just the start. the next leg of the tesla story, and just importantly, the gross margin story and the profitability, that's what i believe will be a big part of base case 1400, bold case 1800 >> speaking of the next leg of the tesla story, dan, what do you think could be a surprise for investors this year? does it happen around fsd, full-self driving risk perhaps, opportunity? >> yeah, that's a great question i think two things, first, austin and berlin getting on board is key that ultimately could double capacity over the next year. i think it will be about battery technology

you really significantly lower the cost, that will be just more and more of a margin benefit for tesla. so expect another battery day for tesla. you look at the competitive move, we don't sue this as zero sum gain 5 trillion of opportunity over the next decade, but tesla, super charge your network battery technology and that scale, that continues to differentiate them from other competitors. >> so, dan, broaden this out to the broader ev space who are the winners, lucid and rivian, can they get their production right or legacy automakers like ford and gm will be providing competition for tesla? >> 313 area code ford and gm specifically, i think those are ones that could see a re-rating in the stock they have the distribution you have the vertical integration. everything is done what mary will start to do over at, rivian one of our favorite pure plays but all comes down to

scale. and that's why when we look at this quarter, the reason i call it trophy case, given the chip shortage what tesla is able to do despite some of the shortages and battery component shortages is off the charts. it comes down to scale you'll have competition. tesla could rerate further >> dan, even if they are in a pull position going through the year, as new competition comes online, do you think they have to ramp up marketing expense would that be material to the model right now? >> yeah. that's what we've been to. they're never going to do formal marketing. for them it will be about getting cards into customer's hands. i know over the weekend a few e.d.s send emails not to 2023 in terms of those that made reservations that's the key

never formal marketing that's why austin and berlin are key and we think where china is worth 0 500 per share of the story. >> fascinating certainly the way musk would want to start the year and great note appreciate it as always. dan ives, see you soon. >> thank you. paypal gets upgrade. consumer tech week kicks off and twitter bans another politician for spreading ing misinformation "techcheck" is just getting started.

♪ welcome back to "techcheck." time for a gut check on paypal vemo is bullish on the stock says there's an 18% upside in 2022 and it's all about valuation here the back end of last year saw shares of paypal slip almost 30% leading to vemo calling today's price an attractive price point. it is up 5% the last month and outperforming some of the other names like block formerly square. >> yeah, interesting. we're kicking off 2022 with

consumer tech week looking at the mainstream technologies that will have the biggest impact this year and what the investing implications might be. artificial intelligence and graphic technologies are key battlegrounds with apple expected to move its entire mac line to custom silicone this year and amazon continuing to push robotics into homes for convenience and security we'll have amazon svp and and ceo joining us tomorrow on that. auto technology is accelerating as the same innovation that fueled the mobile and cloud revolutions of the past decade merge into what's historically a mover space. for those working from home, leaving a car in the driveway, hybrid work is keeping home office productivity in the spotlight. hpo ceo will join us wednesday as well. then whether it's web cam audio gaming technologies, accessories, all been booming as a source of flexibility, logitech ceo will be with us thursday on that on friday, we take the pulse of

health tech with abbott ceo robert ford as the world is more attune to ever for the need for rapid test and better ways of monitoring health, guys. ces might not have the same traffic that it normally does, carl, but we have a lot of focus for investors this week on what's important in consumer tech. >> yeah. it's nice to have it back. maybe not as you said at full strength, dee. but companies continue to innovate whether they're in the office or not and they're going to have to find ways to communicate that innovation to the consumer this is primarily how you do it, through shows like this. >> yeah. and perhaps setting the tone this year, right a lot of the participants now attending virtually. as we know, we've got more companies, more offices, keeping their workers from home, so makes a lot of these trends continue to be relevant. almost tears after the pandemic began. >> yeah. hey, gm as well. phil lebeau bringing us that speaking of auto tech, not

just kwaulcome, it will be an exciting week. >> jon, remind me about the big conferences that you normally hit during the course of the year barcelona, for example are those still on >> so sad. i do not expect to be at mobile world congress this year, carl, in barcelona especially with omicron. you have to make travel arrangements for these things pretty early it's tough to do when you don't know what the protocols are going to be. certainly gathering in a place where people are coming from all over the world, you know, and piling into indoor spaces, doesn't quite feel -- it's not that it's completely a safety issue, but what are the protocols and testing and how do you test in order to get back home and what does that do to the rest of your plans even if you're willing to -- if you're vaxed and boosted like i am and more willing to mingle and deal with the implications. international travel really can throw a monkey wrench in everything else you want to do so the calculation, it's hard.

>> yeah. the international definitely 3d chess. we hope things will get better through the course of the year two dow components to watch this morning, microsoft and salesforce goldman includes them as part of their top picks for 2022 stocks are both up about 50 and 15% respectively last year both of them up so far today as "techcheck" continues after a break. when traders tell us how to make thinkorswim even better, we listen.

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welcome back to "techcheck." i'm carl quintanilla with dear dra bow is a and jon fortt let's get a news update with our friend frank holland hey, frank. >> hey, happy new year, carl here is what's happening at this hour airline stocks are among the strongest in the s&p 500 today united and american airlines are both up more than 5% they're getting help from a positive note by mkm partners

that forecast rebounds in both business and international travel at the same time, there's no end to the flight disruptions in airports all across the country. another 2,100 u.s. flights have been cancelled today as bad weather and covid-related worker shortages continue pfizer shares giving back some of the recent gains. on the news reaction to the fda approval of covid booster shots for 12 to 15-year-olds pfizer stock is still up more than 5% over the last month. chipotle shares are dragging on the s&p 500 after a really strong december. chipotle is down about 2% after adding meatless choree sow for a limited time and starbucks is requiring workers to get fully vaccinated by february 9th or undergo weekly testing unvaccinated employees will be responsible for their own testing. that's the very latest deirdre, back over to you. >> frank, thanks very much. new year, new portfolios now the time to diversify your investments and add crypto, if you didn't already last year

our next guest separates the good from the bad from the shady. joining us now sam lessen. good morning and it's great to have you let's start with web 3, the idea that the next phase of the internet is going to be decentralized. there has been such open, public debates, dispute over this you've got jack dorsey, box, erin levio and airbnb ceo. why is this topic so divisive? explain this your own words. >> yeah. look, the entire history of the internet has been a debate about centralization, decentralization both have merits both have values you know, it's not like this time we're going to resolve it and it's also not like this time there's one answer there's going to be centralized components decentralized components what creates better experiences

for users that are o more trustable that will create longer-term value as we move to a world where especially as covid drags on, people take their digital lives and digital identities just as seriously as the physical world we believe that many of us do that we're seeing a future of many universes that people care a lot about and spend a lot of time and a lot of their lives living in and working, whether that centralized or decentralized on one hand it's a huge deal, so it's worth of a lot of discussion. on the oh hand, let's play that record one more time on this way this goes. >> a lot of the trends are very long-term. i guess the idea is that the platforms that are mega-trillion dollar companies now like metta and google and amazon that they will eventually be displaced what kind of -- do you think that that is sort of a risk factor for these companies do you think as we see crypto and web3 companies become more mainstream this is ultimately

where the internet will be going? >> i think it depends how you define web3. whether or not this is a threat to the big companies or opportunity for them, i mean, the answer is it's both. we are going to see the winds of change coming. there's a lot of really interesting new technologies and opportunityings. the idea that people now feel like owning digital assets can be a major part of their lives, their wealth and their portfolio is a new deal that's very interesting. i think is very mainstream at this point the idea that we're going to want immersive experiences where you'll truly live online the depth of that is new and important. now, whether the biggest technology players in the world, the best engineers the most of them, et cetera, get to play very central role in that or whether they play a partial role, i think this is a multitrillion dollar question. it's right to be focussed on, but i think saying web3 and crypto is the death nail for the big technology companies i think is a little myopic i think the question is it's a huge opportunity and if they

miss the big turns they might miss a huge amount of upside but hard to imagine them going away. just as a lot of traditional companies have done very well despite the fact they're not internet companies. >> sam, can you argue for me why decentralized would win this time because i could make it an argument hey, i will, that 20 years ago we had lime wire and ebay that were arguing for a less centralized version of commerce and distribution but we ended up with the app store and amazon e-commerce and hyperskill cloud winning and sort of adopting a lot of that open source technology, but in a more centralized way why is that going to be different the next decade? >> well, let me give you a few answers. i think one answer is the fool me once answer, which is you know, we're seeing success in ways of technology and revolution is happening very quickly. while this story of centralization and decentralization is as old as capitalism, you know, it's rare

that you get to see a generation that saw multiple waves of it so rapidly. so there's an argument that for those people, many of whom, i'm not one of them, many are very upset about centralization, to some degree you end up with cycle again that it is ultimately driven by consumer choice and reference and we'll see whether that happens let me give you a more sophisticated answer, though, i think you never bank on humans getting the right answer here at scale. which is the question is all about what features are available and provided and what can and can't be done. you know, there's an argument that a lot of what's going on in the crypto world, i'll call in a freed world, the non-app store world is just able to run so much faster and build different experiences you're never going to get with centralized players partially because of regulation, partially because of norms and all sorts of reasons and that's where the energy will flow why is it that you saw last year such excitement from retail investors in the crypto space and not in public equities i mean, there was some obviously

but the rate of innovation, the pace of new offerings the pace of new, interesting things to participate in, to invest in, the question is whether centralized systems especially given your societal regimes will ever be able to keep up. >> well, but i would argue that the first time around the reason why the decentralized systems failed is because the user experiences were largely terrible i mean, napster, lime wire, downloading bad songs and having to worry about getting sued. and apple is moving more towards vertical integration we expect to see more of their home grown chips and macs this year centralizing the experience even more. what's going to solve that user con convenience and usability problem with decentralized platforms? >> look, i think you're 100% correct. i would add one piece, though. two things made centralized players win. one is exactly what you said, which is they were able to build better integrated vertical experiences. the other was systematic growth

and focus on systematic growth it's very hard with open source or distributed communities to coordinate the energy necessary to drive a lot of growth what you're seeing with a lot of modern decentralized platforms, salana, a seed investment, from 0, they take growth seriously as a community and as an organization and so i think that's going to be the real question why facebook why did facebook win user experience but also systematic real growth strategy. that's just changed. there's been an evolution there. in terms of user experience, here is the question, do you pit 1,000 or make up the number, 10,000 google engineers versus 3 million global engineers who can now play in the crypto space who wins to be determined, but i would argue again another big difference between them versus now is with crypto, crypto is truly global movement. there's orders of magnitude more

developers to play now than there were before. actually you said what's the big theme for the year the big theme for the year in crypto and i think in a lot of metaverse is developer mind share and tools. where does the energy go if you follow developers and where the smartest people are, that's where you'll get the best experiences this time around. >> that's fascinating. even as we're speaking, sam, jack dorsey tweets, centralization begets different centralization i mean, just wonder sort of collective action problem, i guess. >> it is and look, the reality is we're also in an interesting place where technology is created all new sorts of competencies for centralized systems that never existed before the idea imagine think telling someone 20 years ago that if they took a polaroid photo, it would be scanned, analyzed and seen whether or not it was an image that you should or should not have, right? now, no one is quite suggesting that yet, but the tech nothing

exists the centralized players are rolling out versions for safety for it the real question is -- this is not an anti-safety thing safety features are important. but there is a really interesting point we exist in in history right now where you're seeing effectively centralized players have capabilities which scare a lot of people, have capabilities which are very appealing to security people and people who are in certain places but also are very scary to others in terms of privacy et cetera these really are big cultura wars in a way that candidly as an early user of napster were not on the table at that time. >> yeah. sam, fascinating discussion and certainly one we'll continue to have all year. sam lessin, slow ventures. thanks and happy new year. marjorie taylor greene gets her personal account banned on twitter. her political account is still active plus, deliberations in the wire fraud trial of elizabeth

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other request to delay 5g to address safety concerns. julia? >> well, jon, this is a battle over the rollout of the 5g technology that is the centerpiece of the telec 's future the faa is worried could interfere with sensitive aviation equipment it could lead to flight restrictions starting as soon as this week. now verizon and at&t rejected pete buttigieg and faa's request five to delay for two weeks after their january 5th launch date due to aviation security concerns instead, the two giants who spent more than $80 billion to acquire 5g licenses in an fcc auction proposing that they limit the deployment of 5g close to airports for six months at&t ceo john stanky and verizon

wrote in a letter that the transportation proposal would be, quote, irresponsibility abdication of the operation to comply networks that are every bit as essential to our country's economic vitality, public safety and national interest as the airline industry now, at&t and verizon which together serve more than half of all u.s. cell phone connections dispute claims of air safety risks, noting they been preparing for 5g deployment for years and what they're proposing has been used safely in france now the faa responding saying, quote, we are reviewing the latest letter from the wireless companies on how to mitigate interference from 5g-c band transmissions. u.s. aviation safety standards will guide our next actions. the faa comparison to france isn't quite accurate because the power level 5g there and france is much lower than what is authorized here in the united states so now we're waiting a final

decision from the faa warned it could be forced to cancel or divert flights that limit the use of systems to rely on those radar systems, guys. >> this seems wild, julia, in the sense that, i mean, 5g didn't sneak up on anybody we have been reporting on this for years and years. and airports are major place where people get work done, whether it's video conferencing, talking to people who you're going to meet or people who you can't meet because you're going somewhere else it's late in the game after you sell to spectrum, see the plans for these companies, after they starting deploying these companies to say, can you wait isn't it >> that's -- that's exactly the argument that at&t and verizon have been making saying they've been investing this technology for years and it was one government body that sold them this spectrum. so on one hand, they're getting limits from the faa but they bought this 5g spectrum from another government agency. they're frustrated they've been working to deploy

this safely but of course no one wants to have any risk to the safety of flights and, of course, there are already so many issues, carl, when it comes to airplane delays right now you can imagine nobody wants anymore more delays. >> i love this line the laws of physics are the same in the u.s. as they are in france. facebook reported will suspending marjorie taylor greene's account for 24 hours after twitter permanently banned her over the week following a fifth strike for spreading covid misinformation what do we know about both bands here, julia? >> well, what i think is really interesting on the twitter ban is that one of her accounts is banned on twitter. the account that was spreading misinformation about covid was banned but she still has her congressional account. so her sort of professional account. that one she can still tweet from because that account has not spread any misinformation about covid. but what i really think is happening here, guys, is this idea that they have these

strikes rules. if you tweet things or if you share things that are inaccurate and potentially really dangerous, and now of course that's really about the pandemic and about vaccination and all of that, if it becomes dangerous, they will enforce their rules. remember, it was nearly a year ago that twitter made its ban of president trump. and so that was really showing that they're willing to ban people who are highly followed, very popular, that account that was banned for marjorie taylor greene had nearly half a million followers. so they are willing to step forward and enforce their rules because they don't want to be held -- made liable, deirdre. >> yeah. i think you know, it looks like facebook also banned her account. so it raises a lot of questions that, julia, we're all going to look this upcoming year especially on the regulation front. thanks so much for that. meanwhile, looking for more on the trade, wolf says look elsewhere when it comes to charter this morning, downgrading both over what they expect to be fewer subs in 2022.

charter is lower by about 1% mct as nt company recommend coasas better play "techcheck" returns after a quick break. stay with us

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crowd strike is down 30% from its november peak. b of a likes setting price target of $315 they see limited competition for cloud base and end point solutions. they say you should own via come they believe it's an attractive candidate to be bought by another platform price target set for $53 and that stock up better than 7% today's session, carl. >> yeah. getting a lot of attention today, dee. when we come back, insider sells hit a new record in 2021 several tech execs leading the way there. is that a sign of the top or just the rich getting richer we'll debate that after a short break.

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they always say they're just rebalancing their portfolios, but we're looking at record insider sales for tech execs is it a sign of the top? robert frank breaks it down. robert >> yeah, jon they sometimes say financial planning corporate insiders sold more stock than ever last year. ceos, executives and board members sold over $170 billion of their stock in 2021 according to data from smart insider sales up 80% over 2020, more than 2.5 times the pre-pandemic level. so let's look at the top five, elon musk, of course, we talked a lot about, he was the largest seller with over $16 billion

jeff bezos in second place at 10 billion. the waltton family selling nearly $8 billion. mark zuckerberg cashing out 4.5 billion in meta. and google, unloading 1.8 billion each other names in tech, larry ellison, marc benioff and satya nadella selling 374 million of microsoft, more than half of his total stake. the big question is whether all this insider trading signals a potential market top daniel taylor at the wharton school who studies insider selling says decades of research shows that corporate insiders buy near bottoms and sell near the peak the sales may have also been driven by taxes with investors getting ahead of potentially higher tax rates this year so guys, lots of cross currents here lots of reasons for them to sell but the bottom line, a huge

increase by insiders in stock sales for what was a great year in many of their stocks. >> yeah. a lot of names that you mentioned, robert, though, are -- they're founders, tech entrepreneurs like musk and bezos who have been taking money out in the case of bezos to fund other projects so, it's some asterisks here, right? would bit more concerning if we saw more operators take money out? we know that some of the names are simply creating new businesses they're potentially creating more wealth with this money that they're taking out >> yeah. and there are lots of reasons for this in musk's case it was we took 5 billion off the table and $11 billion to pay taxes and a lot of was that options grant rather than funding his other business. bezos, as you said, is funding space. but lumped all together, these numbers are just large and a lot of them, like satya nadella, he is an operator/manager, that was just a straight out sell, not

connected to another business. reason for investors to pay attention. >> it's a good point it is a remarkably large number when you put it in perspective like that. robert frank, thank you. meanwhile, new year, new habits make sure that one of them is listening to "techcheck. the podcast, listen any time, anywhere wherever you download podcasts "techcheck" is back in just a moment i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪

♪ one more thing a streaming shakeup among this year's most downloaded apps. falling out of the top ten, both netflix and disney plus in their place, hbo max as we are going to pay a lot of attention, jon, to this -- these trends, especially given sort of the disruption of omicron, people staying at home, jim was talking this morning about how many things you can possibly watch if you're quarantining, even for five days instead of ten. >> i'll try to bring this full circle we started talking about centralization versus decentralization, and streaming and social are a great example remember when people pirated movies or had web pages and blocks now they're doing it on these platforms. >> right there's so many to choose from, carl i will say five days

quarantining you can get through a lot of i will tell you from personal experience youtube, the underrated player in streaming these stats have to be take within a grain of salt, but still youtube jumping up there is fascinating. >> yeah. busy week ahead, guys with some isms and jobs friday let's get to the half. ♪ carl, thanks so much welcome to the "halftime report." the new year for your money whether stocks can keep up their record run we'll discuss and debate that with the investment committee. we're also convening your second stock summit today and get top picks from the committee, names and the sectors they expect to do the best in the year ahead. joining me for the hour today, liz young, jenny harrington, joe, steve weiss and john, the co-founder of market rebellion.com. let's go to the wall and show you the markets as we do get 2022 under way we're positive across the board. s&p was above its closing high it's dropped back a bit, still

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