and retailers who have almond milk and whether they are pacing it -- pass it on to you, maybe. >> all right. maybe i will have to switch to almond milk to bring down the price. thank you so much. that will do it for us and we start right now. welcome to tech check. today stocks are rebounding as investors have the jobs number and we have gains the five straight days and expectations for rates this hour and in a closer look specifically on this week. and why

-- >> one point just around and

some of the stocks that matter the most the marketplace and -- and it's a good sign and maybe in the future these things can hold up and they are trading above this and their 50 day average price so keep an eye on those as well and as for microsoft and amazon and -- they are higher today and now trading above their respective 50 day average prices although not as much as apple and -- and those are trying to make a move about some technical levels and after the stocks -- over the course of the last few months and we looked at all of the index numbers that is hit there -- or worse since the beginning

of june. these are among those tech related ones that of come up the best -- and each of those is higher and up anywhere from 14% to 30% so as we talk about this idea of interest rates going higher -- we do see some pick up despite the fact that interest rates are higher. >> i am glad you mentioned that because our next guest see some big opportunities. and joining us brooke daines. thank you for the time today. >> thank you for having me on.

>> we think there are a few that will do well over the next year. so you think it picked up nicely for the next well and there is a new management team focused on getting out of the commodity parts of its business and moving into higher value and higher gross margin pieces

of the business and a market is not reflecting that yet so we really like that. >> you mentioned kla as well so does that mean if we get more headlines about trimming this that -- and? >> we do think the outlook is positive and the risk on the outlook for -- spending has to do with this relative to the wider subset of the market. it will continue to spend robustly we think off the next cycle but then specifically it has this great opportunity to take share and you see that in their designs going forward and the second thing is they announced a week ago during analyst day that they would buy back about 15% of their outstanding showing really good confidence in the outstanding fundamental so another name we like across her portfolios. >> how comfortable with you are the demand environment and as we head deeper into the second half how that may affect particularly enterprise software given that some of the

consumer concerns and the overall business spending concerns may trickle through? >> one of the areas we think will be relatively resilient is enterprise software spending and specifically and some of the names that are helping companies engage in digital transformation or with cyber security and we think that numbers are appropriate and we think there is an upside and most importantly we probably look at -- specific things driving either estimates higher or margins higher across the board. so we do think this is a window where active management and we are taking the individual names will matter massively but we do have some names that we would like right now. >> give us some of those names when you look at enterprise software spending and are companies going to the big players like microsoft that are using this time to capture more

of that spend or some of the best of the breed looking at cost controlling measures? >> i have observed that as you move through harder economic times there is consolidation that happens from a vendor perspective. so if you have a larger installed base of product where upside selling to that base we think you will do better as you move through this transition so we really like microsoft and we also like sales force and it has to do with that and there is a high degree of confidence that they will execute against that and we like both of those. we also like some names and cyber security and then another one we feel good about. >> speaking of all of that, i wonder as we dip into earnings season beginning next week and work her way through guidance, is the overwhelming dynamic on the backend has been margin

compression or the bundling or what you think will be the overriding theme? >> i think the thing to watch for is with earnings the fx impacts will matter across the board and i think the market is beginning to reflect some of that and the bigger issue is how companies got to the back half of this year and how investors interpret that for 23 in the outlook and i think the economy is likely to be slows that's why you want to differentiate and find the names you think can drive growth higher than the market but with the valuation compression we have seen there is incredible opportunity for some of these companies that are growing fast but have great support. some of these names that are growing in the 20% range but have free cash flows that are accelerating is creating great opportunities. >> it will be interesting. viewers may be ready to take a shot but look forward to your guidance.

thank you so much and have a good weekend. new developments in the elon musk twitter saga. the post reporting that it is in serious jeopardy, deal the by the company. the camp claiming the twitters are not viable and it has been a few months since he tweeted that the deal was on hold but he does have a signed legal agreement to buy the company and not contingent on anything and it's trying to bring down the price for the pay and shares have fallen almost 20% since he announced his plans to buy the company in the market of course has fallen apart quite a bit since then so not just twitter but investigators are not comfortable if this deal gets done and $54.20 a share was supposed to be the price originally and it is about $37.24 right now and with all of that, we are in sun

valley where he is supposed to speak tomorrow and is like a bad joke like when the dog chases the car and what happens when he catches it. >> reporter: well he is here and he arrived last night and he snuck past the cameras and we did not get any videos of him but we saw others with twitter and they didn't want to talk on camera but the big question is what is their conversation going to be with elon musk with the question about whether he is trying to maybe negotiate a lower price which of course the twitter board doesn't want to let him do and they want to hold onto that $54.20 price tag and make him by the company even though the stock has dramatically declined. >> i am sure the board would like and pay that price the first offered but what choice do they have? this threatens to drag on and on through the courts.

but does the board at some point reconsider and go back and negotiate a new deal but the most valuable part of the company of twitter is actually the prospect of elon musk buying it. >> reporter: yes and no. it has been interesting talking to the executives here and a number of people are bullish on the opportunity that it is such a unique innovator and maybe what it means to reach a broader audience but remember there is this october deadline for the deal and there is a $1 billion breakup fee that he agreed not to do so and agreeing to those terms, he is exposing himself to a massive lawsuit and if the board wants to hold him to it, that is the deal they made and he would have to have a pretty good excuse in order to agree or get the $1 billion fee.

so that is why they are reiterating that statement a few months ago and they made a deal and they will stick with it and i think that is what the company says this is exactly what they see about being transparent both with the press and also with elon musk about that. so it will be interesting to see what happens and in the meantime it has to be a real cloud over the opportunity to keep innovating and twitter is trying to go forward and we did report that it made up about 30% of their recruiting staff and you won't do as much hiring and it doesn't make sense to have quite as many people working. >> i have to hand it to the board on twitter throughout this whole thing because they have played the poker hand masterfully and he is like $54.20 a share, final offer and they are like, okay and he

said, well, actually, i would like to pay less and they said no that the $54.20 a share sounds great and he says give it to me and they give it to him and they say okay but i still think there is a bot problem and he is being completely ridiculous. >> i think there is a question of how big the problem is because twitter the company says it is less than 5% and must says more like 20% but i think that is what they are sorting out. >> he is one of the biggest accounts and if anybody knows there is spam on twitter, it is him and suddenly he just discovered this after promising $54.20 in the market is down. >> a number of people here have noted that delaware courts could be really hard on elon musk and really enforce this deal and that is what it comes

down to, if he indeed is trying to either get out of the deal or pay a lower price, him trying to figure out just how harsh the courts would be on him considering how unilaterally he agreed to those terms. >> great to get that color from the colorful character of elon musk. coming up, a big week for new stacks and we have that ahead. don't go away. ♪♪

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stocks are up big for these as life comes up for some of the momentum in the market but game stop is erasing some of those games and the company firing it's cfo reportedly pushing him out for being too hands-off and remember this is who they hired from amazon a year ago as part of that turnaround plants and now we are turning around the turnaround and also laying off employees across several other departments saying they are cutting costs after getting

more than 600 corporate hires over the last year and a half and i will quote you. it is ridiculous. >> you can say that over and over i guess but turning now many of those getting squeezed although some of them are up as this morning's jobs number has a lot of those expecting more rate hikes and one name in the space that is getting hurt and how much is that, 20% and announcing plans to deliver worse than expected q2 results after already cutting estimates in may and joining us the former executive chairman and current chairman of the economic advisory council and great to have you. so i have trouble conceptualizing even what it is at this point because there are things that gets to be talked about in a lot happening in

this space and what you think is the most important technology offering right now that is technology changing finance? >> is the future of finance and the digitization of that component to the financial system both infrastructure and front-end applications that touch the consumer. but the lines between what traditional banking is and what this is has absolutely blurred and now that the core money movement has become more digital than it ever was 10 years ago and we think about mobile payments and they happen every day and every second and they are an ordinary part of your day-to-day transaction and so the blurring of what finances and what it is really makes it hard to define that separate from the core banking. >> but the reality is setting

in and we are looking at one of them right now and we look at robin hood over the past year and it is the future but how far out is the future, and what stage will it move in and as we look at today's jobs report, that continues to run strong and expectations that interest rates are going higher how does that impact the space and the value of it? >> there is an interesting difference in the market but i would point out and there is a bifurcation between infrastructure and front end features and backend infrastructure stocks over the last year have really performed much better than those of the high flyers of the front end of the tech markets i'm talking about companies like networks acquiring core money movement and software and they fared much better than the more product led companies. so the market is distinguishing between networks and scale and those of some of the single product type companies which have really fallen 70% 90%

since last november when we really started to see the tip of the changes in inflation numbers. >> do you think if we are working our way into a difficult macro world for the next few years that the legacy financials interest in advancing and investing his temper at all because they have so much on their plate already? >> i don't think so. if anything, i think what they have done for the financial system, because if you step back, financial systems are one of the biggest industries in the united states but unfortunately most of the market cap of public finance stocks are over 50 years old so you have a lot of instruction that needs to be replaced and what they have done in the last 10 to 15 years is illustrate how you can take technology and apply it to that in add features and one example is

real-time payment and upfront credit analyst the types of things that have innovated and made mobility and speed and the core components which did not exist so you are a legally -- legacy financial services company, now is the great time to look at what is been built over the past 10 years and find value and look at potential opportunities where these companies have built incredible products that have really changed the way finance has touched consumers and businesses in their homes and business. >> good morning. and it is great to see you. i want to believe the system is getting more efficient and better but i wonder if there is a hard lesson of the last few months with the decentralized finance and they promised a better and more efficient way of doing things but it does turn out they can be the same or worse and to take something

like by now and pay later and so much excitement but people are still ending up in debt so i wonder these new systems, will they be asked to cure or is the promised still in the distance for a lot of them? >> i think a lot of these features have really changed the way consumers interact with finance. i think buy now pay later is another example and another tender type and another way to pay and give flexibility to consumers. you have cash and apple play and you have credit and now you have buy now pay later and it adds options that consumers can touch. >> we want to ask you about crypto which has been through quite a time over the last several months but not so much about the coin prices but the ecosystem itself and how much scrutiny does the ecosystem

need and even stable coins and the collapse of which has set off some of the issues we have seen over the past several months? how concerned are you about that? >> i think you have seen algorithmic coins collapse and the question i have on that is what are they tied to and that is the first point in the second point is where is the regulation that manages it and the industry has been crying for regulation to create clarity around the jurisdiction that regulates them and a whole bunch of rules that help manage the stability of the system and they have been screaming for that to the regulators and it will provide consumer stability and trust in the system that is missing and i think the crisis you see is a perfect example of

that because there is no regulated system that helps manage both the onboarding of money into that system as well as the disposition and liquidation of some of these companies when they are facing these in the last month like you have seen. so you see this and hopefully in the not too distant future you will see more regulatory guidance provided by multiple jurisdictions. >> many people are hoping for that and thank you. >> is it a risk to financial markets? we have some comments about that andon m d'tiss the world's largest stable coin talking risk and regulation and balance sheet in just a moment. stay with us. ♪♪ go to investor.gov today to learn about compound interest and other valuable investment information. before you invest, investor.gov. if you have this...

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the u.s. economy added 372,000 jobs last month more than economists had been anticipating and it remains of 6.6% and he appeared earlier saying the report showed the economy felt strong but he said it is starting to cool down enough to put the brakes on inflation. >> we are starting the engine the right direction but there is more to do and a lot more we will have to see if we are going to get the inflation numbers closer to the target we have as our goal. >> again they postponed a special shareholders meeting to vote on the merger and it's now scheduled for week from today and in the meantime they continue to talk with frontier and jetblue. and shares of levi strife are higher today and better and expected profiting sales for the quarter helped by strong

demand for the denim as well as higher prices and it raised its quarterly dividends by 20%. back to you. rate hikes from the fed following this morning's jobs numbers sent tech lower but with that said it is showing some strong gains and hope for some searching for bottom. we are joined with the breakdown of what kind of week it has been. >> let's hit those names first and talk about how they are performing. you have also that uppity percent and amazon up about 4% with apple at 5% and netflix 2% and by the way those are performing better than they have since late in june and then we have a meta-up more than 5% and on pace for april. and the selloff continues to the spring and people are looking at these names hitting their bottom but the rest of the market is bottomed as well so the question is are we there but we are getting so many

mixed signals for all of these names and analysts cutting price targets and by the way some negative headlines for a lot of these names and eu passing the digital market back in digital service pack both of which will impact profits from companies like meta-and alphabet an amazon and those are expected to go into effect next spring and it will hurt the app stores from google and apple and meanwhile some optimism about smart phone and pc demand after we had those earnings early this week and morgan stanley analysts are optimistic about china noting all apple stores in the country are open after those lockdowns and the openings will benefit names like dell and hps china comes out of the restrictions and meanwhile the i.t. spending is strong protect companies even if we see weakening demand with the consumer it may still be strong in the enterprise. i will send it back to you. >> we will see and we will see what the guidance looks like in the next cycle particularly and

thank you. on wall street this morning deutsche bank calling it the best software with the value creation and sustainable returns and on the other side of the argument is piper sandler cutting estimates saying the spending will hit all tied to do inflation but 95% of analysts say most cells that all across wall street and that in a way in and of itself is concerning and we are still early in the summer but so many strategists have said it will be choppy. >> it is been a while since we talked about this some we rarely talk about it when it comes to microsoft anyway but they got up this idea we talked to him yesterday and i know that we have been pulling on this thread of bundling and

what happens when some of the smaller players have to cut costs and microsoft can come in and get the market but i wonder if that becomes an issue more in the weeks and months ahead as maybe you see some of these struggle. >> there is that and of course the ongoing question about m&a and what happens and are some of these regulatory probes especially in the uk just this week is at the beginning of something bigger and where would they turn if they had a dead-end? >> it is so interesting in that the legal risk doesn't seem to have hit big attack as much and as much as we talk about it and it is almost a nonissue in the things i can think of that will be affected the most is zoom not being able to do that and how different with that story be if they have been able to pick up that company? that was a close call with huge consequences. >> huge consequences that are really coming to light now.

and it could've transported itself with this unified platform making the shift but here we are. and we will get a check on bitcoin headed for its best week sincecternd oob a don't miss the crypto ecosystem and we will have the company behind the biggest coin in the world up next and bitcoin near 20 2k. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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some strong words on crypto coming from the fed vice chair this morning. we have more on that. truck they said the recent turmoil shows the need for strong regulation and shows how some of those are promoted and they behave like conventional speculative assets and it turns out it is susceptible to the same risks all-too-familiar to traditional finance. and he didn't -- setting risks that are common with new financial products like runs and fire cells and deleveraging and contagion along with fraud and evasion. and the main concern is protecting retail investors along with guarding against spillovers of this into the regulated financial system and singled out stabled points. so far she said she hadn't seen the turmoil in the market but into the broader financial system but said they were

watching all of that very carefully and her remarks differ from those from the governor who suggested yesterday that it took care of itself rewarding those companies and products transparent and punishing those with poor collateral and opaque financials. >> as you heard from lawmakers and consumers are worried about the state of the $160 billion system following the collapse of terror earlier this spring and they have been able to hang on despite hedge fund shorts and questions around the reserve holdings and joining us now is the chief technology officer and it is good to have you back in the last time we spoke is nearly a year ago which was a ride arranging live stream that get attention but there has been no shortage of skeptics and today you remain solvent and you met redemptions and you are reducing commercial paper holdings and what exactly tethers your token to the west

dollar? >> our token was the first coin so it is the company behind this market and the biggest stable coin but also biggest stable coin by volume so while we are -- well we have reviews this in the past week we still lead by far in terms of the volume and the leverage from 60 billion to --. >> that was not my question. what tethers your token to the west dollar? >> sorry. you know, italian. basically the most important things its reserves. so in terms of that we have a

strong portfolio of reserves including u.s. treasury bills as you mentioned and we have reduced widely spoken commercial papers from around 30 billion around the time we spoke to april and the end of june and will be around 3.4 billion by the end of july. so the most important thing when doing this and you want to be tethered to the underlying currency is having instruments in your portfolio that tracks the underlying currency in the right type of research as we have seen and we do have treasuries and we were able to feel around this in a week and

around 20 billion in a month. >> thank you for that clarification because i think what you explained is not literally pegged to the dollar but it suggests it's peg dear portfolio and assets and that is worth determined by what the market believes which isn't always stable and is and always a dollar and it went up earlier this year. so that may not be obvious but thank you. let's move on to the reserves that you said you are reducing the amount of commercial paper and you ultimately want to get back to zero and have you ever used commercial paper holdings as collateral? >> no. >> no. you have never used treasuries as collateral? >> not that i know of? >> and you have an outside management firm that manages treasury bills and commercial paper? >> and you repeat that? >> does an outside firm manager holdings of reserves of

commercial paper et cetera? >> no. we have a really good team internally and we have experience in managing these types of portfolios as we have demonstrated multiple times and -- >> so it is all internal and to be clear they don't use leverage, correct? >> correct. >> last year when we spoke you and stuart said you guys would be expecting an audit within months and it's now been almost a year and have you engaged in auditor? >> yes. so we are looking to other potential detours while we compete or keep going through the auditing process. so we have been asked many times why we are not getting

audited and we have been engaging with a few of them and the thing is we are turning to this because they're kind of afraid and waiting to see what regulations will -- >> who was afraid of that? the big four? >> yes. >> have you engage with them? >> we have had discussions with them before, yes. >> they told you they were prepared to audit tether because of the crypto market? >> in general, they were kind of afraid of that, yes. >> okay. can you name one of the big 12 auditors and it's not a term i have heard of but can you name the auditor that you've engaged with? >> i will not because when we started working with the

company we have journalists and everybody calling them to get information so we will go through the audit and we believe we have everything in place to complete a successful audit and then it will be public. >> am not really sure i understand the reasoning why you would name the auditor but what is the timeline now and expectation when you will receive that audit? >> so we are still moving as fast as we can so i can't give you an exact time. >> is it months or years? >> i don't know. it is something we are working on and taking care of is a top priority and i understand that the industry wants that and

they are struggling as well from what i understand and maybe you have deeper information on that side but it is something that we do really care about. >> okay. the last question is this rning tether disclosed more details on the liquidation of the celsius loan and how much did you liquidate and when did that begin? >> i don't recall the process, the time and date but the market -- >> roughly? >> within the last week. so it was going down i believe and maybe things in the moment when the market moved downward and was all about that in the matter of a few days. so the process was quite smooth and in fact the liquidation of the portfolio assets namely bitcoin was done within a few hours and it resulted in that.

so i think it speaks highly of that. >> how much was that? how much did you liquidate? >> was around $900 million and i would need to check the exact number. >> thank you. we hope to talk to you again soon and we look forward to that audit. >> thank you. have a good day. still to come, we will find out as we still hold onto a five day streak with it dipping below 25. to freeze your pain and your doubt. heat makes it last. so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers. [whistling] when you have technology that's easier to control...

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we have been busy in sun valley with the liberty media buffet sitting down with her at the sun valley conference this morning. a lot more in addition to that interview. >> that is right. the ceo of liberty media, the three largest assets of formula one, braids, and the chairman of sirius xm and has a broad view into the economy. he tells us that he sees no signs of a lack of consumer demand but expects a slow down. he says it is still unclear whether we will see a full blown recession.

on the heels of the media mergers over the last several years, i asked him when he expects another round of deals. >> private equity is loaded with a lot of money and they are out there ready to move but usually it takes a while for sellers or potential sellers to recognize the new environment of potential buyers who are much more quick to say things are down but i think it will take a while to work through. on the corporate side there are factors where the regulatory environment is more difficult clearly. that surround tech and media. the administration probably is more of a break on the m&a activity and i think it will be a while before you see some explosion of m&a. >> reporter: massive growth is formula one closing the three year deal for up to $90 million a year with espn. last year formula one was the most watched year on record with viewership up to 4%. it is up 54%.

>> so many factors. netflix, but opening up social media and having more races in the united states. we have miami in the spring and announced las vegas next fall and the string of austin. we have a great racing on the track and the fact that the ecosystem is healthier, the business is really hitting on all cylinders. >> reporter: we also heard a lot about the demand for my sports from nfl commissioner roger goodell and michael rubino. find more from all of my interviews in sun valley on cnbc.com. >> i wonder what you found more interesting, roger goodell open- mindedness toward streaming or the comments more about the ad market right now. >> reporter: i think there is a mix of views on what is going

on with the economy. on one hand we have technology continuing to unlock all these opportunities such as streaming opportunity for roger goodell and nfl. as the nfl looks to expand more globally, you have the likes of apple, even amazon and youtube, also potential bidders for some of those rights that are truly global players. on the other hand they see cautiousness around the ad market. when it comes to advertising, live sports in particular, the thing that is most resilient. there's so much demand for audiences that have to watch it in real time. >> thanks and great stuff from out there. quick programming note as we head into the break, don't miss the cnbc evolve global summit where we talk about the future of work, tech and more with ceos across the country. you can register for the event right now at cnbc.com/evolve.

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one more thing before we go. snap taking the interest on secrecy to a new level with

james murray the new security officer. he served 27 years with the last three in the top job reporting to evan spiegel. snap shares down 70% year to date. you would expect someone with the stature of murray to go to google or apple but then i remembered that snap was based in santa monica so why come to the bay area when you can go to santa monica. >> there is plenty of upside on so many stocks these days. i don't know. it's good to see, i guess, folks that have served a long time in government in some pretty challenging roles having a place to land. >> putting this into some perspective, we came out of the long holiday weekend wringing our hands and mike ryan will blended the wic gators on the nasdaq along with tesla, moderna.

we are working our way into next week where it will be about inflation. we will get cpi of course on wednesday with retail sales on friday and then a week from yesterday earnings will truly begin with jp morgan, citigroup, wales, pnc and the rest. get rest of the weekend with a lot to be done in the days ahead. welcome to the halftime report, i am scott wapner. joining me today, kevin o'leary and jim lebenthal as we check the market as we always do. the helmet good for 68 in a quarter, 31, 453. the 10 year note yielding 309 as we watch that closely today obviously with the jobs report. this shows no