from you dirk van de put, thank you >> thank you later today on closing bell, fed claire jay powell and former national economic council director gary cohn joins us. that does it for us on squ"squa on the street" i'll send it to "techcheck" which starts now >> i'm carl quintanilla with jon fortt and deirdre bosa today the fed tries to stop a three-day losing streak. microsoft and alphabet the key gainers here a look at those numbers and whether they're really something to celebrate also, speaking of low expectations, meta facing down its first revenue decline ever and then more on tech's biggest moves today outside the mega caps, spotify, subscription games, shopify's weak outlook. that's all coming up

today's results from alphabet and microsoft both stocks trading higher investors pointing to strength in their core franchises and the low expectations going into the quarter. look how much they're trading higher more than 4% each, 4% from microsoft, more than 5% from alphabet nothing like the disappointments like snap last week. pretty strong forecast from microsoft. looking ahead, an upbeat tone on both calls despite calling out the macro uncertainty and currency headwinds that said, how good were these quarters really? both companies missed estimates. these are high-growth stocks with slowing growth. microsoft talked about weakness in gaming. alphabet saw weaknesses in youtube particularly both missed estimates within their cloud businesses dee, currency has got something to do with this on both counts when it comes to microsoft, the core cloud business did grow,

meeting expectations what's weird about this to me is not that the stocks are higher it's how much the stocks are higher given that usually in a quarter like this when companies sort of meet expectations, the stocks go down we have to explain what actually beneath the surface in these numbers this quarter is better than it looks. here it's almost like you're tempted to do the opposite. >> they're less bad than maybe expected. >> bad, but 4%, 5% up good. >> 4, 5%, they look like good numbers and big numbers given these two companies missed estimates. however, they're still down 20%, both of them, on the year. in that context, this isn't really much of a celebration jon, you pointed to the fundamentals i want to pull up this chart on alphabet revenue growth, this is a key here the market is kind of relieved it wasn't as bad as expected

if you take a look at this chart, we'll pull it up in a moment, you can see this big pandemic bump and coming back down that's essentially what's going on here. the future, carl, how much lower does it have to go there it is. >> indeed. bernstein put it best. they said plenty to mid pick about alphabet search keeps google drama-free for now. search will have to do more in the second half to offset worsening effects, the reopening, supply chain, recessionary fears, add targeting headwinds and a weakening consumer we're already going to start talking about the negligent spread >> here is my big question about search we had this retail scare last week -- was it earlier this week oh, my goodness. the days are blending together walmart, target, i don't know. part of what they're doing is liquidating inventory, trying to make room for other stuff.

you would need digital ads, search ads to do that. but then once that's passed through, do you need to boy as much throughout the second half of the year to continue to operate? maybe you don't. in a way, i'm not sure that search's current performance is indicative of what we should expect. >> that's a great point. it raises the question of how sustainable is it, and back to the chart, how much of a leg lower is there you also mentioned the dollar. i want to hit on that briefly. i spoke to the cfo of alphabet last night she said the strong dollar was a headwind in this quarter she expects it to be much greater, much greater, those are her words in the current quarter. that's going to weigh as well, though not necessarily the fundamentals we'll take a closer look with james lee who retains his $150 price target despite the misses. james, you heard about what we've been talking about how do you judge this quarter separate of this pop that that

we're seeing sft justified, is it enough, is it too much in the stock right now? >> thanks for having me. certainly from my own perspective, google -- is a lot more resilient than the peers. consumer mixing -- shipping is shifting very quickly off-line to travel and google is able to benefit from that specifically at the same time we saw cloud business remain pretty healthy, but keep in mind there is a lot of macro uncertainty, especially into fy23. >> i'm sorry to interrupt you. expand on the cloud business i did feel there was a big difference between what microsoft said about the cloud versus google. the management team was pressed by analysts on the call to kind of at least just talk about what they're seeing in terms of demand they really refused to, versus that 40% plus outlook from

microsoft. how confident can we be about the trajectory of google cloud >> they haven't seen a slowdown, but we have done independent checks we did a survey with 250 cios. they indicated they are anticipating a recessionary scenario, a shallow recessionary scenario, and they are planning to cut their cloud spending growth about ten points. at the same time, sales cycles are extended at the same time, vendors on the cloud side are evaluating price concessions. the reason probably we're not seeing any slowdown in cloud spending right now, because the lead time for implementation for cloud projects typically take about six to nine months if cio decides to take any action, it's going to be fy23 as opposed to fy22. >> james, how much of what we're seeing out of alphabet today is

not a reaction to the earnings themselves, but a reaction to the fact that we didn't get a replay of what happened with snap were some people afraid of what google might say in terms of a slowdown and that's what we didn't get >> that's a fair point, jon. what happened with snap, we think it's more company-specific obviously, social media advertising has been more impacted due to macro. at the same time we see quite a bit of competition on tiktok we recently did checks on tiktok, specifically despite the weak macro, jon, they're still targeting to double the u.s. revenue, about $2.5 billion to $5 gill eun. obviously they're gaining market share at the expense of the players and social media space. >> what does this mean, especially given that we had strength in travel and retail from google in particular in this current quarter

what do you think that means heading into q4? i wonder what's happening with retail inventory, given retail is telling us -- two days ago walmart saying they're marking things down, trying to clear things out target having said that a couple weeks ago as well. maybe that exactly doesn't continue into q4 i'm not sure how great an insight these companies always have into exactly the reason why these categories are good. >> good point, jon we think the makeshift to maybe essential products into grocery, into travel, they'll continue into q4. we're not very concerned about surge, but this year specifically maybe a little weakness on the margin what we're concerned, consumers continuing to be strapped into 2023, they need to continue to make choices, especially on

travel, especially on services industry, entertainment in general. that's why in terms of advertising revenue for alphabet, consensus on fy23, the street looking for 14%, currently 9% at this point. >> james, last question for you. are markets paying attention to ruth's comments on the strong dollar she says it's going to be a much larger headwind in the current quarter? >> i think investors are certainly mindful. i think fx impacts more known in the marketplace. what's known in the marketplace right now is will there be any slowdown in enterprise spending? will there be any slowdown in cloud. they're not seeing it at this time, given the longer lee tlead time in the project. towards fy23 cios are contemplating taking actions on their budgets in cloud

so there's providing price concessions. those are the leading indicators for potential weakness in cloud spending going to fy24. >> james, thanks so much for your insights. we'll talk to you again soon >> great. let's turn to microsoft. rischi, once you take out the currency issues in particular, some china issues as well, seemed like a solid quarter, right? to what do you attribute this 4.5% pop we're seeing this morning? >> thank you so much for having me i would characterize this as very much being a better-than-feared quarter, right? i think the fx stuff was known microsoft updated an intraquarter we can track how things move cloud showed nice resilience azure underlying about four

points which isn't that big of a deal significantly less than what google deceled eight points last night. there were worries, would they be able to maintain the outlook of double-digit revenue and growth in spite of macro concerns they absolutely did that and gave strong azure guidance to boot i think this move up in the stock is absolutely justified. >> what does it say that they're even able to give comfortable giving that kind of guidance it wasn't too long ago that the sources of economic headwinds had companies saying, eh, maybe we don't want a guide at all things have stabilized is that the message? >> i think there's two things that make it different with microsoft. number one is they're going after core mission critical work loads at the enterprise. and they're having on going conversations with customers

about consumption patterns, about pricing and all that stuff. so that gives them a level of comfort to be able to forecast the other is, it's purely a subscription model right now if we think about microsoft and the last real recession, it was a very, very different company subscription companies are significantly more predictable than the old model i think it's a combination of those two that gives cmicrosoft the confidence to act the way it did last night. >> -- overall macro concerns about europe and what might happen regarding lead cycles there? what do we do with mcdermott's comments in the wake of what microsoft said >> i think they need to be taken together, right? microsoft has talked about some longer sales cycles. they talked about some consumes weakness these are all caveats. i think what service now reports tonight, we'll see what they talk about it. in my mind it is still saying the macro picture is maybe slightly deteriorating, but not

nearly as bad as people thought it would be. i think that's kind of the sum of what microsoft said and what bill mcdermott said last night. >> let's talk about where microsoft is going making a big bet on gaming accounts for a small amount of its business, however, trying to close a nearly $70 billion deal for activision blizzard. overall revenue in the quarter declined some 7% year over year. >> in my mind there's a couple of factors with the downward tick you have covid and post covid, supply chain issues in china from the lockdowns, meaning they can't manufacture enough xboxs to meet demand you have the delay of aa game titles gaming longer term is a huge opportunity, especially with xbox game path f. you listen to the commentary on the call, that was one of the big bright spot out of gaming, game pass is marching down that vision towards becoming the, quote, netflix of gaming.

i think once activision closes, and i do expect it to close, i don't expect too much anti-trust pushback, i think the value prop becomes only stronger. i think gaming will continue to be big. >> that long-term thesis is intact is it worth $70 billion for that activision blizzard deal at a time when the macro environment is flowing and so is gaming? >> i think so. i think most of us -- the only reason they were able to is because of some of the cultural issues and leadership issues going on at activision i think despite of the pullback, the price is right that's the big thing that's what makes game paso much more valuable is access and ownership of that ip. >> similar to what we saw with alphabet rms i was impressed by the overall performance of microsoft's portfolio. i suspected that linkedin might

come in under expectations and more personal computing, also, for the reasons we're seeing happening in the pc environment and recruiting and advertising do you expect that to continue do you expect those areas to get worse or to stabilize? >> i expect those areas to degrade more you the impact of china lockdowns still playing out. linkedin in a worsening macro environment will face pressure from ad budgets and recruiting becomes less important i think it's important linkedin is diversified into marketing and sales, but really cloud will be the big growth driver going forward. you look at azure, growing 46%, almost $50 billion in lev reven, those are impressive numbers >> all right, rischi, thank you.

>> thank you. "wall street journal" repo reporting -- lobbying the u.s. government to spread out cloud spending as amazon dominates the space, including a $so billion deal with nsa. amazon spokesperson hit back calling that lobbying effort self-serving and saying public sector customers should be able to choose their vendors without mandates or restrictions carl, there's very little lobbying that's not self-serving >> indeed. that's kind of the definition of lobbying, i guess. spop phi shares rebounding big, down more than 10% for the week it's only wednesday we'll get more on those results after the break. "techcheck" is just getting started.

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original purchase for kathy wood was $254.65. that is one ugly slide in return however, coin is still in the top 15 holdings of arc's flagship fund. arkk and coinbase competing to see who can have a worse 2022 with the fund down more than 50%. coin is down nearly 80 john, kathy woods has stuck with coinbase through so much, you have to wonder if it was the sec scrutiny investigation that was the catalyst to get her to sell some, though it's a slr small amount of her holdings. >> just a small amount, just a small amount she's hanging in there as she does >> she's not buying more that's the key sometimes it's an opportunity to pick up for her. >> indeed. let's get to shopify i'm not the canadian i don't know why i'm doing this, but i will the stock making a comeback despite yesterday's 14% drop

at issue in the play is weakening consumer demand. higher inflation and rising rates are going to, quote, pressure consumers' wallets for purchases of goods second factor, the reset in e-co e-commerce, with growth going back toward prepandemic rates. the company expecting an adjusted operating loss for the second half of 2022 with the third quarter loss expected to increase over q2's they're sticking the that fulfillment strategy they want to build up that pace to be able to serve business customers, to get goods to customers faster -- that's a lot of me that's reminiscent of what amazon invested in in a downturn >> speaking of kathy wood, a name added to shares on the dip.

i guess we can do that, jon, with on the other hand, just have you on twice on the screen. >> you can have four hands, dee. >> that's what we should be doing for your "on the other hand." i don't know how it would look i can't stop looking at this chart that tobias luke posted. here it is he expected that line to go straight up. look at it come back down. he admitted that he was wrong. ouch that is really getting it. >> i don't know if he expected it to go straight up i think maybe he expected it to continue the upward slope from that high point as opposed to come right back down to continue the slump where it left off, carl. >> probably the most important trend line that we talk about across corporate business right now is the normalization of that trend. meantime, will meta be on target this quarter or report its first ever revenue decline

our next guest says the company's rocket ship days may be behind them we'll discuss after the break. don't go away.

welcome back to "techcheck." i'm deirdre bosa with carl quintanilla and jon fortt. the real standout here, up 2 1/3 percent after being helped by the earnings texas instruments shares up nearly 4%. helping the whole tech space. >> coming up, meta expected to report its first ever decline in revenue, taking a hit from the digital add slowdown that sent shares of snap, twitter and

others plummeting. julia boorstin joins us with a look at what to expect tonight is this going to be more of snap or more of alphabet? >> well, that's the question meta shares are up nearly 4% this morning in the wake of google's better alphabets, better-than-expected results those shares are still down nearly 10% for the week ahead of earnings this afternoon. these earnings are expected to be when meta reports its first ever decline in revenue after last quarter its facebook app reported its first ever decline in users this all comes as investors br brace for meta to suffer from tall same issues that hurt other platforms, macroeconomics, challenges regarding apple's operating system and growing competition from tiktok. now, alphabet reported yesterday, and while the overall picture was good, youtube's ad revenue decelerated to 5% growth that is sort of estimates.

while last week both snap and twitter fell short of both top and bottom line expectations for meta, whose stock is down about 50% year-to-date, analysts are expecting a .4% decline in revenue to just under $30 billion while earnings per share are projected to decline 28% but 70% of analysts have a buyer overweight rating on the stock, bank of america saying the ad recession may have already started and they expect a better 2023, projecting the company will have an optimistic outlook on monetizing reels, improving ad targeting and also slowing metaverse spend. there have been recent signs that meta is grappling with growing challenges mark zuckerberg told employees at the end of june this is, quote, one of the worst downturns we've seen in recent history. instagram, we've talked about

the fact that it just rolled out changes to compete more directly with tiktok. see if all of that creates kind of a perfect storm and whether meta's scale helps insulate it from alphabet. >> are analysts saying the stock is more likely to move on revenue or on profit facebook/meta has a bit of a history of sandbagging on the cost expectations, and then when times get tough, spending way less than expected and goosing that bottom line number. >> what's so interesting here, if meta showed declining revenue growth for the first time, that would be just a dramatic shift this is a company that has had such consistent revenue growth i think it would represent a sea change in terms of where meta fits into this ad landscape. but there is something really important right now about the bottom line. investors are looking for meta to cut back on spending, and particularly cut back on spending on some of these

long-term more moon shot bets on things like metaverse. i think this is a situation where we could see both come into play. the most important thing i think is going to be the top line results and this question of how much the overall pie is shrinking, the overall revenue shrinking. if we hear more and more about being fiscally cautious in terms of how they're allocating spending, i think that will reassure investors that's kind of thing that tends to come out on earnings calls. the first move will be on revenue. >> waiting for the call is critical our next guest says the company's rocket ship days have now reached their end. let's talk about that with cnbc contributor alex kanter wits there's a pretty good piece in the times. mike isaac takes a crack at how the metaverse is becoming an existential bet on behalf of the company and zuck

>> with the metaverse, it has to work for facebook. we don't know whether it's going to be a winner or a loser, but the second they started showing user growth declines the second they started to show potential revenue declines or even stagnation, for the company, it became, there's one thing and one thing only that needs to work and that's the metaverse. the problem is, we're looking three, four, five years into the future to see that bet pay off right now we don't know whether it's going to be a broad consumer application like the company is hoping or something more enterprise, which i think is more likely. >> your point then is, until we know if it works, the stock becomes dead money in the interim many how do you think the street processes that gap >> it could be microsoft had this powerhouse windows business, all about the desk top machine we moved into the age of mobil and cloud. it took time for the azure bet

to pay off when it did, the people holding microsoft stock were really happy, but it took ten years i'm not saying it's necessarily going to happen with facebook. facebook is still a player on mobil, still a player when it comes to the advertising business it's not snap. it has reach it is going to take time for the metaverse bet to pay off i don't think right now you can bet on the stock as if it's about to pay off because it's definitely not. >> alex, it takes time it also takes a lot of money in most cases yesterday meta said it was going to raise the prize of its oculus headset. what does that tell us about its ambitions. how it can fund that pivot to the metaverse? >> it tells us that the company, like every other company in the economy right now needs to start making summon any. the market is no longer going to accept runaway losses forever in the hope of some faraway vision is going to come true. that was 2021.

we're in 2022 now. meta needs to show results, and i think this is part of it. >> yeah, but the stakes are too high you look at an alphabet, they're not scaling back investments in the cloud because they see the secular opportunity. making consumers kind of in a very weird indirect way pay for those ambitious efforts i think seems strange to me. >> i think you're hitting directly on the tension. if the company scales back its investments in the metaverse, if it prices those devices too high and ends up shooting itself in the foot and hampering the progress of this situation, then in the long run it's not going to have good results in the short run it's not going to have results. it's in this epic balancing act where it has to find ways to make the street happy, but also has to find ways to keep funding the long-term results it's looking for. if it can't get the balance right, it's in some serious trouble. >> alex, it seems to me that so

far -- it's early days, but facebook's metaverse strategy is like microsoft's mobil strategy was. metaverse isn't about the metaverse. it's about the company having been too paranoid about compe compecome horizonly in the past. they didn't do a phone when maybe they should have done a phone or mainstream tablet to create an ecosystem they had control over now they're suffering because apple and google have too much control over their fate. platforms are built on hit products when it comes to meta, facebook doesn't have a hit product. >> it's key to point out microsoft's play to mobil was hampered by the fact that the company had a strong computing division, windows, that didn't want the mobil revolution to happen at all. it was king of desktop facebook is a surf in the mobil

world. it is be holding to the decisions that apple and google make we're starting to see right now the fact those apple decisions have started to really crush its business, it is not the mobil player we thought it was that's whyi think it needs to go all in on this metaverse idea because it has to own an operating system so it's not subject to the platform risk that it would be otherwise this is the rub right now. does the metaverse thing work? we know most people live close to their friends and family. what is the appeal of hanging out with them in virtual reality when they can spend time with them in their living rooms that's the key question. >> what's weird to me is why would you go all in on something that doesn't have any momentum i mean my kids aren't begging me for virtual reality or augmented reality headsets right now you don't hear apple talking about going all in on the m meta

metaverse. why would you do that? why wouldn't you just incubate a bunch of products and see what's working and then put more wood behind the arrow on the stuff that's work? >> it is extremely weird i think you nailed it right there. it's very, very weird. i would say, if you want to take the meta perspective on this, it understands its business is at significant risk if it stays in the place that it is it faces risk from apple trying to crush its ad business, reaction from tiktok or the next tiktok what are the facebook products weird mix of friends and family, sbrefts that don't mix well. the company needs something new. it might be a desperation play to try to make this metaverse thing happen out of thin air i think you're spot on on that front. i don't think people are begging for vr goggles they're selling okay, but not the revolution the way the iphone was that's going to be an issue for meta. >> to your broad point about

owning something new, helping to create something new, what do you think it does to the company's reputation, well-founded or not, that they basically exist by co-opting pieces of rival's machinery? >> that's always been the problem for meta or when it was once called facebook, that it would go to market it had a good product initially, but it has been successfully copying other company's products throughout the last bunch of years. when you look at stories in particular, that was successful and that wasn't really a reputational issue i think people using these products, the consumers on these products are what matters, have a high tolerance for copying other company's products as long as they do a good job of it. the real risk here is reels is not at the level that tick stok at the moment. i'm optimistic of them prioritizing their reels product and putting it front and center. i think that's a good thing.

the bottom line is, until it's as good as tiktok, it's going to feel weird i think weird is the word of the week right now for meta. it really is >> i think we've said it about ten times in that segment. >> alex, thanks so much. great insight. we'll see what happens after the bell let's get a news update with bertha coombs. >> good morning. here is what's happening at this hour mortgage demand edging lower for the fourth straight week, even as interest rates have fallen from their recent highs. total volume was down 1.8% last week from the previous week. another indication of cooling housing, pending home sales fell 20% in june. germany's lufthansa has canceled more than a thousand flights this week due to labor troubles. this morning the carrier has already shelved 59% of its flights for the day. the giant mega millions lottery jackpot ballooned to

just over $1 billion after no one matched all six numbers last night. jackpot for friday night's drawing will be the third time that the mega millions has gone over a billion dollars of course, deirdre, the cash value is only about $600 million or so. >> after taxi guess. wow, i didn't realize it was that high. i've got to go get my ticket maybe this time i will bertha, thank you. logic tech shares are continuing lower after yesterday's poor results loop capital says it could take until the end of the year for demand to normal lies. the case of another pandemic darling coming back to earth more market action after the break. stay with us

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shutdowns in china, deteriorating pc market in june, reductions in advertising spending still the stock is up almost 5%. when the onion is peeled away, the most important core business, cloud and commercial bookings was relatively rock solid despite the fears. that's the point it's the same with alphabet. the slowest revenue growth in two years. with the exception of apple, the five largest stocks you heard there in the s&p, it's all tech, if you call tesla a tech stock as well as meta and nvidia, all underperforming the s&p 500 this year except apple. the average decline of these top seven names has been 31% this year, 31%. these stocks are collectively -- they're north of 30% of the market cap of the s&p, the s&p is only down 17% that's because of this amazing out performance from energy and

a small group of health care and consumer staple stocks you see technology as a group, pretty rough year. just because tech has been in a bear market, it doesn't mean it can't go deeper into the hole. there's a big difference that bulls keep screaming at, a tech recession and nuclear winter are we really anticipating a nuclear winter in technology the bulls insist that's a stretch. some of the declines have been breathtaking look at nvidia, cut in half since hitting its historic high in november of last year the forward pe ratio has also been cut in half from 68 in january to 32 times forward today. that's the multiple that nvidia traded at prior to covid it's come all the way back down again. that doesn't mean we can't go down more in the next two months but a reasonable position would argue there's more potential upside in the highest quality names if you're thinking six months down the road than the downsides. >> bob, key thing there, highest

quality. when we talk about a tech downturn or nuclear winter, take a look at some of the smaller names. they're not going to be able to hold up as well. even the mega caps are pulling back on spending that's going to have a knock-on effect and create this cycle we're not necessarily in the clear, right >> no, no. the key point is you can decline more the highest quality names aren't going to go away even in a recession, we'll have tremendous demand for technology just like we did during the covid situation. the companies will have a harder time raising money in a higher interest rate market going away, no, not even close. >> bob, appreciate that. quite a day. 2.5% gain on the nasdaq. quick live shot of the rose garden at the white house where the president is delivering remarks after the white house announced he has tested negative for covid and will leave isolation. talked about his own experience, the availability of antivirals,

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spotify seeing revenue growth 23%, beating estimates as paying subscribers rose 14%. one of the bright spots for t-mobile, also subscriber growth, missing estimates but raising the sub growth forecast for the second time this year. netflix last week, a big surprise was a smaller sub loss than expected. all of that makes me wonder what's going to happen with roku's active accounts when it reports tomorrow julia boorstin talked with the cfo of spotify and joins us now to discuss julia, something people are actually paying more for, subscriptions to spotify >> i spoke to paul vogel and what's so interesting is how different the audio space is from the video space he pointed out they've been competing with the same players for a while whereas, for the streamers that landscape has changed so much with so many new options entering the market. he also pointed out the fact

that their user growth is accelerating is a good sign for others down the line obviously it's great for ad revenue because of a bigger market it also typically indicates a year from now they'll see an acceleration in subscription growth hep talked about that. also their add seen some weakne said, in the last two weeks of the quarter, he does see their ad business holding up in q3, which is different from what we've heard and seen from some of these other ad-supported players. he also said they still think they're very much in the early days, huge amounts of opportunity for growth especially in some of these markets like southeast asia and latin america. don't forget, they have this new audio book business, which they'll be starting to roll out this year and fully launching next year. deirdre, they talked about other verticals in the works they haven't told us about yet. but it makes you think, what services are considered utilities? what is considered core and what's considered expendable >> one thing that's certainly expendable, i guess they

decided, car thing, that confusing dashboard. they said they'll shut down production and they also have been making a bigger bet on video. where does that stand? >> well, look, i think that that's -- it's going to be part of their core focus on audio for them, video is an extension, depending on how people are watching so, if there's a podcast that people may opt to watch with video on, that's going to be another way to make the experience more valuable and more engaging. but i think they're not going to try to compete with netflix. they have no interest in trying to compete with disney plus. they want to stick in their lane, which is this audio space and make sure that that audio service is as appealing as possible some of that might be adding things like audio booblgs, more podcasts and some of that might be enhancing the experience and watching a podcast if you choose to consume the content that way. >> it's interesting, julia, even with this pretty bullish mau guidance, obviously still operating income coming in a bit light. that's why they have to be

cautious on hiring in the back half, which is now sort of becoming almost a universal sentiment among companies that are even growing as quickly as this one pretty interesting what a gain here today, up 14.5%. meantime, ti defying that ease in consumer electronics demand we'll get more on the results sending that stock up 4% in a moment back in two. to adapt in a fast changing world, you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it. i think it was fine how it was. (air tool sound) to help you stay ahead of the curve... or you could use workday. the finance, hr and planning system that helps cfos make better decisions faster. on the other hand, we had a great fourth quarter. for a accelerate your decision-making world. workday. for a changing world. bubbles bubbles bubbles bubbles there are bubbles everywhere!

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got some new numbers out of just capital and a ranking of the top 100 companies supporting healthy families and communities. a list that scores public companies on issues like worker financial wellness, dei initiatives, climate and environmental justice, product safety and more. tech actually dominates the list, including taking three out of the top five spots. paypal and salesforce go one and two. intel rounds out the top five. head over to cnbc.com for the results and learn more about the methodology behind some of those rankings we are getting a sense that workers are driven, perhaps, marginally more by corporate values than strictly comp. >> yeah. we'll see if that continues as the economy does what it does. let's get that gut check you mentioned on texas instruments the stock's getting a nice boost after the earnings beat solid revenue forecast an easing of covid-19 lockdowns in china, the chief catalyst there for tech the company with a built-in half

a billion lockdown stock rising more than 4% today.

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one more thing before we go and that is an activist investor for paypal elliott management has started to build a stake in the company. paypal has gone from $350 billion market cap to just $89 billion this year. you see it in that chart you'll remember that elliott also has a large stake in pinterest. potentially a connection paypal tried to buy pinterest last year. ceo was a former paypal executive and paypal has yet to fill its open cfo role we'll see, but i think we'll get more stories like this for paypal in particular, we've talked about how it comes from the strong advantage, so many venmo users, multiples of its competitors but unable to monetize those users. >> we'll see how active this activist is. in a way, you think about value add several years ago taking on micr microsoft. it's not like it fundamentally

changed microsoft. the company did well people barely remember value add. stock has room to move higher. we'll see. >> gordon hasket says it's the deal could come back tonight, ford, qualcomm, meta. let's get to "the half". welcome to the "half time report." the fed decision just two hours away now and meta's mega earnings report looming over ip time we'll get you set with both of the market movers. joining me, degus, steve and liz young, joe let's check the markets and see where the trade is ahead of those big events green across the board i guess microsoft and alphabet somewhat saved the day the dow up 156