cross currents of trying to keep your business open and operating, bring your people back not to mention chinese stocks that had a good week going a will the of confusion there as well in terms of regulators and financial and ipo. we got a lot of inflation having an impact. looking at the market. that's going to do it for squawk on the street. tech check starts now. good friday morning. welcome to "tech check." hot cpi data taking stock. the worst stretch since 2002 we'll talk to cramer about how we play this then it's the earnings mover of the morning. docusign down 20%. the ceo is right here on tech

check. we have jim cramer back in the house with us. what great day to have you infl inflation, recession risk hitting tech once again. nasdaq is down what do you do with the stock? >> it's campbells soup and smucker and kellogg and hershey. that's the worst combination it says total recession. no more conceptual stocks. no more buying stocks. when you see something like this, i really believe it's an extreme. you get this and you begin to think, you know what, if we have another day or two like there, enough you get this to the down side. that makes you want to buy some stocks it's a very simple reason why. i don't want to buy tech yet the reason i don't want the buy tech yet is docuseason

y -- docusign that's a bottom when you start hearing the analyst say this is not a good company or stock. i think it's a bad stock >> they are late to it too you saw a bunch of downgrades today. >> that was genuine towel throwing there morning >> we see docusign is the bigst laggards on the nasdaq 000 adobe down 7.5% this morning this is supposed to be a more recession proof stock. yes it's advertising but far more immune to it. >> when you sell some adobe, you raise money. you say, i need this what i'm seeing is i need to raise money. i'm obviously going to start selling. i'm going to sell data door that had a terrific quarter

i'm going to going to set docusign because they refuse to acknowledge that things are not as good as they would like they do not do the dara. send the memo. our share holders have spoken. they don't like how much money we are spending. they don't like our plan we are going to pivot and please our shareholders when you see your stock down 25, you say sorry shareholders we're not going to apologize >> jim, good morning i've got concerns. my concern, give me wryour takes cracks are starting to show in those fortress walls in enterprise software which performed so well in recent quarters i'm looking through what we heard even here on tech check in recent says and weeks. snow flakes results showed that for certain customer, inflation and the economic turmoil razz

leaking through but friend told us that's really just the individual customers not macro then dave just earlier this week said particularly in europe, we are seeing some head winds because of macro and we're going to be fine overall those head winds we expect to spread beyond europe and smart sheet. conservative guide and all that. we just heard from eunice about the china lockdowns. guidance from so more including adobe assumed they would be easing it makes me wonder whether there's still too much optimism priced into the stocks, even the good ones. >> i think there is. until we see price targets raised or not cut, all the price targets are still too high they're all kind of, let's say leftover from the pre-november, jay powell getting tough at the federal reserve. i still think these have some

downside one of the things that i think, jon, when you get a docusign and take a look at docusign and see it's down a lot, what people are saying this company should never have been where it was it's worth 12 billion. would anyone come in and buy it. until we see bunch of takeovers of kpcompanies that down a lot, i'm suspicious that nothing is happening. i need to see insider buying and takeovers. where are they >> also insider buying on docusign but it was a while ago. it was a little bit soon which makes it look hopeful. it seems there's so much narrative shift that's happening right now. it's a big shifts in the narrative whether it's about inflation, whether it's about the economy, whether it's about what's happening in europe big shifts and theyare happening quickly. that just makes it hard the gauge really well. >> when you meet these people

and after the lights are off and in cameras are off, don't worry. the question i got is jamie dimon says it's a hurricane. should we lay people off should we get ahead of that? i've never heard that talk in 21 years. >> jim, we were just talking about some of the -- it's not downgrades necessarily but number cutting that is macro driven good example is morgan stanley and semis talking about prices coming down more than expected we already know, lisa said about pcs. then you've got her tonight. >> i think lisa has been pretty consistent which is the low end pc that was the build out for home n that was done. there's no business being done in china when i think about china, i keep trying to think there's way to deal with covid.

take your test go to work do what you have to. get covid, stay home they have found immunity, natural immunity there is no natural immunity to this disease you can try the stamp it out by making sure people aren't in contact with anybody united states changes the way the people travel. you can't stop it. you can only make it less >> you could use mnra vaccines i know you've been talking to tons of people in san francisco. they are talking about jamie dimon's hurricane comment. i know you're hearing stock based compensation what to do and it's difficult for investors because even companies that like they are becoming more profitable, you have to strip away the stock based company. >> when ip see ebitda, next,

next i want that. i don't want adjusted ebitda the stock doesn't count as an expense. i find numbers out here way too pliable. >> then you think about how much they being paid. look at a stitch fix laura at the journal tweeted this but 40 to $60 million in cost savings from counting 330 jobs at stitch fix that would mean that styling leaders are making as much as $180,000 there's been so much money here.

it's got to move to atlanta. that's too much. i was talking to my wife out what about stitch fix. she goes yeah, that came and went she goes it's still a company but it came and went >> the technology is a big question >> it is a lot of companies are beginning the say, why do we live. one of things about docusign, they said they are the leader in this the first thing i said is are there other guys i thought they had it all to themselves there's another world where springer doesn't get the point like dara does he's going to tell you about his his new product and the stuff in the banks. right now these people are still

in the grips of the old days in the old days it wasn't work if you come on and do the old days then next time you report it's going be another splashing. you got to start singing the tune of we're paying people too much we got doto fix this. >> we're seeing, i'm seeing a continued resistance to accepting negative realities both in private market, of course, companies don't want to do a down round. they getting pressure from investors to lay people off, to tighten up they are kind of trying to avoid that but then there's pa public market version of that does ta hat mean there's another potential leg down if economic pressure continues, if the war in ukraine continues if we continue to not find peak inflation. the longer you sort of wait to adjust to those negative reality, the more painful the adjustment might be. >> exactly you got it right

i think there's unreal nature. people don't know that you have to do this there was one point this weekend where i was talking to some guy and he said, prooif ivate compa. he said we're still brilliant for evaluation before i would have just called you a liar now i just think you're ill-advised. anybody in the west coast get irony. he took it >> jim, i hesitate to say it here is some of the downside that i'm talking about amc is still at 12 bucks a share. gamestop is still at 128 bit justice bitcoin is still hovering near 30,000 there's a lot of people still holding on and believing >> when you criticize them, someone on twitter mentioned he apologized for the mentions

column and i was like wow. it's kind of a high level guy to apologize for maea mentions col. amc, i just love them. the debt picture is awful. the balance sheets do matter sale going down. bad. sdm if you like balance sheets >> i kind of like them >> let's look at uber's balance sheet. one quarter of free cash flow positive it has been losing a will the of money. you liked dara's letter. >> he's got a lot of money in the bank you take a look at a docusign. what do you want to hear from dan? at least they are free cash flow positive he can knowledge this moment but what did you hear from dara as

to what they can do? the letter wasn't acknowledging. >> in psychology, which we don't talk about much. there's such a thing as radical acceptance it meeps this has happened i understand it. there's nothing i can do about it what we got to do is we have to. we are not going to do them anymore. i want the hear from dan springer radical acceptance. the world is not the same. we were lucky. we had this big tail wind. we still have a good niche business i want radical acceptance. he will say you're in the psychiatrist after enough brain work that i've had being the chief spokesperson of america foundation p let me tell you something, it's like having a knee that's bad or a shoulder that's bad i need dave to say we were

really lucky we got this incredible tail wind other people catching up to us we're sorry. there's another term sorry. it's not just kids game. you can be sorry it's all right i wish i could do better if your team doesn't make the playoffs, do you say you made the playoffs >> i just want to win one game remember that one. >> right >> dan springer should come on kind of misjudged. it's not as good out there for us as it was we do have some new products e hope they catch on we are sorry about the stock it's not our fault some of it is. we're going to do better is that wrong? >> we're picking on dan springer >> oh, he's a metaphor

he happens to be today's fall guy. he says cramer is treating me like a pinata. >> carl, jump in here. >> really quick, back to the core story today which is inflation and central banks. g goldman, in the last hour, takes the september forecast of hikes from 25 up to 50 that would be three in a row barclays is saying 75. what's the reaction? it shows the fed means something and they are trying to get it under control.

sorry, he's been somewhat apologetic but 100 says, i'm dope w done with this we're going to kill inflation now. maybe it will say you wetter stop with the price increases. >> even better even better. it's worse than i thought. i can't stand back and say 50 as if it's not worse than i thought. i want radical acceptance of how bad things are it's not such a bad thing. >> how do you think market would react to that? >> they would love it. everybody is sick and tired of knowing that elongated assets are worst -- >> that would mean the inflation

problem will get better. then you have the recession issue. >> you have to take recession if you're going to kill this like it is now. these numbers were shocking. i may call him mr. chairman. >> jim, it's been a pleasure to have you on. >> by the way, dan is flies. i'm not picking on dan alice in wonderland. this ain't fiction >> you got do appreciate a ceo when they stock is down more than 20% >> only if he admits that what he said everything good and we're doing all these great things, if he says i was trying to be optimistic only >> i heard some nuance >> i don't want nuance i want radical acceptance. i was a little too feisty. i'm going to go back and be my

own new york self. just prosad, sweet you know that's the word that comes the mind >> jim, love having you always this isn't awkward at all. let's turn to stock of the morning. docusign absolutely crashed. analysts losing confidence in the stock. three downgrades there morning billings guidance a big issue here d d docusign ceo let's talk billings. you're expecting growth in q2 of 1 to 2%. that surprised a lot of people what's going tough here? i think it's an incredibly strong franchise we have not delivered in the past couple of quarters coming out of the pandemic. i think the reaction we heard is this should be a growth stock.

it's not growing at the rate it should be. our quarter, to think about we met top line and bottom line goal quarter that's not the focus for our investors. it's how do we get this back to the growth levels we should have where our franchise is strong. >> i know you can't see me fyi, it's jon. >> hey, jon. >> oit's easier when we're in california looking at each other. how do you do that when you have a sales organization that you're trying to reconfigure, refocus and the labor market is tough and you have this stock issue which affects compensation how do you get all of that done in way that gets reflected in the stock? >> it's very much back to the basics we sort of doubled our rate of growth and doubled the size of the company in about 18, 20

months now, as we see there was so much demand that our customers were pulling forward and now saying we still love docusign they are not leaving us. we have the pbest technology. we have to manage through that adjustment in that underlying demand. we have a market right now that's been in the sort of great resignation state. there's been a will the of turnover that's the second piece we really realize coming to one that we had lot of change in our field and we need time to start getting a flu ramp enabled for

docusign that's what our focus is >> you said it was difficult to disaggregate how much you're seeing in a post-covid reset and how much is a macro issue pu you seem to be pointing to mostly to post-covid how much of this based on what dave was saying is macro >> for us we use the word macro and i try to point out the cause, it's macro thing as opposed to execution and company performance. i think we can control our company. that's where our focus is. the question on the macro, we

believe that interest rates are going up it's going to be a challenge for businesses like ours there's going to be fewer mortgages and fewer demand for docusign in that space the concept of macroeconomic, we don't think that's as big of challenge as what we're facing coming out of the pandemic we had the giant pull forward of the demand now we're adjusting to that. we expected it to be faster. it shouldn't have been faster. that's where the execution comes into play. that's why when i talk about that, i don't want to make it look like we're trying give macro an excuse. that's the kind strong enough franchise we should be able fouer fou power through that we execute at the level we know we can >> we appreciate the candid comments in coming on today. it sounds like another side is recruiting and retention

is that a fair assessment? >> i think that is fair. if you think about the change in field. the field force is the group we more than double that size of the team during the pandemic they really care about the brand and the value and why it's such a great place to work. recently a very hot market for sales people some sense what's happening in the private companies. that will ease up a little bit that would be welcome. the labor markets here are quite challenges from the standpoint that's part of the reason we said we need the make a balance in our growth versus profitability. even though we're seeing the top line challenge, we will commit and maintain the profit margins we sort of forecast at the

beginning of the year. we heard our investors say they appreciate the commitment and hold back that extensive hire growth to make sure we continue to be the profitable firm. we have a lot of positive feed back around the free cash flow >> you're not the only company that hired a lot during the pandemic we don't hear from as many ceos that had issues keeping them is there something you could have done to build up the culture of docusign. >> i do not believe there's anyone out there saying they haven't had a lot of attrition in the sales force

my sense is docusign culture is tro stronger than most you look at the fact that pre-pandemic we have single digit attrition. this is the place people love the work and take care of our employees. one issue i think is important and jon mentioned it earlier is compensation for all employees and i think we see that in the field. it's one of the top ply rioriti. we haven't done enough to ensure their earnings potential is everything they need it to be.

>> live through a period of demand full forward as you talk about covid. if you could go back with the benefit of hiends sight, would you have instilled some toss discipline or scaled a little bit less at the time knowing this would end, knowing it might feed some growth or market share or at time was it we got to make it, we got to make rain while we can? >> yeah. hindsight is 20/20 i couldn't be about cost we increased our profitabilities through the pandemic this is not place where we continue to have fantastic free cash flow. i don't think we ever had a phenomenon where we came drunken sailors and weren't spending the firm's resources well. i do think we probably got to the place where our customers where we allowed them to sort of aggressively purchase ahead of their demand they saw the possibility of transformation perhaps we could have slowed that a little bit to even it

out. i like the idea we're adding so much growth. it got us over $2 billion of revenue. we're on our way to 5 billion. i don't think we will look at there in the end as it was a mistake to take in that growth i think the challenge is can execute well enough, augment the field leadership we have with enough people with experience at higher scale that's the thing i would look back at. i don't think it was a mistake to take the growth when it presented. >> dan, elephant in the room, in way. how important is it for docusign to remain independent. there's lots of questions about how much consolidation there's going be in this environment what's your perspective as the ceo? >> well, i think share responsibility, as you would understand we want to do what's best for

our shareholders from the point of what entity the company is. i believe docusign has the ability to be incredibly successful independent company for years to come. it's my aspiration that we continue to grow to its potential so we maintain that opportunity for independence that's where my head is at i don't have the philosophical point of view there's roight way or wrong way we have to do what's best for our shareholders and customers and we will always do better >> you talk a lot, not you specifically ceos talk about the importance of people. also to shift the way they work. how do you motivate, how do you inspire? how do you project that things

are going to be the way you envision them being and you're going to make the changes necessary to work on retention sdplg one goes back to the fundamentals and say why has docusign become an important company. we have industry change and industry leading product that allow the world to come to agreement. if you talk to people about docusign when out in the world, our customers say the same thing. they love docusign it's made their lives better that's one of the reasons people love working at docusign they feel it's place to make customers successful and feel fantastic about the impact we have in the world. at the same time we have to be open to change we have to change our model and one of the reasons we brought in

scaled leaders from larger, software companies is it has to teach us about how we scale and grow at this higher level. i think right now the focus for us is tell folks don't lose, don't lose what's great about docusign but also be open to the change we need to make if we're going to continue do grow the business to its potential. >> dan, that impact, that medication may be compelling but as we enter what many think is going to be a recession, actual compensation is going to be important. do you lean more on paying your employees in cash, move away from that equity model if you do, what does that mean from your free cash flow >> i think we're staying committed to the profit goals we set for this year. we're going to make those changes in a variety of ways one, we're going to be careful about the spending levels we have and look at our hiring to make sure we're not hiring above the growth opportunity that we have i think if we get that right, we're not going to have a challenge with things like our

free cash flow our operating profitability. i think from the a standpoint of the mix of compensation, i think we're open the look at different mixes, i think we have employees that say they like to be paid in cash for their core work one of the reasons it's exciting to be part of the company like docusign is it does have the growth potential i think we will continue to do both but we need to make sure we're sort of on market with each of those components again, we do believe we'll probably see some easing if there is more recession nar pressure and pull back from some of the private companies that felt like unlimited spigots of cash to try to attract people.

>> dan springer, rough morning for the stock. answered all of our questions. we appreciate you joining us >> thanks for having me. it's a tough take. we're still near session allows. dow is down almost 800 points. let's get a news update with lez see. >> here is what's happening at this hour. it's hard the look at may's inflation data and not be disappointed that's what the morning consul chief economist is saying after the consumer price index increased by 8.6% in may that's the biggest jump since 1981 energy prices are up almost 35% with fuel oil more than doubling starting this sunday, international travelers coming to united states will know longer need to do a covid test before they leave. travel and hospitality ceos have been pressuring the biden administration to drop the requirement because it's discouraging tourists from

coming to the united states. the golden arches are coming down across russia ahead of sunday's reopening of former mcdonald's restaurants under new management and with a new logo stylized burger and fries look a lot like an m although a new name hasn't been chosen yet. mcdonald's shut down its operations in russia after the country invaded ukraine. send it back over the you, jon time now for a gut check on the entire internet. a long list of downgrades this morning from goldman sachs as the firm gets bearish. netflix sliding. let's see about 4.5% on a hefty

price target cut setting rising concerns about consumer behavior in recession and heightened competition in the streaming landscape. these downgrades, carl, that come on a day when the market is already down, 3%, i don't know >> it's not great look >> you kind of wish that firms would downgrade do sell when stuff is up and you can actually sellh. we got about 3.455% declines. we looked at the 15 most profitable companies number one is apple. followed by alphabet amazon, tesla, nvidia.

not a single name is up year to date of those 15 most profitable companies. apple is the best performer down 22% in '22 if you look at the week to date gainers, there's only four you either got names like a kraft hines. >> china tech, you have to wonder if that will turn around with some of those lock dodowns occurring again. are there sectors, stocks to look for value that could be an attractive long term target.

>> it's summer we'll probably have some lighter volumes by the end of the day. what we're looking at is what are those longer term trends once get through the bottoming process. i don't think we're at the bottom we have been thinking that occurs later this summer we just went through the conference season. we met with a will the of tech management teams in the last few weeks. the things they are most troubled with is continue d supply chain concern the inconsistency of getting those components we're seeing that in inflation here with the energy cost continue to rise.

now is the time to tighten, evaluate what you're doing and preserve cash. good plans sheets should survive here i do have hope longer term but we have to get through this short term volatility which is going to be with us probably for another quarter. >> chris, don't you get into this dangerous cycle if you see public companies as well start cutting back on spending in different areas especially at a price tech doesn't that lead to a quicker slowdown that's what you're recommending. >> no, i do think that is appropriate for companies to be cutting back on things that are just nice to have. if they are essential, that's fine

you're not getting -- >> how do you figure what's nice to have? >> you probably turn off after your turn off the lights it's that essential. things like the sales force. those are things that are essential to companies you're accountsing and reporting. things like that with regards to advertising, we're seeing weakness there. we think those are areas that could probably continue to drip lower. we're looking at high multiples where we're getting a repricing of some of these high multiples for some of the stock that haven't come down yet. we do see a lot of value in tech you look at the semicap equipment space and if there ever was a time to put the defense act in place, it would be to get them as many components as they can to start

making the equipment that makes the semiconductor. there's a huge log jam on that side that they can't get the equipment to alleviate the semiconductor manufacturing problems we still like those areas. we like software because we think those are the things you turn off last but right now they are getting repriced and we think there's going to be great opportunity probably later this summer as we see the market begin to bottom at this point. >> that's pretty interesting where does it leave you op cyber security if we're going to start lattering out areas of corporate budgets that are easily expendable, there's been some work on, say for instance, why cyber hasn't done well some argue because it hasn't been that many high profile examples of cyber attacks. do you wonder why that the etfs have not done a tad better >> cyber security is also probably up with of the last things you turn off. it would be like leaving your house for six months with the

front door unlocked. you yjust wouldn't do that. there's a lot of private companies out there that you see at these kmpss so there's a lot of different initiatives in those areas. you really had palo alto, check point. as public companies they more struggled. >> chris, your thoughts on some recent relatively ipos i'm looking at names like kpr similar sera it's a company that does technology around shipping and logistics. thinking about smaller tech stocks but also potential to

grow at what point do you start to evaluate those through the lens of value >> ocbviously the capital marke s have been pretty much closed for the bulk of this year. we have been successful in finding broken ipos over the years. that is where you want to sift through if you can get a company at a lower value than some of the venture rounds before going public and do your diligence to see that those fundamentals are in place those are pretty good opportunities. you also see distributions for end of life some of the funds. that adviser the create buying opportunities as well with significant liquidity.

those are great places for people to be doing their due diligence now and be prepared for when this bottoms out. >> great to have your insight. thanks for being with us today the u.s. is facing rising inflation at home. geo political risk aoabrd. could big tech be the next pain point. our nec guest thinks so. that's next. don't go anywhere.

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welcome back to tech check let's get a quick check on the major indices. the dow is down about 760 points or so. the s&p testing session lows kind of bumping up against 3900. slightly above that now. down the nasdaq doing worse of all. down nearly 3.5% that's about 400 points. fin tech not spared in this either >> fin tech among the hardest hit. the group had a pretty good year an it's getting slammed today. robinhood is an out performer. it's down double digits for the

week it's been down more than 6% this morning. check out shares of the crypto related stocks coin base seeing the deepest losses of the group this morning. that comes as bitcoin dips below $30,000 this morning still very much correlated with high growth tech not decoupling micro strategy as well that's another crypto proxy trading lower in sympathy with bitcoin. then bitcoin mining stocks you have riot, marathon digital. they have been relative out performers this morning in the crypto pacspace. finally, the credit card and payment networks not spared this morning although inflation and recession risks could hit the companies in the consumer spending and health of the research estimates that every 1% of incremental inflation would drive a .5% increase in net revenue for those companies and about a .65% jump in the eps review

carl, back to you. sdpr >> quite a time op your beat downgrading to neutral just four weeks after upgrading the buy. the firm is now uncertain how many more room there is to run shares down 1% back in two. machin elity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity.

. big sea of red today

tech being hit particularly hard with the nasdaq losing 3.5% on the heels of that hot cpi. some are blamie ing geo politic risks. china catches up to the u.s. in a lot of areas of tech chinese tech well out performing domestic the pressures facing the u.s. with peter coy who called the recent tech underperformance more than just an inflation effect. a geopolitical risk. peter, good to have you. thanks for the time today. >> thank you >> disturbing piece you write about basically the u.s. losing share in almost every category of technology. >> yes, one of the few that is still strong for the united states is information technology, information services, and that's one of seven categories that's considered high-tech, in a new study by this hamilton center for industrial strategy, part of the information technology and innovation foundation. and they find that while info tech is doing well, if you look

at the other six combined, u.s. is steadily losing global market share in those going back 15 years. >> anyone who has visited china over the last 20, 30 years, sort of has this notion, i think, that they've borrowed a lot of their progress from us, some of their stuff is derivative, some of it is outright copy but your larger point is i guess in some ways they are achieving a type of velocity in automotive and evs, and that that opens us up to some sort of economic aggression down the road >> well, that's the fear in a perfect world, where all that mattered was making a living, and everybody is at peace, it wouldn't matter so much if the u.s. made computer chips or potato chips, if we made movies about fighter jets or we make the actual fighter jets but when there is the threat of economic or physical regression, you want to sort of

control key technologies, and the u.s. is at some risk of losing control of some of the key technologies that will be important in a world of potential conflict with super power rivals >> peter, when you pull back the covers on this, advanced process technology semiconductors, still an area where the u.s. has a lead, and also software platforms, you know, networks, consumer networks, and even enterprise, social, sorry, software platforms and cloud platforms generally heavily, but particularly on semiconductors, the chips act still hasn't been fully implemented, and funded, based on all of this how important do folks like the hamilton center, do the people who you're speaking to, how important do you think that is >> they're hugely in favor of the chips act. but they would argue that we need to go beyond that, and making sure that we're, the u.s. is strong in other sectors,

motor vehicle, for example, opto-electronics, biotech, all kinds of biology, chemical sectors, a lot of these so-called dual use, a term i'm sure you are very familiar with, where it can be used for civilian purposes, but also for military purposes. and you don't want to not have a strong industrial base in those technologies >> peter, look at what china has done or allowed to be done to its national tech champion, i mean you look at adidi all but left for dead because of regulation from beijing and alibaba, and huawei, inflicted by the pain there, by the u.s. in terms of the export bans but there is an idea that we don't know beijing's intentions and they're willing to sort of smack down any sector. is that something we're underestimating, that in the

long run, and also in terms of tech comes shall nationalize them, that's a risk that may never fulfill our potential. >> i would have a bright line distinction between the huawei situation and the alibaba situation, some of the technologies like huawei are hugely important to china and they regard the u.s. attempts to rein in huawei as a big big negative for the relationship. they seem to care less about some of the consumer facing technologies such as amazon and ten cent and so on and that may be a mistake, but the chinese are very much approaching this from a perspective of what's good for national security and national advancement >> so all of this, how do you think it colors the more recent efforts of us to try to put together some trade consortium in the south pacific and in asia-pacific, and to what degree do we engage with china, or

disengage over time? >> right, so i think that by the effort that is not so much centered on trade, as it is on sort of almost like close to a more security relationship, it does strike me that that's missing an opportunity, i think there is more opportunity to engage in trade, with asian nations, going back to something more like an updated trans-pacific partnership, but the biden administration is focused on the, again, the security side of things, and you know, there is a down side to this attempt to insource, near shore everything again, which is you could end up sheltering some insufficient domestic companies and raise costs. >> that is the danger, and of course, there's that acronym again, tpp, years after it was on the tips of our tongues all

the time peter, a great piece, definitely worth checking out, everybody, peter, thanks so much. and the nasdaq at the moment, you guessed it, docu-sign we will break down the bigger picture from the results after the break and the nasdaq dn er.5 ay with us a comp te e wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪

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welcome back before we go, let's check back on with docusign, shares down 24% after the earnings fell short of analyst expectations. that said, ceo dan springer isn't worried, he says, about the stock move or the macro head winds facing tech so much. take a listen. >> we believe that yes, the interest rates are going up, it is going to be a challenge for businesses like ours, where we have a lot of financial services, real estate people, there will be fewer mortgages and there will be fewer demand for docusign in that space, but the con tent macroeconomic, beyond that, in terms of inflation, in terms of potential recession, we don't think that is as big of a challenge for docusign as we're facing coming out of the pandemic where we have that giant demand and now adjusting to that for an equilibrium. we expect it to be faster, it should have been faster and

that's where the execution comes into play. >> not saying he is not worried at all, just relative. shares nearly 80% off the 52-week high it was hit roughly a year ago. >> guys, 3900, very important level. of course, fed next week, so rest over the weekend. at this point, 5% declines over two days worst two days for the s&p in a couple of years. let's get to "the half." thank you very much. welcome to the half time report. i'm scott wapner, peak inflation frustration, the cpi blaring red hot. is the bear bounce now dead? are the may lows back in focus we discuss and debate all of that with the investment committee this hour. joining me josh brown, peter, with me here on set, jim le leventhal and take you to the wall and show you what is going on, worst back-to-back days in two years for the s&p, the dow is down 750 right now. the two-year at 3. the 10-year at