sectors up 6%. tech i would note, it's a strong week for all of the major averages we are on pace for big gains even the s&p and dow are on pace for gains for march. it's been a big change this week, david. >> so far it has there is a lot more to go even today. that is going to do it for us here on squawk on the street ♪ >> welcome to tech check carl is off today. bottom's up. a top strategist says the

correction is over it is now time to get back in on growth no more legacy letdown cisco and hp as a top pick gold line or sweaty. we look at theprospects. >> this morning we are going to start with real stocks nasdaq trying for a four-day win streak for the best day in a year we are 15% below all-time highs. they are combing the bottom saying now is the time to add risk he adds the correction in the sectors are likely finished. he is not the only one on closing bell yesterday, he said he's adding exposure. take a listen. >> microsoft, google, bumblebee, the next level of ai, on weakness i continue to add all

three to the portfolio we spend so much time doing analysis of management times and leaders. as long as tim cook and other leaders are running the companies, i am a long-term buyer and holder these are some of the best executives in the world and recruiting some of the best in the world. >> so he is adding on the other hand, how about ricky sandler saying the selling is not over? >> we have definitely corrected some meaningful amount of what the exuberance was i personally don't think it's over idon't think we have cleaned out all of the optimism that is growing, not profits or companies with large --. i think we have had a good amount of damage, but i don't

think we are done with it. >> so he said he is buying names at these levels. the nasdaq is up nearly 7% this week three days of gains of investors feeling good maybe we will make it four when you look at the chart for the full year and we are not that far into the year it's sobering i am not sure those two guys were disagreeing very much at all. long-term buyer and holder in this market, i think some investors have gotten used to thinking of long-term is two weeks. if you are buying, you may have to be prepared for more downdraft and have to hold on for years. like in the early mid 2000s, there were good companies. post the dot com shake-up, it took a long time in the stock to

flish what they were showing in revenue and earnings microsoft is a darling but microsoft in those years was growing in earnings revenue. they got zero credit for it in the stock. >> yes i know we talk a lot about the long-term, but a lot of those companies could get washed out as well. john, where does the multiples settle software companies valued at 8 times revenue. even long-term, they could never make back those levels >> it is possible and i think you have to be prepared to have conviction even if the stock prices tell you you are wrong about certain companies, you believe in certain trends, the very kinds of technologies we have been talking about this week on tech check. if you believe these are the future, jim was bringing this up -- and you see evidence in

the company's earnings report that they are making progress, sometimes you have to hold your nose we are not used to this. investors may have to get used to it again. >> and the features. we saw this digital transformation, but who is going to move beyond it. john, we also need to ask where is the opportunity names like snowflake, shopify, even peloton are at 20%, but can you trust this bounce. bob is with us we just had a long discussion on the bottom what are you looking at when it comes to some of these high growth momentum names. >> i think the two gents are not disagreeing. is the company generating earnings now or three to five years from now the latter group got hit hard.

they are long duration stocks just like long duration bonds. believing interest rates and inflation will go higher, i am leery about that darlings are google, but i like others as well another group of tech stocks, i call them the old tech stocks. they are not the brightest lights, but their stocks have behaved so much better than a lot of the names we have talked about. i am talking about intel, cisco, even ibm has been down much less than the market so far this year >> the legacy value that have performed better but lets go back to comments earlier this week where he said the nasdaq is not a long-term bet. like cisco, they have not gone anywhere for a very long time. is there an argument to be made that perhaps it's not the nasdaq

anymore? where do you stand on that >> i think you are right i am not making a case that ibm should be near a portfolio all year long. we are a bit more defensive, expecting interest rates to go up you have to be careful of valuation, unlike when interest rates were zero for so long, the sky is the limit i want to own these companies making a difference. google is on this list and microsoft is on this list. >> bob dalton, what are the strategies and assets that are so important that it's worth investing in them even if they are not profitable now >> i think about amazon 20 years ago that was growing quickly and reinvesting in the supply chain, the logistics network. turned out to be with it but what about growing the basis

into the category you are talking about, where they are not ktrading out profits on a cp basis? >> i think the dynamics of the capital market will work against those companies for a while as investors come to adjust to interest rates going up all over the curve it would seem. no matter how good that company is, they do have a headwind. amazon didn't have that head wind they watched interest rates go straight down as multiples went straight up. i want to play where the earnings and cash flow, i can touch it now >> does that mean staying away from those names entirely or does it just mean be careful >> be careful than before. or differently if you looked at my tech portfolio a year ago it was heavy growth and not much value.

some of the names i mentioned, that they are going to drive technology for the next decade but they will be players where will the productivity come from that will enable the u.s. economy without much population growth to be a growth company. that's where you get to the cloud and software and wide area of networks. >> that secular shift of companies we have talked about but do you think it will underperform the benchmark -- we have already seen it underperform the benchmark -- there has been so much investment in the company. you think it will be better? >> there was a tough second half the stock lagged horribly last year it has lagged again. i am going to be patient i have added to it on weakness

and i will wait to have more confidence the business is going to turn. >> i saw your warning a boost to the dollar due to flow into safe haven assets but may we see the dollar decline because of china and companies like that and the weaponization of that? >> i fully agree with that when the war passes and the dollar is not as important, i think we will see dollar weakness and strength elsewhere. >> wow bob, thanks for the clear answer we will talk to you soon turning to apple covid disruptions in china have highlighted the risk to many tech companies and their supply chain in asia after the trade war with china during the trump administration how reliant is apple on the

supply chain steve? >> we saw that this week with the wave of worry in apple investors. how big of a deal is this and how exposed are they in china. they were able to shift production around. but it got me thinking, tim cook just talked about this on his last earnings call he was asked are you too exposed in china or too at risk. he said, no. we are happy with how things are. with all of the production in china and where his suppliers are located, he is telling us i can move stuff around and it will be okay when these shutdowns go away or ends upside >> remember the difference between the supply chain and where assembly is happening. apple has a very diversified sploi chain, but how much

assembly, particularly of the iphone is happening in china but you look at the new macs, some of them are assembled in asia they have weeks of inventory and cushion. >> you took the words out of my mouth. that new mac studio is made in asia and airpods in vietnam. and they have tried building them in places like india to varying degrees of success it is based in china and geographic closeness to where the suppliers are and where these things are put together. >> at the same time there are other consumer technology players that have more concentration in china in particular and not as big as apple so they might not have as

much leverage over supply chains, over different ways to push flexibility and get product out. even though apple may get the focus, there are other names in the sector that we should be more concerned about >> i am thinking it is not the most consumer technology name ever, but tesla had to shut down their shanghai factory a couple days because of the covid outburst we may see another spike as we see data come out in asia and elsewhere. let's rewind the clock to 2020 when the entire country of china was shut down and apple was still able to get its iphone 12 out with just a break. still ahead. gamestop investors need consoling. fed ex doesn't live. -- deliver

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check on fed ex. omicron having an impact on the bottom line. the big period of growth in ecommerce is behind us much we are not counting on huge consumer spend in our numbers. shares are taking a tumble this morning, down more than 4% >> here is a company that hopes it's ahead gamestop is up almost 4%. on the earnings call, it was said that they are ready to embrace new frontiers of gaming, those that include a marketplace and web three. a long time investor in the

gaming experience joins us now you are building a game in the space gamestop says they would like to dominate what is it going to take to do it >> it's going to ache a miracle. it's a great space, but there is a divide between traditional gamers which is all of gamestop's gamers and web three. unless they hire unbelievable talent, which will be difficult for then to do, it's just going to be really hard for them to bridge the gap >> so i keep hearing about a real disconnect in the traditional gaming market between people, often companies, that is want to introduce nft into existing properties and gamers are saying no way, keep

that stuff away from me. a lot of that is probably part of game stop's customer base how do they reconcile the two? >> the way we reconcile it and the way that maybe game stop could, it's about educating the gamers about what the promise of nft gaming could bring it has to do with ownership, ownership of your characters i play a lot of games, but i have no emotional attachment to any of the characters in the game you spend a lot of time playing games, why not spend time playing games and have ownership with your characters and build a relationship with them over time gamestop is talking about building an nft marketplace which is a what everyone wants to do strategy, not a real

strategy >> why would someone go to gamestop for their nft marketplace versus coinbase which has its own space versus a company we don't know about yet that is being built in someone's basement that has more expertise in the area. >> gamestop recently did a deal with a block chain it's about a third of the coins they were given. if they were really serious about getting into gaming, they probably would have done something with solana instead. how does gamestop compete with coin base. in the state of gaming there are other marketplaces there is one started by the

creator of twitch. they could try to make an acquisition, but it will be difficult to get talented people who want to work for gamestop. i don't know how else to put it. it's hard. >> you are being blunt about it. i haven't checked my twitter comments is gamestop in danger of losing its status the stock has turned around, but not taking questions on the earnings call, how can you claim to be in tune with the investor when you are not doing that? >> the whole mean stock thing is over gamestop was able to break $300 because of a massive coordinated short squeeze and very specific market conditions with retail investors who didn't think too far into the future. i think they have done two secondary offerings since then

i don't know how many, but at least two. to me mean stock is over now they have to figure out -- they have to basically put out or shut up they have to build a real business when i look at the market cap, i think it's around $6 billion it just started yesterday. i just have to say that. they have a challenge. >> very quickly, how would it be done let's take nintendo. they have notoriously great ip gaming let's say they go into nft there is only one mario so you can't buy mario. are they selling mario cards by the year or certain number connected to certain games mario in the cart versus jumping over a mushroom? how do you create in the space

if you own an nft system, then it makes sense >> i can just talk about how we think about it the way we think about it, you don't want to build a monolithic game it takes years it requires a lot of work and storytelling and years of development before you launch. the beauty of three is you can create a series of minigames, which is what we are doing, over the top of layers of beautiful art, beautiful characters, ai. we are using ai to create automated characters in the game and building economies that are designed to last 100 years over the top of these minigames i guess i am saying they need a completely different look of gaming in general.

in the case of mario kart, they could sell different types of carts, sell different abilities with those carts if you athink about the potentia of pokemon in a three market, it takes time to discuss this take some of those website yas and bringing them into a web three world. >> we only had five minutes. the conversation will continue it will take more than a quarter. thank you. cart selection is very important in the game. i hear what he's saying. after the game one analyst calls value on cisco and more

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welcome back take a look at the biggest winners on the nasdaq 100 this week looking to notch its best week in more than a year. we will have more on u.s. senators investing in chinese markets in a few minutes time for a news update here's what's happening at this hour. falling faster than expected in february dropped 7.2% on an annual basis. despite the drop, the market remained low the median home price is up 15% over the last year

median is $357,000 metals sank. it was the third day of down trading with problems at the lme. and a call to close 800 stores in russia they say its franchisee is effusing to do so. burger king says they need the help of the russian government to close those restaurants, something that will not happen we talked about value at the top of the show. should you look at quote, unquote, safer companies and buybacks from stocks like dow. this is bet on innovation or balance sheets and what is likely to be a tougher year for the high growth stocks that has less profitable business models? >> bet on balance sheets and

companies that are using their balance sheets for friendly transactions some names have done really well apple has performed exceptionally well historically, apple will be treated more like a company much better than that companies with better balance sheets are going to do well. >> the key word here seems safe. our earlier guest is agreeing with you saying these are better names to agree on in what could be a turbulent year. if you are not macking huge bets, is that because you think growth names are going to continue to get hit? >> to some extent, i think the issue has reached going up an interesting issue you bring

up there will be a proper time evaluating valuations. it's more a challenge of how you defend the other end versus the value names, defending the dividends, like real estate. >> what do you think is going to do well on balance sheet wise? it will be unpopular perhaps in the market where people won't be excited about it it but probably should be. >> i think the legacy names, like cisco or dell, that people have shied away from in the past, could do better. they have a more stable demand assuming they have a strong balance sheet, they could have transactions

you could see companies acquired by using the balance sheet a company like apple, for example -- could see them do really well during this time frame. >> do you expect to see mma -- you talk about the companies that may do well but not be that popular. could they be nma among slower named enterprises that investors tend not to pay attention to, but should once the bigger names go shopping? >> yes cisco is sitting on a really big pile of cash right now and doesn't seem to be doing a lot in terms of the buyback. a correction could open up new transactions

could see someone like dell or hp being more aggressive companies with balance sheets, some will use it and others won't. >> you have to be a bit careful with these names you talk about hardware, but is this a sector disrupted by the metaverse? >> these are typical assets that need to be challenged but on a secular level. you have to be careful with these things some of these markets, networking, my 11 and 9-year-old daughter who use computers at school will probably never stop using it they have probably expanded a

bit more all of us going back to work and still running zoom we could see that over the next year as people go back to work >> thank you this week we have seen the ramp in chinese shares of internet stocks like alibaba, the knet is up 40% since opening. elon has that story. >> congress has been investing in china our analysis shows that lawmakers and their spouses and children have traded $5.6 million in chinese stocks and funds during this session of congress including names like alibaba and tencent.

most was by one lawmaker, michael mccall he is the ranking member of the foreign trade committee. his answer has not answered our request for comment. on the democratic side, we see activity at 982,000. the biggest trade there was the representative from virginia she sold between 250 and $500,000 of alibaba stock. at the time the shares were trading about $227 they have fallen off and are around $105 bucks. we reached out to her office for comment but have not heard back. we have more details coming up next half hour in our report >> do you think this is a new

front in political discourse, who is buying and selling chinese stocks i don't remember that being as much discourse before, but is that fodder for mid terms? >> absolutely. you are not seeing the rhetoric match the investment some of these lawmakers, like mccall, have talked about distancing ourselves from china and put america first. this is one reason why you could see this bubble up as a campaign issue, but more broadly, there has beenalk to ban lawmaker trading. we will see about that in the future and a lot of this is should it be applied to a lawmaker or a member of congress or their family as well >> you have what the u.s. can do, but what beijing can do.

people in china have no way of knowing. one example is alibaba how about some of the others >> what we see overall is that lawmakers don't seem to be any better than the rest of us at potentially picking stocks it's hard to see on the sales because we don't know the basis, when they bought some of the stocks they have sold have gone on to reach higher highs later on, so maybe they have some money on the table. what lawmakers are in mean stocks that's what i want to know just kidding after break we will check on shares of meta up just over 2%. an australian regulator suing saying the company didn't do enough to protect users from scam ads targeting crypto.

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welcome back quite a few people left the workforce during the pandemic, called the great resignation

it might lead to a bloom in entrepreneurship as they start into new businesses. julia? >> people left the market in droves, leaving it at its lowest level in decades, but many women are starting their own companies. the number of active numbers plummeted. they actually outpace male business owners. the number of women that own businesses are up 2% it was up as much as 4%. the number of men who own businesses is down 2%. i spoke with a whom who has raised over a million dollar to invest in early stage female web

companies. >> a lot of women are recognizing there are alternatives to that 9 to 5 structure that can generate a healthy amount of income i think that is ultimately leading to the workplace >> one of the founders fund is back this is a software tool for sellers to offer loyalty programs and founded by two women who left their jobs at j.p. morgan. >> we wanted to be building where the innovation was we wanted to be on the front edge of technology and wanted to create a future. we thought the smart people in this space was leading we wanted to jump and hang on to that we felt we couldn't hang on to our jobs any longer. >> they are still very much in the minority of the world of

female entrepreneurs they are among many living in los angeles. the statistics raised 2% of dollars raised last year the odds are stacked against these women, but perhaps trends of the past few years will start to change those numbers. >> interesting talking about the environment for women entrepreneurs, maybe even particularly those who are raising capital and trying to do big things over the past few hours there have been a couple of tweets out talking about this insider piece on this founder. it is critical of how she tried to grow the company and it didn't work out. there is some concern out there that, you know, takedowns of female founders are being

invoked. is that something you have noticed? is that something that female founders talk about? >> 100%, john. there is no doubt that female leaders of companies, especially startups are held to different standards than their male counterparts there have been a slew of articles targeting female founders, doing exposes that some of the behavior is inappropriate and does not seem like the way a company should be run. but a lot of that behavior seems to be in line with what others have done. people like steve jobs who were passionate at times, hard to work for, and a lot of these women are being called out for seeming petty. one of the issues highlighted was that people in the office were asked to keep a clean desk. it doesn't seem to be worthy of

that kind of criticism it is these articles that seem to be another trend creating issues for these female founders >> you can't ignore the announcement from a few weeks ago announcing a crypto team with an all male team. it shows on a larger level representation is needed after the brk,ea having a good week are --

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in this era. for a long time we didn't have

small, older stage companies going public what do you view as perhaps your unique responsibility ink at the way that the market's been for the last quarter, you've definitely seen sort of y seeing a positive reaction from folks at embark start to understand the story more and one of the things we do pretty differently and i think is important is we've been very clear over what are the actual milestones to deliver over the next two years and how does that take us from where we are today to some of the most important objectives of the company and i think i got a good reaction from the analysts last night, looking at the very detailed plan that we put out sort of uniquely in

the space. >> so talk about the amount of capital that you have, the rate at which you're burning it and how confident you are on your projected increase in revenue over time because the plan of going public is to get that pile of capital, i suppose, but now you have to burn through it for a while. >> i think going public, obviously, was a big accelerator for embark gave us hundreds of millions of dollars to go out and continue to build the is really going to be critical and self-driving technology and doing so with some of the best and largest carriers of the united states and so i think that money hasa good position to put up the milestones in 2022 and beyond and so we're certainly pretty excited about where that puts us >> alex, there weren't a lot of milestones for 2022 and they're

still a ways out in 2022 when the markets were a lot friendlier toward s pacs and projections and given the sell-off that we'reseeing now particularly in your shares even though they're up today, i wonder if any part of you wished that you stayed public and raised money in public markets and figured out some of the stuff before being judged in the quarter. >> we're still very happy with the decision to go public. the resources we have now are very different from what we had before if you look at more than five years before going public we spent more than $100 million to have hundreds of millions in the bank today that puts us in a position to keep working and the reality has been that the markets have been a particularly challenging spot and i think that's something that happens with any tech company regardless of size and the goal for us is to continue delivering and executing on those milestones and over time we start to see

folks recognizing that, and they'll continue recognizing that >> alex, are employees as understanding after the celebration of raising all of this money and going public at a much higher market cap how are they feeling how is morale at the company >> the company is really excited. i think embark is a business that's focused on the long term, and so right when we went public even in the peak of everyone being excited. listen, guys, we're a base camp here this is not the end and this is the beginning and now we have the resources to deliver on the mission and to be able to make roads safer and to be able to make people's lives better and to be able to make driver's jobs better and that's what we're out doing and day to day the employees are continuing to execute on that and likewise, i am one of the things we talked about in the earnings call is i'm not taking a salary this year instead we're putting that money toward robotics education for kids around the world. so i'm right there along with the employees, believe in the

long term, focused on many years from now >> in for the long haul, pun intended alex, thank you. if you missed part of the show, don't forget to follow and subscribe to our podcast listen any time, anywhere wherever you download podcasts "tech check" is back in just a moment age before beauty? why not both? visibly diminish wrinkled skin in...

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one more thing and that is the slow motion crash of so-called quick commerce or quick delivery that competes with doordash in the last two years a bumper crop of companies launched, gorilla and joker, promising 15-minute delivery or no or low fees the journal reporting that they lose $20 per order on average and surprise, surprise, many are now going out ever business. they've both shuttered operations and there's also reportedly a russia connection as both companies have raised money from russian investors, although, john, that could be a convenient excuse and it's probably that the big are getting bigger and there's big economy and doordash as well as

some of the private names are taking up the market share in the spot >> you can stretch too far with those delivery prices if you don't have the network set up to support it kozmo.com, remember that one promising? yeah long time ago. that will do it for "tech check. let's get to the judge and the half. all right, jon thanks so much welcome to "the halftime report." i'm scott wapner the pivotal week for your money and still so many questions hanging over the market. investment committee here to debate the road ahead, brenda vif vingiello, jason snipe, steve weiss and jon najarian co-founder of marketrebellion.com, what a week for the nasdaq, the nasdaq 100 and best dow week since 2020 you're really going backo