catch the olympic games on nbc and peacock. s&p is lower nasdaq is hanging on to gains given the strong moves in tech that does it for "squawk on the street." "tech check" starts right now. good morning i'm here with carl quintanilla and jon fortt. facebook and netflix plunged ta taking taking investors with them amazon is popping this morning after reporting q4 numbers

we will break down the report and where things go from here next don't think we forgot about snap shares are surging after the company's first profitable quarter. evan spiegel joins us alongside julia boorstin later this hour carl meta led the selloff yesterday. key drivers is not shipping, but cloud and advertising and $12 billion boost from the investment in ev company amazon raising prices for its prime membership it is important to pull it back and take a longer term view.land it takes us to where we were in july of 2020 that's the team for snap and pinterest as well. big moves in today's trade if you have been in the names for a year, you could be down 60%. jon, we are keeping an eye on the advertising business and

operation at aws which a lot of the desks this morning thought was the headline. >> indeed. carl, i have a different perspective. i looked at where amazon was in february of 2020 before the pandemic hit it was at around 2150. now it is above 3100 has it languished over the last year yes. it rans so much during the pandemic that run made sense. as i said last hour, this was an impressive quarter to me not just what happened in the quarter, but because amazon is able to continue to pursue two important, but diametrically opposed goals at the same time one, on the aws side cloud and ai leadership. aws is the biggest when it comes to that area when it comes to platforms

on the people side with logistics and transportation they hired hundreds of thousands of people at a time when businesses have had a hard time hiring people. they have done it at higher wages and omicron has taken people out they used the profits from aws side to cover the costs. that is a strong position for them >> the advantage that they have is the capital to put back into the business carl, you were talking about it. the cap-x number is incredible we talk about the profit engine. aws. now there is advertising a $31 billion business over the last year rivaling the likes of netflix and youtube. another profit engine, jon, that you laid out and stay ahead of the competition. let's get investors take on this

and earnings of the week let's bring in dan niles let's start with what we have seen from the mega cap companies. you liked facebook and google for the valuations do you love facebook now >> well, if you remember, we tweeted yesterday that we sold our facebook in the after market we saw that comment on competition. you know, that made no sense to us in the sense that tiktok has been around since 2017 inits current form to have them say that when they have not talked about it in the last several years did not make sense. to some degree, facebook was a pandemic beneficiary you did not have much to do other than stay on social media. we violated a rule which was stay away from things that might have benefitted. facebook had other positives, but it was outweighed by what else was going on.

the reports last night, bring that tiktok competition statement into question because obviously snap, which is more exposed, had good numbers relative they beat the revenues numbers went up. it did not affect them pinterest in the same league >> it is laying bear the business models and targeting and traffic and advertising. from that sense, dan, you were bullish on alphabet which had a bl blockbuster quarter. did it run up as much as it can? >> we bought more google we sold calls against facebook position thinking the google with the stock split and go back and examine stock split. it does well between the time they announce and time they split. they had a fantastic quarter

they are reopening play with the hotels and airlines and vacation areas. they will start advertising again. that is 10% to 15% of revenue of google it is our largest position twice and big as the next single stock position in the portfolio. we added more yesterday when facebook took google down. for us, google is within tech the best combination of growth at a reasonable price with the reopening play built into it that is where we would rather be while we have a bunch of shorts on our big picture view is s&p down 20% at some point this year. that will be hard for most stocks to get out of that. that's the bigger picture within all of this. >> dan, i've been asking a lot of smart folks like you the last few weeks about whether the selloff in certain growth technology is overdone

it has taken some names back to ipo levels and below that. if they have got solid technology and growth, if the products are worth it, i guess build.com today after the results. it is up better than 30% at the moment we have founder and ceo who with will join us later in the hour to what extent is everything not making profit is trash overdone? >> you have to step back again from all this and say where are valuations in general? they are at near record levels if you take the market cap and divide by gdp, you are at 1.8 times. within that, i think you have to be selective you can look at tesla's quarter.

great quarter. great outlook. stock still down 15% year to date every single one of the faang plus stocks is down. five of six in the faang plus game down double digits. this is not a question of earnings it is a question of what are you paying for that? within that, it is the names that have the worst profit pictures that have the biggest issues don't get me wrong we own one or two of those names. we like the bill paying ones or alternative finance names or whatever you want to call it group. we have that matched up against a lot of shorts. for us, the bigger question is oil is over 90 you never not had a recession when oil got to 100. you have average hourly earnings of 5.7%. the economy is three quarters based on services. inflation picture keepsing going

up i hate to mention recession. when the oil is going up and the fed is not crshrinking the balac se sheet. you have to think about how it affects the companies. you will run into other facebook situations before the year is done the economy affects everything. >> you still like cash >> yeah. we put out a tweet this morning about our facebook position and we got out at 250. took our beating down 23% in the aftermarket. we put that in cash. that's where we will leave it. we believe s&p is down 20% you will have a tough time finding stocks that offset that. if you are comfortable shorting stocks, that is the better way to hedge the portfolio that is how we view that >> i want to get you on market

function, dan. nice piece today quoting a strategist the intraday volatility is creating a dynamic with traders blowing through risk limits and referring to the last couple days is that a decent characterization of what's going on >> yeah, we say this a lot we manage our short book in particular daily you know, we could put out a tweet every few hours if we were going through our book you are moving so fast in not just volatile names, but value type names you can look at the moves in the telecom space. at&t had the biggest one-day drop in earnings in over a decade you know, whether it is value or high growth names, you have massive moves happening. that is causing a lot of

problems especially names that are not supposed to be volatile acting volatile remember, most hedge funds are levered up 2 to 1. if you have shorts going up and longs going down, you are killed and getting leveraged on top of it you will see some getting liquid this year. you have the volatility, carl, on top of the economy slowing down and multiples compressing and the fed is not your friend. >> dan, not just the leverage on the institution side, but on the retail side as well. i wonder if you can put that in perspective for us options trading. how is that different or not different from previous drawdowns? does it make it harder to believe in rallies intraday? >> i think that is great if you go back to 2000, you did not have as much option buying

to some degree, we are geared to want the good stuff. if you go back to the meme stock phenomena, if you bought gam gamestop, you did well if you bought call options, you did really well. you have tons of stimulus. the fed cranking the balance sheet and inflation is high. i can manipulate a stock higher based nothing on fundamentals, but leveraging with options. the problem is options is a zero-sum game. somebody is losing on the other side of it now you are going into a period where i don't think a lot of new erin investors know what a drawdown looks like. one month in covid if you didn't know what to do, you got a lot of it back in the next 50 days for those that remember 2000, the market was down two and a half years you had a bear market rally and

followed by selloffs you have to get the timing right and the direction. that's a really hard thing to pull off that makes odds of losing money that much more when you are going into the period of time. >> dan, always gait to get your perspective. dan niles. the rally losing steam right now. >> not everywhere. watch the snapback snap shares surging up more than 45% at the moment. we have an exclusive with the eco evan spiegel next. "th check" is just getting started. >> announcer: tech check is sponsored by comcast business. powering possibility and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset...

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gut check on pinterest beating on the top and bottom lines. a decrease in the monthly active users. attributing that to the pandemic restrictions easing. shares are in the green helping to offset the losses yesterday after meta's results dragged the stock and sector down 10%. long-term, this is a stock down 70% going back to february of 2021 carl. another social media name on the move is snap shares surging 45% julia boorstin has a special guest with us this morning hi, julia. >> reporter: thank you, carl

i'm joined by evan spiegel ceo of snap. thanks for being with us this morning on the better than expected results >> julia, happy fly. great to be here >> reporter: i want to start off with the revenue growth exceeded expectations you giuided to better growth in the first quarter. what has changed since last quarter when you warned a meaningful impact from those apple operating system changes limiting your ability to target ads. what changed >> we made some solid progress our dr business bounced back faster than expected our advertisers were able to adopt a lot of the first party tools with conversions to use in conjunction with apple tools for conversion lift and modelling. all of those tools give advertisers a good picture of

the results that we're able to drive and willing to continue to invest in our products to drive their businesses and continue to grow we're excited to see that progress not out of the woods more work to do. meaningfulstep forward >> reporter: you know, evan, we are seeing your stock rebound up 45% today after dropping so dramatically on meta's results which raised concerns about the industry what should investors know about how your business, particularly navigating the apple changes, is different from meta? >> i think overall we're earlier in our mondetezation journey. we're much earlier and we have the large and engaged audience which is difficult to reach. we're making progress over time. i don't think we have some of the similar pricing dynamics that they have we had a little more flexibility

to navigate the changes. we also built our advertising from the beginning to be privacy protected. this may have been a little less of a shocking transition than it was for hem. >> reporter: interesting you mentioned your user growth you did grow users faster than expected as well while we saw facebook lose daily active users. what is behind your user growth? >> i think our products are resonating with our community. we have been able to diversify our product over the years people started using snapchat to communicate using our camera and we built an augmented reality platform to express with great lens and we built in a map to see what friends are up to and see what is happening around the world. of course, with stories and now with spotlight, we have so many ways to engage with the platform that is helping to drive our

growth >> reporter: evan, i have to ask about tiktok it was singled out by mark zuckerberg as key competition and challenges what impact are you seeing from tiktok >> we definite compete with tiktok when it comes to video entertainment. our stories product and spotlight. video entertainment in general on mobile is competitive tiktok or instagram or facebook or youtube tiktok is, i think, a unique challenge. they have a privileged and protected position in the chinese market that instagram or facebook or google or us is not allowed to access. they are able to take that protected position in the market and generate excess return because they don't compete with us over there and reinvest that in the united states and europe. i think that is what makes them a bit of a different and unique compet competitor our services is built on the core of communicating with friends and family and

expressing through camera. our plate is diversified we compete in some areas, but in the areas like augmented reality, we have a highly differential yplatform >> evan, good morning. it is jon fortt. you said the friends story posting and viewing per daily active user hasn't returned to pre--pandemic levels give us a concern over lockdowns or vaccination rates have affected engagement and usage of the platform and your prospects on being able to monotize more users going forward. >> if we look at the year over year numbers, we saw friends story viewing decline.

viewership of premium content and content spotlight increased. this is pretty consistent with the overall trend during the pandemic where people essentially said there was a big surge in the beginning where everyone was posting and updating friends on what they were doing throughout the pandemic, there were less interesting things to post people were stuck at home and stories less interesting it will be interesting to see how this evolves as we progress through the pandemic and people get out with friends and start to have more funning together out in the world it is something we are keeping a close eye on. >> evan, something stuck out to me on the call last night was how you are delivering on augmented reality advertising. you are wushpushing it it is diffeis delivering a retu investment if and when we get a more

immersive metaverse, do you need to work on a vr offering or are you already? >> a lot of excitement around vert virtual reality. we have focused on it for ten years because we believe people will spend time with friends and family in the real world and augment that with more immersive computing. you are referring to the adoption by beauty brands in particular who found that product trial is way cheaper and reach more people using augmented reality. ulta beauty brought their cat katc katc cat catalog. they found 30 million try ons. our community loves it 200 million people engaged with

ar on snapchat every day ar is an incredible opportunity on the smartphone and we transition to the future with glasses for example where you get a bigger field of view and use your hands to interact with computing. that does change the computing experience it is predicated that ar augments the real world rather than help escape to somewhere else >> some people think that ar and vr will complement each other like the desktop and laptop. are you not working on the vr everything on? do you think that won't be the case >> we are focusied on the bigges opportunity and unique opportunity to provide our community with the special experience that's because we have been focused on the camera from the beginning of the business. that's how we were able to develop the ar platform over time you know, now people come into the camera every day and i think play with something like six

billion times every day. we expand that offering and build more developer tools and that's really giving us, i think, a head start as we move toward the world of augmented rea reality. we are focuscused on where we tn we can win and that is a big opportunity. >> evan, to follow-up on the question there is a question of inter op interoperability you have bitmojis. do you see those on other platforms or have your ar compatible with the vr in the metaverses >> offer that ability today. people love their bitmojis they relate to them and it is an expression of who they are we help them bring them to all

platforms. samsung or google. people can use bitmoji across all platforms. we have a unity plug-in as well. develops can bring 3d into their game that is something that is an exciting opportunity for us. >> let's talk more about the financial opportunities and augmented reality. you laid out how advertisers use ar to driven gau more engagement you are bringing them off the platform for disney to use them. is there a way to make money on that >> that is a great question. today, we are focusing on the driving of technology. the businesses realize ar is core to the business and they want the tools in their applications and web sites we have taken our ar technology and made that available to our part fners to build their ar experiences. over time, when partners realize

how powerful augmented reality is on their applications, they want to drive increased distributions of the experiences through snapchat with the audience of 200 million people engaging with ar every day for now, we are trying to help people adopt the tools and see the business results and then provide opportunities for them to get additional reach and grow their business faster by promoting ar experiences on snapchat >> interesting you also have other features such as the map and spotlight that you haven't start ted to me money from yet what can you tell about the potential of the revenue extremes >> we are excited about the potential of spotlight and the map. they are very different products spotlight is an advertising format that we pioneered.

through our tests on spotlight, we are prepared to monetize that we are focused on that product experience and making sure that we have a deep base of unique content made by all of the incredible creators on snapchat. we feel the infrastructure is really to monetize spotlight as soon as we feel the product evo evolved. we are continuing to evolve that product overall to make sure the base map, the map you see when you open up our map, is personaled in a way to see what your friends are doing or places important to you or your friends like to go that personalized map lays the ground work for how people lay the work for different places. we will evolve that into a business as well lots of local businesses are trying to reach new customers. as people use our map to explore the world, that is a perfect place for those local businesses

to gain a larger audience. >> well, we will be watching to see when ads start popping up on those features evan spiegel, thank you for joining us carl, back over to you all right. julia, thank you i have breaking news from washington the house passes the competes act. ylan mui >> reporter: good morning, carl. the house passed the america competes act along party lines the final vote 222-210 one republican voted for it. one democratic voted against it. several provisions had bipartisan support in the pass this is the bill that would provide $52 billion to the semiconductor industry authorizes $45 billion for supply chain shortages and includes a number of measures aimed at taking on china the senate passed a version of the bill last summer it had strong bipartisan support then now gop senators are calling to

quickly set up a conference committee to begin hashing out differences between the chambers the white house made getting this to the president's desk a priority the business community has been waiting for this for a long time the house passing this bill 222-210. back to you. >> ylan, thank ou. the ceo of the semiconductor industry has been on the program. thank you. time for a news update rahel solomon. >> reporter: good morning, jon leisure hiring leading the way n non-farm payroll increased to 467,000 in january that was higher than expected. unemployment up slightly 4%. the stronger payrolls for november and december. increased payrolls by $709,000 for the two month period there

kohl's with the poison pill takeover bid management backed by review by panel of advisers say that under values the company in light of the future growth. the biden administration is looking for middle ground on solar power for another four years. it is also raising the quota and will continue to elu genxcdere panels you are now up to date "tech check" will be right back.

welcome back to "tech check" with carl quintanilla and jon fortt. nasdaq is the best performer of the day. that slew of beaten up names leading the charge like data dog. the nasdaq top gainer, amazon shooting higher. up double digits big percentage move for a mega

cap company. here to break it down is mike santoli. the week, overall, is the best so far >> not up that much point to point, but a lot of swings and tilt to the upside you does have some relief that carried some of the big cap stocks amazon's reaction, relief is the right one, in the short-term people piled on for a deeply negative outcome solid results. pushes back on the idea of amazon exceptionalism. amazon relative to the broad components s&p retail sector and cloud computing. neck and neck from this timeframe. f five-year period, amazon is up 400% i would point out net sales growth at amazon is 9%

usgdp in that quarter was 10%. it shows there has been a coming back to the pack because of all of the out performance that amazon ahad through the pandemic >> mike, the push and pull of the inflation aary forces you have oil up $93 today. how important is that for cpi next week? >> i think we're almost setting aside the possibility that the cpi number is going to be the key motivator for the fed's first move in terms of trying to get away from this idea that the fed is really chasing inflation igher i think, it is very important. you aring seeing market based inflation expectations coming in a little bit because people are ramping up the fed rate hikes. the fed will be successful in the longer term. in the near term, that is the question

market pricing in a half point increase in march. cpi next week. >> mike, what do you make of these huge percentage moves we are seeing in some pretty significant stocks, market wise, amazon is one and facebook is another. indices overall, particularly the s&p, not moving that much. are microsoft and apple the support wall for the house there? are they the main reason why the indices don't reflect the moves? are they counter balanced? what about the concentration of months ago and year ago that was developing in the big tech names in the s&p is that more so the case now >> it is splintering a bit yes, apple and microsoft and alphabet have acted as the load

bearing walls. you see a day like today and the inflation beneficiary like banks can offset weakness this others of tech or somewhere else. actually, you are seeing what we thought of as a unified block of faang or whatever additional letters you want to add to it. it is dispersion the big moves are highly stressed correcting tech tape. it is easy for a stock to go back to a price that they keep saying was at it once you covered that ground and lost $200 billion in market cap in a single day like meta did this week, you have to accept that your holding can move that fast and you will get out of the way when it starts to move >> all right fair warning mike santoli, thank you. a sign the high tech growth names are gaining life check out

ark innovation snapping a five-week losing streak for more information on the markets, stay with us. don't go away. more after the break we discover exciting new technologies. redefine who we are and how we want to lead our lives. basically, choose what we want our future to look like. so what's yours going to be?

miami gets love for wooing tech companies lately, but another city in the southeast is a growing hub for tech companies. frank holland is in atlanta with that story >> reporter: good morning, jon here in atlanta, 27% of tech

workers are black compared to 8% nationally the city is becoming a grow tech hub compared to the city like the bay area similar growth atlanta's tech work force is growing double digits. atlanta has the top tech producing university georgia tech as well asa number of black colleges companies like alphabet and microsoft opened offices in atlanta. visa is moving the chief diversity officer here to find talent >> our constituents at all levels, including the black community, we are not shy about wanting black community in our work force >> reporter: atlanta is becoming a hub for start-ups. a software scheduling company growing to a $3 billion valuation. proving tech can thrive here in

atlanta. >> we've seen a bit of more investors that come down with more start-ups here in atlanta it is exciting to see that >> reporter: a great pipeline, but brain drain is an issue. 15,000 tech graduates moved away from the city over the last five years. the city is trying to stop that trend. sub asidizing internships. carl >> frank, i appreciate that. frank holland. bill.com shares this morning. we will have the conversation with the ceo when we come back and the s&p once again in the green.

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now you can pet me. get fast free shipping for all your pets' needs. chewy. time for the gut check on the gaming names avtivision shares are up slightly missing street estimates for revenue and eps. opposite story for unity beating on sales and posting shallow losses for the quarter than what the street expected. and guiding growth between 34% for 2022 shares up sharply nearly 20% on

the numbers. don't forget take two. the company's studio confirming via twitter is development is under way for the next iteration for grand theft auto. "tech check" is back in just a moment don't go away. hy is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪

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higher after topping expectation for the latest quarter this stock has been back and forth a bit. joining us now is bill.com founder and ceo. at the moment, the ceo rene lect it is up 21% which would be just enough to erase the losses from january. so what a ride, but i want to talk about the quarter and the results particularly when it comes to a couple of reits and acquisitions divvy an invoice to go we talked about thintech and wno a lot in the small economy, and what's different there when it comes to cross selling >> that's a great question, john thanks for having me on the show a lot of things are working for us i started the company because i grew up around small businesses and understand the pain points that they have every kay and we built this operation platform that transforms how they do the back office and so the

acquisition of divvy and invoice to go it could be the one-stop shop that businesses have and what we're seeing in this quarter is that businesses want that we had over 8100 new customers added to the platform in the quarter and that was on the core build platform we had nearly tripling of revenue, 197% year over year we had 85% organic growth and that points to the business that they want the solution that's a one-stop shop. in the cross selling we are in the early stages of the product. we just started the opportunity to sell into our customer base and vice versa into invoice to go or divvies customer base and we're just at the beginning stages of that so these results are driven by the organic growth of both businesses and the combined success that we've had >> that is a torrid pace of growth you're talking about near tripling there so tell me about the costs that come along with that and the decisions you're making about how much to scale up those costs

to support further top-line growth and how much of this might just be passed out of the blocks and maybe you don't want to chase that growth momentum as much >> yeah. a lot of this is built on the way i think about the business is we think in terms of years or decades and not months and quarters as a result, when you're building platforms over that long period of time you're investing consistently we have $2.8 billion on the balance sheet to be able to have discipline and that's what we've been doing these acquisitions were great acquisitions to bring into the fold and to start extending the platform to be global with invoices to go platform. all of these things are going to be something that we invest in so the success we're seeing in part is something that we've learned about businesses that they're resilient. covid has taught us that s&ps are resilient and they find ways to thrive and succeed and even in environments that are tough

and one way to do that is they turn to the efficiency of the operations people are coming to us to help them with their payments whether they're going or coming. >> rene, we've had so many quarters of incredibly strong, new business creation in this country, but now we're in this mode where we're talking about return to office we're getting people back into the labor force. do you worry that there will be some reversion in the population and potential new customers down the road >> i think one of the things that we've seen is that people like being hybrid. people like the environment and the opportunity to be able to work from wherever they need to to be able to have the life that they want. so i believe that hybrid will be a part of something that happens for society as a whole and that means that you need to be able to have that back office in your back pocket. i've said that before, and i'll say that again it is super important and super valuable for people to run their business from everywhere and that's what we do. we give you financial operations

and we automate it and we give you the capability to run that business so as people come back into the office, they're just going to want that efficiency because they don't know. are they going to be in the office today or at a client tomorrow they don't know that and that's the opportunity that financial operations has for the overall economy. >> such an important part of the thintech and s&p digital transformation story rene lacerte, thank you very much for being with us. >> peloton down 85% in a year, but more than half of analysts still have it as a buy also reports results next week along with lyft, take two and more do not miss the latest coverage as it happens on "tech check" as the dow has unwound two-thirds of the session low throughout history i've observed markets shaped by the intentional

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so if you look at the average revenue per user that we are generating relative to facebook or twitter it's a fraction we are much earlier and we have a very large and engaged audience that's difficult to reach and we're making progress over time, but i just don't think we have some of the similar pricing dynamics, for example that they have and we have more flexibility to be able to navigate the changes. we also built our advertising stat from the beginning to be privacy protected and so this may have been a little bit less of a shocking transition maybe than it was for them >> more of a privacy-protected ad model versus the targeting and tracking that facebook has built its business on. he's pretty humble considering the differences and their history. >> yeah, and it was also interesting hearing him talk about how they're very much focused on the augmented reality opportunity here and now, you know, using the phone to enhance

the real world experience as opposed to focusing on the ten-year opportunity of the metaverse and virtual reality, john >> i mean, 50% up right around there, sounds amazing, but we have to keep in mind that still doesn't erase the january lows for snap we were just talking to rene lacerte, 50% for him just barely erases january losses. snap is still in the red for the year so investors, place your bets on what really matters here and how to value the company that really is the question. >> i really loved, julia, his ability to take the idea that some of the names benefited from the pandemic when we were all at h home his point is that some of the snaps weren't interesting and they frame themselves in what we hope would be an ongoing

reopening. >> i think to that point that he talked about the different tools or that snap's tools are more diversified to say that what a facebook or twitter does because they have map and professional content as well as messaging with your friends, carl. >> what a week and a lot more headed next week let's get to the half. >> carl, thanks so much. welcome to "the halftime report." front and center this hour, how many hikes that is the question after a stronger than expected jobs report on the surface. we'll debate the stocks and rates with the investment committee this friday. joining me for the hour, shannon saccocia, jim lebenthal, steve weiss and jon najarian co-founder of marketrebellion.com. we've been a little bit around the way today. dow negative, 114. nasdaq positive by 115 or quickly changing the ten-year note yiel