later today i'll sit down with morgan stanley co-president ted pick, his first ever tv interview. he's on the succession bench at morgan stanley it should be a very interesting conversation. >> foreman is never leaving, though >> that's what he said markets have gone negative that will do it for us on "squawk on the street. "techcheck" starts right now. >> good wednesday morning, i'm carl quintanilla with jon fortt and deirdre bosa today breaking down the salesforce surge why some are calling it the best barometer of cloud spend right now. even hardware feeling love, the latest on how hp beat estimates. inflation in focus for tech investors worldwide. don't miss a check on the economy with fed president mary daily in just a few moments, jon. >> got to start with salesforce. the top and bottom lines boosting the stock today, up 12.5%.

salesforce upping its profit forecast with lowering full-year revenue guidance here is co-ceo marc benioff on why they're making the adjustment. >> guidance is impacted by foreign exchange we've had to consume about $600 million of foreign exchange exchanges since we first gave guidance last november if you look at that deacceleration of, for example, the yen since march, i've never seen anything like it. >> index ventures partner, welcome. nina, what does this mean for the overall software as a service space? what kind of demand insights did we get in in a way it seemed reminiscent of what frank salute man told us on "techcheck" last week it's not so much a macro issue, it's individual customers that were seeing some rockinrockines.

>> thanks for having me. it's great to be back. as an investor in sass and the private market, seeing salesforce's earnings yesterday was a great sign it is a barometer for cloud spending i think across the board we've hit the reset button on sass from an evaluations standpoint and the metrics that matter. as salesforce shows us, this is not a doomsday scenario. stock performance only tells you a certain part of the story, but not the whole story. i think if you take a step back, what you have to look at is are these companies selling mission critical software and who are the end customers they're selling into and what is the financial help of those end customers. >> so kirk, what are we seeing in enterprise tech spending writ large, not just reflected in these earnings and how does that reflect companies who are also in this ecosystem? >> to echo nina's comments on spending on the enterprise side,

it's very durable. i think it's very difficult for large enterprises to turn off and on spending as relates to the digital strategies we published a report over the weekend talking about i.t. spending 93% of the respondents who are at larger organizations are expecting to spend more on i.t it's a continuum of spend. i think the idea that i.t. spending is as cyclical today as it was in prior cycles is just wrong. i think you hear that from companies like salesforce, from service now, from snowflake that the products that they're delivering to their customers are mission critical in terms of their customers' ability to compete in the digital economy i think obviously spending is not completely dissociated with the macro if you see pockets of weakness perhaps but in general, i.t. spending is holding up extremely well. >> i get the optimism, guys. hearing benioff they've been on this world tour to talk to

hundreds and hundreds of customers. but do investors want to be careful on the read-through here this is salesforce, they've got so much in free cash flow. benioff also talked about how they learned some really hard lessons during the 2001 dot-com market >> i think on the private side today, the conversation is very different if you're an early stage company or growth stage company. early stage companies, valua valuations haven't changed much, nor has the strategy the checks we're writing today, the multiples and have these companies will be valued seven to ten years from now is something we can't predict if you're a growth stage company, i think we have reoriented around net dollar retention, cap payback and unit economics. what's so great about the sass model is the agility to go more towards profitability or more towards growth i think there's amazing examples

in the public markets of companies doing this really well, like data dog, for example, which has been able to tackle it all at the same time. >> great that you gave us other examples, nina kirk, what about you what do investors need to look for in terms of separating a crm or data dog from maybe some other names that don't have that financial discipline, don't have the balance sheet in the sass space? >> i think you're starting to see those type of names separate themselves the companies that have really strong unit economics, underpinning their businesses, as nina mentioned, strong net retention rates, that show a durability of growth and not only revenue growth but cash flow growth. the bigger companies are more ins insulated. tougher times they could take share from smaller companies but there are a lot of small cap growth names that have strong unit economics that are showing

profitability and operating leverage that have been tossed to the side. i think it is going to become more of a separation between the companies that can show both good growth and operating leverage versus those that are earlier on in the maturation process. i think it's going to take a while for some of the small cap companies to find footing as a result we continue to tackle a little more to the larger cap names as a result in the near term, but some really nice small cap names like call tricks that kind of got caught up in the broader selloff. >> nina, i wonder if you think, the degree to which hybrid work, remote work has been a driver of demand for enterprise software, not to make too much of this reported elon musk memo where he says remote work is no longer acceptable if the labor cycle returns hard, if leverage returns to the employer, if the margin takes a

ding here or not >> i think we're go into see in i.t. spend, a consolidation towards software that is absolutely critical to running your business. so things like accounting software which intuit provides everybody is cutting costs so spend management software everybody is competing for the customer end dollar. anything that makes you provide a better customer experience like service now, i think really are going to be where i.t. spend goes however, on the hiring, it's an interesting point because we've seen all these headlines from netflix, from uber, instacart, paypal, and even salesforce around how all these companies are proactively going to slow hiring i think that's a double-edged sword. on the one hand, this means slower growth because you have less salespeople dialing for dollars and you're spending less marketing dollars on advertising. on the other hand, when you have a smaller workforce, what do you do you look to buy technology to

aut automate what a lot of individuals were doing before. for example, if you had 100 customer support reps last year and this year you only have 50, most likely you're going to look to buy a customer support software that makes you more efficient. >> kirk, finally, just a couple weeks ago there were people saying, oh, the company is not profitable, just stay away from it, don't even hold your nose. there's no point when we have these signals in enterprise demand, if there are companies that have solid products with a path to profitability, why not take a gander at some of them here? >> i think it gets down to your debt investment time frame if you have a true three to five-year investment horizon and see strong unit economics underpinning the business model, meaning net retention rates that are strong, payback that looks good, you can see companies that are losing money today, but are on a very clear path over the

next year or two that could be worth taking a look at what's great about software, each of these companies is a little different there's a little bit of a different story behind each of them what nina said earlier is important, what are they solving for? are they solving for productivity are they solving for helping their customers grow in a tougher economic environment those companies have very strong opportunities going forward. we talked about the lack of productivity, the impact of labor. software is going to help most companies get through this period where inflation is high and people are looking to drive productivity it is the solve. i think the underlying demand for the most part remain very solid. you can look at some of the unprofitable ones, but you'll have to have a much longer duration of investment >> well, as many should. kirk, nina, thank you. >> thank you. hp is another name that

reported, bucking the tech earnings trend reporting profit gain thanks to strength in the official business. frank holland joins us to break down the numbers. >> hp inc. out performing other pc makers. the company citing strength when it comes to sales of personal computers and desk tops to corporate customers that are spending headsets and keyboard sales rising inflation is hitting consumers, but companies continue to spend. during his appearance on "mad money" last night. >> our commission business grew 18% and represents now about 65% of the total pc business which is a very solid number. >> similar to salesforce yesterday the primary impact was consumer sales he said the rising cost of

components is adding to supply chain issues and sourcing components, the difficulty there he expects to last throughout the end of the year. >> frank, as i was looking at very different industries, but salesforce at hp and their capital allocation programs were very different which i thought was interesting. salesforce saying we're not really thinking about returning capital quite yet. but hp, right, they're committed to buying back $4 billion in this current fiscal year they want to be 100% return of free cash flow over time talk about that in thecontext of hardware, frank, especially at a time when a lot of companies are trying to preserve cash, that versus returning it to shareholders. >> for hp, i spoke to ceo lores before his appearance on "mad money," he said they feel strongly about their business going forward. citibank put out a note a week before saying they expected pc

scales to climb 9% year over year regardless of the previous forecast lores says he thinks sales will remain strong throughout the year, despite the fact that there's a perception in the market that everybody who wanted to buy a pc, chrome book or desk top already bought it. >> interesting test to the consumer let's turn to the broader market steve leishman joins us for an exclusive interview. good morning, steve. steve is not ready yet we'll talk more about the macro as we are down, jon, about 211 a lot of that driven by the numbers we got at the top of the hour, not just jolts but construction spending coming a little weak, ism, employment, first sub 50 read since november of 2020. so all these things are going to feed into individual decisions that investors make about individual names. >> so true, carl, with the

overall markets. we were just talking about hp ink. i want to be specific, not hp enterprise not only is that stock up 2% today, better than 5% year-to-date it's up 32% over the last 12 months yes, hp. there are spots to look at within this market where companies are performing in ways that you might not have expected we've been talking about salesforce this morning. there are a number of companies i think that are up in sympathy. servicenow is up 3.5%. mongo db as well kupa is up 2.5%. perhaps people taking another gander as i was saying before, at software. >> hp as well, one of the legacy names doing better inthe current market environment maybe has to do with some of the capital allocation as well, returning it to shareholders you mentioned this yesterday, john amazon has been on this

incredible run, up nearly 15% in the last week alone. carl, it is the top gainer on the nasdaq 100 today quite a bounceback for this mega cap name that was beat tn down so much more than the others >> indeed, guys. let's get back to our steve leishman this morning. >> good morning, carl. joined by san francisco fed president mary daily who joins us from the west coast thanks for joining us, president daily. >> thank you for having me there. >> there's ln different points of view over what happens in the near term here, not the long term over which there's plenty of confusion i want to ask you for not so much a weather forecast about the summer and the fall, but more of a monetary policy forecast we have fed governor chris waller says 50 basis points until inflation under control, the idea of a potential pause in

september. where do you stand, president daly >> i stand at we need to get the rate to neutral which i put at 2.5% nominal terms we need to do that expeditiously. i see a couple of 50 basis point hikes in the next couple meetings to get there. then we need to look around and see what else is going on. we have other things besides the fed that contribute to either higher inflation or the moderation in inflation. supply chains and china just opening, that's good news for the global economy and supply chains we need to monitor the war in ukraine. we need to monitor what consumers are doing and how much slowing the economy has in train as we raise the interest rate and remove the extraordinary accommodation we've been providing. my own goal, we know where we want to beality the end of the year, which is around 2.5% in the interest rate. getting there will be -- let's get there as quickly as we can to just take off the accommodation that i don't meet anyone, contacts, consumers, anyone who thinks the economy

needs help from the fed right now. >> so a couple 50s in the summertime it sounds like you could go ahead and do another 50 in september on your way to 2.5 at the end of the year. >> i certainly am comfortable to do what it takes to get inflation trending down to the level we need it to be i really think these high inflation numbers have been going on too long, and consumers and businees, everyday americans are depending on us to get inflation back down and bridling it. the reason i'm not forecasting beyond the next couple of meetings is because i don't know what else the data are going to give us. we've seen financial conditions tighten. we've seen early leading indicators that say they're slowing in growth numbers. we aren't really there yet we need to continue to see those data on a slowing economy, bringing demand and supply back in balance i need to see real progress on inflation. otherwise, i would think we move the rate until we find ourselves at least at neutral and then we look around and see what else

needs to be done >> let's talk about beyond neutral here and you think whether the fed has to go there. were obviously talk in the last minutes about going beyond neutral. where do you stand on that there's some people out there who say it's not crazy to think about a 4%, 5% funds rate. you may have to get restrictive. how do you come down on that >> i absolutely am open to pulling the reins back on the economy after we've removed the accommodation. it's too early in my judgment to proclaim that we're going to do one thing or another because we still have other things that are unfolding. i've mentioned china already china literally just reopened. that we need to persist in its openings so we get supply chain, some relief. we need to see what happens with the war in ukraine and how much energy and food supplies can come back in balance with the demand there i need to see more progress on getting demand growth back in

line with supply that we have. i'm looking for supply to recover somewhat and demand to come back down a little it if neither of those things cooperate, we need to gonto restrictive territory. ultimately we have a goal of price stability and we're not there. americans depend on us being there. that's where we'll need to go. >> it sounds to me, president daly, if perhaps you see additional inflation coming down the pike you mentioned a bunch of things. there's the war in ukraine, the china lockdown which is just now barely opening up. one thing you didn't mention is wages still seem to be pretty strong do you think inflation has peaked is there still further to go to reach the top level? >> well, i hope it's peaked. but i don't want to declare victory because we just aren't ready to do that i feel we need to continue to watch the data, continue to look at the factors you just named. if china stays open and produces things, it puts relief on supply chains if we really get to move from

pandemic to endemic across the globe, not just the u.s. or parts of europe, we get traction on supply chains i don't know how thas going to play out because i don't know that, i'm looking at the uncertainty and saying be prepared to do what it takes to get inflation back down and really be prepared to stop raising the rate, not be restrictive if inflation comes down on imts own with the removal of our accommodation and cooperation on the other fronts. it's too early to tell and that's what i don't proclaim because it doesn't serve us. >> how about a wage price spiral is that a concern of yours do you see signs of it now >> i don't see signs of wage price spiral here is why. when i talk to my contacts -- one of the best ways to find out what they're thinking about is to talk to them. i talk to large businesses all the time here is what i'm seeing, they're fiercely competing for workers but they also recognize at some

point a wage price spiral is something they can't sustain they're looking for a variety of ways to sun sustain things, including changing working condition, giving workers other things they desire, not just compensation and finding the flexibility they're offering isn't cutting into their bottom line but gives people other things besides just monetary compensation that they need. i also see some green shoots, as my contacts would say, they saw workers getting wages up, but not consistent they're starting to see the turn go down as people found jobs they like and want to stay all those things bear further watching right now i don't see a wage price spiral. >> it sounds like the news is a little better where maybe we reached some kind of peak wage or wage equilibrium given the amount of supply and demand for labor. >> you see early indicators on

the labor market really strong there's a bit of a sense that we can't continue to be in these auction environment for firms forever. workers are starting to see they can settle in on jobs. i think we can -- it's a little optimistic, but i don't want to declare a victory because, again, we have inflation at high numbers and we really have to be humble about the future path and be ready to adjust as need be. getting the accommodation out ot it altogether for us do you see a recession coming? maybe you can walk us through your outlook for how we avoid a recession in the sense of high inflation right now, the fed quickly raising rates. does that create a recession how can it be avoided? >> i don't see a recession it's not my model outlook, so to speak. it definitely is something people are worried about when they ask them, why are you

worried about recession, it has little to do with raising rates and more to do with concerns that we'll overreact and go way above the neutral rate of interest i think what the ned fed needs d is remove the accommodation but then be open to the data, be data dependent the data come in and have more inflation than we like or expect, we would be corrective and that could cause growth to slow more than people would like right now we have strong growth. you see the slowing, but i see restaurants full, airports full. i can't get a flight if you want to change your flight, tough luck people are coming out and doing things i don't see a lot of dechains in sentiment. people recognize it's hard to afford things and yet they're still spending we have to wait for all this play out right now i'm optimistic about the u.s. economy >> i'm glad the president of a federal reserve bank has trouble changing a ticket, too

>> it's hard out there >> a couple quick things here real quickly you're about to launch on quantitative tielt ening it guess it starts this weekend. how much is that worth in terms of raising interest rates in the economy? how much volatility? >> that's the million-dollar question, how much does it give us one thing we nobt about balance sheet policy is when announcement is when all things reprice. we continue to watch as we actually do the job of reducing the balance sheet, we could see more i'm watching financial conditions to see that something between 25 basis points to 50 basis points is sort of the modal outlook. there is no consensus on this. some people argue it's much less, some people argue it's much more. i'm data dependent in this world. i look to see what's happening and watch financial conditions one of the most remarkable things on financial conditions frankly is the fact we took a

25-point basis increase in march, and we saw the mortgage interest rate jump from 3 to 5 the financial markets seem willing and able to digest this and people are already responding with planning for how they manage their borrowing and spending given the adjustments we plan to make. i think right now the digestion has gone very well, and we continue to watch it to see if that is sustainable and continues. >> very quickly, president daly, are you going to sell mortgage-backed securities this year or sometime soon? >> this is something the committee will continue to decide on. what i really like, the idea that we're going to announce what we're doing, communicate it well in advance. as we meet and decide on these things, people will know about it before we actually do it. >> president daly, thank you so much for joining us this morning. >> thank you my pleasure. >> thank you, steve leishman for

bringing that to us. we just talked about high inflation, volatility. also now big tech is facing the possibility of more regulation don't miss the latest from washington next. "techcheck" is just getting started. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company.

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systems to ukraine plus, what do you wear to the moon

we've seen a world of headlines on big tech legal limitations with lena kahn stepping up scrutiny of mega cap names like amazon, also legal victory for big tech julia bornstein is wrapping up some of the latest for us. >> there's been a temporary victory for the social media platforms. the supreme court temporarily blocked a controversial and sweeping texas law that would prohibit online platforms such as facebook, twitter and youtube from moderating over moving content based on viewpoint we didn't get comment from the tech companies themselves, but the industry groups working to block the law argue that, quote, hb 20 would compel platforms to disseminate all sorts of

objectional viewpoints such as russia's propaganda, claiming its invasion of ukraine is justified. issa's propaganda saying its it's warranted encouraging children to engage in risky or unhealthy behavior like eating disorders. justice alito who is critical of the decision citing concerns about bias in moderation and writing about, quote, the power of dominant social media corporations to shape public discussion here is why this battle is far from over. the supreme court just imposed an injunction blocking the law from taking effect while federal courts decide whether it can be enforced that means the supreme court could and likely will have to rule on the constitutionality of the law itself in the future mean meanwhile, another tech giant who could be facing regulatory challenges is amazon the ftc has reportedly revamped its antitrust probe, and that probe is reportedly picking up speed as the commission pushes

for details, found $8.5 billion acquisition of mgm studios in particular if the ftc challenges the already-completed mgm transaction, that could discourage other tech, media m&a or any other media m&a as well >> julia, thank you. the antitrust approaches for amazon specifically feel a little different this time ylan mui has more on the perspective from capitol hill. >> reporter: the senate is inching closer to a bipartisan deal on antitrust legislation, so amazon is wraming up criticism. in a new statement out today the company warns the legislation would jeopardize two-day prime shipping and potentially shut down its third party marketplace. it says the degradation of the prime experience would materially hurt not just amazon which is what we believe the real unstated goal of the legislation to be, but every american consumer and small

business that currently relies on the prime service now, running afoul of this bill's ban on self-preferencing could cost the company big bucks, as much as 10% of annual revenue. amazon said that would cause it to operate at a loss and, quote, make it difficult to justify the risk of amazon offering a marketplace in which selling partners can participate finally, the tech giant went after the lawmakers themselves senator amy klobuchar spearheading the legislation hails from minnesota, her counterpart david cicilline is from rhode island. amazon question why target and cvs headquartered in those states would not be affected by these bills. senate majority leader chuck schumer has committed to bringing these bills up for a vote early this summer amazon's open criticism shows just how hard these companies are working to stop that from happening. back over to you >> it's been a while since reg

rift has been at the top of our list yian mui in washington here is what's happening at this hour. delta air lines is expecting revenue to return to 2019 levels this quarter that's thanks to a surge in travel demand and higher fares helped it weather a jump in fuel costs. the airline tripled its flight schedule to handle disruptions apple starting shifting manufacturing to vietnam following rising u.s.-china trade tensions now the company is accelerating that move to diversify manufacturing. job openings fell by nearly half a million in april a historically large gap narrowed the gap remains relatively high in this tight labor market as there still remains 5.5 million

difference between available jobs and workers meanwhile mortgage demand has fallen to the lowest level since 2018 despite interest rates ticking lower. the average on 30-year fixed rate fell from 5.5% to 5.3%. prices still are rising due to a sew lowe supply of houses on the market we'll have picks to help handle the volatility. the dow is down 300. [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words...

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we just heard from san francisco fed president mary daly earlier saying the fed would do whatever it takes to bring down inflation including raising interest rates to 2.5% our next guest has tech names to help ride out the headwinds.

joining us hari ram nan. a lot of these names we don't talk about too much. a bit of the smaller players like monolithic power. >> hi. good to be here. we see to take advantage of what we've seen as a general, a healthy move in the tech space where companies have been -- companies that were typically overvalued in the software service segment have come back to earth in that regard we think there's lo of companies in semiconductor space. these are battle tested in 2019 having gone through a trade war, battle signality, we think this is an interesting area to be looking at semiconductors. we believe they'll be the staple of the next take cade. in that regard we like analog

device, monolithic power and companies that feed into the semiconductor system >> hari, speaking more broadly as well, we talked to a lot of guests amid the market turbulence who say maybe you want to hold a little more cash on hand, especially if the economy slows down further you're taking a different tact, though you say cash today can seem more urgent but you could miss out on some thematic investment opportunities. >> that's right. i think our general idea here is, if you wait for the robins, spring will be over. i think there's generally a good case to be deploying capital in an environment like we are today. they may not be in the obvious spaces we are, in addition to semiconductors and the view that semiconductors are becoming the staples of the next decade, meaning they're going to be more resilient than they've been in the past, we also like this theme that old is gold

we look at companies like john deere, companies like disney that i think are quite different -- differently positioned than they were in the last ten years we think that's an area for us to be interested in deploying capital as well as this cheeky idea, let's not get too sassy about sass right now there's opportunities even in sass, but one needs to be more discerning and we need to separate out companies that have the ability to demonstrate good quality growth in addition to just growth itself >> what exactly do you mean about deere and disney related to gold? is this a function of lessening energy intensity overall in the economy over the course of the last few decades >> good question, carl the idea is old is gold. in other words, it's harkening back to companies like john deere as well as companies like disney that have used the last handful of years to fast forward and make themselves more future proofed. when you look at a company like

john deere, the proof of the market was not now when corn is eight bucks, but $3.00 a bush shell. they generated in q3 of 2020 approximately 500 basis points of operating margin improvement during a time when the world shut down. that we believe is a function of the investments they've made in precision ag, in helping farmers drive more productivity in an environment where the ag -- where the ag environment was not so strong. going forward in an environment that is actually quite reasonable today where the industrial economy is doing quite well, john deere will take a lot more share and also be able to monetize their investments to a greater degree than they've done in the past. we believe that at 11 times earnings, this company is priced for more than it's going to really have. >> talk more if you will about disney i think it's so interesting

because it was at 190 a share not too long ago now it's trading around 11 it was this time in 2015 the company has changed so much. how do you look at media in general in a streaming era from both a library perspective and a technology perspective to decide how to value this company. >> jon, that's a good question we look at disney as a phenomenal company with a phenomenal as set, but also a phenomenal set of problems that won't be new to listeners to this show. what we think is disney is getting caught in the wrong argument around streaming. i think netflix has misguided the market generally in thinking about streaming businesses one of the things that's interesting about disney is its streaming business does not have the same economic -- does not have the same economic debates

that netflix has if you look at netflix in general, how people view streaming today, it's seen as sub growth drives a whole bunch of content amortize asian. disney has a different set of problems disney's issue is the content is really good. we wouldn't be concerned whether the company will go from 140 million subs to 200 or 250, but whether they can monetize the subs well. disney has a captive audience, they own all their content we think their streaming economics are going to be quite different from netflix moreover, you look at disney parks and the legacy business, the parks business this last quarter had peak profits this is despite japan, paris and whole parts of the u.s. not benefiting from international travel we think disney is in a good position both in the legacy side as well as the 'em strooing

front. >> that's interesting perspective. it has that fly wheel versus say netflix. hari, your motto old is gold, does that apply to tech? do you favor legacy names like ibm and oracle over some of the ones that may be less profitable >> that's a good question. i'll take a slightly different stance on that we like, for example, a company like analog devices, 56 years old which makes it a bit of a dinosaur in a world where you're having a bunch of sass companies that are 5.6 years old if you listen to the ceo, you see 20% of the business is growing at strong double digits. this is a company that has economics that are even better than sass. 50% operating margins growing high single digits, generating cash their acquisitions in the recent past have been very well timed

it's goings to help them get into the power management business in a big way. we think battery management system which is going to be quite important for the electrification going forward is a business that is doubling in the near ter and we think these are -- the drivers of these businesses are going to get them to have a growth algorithm that is going to be virtually rewarded by the market, especially in an environment where people are quite puzzled by how to evaluate growth and what degree of profitability is going to be needed, all the other issues that people keep raising we think analog devices is one of the stalwarts well positioned for the future. >> hari thank you for being with us software is doing pretty well today, but the worst stocks in may, a lot of software. okta, zscaler, all down 21 or more for the month we'll get more on today's

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let's get a gut check on the gaming sector. unity losing more than $5 billion after reporting major inaccuracies with its new ad tracking tool. the company expects that the slipup will cost it more than $100 million this year but they hope to return profits

by the fourth quarter. names making more of a splash in the short term, square even knocks, sony, ea the latter one of the biggest gainers this month in no small part thanks to reports it may being looking for a big name buyer, maybe disney, apple, lomo "chec i a t retechk"s still ahead. stay with us is more than just , walls, doors and carpeted floor. it's a place to change the world. loopnet. the most popular place to find a space.

♪♪ 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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not the only company with a hit. stranger things smashed the view record, a positive striem for the streamer whose stock is down 67% year to date julia boorstin has that. >> they gained over 1% yesterday after the company reported stranger things season 4 set a record for the best premier for an english language series, with more than 40% hours viewed than money heist and more than bridgerton season 2. the company warned they expected to lose 2 million subscribers in the second quarter warning stranger things episodes were longer which implies lessen gaugement or completions based on country rank and broader data app, search queries.

we believe it is too early to conclude paid net adds could jut perform street net estimates for second quarter losses of 2 million subscribers. here is why netflix's numbers were notable this past weekend those numbers were didespite the success of obseri-wan kenobi that viewer ship promoted a tripling of viewing of other "star wars" titles this past weekend. it shows that box office and streaming hits are not mutually exclusive. streaming success of this weekend didn't seem to be hurt by audiences going out and buying tickets for "top gun: maverick" in movie theaters. >> good point. there's a lot of content to watch these days julia, thank you facebook meta announcing the stock will trade under meta.

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so what's happening in the month since the fed had to stamp out inflation. simple, amazon, facebook google have become colossal losers! while they may stay losers, bottom line is they've fallen so darn far, i think they've become

metaphors for a host of stocks that in our ready to rally because they've got nowhere else to go but up >> that's cramer calling the bottom for three of the market's biggest stocks find out why at cnbc.com chte check is back in just a moment this is tracking and publishing your content in real time. this is the system you built, captivating a global audience. this is how. airtable. only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership.

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one more thing tesla remote work days are apparently over. ceo elon musk seems to be sending an email saying employees must work at least 40 hours in office or they should leave tesla. said he would be willing to consider some remote work exceptions in a follow-up, the more senior you are, the more you should be in office, highlighting that's why i lived in the factory so much if i had not done that, tesla would have long ago gone bankrupt while the emails remain uncon unconfirmed officially, he replied about the leaked email saying if employees aren't on board with the policy they should pretend to work somewhere else i assume that means other than tesla and twitter.

does that mean you can't work remote at twitter? >> some pointed out, no one is more committed to remote work than twitter. >> but he hasn't been thrilled about that, right? his comments about making it a shelter was tongue in cheek, saying if no one is working there, might as well do something with it. back to mayordaly's comments we'll see on the other side. >> the judge is back let's get to the half. >> carl, thanks so much. welcome to the halftime report this hour. will a new month bring the same amount of volatility or do stocks stabilize we debate with the committee joining me, liz young, steve weiss, johnn najarian let's look at the markets.