about 142 points right about now. still trying to make sense of crypto here, melissa i don't really have an answer for you. but right now we're looking at bitcoin down about $21,540 >> maybe it's just risk off across the board, across assets today. we'll see. >> we'll see thank you, melissa, for hanging out. >> pleasure. >> hope to see you next week have a great weekend, everybody, hope you join us on monday "squawk on the street" begins right now. good friday morning, welcome to "squawk on the street." i'm carl quinn an -- la with mike santoli and dave faber. investors consider whether this bear market rally has run its course for now dollar is headed for the best weekly rally since june. bed bath shares plunging after it was confirmed investor ryan

cohen sold his entire stake in the company. >> fed's comments weighing down the futures. >> and more fallout from weaker consumer demand weighing down a retailer, wayfair down this morning. ryan cohen exited his position in bed bath & beyond, amid stories about the company. >> their fundamentals have only worsened, something you only see in names we call the meme stocks, in terms of short squeeze that occurred in terms of some of the actions actions of mr. cohen sources of mine are really enraged about this, feeling the integrity of the market has been

certainly impugned, and that it's reflective of sort of something they don't like. but it's unclear that there is anything that actually occurred here that could be prosecuted in any way by the sec or anybody else mr. cohen, as we've pointed out, and by the way, yesterday i pointed out many times the expectation that he had already sold the stock, remember, they filed a 144, we had seen the volume that had actually taken place on the previous two days, and in fact he had been selling based on his 13-d which indicates he doesn't own anything anymore he had been selling, mike, on tuesday and wednesday, heavily in the stock, and also all those options as well. options, by the way, that were not new positions but had been re-filed with a new "d" that seemed to put even more fuel on the fire, sending the stock even higher for this amazing short squeeze which he of course took

advantage of but others were left holding the bag on. >> it takes a lot of willing participants to see a filing which, you know, as you say, was reporting a lot of stale positions or not new positions, and decide that was a reason to chase this stock higher. this was a $5-ish stock in june, trading down probably in line with what people thought would be expected from the fundamental outlook. there is public debt that this company has. you can kind of see the stuff that matures in a couple of years, trades at distress levels, it's not a secret, the situation they're in it's hard to know, we're talking about matters of disclosure and matters of what information was known by somebody who has board representation, which is ryan cohen. >> he's not an insider, the three directors he was involve in getting on the board are. if you're the sec, given how many people are imploring them to at least try to do something here, you have to look into it, see if there was any communication. you have this weird story about this kid at usc who made all

this money, maybe an uncle or father, unclear what the connection if any is there with mr. cohen, i'm not saying there is one, but if you're the sec, you have to look at all of it. then, carl, you have to look at the overall idea whether it's market manipulation in terms of what occurs in the chat rooms. we saw it with gamestop, it's not clear it means anything beyond what it is and it's not something that could be construed as fraud >> there's the market mechanics, mike, you mentioned the fundamental outlook. we'll talk about ross later today, and their view of the quarter in which they cite both inflation pressures and a promotional environment, it's not clear how you can have both. we'll continue to talk about retail the next few days >> absolutely. the big box retailers seem like they've kind of mopped up their inventory issues, but smaller chance not so much and the spending at the top line

lending, the government report on retail sales yesterday was fine, but it's probably skewed more towards services and necessities as opposed to discretionary. so everyone is trying to figure out what the real level is, and somebody like bed bath & beyond, where you had a secular issue already in terms of declining market shares, coming home to roost. >> this week has been a mixed picture for retail, optibviously it started off with the strong numbers from walmart, home depot, pretty good, lowe's on the other side, target, kohl's later in the week, ross, as you said. >> it's noisy. >> it is all the stocks are well below their lows it's not as if everyone said we're in the clear but they did get a bit of relief relative to what was feared. and again, it doesn't seem like what the retailers are saying should mean that you should decide on a macro basis that cons consumer is spent out.

people concerned about the rebuild of credit card balances, the consumer credit numbers surged they're still below the levels and the trend line of before the pandemic so it's just a rebuild of, you know, a little bit of consumer leverage that seems not that big an issue >> we'll talk a lot more retail in the coming blocks, especially foot locker, opening up 25% this morning. first to the broader markets futures are fall on this last trading day of the week, a week of a lot of fed speak in which they're speaking to the argument about sticky inflation and that sort of explains the two-year and the dollar strength this week >> yeah, to me those are the two things, they're listening to the fed, which by the way, the fed is simply saying the framework hasn't changed, we told you it's going to take multiple months of inflation coming down in a decisive way before they really decide to take their foot off the brake. the market, because this is what markets do, is trying to project out six months ahead and saying the leading economic indicators

are basically showing the economy near stall speed and inflation will probably become more friendly because energy is off the high, maybe therefore it will get easy. stocks were up 17% in two months got overbought on the short term basis. backing off today. we have an options expiration. the s&p seems to want to sit for the moment at 4250, a round number it seems to me still in the normal pullback zone you have to be alert to the fact that this stock market this year has not been able to make progress with a ten-year treasury yield at or above 3%, pushing 3% again two-year note, as you mentioned, not too far off the highs. it's building in a few more hikes, let's say 1% more of rate hikes. i think that sort of all has to be digested at this point. even if, you know, as a lot of the technical folks, the people who want to read the vapor trail of the rally and say that's the

momentum lift off the lows, we gained back losses, which usually wins back the benefit of the doubt for the rally at least meaning the low is in if not up and away from here >> next week's jackson hole. >> yes >> and pmis, and pce >> there's plenty happening. >> good. >> because otherwise it's not easy two weeks to go before labor day. >> we're through with the earnings now, it's into macro mode >> you're going to have a lot to say, mike. whether or not you have anything to say or not, you'll still have to say it. >> it's a job that expands to fill the time. >> the control room will not say wrap, you got more, keep going let's continue the conversation and bring in fidelity investments director of global, yuri, happy friday, great to see you >> good morning. >> you raised the question whether or not we're venturing into a new cyclical bull market or this is simply a bear market rally that in your words is now

in an overbought extreme what do you think? >> i can tell you that we don't know the answer, unfortunately the problem with technical analysis is unless you add some context or make some assumptions, a lot of indicators are kind of inconclusive i can tell you we've had a good breadth, thrust, as we call it, percentage of stocks above their 50-day, i think it was at 92% a few days ago we've retraced half the rally as mike said. bear market rallies really generally do not retrace more than half. so if you were a bear and you thought this was a bear market rally and you look at the overbought technical condition, you look at the return to the 200-day moving average, you look at a 50% retracement, this is a pretty, you know, compelling opportunity set, if you are leaning in that direction. often, the tests will come, what happens after this overbought condition. and we are overbought. if you look at the stochastics,

the breadth numbers, we're short term overbought. how the market behaves from here will be very important i liken this particular moment to kind of the june 2020 moment which of course was the first momentum peak and obviously a very strong bull market. i'm not saying this is going to be the same way, but it took some time to digest that and then the market kind of resumed its rally. we're very much at a fork in the road i do think that at the bottom, at down 25%, the market discounted a lot of bad news, right? if investors were preparing for bracing for a recession and that recession doesn't come, and so far i don't think it has, then of course the market got way too oversold at down 25%, even if a recession does come, but it's kind of a technical win, not associated with mass layoffs and things like that, at 25% down, discounting what would typically be a 35% bear market, it priced in 70% of a recession outcome.

so that's kind of how i think of it i think the bottom is probably in financial conditions are easing again, even though the fed still has 100 basis points of rate hikes ahead. if i were at the fed, i would imagine i'm a little bit pe perturbed by that, we're not done yet, don't declare victory too soon >> is that the place to do it? david mentioned jackson hole next week. is that the place where you would expect powell to 10% those hopes for the bums >> the fed is going to 2 1/2, presumably 3 1/2, bond yields were down, equities are you were, it could be jackson hole by chair powell voice, it could be other fed officials if financial conditions ease too soon even though the inflation

rate has apparently peaked on a rate of change basis i think the fed would want to make sure the market doesn't get too complacent here. remember, the cpi, we're in august now, the cpi is already up 6.8% year to date, so even if inflation rolls over, you know, in a more significant way than it even has during the last month, we're going to end up with, you know, 7, 8% inflation this year. and i think the risk for the markets is that, you know, i mean, if you look at the tips market, the tips market thinks we're going to be back to 2 1/2 in five years, wouldn't that be great, that means we're back in goldilocks let's say it only goes down to 4% or 5, what happens if we get a recession next, what would the fed be able to do to combat that when inflation is still sticky so i think the fed will want to err on the side of sounding more hawkish than it perhaps even wants to be, to make sure they get to that 3.5% terminal rate >> i know that you essentially

tried to synthesize a lot of that, the fed outlook, plus how equities are valued, by comparing the way the stock market has traded relative to the two-year note yield. what is that now telling you >> it tells me that the market is extended to the upside. the market is trading at a forward pe of 18 and the good news, of course, is as we all know, that second quarter earnings season turned out to be the shoe that did not drop, right? three-quarters of companies beating lowered estimates, albeit by about four percentage points so far that kind of puts us back into the 1994 analog, you know, back in the greenspan days and i've run that analog, and the two-year yield, many people look at the ten-year yield and that's the foundation for the cash flow model. but back in '94, the two-year was basically the only indicator you needed to tell you where valuations were going on the equity side. and every time the equity market

rallied, i.e. the pe went up, not supported by a falling two-year, it ended up being a hedge bake right now the two-year is telling us the pe should be 14.8 and it's actually at 18. so it's hard for the market to really break away here without earnings growth actually accelerating but earnings growth is decelerating even if it were to accelerate, what would that say about the economy and would the fed then have to tighten more i think the market is kind of trapped here the lows are probably in, but it's hard to see the bullish narrative taking it from here back to all time highs >> that's good context, and backed by some interesting numbers. great weekend. we'll talk soon. >> thank you when we come back, a lot of maneu movers to get to, including gm

take a look at futures on this friday "squawk on the street" is back after a break. ♪ ♪ all-electric with room for up to seven. it's the suv electric has been waiting for. the all-new eqb from mercedes-benz. ♪ ♪

home depot unveiling a new repurchase program, replacing a prior authorization. the company also announcing that ceo ted decker will replace the former ceo as chair effective october 1. gm reinstating its dividend and increasing its share buyback program to 5 bltdz david, they talked about

opportunistic buybacks after suspending the dividend due to covid in 2020. >> that shareholder base is accustomed to some sort of a dividend and expects that. i can't help but think that that 1% tax that is now in effect or will be -- >> i believe next year >> next year, under the inflation reduction act, doesn't seem to be stopping any companies from distributing buybacks i've asked any number of ceos about it, it's just the cost of doing business >> right, buybacks these days are not done because the company has decided that the intrinsic value of the shares is that much above where they're trading and they're going to try to optimize it they do it as a means of, you know, rewarding shareholders in a very broad way and essentially getting cash out of the company and back into the market home depot is a great example of that it's been one of the largest, most consistent repurchasers of its own stock over the last

let's say 15 years it's been down a third at home depot. the magic is withdrawing cash flow and buybacks as opposed to just no growth plus buybacks covering for them. i think it makes a lot of sense at all levels. gm set the dividend at just under a 1% yield level, very well covered, not too much of an issue. probably more an certifassertiof some degree of confidence that this cycle won't quickly turn south. >> where is the calculus, though, between satisfying shareholder base that is accustomed to that kind of thing versus those who want them to step on the gas and invest in a race with the likes of tesla >> naturally if you like gm, there's room for both. there certainly used to be then it went bankrupt, it was nothing, then they had a dividend again >> they have had one since having reemerged >> i think the great example of

this decision is disney, right that's been in the news. and they eliminated the dividend, they say they're longer term, they expect to have it back. >> i think it was monday, god, it's a long week, when we unveiled his letter that said please don't reinstate the dividend and actually please use existing cash flows to reinvest in the business because that's what's important, and that's the key question one thing we also sometimes discuss, the metrics used by compensation committees for ceos, by compensation committees on the board to decide ceo comp, include a lot of different things including eps, which benefits from reduction overall, home depot, for example, the number of shares outstanding by over a third for a period of time the ceo has their comp based at least in some part on that metric >> i believe the 1% tax on buybacks is for net share repurchases, meaning if you're a tech company that does a ton of stock based compensation and

you're constantly flooding the market with shares and you're buying back to keep pace, you may not even have to pay the tax. i think that's the case, at least that's what the tech industry -- >> was pushing for sy sinema probably got that in there. >> we'll talk more about it, of course, but interesting news out of gm today. crypto getting crushed a bit still to come, bitcoin is retracing some of its recent steps to the upside. futures still a bit weak you've got twah o tcall day long "squawk on the street" continues in a moment.

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last friday's close, 4280. it will be a bit of a struggle to make another week to the upside s&p at the risk of ending a four-week end streak we'll get the opening bell in six minutes. don't go anywhere.

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watching crypto today, bitcoin down 8% this morning that's about a three-week low. a lot of the stories about this, mike, say, unclear why the sudden weakness, although hood did have volume data last night and crypto is down almost 60 year on year >> yes, some user loss at hood it fits in with the general dynamic that's been going on this week of stuff that ripped off the lows there was definitely a bit of a grab for some of the riskier stuff, the speculative tech stuff, the biotech it's all come in i'm not sure if it's more complicated than that. there has been a little more kind of at the fringes regulatory scrutiny of various

types of structures and, you know, coins and things that seems to have maybe pushed the line but i'm not sure it accounts for this it's been underperforming the broader nasdaq, remember it was trading right in there for a while. it didn't really grab most of the rally we got in the big stuff. >> that's partly because apple has had an outsize impact in this rally in terms of growth stocks it's not a risk on stock, it's kind of its own aircraft carrier, people decide to go on to when they think things are going to get rough >> apple more than 7% of the s&p right now. >> 7.3 or 4. it's as big as the industrial sector >> the entire industrial sector. >> just about. >> in terms of its weighting in the s&p. >> a little over 7.5 3 million employees, $1.6 trillion in revenue. it just tells you. look at the separation there on

the chart. key goes from 177 to 185 we're a few days out from the event where we expect the 14 launch for sure. >> yeah. >> so, you know, it's not quite confirmed that that's going to be the day but it's fascinating to me because yeah, there's been this pattern where it rallies into a launch and all that stuff. it seems to be kind of just moving because it's been moving and people feel comfort in it and there's the buyback and there's buffett and they just, you know, are navigating through the china situation and everything else. tons of options activity, i know also, people pointing out for a stock that huge, $2.8 trillion in market cap, it has this steady, huge option flow that shows you, it really is just kind of about these bursts of demand that have gotten to this point it's at an interesting spot, not too far off the highs. >> we'll keep an eye on that as we get ready for the opening bell, final one of the week. a look at the bell, the cnbc

real time exchange at the big board today, it is liberty energy celebrating its esg report at the nasdaq, spac gsr2 meteora, as we watch brett fill in watching the vix today as well [ bell ringing ] 21 in the among of august, its lowest since november. >> monthly average, 20s kind of the very long term average, with variance around it it's hard to say that it's telling us something concerning necessarily beyond what we've already seen, the daily market movements. what does it take for the vix to really go higher from here it takes people being very concerned about the next 30 days of the s&p 500, what it's going to do, and to pay up for the protection against it. that just hasn't really been a great bargain for people, at least psychologically, for people so it's sitting where it is.

it reflects a more stable market, well up off the lows and this general sense out there that it would take another macro shock probably to knock it back. whether that means oil rebuilding some of its losses or, you know, something out of jackson hole, right now i don't look at the vix and say somehow it has it wrong, because it basically has been this relatively slow and managed lead lower since those highs in june. >> as for the discussion about earlier in the week about the 200-day moving average and retracing 50%, does all that have sort of lead to one note for you, the idea that we got to a level where you would expect things to get tested >> yeah, i mean, yes, in terms of this pullback here, it's completely intuitive, it makes sense. we got overbought in the short term what i find, a more interesting question is, is the historical, you know, overwhelming evidence that when you get more than half of a rally back, it means that

the bear market low is in and this is it i don't want to push against the idea that that would be the case i think the benefit of the doubt is now with people who say the low is in and will work it out from here however we do. but there's been so much that's unorthodox about this particular cycle, right the market peaked before the fed raised rates for the first time. remember at the beginning of the year everyone was like, when the fed starts to tighten, the market does great for the first six months it just has not been in sync on the way up in 2020, the number of times we said this is the fastest, this is the biggest, this is the most in terms of the speed of recovery we ever had. so i don't want to say that the rules are different now. but i feel i understand why people who say, well, we got back 52% of the total losses, and that means you can safely, you know, count on upside from here, i understand why there's a healthy debate around that >> we're seeing what we typically do in sort of a broader selloff which is money seems to be moving more into the

pharmaceuticals and to some of those more defensive names we've got merck and pfizer both up a story today in "the wall street journal" about the transition that will take place as this year goes along into next year as far as the government no longer paying for covid therapeutics pfizer really with paxlovid and with the vaccines perhaps a beneficiary of that, even more so in terms of the profitability side, conceivably making more money than when they sell it straight to the government, although again, a lot remains to be ironed out on that. other than gm, you know, seeing most names in the red right now. gm is up 2.3% on that news we shared earlier as well >> i was going to say, in terms like what would be still a normal, overall pullback in the s&p, you know, if you remember, 4170, carl, before you went away, that was the ceiling, everybody said got to get above

it, it's early june highs, a low going back to the early part of this year and the march rally took off from there. that's still kind of the low, if you went back to that, everyone would say yeah, this is just normal stuff going into a potential jackson hole week where there's something we might have to have our ears up >> bed bath down 42, speaking of normal stuff, back to 10 and change at the open it sounds remarkable but it's only giving back half of the rally which began in late july which shows you the magnitude of the run-up in the last three weeks. >> absolutely. even some of the sell side targets, folks who just look at it as a retailer as opposed to the mass trading ifphenomenon, h price to sales ratio seems to be consistent with the rest of the group, that's not saying what it means on the liquidity side of the company. >> its bonds are trading at 40

cents on the dollar. obviously that's much more of a tell than has been the stock price, which again we're seeing come down dramatically yesterday we told you many times that it was very likely, in fact i said it many times, very likely that mr. cohen had already sold his stock there were the other side of course who wanted to believe otherwise. he made a lot of money he amassed a position at higher levels certainly than this, i believe. but nonetheless, even those options that he bought in late february, early march, 60, 75, as high as 80. but again, cashing out of everything over the last few days during this week, tuesday and wednesday were the big days in which he sold his entire position, which had been as much -- well, initially it was 9.8. then it was up to 11.8 with that strange 13-d filing we pointed out, which really all that it indicated was a higher ownership position of the outstanding

shares but there was no change in that options position which he originally had told us about back in the spring, but did seem to lend a lot of fuel to the fire here, creating a potentially significant short squeeze that sent the stock up you can see it right there most recently, we can even look at the last couple of weeks. we'll see where this thing settles on fundamentals, because i think, as you just pointed out, mike,there are many who would argue it is still far, far below the current price. >> oh, for sure. and also of course, you know, the other kind of fellow traveling meme stocks, gamestop down 5%, amc also coming in off the highs. and that kind of tells you, you know, that it's mostly about a stampede in one direction, it kind of reverses we can talk about cohen, board representation, ideas for revamping the business it wasn't that it was literally just kind of a social phenomenon, and people

deciding that there was going to be somebody who was going to buy it higher from them because they were going to believe what was being propagated >> amc has those eight shares of preferred, you remember, they were not in a position, they did not have authorization to increase the float of their common, but they are issuing this preferred, which essentially is acting as a stock split. i think it's going to begin trading on monday. it will put amc in a position to potentially issue more of those and therefore raise more money nobody has navigated memes better, we could argue, i think, than -- ryan cohen obviously made a lot of money for himself, adam aaron has done it not only for himself but also for the company, which was in jeopardy given how much debt it had taken on to make it through the pandemic period. >> yesterday of course adam tweets about his largest competitor, which is cineworld regal. he says we're different because

what have he called security and the preferred. >> it's kind of the only -- it's the life raft for the business it doesn't get out of the fact that they also have the same relatively thin movie release slate that everybody in the industry is noting for this quarter and maybe next so we'll see it's an interesting kind of real world experiment on how long we can keep this going and see if -- >> it's a lot longer than we thought it would be. >> for sure. >> in general it was gamestop, when we first were entertaining this meme thing and trying to understand it, many of us expected this won't last more than a few weeks, and here we are almost a year and a half or more later and it keeps happening again. we thought a lot of these traders, so to speak, where offer the washed out, given the market declines. clearly not the case it didn't take that much to move bed bath >> there's always bizarre kind of fringe stuff going on in

markets. and it always kind of erupts in a certain way. you could also argue that each time the ball is bounced, it hasn't gotten as high and it's lost a little bit of energy and it's been a little easier to knock back off-course. i don't know, it still doesn't make you comfortable to short this type of stuff >> a little bit of a jab against the shorts by the way, speaking of retail, at least on the bed bath front, foot locker, 110 beats, comps up 10, but the real story is mary dylan, former alta chief i remember her as the former marketing chief for mcdonald's where they ran a billion dollar budget that will make foot locker one of the very few companies with a female ceo and chair now as they try to lessen their dependence on nike, increase their digital footprint which is something, some would argue, is dylan's legacy at alta >> exactly, yeah market seems to love the idea that there's a shot here of remaking it. the stock is -- it's sort of

participated really i think with the general chain retail move. we're back still a third off of the highs. it's a $3.7 billion market cap, which is not tiny in chain retail and, you know, i guess the idea is, the end market continues to grow so much if you look at like number of pairs of shoes that people have bought over the years, it's been trending higher. the nike issue maybe has sort of settled at a certain point right now where there's some mutual dependence there nike doesn't want to necessarily completely go all direct to consumer so fascinating opportunity if nothing else. >> i want to take a look at shares of msg, guys, just because the company did come out and say that they were entertaining the idea of spinning off their properties. >> msge. >> correct, thank you for -- right. it's important, there are so many different things, optimism, this was all of once part of cablevision many years ago they have actually created a good amount of value through the

various spins they've done or at least at one point when i looked at it, and that's some time ago. obviously cablevision itself is long gone, having been bought by altise msg considering -- msge considering the spin of many of the properties that make that up, separating it out into the hospitality which is the smaller part of it and all the venues. >> they keep telescoping out it's sort of fascinating >> it's not the knicks and the rangers. >> it would be madison square garden, the building, radio city, beacon theater, as well as msg network. alongside that is the las vegas, things they're building there, towers, nightclubs, restaurants. the interesting point about that is there is some line on that,

marion gabelli has been on this, saying once this is done and for some reason there's going to clean up the story and maybe the knicks and rangers out of msgs could be sold, it got a lot of people chattering because of the possibility of the team having new owners no indication that's going to happen >> it's an important distinction, msgs versus msge., back to the idea how they've been trying to create different pockets of value and vfocus. yeah, long suffering knicks fans don't expect dolan to sell anytime soon >> the value of the team keeps going up >> value keeps going up. >> so you have a cushion there >> the msg arena, there are a lot of questions in terms of a redevelopment of the penn station area here in new york city and what that would mean and the possibility of moving the arena at some point over to hudson yards, for example.

again, that is stuff that's just been discussed but one day could happen >> certainly directionally, the news about sports media rights, yesterday with big 10, this morning with champions league and paramount, is all pointing in the same direction, and that is higher. >> it's very true, yeah. >> paramount is going to pay i think 2x what their prior deal was in the u.s >> yeah. they say it's been -- this is a quote from them, a key driver for paramount plus since they've launched, a successful partnership showcasing even more world class soccer through the 2029-2030 season and what they say is the big momentum they have created you can see of course what that stock is doing right now at paramount. it is interesting how they keep going up, the sports rights, yet you do wonder how it will all end up being paid for in part. obviously when it's streamers it's one thing, when it's amazon or apple with endlessly deep pockets. but for those relying on cable

subs a la espn, they have a streaming product which is important but it can't support the kinds of numbers on its own that they have to pay to keep these sports rights. >> it would seem not first of all, that's been a story for so long at this point. >> so long >> and the idea they'll hit some kind of limit. it's almost as if, as cable shrinks, sports becomes bigger relative to the rest >> it's the glue, as john malone has said to me every year, it's the blewglue that holds the bune together to some extent, the bundle being your actual cable package, the number of people connected to it gets smaller every year not for us >> no. streaming exceeded cable views this week. meta is down 2 1/2, morgan stanley cuts estimates for '23 fallen engagement, rising

headwinds. they were at 280, they go to 225 as meta comes back to the 50-day after having been above it for at least a couple of weeks >> it seems as if as soon as it became something more of a value name, you had to kind of talk about cash flow, giving you the margin of safety, it has slowed down, the stock has slowed down. arguably it has given you a chance to accumulate it. it hasn't been able to escape the idea that we're in a tough moment for digital advertising, potentially. and even though we're lapping all the apple privacy stuff, it would seem kind of stuck at these levels, although, you know, still a reasonable value and almost the temperature's been turned down on it a little bit. i feel like there's not as much kind of bullish or bearish passion around it. sometimes neglect is okay. >> give it a little time i'll turn to both of you, i noted earlier in the week, weakness in uber and lyft.

and it continues coming out of earnings, particularly for uber, the stock had performed quite well it sold off this week, they both have, fairly dramatically. they're both down again, as you can see, over 3 plus percent i'm not sure if it's indicative of the changing view of where the economy sits right now or something else >> i don't know either i mean, for a while, when they had their report, a lot of excitement about the fact that the economics were turning a bit in their favor in terms of driver availability. >> yes >> the very strong jobs report we got in the last couple of weeks said maybe that's not going to be as much of a tailwind longer term, since they've been public companies, they have not really proven themselves to be, you know, business models that can, you know, that can gain the trust, frankly, of investors it's still a leap of faith that the model is going to work really well. >> always another investment that has to be made and to a certain extent not anywhere near the free cash flow that some were led to expect would be the

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s&p down 40, back to 4242. take a look at some of the biggest laggards actually quite a bit of travel names down the further list, crew lines, wynn, american airlines in there as well. stay with us we'll be right back.

paypal and block are up double digits, still the group down significantly our next guest reese mains bullish on the stocks and the industry chris friendler, good to catch up with you.

these names had had huge decline, people questioning the sustainability, i guess, of the big in a tougher economy, but you think a firm can navy gait through. what is the upbeat case for it >> very -- thanks for having me on i really think that it -- it's a fintech stock, and in the bear market it's a financial, so you've seen a significant rerating of the stock, not necessarily the numbers, just as much as the multiples, and the layer on top of that is credit risk i think there's concerns about the consumer we have never seen this inflationary environment affecting the lower-ened consumers, and losses are a double-edged sword not only do they run through the income statement, but can affect getting funding.

affirm, i believe, is different. it has a unique underwriting model. so far they have shown themselves to be different, but it's still early in the downturn >> yeah, i mean, obviously the idea that it's somehow a better mousetrap -- we've heard this about upstart. it hasn't necessarily worked with on those personal loans what do you think about apple coming into this general area, even the card issuers in gym trying to replicate will not be a headwind for a firm? two great questions. i can't tell you how many times i've heard lenders tell us their mousetrap is different and better, and a lot of times they've been proven wrong, so i'm ticking my neck out here and saying affirm is different

i think there's key facts about buy now/pay later that do make it a different story you're underwriting each purchase differently these are short-term loans, each purchase is underwritten separately by the company. they underwrite every single -- so it's untested, but there are structural reasons why the credit performance could and should be better than traditional credit products. then, on the growth side, we love the fact with more and more consumer droppings, some of the big heavyweights that affirm has signed up, like amazon and walmart, and having apple join the fray, as well as visa and mastercard, it feels more

reactionary. i think the market is competitive, but given a firm's ability to do the deeper end -- >> go mucha. >>ened also they are the only ones provide the longer-term loans. >> chris, we got to go appreciate it. >> thanks, guys. coming up after the break, a lot more on bed bath, after ryan cohen exits his position that's down about 90 points from tuesday's trayinad high. "squawk on the street" continues in a moment.

good friday morning. welcome to another hour of "squawk on the street. we're live at post 9 morgan brennan has the day off a stfewer-week win streak in a t of a jeopardy. >> we're also keeping an eye on big movers deere shares are down after the company did record disappointing results. it also did cut its guidance

footlocker, though, having a very good day. it is up, what is it, now over 20%. more importantly it announced, remember mary dylan, ulta beauty ceo, she's taking over the reins, trying to reignite their digit at strategy. and we'll talk about the move on bed bath & beyond. it's down about 42%. ryan cohen sold it all, everything that he owned we told you yesterday he likely had sold, and in the 13-d filing, we see a tuesday and wednesday, he sold the shares he had amassed some time back, and the optioning position that he took on in february and march. well, i mean, they went up

enormously in value as well. but, he made a lot of money. >> a college student made more, though. >> yeah, that college student highlighted in the f.t. story, it seems strange there's got to go more to that where did he come up with the $25 million initial investment there were a lot of market participants who were particularly upset about this whole scenario, feeling that it just undermines the integrity of the market overall obviously a company's fundamentals are severely challenged that but that didn't stop the stock for rising untold levels to people who could not have imag

imagined. >> i look at the stock reaction today, and you have to wonder, is that the full impact of this kind of this mania, characters like ryan cohen that get into shares, and you kind of wonder how much you have these meme celebrities that have put their weight behind it is the sell-off -- maybe, you know, you could also include yesterday's price activity there. there was an interesting tweet this morning from danny moses i wanted to bring up, because it helps tie together all of these meme celebrities that we talk about -- if trading meme stocks was equated to playing chess, all of the pawns are being taken and the knights and bishops are in retreat

it's all about taking the queen catty wood, and then the king elon musk to clean up this market >> that's a deep melt afor the action this week, wee pleased to welcome back to post 9 jim stork, who hasn't been on the desk for a while >> nice to be here. >> you make the point that the idea that the meme traders were going to be washed out for good was overstated. >> totally i think so many of us, including me, have misunderstood this from the beginning as some kind of at least somewhat rational investment strategy that people lose money, and as rational beings, they would go away, but i think it's not investing, but more entertainment i think it's probably chess

masters would take affront at that you don't have to be as skill. but a lot of it comes from my students at columbia they say forget about it, it's not investing. first of all, there's a social media component. you have to kind of live on the internet and chat room, and then the big excitement comes, the big game comes when they pile on to something there is maybe some weed logic, which used to be following roaring kitty, which has disappeared. ryan cohen is one of the big stars. they all follow it the excitement is the run-up and then the rundown sometimes they make a little money, and sometimes they lose some, but it's the thrill, the excitement, and they're all waiting for the next one another one will come around. >> jim, you've done a lot of work on the regulatory side of

things, so there are plenty of old-timers who find this unsettling, to say the least, undermining the integrity of the market, to some extent, though we could point at many other things ryan cohen was not an insider, even though he had three directors on the board at his behest, so to speak. there's nothing where the s.e.c. would have the ability to see something -- >> the s.e.c. did look into the phenomenon, and congress held hearings where roaring kitty actually testified nothing really came out of it. yes, of course, they have to make sure the laws are followed, but there's nothing nut in the markets to have these people who have an outsized influence who people follow. people have been tracking warren buffett's moves for year i think it's unsettling to

traditional investors that ryan cohen, who knows the effect, can factor that in, and boom, he sells. you can't say that's illegal, but it's unsettling to real investors. >> speaking of just education and regulation, i think it was jay clayton on "squawk box" this morning talking about it is the s.e.c.'s mission to educate. the filings that came out this week were very confusing to the retail investors you have a proposed auction sell those in the know realize this is something that usually when they things are filed, it means they have sold. >> they have already taken place, right. >> but if you're a retail investor, it's very confusing. it appeared there was a new event that took place on april 21st, didn't make it clear that event had to do with buybacks changing the denominators of shares outstanding

so i wonder for regulators should be doing a better job in making this more transparent. >> i think there's no question there's a lot of room for improvement there, but i think it's revealing that, you know, ryan cohen made the filing and the meme crowd apparently didn't even notice it a lot of my students have interviewed these people, and they don't know what a p/he is they're on another planet when it comes to what information they process and act upon. i do think there's a silver lining some of them get interested and are actually learning about the market, it's not just gambling, there are ways to make money, and maybe as they get older and wiser, they'll become more educated investors anyway, that's the -- >> that's the hope, yeah >> you would think if the idea

is to win that you would want some edge and maybe learning what a p/e could be helpful. >> the occasional meme burst, it's not moving the overall p/e. >> you have bby down, and equities in normal range, right? you think overall the market can absorb whatever erratic behavior they present >> they don't even read -- >> to actually play, though again, they are all similar situations, and they are typically in fundamentals where

there are real questions about the viability of the business. gamestop, of course, and we talked about the analysts. and bed bath & beyond. >> you know contrarians have long looked for that kind of stocked. the upside potential looks horrible, heavily shorted if you hit it. >> you know, they happen very, very rarely. there are reasons why bed bath & beyond is teetering on bankruptcy >> i was curious, you know, what this all means for ryan cohen and his ability to replicate this in the future he got in as an activist, kind of received a consult-like following, and he still has that with gamestop, but people look at what's happened with bed bath & beyond, and his 'only been in it for a few months, he

got the settle metropolitan on the board and then cashed out. do you think that, given what we have seen with bed bath & beyond, we will see him pop up again in a different retailer? >> or something. i don't think ryan cohen has proven himself as an activist investor he is a meme celebrity most of these gains are coming from that. i have yet to see any brilliant insights yet >> if he was a real activist compared about the rep station, the likes of which we report on, there's no way he would have sold his entire stake. >> unlike those activists, he doesn't have lps, it's all his

money. >> whatever he is doing, it's working. >> i would say this will work for some time. this is a fickle crowd you're a hero one day and they could move on to a new favorite soon after that. >> separate from memes, i know you're interested in what's going on with the sports media right. >> super interested. >> big ten, and this morning the champions league. >> the big ten deal is astonishing in its own right it illustrates the incredible upheaval with sports rights. it's like a nuclear arms race. you have disney, espn, the kabul owners and now apple, amazon, all beginning to talk about adding sports. the frenzy is causing -- this is just the big ten we're talking about. a lot the other sports rights are coming up in the next few years. billions are starting to be thrown around. what is super interesting here

is espn threw in the towel they're the biggest, you know, sports network, yet they couldn't play at that level. so i do think that raises very instant questions for espn in particular with the costs going up like that on the revenue side challenged what will they do? spin it off? meanwhile, all of these companies throwing money at it as an investor, it makes me nervous. good for the schools, and i guess the players will get some of it eventually, maybe, but it will be a fascinating phenomenon to watch. >> jim, great stuff. great to have you back more frequency next time. >> i hope so thank you. as we head to a break. a check on the fed and what the hawks are signaling about hikes ahead. plus more on the banks, goldman sachs, morgan stanley, they're up over 25% just in the last two months. wayfair slumping today, cutting costs and workers, what

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welcome back meme bank stocks coming back here to break down the moves, gerard cassidy thank you very much for being here curious your take on this.

q2 earnings were somewhat mixed. wehand got, prime borrowers not showing much discretion, but some evidence of that in some prime borrowers. what do you think is behind this recent confidence? >> i think the confidence has picked up, because the economic after stumbling in the springtime, has started to stabilize. maybe there's some evidence are -- i know negatively two quarters, that would technically be a recession, but due to the pandemic, the numbers are not holding up as they normally would. but the credit market, that's the number one issue, the

primary borrowers of commercial banks, they're not feeling stress today there is some deterioration there, but that's not the banks' primary market what was incredible was the net revenue revenue growth because of the rise in short-term interest rates that's more than overwhelming any higher credit costs the banks are starting to billed in. and guidance also surpassing expectation. depository rates, though, have been confide low do you see a shift in that front? is there enough competition out there for deposits to even make some sort of a dent on that front? >> you're really getting rate to

the hot of the matter. that's the rate that the -- but our banking system is flooded with liquidity, and there's no rush to raise deposit rates. some deposits will leave, and they have to pass on the deposit rates right away to their customers, but what i call cheap consumer deposits, grandma and grandpa deposits up in buffalo, new york, those rates won't go up that quickly. so those margins, to your point, are very strong and will grow again in the third quarter they both have outperformed the s&p this year, why aren't you more positive on them

because of expectations that the investment banking business was going to be weaker than last year we didn't expect it to be as bad as it's been that's part of the reason i think you've seen the stocks rally. as you probably know, the ecm business has been just devastated this year with the ipo business dropping close to over 90% so year to date the deals just have not been there it's built up expectation that the fall is going to bring more ecm activity, and that will certainly help those names we think the industry needs to realign its costs, and now granted the revenues we're seeing today are not the new norm we're at numbers we haven't seen in 20 years matching the

lower-revenue side, that could be the opportunity for these stocks. >> i'm glad you mentioned that, gerard expense management has used as a cause celeb. it really is their focus does it stick in your craw >> yeah, carl, it's interesting, because, you know, you look at this spac business in par particular, as you guys know in the first quarter of 2021, that was off the charts now it's essentially evaporated. you have to wonder why did they have them in the ecm business. will there be deeper cuts in the area there have been some minor tweaks it's understandable. management wants to make sure there isn't a serious rebound in the investment banks business. and once they are assured the revenue outlook is more muted than it was in '21, that's when i think they'll step it up

it's probably coming sometime in the fourth quarter >> interesting that's really important to emphasize, minor tweaks to the various forces, but not massive layoffs. really appreciate it, thank you, gerard. >> you're very welcome, leslie. meantime deere shares, getting some fresh headlines even as we speak. >> the takeaway is john deere is doing everything it can to get tractors and agriculture shipped to farmers it comes at the expense of lower margins, and hence why it cut the full-year outlook pricing was strong again, it's expected to be flat

analysts have been quick to point out, shares with us comes after three years of strong results. the stock, we should point out, has vastly outperformed the competitors, but stock is trading lower right now, as executives on the call really detail those supply chain constraints that they are experiencing higher logistic costs, unfinished goods leading to higher inventory, the question is can they get through the issues and can the concerns ease during q4. >> seema, thank you. when we come back, a role eliminated at starbucks. we'll explain how it's explaining to the reinvention plans for that company. first, "squawk on the street" is heading to pebble beach. robert frank is live he's got more for us robert >> good morning, david the limited supply of new cars has just added fuel to the soaring prices in the classic

car markets. we for to ceos of two super car companies, whether they're seeing any slowing of demand and why their waiting stlis are now a year long. live from monterey, on the golf course, coming up.

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we've got some big changes at starbucks as part of the company's reinvention plan our indicate rogers has more. >> chief operating officer will be departing the company tess end of the year, transitioning to executive adviser he said they're reorganizing the executive team, limb flating the c.o.o. role. day-to-day business operations will report to howard shultz, and strategy will now report to frank britt, who has a new expanded role. in his own letter to partners, shultz said we want to create

every, and to acset raid elevated experience for our groan apron partners and customers. that has been a big focus for schultz, who will also leave at the enof the calendar year the companysays it's speaking to external candidates for this role this is the fourth executive departure in the last two years, with brewer left in 2021, and ross ann williams in junened and now john culver. back over to you. >> there's been a lot of questions whether or not schultz wants to reinvent the third place dynamics, where you just hang out how is that playing out? >> we're expected to get more details at the annual meeting in november, and potential news

about the new ceo, but he has said he wants to reinvent the customer experience and the partner experience there's been a lot of friction with the ongoing union battle, so that's something he's been focused on he's committed to it clearly and we'll get more details hopefully in the fall. >> any update to the ceo search, and anything we can glean from that c.o.o.experience that maybe it clarify >> eliminating the c.o.o. is interesting, because that's often a training ground for moving into other roles. i heard you all talking about mary dylan she had been floated as a potential starbucks names, but she was named as ceo for footlocker, the former c.o.o.

and cfo, and rich alison, who also retired, on the starbucks board, he was also mentioned as a candidate, but the emphasis from both howard and the company lab on the external hire. >> kate, thank you kate rogers. let's get a news update from frank holland. president biden will have a louse summit next month. the mouse says the september summit will include bipartisan panels and conversations on countering hate-fueled violence, preventing radicalization, and fostering ninth. fda warnings that the flood-flavored gummies could cause nicotine poisoning orb death if eaten by young chill. they calmed the gummies a public

health crisis waiting to happen among or nation's youth. the costs of raising a child is running near a -- with two children, a married couple would spend on average more than $18,000 a year to raise their younger child in 2015, through the age of 17. that's the very latest back over to you. >> i feel like daycare alone for five years would get you to half that amount. we'll see. while the fed may be united on raising rates, they're still divided over how high that story, after the break, as markets fall to close ute the woke the dow is down more than 200 points don't go away. the right relationship with a bank who understands your industry, as well as the local markets where you do business, can help lay a solid foundation for the future.

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senior economics reporter steve liesman joins us with more on the story steve?

>> yeah, david, richmond fed president tom barkin in just the past hour, adding to the stream of fed-speak, saying he found the july inflation report an improvement, but a return to the 2% target would not happen immediately. he said the fed would do what it takes to bring inflation down s the fed officials have a more optimistic outlook jim bullard says rate cut speculation was premature, and mary daly in san francisco, says the marketshave a lot of understanding rates won't go down as -- and the fed may need to do more he doesn't know if recession can be avoided

and esther george, once the biggest hawk on the board, now maybe more dovish, saying not a time for a victory lap the markets and fed are in line with where the rates been going to 3.5%. next year is in contention markets priced in 3.25 first is the amount, the other is the direction the fed would have to hike and begin cutting rapidly for the market to get this right but fed officials seem intent on convincing markets the more likely outcome is for the fed to hike and hold. of course, all of that depends on inflation in the coming months it has to come down in a way that convinces officials the decline will be lasting. we'll get to ask the questions next week in jackson hole. >> we're looking forward to that, steve. i have a follow-up question. i heard you talking on "squawk box" this morning about an

investor comment you received that basically said that the fed is going to have to pivot. they don't know it yet. >> yeah. >> we've seen this take place where market activity is really going against the grain in terms of the old mantra don't fight the fed. the market is sea, yeah, yeah, the fed says one things, but we think it will do something else. is that a dangerous strategy >> leslie, nobody knows more about that answer thune you, because you cover hedge funds. they try to take risk that is rewarded, right? the question is not are you right or wrong the question is, is the reward there, the return there for the risk you take? nobody has a mo in the hospital reply on predicting the gut. they were off big time, if you look at their september forecast last year, where they're going to be at the end of this year.

they've been on before, off more often than not markets also have a checkered history. my take on this, leslie, and this is something that the hedge fund guys will answer better than i will, is the market came down a very long way it may be there was some reward to take a flyer on the fed being wrong and this nothing from the investor that i had read, which is that the fed will have to be wrong and will have to pivot to that i would add an asterisk, even if it does know it, it doesn't pay for the fed to say it now that had loosen up financial conditions too much. >> certainly would undo a lot of the work that has been put in the pipeline so far, steve appreciate that, steve for more on what comes next, let's bring in pimco market strategist, portfolio manager.

happy friday page one of the journal says the market thinking the fed is bluffing how do you characterize the disconnect. >> i certainly don't think the fed is bluffing. we certainly know the federal reserve is committed for bringing inflationary you know, that tends to has been during tightening environment certainly we're not all clear. i think a year from now markets will be positive, but there's going to be a challenging path to get there. >> tony, i took note of something you wrote the last couple days, that is in the year

ahead. i'm expecting voelker-esque style, especially that part of the minutes, where they said there's always a chance that gas prices pop back up and create new problems do you think they'll have their eye on that? >> yes, carl what you mentioned is a non-monetary influence paul volcker knew in 1979, when he joined the at the in august, that they were affectening inflation expectations that matters a lot as he said at that time, in a there's an entire generation of young adults that grew up in the 1960s and '70s, knowing nothing but inflation. no wonder, then, they're dematcheding meyer wages and setting higher prices. so taking a page out of the voelker book, chair powell is acting tough rather than the stop/go policies of the '70s

this time it will be stop and hold boomers like me, we're probably the only generation that thought the inflation rate could pick up now you have millennial and x and z thinking it could all rise how could that solve the problem? it took a generation to get rid of the last one, because it was so large, but a couple quarters of tight policy will not be enough and the fed floe it it's beneficial for the markets in general. >> tony, marco from jpmorgan has been defending his buy the dip mantra, say the fed won't want to go too hawkish before the midterm elections, because it could cause market turmoil and won't want to get blamed for

that do you think that's part of the analysis >> no. you can take either side of the story and say that the federal reserve did take an action because of the politics. the federal reserve is a very collegial institutions, fill with over 200 ph.d.s, and are certainly more interested in filling the mission of stabilization, so i think that's an improbable scenario, and we should be thinking the fed is dedicated to its mission. >> brian, we've enjoy a relatively suppressed volatility environment, especially this summer, but today there's about $2 trillion of options said to expire, including about a billion of contracts linked to the s&p. are you expecting additional volatility from here as a result >> i do.

look, volatility doesn't come over nowhere people ask when is volatility coming >> so you can just tell through this conversation, we still have policy uncertainty that will persist for some time. the one thing i did want to push back against on, is this whole idea of paul volcker in the late 1970s, early 198 ons, the reality was back then expectations were completely unanchored if you look within the bond market right now, and years ago somebody told me the bond markets gets it right more than almost anything else the survey data suggests that consumer expectations remain relatively low. the fed does gets some can't to practices not go as tight. >> the other thing is, back then

cpi peaked in '80. we did have a recession from '81, two years later the market did very well. >> tony, brian mentioned the bond market. we often talk about the fed, but a large bond funds manager many people have lost almost as much in their bond funds as in the stock market i wonder your advice in navigating in market. >> first of all, there's evidence of a return to the correlations that bond investors expect they expect bonds to do well and other assets not in fact, it wasn't up until april it was on the bond market, because we saw resilience, in the credit market, loose lending standards, and a rather stable trade-weighted -- nothing was helping is the fed go ahead its

job down, so we've seen since april, anytime the equity market has quaked, the bond market has rallied. we should think about the repricing as a terrific opportunity to get back into bonds. the aggregation of bonds major indices are yieldsing near 4% and they're able to achieve it, that's a return that looks very good relative to history we have decades, even hundreds of years of history on this to suggest that that's a good rate of return, relative to the volatility, and other assets this is a terrific opportunity to be thinking about the bond market, certain for income-seeking investors, and first they should think about the gains, they should think perhaps of shortening the duration to be considering in this environment. >> i do agree.

look, as the economy slows here, that long duration hit is likely behind us. we have seen rates up a bit, but ultimately should come down on the long end if you look broader within the bond market, municipal bond market, you are starting to create value there, and the municipal bond market seem about as good as we've ever seen and high-yield bond market corporate balance sheets, corporate leverage ratios look pretty good. they start to look pretty attractive >> fascinating chat. good to see you again, guys. >> thank you, everyone well, wayfair are tanking. you want to find out why well, come back anjo ud ins on "squawk on the street" in two minutes.

♪ let's get a check on today's etf spotlight, the consumer discretionary spdr, xly, outperforming the s&p by double digits since june thanks to strength in top holding, amazon and tesla. home depot, over 8% of the etf, also electing ceo and president ted decker to -- effective october 1st, not helping a stock too much today, though, down half a percentage point. >> meantime bit counsel to three-week lows overjigt we'll get more when eche" "thcck begins in about ten minutes. don't go away.

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results have been mis mixed. the xrt is down today, 3% on pace for its worst week in seven weeks. foot locker shares soaring, up 21%. earnings, revenue comp sales and margins. guidance disappointing on the lower end of previous range, but investors shrugging that off as the company announced ceo richard johnson will retire in september, and the former ulta ceo mary dillon will take over wayfair shares are down sharply. laying off 5% of its workforce, 870 people shares are off 13 #% suffering from falling demand after stay at home pandemic highs, and heightened splay chain costs. now that they're laying off employees, the severance and benefits associated, will cost about $40 million. there are several common themes emerging in the retail earnings

season, low and middle income consumers are strained by inflation, buying less discretionary goods, and more staple items leaving retailers with bloated inventories and lower margins after more discounts than originally planned in order to entice shoppers to buy some cases, sales higher, but lower margin investors are anxious about next week as its heavy with discretionary and apparel players, categories and areas that have not performed well for retailers that have that and other categories so far we've heard from this week, carl. >> court, thanks so much, so much going on in retail. don't miss a deeper dive on the consumer tonight at 6:00 p.m. with court, the latest cnbc special report, "the battle for the consumer" tonight. an investment of a whole different kind, forget stocks, bonds, some big money is being parked in vehicles, like the one you see right there this weekend.

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consumers are gathering in california for monterey car

week, but amid high inflation and concerns about the consumer, will demand hold up. something tells me these are not too price sensitive of consumers there. >> leslie, so far, no, with all these wealthy collectors coming to monterey, the electric car companies are all rear unveiling new brands, new models and meeting with customers the ceo of lamborghini telling us yesterday that he sees no signs of slowing demand for new models and new orders. >> the demand is still very strong, on the highest level ever seen, and also the used car value is almost over sticker price of the new one so we are not seeing a slowdown. but we are very cautious. >> we also spoke to the ceo of bugatti, they say right now they're seeing strong demand for

supercars in both the ev category and the internal combustion engines in the u.s. and europe. >> i was personally expecting to see a slowdown given the market, you know, who would have said five years ago we would have a global pandemic, a war, you know, and as a result of that, of course, also supply chain issues and as a result that, then a market slowdown but we don't see that at all actually, we see a pickup in sales. >> now, the signal they're all looking at right now is the prices for pre-owned cars right now you buy a lamber gee know, ferrari, mclaren, the prices 20% to 40% higher. until you see those pre-owned prices come down, they don't see any impact on demand for new supercars. guys >> amazing robert, you've never looked more prosperous right at home, as usual. look forward to further reporting from you, thank you.

>> thank you all right, quick check on the markets there. we are ending the week on a sour note, at least if you're long stocks, s&p down 1.2%, and nasdaq almost at now a 2 #% loss that will do it for us on "squawk on the street. have a great weekend, everybody, it is time for "techcheck. good friday morning, everyone, welcome to "techcheck," i'm deirdre bosa. and with carl quintanilla. welcome back, carl, we missed you. jon is back next week. the nasdaq on pace to break a four-we can win streak is this the end of the bear market rally or are investors headed out early on a summer friday bitcoin crashing, more on that selloff. and brian cohen out of bed bath & beyond, the stock more than 60% off its 52 # week high diving into the mean trade. we're kicking of