housing market fly's that. we'll start to be able to see people get in. you hit the nail on the head it is very hard to get into the housing market because it is so pricey >> diana, thank you. that does it for "the exchange." "power lunch" with that man over there picks it up. welcome, everybody, to "power lunch." here's what's ahead. we have the good, the bad, the ugly and the big question. the ugly -- that would be facebook today the bad would be spotify the good is cloud broadly speaking the big question is amazon what happens with their numbers after the bell this hour we'll take the deep dive into each the ecb changing the ruin on rate hikes will central bank hawks bring

out market bears the vista outdoor ceo is here to talk about the sales, guidance and it's $200 million stock buyback. >> hi, everybody we're still near session lows and somewhat off the levels. dow down 265 s&p down 1.67% nasdaq down about 2.6% after facebook spoiled that tech comeback breaking a within streak look at crude where prices crossed above $90 a barrel that's a 2% gain today over in rates land saw things climb this morning after that ecb pivot and the bank of england. our 10-year settled in and seen a spike globally

let's get right to bob pisani with more on the market pullback. >> not much buyinging interest why at the lows of the day the s&p 500. we have had a nice foush-day run gun with last year look at 4500 with the s&p down 77 over in the dow we see some of the salesforce weighing on the dow. microsoft. big cap tech a problem and a problem for a while. we are focused on meta today but in thematic tech in general. there is a rerating and ongoing. last four days should not dissuade anybody looking at social media stocks, internet stocks, cloud computing, 3d printing out there, anything that you can think of those stocks have been rerated. all hit the highs last year and

owl 35 to 50% off the highs. nothing to do with meta. it's a re-rating in general. elsewhere even if you look at the more stadium bigger technology sectors like software, we have big heavy names like nvidia, big tech established companies and they too are getting a re-rating. semiconductors about 15% off the highs. and again it's not about meta. it is just about re-rating the valuation partly on the s&p 500 doing and partly on what we're seeing with the federal reserve. >> thank you today we are focusing on the good, the bad and the ugly in the markets. the good being the results from the enterprise software names. spotify bad for several reasons. facebook positively ugly today and we're going to add amazon as

a big question there you see the ugly that would be meta platforms, the parent of facebook, down $84 today or 26%, a quarter of its value. hundreds of billions of dollars on pace for the worst day ever blaming apple's policy changes bring in jon fortt and jason hellstein. put it in context and the details. what went wrong and how bad is it at facebook >> what went right is kind of the question yes it is ugly how ugly is it an awkward stage or a permanent ugly stick beating misses on revenue, profit. you also had the problem of facebook saying that apple's idea, the changes to the operating system that prevent

tracking without permission, are hurting facebook more than expected and said to expect a $10 billion headwind revenue-wise in the rest out year because of that and then the front loading in q4 with advertising spending and might have been with the ways people expects logistical difficulties, shortages and therefore more buying in the early part of the season versus the end. that might have affected facebook but something about this, interested to hear what jason says about this. facebook mentioned tiktok so much that they said that cap x was going to be standard and there was so much bad news here it feels like they leave room to pull levers in the year that maybe this isn't as bad as they made it sound. they said this before, spending money on moderation and

technologies that way and then eased off and provided surprises. >> jason react to what jon asked there and tell the viewers what to do with the stock if they own it or what to do about it if they don't own it and think it's 25% cheap irtoday and yesterday. >> yeah, look. we think if you haven't sold it don't sell now as far as do you buy it, you want to wait to see what amazon does tonight if it doesn't go well and difficult to predict the results the stock may go lower that the tech tape is weaker. a thick that investors have trained themselves to do through covid is look at the two-year average. look back or the growth rate and that has kind of been the anchor

for investors and this quarter the growth did slow. i think that december probably was worse than they expected and kind of once that happened i think it gave them the cover to a kitchen sink the government does basically have the approval to go after them and they were really making the case last night to see competition from google, from apple, from tiktok and that the rules -- the rules of the road not necessarily fair and given the relationship the traffic acquisition, the rules that apple was applying to apps were not the same to safari and browsers and hurting them. a lot of bad news to unpack and happy to do so and felt like there was maybe political motivation to try to position themselves as they look at by

the u.s. government. >> perhaps not surprising. talk about the previous pivots they were krcriticized to not be mobile first the stock down to 17 before they were able to do so text to photo, to video. maybe from vi owe or stories to reelz. do you catalog this as yet another version where the public doesn't think they can pull off a necessary pith >> yes we tend to be binary either this everything eating goliath or the best days behind it i think it's important to think act what facebook still has, billions of pretty loyal global users opening the apps every

day. data feeds the strategy to figure out what to do next they have a track record to figure a lot of things out they have deep pockets and a founder ceo who's highly motivated sticking around and a controlled company doesn't have to worry about people saying this is not a good idea and having to listen to them all of those speak to good reasons why they could come back this time because they have done it in the past. >> yeah. we'll see. we have all waiting to see if they can pull it off this time. let's talk about the effect around social media. twitter and snap is down let's bring in julia boorstin as we ask if this is a facebook specific problem. >> i think what we are seeing in the sell-off is there's concern

that the issues that plagued facebook will also plague the other social stocks. take a look at pinterest, along with snap pinterest reports after the bell today they had opposite problems in the third quarter. snap grew faster than expected and the revenue fell short as it reckoned with the apple operate system changes and the other hand pinterest which grew users slower and struggled with user declines last year and so the question for both companies and will hear from them soon is whether they are managing those apple operating system changes or whether they see the same broad irpullback in advertising spending on the issues and how they do in terms of engagement are people leaving the big blue

facebook app or just going to tiktok or time on snap or is snap struggling with that tiktok competition? that's the question how each of the social players is navigating the issues laid out yesterday for us. >> jason, what would you say if its forward multiple around 70 what do investors want to hear >> yeah. look i'm not buying the macro narrative as much. google alphabet would have given shade there and they did not we think this is more of a specific issue around oibfa. if facebook is struggling to figure out the apple identification problem it is a problem for snap they haven't built as large of an organization. they don't have as much first

party data facebook has more small and medium business advertisers more dependent on the automation. it may not be as bad for snap given the larger advertisers seen less effectiveness in the ads. but they do things that others couldn't but we would definitely wait and not be pulling a trigger. we wait for that on twitter they never has an effective advertising system so think of them as they didn't have the dollars to lose and exposed to brand if there is a macro slowdown and supply chain and all that is persisting it will impact twitter but the sense is that ad spending is quite healthy and so

out of the bunch twitter may be actually okay or do the best and for twitter investors want to get to know the new ceo. that was the news of the quarter for twitter. >> yeah. all right. thank you very much. thank you for being with us. next up the bad. this is a scary show spotify shows tanking after a slowdown in premium subscriber growth amid the joe rogan controversy with artists boycotting spotify and then the good. >> there you go. it is coming. >> can be found in the cloud despite the pullback today, is this the safe way to play tech if you are looking for growth? look at paypal kind of in the bad category today. down 23 p%. co track for the worst week on on rerd

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welcome back to "power lunch. today we are looking at the good, the bad, the ugly. we discussed facebook's very ugly queert and now recent bad news from spotify. the joe rogan covid controversy creating an image problem there but the company's results showing a different problem. the forecast for subscriber growth fell well short of

expectations and why the stock is sinking today, it is down 49% over the past year joining us is jeff mills you have an empty room behind you there, jeff. keep the fans away the groupies have to stay away for now. let's talk about the company and what you think is next it. can they turn it around? how do they get to profitability and jove come the image problems and reverse subscriber growth decline? >> good to see you it is nice and quiet interesting with pspotify. there's a focus on profitability. we are in a macro environment. earnings growth is slowing down. any time there's a crack in the profitability narrative you see companies punished harshly

investors are looking for profitability inflection and is that timeline pushed out lack of guidance is problematic and especially in this market investors are unforgiving when profitability comes into question they have an investor day comin up i would listen for profitability and margin there is. listen i do think that there is a silver lining around this cloud. one thing is the chart so i don't know if you could pull up a three-year chart but spotify has round tripped back to the pre-covid highs almost to the penny and showing stability there today. that's noteworthy. it's never really been cheap every on a price to sales basis and relative to the fundamentals of the company in the earnings report there's a slight miss on

monthly active users and i don't know the long-term growth prospects changed that much. i think the answer's probably no i think you had pull forward in sales. things will be lumpy and i see an opportunity here if you can be patient. >> is the opportunity to buy today or is it the opportunity to buy after that investor day when we might get more color and commentary and context >> unfortunately i think you can only be so precise about these things and you should be seeing support at the old highs so yes, of course, the stock can go lower but this is a reasonable entry day. i view that investor day as more

a acy metric because they bake in negativity. >> all right so that's -- we call the bad now the good stay right there and talk about the cloud stocks microsoft saying that the cloud remains a major engine of the growth we saw strong resultings from service now. so where else -- what does that tell you do you think this is a theme that can persist in tumult and change >> i think it is it was really interest after the microsoft earnings report. it was down 5, 6, 7% as soon as guidance was given on the cloud and returning to growth the stock took off. that is critical and can continue the type of tech stocks to own in 2022 are the growth at a reasonable price companies it is the microsofts

strong growth. profitability. returning dollars to shareholders this is a stock that just ahead of itself. 40% above the 30-day moving average and fundamentally very strong i look what it's doing with activision and held an important technical level and has moved higher what are the names in the space people could be buyers of? >> i think crm is interesting one, a stock i thought could have broken out months ago but it was taken down in this space but again i know this is a theme here and not necessarily a chartist but an interesting chart. that $200 level, pre-covid high and support of 2021. looks to be holding that level again. filled a big gap from august 2020 and noteworthy there.

the valuation re-rating noteworthy a great business that needed to re-rate. trading at 75 times. now 45 times much more reasonable it's servicing less than 20% of a potentially $200 billion market and has cash and earnings for m&a. i think the customers of salesforce are sticky because they have fictionality across the chain. they track data. another potentially really attractive entry point he likes salesforce and microsoft. thank you for joining us today all right still to come, the big question, amazon the final part of the special discussion today the big question, amazon, will the earnings be the say your or the jinx amid increased hedging and s

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welcome back i'm rahel solomon. u.s. troops are now leafing fort bragg in north carolina on the way to to land and germany to show support for nato forces in eastern europe amid fear that is russia will invade ukraine president biden said it's temporary and u.s. forces will not be fighting in ukraine president biden meantime in new york city today for a meeting with mayor adams and other officials to control gun violence the president says that gun manufacturers should be held responsible for the damage they do and protected from liability lawsuits. in the frigid waters in massachusetts three fishermen pulled from sea after their 55-foot boat suddenly sank first responders were signaled by a 911 call by a residents the local fire chief said they got there just in time for the

rescue the red is the diesel fuel in the water. you could see it in the eyes, they were ready and almost done. >> to be fine one minute and three minutes later being in the water trying to swim to save your own life, it was traumatic. >> so glad they're okay. tyler, back to you. >> imagine the temperature, too. >> for sure. >> thank you. time for today's power movers t-mobile jumping it expects free cash grow to 30%. ralph lauren up 12% in a week after beating earnings and announcing a buyback honeywell lower. citing supply chain issues and

other factor. from the u.s. to europe, central banks are getting hawkish. we'll speak to jack ablin right after this

90 minutes left in the trading day. stocks, bonds, commodities and central bank hawks taking flight around the world the nasdaq is now at session lows there you see a couple of the components there stocks that are moving meta taking the sector lower with amazon. staples are the only sector in the green. all right. do we have bob pisani. we do. bob, take it away. explain it all for us. >> the important thing is sitting at the lows fshtd day and still having issues with supply chain and with technology take a look at the major movers. honeywell is weighing on the dow. here's what's interesting. demand is fantastic with the possible exception of china. here's the problem we have supply chain and inflation issues that in some

cases are impacting margins. not all the of the time and not with every company illinois tool works with generally good guidance but honeywell and cummins with disappointing guidance honeywell weighing on the dow right now. parker mannifin off a 52-week high generally the trend revenues at record highs more cash than ever before and why the dividends are raised and going to have buybacks at a record the profit mar jebs 12.7%. slight erosion corporations still have pricing power. there are some exceptions around that earnings beats are smaller 4% historically about a normal

number 2022 estimates are not raised. they have been flattish over a month. for stock prices to move prices have to move up and to get the prices up you go the to get earnings up. we are flattish. >> thank you oil crossing $90 a barrel for the first time since 2014. pippa stevens has the details. >> seeing a 9 at the front of wti first time since 2014. jumping 2% brent crude up 1.7%. a weaker dollar was the catalyst that turned things around. and adding that weather is also having an impact and speaking of weather, volatile day for nat

gas. a cold front is sweeping much of the central u.s. and memories of texas last year. today's move to the downside follows the forecast softening a built. watch for halted production adding that prices are likely to remain volatile. >>thank you. let's turn to treasury rates popping with rates in europe after the pivot. rick >> yes, tyler. lagarde and company may not have wanted to acknowledge how inflation ramped up in the economy but had very little choice and once into that lane the markets did take over. let's look at a 24-hour chart of the 2-year in europe look at it go. it is unbelievable u.s. 2-year 1.20

as you look at the shots at minus .33% o open up to december of 2015. minus .33. since christmas of 2015. 10-year bund at positive 14 as you see on the intraday chart -- do the next chart. highest yield close in three years. like all sovereign debt ma any -- manipulated by good reasons. it is popping and the short rates are demanding action what looked like 2023 to remove serious stimulus in the european economy is pulled father dramatically finally our 10-year at 1.825%.

we have a double top from the mid to the end of january 1.87%. the way the market's acting should we above 1.85 that disappears and the path to 2% is easier back to you. >> very interesting scenario there. will the more hawkish tone and the shift in our own fed bring out the market bears more? let's bring in jack ablin with crescent capital to discuss. let's pick up where santelli left off, that is about the rise in interest rates in europe, a slightly more hawkish tilt from the ecb chief ms. lagarde. how concerned should u.s. equity

investors be about that and/or about specific corp.ers of the u.s. stock market? >> yeah. it was a surprise. a lot of the rate hikes that we expected in 2023 are being pulled forward to 2022 christine lagarde is kind of known as somewhat dovish so having this rhetoric is a sr. prides bank of england raised rates cleefrly the sen tram banks world wide are circling the wagons and tightening financial conditions and will have a deleterious affect on securities. >> will it affect the classic growth stocks or corners where you can safely or astutely buy growth >> yeah. i think that there are places where you can dip in but here's

the issue. we believe that inflation and growth will trend back to pre-pandemic levels but the meantime we have march 10th with another inflation report and expect that will probably peak either if not already there. that will be a difficult report and i think put some pressure downward pressure on prices if that comes in pretty hot that said, i think at some point in the second half of the year when economic growth starts to slow with inflation investors start to look for growth again relative to large growth it is trading at the biggest discount in history. >> small cap would be a place to go you have a couple names i see that you do like too simple

overstock. cadent why? >> tusimple is beaten up down about 50% it is autonomous driving in industrial, in trucking primarily. 8% owned by navistar overstock people know. decently high quality and unfairly punished. we are looking at this really more of a second half play it may be still early here as inflation rolls over and as growth slows down investors are going to start looking for growth again. >> all right thank you very much. good to see you, sir. >> thank you

up next the big question is what will amazon's results this afternoon mean for the already volatile tech sector we'll tell you what to watch next vista outdoor higher still down on the year we'll talk to the ceo about their trends next.

welcome back to "power lunch. we talked about the good, bad and the ugly in the market today so let's turn to the big question which is amazon and what will its earn tonight bring? will it be a hurdle or finally a positive jolt? the stock is flat for 18 months and it's trying to avoid the third straight revenue miss. will cloud save the behemoth let's bring in joseph. it feels like if they can get the cloud right a lot will be forgiven, right? >> yeah. you would think the cloud business would be fine this quarter. we look for 40% growth which is quite strong and with so many people doing hybrid work the

usage of the cloud has increased so i think that they have continued to gain market share. >> what are the specific expectations the microsoft it was under a microscope the stock sold off and then saw reacceleration this quarter already. what are your expectations for the cloud business >> 40 pistons growth $18 billion of revenue for the quarter. expect them to say that the go forward is strong and continue at this kind of mid-30% type growth rate going forward is how we modeled it this year. they're the leader in this space and the cloud did well and we think that the cloud and aws business at amazon is strong and going to remain that way. >> what about e-commerce >> we are coming back down to

life after the pandemic surge we saw. we are looking around 7 to 10% growth in the fourth quarter growth so i think that people have tried to adjust to this. it is kind of interesting that the expectations and watching the programming all day. people expect some disappointing results out of amazon. it feels like it's baked into the stock at this point and they will probably sound cautious on costs but the top line has been okay and will continue to show they gain market share we think. >> what has to happen for the stock to get moving? it is basically i think people said consolidating that's a different way to say it's been dead money for 18 months. >> it's been frustrating, too.

the stock has had moments doing so well and the sales and demand is very high and remains high as it moderates a little bit. right now everybody shifted to wanting to see profitability and all of a sudden that's the main focus now is people want to see that profitability go forward at a pretty solid rate we think next year in '22 we'll see 8% operating margin for the company and from there we hope it can keep going. >> thank you joe feldman, appreciate your time today inside the great outdoors, vist vista reporting a strong quarter. the ceo will weigh in on the aislct of inflation and supply

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welcome back, everybody. major averages hit a banana peel over the past few minutes why

now at fresh session lows. nasdaq is down more than 3% or 460 points the dow jones industrial average down 430 s&p in the middle with a 2% drop meta and amazon under big pressure in the tech space amazon reporting later down nearly 8% now. facebook down -- sorry, meta down 26% alphabet down a couple percent twitter and snap also under pressure and their declined are picking up steam as well as we head into the final hour >> shares of vista outdoor, which owns 39 brands that offer all kinds of sporting goods, camping products, now trading lower despite a third quarter that was a record. the stock had a rough start to the year but is up over 400% in just the last two years. the company also raising guidance and instituting a $200 million buyback program. chris metz is the ceo of vista outdoors welcome, chris nice to have you back. >> thank you glad to be back.

>> business seems to be working very, very nicely in all of your sort of brands you have 30-some odd brands. many of them know to lots of us. is there any area that isn't performing well for you? >> no, that's the exciting part about it, to be honest, is all of our brands are prospering and seeing heightened demand, as people are looking to get outside and re-create, and we have taken our organic brands of which we have 39, and we have added to that over the past 14 months with a number of different acquisitions most recently being stone glacier. so we're excited with the stable of brands we have. >> to what do you attribute the growth of participation in what is called the shooting sports? i should point out, if i'm remembering correctly, you all do not manufacture firearms, but you manufacture ammunition and

equipment like scopes and sighting devices and so forth, right? to what do you attribute the growth in shooting sports? >> shooting sports is one of the fastest growing youth sports so people that are looking to get out and kind of break clays, if you will, on trap shooting and skeet shooting, but there's also a resurgence in hunting as the field to table movement has taken hold with millennials, gen zers and both men and women, so we have 14 million new entrants into the shooting sports industry, and hunting is at all-time highs since it started being recorded 60 years ago. and so the brands that we produce play right into that whether it be hike, bike, run, hunt, or cooking our brands just play right into that outdoor activity. >> let's talk about the buyback program. $200 million how is that going to play out?

what is the timeline for it? >> so we have got board authorization for $200 million that can be used at the discretion of the senior leadership team and the board. so we have put in place $100 million buyback plan six months ago. we worked through that as we saw great opportunities to buy and we have predominantly used it to manage dilution, but increasingly, we go in there opportunistically when we feel like there's dips in the marketplace. we have a very well thought through capital allocation strategy where we feel like we have great returns for our investors in investing back into our organic brands with new products we also feel like we're getting great returns on the acquisitions that we have made but we also want to be mindful of the fact that when we see dips in the marketplace like today, we're not immune to the

macro trends, we'll jump in and buy. >> i want to come back to the shooting sports question, and very, very respectfully, ask you as a ceo of a company that is involved in the manufactured sale of ammunition and other things, how you feel personally about the number of guns that are on the streets, about gun deaths in this country, shootings in this country. most of them obviously don't involve hunting rifles or things for sport, but nevertheless, it's 20 degrees east of where your business is talk to me a little bit about that >> well, we couldn't be prouder of the workforce that we have that produces the ammunition and makes us the most reputable company in the industry for ammunition and you think about our law enforcement that is protecting every inch of this country, and you think of our military that's

protecting the rights that we have as u.s. citizens. so anybody that is a u.s. citizen that is patriotic believes in the ability to be able to defend and protect ourselves. so we couldn't be prouder of the business that we're in and we just continue to fuel the outdoor activity that we see that supports frankly the law enforcement and military business that we have. >> thank you for taking the question in the spirit in which it was intended. chris metz, thank you very much. >> thank you >> you bet still ahead on "power lunch," trading action slowing down in crypto, but the same can't be said for derivatives and things like bitcoin. e rkn w ke a deep dive oho thmaet is changing, next

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insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. welcome back, everybody. bitcoin prices are hovering around $37,000, as trading activity in the spot market slows but the action is picking up elsewhere kate rooney is looking at where the money in crypto is moving. kate >> hey, kelly. yeah, the action lately has been in crypto derivatives which tend to be riskier and more speculative. those are booming and hit a new record in january. spot volumes though are down significantly. those tend to come from the more traditional exchanges with immediate delivery think coinbase, robinhood, or buying or selling bitcoin. that type of trading was down 30% in january compared to

december that's according to new data from crypto compare. marks the lowest level since july, and analysts say it's partially due to quieter markets. derivatives are picking up the slack, this could be futures or options, and volume on that side of the market hitting an all-time hide in january these more complicated trade now make up 61% of total volumes that's a new record and it's up about ten percentage points from december analysts tell me it shows more speculation from traders looking for bigger returns in the crypto markets. most of this is happening offshores. you have binance, okx, and ftx accounting for the lion' share of derivative trading. the dynamic does have implications for publicly traded names. a slowdown in spot trading is not great for the bottom line. you have coinbase which right now does not offer derivatives it does plan to move into that

area it bought fairx and call that a huge opportunity square also offering crypto. for robinhood, it still makes up about 40% of trading revenue >> quick check on markets. ty, shall we >> go ahead. >> dare we look. the nasdaq was near session lows a moment ago >> we'll see you tomorrow. thanks for watching. "closing bell" right now . welcome to "closing bell," everyone i'm will frd frost meta's meltdown having ripple effects across the entire market today. the nasdaq at session lows and the communications services sector down 6% as we head to the close. >> i'm sara eisen. let's look at what's driving the action as wilfred mentioned, it's all about meta the facebook parent losing a quarter of its volume. worst day ever, pulling down the whole social media complex other faang names also falling in sympathy. also big moves