100 billion dollar market and ford also now below $100 billion, as well, at $93 billion. as i said, though, still a very strong year thus far that is going to do it for us right here on "squawk on the street." "techcheck" starts now good wednesday morning welcome in to "techcheck." i'm carl quintanilla with deidre bosa and john fortt. on pace for the worst january in six years. where is the bottom? then our first interview since taking the job we'll hear from ftc chair lina kahn and early take on blizzard merger later on 5g launches today, but with some concerns from airlines

verizon ceo weighs in and we'll discuss the impact for you, your flying and your money. we'll start squarely with tech stocks having a rough start to the new year. nasdaq 8% from the all-time hieing come off a 2.6 drop yesterday. mike santolli looking at moves underneath the surface hey, mike. >> hey, carl we have slight moves today cloud and software trying to bounce a little bit and ark was up earlier and banks and value down but in general it's tough. the pressure has been pretty constant here's a divergence of old and new economy in one sector in finance that is kind of interesting. you know i like what i would call romcom charts they start together and they have this divide and go apart together and come back and kiss at the end this is over a three-year period you have parallel performance among the fintech and the s&p 500 banks etf and something similar that has gone on in cloud software, as well, where you had a tremendous number of new players come in and they were all sort of promised a

growing share of a very large market and they were capitalized as if they had a good chance of doing so and now there's a rethink there. i don't know that this is some kind of a very significant convergence level, but it does show you a lot of that kind of hope and dream type capitalization in software, in fintech has been kind of pressed out of it and we're seeing if, in fact, banks and other old economy value and cyclical names can take over right now. but that seems to be what is going on sofi, of course, bouncing hard today on that bank charter news from a very, very depressed level. i would point out this etf is big with legacy fintech as well as the affirms and the sofis, guys >> now you have the lines blurred a little bit with sofi getting its bank charter i haven't heard that term the romcon chart did you make that up >> i think so. probably not today but at some point in the past. >> that's a good one let me ask you, though

we talked about the fintech and the banks and what about the mega cap leadership. i know they disguised the selling in the fourth quarter but yesterday especially we saw some of that leadership continue to show signs of cracks. what does that mean for the broader mark isn't. >> i mean, look, they have not yet retraced all of the premium that was built up in the prior two years. if you're looking at the broader faang type world but i was just looking at the software, just software etf, its relative valuation to the s&p and it's almost there it's almost gone back to where it was before the pandemic on forward earnings let's say next year's earnings. that's not so much to hang your hat on, but it does show you that it does look like there has been a top if you look at the nasdaq 100 relative to the broad market, it looks like that probably peaked but it doesn't go down in a straight line or a constant drag it could be nip and tuck from here yes, yields matter yields are calming down today and i don't think that is the bigger story it's about people deciding what, in fact, is best position in

terms of stability of earning and plays on the cycle as opposed to just buying the favorites. >> meanwhile, we've been talking about it all morning this interview with ftc commissioner lina khan earlier this morning that comes after the ftc tougher stance on big tech mergers on the same day that microsoft announced the largest u.s. tech acquisition of all time. quite the timing she talked about everything from facebook to being under resourced to the biden administration's new tone on antitrust. have a listen. >> the ftc ended up bringing this action against facebook significantly after the fact because we thought it was important to ensure that the marketplace knew that these types of deals are not going to by immunized i think whenever you see potential moments of transition, that's when enforcers need to be especially vigilant because that's when incumbents often

panic and realize that to stay irrelevant and to stay dominant, they might have to engage in tactics that ultimately end up being illegal. we are severely underresourced you know, the -- we have around 1,100 folks at the ftc that is around two-thirds of what it was around the 1980s and our resources have stayed, you know, more or less stable in real terms. they actually declined at various points over the last decade so when you have like we did over the last year a doubling of in terms of deal volume, our resources stayed the same. we have the same number of people responsible for investigating these transactions, the number of transactions is dramatically increased that creates significant strain >> she said that a few times talking about how the ftc is severely underresourced and a lot to unpack there. truly a great 50 minutes you can bet that big tech pr, government affairs, lobbest is

they were listening or should have been listening to every word khan really laid out what she is going to go after early on in a company's history or m&a and retroactive and does not have to harm consumers in terms of price they can do with privacy the question is, does this change the calculus for some of the big tech companies or do they sit easy knowing that the ftc and regulators are severely underresourced or perhaps -- >> the substance of what she said and also the body language. i think both make an impression. you touched on some of the substance and, of course, we played some clips there. i kept noticing how often she said that a question was a difficult question or a complicated question kara at one point said, yeah, but i want the answer. i was also struck by how buffeted the ftc sounds beholden

to congressional action and limited by staff shortages and it kind of seems like they're dealing with rocks and sticks, carl and they like they're being attacked by an army with metal weapons. and i wonder if that is a kind of strategic posture that she took or if, in a way, as i think and i'm not sure if it was kara or andrew asked, can these companies wait her out and perhaps get a less aggressive outcome? >> we will see certainly the timeline that microsoft and act vision laid out have a lot to do with the staffing shortages, at least some believe and that does sort of collide with her comment about acting with urgency because so many of these decisions take time, especially if you're trying to set a broad precedent for the future >> hard to act with urgency when you're understaffed. let's talk some more about this. joining us now to break down the anti-trust implications for microsoft and the rest of big

tech former federal trade commission chairman bill bill, thanks for being with us i'm not sure you got to catch a lot of that conversation , but what is your take on what this might mean, say for microsoft's efforts to buy a huge gaming company? >> in general what you heard in that interview is a mix of both determ determination, ambition and realism. there is unmistakably a greater determination to look at large transactions such as the deal announced yesterday in greater detail and large sectors involving tech and other sectors are going to get a closer look unmistakable commitment from the ftc and department of justice yesterday and underscored by the comments at the same time, an

acknowledgment of the constraints you just mentioned the agencies right now have a very significant number of matters and greatly limits how many more things you can add to the mix. congress has been talking about more money for 18 months and they haven't provided another dime yet the execution of the broader program is harder to carry out and you heard the chair's answer to her question, how do you approach this knowing you don't have a whole lot of time the answer was the fierce sense of urgency severely limits how many targets you can go after and how successful you can go after each one. so, we heard the voice of both ambition, but also stark realism, as well >> now we have been talking about europe for a long time, she first assumed office back in 2014 what is the impact of just the

struck dhture here in the u.s. f regulatory approach and leadership versus other places the idea that the clock is running out on the regulators somewhatunique >> and it's our perspective. in many respects, the united states, washington, is not the capital of the regulatory world any more it's brussels. and the vice president, vice president is a good example of that the europeans are charging ahead with the legislative that we are still talking about. the united kingdom the units that could go live this year or next year. major foreign authorities, most notably in brussels are going ahead and in some ways we're still relying on older technology that involves long running, years long litigation of cases so in many respects we're following. the longer it takes to put a program in place, the more likely it is that the global

standards to be set are going to be set by the european union, not by the united states >> it's deidre, chinese companies were growing quickly, largely unfettered by regulatio in their home country and national champions times have changed and they touched on this in the interview. lina kahn said current crackdown will make it difficult for american tech giants to make this argument that they need to compete on a global stage. do you think this is an important shift and one that will feature whether it be the microsoft deal and having to, you know, counter ten cent and some of the other companies having to counter tictok or other big chinese companies. >> i think it is a big development and the explanation for it is part of a question that kara asked the chair and she mentioned that anxiety i think in many countries that the

companies in question have become, in effect, surrogate governments. they now perform the functions of states. i think those comments tend to be focused more on facebook and google in the united states. but it's unmistakable in china that one of the concerns that the government had is that these companies were asserting a role that the government traditionally is its own i think in the background is this continuing concern, certainly in china, but in the united states, as well, that firms have soon have a public stature but without public accountability notice how interesting it was when kara asked the chair. are you saying that these companies are governments? she hesitated. she said that's an interesting question that's a question that deserves a larger conversation. but part of the measured tone of her comment was she did not jump in and say, yes, i do. that's why they have to be regulated. so, we heard the chair be cautious on a number of these broader propositions about what's happening in the market

>> so, bill, with that in mind, what do you think the calculus is at a company, let's just take microsoft, for example we talk about these potential regulatory hurdles all the time but clearly their office believes it's worth a shot why? >> because the existing do doctrine, which the chair also referred to is favorable and tends to support a more tolerant view of these transactions the existing doctrine is favorable for deal making. what lina kahn announced yesterday what they're going to do is continue efforts to strengthen and extend the perimeter of enforcement so, what you could see if you ultimately had a challenge is a collision in court between agencies that are seeking to expand the zone of enforcement, new theories of harm, broader conceptions of how consumers might be hurt in a doctrinal environment that gives parties

going ahead. that is the change in perspective that she was referring to today and i think you heard in her comm comments an awareness that carrying that out through a program of litigation or in writing new guidelines is not going to be easy >> bill, i want to go back to close to the china part of the discussion because there was part of that that i sort of disagreed with and i wonder your take it seems to me that the regulatory action that china is taking is is not to make sure that there is no dominant power in the market there, it's to assert that the government is the dominant power in the market and u.s. tech firms could argue we've got to deal with china whether it's huge chinese companies or chinese government deciding who gets to be huge and therefore, you know, we need to continue to have strength because the u.s. government certainly isn't stepping in and asse asserting economic power they're sort of stepping in and maybe doing something and then stepping back.

is that fair >> i think my interpretation of the decision taken in china in many ways matches yours, which isn't it was a concern with big economic size or significance but who exercises the power and to the extent that business enterprises suggest enterprises suguggestsed that w are the new way for institutions to matter. one major institution that matters and that is the government itself. i think what you're seeing also at the same time in the global environment is greater inclination on the part of a number of nations, partly in europe, to examine transactions and activities involving chinese firms more carefully because of the close intersection between the interest of government and the interest of private enterprise but i don't think that the government's impulse in china was simply to control private power as in and of itself. it was the concern about the

threat that it posed to itself >> bill, thank you great insight. >> thank you >> bill kovacic. more on the biggest tech m merger ever. "techcheck" is getting started. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. voya. be confident to and through retirement. if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity.

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gut check on sofi. soars after upgrading the stock and kate rooney has more details for us we remember when square was only up 5%. this is a huge move for sofi and also a little different here >> yeah, exactly square went a different route. it had a longer process here sofi is doing this pby buying a smaller, existing bank this is a green light that sofi investors were waiting for and you had shares popping 16% following news last night that the federal reserve and occ approved sofi's bid to become a bank holding company different than square there. this is part of the planned acquisition of golden pacific. that's expected to close in a couple weeks and like a lot of other fintechs sofi has partnered with fdic loans and

cash accounts while it handed the sleek tech interface side and customer growth. sofi can cut out the middle man. get a larger slice of transaction and lowers the cost of capital ceo anthony says it can lend at competitive rates for one and offer yielding accounts which often helps drive user growth. as webbush said in its coverage initiation this morning it should boost sofi earnings from $200 million to $300 million ancallyially through the next three years and holding deposits for other fintechs possible area of growth there. banks amid rising interest rates and moving away from the high multiple tech names. sofi stock one of the biggest laggards and the rally did wipe out some of the year to date losses but down double digits so far in year 2022

dee. >> come a long way from student loans, kate. thank you very much. we'll turn now to acti vision blizzard. if it goes through it will top dell's purchase of emc for 67 million back in 2016 new reports cover activision blizzard wasn't and including facebookparage meta. yesterday deal announcement but rival sony take a look at what happened here. took a real hit closing the day lower by 7%. down another 3% today. activision blizzard ceo bobby kotick expected to leave the role joining us to discuss the landscape at large and i was wondering if you were lisening

to the lina khan interview and talk about the regulatory side of this because it is a big acquisition for the microsoft-activision blizzard deal >> your previous guest was saying this, as well, the tech world in particular is the most dynamic it's ever been in history. and for tech players, in a way, they have to skate where the puck is going rather than where it is now. this has regulatory and legal implications it creates a very delicate balance between tech players being strategic verse overplaying that hand. so put it another way, it's very hard to prove the difference between healthy competition versus unlawful, monopolistic behavior especially when you look at that on a global scale you know, we work with a number of these large tech players and i can tell you that they are very sensitive to these issues they take a great deal of care when they're identifying these potential targets and the key is

to develop a point of view where not only the market segment is today, but where it is many, many years from now and that becomes taking the timeline out it becomes more and more complex. >> so, eric, i wonder if you think with all the scrutiny on big tech does this open the field for some of the names that aren't immediate obvious walmart was interest in tiktok and netflix we concluded with big tech is interested in gaming do you think that we could start to see more deals from these players outside of that mega cap group? >> yeah. i think that's a great question. so, you know, if you kind of take a step back this rapid rate of change in technology makes almost every company a technology company so becomes really, really big. that's number one. the number two at this very moment we have the largest amount of capital in private hands ever that's in the form of venture capital on private equity plus

all the companies you mentioned and many others have massive cash war chests that they've amassed. so this allows for new and cutting edge technologies to be developed faster and become more disruptive than ever and the advent of these technologies weed through developer communities. they weave through parts of the technology that are not even within a lot of these businesses so, as we think about this through the lens of anti-trust, it's absolutely not a static issue, it's in a state of change in addition your questioning is spot on. you're going to see a number of players that we don't traditionally think of as tech thinking about how they play this whether that's through manda >> i see this microsoft activision deal, potential deal and how regulators treat it as a huge litmus test and this isn't

about free services and data and what's being talked about with facebook and google very often this is about paid digital content, probably the biggest market for it, main stream market for it gaming people are paying, you know, 50 to 100 bucks for downloads in this market and doing subscriptions by the millions. microsoft itself was a challenger in the gaming market with the x-box a little over 20 years ago and you've got apple that is being challenged for its presence in the gaming market with the app store anyway. so it's not about that, if this gets significantly challenged, it might be antibig as opposed to being about this new free and data regime. do you agree or how do you see it >> i think you frame the question really well and, you know, i think if you, once again, even open more let's go past gaming and go across technology which is so broad i think the thesis that we have

is there are three main variables that run through all of these transactions. scarcity, disruption and complexity and i think as you were framing that question, it kind of triggered a thought. you know, the scarcity is how unique is this technology that has been created and then if it is truly unique, is it disruptive and create material change in the way things are done today and last but not least, the complexity. now, for me, you know i think about transactions this one interests me the most. it's applicable here and applicable in the cloud. here's an example of how complex things have become the cloud as we know is public and private. right. within public and private, that feels like two very discernible levels of where they come in and as the work loads live in a hybrid environment, as if that's not complex already, you have a number of different clouds that you have to work on. this is applicable in gaming, in

enterprise and even in your home you have amazon, google, microsoft and many others and this term has developed hybrid multicloud and it's a lot to digest but the world is going in that direction and to measure as a key to success i think the lens with which we all need to look through this and dealmakers on the regulatory side what is the best way to deliver the best thing whether that's content or a service to the user. i might, i might also share an interesting analogue to all of this because i think ultimately not only is this an mand a question but if we think about all the complex environments and how they're being managed, if you're a software company today and you're growing north of 30% in a really hot area, say data or artificial intelligence or cyber, you're rewarded with a forward revenue multiple anywhere from 20 times to 30

times. sometimes even more and, by the way, that's adjusted for the recent nasdaq pull back we've seen however, if you're in software land and you're going less than 30% and you're in those same areas, it's tough to trade north of the single digits so the translation which in a way is kind of directly answering your question, growth and unlevered free cash flow are the levers that independent companies have in order to effect valuation but growth still wins the day and it's directly correlated to the premium valuation. so the lens that we must look through is not only through m&a and who is doing that disruption because what this ultimately means is there are many companies way smaller than the mega cap players in tech and other areas that do things way better than the mega tech players. so, that level of disruption is so important that's why yousee the desperat amount of valuation between the two segments >> that's a great point to end on as we look at some of the software companies and we know

that they've been sort of seeing this rating over the last few weeks and the nasdaq down 0.4% a touching correction territory. thanks for being with us eric mandel. >> meantime, sony is sliding again following that microsoft activision deal. ea gets an upgrade over atlantic who sees more m&a for the sector in 2022. you just heard a moment ago, watch the gamers a lot more "techcheck" is straight aheadn. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world.

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we are resetting here near the bottom of the hour welcome back to "techcheck." i'm carl quintquintanilla. julia has sound from her interview earlier. first, let's get a news update and rahel solomon has that for us hi, r, ahel.

>> bank of america and morgan stanley up 2%. bank of america getting help from strong loan growth and m&a deal volume. morgan stanley rose on m&a activity and growth and fees on managing assets for wealthy clients. shares of procter & gamble moving higher and better than expected earnings and boosted growth forecast. it was successfully able to rise prices housing starts rose 1.4% in december and third straight monthly rise economists have been expecting a slow down building permits also increased seeing the highest level in nearly a year reuters news reporting that tennis star novak djokovic bought 80% of the danish biotech firm that is developing a treatment for covid. making the announcement just days after australia revoked his visa preventing him from playing in the australian open tournament

back to you. >> thank you very much. giant stock swings to start this new year with turbulence and tech definitely leading the way. nearly 40% of the stocks in the nasdaq are cut in half from their highs and our next guest says things are even worse than they look on the surface cnbc contributor manager joins us now a lot of people looking at equal weights and stripping out the biggest cap tech what ais your sense of what the indices are telling us right now? >> i think when you look at the index level the s&p 500 town around 4%, 5%. the nasdaq teetering on correction territory as of yesterday and trading today. but i think when you peel that back, things look a lot, lot worse on the individual stock level. it gets a lot uglier you know, i looked at companies across the universe with the market cap of more than $10 billion and what i found is that more than 200 of them are trading around 20% or more off

their highs. we're not just talking about cathie woods arc fund these are like salesforce, netflix, disney things get uglier when you peel back beyond the index level. >> so, do managers then argue that means that buy signals may come earlier than we expect or that there is enough technical damage done to get more aggressive on the buy side than otherwise? >> so, it's interesting. i think we saw a little of that this morning we did see tech leading the way in early trading, but that's disappeared pretty quickly i think zooming out it has been such a violent rotation, right even beyond just those individual stock swings. you're seeing value stocks outperforming by the biggest monthly margin since december 2020 so, i think some traders are saying, you know, we think this move in financials, energy stocks has gone too far and it might reverse but when you look at what happened recently, you know, tech is now leading the

way lower as of now. >> again, some of the elisellin has been preemptive. rising rates this year how important will earning season be and what do we need to see out of the high-dprgrowth companies to perhaps turn the tide here. >> one thing that has happened which has happened and will be a big shift is that all of a sudden profits really, really matter people are looking at these companies that weren't making any money and saying, hey, maybe it's not such a good idea to be in rivian, coinbase, some of the other money losing companies as the journal recently reported a basket of unprofitable companies within the nasdaq composite was down around 30% since the end of september while the profitable counterpart had slid around 1% so, all of a sudden that really matters. and even beyond the unprofitable versus profitable groups and

even companies that had been making money like salesforce, adobe, inesthvestors are takinga look and saying, hey, i don't think they'll grow at the pace they did last year >> it's a fascinating look as we get rivian and it was 170 plus a few months ago gunjan, thank you very much. we'll have more from cnbc exclusive with ftc chair lina khan andrew ross sorkin is with us andrew ross sorkin is with us right after this break tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line

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it was her first interview since becoming chair of the ftc. andrew ross sorkin sitting down with lina khan last hour andrew, it was a great interview. great discussion i'm curious as to what your highlights and take aways were >> thanks. it was a great opportunity to talk to her. first time on camera since taking the job i sat down with her with kara swisher as you just mentioned. specifically some of the big, more interesting elements of it was her answer to this i asked her how her agencies think about the services free from technology companies, think facebook, for example. and then the role of data privacy on the other end and sort of how to weigh it. >> especially in digital markets, there's a deep conversation right now and one that also falls in the ftc's

wheel house around data privacy and security instances in which firms were able to reon their commitments d made certain acquisitions of firms that were a bit more privacy protected and all of a sudden consumers are locked in and suddenly have to surrender more data or surroender to being tracked on a greater set of websites those moments underscore the point that in many instances users are not exercising free choice and not consenting to these practices or feel locked in >> you have to read through the lines a little bit with what she's saying but i think it really does suggest how she's thinking about some of the enforcement that may take place under her watch. meantime, the biden administration has been arguing quite publicly that anti-trust has played a key role in what they say is inflation. and i ask khan where she stands on this. >> on this question of, you know, the role of market power i think there are a couple of instances in which we can imagine market power could play

a contributing role, right i think one that comes to mind is instances in which an inflationary environment can give cover to companies with market power our monopoly power to exploit that power. if prices are rising around them they can unilaterally or in a coordinated way raise prices in a way that are not as easily detectable i think another instance in which we might imagine seeing it is, certain types of mergers and acquisitions over the last few decades have left our supply chains much more brittle right. capacity has been thinned out. as a result of that, the system as a whole might be less resilient so when you have certain types of shocks and disruptions and be it natural disasters or a global pandemic, we're not able to respond as quickly and that can lead to certain types of pricing increases, too >> so, you know, i think you can start to see how she's thinking about the world and i think for

business leaders who are watching earlier and may want to get a replay of it, you can start to understand the kinds of enforcement approaches that they may take, which would be very different than historical administrations. >> very different, indeed. but she also talked about some of the challenges, right she said repeatedly that they were under resourced, they needed more money and i wonder, andrew, we asked this question at the beginning of the show, does this change the calculus for how big tech operates. interested in activision blizzard but didn't go ahead we're seeing the effects and does this change how perhaps tech or tech giants look at m&a. >> the truth is i think if you were be an amazon, google, apple, you probably could not have gone after an activision and buy it yourself and you're absolutely in a bit of a box to go to lina khan and say, over there, we have a problem with this very interesting issue to see

who raises their hand on that. to the point of resources and a bit like the irs i think a lot of people who, unfortunately, take their chances with their taxes i think companies that will take their chances in washington still in part because as lina khan said very directly, she doesn't have the resources to go after everybody. perhaps the way she would like to to examine these transactions so, they have to make choices. and some of those choices are going to be about the efficiency of being able to do it and create a bit of a policy framework so people can look at that so, i think it's going to be very interesting to see what she does next. by the way, the other issue of what congress does which is to say she may have a broader guidelines but both congress may do something and the courts may not necessarily go along with her approach either. >> as for pricing, andrew, i would have loved a good example of where she thinks companies are using inflation as a cover, especially since a large part of the market is betting on long-term technology and innovation being deflationary or

at least disinflationary >> you know, one of the things when you do an interview with somebody like chair khan is they don't like to talk about specific names so much of the conversation we were having was about big tech, but to some degree she also talked about so many other big companies and even in the farming and ag business we're seeing the administration make some claims about that space right now. you could look and i'm not suggesting it's monopoly power but procter & gamble had earnings this morning and they were able to push along a lot of higher costs to consumers. so, i think that there's going to be an increased highlight of that by her office >> andrew, there's been so much made of chair khan's ideas and the incisiveness of her ideas. i'm starting to wonder how much she's going to actually get to to do and what her tactics might be coming out of that conversation,

what's your sense of the balance of how scary to some her ideas might be and the tactics on what she might actually be able to get done >> well, look, we talked to her at the end of the conversation about this there's a timing situation here. which is she's basically got three years to to this you don't know what's going top haen in the mid terms, how that might change things. they're going through a review period now on these new guidelines that will take some time so, in some ways she's in terms of being able to be super aggressive and companies may decide they want to wait her administration out i think a lot of different sort of elements. do i think that we'll see some headlines from her in the coming months absolutely but they still have to pick, not pick, but fill that fifth spot on the ftc a bunch of moving chess pieces here >> fascinating first chapter

this intervieiew in her tenure. >> the first interview is online at cnbc.com and "techcheck" is back in a moment

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julia boorstin sat down with verizon ceo hans vestberg the day is in the u.s., and there is a catch julia is here to explain >> verizon is rolling out its 5g service to 90 million people today, but the company agreed to delay the deployment of those new signals near airports to address air safety concerns, but a number of international airlines are still suspending some flights to certain airports now here's what verizon ceo hahan vestberg told me this morning. >> we think it is important that the faa understand and do the right things because with all of the flying, i'm flying, my family is flying so we want this to be in the right way i have assurance from the highest level that this is the

main priority for them to work out. >> vestberg didn't share when he expects to turn on 5g around airports and 5g has been successfully deployed in more than 40 countries so he's optimistic that it will get sorted out and he pointsed out the importance for the metaverse. >> i don't understand what government approvals are for if they couldn't figure this out for now. thanks. >> goldman has seen enough on cisco. the downgrade of the stock today says i.t. spending will slow and that call and others live on cnbc.com/pro up next on "tech check," the ceo of peloton stay with us

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>> time for a gut check. today we're looking at online retail names these have been the hardest hit in recent market volatility, take a look at shopify it's up today, but it's down 30% since the start of the year and on pace for the first month since august of 2015 shopify on track for the back-to-back monthly declines since 2020 and the last three months stitchfix and wayfair plummeting 52 and 36% respectively "tech chk"ec is back in just a moment moment stay with us

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>> one more thing today and that's a well-timed trade. one peloton investor avoided the big crash we saw in the stock late last year, and that was the ceo robert frank explains. hi, robert

>> carl, well timed indeed peloton shares 40% off their highs. he sold $119 million toward the end of 2020 and the fall of 2021 most of those sales were for $110 a share or higher he start a fully-styled scale program for personal financial management purposes and sold 1 million shares and that's 16 pearl of his total holdings and he planned to sell more than twice that and he terminated the sales plan early last fall when the stocks are falling below $100 a share other peloton executives are also cashing in and the president selling $100 million and the chief product officer over 60 million. if this comes as cnbc's reporting the company now looking to reduce costs and possibly cut jobs in the wake of slowing sales. so, guys, this has been a tough run for the stock and a lot of the insiders and board members,

executives got out at much better prices. >> robert, this isn't unusual in a lot of ways, but i wonder if you can contrast what the real insiders are doing with this idea of diamond hands that we don't hear about so much and maybe over 115 and amc was over $20 a share. >> there are contrasting views of the stock elon musk has always said he wouldn't sell any shares and he would be the first in and the last out well, he sold over $16 billion of his shares last year and you're right this wasn't unusual. we had $170 billion worth of insider sales last year, but again, you look at the experience that retail investors and even some employees had with their options versus what the executives had and that's what causes some consternation. >> trying to get back above 30 today after getting to 29 and

change yesterday, robert pretty remarkable. thanks for that. robert frank >> the earnings will trickle out and we'll get you knighted tonight and we do have a statement out and overall watching the vix still above 23 and oil close to 28 and i'm sorry, 88. let's get to the judge and the half >> carl, thanks so much. welcome to "the halftime report." i'm scott wapner the index now officially reaching that mark within the last hour falling 10% from the closing high in november this as rates continue to high for a couple of years. the investment committee here to make sense of all of that. joining me for the hour today, liz young, steve weiss, joe teranova and jon najarian, co-founder of marketrebellion.com. the dow and the s&p, and the nasdaq has dipped negative the russell in negative territory, as well 184, that's the yield on the