>> ralph izzo, thank you for joining us today we appreciate your time. of course, david -- >> my pleasure. >> a down day for the markets. energy and utilities the two sectors in the green with the dow utilities hitting a fresh record. >> yeah. as you pointed out earlier, things can change quickly and they did, particular on the nasdaq started up almost down 2% now. that will do it for us on "squawk on the street. "techcheck" starts now ♪ good monday morning, welcome to "techcheck" i'm carl quintanilla with deirdre bosa and jon forth. session lows for stocks, megacap names like meta, microsoft all down more than 3%. the nasdaq down nearly 20% off the record high. then payments platforms withdraw

from russia. paypal, amx, visa and mastercard join the exodus. then later to the moon and beyond gamestop's ryan cohen makes another meme bet, jon. >> yep but let's start with stocks. tech sector is down 2%, back to the lows of the year in fact, the xlk etf touching levels it hasn't seen since last summer ur mike santoli is here to look at the macro head winds for tech mike >> yeah, jon of course the broader market, too, is trading at levels that we first saw back in late june, as is the s&p tech sector. this now qualifies as a six or eight months consolidation in this market. we have this what i would call a compound correction. so, we had the on going valuation adjustment in growth stocks that was -- got under way, let's say last december alongside embracing for fed tightening, all these things we know about now we have this geopolitical and oil shock on top of it. arguably if you look at the history of geopolitical shocks 6

or 8% downside over several weeks. we'll see if we've priced in a lot of all that. take a look at one other element here which is, you know, the growth stocks, as reflected in the nasdaq 100 are not acting as defensive assets relative to where bonds are right now, too so you see over the course of the year, people got very, very focussed on the idea that when bond yields have gone down, tech stocks managed to outperform and vice versa and it roughly kept, you know, more or less along those lines into last year you see basically this inverse moving yields versus the s&p 500 and then you see yields kind of making these new highs and nasdaq going down. what we have seen so far this year, though, is this. both down at the same time obviously this is not the key crux of the relationship between value and growth stocks. not just about yields. it shows you that the reasons that it's happening matter a lot right now. i do think one of the big questions is at some point, at some valuation, does the nasdaq again start to regain defensive

properties that they've so far lost, guys. >> mike, we have talked a lot about valuation for a few weeks now, but earnings at the other sort of question a lot of worry about how you buy, if in fact, you are concerned that earnings or visions will go negative we have seen breadth start to narrow and you lose that part of the pe. >> no doubt about it, carl so right now you've certainly gone down let's say to around 19 times forward earnings on the overall s&p 500. the high was 23 late last year around 21. we bottomed in the 18, 18.5 area back in late january so if that support down below, it's not that far away, unless, of course you do see erosion in the full year s&p. it's not happening yet analysts sometimes are lagging, not leading indicators of that but that will be the focus right now as we're talking about winners and losers coming out of this commodity shock. >> mike, thanks. now, let's focus in on

enterprise software, what we sometimes call cloud don't look up, the sector suffered down about 40% from its november highs. and every single component is down from its 52-week highs, of course joining us now on where to look for value, byron deeter. good morning, byron. >> thank you great to be back despite the circumstances. >> yeah, despite the circumstances. tough times in so many ways. >> indeed. >> but my overarching question is, is this an amazon 2001 moment and of course around september 2001 amazon was at about the equivalent of $6 a share it's 2,800 right now but how do we know when we've gotten there with the software names that are going to survive into the future? >> for those who are willing to look medium to long-term, we absolutely think it is this sector has just been pounded. and yet the macro trends remain

very much in tact. over the prior years, as i've been on this show, we have talked a lot about the super high quality names at admittedly pretty high multiples and had this discussion how far can they run and when do they grow into the valuation? now we have these extremely high quality names on sale across the board. median down around 53% in this basket and still look at the growth rates north of 40%, look at positive free cash flow, look at these compounding dynamics with the new economy and the move to cloud, they're all in tact which makes us think if we're not at the bottom, we have to be close to it because the value opportunities are both defensively for the prior discussion and offensively about big opportunities still remain in tact. >> yeah. have to is strong language, though so i wonder what represents the floor here value wise? what's going to keep them from going -- you might have said, well, 30% down, boy, that looked awfully bad. like a buying opportunity.

but now we're like 50% down for a lot of these so why not 70? >> i think it's a relative question for short-term traders of where to put dollars. we're seeing a lot of volatility and that's where plus or minus handful percentage points or weeks or months here that's a trader's decision more than an investor's decision. and i can't comment as much on that when you look medium to long term, though, they compressed from 25x multiples down to below 12s there x revenue multiples. still growing at 40% growth rates. look at over the course of this year, say maybe the multiples can pull back another turn or two, and yet these businesses should grow through it so it's quite possible that there could be more multiple volatility and yet with these growth rates, if you look out, i think it's highly likely that the stocks will end the year higher even if they absorb some more chaos because of the macro, geopolitical and micro economic situation we're all seeing. >> byron, it's deirdre

how do you pick through the sector how do you know what's an amazon and what might be a cisco, you know, important companies in the future but may never sort of regain those highs or their value? >> yeah. so i think there's two answers to that in terms of how we're looking at investments right now. the first is on the company specific level and that's very much through an efficiency score filter, which is this interplay between growth rates and capital consumption. really what we think of is a modified rule of 40, instead of revenue and gap we're looking a little ahead to the subscription revenue growth rate or the annual reoccurring revenue and how that relates to the free cash flow. that's the company specific level. and then on the sector side, we're looking at some of these sectors that should be a little more resilient to the economic pullback, inflation, those elements, specifically cyber security, dev ops, infrastructure, categories that if anything maybe have lagged because of the i.t. distraction for the covid response and now there's almost this infrastructure get that

organizations have and they have to catch up as people come back to the office and businesses come back online, and we think that could be a pull through that could weather this in a more stable way. >> byron, give us some of those names, if you can, out of your basket on the company side that satisfy those criteria you do think will eventually get back to those highs or could have reached the bottom. >> i look like setinal one or get lab or digital ocean been more resistant across those categories and look at net new category adds come into the index with new additions we added 20 companies over the last month, which was the largest addition in the index history. the major buckets there overlap with some of the segments i talked about before but specifically add vertical sas. it's extremely resilient if you have categories can with stand that companies like toast have seen a lot of business growth going guard and i think with the efficiency score dynamic could

be successful names here in the coming quarters. >> byron, how do you think investors should strategize when it comes to the names that serve small and medium business specifically there are several of them on this list that either really focus in mainly on small and mediumbusiness or are smb friendly there's been this shift over the past couple years in smb mindset it seems understanding that that's an important part not just planning for the future but having resilience and, you know, capability in their business should a shock hit as an investor, how should you categorize and strategize around smb? >> so, smb has been one of the biggest beneficiaries of this move to cloud, as you suggest. they no longer have to have mediocre downloadable software they can actually have breast of breed solutions with internet

integrations across multiple apps so we absolutely see that as one of the compelling growth areas ahead. the things that we look for, though, is exposure, higher churn rates, you often have this dynamic with lower acquisition costs but shorter customer life time values. and so, we're sensitive to that motion of up sells, renewals, retention, seeing this healthy dynamic across smb businesses where they start maybe with an application and cross sale payments as was the case with shopify with toast on titan does that on the service side we love to see these sticky businesses help the smb to run their entire business on these applications and get this multipillar strategy that goes from desktop to mobile, goes from application to payments and fintech and we're looking for more and more of that. you will see more constituents of the index added in the coming quarters as more of those great private companies make their way into the public universe and add to this emerging cloud basket. >> finally byron, we're seeing a

lot of weakness, not to get too granular, of apparel retailers, especially those with a lot of exposure to europe, pvh and ralph lauren, for example. where does it think of names in ecommerce that are highly exposed to apparel, for example? >> yeah. certainly some real expose uree. supply chain hit and demand chain hit on the other really we think of that category by category. we look at the companies that have lower acquisition costs because they have organic traffic through name recognition and unaided recall and look for protected insulated vertical that may be resilient with supply chain benefits but also sectors that may be a little more resilient but it's a tough slice within tech land right now. as you note, across all sectors, not just software, not just e-commerce, hypergrowth has been hit disproportionately and when people get fine bottom and when

you get this defensive mindset going, we think there could be a little greed that kicks back in from the offensive mindset for these names specifically ahead. >> byron, love that detail you gave us. thank you. >> always a pleasure, thank you. more companies including netflix suspended services in russia over the weekend. the company has 1 million subscribers there which is a relatively small percentage of its 222 million global members tiktok suspending new content and live streaming saying, quote n light of russia's new fake news law we have no choice but to suspend live streaming and new content to our video service. blizzard halt games. and then the payments companies limiting access to services, making it extremely hard to send money to anyone in russia. kate rooney has more on some of those names. >> they have an internal option, but it is a big move and unprecedented for visa and mastercard and the payment

names. visa, mastercard, amx had been complying with sanctions and took it a step further over the weekend suspending all operations in russia the move cuts off individuals making payments overseas cards issued outside of russia won't work at merchants or atms in the country and a lot of cards in russia are what they call co-badge, work with visa and mastercard as well as russia's local payment network nspk some of the cards will still work within russia but cuts off russians from most of e-commerce this is really unprecedented for the card companies analysts i'm talking to say visa and mastercard are seen as apolitical you never see this the move came after zelenskyy had the card networks leaving russia on his list of questions to the biden administration in that call over the weekend visa and mastercard get about 4% of revenue from russia i'm told that revenue hit for paypal and amx is negligible amx only works with one bank and

paypal gets less than 1% of revenue from russia, but could have big implications for the global payments landscape. one analyst i talked to calls it an earthquake for the space and in the short term russian banks are saying they're going to switch to union pay, the card processing network based in china. long term it could boost the growing card processing ecosystem in asia. dee? >> a lot of implications kate, thank you. this is really unprecedented for the card companies that have pushed back on other, i guess you call it, ethical points like gun sales. so to see them do this is a big moment you have to wonder where this puts pressure on certainly the crypto trading platforms are holding strong and saying they're not going to cut off all russian users. carl, you had a really good conversation this morning with jeff sewnen feld who said companies using excuses are avoiding the point of sanctions. the point is to inflict sort of economic, political pain, even if that means on the consumers in russia. you have or companies like wework too still operating in the country.

>> yeah. we were talking about, for example, the fallout from a decision like a visa, mastercard, jon, where you may have some people who were actively opposed to the invasion, trying to get out of the country and still themselves can't access their bank accounts his point was, though, the broader goal goes way beyond some of the collateral damage that some consumers sadly will feel >> yeah. i think payments companies and tech in general is starting to find itself in a really interesting and challenging position right now we were talking months ago about whether china was becoming uninvestable, right? there had been this move to embrace chinese companies listing here, et cetera. very quickly we're seeing russia perhaps becoming not only uninvestable but very difficult to do business in and then russia and china drawing closer to together. so, you know, and potentially evading the impact of sanctions. so, does this scenario that we've been talking about that so many tech ceos have been saying

we don't want to end up with a chinese internet and u.s. internet, these two different digital economies. is that actually accelerating? i think it's possible that it is and that u.s. internet companies and payments companies, carl, end up being a very important factor as far as spheres of influence. whether we're talking about amia, whether we're talking about latin america, china has been trying to make investments and in a sense these tech platforms we were just talking to byron deeter about might be part of the u.s. sphere of influence. >> the payment element came later than some expected, but to your point, maybe one of the most important after the break, uber arrives early. private ad advantage and palantir gets an upgrade "techcheck" is just getting started. ♪

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90% of 2019 levels so almost completely recovered from those pre-pandemic levels gross bookings exiting february, were up over 50% month on month. shares, they are about flat this morning, slightly positive but, guys with gas hitting $5 a gallon in some places, it will be interesting to see if that keeps drivers home and eventually could keep margins for uber i guess that's from one crisis on to the next one many investors thought that uber and lyft were done with their driver subsidies now with gas prices where they are, you have to wonder if they have to spend more money, jon? >> yeah. another scenario i see here, carl, even if they do have to spend more money is that higher gas prices end up being good for uber and lyft because riders will be more willing to put up with higher fares because they don't want to buy their own car, which is practically impossible in a lot of places or directly pay for their own gas. so in that sense, if the economy

holds up, despite, you know, these macro issues and other types of inflation, maybe people who would otherwise buy their own car and pump their own gas into it say, i'll just take an uber and pay for this a bit at a time rather than taking the whole hit up front. >> yeah. i was going to say, jon, exactly right. from a behavioral stand point we're really sort of in waters we have not charted for a long time few of us remember what this kind of energy environment would be in like but i did notice this morning, dee, wholesale used car prices down in february obviously up 38% year on year, but is that a top tick are more people willing to put up with shared rides than commuting on their own if this keeps up >> it goes to their pricing power which has been a question throughout the pandemic. so, we'll see that question enter a new phase. speaking of uber, guys, a new report is pointing to what could be a major competitor in the ad ecosystem the $40 billion private company instacart, we talked a lot about on this program. but the question is there

advantage over the likes of uber and doordash enough to challenge the heavy weights like shopify and google joinings now colin sebastian let's take the gig economy side of the equation first. these companies are still very unprofitable, so a high margin business like advertising would be incredibly valuable but seems like instacart was in this space a lot earlier than a doordash and an uber. >> yeah, that's right. for instacart specifically the grocery market, as we know, is enormous, trillion dollar market in the u.s one of the retail categories that still left for disruption and instacart, we estimate controls about 25% of that online slice of overall grocery. so they're an early mover. they have advantages in terms of a large consumer base. and they're transitioning from a tractional platform to more of an inspirational platform which is where advertising comes into play. >> right that's what they want to be. colin, i wonder why hasn't instacart gone public yet?

some have thought that they maybe missed their chance coming out of the pandemic to show those strong numbers any sense of how big that advertising business really is and if it's enough to offset for a potential slow down in grocery delivery post-pandemic >> yeah. i guess you have to ask them about plans to go public, but in terms of advertising, i mean, remember this is a data play as well they have incredible amounts of first-party transactional data about customers that they feed back into their platform and presents an opportunity to compete with google and amazon in search advertising as well as discovery. and in that not only improves the value proposition for consumers, but also for merchants that get that data as well and certainly has the opportunity to pad instacart's margins. remember they are a technology company. they're relying on the network of retailers and shoppers and drivers to do a lot of the heavy lifting. so the profit margin profile for a company like this could be

quite high >> well, colin, that's what i want to ask you about, though. and i want your thoughts on a dynamic that i'm seeing play out in this space as i talk to doordash, as i talk to grab. they're increasingly trying to get customers into multiple categories of services because that improves retention, lowers churn and improves margins if they can do that so, does instacart need somehow to either create or get into more of a basket, especially as the price of groceries goes higher and some consumers might feel more sensitive about paying that and a fee on top of it to get their groceries to their door >> yeah. i mean, it's about selection it's about convenience and price. and for instacart specifically, they have a prime-like membership program that's proving quite popular, instacart express. expanding into ultra fast 30-minute delivery and offering products beyond grocery, partnerships with best buy and

staples, for example, offering more convenience store items as well gifts are another category and so they have a very good opportunity to expand, as you said, the basket size, the average order value and conversion rate. in addition, all the data and advertising that they're launching this year. >> yeah, that's interesting, colin. you talk about 30 minute i was going to ask you whether or not cost pressures, worries about household balance sheets would sort of argue that we've sort of peaked out in hyperconvenience maybe that's still how they're going to acquire new customers or keep the ones they already have >> yeah. i think it's a great point i think grocery is really the key here fresh food and people want or need that within a very short time span versus buying candles or tvs from amazon and getting that delivered same day, for example. so there's a really strong use case here for fast delivery. consumers will pay a premium for fast delivery in these

categories then as you mentioned before, leveraging that to spread across other product categories so grocery is the place for that delivery proposition >> colin, amazon's advertising segment was just revealed to be a $30 billion plus annual revenue business can it use that heft in ecommerce to give instacart more competition on the grocery side? we know that amazon is not backing out of the grocery space. and do you anticipate them to sort of be that main competitor? how does that change the advertising dynamic? >> yeah. amazon, walmart for sure, kroger you know is doing a relatively good job as well they're a partner of instacart, in fact. but amazon is saddled by its own grocery operations, inventory and warehouses so what sets instacart apart is they're creating and building up a network to provide that same services as amazon provides for only its customer base across

the rest of grocery. and that's where instacart has carved out this so far leadership market share, competing very well against amazon amazon has an opportunity with prime, competing on price, and with delivery as well. but the bar has been already raised in front of amazon. and that's a key difference in this category versus others and why amazon has struggled >> colin, thanks somuch for being with us. great insights. >> my pleasure thank you. still to come, an identity crisis for zoom, peloton and other work from home headliners? we'll consider that next "techcheck" back in a moment

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maybe even lifesaving. ♪do you know what the future holds?♪ welcome back to "techcheck." i'm carl quintanilla with jon fortt and deirdre bosa stocks fall once again got quite a dune draft once the opening bell rang amid these calls for a complete ban on russian crude purchases, helping drive up oil prices today while lawmakers here in the u.s. push

back against implementing a no fly zone more on that in just a moment. first a news update with rahel sol solomon. >> oil making bigs moves up and down as you mentioned, carl, as the u.s. pushes for a wide ban on buying russian energy exports. all of the gains were erased after indications that germany is resisting a move to cut off its purchases from russia. kayla tausche reports the white house is now considering a stand alone oil ban without the european union right now west texas crude futures are up around 3% near $119 a barrel shares of bed bath & beyond up around 40%. gamestop chairman ryan cohen wants changes. it should narrow its focus and consider separating itself bye bye baby unit or sell the entire company. kohl's is making changes under pressure from activists what the retailer ceo is calling

a complete reinvention of its business model and brand it will open smaller stores to attract new customers and also concentrate on its sephora business wall street not very confident kohl's stock is down almost 8% right now. carl, i'll send it back to you. >> thank you the russia/ukraine conflict continues to weigh on the market, obviously. the ruble just broke through 150. now worth half of what it was in early february before hostilities began. our next guest says it's still too early to read the tea leaves but impact on tech and supply chain, cyber security already being felt former cisco ceo john chambers joins us, investor welcome back good to see you again. >> carl, jon, deirdre it's a pleasure to be with you all again today. >> we've been talking to you for a couple of years now about broad geopolitical risk. a lot of our conversations have been sendered around china and how tech policy would be pushed around by that relationship. but obviously this is a new era.

i wonder some of your initial thoughts about how history has changed here >> well, i think history has changed forever. i think you see united europe in terms of the challenges. i think you see tech companies not just focussing on what is important for their bottom line but also what's right for society. you see the american public united for the first time in quite a while, where 75% of americans feel very strong that companies should take very strong action versus russia. i think it's important to do what we talked about so many times before, carl and jon, that in a crisis management to determine how much of it was inflicted externally, how much internally, you say here are the three to five things i'll do to deal with it, update your employees, shareholders, customers where you're going to go and paint the picture of how you come out of it we will come out of this fine. tech will be fine within this. tech is being driven by the digital revolution and will speed up cyber security, artificial intelligence, if you

will and the cloud moving to the edge, which are such important technologies for every company in the future. >> do you think -- i mean, what about the effect on innovation and i guess white space, jon places where tech thought they were going to grow 20 to 30 years ago that now look off limits >> well, i think actually it's a great question -- i actually think it's going to expand the number of white spaces and technology areas before when we talk about this five years ago, we talk about silicon valley, austin being interested, maybe boston, couple other centers around the world today you have unicorns exploding in germany, india, france, et cetera on it. france was named the most innovative country in europe with new startups. you see work forces with zoom technology, cisco presence, et cetera, being able to locate anywhere i think that accelerates it. i think that's good for the global economy it allows people to create jobs

quicker. and share in this resource for the future so i actually think tech enables all that >> john, good morning. are we, though, seeing an accelerated kind of bifurcation here and perhaps the beginnings of a digital cold war where you've got russia and china on one side, u.s. and europe on the other and now it's wrestling between the two for influence. you had belt and road in china, this dependence on russian energy and raw materials, but at the same time, you've got these technology services and equipment and cloud providers coming out of the u.s. promising higher productivity. is it a question of which way latin america, emia get pulled in this situation? >> about six questions let me see if i can hit them in the sequence i remember them in terms of europe, i think you'll see europe come united. in terms of energy policies, you are going to see mayor movement

to alternate energy options. and you have to have more energy independence, whether you're in the u.s. or in europe. in terms of the key trends overall, this is a united world. i think russia is out there by themselves china has to walk that line carefully. but they're smart. and they understand the brand implications for china and how this evolves i am cautiously optimistic that mediation can be encouraged by both the chinese and the israelis and we need to unwind this situation in the ukraine going forward. i think i would be remiss if i didn't take this moment just to say the tremendous courage that the ukrainian people have shown all of us. and i like the fact that finally businesses, all of us come together and say this is unacceptable culture and society takes equal precedence or more over economic gain in the short term and we'll come through this. just too early as i said in my opening comments to say how

quickly this will occur. i think we'll come out in good shape. i think we'll be united technology world there will be a couple outliers and just the point you raised on security, the data i have seen there's about a trillion dollars lost to cyber security hacks each year of which two thirds attributed to russia that's already been a cold war going on for a long time we need to step up to that and if you're thinking about investments during this time period, i would think cyber security companies who either can prevent, can tell you the stage of it, help you recover, are going to be key. that's currently where i'm putting my investment portfolio and then the ability to move into new areas such as a.i. will explode this year and alternate energy think of bloom energy, energy at the edge of the network with, if you will, natural gas, clean energy, moving to hydrogen i think these are plays in the market that can help the whole global economy come through it >> john, it's deirdre. i want to dig more into the china tech aspect of this. you've spent a significant amount of time there as have i

you know well that china is looking out for its best interests. and i wonder, what do you think that beijing is thinking of the opportunity right now in terms of payments to semiconductors? is it looking for an in, or do you think that global stability is more key? >> well, i think global stability is equally as important to the chinese as it is to the americans and to europe an economic fragile situation with nuclear powers is not good for anyone the chinese almost always play the long game. deirdre i've been there for a couple decades longer than you have, started as a teenager. as you watched over the years with their five-year plans, et cetera, normally very predictable. it's in their best interest this resolution gets done and issues ukraine get unwound and it doesn't want to be too tied to a country with 140 million people with the rest of the world pretty well united in the disappointment of what's occurring. so i think they'll do the smart thing and navigate through this in terms of the balance and i

think you will see the world continue to stay pretty strong united in terms of what russia did here was unacceptable and cannot be tolerated. >> john, we do appreciate that optimism, even though it was a lot of unanswered questions right now. we'll be talking more frequently, i hope we'll see you soon >> all right thank you all. come on any time you want and it's great to be with you again today. >> john chambers still to come on the show, cathy wood calls arc a vc firm for retail investors those comments in just a moment. don't go away. ♪

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after two years of a pandemic, some businesses are stronger than ever some that were in weak position only got weaker and some had a huge boom and then huge bust dom chu is taking a closer look at those boom and bust stocks for us dom? >> jon, while the shift is staying at home presented opportunity for select group of companies, some of those pandemic winners have still struggled to find their post-pandemic life, their footing, so to speak that includes names like stitchfix which allows buyers to try on and buy clothing without ever entering a store. now that stock hit a pandemic

high of around 113 bucks a share back in january of 2021. but has fallen roughly 90% since then with shares now trading roughly $11 or so. freelance marketplace fiber still up significantly from the start of the pandemic but the exuberance waned a bit with that stock off 80% since its highs in february of 2021 then there's peloton, which quickly became a household name as gyms were closed around the country and people looked to continue their fitness routines from their homes that declaration of the pandemic to its peak, the peloton trade was up nearly 650%, you can see, but that stretched to the present day and the stock has now basically flat to start off the covid post side of things after a number of issues ready from supply chains and declining demand from pr woes related to product recalls and unfortunate cameos of the product on tv. another by the way fairly early

pandemic darling was zoom video. that stock was up about 440% from the start of the pandemic to its kind of october 2020 peak, but as the company started reporting slowing revenue growth, decrease in enterprise customers and disappointing revenue outlooks that stock has come back to earth now near the flat line since march 11th of 2020 guys, as we kind of get adjusted to this so to speak new normal post-pandemic, keep an eye on some of the big, early pandemic winners. by the way, many of these stocks are actually up from where they were pre-pandemic still, but that whole idea of the year and a half that we saw with those stock reverberations carrying through for months, that was something that caught a lot of investor's eyes, guys. >> yeah, dom curious your thoughts on what byron deeter was telling us earlier in the hour focussing in specifically on software, enterprise software, cloud connected stocks arguing that they're still growing 40% but now their multiples are way down, so even if they lose even

more off their stock price and the volatility going forward, they might still remit value are you hearing that kind of line from other people as well >> so it's interesting you bring that point up because if you look at some of the longer term charts say for two to three years for companies like peloton or zoom or to your point some of these cloud computing type software plays f you kind of just blacked out the 18, 20 months before the pandemic declaration and where we are now, the stocks on that straight line growth trajectory actually been resized and repriced. they're bigger than they were pre-pandemic and still growing they just are not growing at the same clip that justified a 3, 4, 5, 600% rise in some of these stocks out there which is why in many of these cases is trying to figure out the identity of these companies and what investors expect from them in the coming months and years there's no doubt that enterprise software and workplace productivity will be forever changed by zoom.

and zoom will possibly continue to grow very marketedly so over the coming months and years, but just won't be hyperbolic like we saw during march of 2020 all the way to say the fall of 2021. >> yeah. stay at home 2.0 everybody wants to know what that's going to look like in aggregate and for these companies, dom great report that's our dom chu coming up, we'll debate what peak performance may mean ahead of apple's product event tomorrow dow now down 518 and a lot more "techcheck" is still ahead ♪ welcome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you.

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indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i think if you were to look at the next five years and if you were to give us that five-year investment time horizon, we are the closest you'll find the venture capital fund in the public equity market if you were to give us that five years, given our expectation for growth in these new technologies, i think we're going to see some spectacular returns. >> i wonder if cathie is remembering that 75% of investments fail that was ark investment cathy wood those gains have now been erased over the last week it is back to a 52-week low. down 39% year to date. speaking of ark, a gut check on one name it has been off loading that's palantir, morgan stanley

sees value here grade upgrading from underweight to overweight dropping from 24 to 16 bucks morgan stanley also saying it's waiting to see yields on the company's investment in the commercial side of the business. shares higher this morning by about 5.5%. >> as we head to break, a quick programming note new prime time series "no retreat, business boot camp" premieres tomorrow, 10:00 p.m. eastern right here on cnbc "tech check" is back in just a moment as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities... ...helping us all move forward financially. pnc bank: see how we can make a difference for you.

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there's a disney debate happening on the street right now, starting with the bears michael nathanson cuts his price target by $15, cites some fears that the dtc operating margins may fall short of peers, like netflix. despite a new ad-supported tier in an effort to shore up users and margins, it could be a sign of profitability issues. b of a maintains a buy, touts the return to theme parks and increased content, output in the second half of this year by the way, christine mccarthy, the cfo, will speak at morgan stanley's tmt conference later on today jon, b of a talks about the park recovery, disney plus, even some sports betting and she does keep her 191 objective. >> yeah, yeah, but my biggest

worry about disney is that book of boba and eternals weren't very good. disney in the past has just been putting out hit after hit. pixar stuff is still good, but when it's coming out outside the theater, it doesn't seem to be getting that pop my concern is for the hit-making machine that creates the catalog more than anything i wonder if they're talking about that. >> jon, clearly your kids are a little older than mine because that turning red preview has been on my screen and it's just a preview. i think about 100 times in the last few days. it speaks to disney's brilliant string of content acquisitions from star wars to marvel to pixar. did that perhaps buy disney some more time to figure out the economics of streaming >> i don't know. that's got nothing to do with tech stocks. meanwhile, speaking of stocks, major indices in the red going

deeper into the red. the dow down about 543 points. the s&p off 1 2/3% nasdaq about the same. we're back after this.

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one more thing billionaire ryan cohen made a splash in gamestop and made a significant investment in bed, bath and beyond and pushing for change shares had doubled at the open and now they're up 30% leslie picker has more on the new position and the man behind it the activist investor for meme stock generation, leslie. >> yeah. just 30% at this point cohen wants the company to streamline its turn-around plan. he's also looking to further align management compensation with shareholders and consider strategic alternatives like separating bye bye baby or selling the whole company. he owns 9.8% beneficial ownership, his own money since rc ventures doesn't manage outside capital. i spoke with a person familiar with cohen's thinking today. he's not going to wait years fo bed, bath and beyond to change

he's considering if need be nominating directors other than himself, of course, because he's chairman of gamestop bed, bath and beyond responded in a statement this morning saying that it hasn't had prior contact with rc ventures but it plans to, quote, carefully review their letter and hope to engage constructively around the ideas they have put forth. shares of bed, bath and beyond surging today, although as you mentioned paring back some of hose gains cohen has a cult-like following among retail investors who supported him through his coup at gamestop and beyond the stock is the most actively traded one on the fidelity platform today institutional investors riding the momentum on the long side, some getting squeezed on the short side and that could be why we saw such a significant pop at the open and things have pared back a little bit at this point in time s, guys. >> leslie, appreciate that obviously a very busy morning. we thought we would get some uplift but that clearly didn't

happen right from the outset the are market had its hopes pinned to some of these talks regarding the russians and ukrainians. the dow is down almost 600 almost a 2% drop on the s&p. south of 425 will take you back. let's get to the judge and "half. >> thanks so much, welcome to "the halftime report." front and center, wall street's worries. stocks falling, price targets dropping so what is the best path ahead for your money we discuss an debate that with the investment committee joining me liz young, steve weiss, josh brown and joe terranova. carl just gave you the market picture. the dow is down near 600, 1.75% decline. s&p down 2%. nasdaq is down oil touching 130 but all of these continued worries about what's takin