flightily higher on the yield. it's trading at 2.953% that's a little bit higher that does it for us today. brian, thanks for being here. >> so you guys in two years. right now it's time for "squawk on the street. bye-bye. ♪ good morning, welcome to "squawk on the street. i'm scott wapner with jim cramer let's take a look at futures because it looks like we are going to open higher this morning. s&p would open higher by about 63 the dow more than 400-point gain and the nasdaq about 250 points. our road map this morning starts with a really good consumer checkup. walmart with a big earnings miss while home depot boosts its outlook. musk's bot battle, throwing the

fate of his deal in doubt over possible fake accounts and shares of city popping, warren buffett revealing a $3 billion stake in that bank we do begin with the markets along with today's results from home depot and walmart we really need to start, jim, with walmart it's good to be with you you're a fire-breathing dragon this morning on "squawk box" about walmart. i haven't seen you this upset about earnings particularly around walmart this is the second biggest gap down on earnings -- >> you got to execute. the problems that are affecting walmart are affecting everybody but walmart seems to have not been able to handle it you could argue, look, they don't have the managerial talent that's needed. this should have been their quarter. it's a great quarter for companies that are -- after a stimulus is over, you go to

walmart. i shop at walmart all the time i think the stores have had a lack of inventory of late, but there is -- there's a sense of -- i don't know, does it really matter? you put out good numbers. >> you think they should have preannounced >> i just think -- 159, when it's at 160 a couple weeks ago, it would have been good to say, our stock is great but we are having problems. there are legal issues if you have more than a 5% differential between what people are looking for and what you're going to get, historically, that's a good level to come out and say you know what, i know things look good but underneath, things are fine. but, look, they can say, hey, we raised this, we raised that. there's always a number that you can claim that you did better than the fact is, if i worked at walmart today, i would be

embarrassed. i would say, geez, we didn't do very well. >> how much of this -- i mean it sounds like you're putting a fair amount of the blame on executions rather than on a fast-changing environment, right? inflation is -- >> it's a fast-changing environment for everyone fast-changing environment for home depot but they pulled it off. >> maybe the customer is a little more price sensitive at walmart versus home depot. >> these are businesses. kroger is a business the ceo was, people felt, over his head at one point. my travel trust sold a lot of this the fact that i didn't sell all of it is a black mark on me because i trusted these people but they -- the building our fly wheel, the fly wheel, i don't know that inventory is not fly wheel.

the -- when you're -- when you're a merchant and you don't have the right merchandise, which i think they don't have, and when you're out of touch with the consumer, which i think they are, and when you deliver such poor numbers versus expectations, here's what you should say, nothing. because you don't deserve -- >> that's a scathing indictment of just continue the -- >> am i a sweet person >> you put the ball in the hand of the quarterback you expect them not to throw a bunch of picks here's what the ceo said in the release, bottom line results were unexpected and reflect the unusual environment. u.s. inflation levels particularly in food and fuel created more pressure on margin mix and operating costs than we expected. >> so richard will speak for costco and he'll say, we had the best store merchandise we've had in a long time

we executed well and we are proud but not proud enough we can do better that's rich from costco. i just wrote his script. that's what he will say. you know what? because he's better than they are. that's why he's better! >> speaking of better, depot -- >> i think that -- >> that was one of your keys going in i saw you talking about that saying if you look at home depot, you are waiting on the numbers, a good read on the consumer, on housing, on just the overall environment -- >> i had a feeling this guy ted decker is a deliverer. he's terrific. craig was a never explain, never complain guy but i like this ted decker this stock has been going down so people say, wait a second, jim, that's proconsumer. he had the right merchandise, he had it at the right price, he made a lot of money for shareholders i think that's part of the desire that executives should

have >> they had 8.2% fewer transactions but people spent more when they were at depot comps were up to two estimates were for down three. >> how great is that that means that you went there and you found a lot more things that you liked and you bought them i'll be there this weekend getting my flats and i used to joke around with the previous ceo saying i got to worry -- lowe's is across the street and i have to check their flats too because marvin ellison but he tolerates nothing i told marvin, i went to one and i said i need the plant at 6:00 a.m., the stores open at 8:00 the guy said, i'll be here next week, marvin calls the store, i told marvin there's a parking lot that was dirty and my wife was worried about when she crossed through it do you think that parking lot -- jim cramer's street, cnbc, at

that point no he cares about execution will walmart make it up? can they make it up? i don't know it's at 138 forever. >> it sounds to me like you're ready to bench the qb. >> i think this is one of those horses that was a favorite that you can't bet on you don't bet on these guys. >> i just wonder what the environment -- how these ceos, you know, as bad of a job -- i think that's what you're saying. as bad of a job that mcmillen has done in the quarter -- >> it's okay we have to stick to sports there will be situations, the 76ers have james harden. joel embiid. he says harden didn't do a good job. we sit there and say, how outrageous is that that joel embiid criticizes him? no, we say, someone just said

that harden dogged him this is a dogged equivalent. they don't know what they're doing. they got to rethink. it's okay. it's okay to criticize it's business. >> in some respects want your perspective on how fast the environment is changing, how fast it might change -- >> you don't understand. these are people who are paid fortunes to know they're paid fortunes to know how this work. the average working person is making "x" working at walmart. these people are paid fortunes to make it so that the execution is such that when they go to the store, people go to the store and they buy even more that's okay. it's okay to criticize -- look, you want me to be like this? i don't think they did as well -- >> i'm not -- i'm not in any way -- i'm not saying that you shouldn't be critical at all

i'm thinking about what an environment looks like now and what it may look like depending on what the fed does and when it does it. bullard is on the tape with headlines, tighter policy outlook in markets, yesterday talked about how things can turn on a dime. let's listen to what he said here's lasry. >> i think the economy is strong i think it is. but you're fragile, strong, and all of a sudden things can turn on a dime. so i don't think you want to go to the point where all of a sudden you've pushed things too much and i think the fed is very cognizant of what's going on so, yeah, maybe you have one or two more increases but you don't want to have the markets down like 25, 30%. >> delicate balancing act. things can turn on a dime. what do you think? >> okay, so, we invest in ceos who know how to turn on a dime

or cfos. when you listen to richard at costco, he doesn't care about the environment. he cares about his execution in the environment. and he will be critical of himself. they hoped a store shanghai it sold out in two hours he said, we're going to wait -- it took them a long time to figure out i'm saying that costco says we welcome this because this is when we shine. when every is doing well, it doesn't mean anything. costco does a gigantic retailer. they're big. and when they say that they screwed up of which periodically, of which i can't recall any time that they screwed up, you know what they say? they say we screwed up we didn't do this right. we had the wrong merchandise they don't say, you know what, the times are difficult. we're not sure exactly what to do maybe we have too much inventory. that is not the way they play.

brian cornell can be so difficult himself that i cringe how difficult he can be. cringe >> because you suggest it's pure execution issue, the market itself isn't hanging on what walmart didn't do, it's more focused on where we've been in the marketplace. if this was an issue beyond execution by mcmillen and team, maybe the market would have a different reaction this is -- walmart is down home depot is up and the market is going to be up nicely as well trying to figure out if we're getting this bear market bounce or not or if it has any kind of staying power. >> three weeks ago, walmart was at 160, there's your bear market bounce 160. now it's at 138. do you ever go bowling -- >> those are gutter balls. >> big difference between 160 and 138. >> doug mcmillon is a nice guy

>> did he underhand it in the gutter >> no, he had bumpers. >> coming up, we're going to go wh whale-watching, and a look at the names that warren buffett is buying and selling markets are going to open higher. >> they executed great those guys did great talk about a tough environment housing is off the cliff and they did great. >> there's the dow good for 420 off the open

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welcome back to "squawk on the street." rick santelli live awaiting breaking news. our read on industrial production, last month, it was 78.3 that's the highest utilization rate going back to january of 2019 and here we go. industrial production up double plus what we expect it up, 1.1%. and the capacity utilization we just discussed, up to 79.0 which means to find a higher number, you have to go back to 2008. as a matter of fact, the last time it was at 80% utilization rate was also 2008 so we're getting very close. interest rates are up a bit today.

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twitter shares falling in the premarket. elon musk says his $44 billion deal to acquire the company cannot move forward until he receives clarity about the number of bots on the platform earlier this morning, musk tweeting, quote, 20% fake spam accounts while four times what twitter claims could be much higher my offer was based on twitter's sec filings being accurate yesterday twitter's ceo refused to show proof of less than 5%. this deal cannot move forward until he does. meantime, twitter saying todays is, quote, committed to

completing the transaction on the agreed price of $54.20 per share in cash. as the world turns, this story takes yet another dramatic turn, jim, between the poop emojis on twitter and everything else. what do we make of this now? >> there's a guy, ned siegel, he's the cfo, i know him as impeccably honest. i like him to do the audit he's been there for a while. if he says it's a certain number, i trust him. why isn't he involved? is he too down in the weeds? musk wants to torture this board and he clearly enjoys that, which is fine. i mean, he's -- not something -- i don't know, maybe, could be fun, but he likes it and he's torturing them. he's saying -- he doesn't care about his position at this point. butthere is a man, ned siegel, who will do this for him, and he

will sit down and give the right numbers to musk. why doesn't musk say, let's have the cfo reach a determination, he should look at the credentials of the cfo, of ned and recognize that ned has been honest the whole way and has been critical and hasn't been critical and say, ned, tell us what it is. >> let me throw it back at you why is the onus on ned to do that, musk had the opportunity to do a bunch of due diligence on this, did he do that? >> look, the onus -- i'm just saying if you're going to be like musk and just say, listen, i need to know, well, let's go to guy who knows i mean, or he says ned should resign because ned is a liar which is not true -- >> you can't lie to the sec. they had the filings, are they not to be believed >> well, it's -- they have the file -- not everybody -- you can tell the sec a difference of opinion internally of what it

really is. but i'm saying that ned siegel right now is the guy who should be front and center, being brought on, calling us right now, and saying, our numbers are honest numbers, and he's not telling the truth. and ned has that ability and he knows the real numbers. i've gone over real numbers with ned repeatedly, and i feel that ned has a handle on it better than the ceo. >> you're assuming that this is legitimately about those numbers versus the other number. the number that matters more >> how much he's going to pay? >> don't you think that's what this is about to begin with? >> yeah, look, obviously, he doesn't want to overpay. but the idea was, he had a great vision if you have a great vision, who cares about the phony bots the idea is, you make the company private, you get rid of all the people that you don't -- that you think are scum and liars, but he wants -- i love the fact that he does want free speech, i think that's great but you have to reinvent the company. what do you care do you really think you're going

to -- you're going to piss these people off anyway. he wants to reinvent the company in a different way he should not worry if these people are real. he should say, can i speak to the person who handles this, and it's ned siegel. and ned has been there a long time and ned will say, let's sit down is ned too small he's a nothing >> this looks like it's headed to a courtroom in delaware, ultimately. >> it should but -- >> it's not as easy -- >> everything is in kangaroo court with musk. >> it's not so easy. you can't say, well, i don't want the deal anymore. here's the billion dollar breakup fee, wipe my hands -- >> he's completely humiliated everyone -- >> right, but there's a contract there's a contract in place, right? that's why twitter had the filing today that said we expect the terms to close at the terms

we agreed to. >> you can go to the court and maybe get a ruling but i'm just saying if you're -- if musk is worried about the actual number and not trying to weasel out, let's go to the numbers. he's like this -- he's like -- i do think that musk wants a cheaper price. what i really think musk wants to do is mortify, embarrass, make people feel e teterrible ad have the time of his life. >> i'm not disagreeing with you -- >> this is the way it's going to be my way or the highway. it's his way or i-95 or whatever they got, 259 which i had to cross once to get to -- >> my way or the turnpike. >> will they go to delaware to get the price. brett should come out and say, listen, this charade is over put up or shut up.

that's what brett should do. and if you want the real numbers, they should go to ned ned, will you -- >> ned, don't call me ed if i called him ed, maybe he would call. up next is cramer's "mad dash" as we count down to the opening bell take a look at futures we're going to open higher across the board 'lseifimetthugh with ned i'm dan o'dowd and i approved this message. tesla's full self- driving technology. the washington post reported on "owners of teslas fighting for control..." "i'm trying..." watch this tesla "slam into a bike lane bollard..." "oh [bleeped f***]" this one "fails to stop for a pedestrian in a crosswalk." "experts see deep flaws." "that was the worst thing i've ever seen in my life."

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>> announcer: the opening bell is brought to you by nuveen, a leader in income, alternatives and responsible investing. it's time now for cramer's "mad dash" as we count down to the opening bell this morning. what are you watching? >> there's a downgrade today of a company called molson coors. the stock is up big versus the s&p. i'm urging people to not sell the stock. i think that gavin is doing an amazing job. they've had no growth for years, they got a drink called simply coming out with coca-cola that is going to be the summer drink, they have ranch water that is

very good. their beers themselves, miller draft is doing well, miller high life is doing well so i think they have some great overseas beers do not sell this they're real they're growing. it's a remarkable company. and i was surprised that bernstein took it off. >> input costs are an issue, right? >> yeah, they do face aluminum prices that are higher, but they've been able to put through price increases. they're a dynamic company that people are thinking is the old sleeping company simply, which my staff is crazed about is very good, but gavin is a different kind of beer man he's a beer man. but they have good product, good growth, good distribution. it's too early -- >> this is about having -- i'm looking at this versus walmart it's about having the right product mix and being the right executer to deal with the environment, right

>> yes. >> costs or up for everybody -- >> they knew the costs were going to be up they did planning. they figured it out. they know that they've got the right alcohol. they know that they created all of these different brews that are in the right places at the right time, and, you know, yes, this is positive -- this is good execution. and molson coors has not historically had good execution until gavin came in and gavin is doing a remarkable job and i think that people should -- i'm afraid people are going to look at this downgrade and take a victory lap and sell it when i think this could be a multi-year move by these guys. that's how good they are. >> the stock is only $5 off of its 52-week high. >> i would buy it. the depletions are good. you have the summer drink. we're going to be two weeks away from everyone drinking simply. i have to tell you, it is their time and to downgrade, i totally get it too early. too early. >> they're starting to clap on

what is going to be a green open here for the markets this morning. s&p 500 looks higher by about 64 points heading to the opening bell which you're going to hear in just a moment dow is going to open nicely higher as well 450 or so. there are the bells. the cnbc realtime exchange planet fitness is kicking off its high school summer pass. the vitamin shop and sylvan learning as well we got a higher open we're going to wait and see if we got this bear bounce. i'm looking at home depot -- >> you're mike wilson. >> a new bull market i don't know even the people who think it's going to bounce, think it's going back lower, like wilson -- >> look, there's nothing really great happening. was putin assassinated

did xi steal the vaccine give me something. tell me something good, you know what i mean? and good is home depot -- >> good is depot i said that, jim, walmart was going to have its second worst gap down on earnings since, like, 2001 the stock is down 8% that's going to be, obviously -- >> i don't know why they didn't preannounce. look, i wanted -- they're out of style. i want companiesgoing forward who are in walmart's situation to issue a release so that you may not -- if you're buying it at 159, maybe you would have not bought it and lost so much money. >> would you not buy it at 135 thinking they'll fix it? >> i debated this. i'll talk about this after i need to see a mea culpa. i need them to show more

hum humility about how they blew this -- >> here's a highlight from the conference call. it feels like they continue to -- i don't know if blame is the right word mcmillen is talking about inflation. here's what he said on the call. we're seeing double-digit food inflation. i'm concerned that inflation may continue to increase the rate of inflation -- this from some of the executives -- the rate of inflation pulled more dollars away from general merchandise than expected as customers need to pay for the inflation in food. again, this is a blame on inflation. >> kroger did not have that language and costco did not have that language. maybe brian at target will but costco is handling this moment very, very well they have been having phenomenal numbers. kroger, much to my surprise, had very, very good numbers. these are numbers saying we

didn't see it coming or we couldn't predict it. maybe we wanted to pass it on, save the consumer, i don't know. when the stock is down this much, i had a guy on -- i'm not going to mention the company the stock was down 45% on the day and i basically held his feet to the fire why? because people lost a fortune -- >> i think i remember that company. was it upstart >> very good memory. >> i pay attention to you. >> when people lose money, our viewers lose money, okay, they deserve an answer about what happened and if it means that we are going to break a few eggs, that's fine. i don't need anybody's interview at this point in my life what i need is to provide answers to people at home who lost a lot of money. they need to know. there was a football coach who was in this stock that you mentioned and -- a pro guy, and

a guy that you and i both respect. he said, you know, that's what should happen, down 45%. that's what should happen. that's what happens in the bigs. >> right. >> you don't just say, oh, down 40, let's see what went wrong. no, we must hold people's feet to the fire. by the way, the amount of money these people make, it's -- it's quite a bit. >> maybe that's why the investors rejected the compensation packages for top executives at intel? gelsinger, what did he make, $178 million, 187 -- >> don't you make me laugh i'm in very serious mode here. don't you make me laugh. >> stock does bad, person at the top does amazing. >> america is done with them we must -- both the left and the right agree with almost nothing other than how horrible putin is and how overpaid ceos are, the

ones who do a bad job. if you had a ceo who does a great job, i would say, hey, listen, the more the merrier but ceos who miss -- gelsinger, look at him. >> let me ask you a couple of things as we look at the market, the s&p is up 1.5% here, did you see how negative people were or are, still, from bank of america's fund manager survey? i'm going to give you bullet points here and get your reaction to it the headline is that they're extremely bearish, highest cash since 9/11, biggest tech short since august of '06, the biggest equity underweight since may of '20. if that doesn't tell you where sentiment is right now, i don't know what does. >> okay, so -- and i'm not in that camp.

we own semis that are popping today. if there's no business being done in shanghai and beijing, then every semiconductor company will miss their number very badly and apple will miss its numbers. we got to deal with that it's legit the negativity to me seems out of whack hay had a monster good quarter -- >> guidance was a little weaker, right? >> i don't know. he's very nonpromotional -- >> they tend to be conservative in their guidance. >> let's see what leon is doing, what nucor is doing when they bought that -- they sorry, it's -- >> do it nucor is up a half of a percent. >> they bought this overhead

garage door company. it's not sustainable they have to take action and they did this -- a lot of people thought they paid too much this is a company that's beaten down by these guys guys just give up. i had a firm on, max, he had a good quarter and very few bad loans. aaa security he was saying, what is -- there are a lot of stocks that are down a lot but people don't want their money taken away because they buy their own stocks. >> speaking of a firm, is that 75%? >> yeah, it's down a lot >> the glasses work close on the reading stuff, they don't work on the distance. >> someone called it the one yesterday. was it kobe? i loved kobe. >> you mentioned chips, chip stocks amd upgraded today at piper, target goes to 140 from 80 -- >> she says there's going to be

tremendous -- she's all high-performance computer, very little gaming, and people look at the chart and say, jim, that looks like marcy, when you go to right you fall i mean, the look at the chart, there's so many charters that people don't want to touch them. i like advanced micro. my travel trust owns walmart why would anyone listen to me allow the moment first, i sold a lot, but, second, because i got half and sometimes you just get -- >> the difference is, you just lisa sue's execution better than doug mcmillon. am some point they have to execute. the commentary around the upgrade seems to be relevant to perhaps a lot of stocks. >> it's about how --

>> can't time the market and good company on sale, you just got to buy it. >> misjudged how well she's doing. i mean, there's a lot of stocks, microsoft is down a lot. i like that stock. broadcom came down a lot if we get a bad number out of china when it comes to how soft cell phones are, that's going to be reverberate >> i feel like the theme of the morning in some respects, ceos who are executing versus those who aren't, stocks do better than those that don't -- >> absolutely. >> now i want to ask you though -- >> when you're my partner here, i think you uniquely understand that in other venues in life, when people don't execute well, they get fired in this business, they get -- >> what if you're dealt a very difficult hand at citi -- >> she was dealt a 10 and a 6.

>> stocks are up 5% because buffett has a near $3 billion stake -- >> that makes me feel as the tangible book is -- maybe he inspected the book and said even though it's dramatically higher, it's okay. i worry about what's in the book i have expressed my displeasure. what's in the book that there could be such a big disparity. what happened in the fall, shay stopped being able to buy back stocks warren buffett is a great invest ter -- >> he has a knack for striking at the right time. sometimes he -- he gets good deals -- >> maybe he understands what's in the -- maybe he's not -- maybe he's okay about the disparity between the book, the tangible book and where the stock is, which i'm not okay because if you close the bank, that's what they have on hand.

and the tangible book spread is the most of any of the large and small banks which worries me >> would you make it a fact that he threw in the towel on wells >> i like charlie sharf. i have a rocky real estate with charlie sharf. meaning, it's not necessarily, hey, chief, but i think charlie is doing a very good job, but he got a bad hand he got -- i mean, the dealer got a 7, pulled a -- you know, a 4 and pulled a king. he has, without a doubt, the worst hand of anybody. because there were -- huge number of consent decrees that we didn't know about that he's -- he's working one by one to go through all the things that were not disclosed properly, and it's just very hard for him but he's going to come out of it look, charlie sharp, when you speak to charlie, he will tell

you after he explains about how he feels about what you say -- >> sounds like you've been on the other end of that. >> look, he fileted me, but he used a very sharp knife, therefore i didn't feel as bad, and told me, look, if you knew all the things that were wrong with this bank, you wouldn't be as glib and you would understand what hand i got. and he did talk about the hand and i did feel he was right. walmart is down a legitimate 12 because they screwed up. charlie did not screw up he got a bad hand. and he's got to fix one deal after another. the stock was at 60 on the -- the second week of february in 2018 so it's well behind all the others i think charlie will fix it. but charlie has -- charlie did a great work at visa >> since we're talking a little bit about the 13 "f"s, one that jumped out to me, because we made a lot of it when the original news came out that dan

lobe's third point had taken a position in disney now we find out from the "f" that they're out the trust has been buying some disney of late, right -- >> loeb is another testy guy i don't want to anger him and say, listen, he'll be mean to me and call me and read me the riot but i think selling here is a big mistake. i think the meeting is going to go well. yes, the balance sheet is bad because they spent so much money on fox and they can't take -- they overpaid for fox dramatically that was not his fault chapek has to pivot away from the numbers game of how many people do i have for direct to consumer, and how about india -- he's got to go back to the well, and the well is the theme parks, the well is what we took our

kids to over and over. that's magic he has to go back to magic >> if the well is theme parks, isn't growth streaming >> no. >> what determines the multiple -- >> just a second, just a second. park in austin >> yeah? >> park in austin. >> all right >> need 8 billion to build it. and after it's done, we'll realize that the magic is back and we'll look at netflix and say, what do they have i'm not going to that darn squid games park what the hell will that be like? i like mr. toad's wild ride. but the guy who spent the fox money, i think he got rid of it. >> before we go to pisani. paramount, he has a big position in paramount were you surprised i was kind of surprised. >> i don't know. i'll see jim stuart's book and

make some decisions. >> he's got another one? >> he's got one. >> paramount wars? >> i think it will be interesting. different. >> first one was good. not his first. disney wars, you know what i meant. >> disney wars was fine. i love jim so much i've known jim for ages. i think paramount is doing better when you get -- there's a lot of good stories there. >> you know who is happy is jim who has been telling me that paramount is good, it's not netflix. netflix has its own problems don't throw stones after every single streamer and he's been saying paramount, paramount, paramount. >> paramount is expensive. i think paramount deserves to be up there doing a lot of things right. i don't know what -- gets it even higher. i think he's doing a good job. >> all right bob pisani, what do you see this morning?

>> great start walmart is not holding anybody back 6-1 advancing the declining stocks led my metals some very positive news out of china which is up very strongly overnight from them so the metals and mining stocks are strong, banks are strong, techs are strong you get banks and tech up strongly, you're doing all right. energy is okay consumer staples lagging because of walmart but a lot of consumer staples are down not just walmart. overnight shanghai said we've achieved zero covid status, a remarkable statement freeport has been terrible now it's bouncing. the last few days it's been bouncing and the aluminum stocks have been bouncing again. this is global they've been moving in the last two days even nucor bouncing a little bit today. are we in a bear market rally or not?

i don't know we were 3930 on thursday that was the low the closing low. and the s&p has bounced back nicely since then. put up the s&p for a month, a nice move to the upside. i don't know if it's a bear market rally or not. we're off of the lows. and a lot of less anxiety out there. remember the vix was 35, 36 and we've come back down, 26 lower anxiety levels no idea if this is a bear market rally or not if you think you're pessimistic, did you see the bank of america survey, these guys are ready to jump off of a cliff. i've never seen levels this high cash levels are the highest since 9/11 expectations for profit growth, extremely low. global recession are the biggest risks. russia/ukraine conflict are a distant third. these readers are useful at

extreme levels these are very extreme levels. if you believe in these things, you would argue for a short-term bottom as for the walmart, home depot think. home depot managed inflation raised their guidance. walmart has a tougher time managing inflation we saw that with a comment from doug mcmillon. the consumer staple stocks are all trading down right now including some of the grocery stores that compete against walmart. general mills, costco, trading down i don't know what's going on my sense is walmart and home depot are not the same customer. the customer for walmart is a lot more price sensitive that may be part of the problem here walmart is going to have a tougher time raising prices potentially than home depot. we'll get target tomorrow. maybe they can thread the needle for us what i think here is going on, guys is, it's more typical of walmart than home depot. the margins for the s&p are coming down. i track this on a weekly basis

first quarter earning margins right now, 12.1% for the s&p 500. it was 13.4, 13.2, 13.5 at the end of 2021. i think, scott, what this is telling us, is walmart may be a little more typical of what companies are facing than what's going on at home depot we'll see when we get the final numbers from the rest of the retailers. scott back to you. >> it's about how you deal with what you're facing and that's what separates some from others. bob pisani, thanks so much you can get into the club, sign up and find out more at cnbc.com/jointheclub before the break, it's time for the bond report. let's take a look at how treasuries are fairing this morning. yields currently on the rise 2.92 well, now, 2.97.

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it's a good morning for united airlines. really all the airlines, united raise their forecast that stock is the big winner today. scott kirby was on the network earlier. >> he was great this morning >> and the airlines are reaping the rewards of people traveling. we're back right after this.

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time for stop trading with jim. what are you watching now? >> i do want people to realize, after the airlines that you just gave, america's best is very cheap. it's had the series of incredibly down -- >> you loved their earnings, and the stock moved down on good earnings >> they're executing perfectly they have the mill lennian and gen-x are using it i think the stock is inexpensive, and i would buy. >> talk about what's on mad. >> remarkable lineup tonight

jim umplesy, and then strauss delivered a great number the stock is taking off as it should for the hundreds of thousands who work at walmart, i apologize how tough i was, because it's not their fault. >> you just want the execution tore better, which would make the employees at walmart happier. thank you very much. we'll see you tonight at 6:00. "squawk on the street" will be right back.

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he's not checkin' the stats. he's finding some investment ideas with merrill. eyes on the ball baby. digital tools so impressive, you just can't stop. what would you like the power to do? welcome back to "squawk on the street." rick santelli with the last of the breaking news for today. this is the march read on business inventories march first quarter, gdp was negative one of the reasons was enough inventory building up 2%, a bit better than expected it's is it follows the revised

upward 1.5 the really high watermark was december of last year, which boosted fourth quarter gdp this will have a similar effect, and we'll have the may release of the national association of home builders housing market index. for that, we head east to diana olick. >> homebuilder sentiment in the market dropped an outside eight points to 69 on the nahb indetect this is the fifth straight dropping, the street was looking for 75 of the index's components, it fell for 78, sales expectation in the next sick months drop ten points to 63 buyer traffic fell nine points it's a combination of rising mortgage rates and rising building costs the average rate jumped for

4.88% to a high of 5.64% in the first week of may. nahb's chief economist said the housing market is facing growing challenges building material costs are up 19% from a year ago. he added less than half of new and existing homes are affordable for the typical family today regionally sentiment was highest in the west, lowest in the midwest. >> higher mortgage rates are starting to buy. thank you, diana good morning welcome to another hour here on "squawk on the street." take a look at where we stand. we're rebounding here in the markets. financials and technologies are the leader goldman sachs and home depot biggest contributors, walmart is lagging off earnings, rallying, anyway, and the nasdaq come back rebounding from a choppy session

yesterday. >> we are 30 minutes into the trading session berkshire hathaway took a stake in the bank in the first quarter. we'll have a lot more on other 13-f filings later this hour plus united airlines also rallying after raising its current quarter revenue forecast, saying it expects the busiest summer since before the pandemic began and taketwo interactive out with results, missing on the key metric, however analysts are anticipating an upbeat outlook once the acquisition of zynga closes >> why is it rallying so hard? >> that's a good question. it might be getting swept up in a revival of the stuff that's beaten down.

speaking of earnings, big movers today on opposite side of the spectrum home depot and walmart out with results. wall matt down almost 9% that's one of the biggest post-earnings losses we have seen for walmart home depot up 2% courtney reagan has digging in >> home depot beat across the board. it's increasing its outlook for the year u.s. comp sales grew more than 2%, interestingly. it's good to note that up to 24%, so pros like contractors, plumbers, pro sales did outpace do it yourself sales big-ticket items also grew more than 12% inflation drove tickets. unit sold fell by 8% ted decker said the medium to longer-term underpinnings have

never been stronger, and while we don't know how inflation might impact consumer behavior going forward, we remain encouraged by the underlying strength we see in the business. walmart's profit did miss by the widest margin since at least 1992, but revenue comp ran sales were also better than expected, just like we saw from home depot. walmart is adjusting expectations for the year, increasing its sales and lowering its profit forecast it's not a demand issue at walmart. the cfo told me the profit pressure was from higher fuel costs, aggressive inventory purchasing to get back in stock, as well as higher labor costs from being overstaffed, as walmart employees returned from covid leave earlier than expected and, quote, the customer overall seems okay there's some trading down like

increased purchasing of private brand lunch meat and increased purchases of half gallons of milk, but newe game console or patio furniture t walmart bumped up full-year expectations. so i know we're trying to get a good read on the consumer. i think it's fair to say the consumer is holding up walmart really was more of an execution standpoint issue when it comes to the cost. >> and also core retail sales. we got that number this morning. i think that jibes with what you're talking about jim brought up the comparison between walmart and kroger, which had a great quarter. costco had a great quarter is it just they're keeping prices lower, so they're eating

more of the inflationary costs or did they mess up somehow? >> walmart wouldn't get into the individual details, as you can appreciate, of course, sort of part of their competitive advantage. they said when they're thinking about inflation, the first line of defense is to go to the vendor, asking them to keep the prices low, but inflation certainly did have an impact at the end of the day, sara, to your opponent, corrosiono, costco, walmart, a lot of what they sells are staples nondiscretionary things we have to buy the price of groceries is higher, and i think it's important to remember, when you're looking at a walmart, more than half of what walmart sells is food. so that is going to be key

target is just about a quarter or so, give or take, what they sell is food so that could be different it makes different margin outlooks as well when you're talking about the lower margin contribution of food, say, general merchandise like apparel, which target sells more from a percentage perspective. >> that's interesting. the bar will be high for profitability there. courtney, thank you. >> absolutely. the broader markets are rallies, dow looking for its third straight day of gains. harris associates' david harrow joins us it seems that the consumer is in good shape the concern is the future. are you repositioning a portfolio at all for a slowdown from the u.s. consumer, and

therefore a global economy >> as you know, we have international funds and a lot of companies that sell into the united states, you know, companies like bmw or mercedes even companies like -- i think the fact is the consumer is actually strong. they're fully employed there's somewhat a rising wages. as you know, it's very difficult for companies to find workers. so the labor market is strong. the consumer is still -- has high stakes from the pandemic, and there's pent-up demand despite the fact that you have inflation pressures, the consumer, which makes up almost two thirds of gdp in the united states is something that's a bright spot and should help keep us growing at an acceptable

rate. >> david, i know you look company by company and not necessarily a top-down view, but the portfolio has seemed to be pretty your -- euro-centric. what do you think it will mean looking ahead? can it also be resilient especially if they're talking about raising interest rates. >> we have seen today, the european economy, despite being close to the war in ukraine, the economy is holding together. they companies based in europe -- remember, they're based in europe, but they sell all over the world, some of these global businesses like allianz, bmw, mercedes, have

been hard hit since the invasion along with the prices of the companies themselves, we have seen the euro extremely hard hit. so today you can access good quality businesses based in europe, but sell products and generate cash flow all over the world at very low prices doing so, you can invest in these businesses, via an undervalued currency, so it's almost like a double discount. >> 104, thateuro has been weakening all the way down here as the fed raises interest rates. if we do, david, what are some of the implications for stocks >> it is very possible you never know now, remember, it was six, seven years ago before the dollar bull market started, people thought the europo was going to go to two, and now people are talking about it going back to one

i think right now it's fundamentally undervalued, but these european companies will have flatter income statements as a result of converting these dollars back to their home currency so generally speaking, a devaluation tends to be good for the companies that are based in devalued countries bud but, you know, we'll see i think the euro is undervalued, part of it because of the uncertainty surrounding ukraine. the other part is the ecb has been slow to raise rates it's uncharacteristic given the amount of influence on the ecb, but clearly heathey'll raise ths

summer the german ten-year is over 1% after being negative we're at a seven or eight-year high on the german ten-year. this, by the way, is very beneficial to european financials i think a lot of people haven't woke up to this yet. >> it's also a sole man dade of the central bank there, so it is surprising that they have been this slow. david, before we let you go, some of the news overnight is china is somewhat declaring a limited visib ed victory, and w it mean in the opportunities >> i think they're going to reopen you cannot just sustain shutdowns forever. there's just too much economic pain as we have seen in the west,

very, very low gain for these shutdowns. look at sweden versus any other country as an example. so i think at some point this realization will come forth. in the meantime, some of necessary high-quality chinese companies have just been clobbered because of the slowdown in the economy due to some of the shutdowns and some of the regulatory changes. i think the good news is the chinese government seems to be slowly reversing itself. they're backing off on some of the continued regulatory pressures. you also see, as you heard the news last night, starting to reopen i guess shanghai is supposed to completely reopen by june 1st. this could be very, very good news i think the two policy changes in combination bode well for chinese companies. they've been extremely hard hit. many down 60%, 70%, 80%.

i think at this stage the selling has been overdone and there's very good values they're working today, but again, investors have been burned before. david, thank you good to see you. >> thank you as we go to a quick break. here's a road map, including the latest wrinkle in musk's bid to buy twitter. and we'll tell you what the whales are buying and dumping. and as mentioned, chinese tech stocks are rallying, trying to regain losses don't go way the dow is up about 300 points right now.

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welcome back to "squawk on the street." jim bullard saying the u.s. economy is likely to continue to grow at an above-trend pace for at least the next 18 months. dennis lockheart joins us. do you agree can we continue to grow? are they trying to have their cake and eat it, too >> it sounds a bit of having your cake and wanting to eat it, too. 18 months is a long time horizon

under the current circumstances. the near-term outlook is clearly the economy will continue to grow, but will begin to slow down i think that's what the fed is trying to engineer i don't disagree strongly with jim bullard's view, but it's hard to predict that far out >> here's my question. i can ask you, and you're the perfect person to ask, because you wouldn't have asked if when you were at the fed. how much pain do you think chair powell and the gang can handle right now? they're trying to hurt demand, to bring down inflation. fine, but they also don't want a shock coming from stocks, so what is it >> the way they think about that, at least in my experience, they watch the markets closely, and look for potential financial instability, that actually

affects the real economy, the main street economy. they'll be watching for spillover from market turbulence into the broad economy if they do not see that, then they will look through the market turbulence, but they will react if they begin to see an effect on the broad economy. >> what does that mean nasdaq is off 27% from the highs. 30%? 40%? it's hard to see the impact right away >> i don't know that i can put it in percentage terms the way i would think is they'll be looking at the data -- let's understand, they are trying to get the economy to slow down so if this helps a bit in slowing the economy for a certain period of time, they're going to tolerate it having said that, if they begin to see the economy getting into a danger zone, maybe a serious contraction of some kind,

because of market influences, then they may have to react in some way i think in most scenarios, they are going to look through this market turbulence. >> d . >> dennis, how low do you think inflation has to get for the fed to feel like things are on the path to normalization. the trajectory is certainly open to question, as we especially get into the fall. >> well, mike, i would say they would be looking for 3% -- in the neighborhood of perhaps 3% to 4%. core pce inflation, that brings the inflation rate downby a couple percentage points at least, and maybe even better than that. the projections i believe show a rate that's well above 2%, but

closer to 3% that's what i think they're looking at by the end of the year >> quickly, powell speaks today at 2:00 again. do you think he made an error taking off 75 basis points off the table so definitively at the last meeting >> let's say in the vein of keeping your options open, he may have gone too far, but at the same time i think he provided a lot of policy clarity. i think we know what is most likely to happen that's two 50 basis-point moves in june and july and they'll wait until september, and then quantitative tightening begins the first of june. we know pretty clearly, it seems to me, what is the most likely path of the policy is the near

term it's not a bad thing it's a trade-off in his mind, i'm sure. >> thank you, dennis lockhart, for joining us. >> thank you. rivian moving higher after the ceo bought stock morgan stanley cutting the price target to $60 a share. during may we're celebrating asian america and pacific islander heritage. here is destination wealth manage ceo michael yoshokani >> my heritage really has taught me how important it is to really be focused on results. to really be focused on trying to get the best i possible can do every single day.

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breaking news from pfizer. meg tirrell has the latest meg? >> hey, sara the fda has expanded the eligibility down to age 5 to 11. they can get the booster five months after the primary series. the fda has given the green light. we expect the cdc advisers to meet on thursday, talk about this, take a vote, and then the cdc director will make her recommendations. the fda pointing out that we know that efficacy of these vaccines starts to wane after two doses, especially in the omicron age, so they have been recommending third doses for all

age groups parents of kids under 5, of course, they are still waiting for approval of the application maybe in june. >> i was going to ask you that it's been delayed how many times now? >> it's hard to count. i think we were expecting it around the same time as 5 to 11, at the end of last year. now we're in may, we're expecting it in june i think there's not expected to be more delays, but we've been in this boat before. >> keep us posted. meg, thank you. quick programming note late today on "closing bell" we have an exclusive interview with former treasury secretary jack lew. we'll be right back on "squawk on the street", holding on to the gas, winith every sector higher except for staples, financials in the lead we'll be right back.

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eye frank holland. this is your cnbc news update at this hour. joe and jill biden arrived in buffalo, new york, just moments ago. the alleged shooter had posted on social media he sees black people as replacers of white americans. the white house says president biden will condemn what he calls terrorism motivated by a hateful appeared per verse ideology that tears at the soul of our nation. an arrest for the dallas shooting last week they have started a federal hate crime investigation. and ukrainian fighters have surrendered at the massive steel plant. it's a big win for russia, given it a land link to crimea

that's the very latest mike, back over to you frank, thank you very much walmart with a big earnings miss while home depot boosted its outlook for the year here to discuss, michael baker and michael las ser. m michael lasser, there's been a lot of discussion about what the company is dealing with here is it as simple as the company says, essential within a walmart, there is sort of necessity spending and discretionary spending and the necessities are costing too much right now? >> i think that's part of it i think the other part of the story is there were just some unique costs that afflicted the first quarter, that it would

challenge passing along. that will le rectified in the next couple quarters i think the stock price reaction is too harsh, created an opportunity, especially if your thesis is the u.s. consumer will be in for a tougher time for the quarter ahead. there's no better retailer who's positioned to benefit from a consumer environment than walmart. >> michael, one part of the story here is the set upwith the stocks most likely being walmart over the last six months by 20 percentage points, it's into consumer staples sectors maybe some of that is coming out with this quarter, but i do wonder, in terms of whether culturally or by strategy walmart is just less equipped to pass along

price increases if that will remain a squeeze >> well, walmart doesn't sayit likes -- >> i'm sorry i meant michael baker. i might have screwed that up >> i can answer that, too. i think in a lot of ways walmart does like to be a price leader and be there for the customer in an inflationary environment. we did see some of that. walmart will pass through prices, but i do think they try to be sharper on their prices in these environments i think, mike s., as you said, it's the setup i think you're absolutely right. walmart actually outcomped today, but the expectations for walmart are much higher versus home depot, and in a lot of ways that's why you're seeing the different stock reactions today. >> so, michael lasser, what do

you think? >> this is not a walmart-specific issue every retailer is grappling with higher costs, especially diesel prices we'll hear that as a theme it's been difficult to manage the last couple months the bias to the down side for at least gross margins, for those who operate in the more competitive sides of retail. i would be long target into tomorrow it's navigating through the overall environment well, i think it's well positioned to serve consumers through all different sorts of economic cycles i think this is the opportunity on the pull back, because the market is pricing in something that'sjust too great right now

>> to get into more detail about home depot and how the stock is positioned now, sara mentioned it did kind of undo a lot of the early gains. are we just captive to rates and the housing segment here or is there a more specific home depot story here >> i think home depot is doing an incredible job, and the specific story there is trong execution. you can't fight the fact it's impacted by rates. it's hard to perform in the environment of rising rates. now, it is an about home price appreciation, but as rates go up, that might impact appreciation so there's a lot of headwinds for any home-related name right now. our positions is to stick to

more like walmart. we would use in as a buying opportunities. we like a name like grocery outlet, and that's where we're focused in our discretionary -- or our retail picks this year. >> and target down 2.7% off the walmart number michael baker, michael lasser, thank you. and news by warren buffett and david tepper's firms leslie has more. >> the lagging indicator of where managers are currently positioned, serves as a nice metaphor for how growth and value investors are trading this year it's clear perhaps the most well-known value berkshire hathaway scooping up citigroup, paramount global, and celanese

berkshire did sell out of its stake in vising, and abbvie, and paring back royalty pharma tiger global reducing a slew of the tech positions, with square parent company block, a stake the firm doubled during the quarter. dan loeb's firm dumping almost its entire earnings in amazon. appaloosa was more idiosyncratic as a seller of alphabet and meta david tepper's firm also bumped up the uber stake as well, but v valpost bumped up its metastake.

many have likely changed since then these filings show long equity positions. they don't detail shorts or other asset classes, guys. >> leslie, even with the lag -- in fact it's -- specifically tiger global, we did find out that even through april, that firm was having tough performance. there seemed to be an overhang, there was a sense of a lot of money that was being squeezed, funds that were maybe forced or quasi-forced sellers positioning seems to have lightened up quite a bit in terms of the big growth names. >> that's a good point, mike of course, we look at a decent sample size here, and we're parsing through a broaders

sampling to extrapolate. how much selling is there to go, and look at the different managers and what their portfolios are comprised of, how many people are buyers i think it's interesting you see value investors dipping their toeing into tech, and really selling out their portfolios potentially in the upcoming quarters, looking at non-tech names, perhaps, to shift their portfolio for the current environment. >> leslie picker, thank you. still to come, the latest in the twitter drama. and the gainers on the s&p, paramount at the top, berkshire hathaway taking a stake in that. sort of surprising. >> look, a lot of people say it looks cheap for a long period of time, but that's an doendorseme.

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elon musk saying the deal cannot move forward until there's more numbers on bot numbers. sciencing us now, facebook's you know about bots. are the numb letters that twitter is putting out there correct? >> on twitters, and explained how they got to them there should be challenges from outside sometimes, but elon

doesn't seem to have any evidence there's not a lot of evidence he's thrown out. so, you know, barring him coming up with real evidence here, his asserts are just asserts twitter really has him over a barrel >> let's got to the bot problem for a moment even if he's right, which is probably hard to verify exactly how many there are, right? why is it such a big problem >> we've had disinformation campaigns running on social media for years. you know, from the early days when it became clear these were going to be powerful platforms,

facebook, twitter, other players, pinterest, you know, everybody in the space has to deal with this in a serious way, only for the spam problems all of the security side attacks that go on, and they've all built pretty extensive counter measure for it the scope of the problem is quite large and then there's political incentives we've had massive disinformation funded, and in most cases they're quite good keeping it under 5% is somewhat of a challenge, but i think that twitter has met that battle reasonably well. facebook has certainly had to step up its game over the years. >> you mentioned given the terms of the merger agreement that elon musk signed, there's really not a lot of room to necessarily use this as a way directly to perhaps get out of it or

renegotiate the price. it seems as if he's sort of daring twitter to take legal remedies to enforce the agreement or something like that how do you think this will play out from here? >> well, i think they almost have to, as a fiduciary for their current shareholders it's a situation where someone has come in, offered a premium price, and he's not trying to allege there was something wrong with the representations in the s.e.c. filings, as he said in the tweet this morning, without any evidence unless he can bring in evidence, why wouldn't they take legal action against him >> you mentioned economic incentives for a platform like this to make sure it's not purely overrun by bots one thing elon musk tossed out on twitter was, gee, what if advertisers knew that a lot of traffic was bots there's a whole industry of helping advertiser to figure out the return on investment and

whether or not they're getting in front of the audience they want to get to, correct? >> absolutely. >> that exists it's been around for years, it's one things between fight between the advertisers. he seemed to have just discovered the fact that, you know, the counter-measures fighting against bots have been there for years, and they're quite effective, which is why they keep expanding their spend on these platforms the idea in the filings, how he wants to grow for the business, all things that have been tried and largely failed the advertising-based businesses are what works on these platforms, so it's just puzzling to me, you know, how he seems to think he's seeing all new things, but it's been happening for years and it's pretty effective. i can only imagine what you think about some of the statements he's made about

content moderation and how twitter has gone too far in censors people, how he wants to make it a town hall, free speech platform >> these are the hardest things is the platforms face. they're american companies they follow the american free speech tradition, which is quite more expansive that is actually most of the rest of the world, in fact. you know, i know that we struggle with these things inside of facebook, and the decisions were never something that was taken easily. it wasn't a sort of tossed-off idea the idea that you would remove a major political figure from a platform is something that would be done with the most extreme sensitivity and with a bias against it, but ultimately if you're going to foment insurrection, that would get you removed and there should be some

rules. this assertion that elon will take it to the stint of the law, if that turns twitter into achan, everyone will leave >> a lot of people do disagree with the move to take donald trump off twitter we can debate that another suree time, including on twitter. >> sure. chris, thank you for your thoughts appreciate it. and the strong ones at that. chris kelly former facebook chief privacy officer. coming up, the results are in for this year's disrupter 50 list don't miss an interview with the ceo behind company number one, flex port. that is next hour on "tech check. don't go away. (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) i thought new phones were for new customers. we got iphone 13s, too. switched to verizon two minutes ago.

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tech stocks trying to hold rally. >> so mike, we are seeing some of those e-commerce moves, especially in jd.com beating on both the top and the bottom lines for its latest quarter though that stock right now as you can kind of see behind me here has faded pretty quickly giving up the early gain, it was solidly higher, now it's down about 1.5% the company did report increased sales demands as china's covid

lockdowns sent users back to online shopping, though executives did note that logistics disruptions related to those lockdowns sent order cancellation rates higher. kind of a mixed picture there compared to last year. a number of these chinese tech names including pinduoduo are benefitting from signs that the crackdown on the tech sector could be easing a little that's why they're still in the green now. those regulatory shifts have some analysts revising their views on the sector with jpmorgan analysts upgrading alibaba and others just a few weeks after calling the chinese internet sector uninvestable one of the etfs tracks those names, kweb, the china internet etf is higher today, up by just around maybe 10% or so over the last week. still, though, rough year for chinese tech we know this that etf is still down 25% this year alone in 2022, and more than 60% off its recent highs. so sarah, chinese internet,

maybe some solid gains today, but a long way to go i'll send things back over to you. >> true. also, three days now of no shanghai covid cases outside the quarantine zones that's potentially good news as well check out some of the biggest gainers on the dow, which does remain higher. it's up 134 points jpmorgan 2.4%, cisco, ibm, dow, and boeing you've got higher yields today, and just a comeback in a lot of the beaten down groups like banks and technology,which is also working we'll be right back. ♪ ♪ wow, wrunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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coinbase trying to recover some of this month's losses. the stock down around 40% since the start of may our kate rooney is down in florida with more on this one. hi, kate >> hey, mike, coinbase shares were higher this morning after announcing some cost cutting measures coinbase is scratching those big hiring plans it had going into this year. this morning the company's chief operating officer emily choi with an email to employees saying given current market conditions, we feel it's prudent

to slow hiring and reassess our head count needs against our highest priority business goals, head count, she says and growth of head count is a key input to their financial model. she says it's an important action and they are ensuring they manage the business to this scenario they planned for. she also talked about a market downturn she says big picture it can be a confusing time but they're planning for the different scenarios they laid out last week in earnings, and she said that coinbase still has a solid balance sheet as well. coinbase does join other big tech companies slowing down hiring amid some of these deep declines in their stock prices, amazon, facebook parent company, meta, robin hhood went a step further. it comes a week after coinbase earnings, but a company reported annen an unexpected loss i asked the cfo about it she said this was an option. she left it on the table she said they might slow the pace of hiring, but she said they are not looking at layoffs

at this point. they're still a far ways off from needing to fire anybody this is a hiring slow down i mentioned robinhood, we are speaking to the ceo here at the permission list conference in palm beach >> that will be great, kate, looking forward to it. thank you very much. correcting maybe the hotness in the labor market a little bit. >> no doubt about it it's going to take some of the pressure off. >> that does it for us here on squawk on the street "tech check" starts right now. good tuesday morning, welcome to "tech check," i'm deirdre bosa with jon fortt, carl is off. we're going to start with the debate for tech experts. big losses for tiger global. fund managers like david tepper adding to positions in both alphabet and amazon, so who is on the right track here? those two stocks and meta his top picks in the second half