since someone out of northrup grumman in 2011. since then shares quinn tumed, that after another leadership change too at home depot. >> yes, somewhat unexpected as well morgan have a great weekend. >> you too it has been a crazy week i'm looking forward it that does it for us on squawk on the street" "techcheck" starts now. good frnds morning morning i'm carl quintanilla with john fortt. deidre boss aire and julia boorstin name of the morning, apple popping after another quarter of record-breaking numbers from services to mack m 1 chips we discuss then another quarter of red

robinhood, the name rekupg losses briefly below 10 following results. we'll get a breakdown. finally with the nasdaq on pace for five straight weeks of losses, first time since 2012, where could things go from here? well get the market action this hour as well, jon. >> let's start with apple. how could we not in the grown after reporting the largest quarterly revenue ever, sales growing more than 11% despite any lingering pandemic headwinds or supply chain slowdowns. and there were some. the keepo company beating estimates for sales in every product category except ipads with services now apple's most profitable business. bringing in almost $20 billion in revenue and up 24% year over year sump a strong quarter, even the bears are changing their diet. more fruit new street's peter faragu dropping the sell rating on apple. ouch one of the few on the streets. julia you're with us you talked to tim cook

the thing that impressed me the most about this quarter was the mac. the silicon transitions can be messy often. i'm not sure we've seen one that led to this kind of a revenue bump when you know there is also operational leverage built in here because they're not going to have to pay intel for the chips. they design them themselves. >> yes, that is a successful transition indeed, to using their own m 1 chips, jon you're absolutely right if you look at each of those divisions -- i don't know if we could pull up the wall here. but the fact that they did not only beat expectations but set records in every one of the divisions with the sole exception of the ipad. and of course the ipad was the one that the division that was most supply constrained by all those different supply chain issues really is remarkable here. now the thing that tim cook told me i thought was most notable, most impacted the stock i think, was the fact that that he said

that supply chain constraints would improve in the march quarter, improving from the deasy. it indicates me, jon, this is a company that figured out to how to manage supply chain issues and gauge many we saw increasing subscribes and dramatically increase install base. >> so much of the focus is son the supply chain i'm with jon too i can't get away from the macs and m 1 chips. give you cuddo as jon when in announcement came out a year or two ago you said this was the going to be the biggest thing. i don't know if you knew it was going to be this big mac sales up from 2015 and they're still working through that m 1 version cook fielded a response to this on the call, carl. he said that, you know, the response to the mack book has been because of the silicon. he said this amazing step speaks to the bigger picture in china as well. in that country six out of ten sales are to people new to mac we're looking at the iphone.

but mack book is where we see the incredible growth as well. and could it make up for the anticipated slowdown in the iphone >> yeah, best gross margin in about ten years as morgan stanley points out total active device installed base up nine katy huberty going to 210 from a $200 target and reiterating a top pick for 2022, just a remarkable quarter, jon. but we're talking to others in a moment who are more interested in regulatory scrutiny, app store policy and future of china. big looming questions. >> they are. but i think investors can think about this remember when people said oh apple needs a cheaper iphone because samsung is coming in and eat their lunch. and then hau way was going to eat their lunch. but they managed to arrange the iphone in such a way customers want the higher end phone they built in vertical substitution and differentiation.

that's why they maintain the margins. deidre, i did think it was potentially this big, the m-1 transition but not just because of the mac because apple is taking on another leg in vertical integration. and it's not just about top line growth here because people are saying well, how can you sell as many of anything as you've done the iphone if neck run efficiency and performance through the entire line, think of the profitability they can expand even if not growing the top line yet in the cycle. if any come out with arbr headset or clone or wherever there is the top line. >> it fits into the idea of vertical integration cook asked on the call last night where do you look for in terms of areas to invest he said the intersection of hardware, software and services. that gives you an idea if you think about the mixed reality headset, guys. where apple wants to be in any market they want to integrity everything, and you know this quarter shows they're firing on all cylinders there. maybe one of the few companies

that is can do so. >> yeah, guys look at the growth of the apple watch interesting -- interesting to note, carl that two-thirds of apple watch buyers in the quarter were first-time buyers of that device in terms of that mixed reality that potential ar headset, wouldn't be "techcheck" if i didn't mention the word meta verse. carl tim cook got asked a question about the meta verse on the call and he said this is an area they see potential in and are slechg though no details on the ar headset yet. >> julia joining to us break things down in terms of the analysts bernstein west tony saganaki pmt we said a lot nice about apple in the last two minutes. what is there to worry about >> look, i think it was a great quarter as you both -- you all highlighted. the most notable things were the biggest businesses, really firing on all cylinders. services growing 24% against a

year over years comparison of 24%. i think the worry had been, you know, that services would slow significantly with tougher comps. and it's held in remarkably well and it does appear that we are going to have another pretty good iphone cycle on top of what was a good iphone cycle last carrier. so, look, i think for the most part this was really a reaffirming quarter for apple investors. i think it's always important to think about what is on the other side as you asked, jon and, look, apple is doing terrifically well in china there is obviously tail risk geopolitically but i think practically the question is as competitors get their supply chains in better order, will there be more competition? typically chinese consumers are quick to upgrade on new technical features and we have had a 5g phone

and china really embraced that we've seen with other products before they embrace very strongly for a concerted period. and then we have some slowdown so the sustainability of china is certainly a question in my mind i think regulatory will always be a question for the next several years around google's payments to apples and around the app store. but in general, look, i think these are things investors need to be cognizant of but it was a reaffirming quarter in terms of apple's prowess in the marketplace. >> i'm thinking you mention google, i'm recalling a note from august by you, tony, you had an estimate on what google pays to be the default search engine on ios. and you said it's not implausible that they could revisit that strategy. you still feel the same way? >> yes, i do and the amount is, you know, we think $15 billion last year,

probably closer to $19 billion this year. it's effectively all profit. so we're talking about almost 20% of the profits of apple that are coming from, you know, from these payments from google, or double-digit percentage. so that's a really really big number and obviously google could have a change of course and say, look, our search engine is powerful enough that we don't need to be the default people will pick us. or the other risk is regulatory where regulators say we don't like this cozy relationship. it's in fact something that regulators have highlighted in their suit against google in the u.s. we don't like this cozy relationship with apple. you have to provide people with a choice and if there will be a choice it's unclear apple will collectively get paid $19 billion a year for people to be part of a choice screen on iphones. >> and tony, i know you're

looking at valuation and you do see apple as being more expensive relative to alphabet and facebook, and that growth is likely to be slower in the long-term, i think lebron jamesly baoff the iphone could you predict that wearables would be a 15 billion segment, the extraordinary growth of the mack book, do you think there are products in the pipeline like a mixed reality headset that could make it grow faster than you're anticipating. >> look, i think valuation and growth are really important questions. the stock is fundamentally doing really well. the investor question is, you know, is the stock attractively valued and we think risk/reward is pretty well balanced where apple stock is as you mentioned, trading about 27 times this year's earnings. that is higher than some of the other fang peers notably facebook and google. which i think most people

believe have longer term higher growth rates the challenge for apple is the huge revenue base. it's a $400 billion company innier i innier this year in revenue terms. if you introduce a product $50 billion a year in five years it's only 2 points a year to growth that's part of the challenge for apple. and so we certainly don't want to detract anything from the company's tremendous ability to have built the services business that's growing strong double digits, plus introduce, you know, new products like air pods, like the watch and others. and so we don't want to discount that possibility or that probability that new products will come to market. but there is the reality of the revenue base. >> right. >> and there is the reality that the iphone is likely going to be a slower growth business than some of the others it appears. >> and the new products, even if

they are good long-term tend to take a wilder ramp i think about the apple watch and air pods and it took a long time for them to get broken out and talked about in the way people were focused amazon echos why isn't apple doing that it took a couple years to catch up one concern i have is looking is the growth in the mac. the comp could be tough, right there have been a lot of complaints about mac design. maybe performance. hadn't set them apart as far they're getting in great cycle right now. but it might not continue. at the same rate anyway. is that something you're factoring in. >> yeah, i think that's an open question for sure jon. it extends not just to mac but to some degree to ipads. we know that covid benefitted companies that sell into the education space and that sell to consumers. and so apple's ipad and mac businesses both benefitted and now they've had this m-1

upgrade cycle. as you talked about in your introduction macs are up 50% versus where they were a couple years ago prior to that they hadn't grown tauvrl there is some risk both on the mac and ipad business over the next couple years that you could see more muted growth, or even some quarters where growth turns negative, as you play catch up there. >> tony, quite a quarter, big talk are this morning as you well know always good to get your take as well. talk to you soon bernstein, tony. >> meantime software is a sector we've been talking about it was a huge pandemic winner. but we have seen indiscriminate selling since november the i share software etf downturn more than 20% in the time but are they deserving of the high multiple. lasscy making the case shares popping after revenue and earnings beat the. the company providing upbeat guidance shares up more than 10%. adding to the results we have seen from microsoft, service

now, equal tricks this week boosting morgan stanley view that the software selloff is disconnected from underlying fundamentals guys, we talked a ton about this you can't just pate every software stock with the same brush. they've seen brutal selloffs but we've really seen a difference in performance over the last few weeks even. i keep going back to names like snow flake and data dog, just under the service, off 80, 90% from the 52-week low snow flake off 32% from the 52-week low. there are names here that's why this earnings season is so crucial for the software sector you'll see the ones with the real fundamentals separate themselves from the ones perhaps overhyped. >> and, carl, i know that's why i here on "techcheck" with you guys keep asking analysts and people, well how are you valuing stocks in this market? was it morris mark we had on who said you can't buy anything that isn't -- isn't profitable, that isn't generating cash? and i think for certain people

perhaps who are short-term if you are running a hedge fund, okay but if you have a long-term view and companies have sound technology, loyal customers, high growth rates, i think you have to think about well how am i personally valuing this if i'm planning to hold a stock for, you know, three to five years, where is is the entry point? i don't know the answer to that. that's not what cnbc pays me for. but i definitely think it's a valid question looking across some of the changes in enterprise software, devops things like that. >> it's a tug of war, guys between the pace of innovation which the bulls argue continues apace and the cost of capital, obviously a changing picture over the next year we think, at least or so. that said, jon, at least two upgrades that i counted this week of snow in particular, piper yesterday and loop earlier in the week to overweight. we'll watch those. >> we will for sure. while atlassian and apple jump

post-results there are other tech namgs another rough quarter for robinhood. we will break it down next it is up a little better than 3% today. "techcheck" just getting started. a jelly bean that's good for you? nature's bounty introduces new jelly bean vitamins. good-for-you nutrients in a tastier for you form. more sweet dreams. more flavorful immune support. new nature's bounty jelly beans. live bountifully.

time for a gut check on a mornings mover of the morning. robinhood once down double digits after some disappointing results but now recouping all of those losses and firmly in the green. the light green, that is kait rooney is here to break down the numbers. >> deidre, that's right. bouncing back a bit this morning. but there have been fears on wall street that robinhood's growth days were before the ipo. this report didn't do a whole lot to change investor minds the quick recap. deeper than expected losses, after being profitable a year ago, also lower guidance for q 1 and what analysts had been looking for a slowdown in molly users and monthly spences all way weighing on the stack fell

to $10 a share recovering a bit this morning. but remember the stock listed at $38 and down roughly 85% from the all-time high. ceo vlad tenev fielding questions from shareholders about the stock. one in particular was what happened to the share price since the ipo and what steps are you taking to turn it around >> well, it's not sugar coated we've been disappointed with the stock price over the past few months the way that we're thinking about it as i wrote in my letter in the s-1 we're never going to be sacrificing long-term performance or what's right for the company to make a quarter. we're focused on the long-term we have an exciting road map >> now, road map was the focus of the analyst call. robinhood plans to launch retirement accounts by the end of the year. cryptowallets with 2 million people on the rollout. acats in letting people transfer money to robin hood from other

brokers. international crypto expansion and renegotiated partnerships with market makers for better economics on the crypto side as well as hyperextended trading hours. i also talked to cfo jason warnock about the quarter. he said revenue is correlated to market conditions. so it can be hard to forecast. january had been slower than last year. at the end of the last year. but in the past couple days with the market volatility it started to pick up potential bright spot for robinhood there. back to you. >> that's so interesting revenue ---er admitted it was correlated to what's happening in the markets but so is their larger strategy in a way i think it was the last question on the call, they were asked at the meme stock era is over and if so they have so much capital deployed on the billion sheet in case we saw a game stop situation again. they can't deploy that either. because they don't know if something like that is going to happen and they don't want to be flat footed this is money thekds be using to

upsell or cross-sell users and they can't do that it's kind of a catch 22 for robinhood. where do they go from here. >> such a good point so glad you brought it up. i think it was rip pepto from piper sand lain asked that they have 20 times the capital needed for clearing broker they are being mindful after game stop and happening raftier. for investors and future of the business that's a good thing it's a capital intensive business they have to hold a lot of carbon the balance sheet like you said a catch 22 they cannot spend that cash. the majority of the corporate cash they need on a daily basis to meet the requirements a good remindered of how much it cost to run a business like this and to run a broker. but they're really not able to run and gun and do a ton of m&a and spend the cash they have to hold it that's an open question. jason warnick on the call said they are working at getting more capital efficient and find ways to spend the cash and raise more cash and work on it. but it's a young company this is only the third or fourth

quarter as a public company. they are figuring it out but expensive business to run. >> yeah. thanks, kate meantime, fintech is a broad field intuit also interested in cryptobut not the way you might thing. rather than encourage people to trade it like robin hood or paypal it's building tools to help customers keep money i spoke with the ceo about it yesterday in at fortt knox one-on-one. >> i chose for now not to get into stock trading -- when it comes to cryptocurrencies. because we actually felt like there wasn't enough education as to, one, tax implications, two, the upside and the downside. and then if you start launching products in a speculative market it actually is against our mission which is the power of prosperity in the world.

yeah, one day you could have huge upside, the other day you could lose everything you worked so hard for. the majority of the people around the world live paycheck to paycheck. and it's some of the same folks that are trying to see if there is a way to make some quick money with, you know, currency trading. we just felt laike that is not who we want to be known for. >> carl, he told me about three months ago he was getting lots of questions about why aren't you doing this or that with crypto, and not so much lately >> it does raise a larger question, guys, about financial services and some even argue financial media. robinhood as well. and that is, dee, do you need asset inflation to keep growth going or is volatility enough? that question has been revisited cycle after cycle for decades. >> and robinhood just on the exact opposite side talking about leaning into cryptocurrencies, becoming more international. this is going to be the conversation where we're always going to have. crypto down now.

you have ceos coming out doing a victory lap saying we are not tide to that volatility. when we up we talk about look how smart, we bought at these levels certainly involving. >> but in the near term, carl, assassin also saying tax season coming up. there are a lot of people who bought stocks, bought crypto all kinds of things doing gig work, they are working to build all the capabilities into turbo tax to help people manage it one might argue they win either way. >> complexity on the regular seasonality in taxes is a big issue. jon, well said as we are close to session highs here, as you noticed robinhood gone green, s&p gone green, back to 4363. meantime in not all fintech created ego. by now pay layer in the green. a top pick by miss who a upgrade over d.a. davidson a lot of talk about liueieand nangf denqncs magi o credit doesn't go away.

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resetting here near the bottom of the hour welcome back to "techcheck." i'm carl quintanilla with deidre bosa and john fortt. markets in the green unwinding some losses. atlassian and apple leading the charge the vicks below 30 the 10-year below 1.78 deeson inflation data this morning. analysts calling this a strong quarter for many we'll hear why a news update with rahel solomon. >> here's what's happening consumer sentiment dropped this month to the lowest in ten years. university of michigan lowering the reading in part due to rising covid and inflation concerns during december consumer spending fell 0.6% even though personal income increased. chevron shares following falling on disappointing quarter profits. despite rising oil and gas prices chevron stock price hit a record high yesterday and still up almost 10% this year caterpillar leading declines

on the dow falling 6%. although the dow high are. fourth quarter earnings strong but the equipment makerway warns margins could be squeezedly higher production and labor costs. visa meantime the biggest gain they are the dow extending gains following earnings after the bell and now up more than 7% some analysts raising the price targets following strong growth in travel and e-commerce spend ppg jon, back to you. >> rahel, thank you. now let's take a closer look at apple earnings. our next guest has been bearish. today though increasing price target from 142 a share though 161 on the results raising estimates for revenue and gross margin as as well. goldman sachs analyst rod hall rod, tough to be bearish on apple after a quarter like that. but you raised the price target but lower than where the stock is trading today explain why you think that all of in good news is more than baked in. >> yeah, i mean, just to be clear, we've got a neutral rating i keep telling you guys that

we don't have a sell on it we're kind of in a holding pattern on a lot of this. >> fair enough but with a stock like this a neutral or hold is almost like a sell, like nobody dislikes or apple or amazon, it seems like. >> you know what's funny about that, if you look at apple last year, the stock basically performed in line with the s&p 500 most all of the year you would have been -- if you bought the s&p 500 you've had the same returns so, you know, now at the at the tail end of the year you had a little bit of outperformance but only 6% gain versus the s&p. so the -- yeah, neutral is is the right call last year now we'll see what happens this year clearly, though, nice to end a tough week in equity markets with such a strong report and positive indication for consumer demand which i suspect we're going to see through other retail reports as well. i mean, clearly consumer end of the year looked strong, particularly apple consumers

>> given, rod, that apple seems to be weathering supply chain issues better than a lot of names. their customer loyalty and ability to differentiate on product has allowed margins to hold up, and the m-1 seems to be doing well, arguably paving the way for more vertically integrated devices down the line, perhaps an arvr headset, a car, what have you, is that just not good news? is that not something that you believe in or is it so far off that it's too soon to give credit for that stuff? >> you know, i mean, those are all speculative products of course apple doesn't provide much of a road map to anybody. we do think they will do a vr product. we think that will be in early '23, not '22 we're not sure big tvl be from earnings point of view the car is easier to do the math on very difficult to get enough earnings contribution from that to matter. so you still have a company here

that's very tied to the iphone we do model mac share increases. we actually are above the street on the mac model because we think the m-1 products are extremely good and continue to take share in the pc market you know, there are elements of apple we are positive on it's just -- you know, i put it in perspective for you, the company's kger of revenue was 7% for the five years up to 2019. last year in 2021 revenue grew 33%. so -- and the last time that happened by the way was when they launched the iphone 6 in late 2014. so fiscal 2015 year they grew 29%. but at the they also launched into china that year that was the famous supercycle year the year after revenues declined over 7%. we don't have revenue declining this year. they are growing a little bit. that's the historical perspective i think you need to

have as well not saying apple apple is not a good company it's just these are phenomenal numbers. and that goes for all of consumer electronics everybody has had an unbelievably positive result period here during covid and the lockdowns. >> right are you arguing that it's a one giant pull forward here, rod it doesn't sound like it i'm curious to know whether or not you think of it as value or growth because the print reads like growth there is a big argument in a rising rate environment it is defensive, it is value. >> there is definitely a defensive flate to the way the str stock traded here in the early face of inflationary environment and interest rates rising and so on whether that will hold up or not is unclear we clearly have this view that medium-term -- i'm talking the next year, 18 months, 24 months, apple will struggle to grow just

because the subscriber base is growing at only single digits to sorts of rates and the then the rpu reverses. we think there is pull forward of revenue reversing that's not just apple that's a bunch of different consumer electronic names it does trade like a -- some kind of a mix between defensive and growth it's in that special mega cap category it has a -- you know a trading dynamic that's different from a lot of stocks. but, you know, we'll see how it plays out over the year. and, you know, frankly, we don't know whether value will continue to get this bid that it's been seeing or won't. we -- in our ratings we are kind of set up that way we have some value stocks like dell we just upgraded corning we have value stocks that fall in the krgt. >> it's deidre good morning you were cautious into the quarter warning about the slow burn momentum chinese

challenges they delivered on that front a few moments ago you grouped in apple with consumer electronic names whether for the pandemic bump orp pull ahead or slowdown. but do you not allow that apple could be an outlier, outperformer when it comes to things like supply chain innovation, diversification which is why your peers see it performing better than you do? >> well, yeah within the consumer electronics category it is by far the best quality company. no doubt about that. and they are first in line for supply chain no argument there. but then you have seen everybody doing extremely well so it's very hard to -- it's hard to disconnect apple from all that other benefit just common sense tells you hey, if all the other consumer electronics companies are doing well, doesn't some of that covid benefit also accrue to apple it's not as if it didn't get any benefit turbthat it wouldn't make any common sense to assume that apple is not benefitting.

is it a better company than a lot of the other companies sure it is it's a great company but, you know -- but like i say, we have seen it across the board here so we'll see i mean the one thing -- the reason we're neutral most of the electronic names is because nobody really knows when this is going to reverse most people think it will. but, you know, and it may not reverse. we leave all the names on neutral, that tells you we also have the possibility to upgrade if we think, you know, things aren't going to reverse and it turns out this kind of demand is sustainable into the future. but it's really a timing question, i think more than anything, is when -- when will these -- this high demand we are seeing. >> yeah. >> reverse you know that's been true through covid. there's been a bunch of things we've had a hard time predicting like when people go back to work. >> quite a few things. >> a lot of things in 100-year pandemic tough to predict. >> indeed. rod hall neutral neutral on apple from goldman sachs. >> neutral

that's right. >> neutral we got to reiterate that thanks, guys in the meantime if you're looking for another earnings name in the green check out visa seeing a nice pop after beating estimates with quarterly revenue topping $7 billion for the first time also, one of our next guests top picks along with the chip name find out why after the break don't go away. event planning with our best business unlimited plan ever! with 5g ultra wideband now in many more cities and up to 10 times the speed at no extra cost, the downloads are flying fast! verizon is going ultra, so your business can too. ♪♪ ♪♪ ♪♪

major averages in the green now as we prepare to crossout what has been an extremely volatile week. the nasdaq on pace for the fifth week lower in a row as tech continues to feel the pain our next guest with two ideas. visa achb time on semi wedgewood partner david rolf thanks for being with us both names held up relatively well amid the tech selloff does this mean our value hunting rather than bargain hunting in terms of the beatup names. >> absolutely. some of the bigger well-known companies we typically invest in they've come down, having fundamentals that are at seller ratings. we're not overthinking it. we're trying not to chase stocks cut in half or down 70% or 80% and all they have is maybe revenues and may not be growing. the market is serving up some nice opportunities it's nice to get the chance to swing a fatter bat. >> the fintech base is certainly one where we have seen

valuations come down your call on visa, does that mean that you don't think there is, you know, an opportunity there? or are you seeing some of the names, whether they be in a robinhood we talked about earlier which has fallen so much or by now pay later names that could be ripe for the picking right now? >> again, we're not going to overthink it we owned visa for years. we've been buying it of late one of pour larger positions there is the narrative, again, the stock was- go back a year or so, it was a little pricey but the narrative that they are going to lose market share versus some of these start-up fintech companies, i mean it wasn't the case. i mean, these companies are partners they rideo visa's rails like square and paypal, coina, strooik. they are partners. now the world is opening up post covid, the all-important cross-border revenues were up 40% year over year in the quarter visa report.

the stock is 28 times this year's earnings. make 23, 24 from 2023. probably one of the most dominant business models in the world. we're glad we added there. >> it's interesting comments from all the legacy credit card consumes about consumer activity, david. although so much attention being paid to just how much the fed wants to tap on the brakes and already signs of some caution at the household level, do you just worry about that not just for today's or next week's trade but i'm talking the next several quarters, in sort of slow pressure on equities as we goat into rate hikes and maybe q.t. >> carl, i'm really worried about it in our last chat i talked about the idea that the fed is in its own hotel california i think the new narrative -- not the new narrative -- the new playbook, carl, is that we have a generation, at least one

generation of investors and traders who have never dealt with the fed where they've probably taken away the fed put or really lowered the strike price andnow they're fighting inflation. it's a new playbook. and instead of buying the dips we might be selling the rips and, again, the rips -- i think we're in a bear market the rips in a bear market are ferocious. and when they fail to make a new high it's just a constant drum beat it's a whole another psychology. and so we -- you know, we're going to do bargain hunting. but i think the fed's in a tight spot and they're going to go inflation first and fed put, if it's there later. >> we want to go back to visa for a moment if i'm reading this right, you had more paypal than visa. now, i think you said you were adding to visa is your calculus shifting on where the opportunity is in

digital payments and fintech, and the digital movement of money, or no >> those -- those holdings may be a little bit dated. visa now is we haven't added to paypal and we added a couple of times to visa. visa right now is our third or fourth largest holding. >> yeah, and so i guess that's what i'm getting at. if that is the case, which it sounds like you're saying it is, when you look at the broader landscape, what are the kinds of companies positioning-wise that you're more interested in in this space that caused you shift the balance of visa versus paypal i'm thinking about you named a bunch of companies riding the rails of visa. to what degree are those companies interesting? >> well, certainly if the market continues to get hit -- not to -- certainly paypal is on our short list and they had -- it's a different dynamic, a slowdown there, the valuation was really high.

probably one of the most expensive stocks in our portfolio. we probably should have trimmed it back some time ago even more. but paypal is certainly on our short list we understand the business model better than some of the other names i mentioned. so those are the two we're going to stick with. and if the market gives us an opportunity, those two stocks will be among our largest holdings. >> what kind of time frame are you looking at for a visa in particular i mean, we have spent so much time talking about the disruption it faces. it's sort of unable to do big m&a with plaid, perhaps changing but the idea of defi, web 3, doesn't take down the bull case to visa in the longer term or do you think that's or the of overhyped. >> our view is it may be overhyped. the idea that a lot of the other type of payment plays are -- they need to partner with a visa or master card we think there is certainly a

push-pull there. there is positives and negatives. to your first question we typically hold stocks for years. we're not worried about the next quarter or two we worry about everything. but, you know, we're looking multiple years out and that's been our playbook for the past 30 years. we only own 20 stocks. and we typically hold them many, many years as long as the business is doing what we expect it to do. >> david, thanks for the insights talk to you again soon david rolf wedgewood arndt brrnts. >> thank you. >> we are about a third of the way through earnings season alphabet with,ism a within wab amd the tech earnings continue in the coming days we talk with what to watch we know you can't get enough "techcheck." subscribe to our podcast, listen any time anywhere wherever you download podcasts. with the dow going positive for the week, up 112 you need to hire. i need indeed.

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. gut check on teradyne. shares are recovering from earlier losses, but they're still in the red after plunging 25% yesterday. earnings, they were strong it is the guidance that's hitting the stock leading to at least five price target cuts it has been a rough start to 2022 for teradyne year tdao te stay with us "tech check" will be right back.

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right? we talked about it a lot the underperformer in terms of the faang names or the mega-cap names and well into correction territory, john. kind of like, there's so much to digest, you have cloud and the growing advertising business, streaming. that will be a good one and there's plenty more. what are you looking for >> with amazon in particular i'm interested in aws cloud growth versus what you saw in microsoft ask and what microsoft projected with the big turnaround after hours that we saw. with qualcomm, it's the overall mobility market and the degree to which they're growing beyond smartphoning they're trying to emphasize that now and it's a nod to the future and probably the most important dynamic to me, carl, is alphabet and metaverse us snap. snap has come down owe much and the impact

has snap sold off are off too much will we see a bounce from it or was the run-up in snap overdone versus those, you know, big names in digital media maybe we'll find out >> yeah. as you mentioned, alphabet i think it was bernstein earlier in the week that the q4 print, and investments in ar and vvr and that would fit with the theme we've seen so far and revenues are pretty solid and those margins are under pressure for a variety of reasons >> a whole lot to look to. if you're looking for a stock out of this world, deutsche bank says keep an eye out for satellite laurin service provider and a top pick for 2022 this morning calling it, quote, the most promising rocket launch company after spacex shares are down big from their highs, though. stay with usare surr

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am i working on friday? see for yourself. who are you? she's from clover. clover does that so i can do this. i didn't know you had dahlias.

they're my favorite. they just came in. thank you. i should do a marketing campaign. clover does that. you're like a mind reader. alright, you're all set. could i order online too? you sure can. secure payments, the tools you need, people who can help, we do that. talk to a clover business consultant today. we generally ignore twitter beefs at least on air. we laugh about them in private, but one conversation bubbling up to the surface this week, particularly relevant for our cnbc audience has to do with work calendar productivity there's an app called calendly

they allow you to send a link to somebody to send an open slot on your calendar. sam lesson kicked off an entire discourse of calendly hate how dare you send me this link and assume your schedule is more important than mine? he described it as insulting now ceos and investors are weighing in. perhaps the biggest take saway calendly has seen a huge spike in sign-ups and kicksing off the conversation for the many portfolio companies of his that use the service. >> i can't stop laughing because i don't know anyone other than vcs that uses calendly or so i thought until i was informed that john fort uses calendly you never send me one, john, but you're on the other side, rarely

does an app create so many feelings on both sides >> you should try it out i schedule my fort knox interviews over calendly and my productivity is through the roof >> carl, do you use it >> no. nor will i, although this new world of hybrid work is getting more interesting all of the time guy, we're up 2:15 obviously, session highs and just 15 points back from 4400. enjoy some football this weekend. let's get to the half. ♪ ♪ carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, just how rocky is the road for your money after another turbulent week for stocks? we're debating with the committee this morning joining me for the hour today, kari firestone, ross brown and john najarian, co-founder of marketrebellion.com. the dow is positive by 220 34,383