has been a little more away from a talent perspective, away from wall street towards places like technology all coding-type skills become more relevant. i'm trying to get my daughter to learn science, technology and math right now. >> she has time. >> a runway ahead of her. >> i wanted to be the other kind of architect when i was little. >> thank you very much. and thank you all for watching "power lunch. >> c"closing bell" starts right now. >> welcome to "closing bell. i'm sara eisen up and down session here on wall street giving up in early gains dipping into the red this session before recovering dow and s&p near session highs heading to the close. >> good afternoon. and what is driving action today? tracking massive moves following earnings alphabet and amd popping up with strong results while paypal is tanking losing a quarter of its value. private payrolls, adp, jobs in

january. and treasury moving lower on that move. and a large portion of the country under a weather alert. >> session highs up 0.8 percent on s&p speak with ceo of swiss pharma about today's earn, results and the company's latest efforts to combat covid encouraging news on the anti-viral front. another jammed pack session coming your way after-hours from meta, qualcomm, spotify and t-mobile and exclusive interview with ceo of t-mobile ahead of his call with analysts. focus on big stories watching today and joining us to talk about today's plummet, from wedbush, and start off with the markets looking pretty good again now. >> yeah. market feels more in gear more

so than last week. stocks down, small ones, not dramatically and mega caps taking up the slack. recognize that behavior from last year. it's taking the s&p 500, 4580. about 1% up from here back up to its 50-day average might be one to look adipose in recovery area in 4600 with a lot of traffic in it and a lot of activity happened in that zone maybe that would be the tougher part to get through if we continue higher. remember a strong final hour of trading in the past few days seems like the market firmed up heading into 3:00 p.m. we'll see if it's one of those things everyone notices it and maybe it doesn't happen. look at the nasdaq 100 a more dramatic version of the s&p chart. of course, more concentrated and up 10% from the mid-day lows on a week ago monday. up more, but still 10% below its highs. remember in january, started to sell-off and everyone saying, boy, don't want to see the q2 go

below 370. trouble. right there. again, a challenge getting higher had alphabet, apple, microsoft earnings, act as a decent catalyst remembers trading at steep discounts and a record high managed to pick up. meta coming after the close. look at how that stock is valued relative to alphabet actually look at alphabet versus microsoft. meta facebook modest valuation forward pe basis relative to overall market and its own history. only about three years after it came public. still had a massive hypergrowth company premium and now dissended to a discount to alphabet argue a justified one given more risk involved in the business model of facebook and regulatory stuff. and multiples take away net cash facebook has basically no premium for a company growing faster the case for a while on facebook see if it plays through once we get the numbers.

>> look forward to those numbers later. as always, thank you. s&p up 0.8% close to the session high p paypal plummeted worst day ever of course, comes after an already big decline over the last six to nine months. the ceo saying the company took a measured approach and should accelerate second half of 2022 joining us from wedbush security, greg, great to see you. thanks for joining us. i know you've had a buy rating on the stock maintaining that but lowering price target. why was this such a big shock? >> to be here, thanks for having us again. i will say a couple of things, one, focus on two things beyond anyone's really control. one, you're seeing ecommerce volume trends normalize to

pre-pandemic levels. that's something we spoke about in our research back in october, november of last year. management spoke about this about a quarter ago and it's actually happening because of that you're seeing some of the other pure play ecommerce names down 9%, 10% today. the other thing that's beyond i would say paypal's control, consumer spending. the company did talk about weaker consumer spending last quarter. actually starting to see that reflected in the metrics data reported by the four largest banks back in september. seen it in january as well what's really saving things and masking that weakness is the fact that you have inflation that's kind of bumping up average ticket prices. we concur with what they're saying they're saying weaker consumer spending specifically given the fact that prices of staple goods went up a lot. so you're spending probably less on discreationary products now, the dilemma everybody is

having, well, why isn't that -- why is mastercard and visa's numbers up okay? and why they've been relatively more upbeat? i would say network are benefiting from the bumps. bumps in average ticket price together with inflation, but on the other hand, paypal's not likely because of the change in the mix of transactions they've had. so pre-pandemic, pretty healthy mix between transactions that are lengthy debit and credit cards, lower-yield actions from paypal versus hth transactions lengthier bank accounts. during the pandemic hth went up and now going back to the meme in our view that accounts for the roughly 400 basis points reduction in rev and growth for 2022 things that the company can control less the two other things that are more relevant to paypal are the

fact that the separation from ebay is taking longer than expected a lot of people aren't realizing merchants don't like the fact they are getting shifted their platform is shifting away from paypal. they have a high conversion rate into ibm a less known platform. taking longer than expected. probably end of june everything after that going away from the p & l a good thing and lastly monetizing accounts. the company does decide to prune accounts not monetized, and folk focus on more account base incentive targeted to marketing's probably the right thing to do down the road. net-not not i deal a lot of moving parts. probably second half look better than this half and good news p multiples back to where it was pre-pandemic roughly mid-20s. and probably exit this with

roughly 23% up on growth. >> looking, too, a lot of people thought going into this result, they got burned. down 25% now how do you square that with what we just heard from mastercard and visa and american express and -- what do you do with those stocks with all the payment stock clearly not moving in the same direction and seeing the say the fundamentals. >> yes so payments in general, payments that the expectations for payment stocks reset pre-quarter. how we became a bit more construct everybody on the network. gpm and pfizer trading 15 times next year's numbers. paypal is pretty expensive pre-print, and i would say the same thing about square. so at this point i think you're getting your recalibration in terms of pe multiples given the fact a lot of those trends that really took off during the pandemic are reverting to where they were pre-pandemic.

so i think paypal will, looking better, but you do need to see that acceleration during the second half of the year to get that catalyst going. >> sticking with outperform jp 175 price target >> we are. as i said before, paypal's outlook was different than the networkal because of transactions that have shifted for paypal and not benefiting from that average ticket bump that the networks are getting here. >> got it. and thank you very much. for your reaction to that report which has been a disaster today. down 25% as was mentioned, down 10% there's the spillover. shares over $2 billion giant novarta lower on back of earnings we talk to the ceo about results next and when the health care space should start getting back to normal following the omicron surge and pandemic

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. shares up are pharmaceutical giant pharma moving lower after posting a slight miss before the bell earlier i talked to in a vart ta ceo vasant narasimhan. listen. >> overall pleased with momentum coming back into our innovative

medicine business. in china led to lower entrusted sales i think wall street analysts reacted to. if you look at the underlying growth dynamic we see really strong performance across our six potential mega blockbuster assets as well as continue to have progress on the pipeline. innovative medicine, a solid sales, mid-single digits profits growing in innovative medicine the other part of the story, people were expecting a little stronger performance from our guidance right now we want to ensure we see returning health care system that is getting back to normal it's really impacted the generic business and the season comes back, more confidence as well on the outlook. you know, i think overall we're optimistic we'll be able to drive dynamic growth over this year and the coming years. >> how far away are we from a normal health care situation and not a pandemic crisis?

>> well, i've been heartened seeing throughout q4 health care systems are getting more and more back to normal. most therapeutic areas more normal health care systems with the omicron surge in some markets in the u.s., we saw impact but all manageable i think we're getting to a place where independence of the waves of covid, health care systems ensuring patients get the care they need. why for this year we're not forecasting any significant impact of covid in our core innovative medicines business. see how it goes, but reason to be optimistic. >> good to hear. the other factor wall street is watching carefully as this potential sale or spin-off, we talked about it. genetic business since then lots of private equity firms are interested. where are you in that process?

>> still early days. working out preliminaries like corporates that may be interested in the business of course, there's lots of interest from private equity also inbound interest in other health care companies. we're trying to progress all of those discussions with the mind that this year getting better formal proposals in, and then be able to take a decision in the second half of the year. kind of the overall timeline meantime i think there will always be noise about various parties being interested in the business which is great to see we're still a little away from getting formal offers to really evaluate. >> got it. also talk about your covid anti-viral treatment recently encouraging results there. i wonder what the timeline is for that the road to approval and how you see it being used? >> this was a medicine we discussed last time we spoke it's a novel technology that

targets the covid spike protein in three different locations, which we think is the ability in our in vitro testing to stay effective regardless of the type of varpt iant that emerges. we've seen that so far a single injection, and good discussions with the fda and u.s. regulatory it government agencies and in the process now of completing emergency use authorization application. and then really reviewed by the fda. do they want to give us an emergency use authorization off existing data set or wait for the three day and really end of this year? meantime scaling up production to be ready. so we'll see how the coming weeks unfold and certainly we'll be preepare, then, to start shipping the medicine if there is interest and inbound interest from other governments around the world

continuing to stay engaged as we work through the fda process. >> it is an infusion right? how do you compete with some of the pills out there and now approved for emergency use from pfizer and merck and how do you determine who gets that? we saw the antibodies, for instance, had so much trouble getting traction and being used after they were proven in part because they were i.v.s? >> yeah. i think a few dynamics to watch here one, because this is a therapy tootic, doesn't have to get reworked every time there's a new strain like the antibodies that's one big advantage two, because we're produced in back material fermentation rather and the volumes we can produce are much larger and interest from the u.s. government and other governments perspective thinking about options. oral therapy is required between 30 and 50 pills. over five days along with significant drug interactions and some side effects. this is a medicine which is a

single infusion given relatively quickly as an i.v. also developing over the course of the year a subcutaneous formulation and you have both options. some patients you may want oral therapy. others may want to diagnose, give an injection and confident you've completed the therapy as part of that solution set we're bringing this medicine forward and certainly working closely with government agencies involved >> also talk about another exciting approval you just got for a drug that lowers the bad cholesterol. ldl. seems in a live rugsary way. a few injections a few times a year instead of the daily pills. do you see this as a potential game changer for people dealing with heart disease >> i do. i think this is an underrecognized opportunity we have within in anovarta. an rna therapeutic building on all exciting science there is

right now in rna because it's an rna therapeutic only given twice a year and have over 50% reductions in ldl a physician gives a simple injection in the office. twice a year during normal visiting, a dramatic ldl lowering and given patients have trouble staying on their various medicines to keep their ldl low and we know keeping your ldl cholesterol low is one of the best predictors of avoiding more heart attacks ob cardiovascular events this is an exciting approach what we call a population health-base aid proech tackling cholesterol. launching now in the u.s preparing to have a robust uptick we hope over the course of this year in cardiology offices and working with health care systems we have a national program in the uk with the uk nhs, actually the uk nhs is launching the medicine through its vaccine infrastructure and primary care infrastructure to the entire country. then we hope to replicate this

around the world with a mind-set to, look, tackle the number one cause of death and disability in the world. 18 million deaths a year, cardiovascular disease maybe tackle that with a completely ly ditch approach. >> our thanks to the doctor, ceo of novarta this one just got approved and think it could be a blockbuster drug about changing cartologists mentality and ain't in hospital and doctors' offices to give these injections instead of pills. could really help. >> and covid treatment as well coming interesting area, and take on that one. >> and they've got growth. people are waiting to see the santos sell. early, expected second half of the year. and up 40 on the dow encouraging session. incentive gains for s&p. up next, should lawmakers be banned from trading stocks a number of key officials

weighing in on cnbc today. re-introducing legislation to tighten rules. bringing you that update next. and as we head to break, check out the tickers on cnbc. paypal topping theis a lt,nd fidelity, 76% of orders. and down 25%. that's nonetheless. and not only caring, but how does that apply to someone from our community? it's about taking care this idea about making a movie about caring is resonating with me. >> not only caring but how does that apply to someone from our community? >> it's about taking care of each other she is an example of strength. i'm so glad we did this. i'm so glad we did this.

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welcome back and legislation prohibiting members of congress from buying or selling stocks while in office this serious pushback over that proposal we have the latest story >> republican senator ben sasse wants to overall the rules for elected officials includes banning lawmakers from trading while in office. it doesn't require them to put assets in a blind trust as other lawmakers proposed but the penalty is up to $1 million or five years in prison or both

in a statement saas said, this is going to hack off a bunch of republicans and democrats. it's time to get everyone's goat fellow republican senator pat toomey definitely not feeling this idea. here he is on "squawk box" this morning. >> we can shut this all down and forbid members of congress from doing this, congress to make more reasons for people just not participating in public office i'm not sure that's a great idea we have extensive disclosure regime every transaction has to be reported all assets have to be reported people can see what members of congress do and they can draw their own conclusions. >> and on several stocks including ge, bought into bitcoin and ehire yum! saas's most previous not reporting holding or trading individual stacks. back to you. >> it's not going anywhere thank you. ylan mui. coming up, tony dwyer on the

sharp recess on stocks over the past four sessions and whether or not it will last. plus, meta gearing up after the bell changes its name from facebook key metric to watch in that space. and as we head to break a check on bond yields coming down a little bit today following a report from steve jobs back down to 178 buying across the curve. we'll be right back. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, >> announcer: the bond report brute to you by pimco. visi

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30 minutes left of trading

every sector higher and s&p 500 except for consumer discretionaries weighed down by ecommerce names. check on individual market movers shares of capri holding higher following earnings in revenue beat luxury retailer and raising revenue forecast seeing a boom in handbag and apparel sales in the u.s. and europe that stock up more than 8% bernstein downgrading clorox to underperform clorox operates in high labor share. that stock down a little more than 1%. ahead of earnings, jim cramer talking about clorox in his investing letter sign urp, head to cnbc.com/jointheclub or point your phone at the qr code on the screen. time for a cnbc news update. >> here's what's happening at this hour. first time in tennessee history state senate expelled a member democrat katrina robinson

convicted the wire fraud for misusing $3,400 of her company the money for personal uses. this happened before joining the senate expulsion vote was along party lines. robinson was black saying unfairly judged by the white majority chamber republicans say her expulsion was necessary following her fraud conviction. north carolina, residents near a fertilizer plant fire will have to stay away from home another night. governor cooper giving an update on conditions. there's still a risk of explosion at the plant and air quality remains low. the fbi reportedly saying it did test spyware innen in nso group but never used in any investigations according to the "washington post." the first agency accused of the pegasus spyware. up-to-date back to you. >> thank you. doney dwyer explains why we could see a tumultuous first

half of the year. and later big hour of earnings, meta, qualcomm, others set to report. we'll tell you after the numbers cross. and dow up, heading into the close. mount everest, the tallest mountain on the face of the earth. keep dreaming. [music: “you can get it if you really want” by jimmy cliff] ♪ ♪ wow, we're crunching tons of polygons here!

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chief marketing strategist great to see you thanks for joining us. where do you stand in the scale of whether we can feel confident it is prove to be a lasting bottom we saw last week? >> i don't necessarily think it will be. last week when we talked i think on tuesday we talked how the percentage of stocks in the s&p above ten-day moving average dropped to single digits and vix around 37 ten-day rate of change on the vix a really elevated level, in the 70s. when that's happened before, you don't want to be a stellar at that point you should be expecting reflex rally. the s&p is up almost 8% from the intraday low on friday talking about three and a half days a crazy, crazy environment what happens in economic policy and economic growth.

>> in terms of the stocks that have sold off the most, arc universe, for example, you see paypal in focus today. stocks that have fallen more than 50% is it more likely they bounce back and double where we were or half again >> the situation is this what's impacted those stocks is fed. interest rates fed's in a box talked about it before where over the next two months unemployment is going to stay low and current inflation stay high i don't think that's the case once we get through the summertime but puts them in a box because the economic activity is starting to roll over as you transition the economy from buying stocks to doing stuff. the buying stuff coming into it with historic level of wholesale inventory, because given supply chain constraints, excess ordering, scramble to get products and created a huge

inventory level. and rolling over, i'm not a derivative guy doesn't work that great. slowing down we're doing what we're supposed to do at this point in the cycle. 2005 and 2011 created a tumultuous half. smoked the most, but when you have that kind of technical pattern, coupled with still that fed and economic backdrop it's going to take a while to but um o bottom out i don't think like off to the races. >> you're not convinced and not a buyer sounds like, tony, but what about earnings? earnings especially places where it counts. the big technology earnings and some of the other economy-driven stocks, have been quite reassuring for those worried about the economy and the fed choking off growth >> sara, it's not that you'd

think there's a big bear mark, recession or economic retrenchment coming, earnings retrenchment coming. no question earnings are good. one of the biggest myths out there. again, from a macro level. when you look at s&p operating earnings, costs are never the reason that you have a significant margin compression so because you could pass it through as long as employment's strong, and there is excess liquidity to spend, full employment right? raise money in the corporate bond market. companies can pass through costs. so what you really are looking for for deterioration in the earnings picture is when you have top-line value. i i don't expect that. i expect economic transition a little bit of a weird environment where you'll have the fed tightening beginning in march. then you're going to have a soft patch in economic activity until we get towards the summer when people start doing stuff, coming out of the omicron variant it's just a transition period. again, like 2005 or even 2011

where the monetary policy and economic outlook is just so unclear. i don't think you need to make a major bet. >> so you expect bumpiness until we get into the next big reopening? where should you be? what kind of stocks in that environment? stick with staples, outperformed in the periods where the market gets really volatile and goes down >> generally you do. the way i've tried to handle it is, we look at various sectors right? now, as far as health care, is it offensive or defensive? biotech is offensive and is tech -- how are we with technology when you have some of the mega cap growth stocks still doing really great and consider almost defenses. it's a risk on/risk off. right now generally a risk off we expected a bounce again, i think, sara, the best thing to do here is to not make

a catastrophic error by that i mean, when you're into these market, less than 10% stocks above the ten day and vix at 40 and ripping, nots not the time to get defensive. just like it's not the time to chase the s&p when it's up nearly 7% in two and a half days let's try and use the -- i don't think you can predict it in this environment. we have to react to extremes. >> it is interesting that energy financials and staples are the three best performing groups tony, got to leave it there. thank you for joining us with your latest thats. >> have a great day. straight ahead, paypal plummeting and what to expect when meta reports top of the hour inside the market zone with the dow up 246 s&p up nicely as well. up almost a full percent and every sector higher except for consumer discretionary. that hee for those you love. vanguard. become an owner.

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>> announcer: the market zone sponsored by -- welcome back another big offer of session coming your way. earnings from meta first report since the name change we'll break down the results of the panel of experts the cft mobile joining us exclusively to talk about his earnings before his call, and earnings from spotify and qualcomm and moving in opposite directions ahead of their releases and look how the market performed in previous fed-hiking cycles for clues about what could happen this year all coming in the second hour of the show first with just 13 minutes left in the trading day, in the "closing bell" market zone and here to break down crucial

moments of the trading day and today wealth management ceojos brown with us as well. kick things off with board of markets and session highs approaching the close. dow up 250 points or so, s&p up essentially 1% mike, i guess overall, you have to look at this and, again a bit of intraday pullback in the way we struck that off is very encouraging continuation of the recent bounce? >> yeah. obviously the market feeding off the fact a rush to the exit among shorter-term traders into the low week ago monday. this is about the level the trap door kind of opened two weeks ago below the market right? 4,600 or so like that. four sessions down towards 4,200. it's actually symmetrical how it's bounced since then. i don't necessarily see it as something particularly extraordinary we bounced this far this fast when credit markets did not buckle and you didn't really have big a macro

change and treasury yields relaxed. to me cleared the way for a move like this. the next -- angle of the next move is probably a little tougher. unlikely that we continue this angle and create a perfect v back to highs. usually least likely scenario. i think to this point it's not been that unusual. >> never quite impressed, mike santoli. josh brown, what about you the last four sessions have been strong they've been buffeted by earnings commune services working today and jumping 3.3% after alphabet's good report are you encouraged putting new money to work in the earnings winners >> no. i've been, i think i've been pretty clear on the show over the last couple of week. i don't think we've seen the end of the volatility. i still think we're in for another couple of weeks of inflation headlines that make everybody a little jittery i personally think that inflation peaked in january,

but, fine. people are going to hear things like what starbuck's had to say and feel the worst is ahead of us not behind us inflation sticky with wages. we understand that people get a raise and lose that a week later it's rate of change that we're concerned with the rate of change will absolutely decelerate and second half of this year maybe even go into decline for a lot of areas, cpi, or pce concerning people. not everybody catches on at the same time. i don't think we're done last week, 14% of the nasdaq was above the 200 day. we haves bounce off that driven by the right thing earnings are pretty damn good. like starbuck's was not a terrible earnings report facing the same challenges a lot of people are. google's report magnificent among full disclosure but aren't

going to be a million of those it's not like 500 alphabets. right? i think we're probably in for more volatility, and one of the things i've been trying to do and talk about is, using days like today, or yesterday, to look at your portfolio and say, know what? i really don't want to be in this anymore, and when you start se seeing, sara, that lower highs, stocks don't gcome back where they were in november and then selling resumes from that lower high, that tells you that we still have more work to do, and i think that's where we are right now. shopify down 10% zoom off 5%. docusign, these stocks selling from lower highs it's not constructive. >> in fact, arc innovation etf down 5%. 1% move up in the s&p. every one of those stocks down now. ecommerce names you mentioned leading the charge speaking of good earnings

stories, amd jumping after reporting strong fourth quarter results after the bell yesterday. the company posting earnings and revenue that beetle estimates as well as a strong sales outlook for 2022 ceo lisa su joining cnbc earlier to talk about macro factors that help deliver the strong results. >> a great market backdrop for tech tech no question. within that partnership with our customers, execution of products and just being able to deliver on the supply as well. given how much demand is out there. all of those aspects are key to be ale to grow significantly above the market. >> that's strong forecast boosting all semiconductor names practically today including qualcomm right on top along with xilinx, micron how do you big the winners stocks beaten up and dragged downed into earnings and paypal went the other way

amd, boy, another strong report. >> yeah. going to say, too busy focused on what do i do with my losers to be concerned picking winners just yet look, amd along with nvidia, there's a a group of companies in this space that are facing almost, like, unlimited demand for as far as the eye can see, as the semiconductor sector ceases to be cyclical and begins to be secular. which is probably not consensus yet but a lot of analysts cover the states starting to talk that way. so amd, like the amount of opportunity that company has in front of it is not going to be impacted by the fed raising rates 25 basis points. just isn't right? i think there are examples of that and maybe that's the way you want to start thinking if looking for stocks that should be okay in this environment, but, again there's not hundreds of those types of situations. amd happens to be one of them.

wish i owned it. i am in nvidia i count change my view on either one of those, fed in march, to me, that's not the way these stockless trade. maybe intraday but not over the intermediate terp. not interest rate stocks. >> by the way, jim cramer will have more from lisa su friday with a special sitdown interview in his cnbc investing club monthly meeting. subscribers can join the event 12:30 p.m. eastern time. and plunging today, after a weak earnings in guidance. we have the details. >> shocked wall street with lower than expected guidance biggest surprise, huge slowdown in accounts expected for this year as a result we've seen at least half a dozen downgrades today, and price target cuts on paypal's stock outlook as jefferies told s

clients, paypal a show-me story and analyst there's say can't recommend the stock in the meantime paypal is by far biggest laggard on the s&p wiping off a quarter of value. stock on pace for its worse day yet going back to its split from ebay back in 015 down about 24% heading into the close. back to you. >> kate, thanks. and josh, you have been a holder what are you doing with this now? >> i took the rest of my losses in paypal today. got that around my average cost. this is a stock i've gotten really wrong wrote it up for 300. never sold any of it. rode it all the way back down pap debacle from start to finish for me the problem here is that they totally changed the story. so i think if you were an invest eer, you say to yourself, if the story is different, is this

still what i want to be invested in a shortfall they warned about last november. that shortfall came true on user growth last night said, don't worry about user growth because we added a bunch of users turns out most not productive for us now focus on average revenue per user by the way, might not be wrong in terms of that being their new strategy, but this stock will be in the penalty box for probably the next two or three quarters before wall streets see any progress on arpu if that's the new focus. not sitting here for that. i think this is a company that last year talking about 750 million users being the target within a few years now not talking about that anymore. a very different prospect being an investor and i have too many other things i wanted to do. no position in paypal.

thanks for the memories. >> mea culpa from josh stock ran up, business hot early 2021 as well 57% off the highs. on to valuation. >> brought them back sort of what you would consider a longer-term reasonable level i said it yesterday. mostly the fact valuation went vertical in the excitement, over fintech. people would do the whole everyone uses venmo. really don't make money on venmo, look, it's venmo. misapplication what was driving the story. mostly it got a little too expensive. in growth peurgatory the stock went into a free fall after news potentially buying pinterest. a change the subject-type move and out of the lane potential strategic move all that said, it's a good

business probably in growth purgatory for a little while right now and fintech got too crowded. a too much capital thrown at the payment space. no doubt about that meta previously known at facebook -- the tell on this when the, when the -- the talk of buying pinterest came out, and i like dismissed it not really doing that. kind of were thinking about doing that at that point, myself and everyone else who was in this said user growth story should have said to themselves, wow that seems very odd, and desperate. that conversation was even taking place maybe something is wrong here on the user growth side, and then not long after, they came out and warned that user growth would be nowhere near what the consensus was. that was the tell, and now the new thing i'm hearing is, because they had hired, they hired a new person hwho's responsible for their investing group and talking trading stocks might be interested in robinhood

which they could certainly afford if they did a stock deal. i wonder how something like that would be received li d by paypa holders, talks taking place of that nature? i just want out. on the sideline and maybe back in another time. >> just rumors we don't have anything on that. >> no, no idea. >> pinterest talks, a real tank on that news. meta, reporting, headliner after hours today. julia b julia boorstin with a preview. a slowdown from revenue growth rate in the prior quarter as the social giant navigates a few industry-wide changes. first changes to apple the system making it harder to target ads and amperes expected to have pulled back on their own supply chain restraints and a question whether engagement will

slow as economies open up and tiktok grows in popularity this is meta's first quarter breaking out its corefamily of apps from its reality lab division that include oculus and meta verse investments and expected to lose money for a while. guys >> julia, thank you. sorry. i will pick that up. thought mike would pick it up to take to to the close. >> yes actually internals pretty weak considers up almost 1% in s&p 500. more stocks down than up meg a stocks helping two different markets. big is sell-off in high beta ones and a comeback. v volatility settled back towards 21 a positive, create add spike on

the chart. s&p 500 looking like it's up more than 0.9 of 1% going into the close. basically highest level in about two weeks just under that 4,600 mark, mentioned 50-day average index higher's small caps stock track to be negative on the day. another one of those top-heavy sessions. [ closing bell ringing ] nasdaq is now 4.7% for this week welcome to the "closing bell" everyone investors now set for another huge hour of earnings. results from meta, qualcomm and t-mobile and t-mobile ceo joining us to break down hi company's quarter before joining the analyst conference call. and still with us, josh brown

and senior wealth adviser as well joining the conversation as well tim, come to you first of all and your take on the extraordinary tech performance today with paypal at one end and google the other >> right starting to see perhaps the faang trade is re-emerging as mega caps leading the market everyone else falling away from a long-term standpoint, they have earnings and revenue and cash flow. somewhat constructive for long-term tech investors like we are. >> see where spotify fits in stock tanking after hours results. julia what do you see? >> well, spotify beating expectations on the top and on the bottom the line is as subscribers came in, $4 million ahead of consensus estimates and premium subscribers in line with

expectations at 180 million. the company reported revenue $2.68 million euro ahead of the 2.65 million euro. and less than the loss of 43 cents that was expected. looking at guidance. spotify forecasting revenue 2.6 billion euro first quarter that is in line with estimates and guidance for premium subscribers also in line as well a couple key notes in this letter to shareholders spotify ad revenue reached 15% a peak for that ad revenue monthly active user engaging with podcasts grew by double digits from the third quarter. there is no mention in here of joe rogan or the backlash to his commentary on vaccines anywhere in results or letter to shareholders, though it may come up on the call of analysts in a bit. guys, back to you. >> crosby and phil joining mr. young in that boycott.

julia, thank you. mike, why is stock down 15% with those numbers >> i think it's the guidance on users. sort of feels a little too familiar as there was a little maybe of a high expectations based on pandemic metrics, and the stock is already by the way been in rough shape. it's been selling off in the last several months, and at this aftermarket price and low 160s takes you back to may of 2020. the last time we got to this level. so i think sort of a little bit of a fragile psychology around it going into it and idea of user growth not necessarily being up to hopes. seems like it's what is driving the sell. >> josh, your take here? interesting we saw such a big bounce in netflix after its call on earnings, starting to sell-off itself again today. what about spotify doing that? >> i think mike has it right that what was going on during the pandemic, i think, like, it

was like a magnifying glass just looking how many people all of a sudden were looking for more forms of entertainment or more things to do it takes a little, a while for that to fall off pull back and think what was going on with this name from 2018 until the pandemic, the stock price was already struggling, because i don't think there is complete buy-in with the business that they're trying to build. this idea of, okay get phil simmons, joe rogan, then maybe barack obama and bruce springsteen and get michelle obama, too, and get the royals, all of these famous people and put nem front of the microphone, kincaid, and magic will happen. i really don't think that that's going to work. i think you have professional podcasters, like rogan and the ringer, there aren't a lot of those. and celebrities like signing deals like cutting ribbon on thing the but don't show up and

actually deliver do you know how hard to build a podcast audience that stays, comes back every week that you could sell tens of millions of dollars worth of ads again almost nobody able to do that. tough to bet on spotify assembling a whole roster of people trying to do that at the same time. the doubt was there pre-pandemic that doubt is now resurfacing again. the neil young stuff is just another level that no one even considered up until a few days ago. so this is a tough name even on a dip. >> the company says among, monthly average users engaged in podcasts in the quarter consumption remains strong up 20% on a per user base don't knmiss an exclusive interview with spotify's ceo tomorrow 10:00 a.m can't didn't miss interview, and spotify, down more than 17% after hours. qualcomm also just out jon fortt with those numbers.

>> yes, sir. keep in mind the stock ran up more than 6% during the day. it it is down after hours but the numbers are beat, you know, reporting revenue of 10.7 billion dollars non-gap, $2.17 nongap eps and the guide is to a range of 10.2 to $11 billion. so 10.8 at the mid-point $2.80 to $3 etf. 290 there at the midpoint. just got off the phone with christiano, the ceo talking about the quarter and he points out android was strong overall really benefited from high-end demand high-end tablets's in china, demand strong as well. particularly because as huawei struggled demand flowed to honor and other brands that really focused on high-end and high-end

snapdragon chips from qualcomm at the same time, demand out strips supply, he said they have been doing a good job in his view being able to supply what they have, but demand remains strong, guys a lot more i could get into from christiano, but that is a bit just off the top >> jon, thank you. qualcomm down about 14%. a big run today. don't miss jim cramer's interview qi qualcomm ceo on "mad money." down 14%. >> a miss on the bottom line revenue 33.7 billion forecast was 33.3 billion. eps only 3.67 per share. forecast for 3.83. costs higher than expected operating margin lower than expected 37%, forecast for 39.4%. also, a little built of a miss on users

day active users 1.93 billion. forecast for 1.95. fraction mit miss nonetheless don't want to miss in this market similar at 2.91 billion. forecasters 2.95 billion and so that issue there on the bottom line because of costs fractional issue as well on the engagement need to dig in a bit more to commentary around it, but share price reacting down 15%, mike. pretty significant, and, of course, i guess it held up relatively, because of microsoft, a fraction and all that coming out now? >> for sure. talk about 7% from the lows early last week. clearly participated in the rebound. there always, often, sensitivity when it comes to facebook on the pace of spending clearly margin story is kind of hitting a bit of a raw nerve among investors. remember when he unveiled plans to change the name and become

really committed to the metaverse. people had sticker shot at amount of spending there new reporting structure and time to pull apart talking about core family of apps relative to reality labs which is kind of a hardware business, but looks like in the three months, it was income from the traditional core business $15.9 billion and, against losses of $3.3 billion for reality labs when alphabet separated things out like that and talked about their other bets, over time created clarity about the runway to the actual core business. we'll see if that does so for facebook, though not at the reflux yet. >> and also, mike, warning about slower growth ahead including citing headwinds to julia boorstin on the outlook. >> yes meta is giving some outlook that is lower than expected in terms of third quarter 2022. expecting revenue to be in the range of 27 billion to 29 billion representing 3% to 11%

year over year growth. to put that in context, last quarter in the third quarter, had 35% revenue growth that is lower than the $30 billion analysts anticipated i think guidance is really what's weighing on the stock here and gives them some explanation why they expect that growth rate to continue to slow dramatically saying they expect continued headwinds from both increased competition for people's time and shift of engagement within the app towards video services like real, monetized add lower rates and expect pricing of ads to be negatively impacted by a few factors including apple operating system changes lacking a period not in effect and lacking a period of strong demand in the prior year continuing to dig into this, but see the stock now down 18% largely on those issues outlined in the outlook. and foreign exchange as well a number of headwinds for meta shares down about 18% in the

after-hours. tim, a lot of your clients they own this name. this is going to hurt. >> certainly it's a disappointment i think the disappointment lies in the engagement. numbers that came out last night from the competition in alphabet made people assume they would have similar engagement numbers and protection of high ad rates throughout the platforms taking a little digging in still a very profitable business and a lot of user engagement not an indication to us that somehow power of those brands changed a lot. >> we also think snap and twitter down significantly off the back of this result. qualcomm now down 8% spotify down 21% joshbrown what do you make of these huge, huge moves after hours? >> again, i think we're not done i think -- i think this is -- i hate saying it i don't want this to be true but i think we have more work to do.

there's just -- all of the things that buoyed this market and large cap growth stocks all of those things that fed into that momentum, a lot is now being rethought and momentum works in both directions so i think people with diversified portfolios are doing just fine. you don't have to have a portfolio to make faangs, make it worse and your cross to bear. sitting on diversified portfolio, not blown up. not the best of times. all-in tech and innovation, no fun and no signs this has to end necessarily any time soon with a lot of stocks and spotify fits into this category unfortunately. great brand, but even with the decline in the share price, it's not low enough where value oriented managers will want it, and growth and momentum managers

not coming back to it. who is the owner stocks get orphaned and limbo two different classes and nobody to support them. takes time, works itself out, but i don't think because we have a big rally and upside gap in the nasdaq one day we should feel like the conditions that have caused this rethinking all of a sudden are just going to clear up i wish it were that simple it never is. >> mike, i wanted your final take on these moves? your take quite a few times in the next hour. before we go to break on this. >> whether you want them or not. no facebook citing a macro economic driver why revenue will be a little lower than expected, quiets a bit lower this quarter is another kind of moment in time that shows you this is not the company that can just kind of grow at multiples of gdp the way it did before. remember, facebook is the advertising destination for smaller businesses kind of have played on that.

a real asset and remains an asset for the company but if they are squeezed my costs advertising does get drained in that environment. that's essentially what they're saying, too. you can't be growing single-digit top line and be subject to macro economic forces and even hold valuation for now. again, remember microsoft. wait for the call. see if there's a rethink on this one. >> wasn't down this much facebook had 3% quarterly growth, when was it? >> well, never unless before it was a company of this scale. i would say -- of course, low end of top-line. >> 3 to 11 on the next quarter leave it there thank you for joining us. just getting started here on the second hour of "closing bell." coming up, meta big miss and joined by an analyst thinks the stock is a value play. what does he think now down 19%?

and more than doubling wall street estimates and this stock sur surging as a result. up 7%. up next, ceo mike sievert breaking down results ahead of his conference call that begins in a few minutes. and we are back on "closing bell" in two minutes.

it has already been one for earnings reports issues weak revenue guidance down, gosh, 20%. you don't see that every day 19% for a company of tsd size. qualcomm spotify both sharply lower as well. spotify down 17%, 18% qualcomm down, and t-mobile up 7%. >> bring in t-mobile's ceo you're the exception in this after-hour sessions. >> look will particularly good. >> and particularly happy,

although he's always cheerful, i was going to say happy groundhog day, sara. i mean, happy groundhog day. t-mobile did it again. >> oh, i see i see. you're always a marketer, mike tell us what you're seeing wasn't a lot of mystery. you preannounced, clearly giving wall street some good news here especially on guidance ch. >> we're showing t-mobile had best year ever not just on subscribers as earlier disclosed but service revenue, ebitda and cash flow. roundly beat the competition on all important metrics. shows the underlining magenta model pursuing as we execute our merger with sprint is firing on all cylinders. >> tell us a be the pick-up of 5g and what you're seeing from customers now and whether they're seeing it as much as a value proposition they need?

a big play for you. >> absolutely. you know, there's been so much talk about 5g in the press this last month and at&t and verizon are just getting started but we're nationwide already with 210 million people covered with 5g the fastest and most available in the country it's a real advantage. i've been saying for a long time that ultimately what this company is doing is delivering sm simultaneously the best network and value and you see it in this quarter's results. subscribers leading the industry again showing that the formula we have at t-mobile is exactly what consumers and businesses are looking for. >> mike, has the improvement that that can deliver in average revenue already arrived or just at the start of that expansion >> absolutely. about 55% of our customers now are taking magenta max, because they see what they can do with

t-mobile's 5g network and want to use that data up with a rate plan best in the industry, truly unlimited. that's driving -- first time eave ever posted plat arc. actually up a penny year over year we see lots of times that can continue part of what's so exciting about this release today isn't just the results but the guidance we're looking forward to a year with very significant ebitda growth and cash flow growth as our model is firing on allcylinr and so far ahead on integration that's unlocking financial value long been promised. >> what do you say to analysts and investors concerned about the turn in sprint you say according to plan. why not a headwind >> yeah. because it's short-lived one of the things beautiful, we can now see a material cohort of people who have come across to the magenta network and have ma

gent -- magenta phones, and their profile looks just like magenta and we're working through that group it's going to take a little time as we get them migrated and upgraded we see what happens. they love that magenta plan and the rate plans so much better and one or more new phones fully connected, that's enough to see power what this network can do and they're profile looks great. as we outlook, outlooking at the highest turn throughout the entire integration process behind us. probably this most recent quarter. >> mike, end on a more light-hearted question, which is, can we expect more brady and gronk retirement commercials to come >> always a fun time of year for us you know, i love the super bowl. it's a great time when this rapidly changing media

landscape, people aren't really watching tv anymore but they watch the super bowl we'll be back and as usual have a lot of fun with it. >> done give us a clue on a retirement ad. >> a super bowl add coming on nor? >> is what ad coming walt >> no gronk this year. >> no gronk? >> no. gronk's on the tv all the time doing, like, five or six different commercials now! it all started with t-mobile don't forget that. >> exclusivity fallen in your eyes might avoid him if you see him in the hallway mike, see you. >> see ya. meta down more than 20% now. julia boorstin dives into the numbers once again for us. julia? >> yes those meta shares are plummeting on lower than expected first quarter guidance as well as some evidence of user struggles for facebook the core app

facebook's daily active users declined overall with decline of 1 million u.s. and canada between the third and fourth quarter. u.s./canada the most region in terms user by far. europe and asian-pacific regions adding 1 million daily active users in the quarter look at some other social stocks as well. those stocks plummeting after hours on concerns about user engagement as well as slowing revenue growth snap shares down 19% pinterest off 10%. both stocks report earnings after the bell tomorrow. twitter innings next week, and those shares are down more than 10%. guys >> well, at least the bar is a little lower for snap tomorrow with that move to see down 20% hasn't even reported ast astonishing. and a value play before this

huge sell-off? now a deep value play. plus spotify had, of course, similar after hours decline. we'll hear from an analyst on that company as well and take a look at cathie woods arc innovation under pressure because of spotify ont her moves as well, of course down 4% in after hours crazy volatility this second hour of "closing bell."

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meta shares plummeting 23% in after-hour trade astonishing to see such a big move other social media like snap, twitter, pinterest, snap in particular, down 20% itself. hasn't done anything this evening. meta names like road blocks and unity software also moving lower. joining us now, company ceo stephanie and managing director who has a buy rating on the stock. have to come to you first. your take on the numbers this afternoon. >> not many things to like here. a lot of negative surprises in my opinion we knew that in the model, tied to earnings and knew laughing at

apple ios issues but guidance here in q1, single digit growth much lower than anybody anticipated. i think the combination of lower monetization, lower engachlgemet is putting an air pocket in front of facebook now. of all options they have, a lot of under monetized, and that remains to the seen. right now just need to go through this period of apple headwinds and undermonetized and come out of this better. probably remains under pressure the next probably three to six months. >> and just a follow-up on that. what valuation multiple was it on before today? because i guess it wasn't that expensive relative to the s&p 500? >> no. >> and kind of how are you going to try to set where it might signed support moving on from here

>> it was on the rankings, 21, perhaps 22 depending when numbers you look at. so right now we think they will still do more than $14 in earnings this year about $30 in cash. strip out $30 in cash from the current stock price. doing this math as quickly with you as well, and probably mid to high teens earnings. which for the company of this size and scale of facebook, i think that's extremely with value. you would need to survive and they need to go through that in the next, probably three to six months where we need to see evidence that they're out of the apple ios. >> it is a stunning drop down 22% for a company that's a trillion dollar market cap, stephanie. how do you make sense what we just got from facebook especially stock up with what we

saw from google, also ad supported, and on better results? >> yeah. i was surprised, too not only by the guidance for the first quarter, but also by the market's reaction. advertising for the fourth quarter for facebook was, was relatively strong. and i think people were counting on them to have a similar kind of posture as google i think i would imagine a lot of people are also looking at that $10 billion loss from reality labs you know, it remains a really big question mark if they are going to be able to monetize the metaverse in the same way they have monetized apps, and so, you know, with all of the headwinds, already pointed out apple ios tunnel and the, know, just the downward guidance for the first quarter and then layer on top of that uncertainty that big widening loss associated with

the reality labs seems like a lot of people will stay on the sidelines. >> what, stephanie, is your take on the engagement? not a massive miss but clearly was a miss and werthh whether yn compare it to -- maybe not x in the name but suddenly a different outlook in terms what growth they might be able to deliver on that core part of the revenue-generating part of the business over the next few years? >> i think everybody in the media space, social media space, traditional media space. movies, and everybody is looking at engagement with a little bit of trepidation you know, facebook also does have this challenge of being so large, and needing to try to find new sources of growth and again, referenced a couple places where they can monetize where they're undermonetized in terms of sheer ability to add

new user, i think the company is slowing, and certainly the amount of hours a day that people can spend on the platform is slowing. >> does it matter, if engagement numbers, bullish on the metaverse where facebook is taking the futchfuture change its name, investing $10 billion and that's where the focus is >> i think metaverse is several years away from having to move the needle on facebook fundamentals i think it's actually two or three years away from an engagement standpoint, the shift in engagement where people are watching more vertical videos, and ads, spending probably more time on commerce and materials, marketplace, instagram shops, also monetizes at a lower rate i think facebook has sown a lot of growth off monetization in the last months. right now in that air pocket

where they just need to start to show evidence of monetization of those seeds to harvest from those kind of investments. so that's where we are in right now, but the impact of esc sequential in growth nobody comprehendsed and the reaction. >> an interesting call stock now down almost 23% after hours. stephanie and rogie thank you for joining us. and spotify shares also sliding, despite reporting a much longer than expected loss up next we discuss whether the sell-off is a buying opportunity for investors's that stock down 27% after hours. plus amaiszon next. headlining tomorrow's huge slate of earnings after the bell the key numbers to watch for later on the "closing bell."

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time for a cnbc news update with shepherd smith. >> the news on cnbc. what's happening u.s. military on the move in eastern europe as tensions mount between russia and nato. president biden now deploying 3,000 u.s. troops to poland and romania. both nato allies the white house says this is a defensive move to reassure nato

partners of the u.s. commitment. a possible break in the case now of the recent bomb threats made against more than a dozen historically black colleges and universities a law enforcement official tells nbc news the fbi identified six people of interest, all described as tech savvy juveniles who used sophisticated methods to cover their tracks. the official says the threats appear to be racially motivated. more than 100 people across 2,000 miles under winter weather alerts a massive storm stretching from new mexico to maine slams the midwest and plains with heavy snow, ice and rain, and that storm causing chaos for travelers across the area. more than 2,5 ha00 flights alrey canceled. and a striking new illness striking diplomats and spies

across the world more on cnbc at se7:00 eastern tonight. and andrew, call for spotify not seeing material difference in net ads for 2022 versus 2021. in focus subscriber guidance really disappointed investors what do you make of it >> yeah. i think -- i mean, you get through, into the numbers, they don't look too bad, but when you look at the slight miss on subscriber ads a slight miss on march guidance, taking away yearly guidance. investors want add 2022 number better than '21.

taking that away uncertainty there. then kind of layer on top of what you talked about in the earlier segment. actually about netflix. anybody consumer facing in entertainment engagement is really on top of mind. so if you're not, if you're not beating those engage investments, investors are running away that's what's really hurting the stock. >> do we know why engagement numbers are -- because of the pandemic they boomed and now it's a give back >> what everyone's trying to figure out right? you know, the thought process going into this year, whether netflix, spotify and many others, was that as you got into 2022 we're getting back to normal and we get back to like a more normalized growth rate on subscribers and whatnot. it looks like based on everybody's guidance so far that's not the case. is it a covid hangover have we reached kind of

saturation those are all kind of questions investors are asking for now the stocks are getting punished. >> do you look a lot where they're trading relative to recent lows our last analyst talked about facebook mentions air pockets, the need, and clearly where it's trading now, below recent lows. is that a concern? >> something we normally look at when you have potential significant narrative change it's the narrative now is, slower growth, and, you know, inflection point in cash flows is longer and maybe our chain not as big is a significant narrative change the way we value it in the last few years may not matter anymore. i think any quarter or two of digestion, as the previous guest talked about, an air pocket. getting through that air pocket in time to really assess what the under lying issue is will go

a long way determining the ultimate valuation for now, no. i agree. in a big of an air pocket until we sort through the issues. >> the joe rogan scandal could, it ultimately turn into being teal for the company, its numbers and growth >> up to this point, no. i don't think so you know, it -- for us, it looked a lot like the des chappelles issue for netflix last quarter short term noisemaker based on social media trends we follow. the joe rogan not quite getting the trakction some naysayers would like it to get seems not enough people care enough whether or not what he says has any meaning so for now we don't think so but, again, i mean, any reason not to subscribe or engage is going to hurt, hurt these companies. so definitely something that's in the back of our minds, but for now we don't think it's -- don't think that is the primary

impact here. >> because the musicians that are boycotting because of him will stop doing so soon enough, or because if necessary, spotify can remove joe rogan >> well, no -- no offense to any of the musicians that have boycotted. no single musician, no group of musicians, you know, drive that much engagement on spotify typically it's, dozens of musicians, typically the bill board 100 and billboard 50 are the reason people sign up. so far haven't seen significant boycotts in that space so no single, no single musician really make as difference on a platform as big as spotify. >> done a 358 dollar price tag a long way from there. >> you know, one of those things where, the way we, we tryour best as analysts to pick a fundamental long-term view look at what spotify is really trying to do, trying to be a

platform for musicians for podcasters for the greater economy, and we think there's a big opportunity over the next five to ten years to continue to grow subs, continue to expand pricing tiers you have monetize fandom and really be that conduit between fans and creators if you think about it that way, should command a fairly healthy multiple, be able to get growth margin expansion, and -- but it will take a lot of time to figure that out, and right now as seve in the market over the last, call it, two, three months, everyone is hyperfocused on the very near term of the impact of what's happening on the macro side and specifically media what's happening with engagement. >> spotify down 12% after hours. andrew, thank you for joining us >> thank you meta shares down more than that down more than 20% after a

profit miss and weakerrevenue guidance. coming up, we will count you down to the company's earnings that kick off in a few minutes. but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeting them where they are, and getting them where they want to be. faster. vmware. welcome change.

we're back over to mike for a look at big tech as meta plunges off. >> such a big move changed the dashboard. we have our feed, sort of tear

it up. a record scratch of a quarter for facebook creating a huge, instant rethink about what it's worth long term. seems kind of the company entered into a mature phase more than we thought. earnings growth and user engagement interesting taken the stock back into the 250 area, where from september of 2020 into let's say february, through february of last year, it did kind of chop around, had a nice base in there. in a hurry gone back and said, okay remember you bought this a year ago? a little more than a year ago at this price are you still interested something to watch for the morning. if, in fact, after the conference call we remain in this area. nasdaq 100 took a look. here's a two-year chart to show you pressured a little remember, misses by paypal, by meta, by netflix before that and very good earnings by alphabet, microsoft and apple. all push-pulls to this point 370 a point. didn't want it to go below in

january. we're there. early 2021 levels but not a leadership group hasn't been for a while, a really strong 10% snapback look at the broader interinternational faang-plus sector relative to s&p over this period you see it's given up all of those pandemic era gains this is kind of faang and whatever you want to call it with microsoft and apple except without microsoft and apple. sort of a nasdaq 100 without microsoft, apple and semiconductor it's you see the internet pure internet-type stock, ecommerce and the like struggling here. >> i have a related question on just how widely owned this is. mike, brought up this point during netflix worse for facebook it is so widely owned. right? this is ultimate closet benchmark stock. in every sector mutual fund with bench in mark weighting wondering who the buyer will be

and whether that's exacerbated the sell-off here here >> owned by a weighting, top-five weighting in s&p 500. that said, i don't think you had a lot of fast money type of crowding in facebook like you would with others. actually migrated into more kind of growth at a reasonable price. almost value tinted strategies because valuations came down so much i agree basically everyone owns a piece of it. if you have a portfolio. to me not one so spring loaded with kind of performance-oriented hot money to go on the down side by the way, we're talking about ten-year anniversary of ipo coming up in a few months here sure we'll do something on that when it comes. >> mike, ask what key levels we're looking at talking about importance not falling below last monday's intraday low, and the indices

bounced back very well and quite fast from that at the moment some high-profile stocks we're talking about from spotify to paypal earlier today to google will be, not google. excuse me. >> sure. >> facebook. bow low the levels s tomorrow will we keep an eye on that? >> of course individual was return of this very wide dispersion we talked about more stocks down than up today. i don't think you have to worry too much if the handful of the real perpetrators of these break through last week's lows s&p, you probably don't want to go back in a hurry i think it makes sense you retrace part of it and see if it can gather up a little bit of a higher low than we got last monday midday. it's $42.22. >> even alphabet is down after hours, even though it already reported >> a small but significant

amount of gains today. spotify was already down 6% today. >> and down now, what, 15%. >> much more on today's big earning sell-off that we are seeing from meta and spotify. >> down almost 5%. pretty bullish what investors will be listening for on the earnings calls from all of these names minutes away when we come right back.

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get started with fast and reliable internet and voice for just $64.99 a month. or, ask how to get a visa prepaid card with a qualifying bundle. what an ugly after-hours session for earnings meta, that would be the company formerly known as facebook down 22%, plunging on a profit miss, and weaker revenue guidance. expecting only 3% to 11% growth in the coming quarter. qualcomm is lower, had a big run-up earlier both earnings calls are set to kick off in a few moments. investors will want to hear more on meta's disappointing outlook. check out spotify. shares are only down 9.3%. i say that because at one point earlier this hour they were down 17%, 18% the company posted a smaller

than expected loss but it's mog active users outlook was a little bit light expecting to add just 3 million new premium subscribers. t-mobile is the bright spot up 9.5%, after more than doubling wall street's profit expectations we talked to ceo of t-mobile and he was very positive. >> he was. rightly so today, outperforming facebook by 30% right now. it's another big day for earnings tomorrow, by the way. up next, we'll have a rundown of what to expect when amazon reports. we look forward to that one. also, we will look out and be back in a couple of minutes.

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ralph, that's the chewy pharmacy box with our flea and tick meds. it's not peanut butter. ♪ the peanut butter box is here ♪ i'm out. pet prescriptions delivered to your door. chewy. losses have been down more than 18%. the call is under way. let's get to julia boorstin. >> there were a couple of key comments, sarah, that led to the stock making back some of those losses they said they do not anticipate any material changes in the trajectory for net growth in monthly active users and subscribers in 2022 compared to

what they experienced in 2021, indicating that the first quarter would be a slower quarter and they would resume a faster growth rate after that. they also said they expect improvement in podcast margins and they're seeing an enormous amount of demand for advertisers and they are stretched for inventory. the stock down about 9%, about half of what it was down before. >> thank you so much somewhat off their lows. >> nobody knows what that means. >> you can translate it for them. >> under the gun >> amazon is the big one reporting tomorrow let's get a preview. >> well, record revenues muted profits. amazon has always invested most of its cash basket into the business for day one, day two delivery this quarter the company is facing higher costs outside of its control like labor shortages and supply chain cloud also has a high bar to clear

after microsoft and google, aws does remain the biggest player in the space advertising could be interesting as well. lots to dig through. the under-performer of the mega caps until meta, that is, reports tomorrow. >> and the pressure is on, there's no doubt about that, about facebook sliding 20% in after-hours trade. we are out of time on "closing bell." thank you so much for watching "fast money" starts right now. >> the nasdaq markets overlooking new york city's times square, this is "fast money. tonight on fast, we are all over the after-hours action, shares of meta, spotify and qualcomm in the red. we're breaking down reports straight ahead plus, the paypal plunge, dropping 24.5% for the worst day ever is it time to throw in the towel? and later on, what we spotted in the options market today that