imports coming in from china we'll see what the two discuss a little bit later today we'll have more for you this afternoon. david? >> thank you important meeting there, of course, with jerome powell markets off the lows nasdaq down 4.5% that's going to do it for "squawk on the street. "techcheck" takes it away now. >> good morning, welcome to "techcheck." i'm carl quintanilla with jon fortt. a bull/bear debate ahead of salesforce tonight later on, bull calls on fintech, buy calls on zoom and dish and some of these chinese internet names getting a big boost today. we're going to start with falling valuations despite some strong fundamentals. maybe a few stocks to buy the dip on here's more on that. >> traders and investors are looking for that blend of a company that is a solid

franchise that may have improving fundamentals but has maybe been relatively punished unfairly, perhaps, in some cases, in the marketplace overall. so analysts over at credit suisse led by jonathan golub have taken a look at the stock that is have fallen and seen significant drawdowns from recent highs but have seen analysts upping their earnings per share analysts if you take a look at the s&p 500, biggest drawdowns in price, you get to a list of around 50 names they identify. among those names, interesting ones that we've talked about quite a bit over the course of the last several months in terms of the tech drawdown first of all, one that comes through on communication services are shares right now of twitter. that particular stock has lost more than half its value from the recent highs that we've seen down to where they are now, but earnings per share estimates have gone up significantly over the course of the last several

weeks. so twitter is one of those stocks they've identified. also taking a look elsewhere within that kind of general kind of techish type atmosphere about media and everything else, walt disney shares that have seen a steep decline, analysts are still upping their earnings per share estimates for this stock indicating stronger fundamentals and then one other one to keep a close eye on here among that list of 50 stocks are shares of some of these big semiconductors nvidia, especially you can see over the course of the last several months with nvidia, steep declines but estimates that are still roughly 16 to 19% better than they were a few weeks back if you talk about that improving fundamental side, where everybody expects those earnings to improve but putting your

anayour an let c hat on, one of the things that they talk about in that strategy note is the complex compression that we've seen. that's going is to the valuation side of the argument the reason why you've seen some of that air come out of the balloon or tire so to speak is because of that compression in the multiples and a lot of that is due to the interest rate picture. when you have a situation where you can get risk-free money backed by the full faith and credit of the u.s. government

and that level keeps going higher, it does make some of these more aggressive tech growth valuations less attractive if you take a look at some of the names like disney, twitter, or even the mega cap tech names, apple, microsoft, amazon and others, that's been the big argument it's the value compression-type situation. the valuations are going to be key in that discussion as well. >> absolutely. and everyone is trying to figure out where the valuations should sit. thank you very much. there were some software picks in that stock screen is now really the time to buy in, though snowflake, adobe, service now can drive the software space moving forward on the flip side, we have jeffries leading the bears cutting price targets from amazon to uber he sees fundamentals falling apart. both here with us for a bull/bear debate, let's go to you first. give us the case for the bull argument and to be specific, do

you think that this is sort of a bounce within a bear market, or do you think this is sustainable? there's someconviction here? >> good morning. good morning look, we have not seen any fundamentals deteriorate yet so far demand has been strong. there's been no price elasticity consumers and customers are still buying so we haven't seen any cut in demand all we've seen so far is a cut in valuation which is probably a rationalization that has been long overdue, but we haven't seen anything on the fundamental side that gets us to be a bear >> what would you say about the fundamentals we've just come off a week where we've seen the retailers raise some concerns about consumers and cisco about the macro picture, snowflake and nvidia to some extent. what are you seeing? >> fundamentals are deteriorating, workday, snowflake both called out, deals are pushing, and we're not even

into the full pullback in the economy. we ultimately believe that there's going to be a cut. we've already cut ahead of what we think is going to happen. as hany points out, valuations have come in really hard so we think ultimately a lot of this is baked in the software index is down year to date. many of our stocks are over 60%. so we've seen multiples go from 19 times forward revenue in software to seven. we can see trough at five. we've said they're still 20% down, but we've had quite a fall i think selectively, the call is to be pick in a way. make no mistake, companies are seeing fundamental weakness. we've heard it in earnings calls in the last week and ultimately i think it's going to get harder as we head into a potential pullback in the overall economy. >> that's interesting. on that point, i wonder, people are still trying to draw threads

through all of the commentary, through workday, snap, and try to figure out what's going to happen with salesforce tonight does crm have the power to ratify or negate a lot of what we've already heard? >> i think from the fundamentals perspective, i look at things like what's going to happen? there might be slight waning in demand because of the news and the demand cycle on inflation and what's happening but fundamentally, i think these have already been captured in estimate and is valuations, more so on the valuation side when brett talked about valuations being cut from software, i think a high was 40-plus times forward revenue, back to a rate of 5 to 7 times forward revenue, i think these valuation cuts are reflecting a potential slowdown in what's coming so i think it will be interesting to see what salesforce does tonight, but i don't believe it's going to be a dramatic release. >> it's interesting to read some of the reports of channel

checks still solid with salesforce, but maybe with a little less of the historical upside. >> things are slowing. you can feel the tension in the checks that we do. ultimately to hany's point, the stock is 4 1/2 times revenue we've gone through trough. salesforce looks really attractive the setup is a difficult one for them this is their toughest comp of the year right now so we think the risk is -- some of these large deals they close get brought down into smaller bite-sized chunks, the elephant to antelope analogy of cutting the transaction size down. but most investors are bracing for a guide down and ultimately if you don't see that, the stock bounces off at 4 1/2 times i think we got a valuation floor

put in for is salesforce. >> i've been trying to figure out how to look at software and i see three categories, fortress software, big software, fortress is like microsoft. alphabet, adobe, oracle, things that are around 200 billion or over big is 200 billion to around 100 billion. salesforce, intuit, it does seem like the environment is different and even the stock action is different for each of those. is that a fair way to look at it and which do you think has been priced most fairly at this point after these declines >> well, i think the smaller cap names have had a much bigger rout i think on most small cap tech, we're down 60, 70% from their highs while we're down probably

30% on the big cap names i do think there's a lot of value on the smaller cap name side but they'll recover -- the bigger cap names on the upside will move first and then you'll see the small cap names move after them. >> brett, just because the smaller caps have declined more, doesn't mean that they're the better value, though i wonder how you see it? >> well, i think small caps have gotten rocked. you're now seeing private equity move in. vista, a number of the private equity firms you're seeing transactions that are getting done and i think that's going to be -- that's a floor in for a lot of the small caps small caps have gotten hammered and there's way more upside in small than large right now because of the valuation you look at the takeout that could happen you're talking, you know, 30, 40% upside so i think we're going to see -- we're going to see -- there's a

lot of excitement there. yes, in a downturn, they're going to be susceptible to a harder time. but right now, i think small cap looks way more attractive. >> i want to get both of your takes on an idea that snowflake brought up, it was a big focus the ceo was on tech check on video talking about the benefits of a consumption-led revenue model. >> there's no lid on our ability to grow. there's unlimited capacity and infrastructure for them to do it some salespeople have more -- it is the explanation why we have such tremendous growth and why we have such great net revenue rete retention rates. >> should companies be focusing on locking customers into longer-term contracts? can every company do this also >> i think by and large, any time you provide value and

return to value a customer and you're getting paid by creating value for the customer, that's a win-win for everybody. obviously subscription models, when you're locking in somebody for a long period of time is better for a company, but it may not be relevant in terms of when the value equation takes place i'm a big fan of continuing to experiment with models, and so far the sass model has been the winning one. but you're going to see more customers demanding value-based pricing or consumption-based pricing as well. it will be an interesting transition if that happens >> you may see customers asking for more of this kind of model what do you think, is this a good play going into a downturn? >> i think it's a great play for any market you base the price on value that you're getting out of the system they had one large consumer-facing story that pulled back and that -- they

highlighted the call, we're seeing some pullback in demand because they're not using it as much so that's the downside, but i think ultimately it's the right model over the long term in any environment where you're helping your client based on -- are they using versus i'm buying a bunch of seats and i don't use them. we learned that from siegel. ultimately, i think the snowflake model is the right model from a consumption perspective over time. >> in the end, you guys agreed on something, the consumption based revenue model. thank you very much. we'll talk to you guys again soon. >> they agreed on a lot. i think smaller software companies too andturning now from software to hardware. next guest, lowering his outlook for the pc market. still bullish on dell but predicting supply chain issues are going to soften demand in the months ago jim, welcome i have a feeling that this is

partly a story about how much dell has changed over the past decade, but why excited about dell but not about the pc market >> that's a great observation and it's good to see you here today. importantly to note, the supply chain issues are impacting everybody and every day of your life and every product pcs are not going to be spared from this. we are seeing prices go higher when you go to a big-box retailer or online, prices go higher now to specifically answer your question, why dell versus the others and how we can be more positive on dell versus the pc market, when you show up to work and you get into your office, you want a beautiful screen. you want a good video recorder, you want a good connection and then when you go home, you want the same thing. so corporations are seeing a handoff from the demand driven by consumer to now demand by the

enterprise employees are demanding a good workstation, a good notebook, screen and that's why we think dell is going to outperform. they're more geared towards the enterprise side of things and we see a handoff going from consumer to enterprise >> it's amazing, dell's market cap is around 37 billion right now. and yet awhile back, dell managed to take out emc with vmware part of it and benefit from that transaction. now vmware up for sale again how much did that process strengthen dell? how strong is its software portfolio, networking portfolio in position, and how much does that sort of overall diversified approach to enterprise i.t. factor into your bullishness for a company like this? >> strategically, you put the pieces together perfectly. those acquisitions, those strategic investments have now paid off to where the company

has a full end-to-end solution whether it be a commercial agreement they may have with some of the entities that they no longer own or internally what they've developed, or who they've acquired over time, they now have a full service end-to-end solution. if they didn't, specifically, they would be only selling pcs today they're selling also storage, servers, connectivity cloud, a lot more security and software and if they only did pcs today, they would probably be facing similar challenges that the rest of the supply chain is so dell is a much stronger, bigger diversified broader company today than when michael dell started this in his college dorm room back in texas. >> all right speaking of supply chain, jim. i've seen some comments today that argue you take the consumer electronics slowdown, the china lockdowns easing, better than expected foundry shipments, this

chip shortage may finally be ending for now do you see anything wrong with that >> i don't and you correctly identified the automotive sector. and that sector has been hurt a lot because it's hard because there's been so much more innovation in the ev and the cars of the future, whether it be an engine, a controller, a bumper and safety features the automotive industry has seen tremendous bottlenecks we expect this to ease in the later half of this year, but it will be slow and many companies, no matter what product you're selling, are seeing higher prices you see the cpi numbers going higher people are going to have to spend more whether it be on gasoline, a car, a pc or even a smartphone and we're seeing companies put out their higher-end products rather than the lower-end price products if you want to buy a phone or a car or a pc, you're likely seeing the offerings on the

shelf be on the higher-priced items. so inflation is hitting everywhere you're right, the automobile sector and the automotive sector has seen about two years of constraints. hopefully this eases up because the world could use a lot more environmentally friendly cars. that's for sure. >> talk about the china side of the pc demand picture. markets are encouraged by them opening up there's a push to beijing to buy domestic pcs how worried should investors be about that trend >> that's an important observation. china has started to say, let's by more china-branded items which would be more like the local-produced china pc companies which is not hp and not dell specifically to dell, dell does

mostly corporations and they have a very tiny footprint in china. hp has a much bigger footprint in china hpq would have a bigger stock exposure on the negative side should china continue down this road we believe they could. should they do that, dell is the one you want to own. simply put, for every tick there will be a tack and we expect the u.s. to start to give more preferential treatment to the homegrown companies. hpq is more of a consumer side but it would be more downside to hpq with this china strain that you correctly communicated. >> given your concerns about the pc market, what's the read through to chips, the likes of intel, amd, nvidia, even solid state players, are they just more reliant on data center

revenue and do the hyper scalers have the opportunity to squeeze their margins there? >> that observation is spot on the data center hyperscalers are seeing where the strength is people are storing everything from photos to videos to key components, files, to their corporations into the cloud. they want to access things from your phone, laptop, pc, workstation no matter if you're in the airport, the train station or walking down the street people want access globally. the hyper scalers are seeing tremendous demand. specifically on the hips, they are seeing average selling prices go higher the recent semiconductor industry data shows that being up 7 to 10% year over year just on similar pricing and typically costs go down lower as they get more efficiently making these chips and various products so prices going up, if cost goes

down, it will help them. but costs are kind of more stable given electricity cost. but prices are going higher. the chip companies are going to favor this now, the very interesting thing is, after covid and all of the supply chain issues, do companies start to hold more inventory? you want to have product on the shelf in time for graduation, back to school, christmas and the holidays so the question will be, is after all these constraints ease, do the companies start to hold a bit more inventory? we think the answer is yes with higher pricing and people not wanting everything to come from one specific location such as china, we think prices continue to go higher and that will be good also for all th companies that supply whether it be chips, capacitors, lots of different parts of the supply chain. it looks like it's going to be pretty good times ahead. >> all right we'll look forward to that jim, thank you >> great to see you. coming up after the break, amc shares had a nice gain at

the open have lost a little bit of steam. we'll tell you why "techcheck" is just getting started. ♪ >> announcer: "techcheck" is sponsored by comcast business, powering possibilities

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let's get a gut check on zoom upgrading the stock to outperform a price target of $121 saying the pull back represents an attractive entry point with growth expectations looking more realistic and zoom's core business pointing to solid performance in q-1. that said, shares are down this morning 2.25% and down more than 40% this year. since earnings last week, it's up about 20% some of the commentary on that call, carl, seems to have provided some optimism for some investors. >> yeah. taking the target to 121 we're going to watch that. a big win for paramount after the debut for "top gun: maverick." here are the details.

>> "top gun: maverick" grossed nearly $128 million through sunday and $160.5 million through yesterday. paramount just this morning updating that number now that is a record for tom cruise and for memorial day weekend. the film also grossing another $126 million internationally this is, of course, a financial win for paramount. tom cruise and the producer who we'll be talking to later today and the film is expected to continue its strong run in the coming weeks boasted by a 99% positive audience rating which means good word of mouth this is why the performance bodes so well for the theater chains a diverse range of audiences came in en masse, but 55% of moviegoers were over age 35. that is an audience studio feared were not going to come back to theaters after the

pandemic theaters were spread broadly across the country another factor, audiences also paid up for the biggest possible screens. some 37% of the box office was generated by premium theaters, i max, large format theaters, demonstrating the consumers increasing preference for an experience that can't be created at home. the rest of the media giants are hopeful for the fact that moviegoers liked "top gun," they saw a bunch of their trailers for films that are lined up for the next few months. guys >> talk about a reversal of the narrative. people aren't going to go to theaters anymore, they want to watch stuff anymore. "top gun" with 97 and 99%. wow. wow. julia, thanks. the bear market rolls. more pain for tech stocks as the nasdaq's short-lived rally turns

the other way this morning we'll see how it turns out it's down fractionally this morning. "techcheck" is back in just a moment. wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office

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it's about half past the hour it's time for a news update. >> home prices ithe u.s. surged over 20% in march as interest rates also rose and home- home-buying demand outweighed the homes for sales. prices were 20.6% higher than they were in march 2021 according to the price index that's higher than the 20% gain in february. unilever named nelson peltz

to its board his hedge fund holds a roughly 1.5% stake in the consumer goods giant and the news comes after the pursuit of gsk consumer health business earlier this year raised questions about the company's m&a strategy confidence among u.s. consumers dropped in may to the lowest since february as concerns about inflation consists still a strong reading from an upwardly revised 108.6 reading in april and consumers' plans to buy big-ticket items all declined in may. back over to you guys. >> leslie, thanks so much. we briefly had the dow and s&p green for the month, but they've gone red once again. nasdaq is down as well here's the biggest movers. hey, christina.

>> brought down by higher oil prices, but chinese technology stocks are leading the pack today on the nasdaq with jd.com up 6%, pinduoduo in the same right now. the chinese e-commerce etf is poised to snap a three-month losing strength and i want to talk about chipmakers. the only chip that is higher is amd and taiwan semiconductor they believe that the china reopening could be the end of the chip shortage. despite weakness today in semis, you have the semiconductor etf that's on pace for its best month ever

the worst-performing nasdaq 10 is illumina. down 36% on the year constellation constellation energy is also on a drag take a look at paypal. the stock has fallen the most from its 52-week high, down over 72%. e-commerce trends, though, continue to soften as consumers return to instore shopping, budgets are getting squeezed and spending is shifting to services from physical goods. and the retail trade stronger with amazon and lulu leading the way followed by starbucks. lulu still on pace for its worst month since 2017 carl >> thank you for that nice roundup of the action today. one big obstacle standing in

the way of tech remains inflation. the president calling it his top priority just ahead of a meeting with the fed chair this afternoon at the white house outlining a three-part plan to address elevated prices. but will it work here to discuss, northman trader founder. as someone who spent the last couple years arguing that central banks were living in a cave, i'm a bit surprised you do seem to be coming around to the notion that at least inflation has stopped going higher >> yeah, and it's a difficult case to make, obviously. when we see housing prices still going up and gas prices at the bump still going up, but you look on the underlying components as well and some of the key commodity pieces, we're seeing sizable rollovers, copper, and the used car index there are signs that things may have been peeking on that front and the market wants to see that in conjunction, obviously in the

last few weeks, we saw the ten-year yield peek at 3.2% and that with the dollars reserving gives hope that maybe from a market perspective, maybe inflation of the tightening aspect of it may have peeaked a this point. >> from a fed perspective, arguing 50, 50, 50 from here on out, don't count on a respite in september, is the market still craving some kind of opium in the way of a pause >> yeah, i think the -- look, the reality is, we've had in 2018 when the ten-year got to 3.2%, the market couldn't handle it it dropped 20% why? because the debt construct is so high and it's gotten worse in the last four years. when it hit 2.3%, everything freaked out again. the market is telling everyone i can't handle significantly

higher rates and with the long-term trend of lower highs and the fed's fund rate, there's a limit to what the fed can do they've succeeded -- they'll need to raise market expectations and so to the extent is that if inflation data starts rolling over in the coming reports, ie, june's cpi report, we may see relief not only on the inflation front, but also the expectations in terms of how aggressive the fed may be willing to go and that can set up for a pause/pivot to wait and see after they caught up with rate hikes in the summer and see how this then ultimately plays out >> when i'm listening to your inflation outlook, i didn't hear you mention one key area and that is travel especially summer travel there's still a labor shortage and that could continue to add pressure in the months ahead on

restaurants, hotels, recreation, what's your outlook there and could that sort of continue to add pressures and mean this isn't the peak >> i'm not saying that inflation is over. we've got a lot of issues like the ones you just mentioned there. still supply chain issues. of course, we still have the russia/ukraine war if you would get a miracle there hopefully a cease-fire or political resolution later in the fall, as president zelenskyy may have indicated somewhat softly, that would be obviously massively positive but the issue still remain -- and frankly the fed, when they raise rates or not, some of these issues they cannot ad address. and raising rates is not going to make a difference there, other than maybe the political posturing of it. >> it sounds like you're saying inflation has stopped getting worse versus it's really easing up that much and i wonder what you make, then, of last week's market

action seemed to be a lot of folks, bitcoin traders, for one who seem to be piling back in to some extent to risk assets, thinking maybe a bottom or something like it is in. what's your take >> well, last time we spoke, i mentioned 3800, 3850 as a key support zone it was a retrace from the march 2020 lows from the january 2022 highs. it was a key technical zone where it was vastly oversold a rebalance made sense and this was massive. in some ways, you can argue it was maybe different than what we saw in recent months because it broke out of a pattern there was some -- particular

signals with that i'm watching that suggest that there is the potential that this bear market rally may actually have more room to run. whether it's ultimately just a bear market rally that rolls over to new lows or whether we actually make a more sizable structural bottom, that's way too early to tell. we need to see a lot more data coming in in the summer months before we can ascertain that but it was clearly a nice rally which may have some more upside to it as well. >> so those who are calling for not just the rally here short term, but a revisit to new lows or at least to, say, the mid 3,000s, do you think those forecasters know what they're talking about? is there just too much uncertainty in the near term >> i think it's fair to say that that's a possibility i'm not discounting that at all. as i said, especially if inflation data does not show significant improvement and if the economy continues to slow down however, there is obviously the potential for relief in terms of expectations, and then the market may surprise us all from my perspective, one thing that is outstanding after a six-month correction, a lot of the market peaked in november, so this has been an extensive

correction and there's still structural -- oversold ratings, what i'm looking for is some technical reconducts the 200 in may assume it's a bear market until markets can successfully get back above the daily 200 and stay above it as a defense until then, expect still wide-range volatility, similar to what we saw in the year 2000 when we had big rallies, big drops and that continued for six, seven months on end before then, ultimately, a recession came about and recession risk still, obviously, remains with us at this point. >> those who are old enough remember how some of this can swirl around and create surprises. see you next time. >> thanks, carl, take care. it's been a rough month for crypto ether on pace for its worst performance in 2020 and bitcoin's worst since september. but bitcoin is up above 31,600

this morning we'll check on coinbase, a few other crypto-connected fintech names jt mont n'goinusa medot away. making friends again, billy? i like to keep my enemies close. guys, excuse me. i didn't quite get that. i'm hard of hearing. ♪♪ oh hey, don't forget about the tense music too. would you say tense? i'd say suspenseful. aren't they the same thing? can we move on guys, please? alexa, turn on the subtitles. and dim the lights. ok, dimming the lights.

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think the stock will benefit from the postpandemic reopening. they say improving momentum in ride-hailing with bernstein forecasting it will offset moderation in food delivery. shares are surging up around 15% to start the morning we'll be right back. retechk"fthi ts. >> announcer: gut check is sponsored by aka mai

if you're looking for part of the market on sale, fintech could be an opportunity. we have key winners and losers kate, it's interesting, there's a lot of nuances within the sector. >> absolutely. and fintech has been one of the biggest losers really, the worst-performing groups, of the year but wall street is keeping an out out for opportunity. there were big winners in may. we had sofi followed by robinhood. at the same time if you zoom out a little bit, though, year to date, those charts not looking as good with the stocks down more than 50%. coinbase was one of the worst performers in may as crypto prices got crushed ether heading for its worst month since march of 2020. j and p securities is among those doing some value hunting

they looked at cash levels, growth and short interest as well cash relative to market cap, you have root, robinhood, bakkt as well more cash tends to put these companies in a better position to go on offense with m&a as well they rank the most attractive valuations based on earnings growth calling out names like curo, nerd wallet, upstart, lending tree and rocket. they're expected to see double digits ebita growth. and finally short interest, upstart, lemonade, sofi. shorts have to quickly cover their positions and that can spark a rally. that may be part of the story. with sofi, that one has 15% short interest on that stock. >> i want to go back to that idea of who has cash and who doesn't. since we've been covering this industry for a long time, you've

seen so many companies go public some might have thought there would be more consolidation right now. the likes of robinhood and coinbase they got cash and investors want them to do something coinbase has been on a little bit of an m&a stream they've been smaller, strategic startups. but coinbase has cash. robinhood, they have to hold more cash because it is a brokerage firm there's questions whether they can deploy that versus having to ho hold it for regulatory reasons same thing in private markets, we would likely see more consolidation, may be too soon. >> want to ask about the mini rally in crypto. bitcoin as nearly 32,000 this morning. what's behind that. >> it is interesting we talked friday about holiday weekends being part of that,

liquidity, bitcoin up 5% yesterday. it may have been sparked with lower liquidity. pe fewer people trading on a holiday weekend. same in bitcoin. seen more leverage often you see a small move, that can have people, traders often rush to cover shorts it may be a short squeeze. no obvious headlines >> kate, thank you for breaking it down. >> carl, over to you one more part of the market showing life today, chinese tech alibaba and jd, on the heels of shanghai decision to lift lockdown and other moves when we me ckn montco ts means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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get one last gut check on dish the stock pearing gains, a long level from earlier this month before it dropped double digits. truist calls the dip a buying opportunity. they upgrade to buy from hold. target goes from 25 to 60. they don't expect near term boom but are bullish on the company's future as a cloud player, jon. >> just a quick check on the major indexes. nasdaq actually about flat it has been a tale of two stocks

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one more thing before we go. that's what to expect from hp and sales force when they report numbers in a few hours after the bell frank holland has that might tell us about tech at large, right, frank? >> i mean, absolutely. considered bellwethers of cloud and hardware, each will give insight on the environment for spending and supply chain. hp positive, benefitting from a tail wind of hardware sales. sales force underperforming, despite coming off what it calls the best quarter ever due to interest rate pressure that hammered cloud stocks. for hp, analysts talk about a trend that could impact earnings and guidance saying supply chain challenges, exacerbated by recent lockdown,

likely to temper pc unit demand. we model 2022 unit growth as negative 9% prior expectations of flattish. jpmorgan calls sales force too cheap to ignore, saying in a recent note we view valuation as more depressed defensive for crm shares than for the broader software industry. undervaluing the revenue stream with expanding margins a question going forward, inflation and cloud names on the nasdaq 100 moving down as the ten year moves up. carl, back to you. >> going to get interesting, frank. appreciate that very much. it will be interesting we'll see. the week had decent retail names. >> crm will have to see it as another april ending quarter we know how that bode for other names that reported.

we'll see, workday, perhaps a red flag. >> i'm noticing, guys, amazon is up better than 3% today, more than 14% in the past week. life comes at you fast >> after last week this is not too bad at this point. dow down 90. s&p and dow now green again for the month. let's get to the half with melissa lee. welcome to the halftime report i am melissa lee in for scott wapner a wild month coming to a close a bear market rally or start of something meaningful, we debate that and opportunities in the market now the investment committee, stephanie lange, josh brown, joe tear a tear the nasdaq eeking out a gain at 15 and the ten year note highe