divesting active investments in companies that generated at least a quarter of revenue from thermal coal >> fascinating stuff, leslie thank you for bringing us that important story. it looks like that will do it for "squawk on the street" as the markets try to turn positive for the dow and s&p 500. "tech check" starts right now. i'm carl quintanilla with deirdre bosa and jon fortt qualcomm shares are falling despite a beat as guidance comes in below estimates yet another ceo warning about the macro picture. plus another weaker number and that's meta. as bad as feared, stocks down almost 8%. best buy, comcast, service now all turning sharply lower. and confirming all that corporate guidance gdp comes in light. we'll get a first read on q2, that's two quarters in a row of slowing growth although, jon, we

should point out other companies raising their guidance there's a bit of a mix today >> more and more i'm looking ahead to q4, because that's going to be so decisive in what directionally is happening here. the messages are so mixed we see the consumer light that's reflected in qualcomm, lower end hand sets, not as popular, you have signals like that and what we have from walmart earlier this week, the consumer shows up, to what degree there's inventory overhang and, deirdre, and what that means for revenues flowing through to customers and into the economy we're still several months out >> just like the definition of a recession, we talk about

consumer demand and there are pockets of strength in payments. there's also travel which remains strong and autos but to your point, jon, q4, that is the big question or just the whole second hatch of the year let's put it that's what everyone is trying to dig through right now in the guidance we're getting more than others, i go back to alphabet earlier this week and sometimes the management there talks more about what they're seeing in the current quarter. still a lot of questions, we talked about that yesterday, questions now whether that was justified based on sort of some optimism on fed policy >> i jumped the gun a little bit but now it is julia time let's talk meta. julia boorstin with that >> that's right, jon i'm here and we are talking today about the end of an era

for meta with its first ever revenue decline as the company grapples with so many different issues they are currently a drag on the revenue and is doing this while pulling back spending and trying to pursue the long-term opportunity of the metaverse all of this is happening while management is in upheaval. sheryl sandberg leaving the ceo role with the stock down, 70% of analysts have a buyer overweight rating on the stock. goldman sachs says a re-examination of costs could lead to better earnings and writing the company is making progress on monetization that could help drive share gains a rare sell rating on the stock is cautious in the fact that zuckerberg is talking about

metaverse returns saying, quote, when the growth is slowing, investments to chase a goal that may or may not pay off many years is not where we recommend investors allocate capital in fiscal 2022. it's worth remembering as facebook tackles the near-term challenging of making money on reels it has managed this business transition before guys >> let me make the contrarian argument on meta, on facebook. i think too often we focus on what we think is likely to happen with a company based on history and the factors we know and we don't pay enough attention to what could happen based on capabilities and users are still growing at facebook and facebook properties, meta properties, right, and engagement still decently high zuckerberg still in charge, highly engaged the conversation has turned away from things other than facebook

and meta's business. they could monetize reels. i don't spend a ton of time looking at ads on social media but i find myself looking at a lot of reels lately. >> if you're looking at a lot of reels, that's why meta is optimistic they will be able to make money on all that time you're spending. i would say, jon, 70% of analyst have is a buy rating, maybe you are actually agreeing with all of those analysts and that sort of wall street consensus right now. i think that, look, in terms of the management transition, they do have a lineup of people who are going to be taking over that have been at the company for a while and dave will be sticking around as an adviser there's a question how much of an impact that will be sheryl sandberg is a big loss for that company in terms of the business question, they have made money from so many different transitions, so many different products that started off just as a product with no revenue there is a sense that they will be able to figure out how to

make reels quite a profitable piece of the business. >> julia, i see a lot of reels but not by choice. i'm with the kardashians get them off my feed i want to see cute pictures of my friends again talk about the executive turnover departures, is it business burnout or is it zuckerberg burnout he has such a tight grip on the company. is it possible these people aren't feeling heard anymore as they try to accomplish so many different pivots >> i think that we cannot underestimate the fact that a lot of these executives including sheryl sandberg, have been there for a very long time. if you've been at a company like meta, formerly facebook, through so many different challenges, both business challenges and reputational challenges. the fact they had to deal with the facebook files and all of these different controversies, i just wouldn't underestimate how they are ready to take a break and be in a less intense position one more thought on the business transition one of the things a lot less

sexy than reels the opportunity to make money for messaging and they talked about that a little bit last night all the time on messenger and whatsapp to turn into new revenue and get businesses locked even more into the platform >> that's true and there's a lot of opportunity but they're trying to capitalize on so many different ones while the core business is struggling thank you. we will continue this discussion and bring in two analysts. yousef, what did you make of the quarter? >> it wasn't as strong as we had hoped or even ultimately they disappointed a lot of people mostly with the guidance the quarter end of it was not. the company is going through really a period of transition of two things, transition to reels, transitioning to metaverse

one-two to three years the other is five to ten we're still sticking with it on this one i would agree with jon. >> mark, i was just having a conversation with one of our producers here in the bureau and, you know, follows on julia's conversation over management change. what do you think is going on at the top? we hear often about the high profile, the sandbergs that are leaving. a layer down there's been a lot of departures as well, to instacart. is this an issue of burnout or do you think there's an issue with zuckerberg's leadership and this pivot he's trying to maybe force down other executives' throats? >> no, i don't think there's anything like that going on. i think that's a narrative hunting fore a story i think we've seen a lot of rotation just across the entire tech sector in general

many folks moving around certainly lots of layoffs taking place, opportunities emerging. we're seeing perhaps the old term of emerging for those who joined when everything was on the up and up might be slightly different operating environment. as was mentioned earlier, zuck is engaged and is actively reorganizing the business for the current operating environment that we're in. >> mark, i thought it was interesting, your note today below the headline noise we like what we see, maybe the only digital ad name. the expenses being reined in as requested. does today's price action make sense to you in light of that? >> it does we circle around big, kind of round numbers. the first revenue decline in their history will make

headlines. minus 10% will drive those negative headlines furpt we're certainly slightly disappointed with the guide. we would have loved to have seen it higher. i do think a revenue decline where investors numbers were and mind-set was is certainly going to drive that pressure downward. and i think what it reflects is they are going through a pivot in their business as youssef mentioned it's not just about monetization, it's the product and how folks use the product. underneath this transition what you want to see is how we come out the other side of this when do we get back to a growth story? when do the head winds flip over into tail winds? we don't have an answer to that yet. >> youssef, i have a question on cost particularly when it comes to head count. i think we tend to lose track of how much growth in that has happened at a company like meta

over the past couple of years did they double head count and talking about cutting the overall head count number but shifting emphasis within that. what's your take on what that does or doesn't do to costs and how that move factors into where you see them going >> if you look at their guidance and really the only mega cap that really guides all way to the bottom line, this year they will be spending a lot because of all the hires they did last year and in the first half our concern is really around 2023 and where they'll end up guiding. if it's typical fashion meta will start guiding to increase in nongap operating expenses on

the 3q call so literally within two months that will be crucial they need to lower the increase. in other words, have the top line basically mirror the bottom line they are in 2022 growing the top line single digits but growing the bottom line at 20% or a little more. next year needs to stabilize and the following year reverse for them to deliver the operating margin the street wants them to deliver and the free cash flow to support the stock that should trade higher >> today down nearly 7%, mark and youssef, thank you very much we'll talk to you again. one more piece of news for meta, the ftc suing the company, filing an injunction to block its acquisition of a small reality company called within.

meta is a key player, quote, at each level of the virtual reality sector owning the top selling device one of the best-selling apps of all time, ftc chair lina khan does not want another whatsapp or occulus to go through the case is based on ideology and speculation. i couldn't help but smile a little bit listing all these things the ftc says is the reason meta is leading in this space because it is just still so early and unproven, john. >> it's not a space. it's the mess a verse. i'm critical of the metaverse. in this case i'm sort of on meta's side in that how do you have a monopoly over basically nothing? one of the things the ftc is saying here they have 400 apps in the app store

they trip over 400 apps feeding the dog in the morning this is odd, carl, to me to think you can regulate an industry into existence. i don't think it works that way. >> it adds to the regulatory hurdles. no question mark zuckerberg has his work cut out for him the ceo of qualcomm is on the other side of this break, their 5g delivery hand set guidance.

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unbeatable internet. made to do anything so you can do anything. get a gut check on our parent company comcast today shares down sharply as comcast failed to add broad band subs

for the first time ever this quarter, now having lost 1 million video subs in the first six months of '22. our julia boorstin is back with that along with the metrics on peacock, too, j.b. comcast revenue and earnings did top analyst estimates but that stock down over 9% this morning on disappointing broad band results the company's flat broad band companies rather than adding the 84,000 expected was attributed to a number of factors including a pull forward during the pandemic, a slowing of customers moving, and growing competition from the likes of t-mobile which made gains in the space this quarter. bank of america writing, quote, it feels a little bit like a netflix net adds turns negative. negativity had been building but just think optics of it will get more attention and add to already negative cable sentiment. plus that issue of accelerated cord cutting thanks to a slew of streaming alternatives to pay

tv peacock subscribers were flat, a dramatic halt to the growth of 4 million in the prior quarter that peacock division also seeing larger losses than in the year earlier quarter nbc universal was an area of strength with peacock on track for growth in the second half of the year and theme parks outperforming expectations jon? >> thank you meanwhile, big news for u.s. semiconductor companies, the senate sending the chips act to the house. it's a package that would set aside more than $50 billion for chip production and a tax credit, other incentives, for manufacturing. qualcomm out with earnings as well, as we've mentioned, issuing lower than expected guidance for the upcoming quarter but beating on the top and bottom lines in q2 joining us in a first on cnbc interview the ceo. we have a lot to get to, not

just the hand sets but the samsung deal that you've got and to auto and iot. first, i do want to talk about hand sets. mid and low tier is where you see globally particular weakness what has happened there and how does 5g factor in? >> good morning to call of you we look at the hand set market right now, and it's a market that probably has been impacted by consumer spending and we brought down slightly down the number of 5g units. the market is down because of the macroeconomic headwinds. we have been somewhat insulated by it. our strategy to concentrate on premium and high tier android as part of our mobile strategy and share of wallet is really working. in a market that is not growing we are growing slightly below

50% for the fiscal year '22. when we look at the things driving our guide, we do see weakness but it has been more resilient and the big news really is our agreement with samsung, protect us in the hand set market to expand our share and provide a lot of stability for this strategy on the snap dragon platform. >> tell me where i have this wrong. you went from a 40% share in galaxy devices to over 70% share more recent ly and this agreemen seems to make it more likely you stay near the 70% tier apple is trying to work you guys, 5g modem wise, out of their product. this sort of raises the stakes

for them in the sense that if they can't get their product as good as yours, right, it's more likely samsung will have yours and, therefore, going to be better than them do i have that wrong >> there's a lot to unpack this agreement is the most significant thing in the quarter besides a record iot revenue which shows the strategy to diversify the company away from the hand set is working. the reason it is significant two important parts. the first part is a renewable patented license agreement all the way to 2030 including 6g technology that provides incredible stability and provide any credible benchmark for renewal of license agreement especially if you think of a market like the united states did, the choice between a galaxy from samsung and an iphone.

the second part is what it does to the chips business and mobile we have been focused on saying this is a market that is mature. we have focused on share wallet increasing earnings and flagship snap dragon. when we share to a galaxy phone, for example, it has the same revenue and earnings than a modem to five iphones. this agreement shows to correct what you said before, we're expanding shares so we were 75% and the galaxy s22 our shares will be higher. we're now able to launch our platform on samsung globally and that's a multiyear agreement

when you asked about apple, look, we have a great relationship with them we've been executing on our contract so there's always opportunity for qualcomm as long as technology matters in cellular >> great relationship, when your partner is leaving you, trying to, you have to perform, i suppose. i wanted to ask one on iot this is a business when i sat down with you last quarter i think that overall was growing 61%. how is that behaving in this macro environment. are you seeing ve head sets as the manufacturing technology is stronger >> absolutely. i think that is important about

the qualcomm earnings. the diversification for the company is really working. if you look what's happening in iot, yes, we do see consumer spending weakness. but that has been offset by strength in the enterprise and industrial we are continuing to grow and even as we look at our guide for q4, we're growing 24% year over year and that's because we have iot which has been resilient digital is resilient and of course automotive we have $2 billion to the auto pipeline >> which you have done pretty well diversifying into it's deirdre you say you are better insulated from a slowdown by focusing on the high end side of the market. how confident are you demand will hold up or is it

increasingly vulnerable? what are you factoring in? >> we have to be cautious when we think about guide we widen the training because of what we see in the consumer exposure to the macroeconomic headwinds. the fact we're on share wallet, when you lose the units that is bringing down the market which is mid and low, we have less of an impact. the processor, which has been the biggest story growing revenue and earnings on a market that only grows single digit that is resill yenlt it is holding and people when they go buy a phone look to buy a better phone so we see a mix improvement over time.

we just have been to china, china has been dealing with lockdowns and i think that is going to bounce back >> managing through less certain times. cristiano amon, thank you. be sure to join in tomorrow when we will be joined by pat gelsinger post earnings in the first on cnbc interview. the chips just keep on coming, carl apple is holding up. should you buy ahead of earnings the market continues to applaud at least the notion of a fed pivot. session highs, the dow up 160. the two-year yield back to 287

welcome back to "tech check. i'm carl quintanilla with jon fortt. more on the macro head winds impacting the business the stock is down less than 1% we'll keep our eye on meta shares were down 8% earlier. we've shaved some of that. a news update with frank holland. president biden says this morning it is no surprise the economy is slowing down as the federal reserve raises interest rates in its fight against inflation. he said the country is on the right path the economy shrank its second straight quarterly contraction about half an hour from now the president is scheduled to speak about at the white house about a broad senate bill that includes provisions to lower drug prices and slow climate

change senator joe manchin agreed to support the filibuster proof package. democrats hope to get that passed quickly and a mixed picture for the jobs market new claims for unemployment benefits decreased by 5,000 but claims were revised upward by 10,000, the first time in more than eight months the new claims topped 250,000 >> let's turn to enterprise software now, trading down this morning by about a percent that's well off the lows despite an earnings beat and revenue in line with wal street expectations lowered full year guidance back to levels it first reported in january. the ceo joined "squawk on the street." >> given the macro now we said let's go back to what we did in

january given the macro that has developed since june we should just go with the original forecast which is a half a point difference in the rpo which is the bookings of the company. if that's a federal case then what can i tell you? >> you might remember shares dropped about 12% on july 12 after bill made some comments on "mad money" saying no one will outrun the currency right now. d, this is an interesting one given it's come back in the early trade, again, down just about 1% right now but the company itself, the narrative doesn't seem to have changed. it's this question how much is this consumer weakness, weakness in the low end of the consumer economic spectrum right now, how much is that going to trickle through into q4 and start affecting businesses that are already kind of cautious bill seems to be price that go

i pricing that into his guide. >> bill pays a lot of lip service saying it will outrun the macro weakness in the longer term we hear that from a lot of ceos. in his case the numbers back that up. 99% renewal rate, carl, proves the resill yen iency of the stok model. it's down 30% plus for the year. it could be a good opportunity if you think even if deals that are slipping now will eventually come through >> certainly sounded a lot like nadella when we talked to him in that if you are a large enterprise, you continue to deliver for your clients even with lower head count, otherwise the client experience deteriorates and business disappears in his view with earnings crossing tonight could there be weakness ahead? joining us this morning to talk about the impact of supply chain constraints, china, consumer

demand, some of the risks, our steve kovac of our own cnbc and joanna stern of "the wall street journal. do you think the guidance and best buy guidance are harbingers of gloom >> looking at the best buy guidance and thinking what is going to happen with apple today? >> well, first of all, the third quarter is never really a giant quarter for apple. last year it was you were feeling the pandemic bump, seeing big growth in mac and we will hear about the growth in mac, but that's coming the next quarter, right, to really test what consumers are going to go out and buy. that is in the next quarter up in september this quarter, again, people usually slow iphone palooza is coming, price drops on the old models. wouldn't be surprised if we don't see huge growth. macs and ipads has been big.

50% of customers coming to the mac were new customers that's an area that computers were big in the pandemic will we see that slowdown? sure are they going to go to mac? >> steve, i know you were watching logic tech and, behold, you don't need to get a new headset every year as you said the question is does that expand to actual equipment? >> that's right, carl. look, you can't have an iphone palooza in the fall without china. how bad was china for apple in the last quarter we already know they warned covid shutdowns will have $4 billion to $8 billion hit. i'm curious to hear cook yes, sir comments on the supply chain in china earlier in the year he said he was still very confident about it but since then last quarter

we saw them shifting production around china out of that shanghai quarter where a lot of the shutdowns were happening, the iphone production moved to india. is he still confident in the supply chain another wave and another lockdown, how do they navigate that? >> shares up 15% this month alone. what is the market pricing in here that is way more than the other mega caps? talking about the china issues, what about services? where is apple vulnerable here >> first of all we can always have an iphone palooza china will take a hit if the lockdowns continue i think that goes to the stability of this company and the fact of product introductions. we've talked about the stability in the growth and chips business for apple.

services, my favorite game on apple earnings is how many times will cook say services we will certainly hear about that today, that progression and the emmy nominations for apple tv plus and as they think of bundles and more in the fall really overall it goes to the stability of the company and the growth in new categories not just the iphone, diversifying away from the iphone >> steve, when i look at apple in this particular quarter, which i think is an inventory management, how much are they down no an introduction at the end of calendar q3 into q4, they are gaining share in pcs with the mac, considerable control over the supply chain. we heard from cristiano amon on the only tier where apple plays. if anybody has a chance to buck the macro here, isn't it apple

>> you want to talk about inventory management later this week they will put a discount on the iphone 13 for a few days in china to goose sales so people are reading a lot into that, john and then like joanna was alluding to this will be a big quarter to test with a we heard from microsoft about this, quote, deter riorating demand. is this only a pc problem for the dells and hps of the world >> much longer term this headline that crossed yesterday apple taps lamborghini executive to work on its electric car. do you see that needle moving? are we making progress figuring out what they have in mind >> i like the needle certainly lamborghini, hopefully the needle will go all the way to the top this is such a long way out. there has been nothing but reports over the last number of months about the troubles the

company has had, a great report about incidents and accidents with self-driving. certainly people are thinking about what is the next big thing. we'll hear about the headset before this car. >> we'll see what number we get in about four hours, four and a half hours thank you, joanna and steve. speaking of numbers let's get a gut check on teladoc, down more than 19%. a $3 billion impairment charge this quarter helping to tank that stock teladoc announced a $6.3 million impairment charge bringing it to $10 billion in losses the first half of 2022 goldman, one of the many downgrades, price target to 36 from 55. teladoc down about 75% so far this year. you know who that really

hurts, jon the fourth largest holding we'll be talking to cathie wood.

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meta shares trying to defend 160. for more on how investors might think about valuing the stockdom chu joins us today >> it is one of those scenarios the fall of the record highs has resulted in a market cap destruction that many investors are trying to handicap around whether or not it's possibly a bottom or if there's more down side to come and the earnings last night kind of gave a little bit more food for thought. at the height that we saw here within the last year talking about a $1.1 trillion market valuation and then today closer to just around $435 billion in terms of market cap. so that move has been a huge, huge catalyst for whether or not there is value in a beaten up name like this if you take a look at the valuation perspective as to what you are paying right now for every dollar of next year's anticipated earnings per analyst estimates, at the height over the course of the ten years we are talking about a company that traded at 58 times next year's

expected earnings. right now it's closer to around 14 times next year's earnings and even during the depths of the pandemic still a stock 16 times with a forward p/e that gives you an idea how the valuations have compressed over the course of the last ten years. if you look at the analyst commentary it is interesting to see some of the overnight commentary and the numbers that are coming out here. a $233 average target price per fact set, 48% potential upside there are still 70% of analyst who is cover the stock that say it's a buy rating and maybe not a surprise if it's fallen so much right now it still should be a buy it's been that way for a while in the last year, the last two years, as high as 88% buy. so very much a consensus still building around there. as for some of the overnight commentary headlines wise to give you an idea what analysts are looking at now goldman sachs team says macro head winds replaced privacy head winds,

citi analysts say 3q guidance weakening advertising demand, something we're watching for many of these internet names and evercore says probably still a classic dhq. in other words a dislocated market cap, dislocated high quality stock, should be high quality and has the characteristics but trading at a deep discount, jon, as we watched the analyst's commentary, the investors are trying to figure out whether a 14 times forward p/e in a dislocated high quality stock is one they can say now is the time to start nibbling or a falling knife scenario >> either way, dom, it's one investors can't coast on no coasting. >> no. i see what you did there >> on meta thanks, dom. after the break, is it time to shop? etsy, stocks up big on results but cut in half on the year. plus, what do the numbers signal for amazon that is next

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the nasdaq is firmly in the green. check out shares of etsy, big pop post earnings after a beat on the top and bottom lines. boosted by an increase in ad sales and higher transaction fees as you see shares are up more than 10%, though the stock has been cut in half this year and its earnings report makes it an outlier in the retail and

e-commerce space this past week we saw shopify and walmart feeling the effects of the consumer demand slowdown and the normalization of rapid growth to prepandemic levels we will see this afternoon how amazon is holding up against these head winds i guess the question is, guys, it feels like amazon has already had a handle on a lot of these issues for a quarter already they have been subleasing millions of square feet of warehouse space, thinning out their warehouse workforce. so will it be in a better position was it enough? >> i'm not sure there's much of a read-through to amazon from etsy in the sense etsy was able to raise the prices on some merchants and that sort of helped things. we'll see if merchants expect them to deliver a little bit more in services to make that worth it also, carl, when it comes to costs, there are some things amazon will have to deal with when it comes to speed of delivery they have transportation costs, fuel costs we sort of have a signal from microsoft on how the cloud will

be but overall when you've got the macro situation we have, i don't know if you expect really -- you guide to really, really healthy spending on e-commerce you probably don't >> yeah. etsy, some analysts argue today they're a bit of a carve-out bernstein says they have hung on to their covid bump better than most peers and continues to prove a quarter of the time that it does have real staying power even with some of these macro challenges. >> the street will be focused on the cloud, especially after pretty good results from google and microsoft. key here, amazon's growth is slowing. it is the number one player. but less enterprise focus, right? will that come in a little bit softer than expected it's been a reliable growth engine as well so investors will be looking closely there. >> yeah, the multiples definitely reflect that. still to come this morning, how investors may wanting to

play intel the chip maker reporting after the market close, as we have erased not only a pretty deep loss but are setting at session highs. finding the perfect developer isn't easy. but, at upwork, we found her. she's in prague, between the perfect cup of coffee and her museum of personal computers. and you can find her, and millions of other talented pros, right now on upwork.com

welcome back intel reports after the bell

today. ceo pat gelsinger will join the show tomorrow. we'll get a good view of the chips. margins for intel will be a major focus for investors on earnings and of course beyond pcs and data center where intel mainly plays in chips we've gotten mainly upbeat guidance and from nxp, particularly in autos. the senate has approved funding for the c.h.i.p.s. act aimed at boosting domestic chip production, sending it to the house where it faces a tougher fight. house republican leadership urging its members to vote against the deal because of the deal democrats are getting done thanks to senator joe manch in's about-face so we'll see if there's any more clarity on that by tomorrow when pat joins us a little unclear, dee. >> by the way, i liked your on

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we've got a hearing this morning on three arrows capital. that hedge fund that went bankrupt our kate rooney has more on that this morning >> couple of headlines first, liquidators still don't know where the founders are. kyle davies and suzu are not cooperating despite giving media interviews creditors have submitted claims for $2.8 billion that number is expected to increase significantly so far the courts have retained a small percentage of that, about $40 million in three arrows assets. it involves the southern district of new york, british islands and singapore. there were some calls for cooperation. three arrows was a $10 billion

fund it's collapsed it defaulted on some loans its biggest creditor is genesis. it still owns that firm more than $2 billion. back to you. >> meantime, if bitcoin can get above 24k, take you back to june 13th. big night tonight for earnings let's get to the judge and "half. welcome to "the halftime report." front and center, the rally and the aftermath and what that reaction means to your money in the months ahead we'll get you ready for apple and amazon those earnings coming with me in overtime joining me for the hour today, terry firestone, shannon sacoccia and here on said is steve weiss. it is 12:00 noon in the east let's check the markets because we've been all over the place. 32,383 is where the dow sits that's good for 186, a