until we see you again >> thank you, look forward to it >> it will be after jackson hole, so we'll have a lot to talk about thank you, sri andrew >> we do have a big week it's all coming to a head this friday right now the dow looks like it will open down about 22 points, s&p 500 off a little over a point, two points we'll call it, nasdaq four points joe, see you tomorrow, my friend "squawk on the street" begins right now. good tuesday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are tentative still with ten-year, some double digit moves in palo alto and zoom today. stocks are coming off the worst day of trading since june 16th

>> plus trouble for twitter, a new whistle-blower has allegations about the company misleading investors about security, the tightness of security, the ftc underplanning spam issues. zoom shares are down sharply, the one-time pandemic darling notching one of its worst quarters since it went public. >> jim, you've been tweeting about the bipolar nature of the market, sort economic attitude right now. >> i do not like a market where last week we're fretting because oil went down, okay, and this week we're really fretting boys oil went up. that says it's a bipolar market, it needs medicine. we don't know if a combination of psychiatric medicine can cure this we don't see any sign that this market is on its meds or having therapy. >> those who were negative on

the market for a long side and were on the wrong side of this powerful rally are still at least as a group of the belief that we are potentially going to retest lows. >> two people told me in the last 24 hours, 2008, go back over 2008, jim >> a lot of this rally was short covering equities are misjudging things in a way the bond market has not. the buyback machine has been turned on for corporate america, masking limited equities and on and on >> did i listen to palo alto last night he's a combination of the houston astros and new york mets pitching the guy is all star. and he is just crushing it no one crushes it in a real bear market, you can come on air and say that stuff and the stock could be down 10%. i think if you do great, your stock goes higher. to me that's an opportunity to buy walmart which i don't really care for but the stock is down i'm saying watch retail.

macy's was okay. dick's was quite good. watch retail it's retail versus the 30-year and 10-year. >> you want to wait for the broad market >> it's stock by stock it's stock by stock. >> i heard you >> did you listen? >> stock by stock. >> you didn't listen to my show? >> sometimes i do and sometimes i don't. last night was one of those nights i didn't. i'm sorry. >> sri basically says this is unbelievable he's taking from crowdstrike, he's got a cloud business. but i just think that the whole spend that we keep hearing about that is, no one's spending on software, no one's spending on cyber. then you go to zoom, go to zoom. keshawar was fantastic but zoom is about as bad as it gets >> let's stick with palo alto

for a moment bunch of well-received notes today, increased price targets, morgan stanley talking about joining the s&p. >> david, $900 million buyback, mr. no buyback >> i didn't say that, buybacks are in full force, but it could be masking tepid demand for equities >> companies that are doing quite well like palo alto and companies that are doing poorly like zoom. when you listen to these calls, carl, what you're finding is there are companies doing poorly and they just put lipstick all over the whole -- when you have a lot of hogs, what's it detailed -- >> a group of pigs >> hippos. >> a group of hippos >> it's like a murder of close,

-- murder of crows, parliament of owls. >> they cannot put zoom back together again >> why >> because they have very bad consumer and enterprise. there's this company called microsoft which if i put on your pc, teams comes up whether you like it or not remember the old days when microsoft got sued by justice? i think microsoft is lucky to have zoom so they're not sued by justice. >> webex as well, right? that's more enterprise >> yes, more enterprise. >> still got $5 billion in cash. >> but they've been failing and coming up with something else. they talked about their meager call center effort frankly i found -- my stepson worked at zoom >> we're talking about zoom here >> i'm doing security. >> okay. you're all over the place. >> i'm doing -- >> just trying to help the control room keep up with you

with the graphs. >> they're in a bear market. we have a propensity for palo alto to go down too, not just zoom in a market that's okay, like we're in, palo alto goes up big and zoom does not go down big. that's all i'm saying, it's rational, okay there's the amc/blue apron contingent i don't know what to do. when you have a meme collapse, there tends to be a 12% decline in the nasdaq, it's demonstrable a meme collapse. do not look at me like i have two heads. >> what am i doing >> a meme collapse produces -- we have a 12% decline in the nasdaq >> okay. okay if that's what you say you've done the work on that meme collapse. >> it took a long time >> what does that have to do

with the price of zoom >> because i'm trying to give you all the cross currents oil, memesters, and then a couple of companies that reported well, good numbers. i like dick's number dick's is up today >> not a lot of retailers up there that beat and raise. comps were down but they were ahead. they see the full year, 10 to 12, they narrow that range they say they're in the right lane >> lauren hobart is so good, the totally unheralded ceo, doing a fabulous job once again i'm saying if you do well, the stock goes higher. the push is macy's it's very hard, whether he's bullish or bearish, because he has to deal with the inventory of others. macy's is in a competitive environment. if others have too much inventory, of course it hurts them here's a little quiz for him, mr. big shot

what retailer went up four points on the basis of 1332 las friday because of the equipment of a ceo >> oh, it was alta's, dillon went to foot locker. >> just wanted to check. >> i'm paying attention. man, i'm getting quizzed now, he's making sure i haven't lost it quickly and who wasn't here on friday? oh, you weren't. >> who is jim cramer >> you think that's a nonworkday, are you kidding me i do stuff for the club. i did very good stuff for the club >> the last thing that i would ever question is your work ethic. everything else i will question. everything but i will not question your work ethic what was your point about mary dillon going to foot locker? >> again, in a bear market, it doesn't matter who you appoint i am trying to assuage people into recognizing that we are in a decline.

but we are not in a bear market. when it's someone very good, is a surprise pick, to a company that's not done well, that's a sign that we're not in a bear market and yet i keep getting the pushback that i'm too bullish. i'm not positive >> but you think the lows are in >> yes and i think that the idea that it's a bear market or that the vix is too low -- these are all hedge fund -- it's all hedge fund talk. yesterday there was a downgrade of ups because it was 850 basis points better than the s&p that's just hedge fund talk. i don't want to be involved in that dialogue. i think there's opportunity everywhere and that you should be buying stocks into the weakness >> now you're referring to some of the cftc data we got that hedge funds are putting on some shorts in advance of jackson home >> they're not up for the year >> hedge funds have been horrible throughout, most of them >> yes, and they're horrible again. >> they were caught on the wrong

side during this rally, short a lot of those names that we saw skyrocket as a result of course of short covering. a lot of them took their nets down, meaning their overall exposure, way down to very high cash levels as a result and therefore did not benefit from the rally. and by the way, we're not looking good prior to that those that have private investments, we know have had to mark them down significantly if they've chosen to do so. >> except for what except for the university of texas. >> why >> that's right. >> they own a big part of the -- >> threatening harvard as the richest u.s. university. because i didn't get big this year it was the 35th. you're not a cramer scholar, are you? >> i'm not >> you have to have been kicked out of the school and come back to be a cramer scholar or leave the school because of

circumstances. >> mark zuckerberg could be a cramer scholar >> you know what would be good for zuckerberg, if he focused on the rest of the business, realist, instagram >> fightin' words from jim here. >> because the stock is awful. in the end, you know, i'm not your friend if the stock goes down big >> even if you high five in the metaverse? >> let's say you're a ceo and your stock is bad and i see you in a restaurant. you know what i say? hey, chief >> uh-oh >> hey, sunshine i sunshine 'em sometimes sunshine is the lowest thing in the world you can ever be called sometimes they say, chef >> so your chiefing zuckerberg here >> he's a nice guy he got back out of the metaverse and put his head into reels or something. this is where my break with him is coming. not that there's a break when you say in your call the

worst is yet to come, who says the worst is yet to come hey, you know, we're going to lose a lot of games? you never say the worst is yet to come. not that you should do what zoom said last night which is the best is yet to come. >> what should you do? >> just say, hey, we're working as hard as we can. >> he's got a short term bet in reels and a long term bet in meta >> but he's not spending time on reels. i think reels is the way to stop tiktok >> tiktok is such a juggernaut >> want way to really stop tiktok, the u.s. government. >> the u.s. government should say we're all getting stupid because of the chinese, right? did your kid go to college to get stupid yes, if he uses tiktok >> we covered a lot of ground there. >> we didn't get to twitter. i have more twitter insight than you don't. >> no, you don't >> oh, yes, i do, yes, i do,

yes, i do. i can do anything better than he can. >> the strange ramblings of a madman here. this is what he's got. that's going to be really helpful. >> thou swell, thou witty. >> now i really know you have nothing. i can't even read this >> we'll talk some twitter and the dorsey subpoena and the story in "the washington post" today. we'll get to smucker and bbby and some news on intel, medicine ronnic, a lot more this morning. we're back in a moment ♪♪ take the world by cloud. accenture let there be change.

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only from xfinity. unbeatable internet made to do anything so you can do anything. shares of twitter are down we've mentioned a couple of times, you can see almost 4%, after explosive new allegations from the company's former head of cyber security, in a whistle-blower complaint he accuses the number of any number of different security flaws and oversight. now, the complaint was filed in july the whistle-blower claims he was told to withhold a major security report from twitter's board, to write misleading security documents "the washington post" story, there is a cnn story, any number of stories here about this of course from an invest perspective, the question becomes is this going to become a significant potential witness or area of focus for elon musk as he tries to prove in court

that twitter withheld information, because that's really the key here, the contract that he signed is not about whether or not the number of bots exceeds what they said it's did they actively actually withhold that information knowing the number was well above, and can they prove that in court guys, i'm relying on the reporting of others. jim, in all seriousness, i want to hear your thoughts on this. in one "washington post" story, a couple of different things i think are of interest in terms of what this guy could mean for their trying to prove their case for example, you know, there is a quote that says, we've already issued a subpoena for mr. zatko, that's the name of the whistle-blower, we find his information curious in light of

what we've been finding. that's from his go-to guy. in the same story there's a quote that musk's legal team has been trying to get a subpoena for zatko's records and the judge decided against it i'm wondering if any of this will be admissible >> i think the work of mudge is in question. i don't think he had a great reputation you know mudge you don't look at mudge, his handle, dot mudge on twitter >> you're talking about zatko. >> yeah, he calls himself mudge. we have to take into account that once again, the accusations that there are just a massive number of bots flies in the face

of everything that they do now, i know that musk says their work is shoddy in trying to get the bots out in working with them trying to figure out how many people hate me, i can tell their work is very rigorous, unfortunately, very rigorous. when you go and you look and you say, how many bots this, how many bots that when you have the police investigating and you're worried about bodyguards, they have very good systems and i do not think that the accusations have anything, any basis in fact. >> that's reflecting your own personal experience, right >> i mean, let's put it this way. when i'm threatened at that level, i do not stop with me i want to know whether mine is more bots and fewer bots and how

closely do you monitor this. it's empirical, it's not anecdotal. >> the point of musk proving his case somehow in order to be able to get out of his contract, are you going to take the stand, is this going to be admissible? >> no, mine is empirical but it's secondhand, i wouldn't put me on the stand. >> the question will be, again, does this help him in some way up to date, he's had no case >> fired guy >> he's had nothing. it seems possible that spiro found this guy and they tried to subpoena his records, the judge said no and they leaked it to the press. that's certainly a possibility here then they obviously -- the reporters were able to get ahold of the actual filing or claim from -- they cite it from a democratic operative or something along those lines. >> yeah. >> whether or not this is going to have any bearing on twitter's case is very much unclear at this point that said, there is stuill a

belief that they could easily come to some sort of a settlement should they choose to do so. my sense of the board of directors at this point is they think they have an incredibly strong case and seem to be somewhat unwilling to even entertain that notion. nonetheless, as you get closer to trial, and with subpoenas all over the place including jack dorsey being subpoenaed by musk's legal team, we'll see and this may help musk's case, at least if he wanted to try to broach a settlement. >> you can throw a lot of mud at this guy, mudge, mud at mudge. he has cut his hair from that picture where he looks like he's from the grateful dead, that makes you have more gravitas but to me, i look at the guy, i read that he was fired, that his work was second rate and it's true, they have operatives, they recently fired an operative at twitter who was basically a spy. but it is not true, and i

continue to maintain, that they want to get sold but they have not done anything to me other than tell the truth about how they check things and that they check things pretty well given the fact that there are billions a delay every day they check for bots. >> i'm sure they do. to come back to it, in court mr. musk's legal team will have to prove they knowingly misled, withhold evidence, because that would reach -- at least you would think, potentially a level of fraud and might allow mr. musk out >> i think what we have to be thinking about is what the new twitter will look like >> the new twitter >> under musk. and whether there will be better ways to monetize it. if you have a product, you can't really sell it i think that changes instantly i think twitter will be a way to -- >> it will be a private company. >> run by someone who doesn't really want to have it anyway. >> well, tough luck.

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we're going to have an opening bell a minute from now we'll squeeze in a mad dash. we'll talk macy's in a minute, but you want to talk about target >> they took a big charge on inventory. i think they really cleaned up things and it was a very good quarter, not being reflected by the stock. stock can go higher. market was bad last week now, there is some great research out today citi has lessons learned from walmart and target you usually don't see that kind of cerebral analysis back to school, off to a huge start, i've confirmed that from the company, back to school is absolutely terrific. now, get this. who is going to be the biggest beneficiary of the collapse of bed bath ubs says it will be 2% share, walmart will benefit by 2% this is on the demise of bed bath both of those two together say

buy target by the way, the demise of bed bath is almost presumed at this point and yet by the memesters, who better go and buy a lot of stock, they're going to go in and buy a lot of that discontinued merchandise [ bell ringing ] >> the opening bell here on the cnbc real time exchange, at the big board, celebrating a diversified medicine tech company celebrating a recent ipo. 71% of walmarts are within a ten-minute drive of the bed bath >> yeah, and when you think about it, you go to bed bath when you're going back to school, it's always been a great place to go. target and walmart are -- there's a lot of targets a lot of targets too now, the bookcase for bed bath, david, is basically if someone does give them credit, they can

get through the holiday season and then they can raise capital. but the clock is ticking so furiously against them and the management themselves seems to be in the bunker. you know when you're in the bunker, you don't think straight >> no, and i can remember any number of retailers faced with that holiday season question because you have to get the factors, you have to get all those who would provide you financing to do so in order to build your inventories into that period if you can't do it, you're kind of done. and a lot of times then you kind of file prior to that because you want to file with at least some cash in your balance sheet. >> they almost have no cash. remember, what's really important, think about the shift in their strategy. they went to private label i actually like a lot of private label. that private label strategy failed they're already discontinued it. now they have to pivot and go to branded. what happens if all the branded is already taken by target there's not a lot of excess inventory at the branded level

macy's says there's some inventory of some apparel. the apparel at the range that is target versus bed bath, if you've been to the home goods section of target, it's on fire. >> it's uphill battle for bed bath, it would seem. >> i would say so. they bought back so much stock david, what was the bull case that they were seeing when they bought back all the stock? >> i don't know. i don't know we pointed it out for many years under the preview management that then was displaced for the next management, that was then displaced, it was a creeping lbo. >> why do you bring in kirkland & ellis? >> to advise on restructuring. >> restructuring means what? putting up new stores? >> bankruptcy. >> bingo duck comes down. thank you. >> you're welcome. can i step off the stand now >> you're okay what we're waiting for, i'm actually waiting for the kind of

white collar sec defense law firms to get involved. the bar has been silent. >> speaking of distressed situations or would-be distressed, amc today, after the "a" preferred, they cut their target from 4 to 2 based on the new preferred. but they say plenty of cash to weather a quarter in which the film slate is a little softer. >> adam aron, the ceo, we've done some great work about how it's minus 5, when you try to figure out where the stock is. what was great, it was so difficult to figure out how the stock was doing versus the regal collapse i've read a number of articles which said the collapse of regal could be very positive i would say this all the articles about how he has cultivated his share base

are so singular versus every other ceo. why don't they do what he does >> you think more ceos should -- >> palo alto does a 3 for 1 split. i think you get the people who watch "mad money," you get those people in, they're not traders if you have a hedge fund base and something goes wrong, carl, they just leave. if you have an individual base and something goes wrong, they double down. this has been a great strategy by adam aron >> it worked for him, he's shown an ability to adapt, that's for sure >> guys, i want to talk about intel and talk about a part of the capital market that we have at least been focused on and should continue to be. the news this morning involves intel signing an agreement with brookfield to jointly invest up to $30 billion in what they're

calling leading edge chip factories in arizona what is interesting about this is the structure of the financing itself and the way that intel is now going about financing its construction of these factors, which obviously is very expensive. intel's going to pay 51% of it brookfield is going to fund 49% of it. this is brookfield asset management, okay not the real estate part of it, a global alternative asset management intel will retain control of the factory but brookfield will have a significant ownership as well and therefore potentially reap a significant return on the invested capital or financing. what does intel say? this gets us capital below the cost of our equity, protects our cash for future investments and even protects and allows us to continue to fund the dividend. they're saying, hey, this is a great way to go about raising

capital to fund our expansion. by the way, this is not even including any aid from the chips act or where that may come into play >> or the mobile ipo >> or the mobile ipo but i've been speaking any number of times, when we talk about a leveraged buyout, about direct capital and the fact that the banks are no longer the main providers, oftentimes, of capital to finance leverage buyouts. it's the brookfields of the world, the al creeks, on and on. this is the same thing only a different desk, so to speak. it's infrastructure where they have an enormous fund and they are lending directly, and pushing out banks that might have come in at a higher number in terms of what they wanted and yet are willing to do so because of course the returns that they're planning on getting, let's call it mid- to high single digits, perhaps, are

plenty, for the funds that they have in place. interesting move from an intel we can expect to see more of it from what i hear from those who worked on the deal >> it's interesting you mentioned the dividend, people are worried about the dividend, this is a very good solution i know mobile is going to come, it will be exciting, the ipo market is completely dormant, we're hungry for an ipo. pat gelsinger getting out of the hole >> as you said, these plants take years and tens of billions to build micron also making a $40 billion commitment over some ten-year period >> in the medium term or short term, they're not trying to buy anything because they want to get the inventory down >> right >> there's a conundrum about whether you buy asm. the answer is, i felt that gary dickerson answered a lot of questions on the amat call and

the intermediate term is so bright for these guys. you just have to get through this short term period and you'll be really rewarded by owning that stock and by owning lamb research which i think will have a really good 2023, really good company, tim archer doing everything right the stock is off almost 300 points from its high, very interesting story there. >> obviously a lot of key customers. the big story today on apple is that they're trying to shrink the production window between china and india on the iphone 14 and of course ford, their massive ev transition, laying off 3,000 -- 2,000 salaried yesterday. >> i think what we're leaving out, a lot of people want to get $3 billion in cost, they have to start somewhere. when you look at an ev car, it has a fraction of the parts of a combustible engine car 40% fewer parts. there are white collar people

who are involved with every single part of a car it's really kind of amazing, david, there will be a guy in charge of the pistons, the carburetors, there will be hundreds of people on the carburetors, white collar salary they're not as necessary in an ev world so why shouldn't farley say, you know what, guys, we don't need you? it is the greatest hiring market in history they all get hired, this is the greatest time to do it >> they all get hired by -- >> everybody needs engineers you can go to raytheon, for heaven's sake. >> far fewer partis, as you pointed out, in an electric vehicle. i wonder what that means for the aftermarket when there are so many more of these on the road >> i'm not in that business, i don't know >> we're going to get advanced auto parts tonight they're in for a sea change. >> auto zone remains being one of the top five stocks in the

entire market. look at that, that stock does not quit it's up 10% for the year do it yourself do it yourself movement is strong in times when people go to the dollar store, they do it yourself, lowe's had a good quarter, which is more do it yourself than professional >> gas prices now down 70 straight days. jim, that's the longest streak in almost a decade, you have to go back to 2015. >> disney, when oil was climbing, gas was climbing, disney went down because people speculated there wouldn't be a lot of people going to the parks. with oil down, why don't they speculate that more people will be going or is the stock in some sort of are y rut, i ask you, is there a rut disney is in is it all pulled down by warner? >> you are fascinated by this area, aren't you you like to come to it every

single day not ecodisney, warner, really >> our viewers care passionately about whether a tv show takes off. >> first episode of "game of thrones," 4 million. >> will it be able to maintain >> why is the stock down so badly? one and done 10 million people were bored the stock's not doing particularly well. >> not today >> it's up 8 cents that's what it's all about >> we know discovery is ceiling with -- we've talked about them many times, very large debt load however, david zaslov is in many different areas that will bring

growth >> do you like the situation where the market cap is almost 50% less than the debt load? >> it's not been good. it has not been good >> i think -- >> at&t shareholders were given roughly 71% or so of the companies. >> david, i try to focus on companies that people use. zoom, warner brothers, disney. do you want me to focus more on, say, the truck part business >> no, you can stay away from truck parts. >> energy, why it's time to -- i'm versatile. where is the double a met team, port sat. lucie i would prefer to talk about things like warner brothers, it's on people's minds >> i'll talk about it with you any time you want. >> just not on air >> also on people's minds today, bonds, ten-year, close to 3.07,

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whether or not to "squawk on the street." rick santelli here with breaking news s&p global pmis, august preliminary. with respect to manufacturing, 51.3, a little less than anticipated and sequentially lower than 52.2. it's actually the lowest read since july of 2020 if we look at the services pmi, 44.1 much less than the 49 and change we're looking for. sequentially lower than 47.3 and that is the lowest level since may of 2020. and finally, to round out the trio, our composite pmi, 45.0. less than 47.7 in the rearview mirror and 45.0, the lightest read since may of 2020 none of these are very good.

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back to twitter this morning and the explosive new allegations from its former head of cybersecurity, accusing the company of a number of security flaws and oversights here is what he told cnn earlier this morning >> there is an analogy of cnbc r this morning. >> there's the analogy of an airplane every passengers and tannedant crew all have access to the cockpit, the controls, you know, that's entirely unnecessary. it might be easy, but it's too easy to accidentally or intentionally turn an engine off. >> employ uses of twitter's it's a false narrative riddle with inconsistencies and presented without important context. we will pursue all paths to defend our integrity as a company and set the record straight

>> don't you want a lot of people with eyes this is not a problem that's not doing well. >> the only thing that matter is when the trial starts. >> that's it ed idea that somehow a lot of people are looking at it what should we have been looking at t. facebook twitter. i don't think that it's wrong that a lot of employees have their companies i think that is a false narrative. the question is whether that gentleman will somehow be able to be a witness in court it's unclear if that would be the case "the washington post" says musk's legal teams has shown its -- jax dorsey, we don't

zatko, though, is one of the executives whose legal team also attempted to obtain reports. they say a judge deentire that request, on alex spirito, musk's lawyer says -- but "the washington post" reports that a judge already denied the request. by the way, i don't know 23 that's true, i don't know -- -- trying to prove their case if zatko cannot take the assistant, there is not much to advance their case >> he didn't subpoena anybody. big deal i subpoenaed like half any dozen people in the last year -- actually five years. >> where did that get you? >> a pretty good settlements,

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hey, bob. >> recession talk is back in vogue, but commodities are popping. that may be a bit of a problem nat gas has been flying recently, even oil is on the up side semis are doing well defensive sectorses like consumer staples, health care are lagging a bit. energy has been moving the energy etf is about a two-month lower. that doesn't make people happy what's making people nervous is this talk about recession. you saw this on friday, when we had several people out, including tom barkin, talking about there's a path to getting

inflation under control, but a recession could happen in the process. everybody is concerned that powell will be even more aggressive on friday when he speaks a ten-year yield at 3%-plus right now. the dallas index is at a 19-year high this makes the inflation people very, very nervous that we're not going to defeat it, it's going to be a long slog here growth stocks in the last week since the tuesday close, a lot under pressure ark is down about 12%, consumers services, discretionary are weak the energy is down about 4%, and the defensive groups are holding up better. it's not a disaster, big tech is down a bit, it's certainly not a disaster compared to the big run-up we've had consumer staples, understandably are holding up better. this is all kind of normal when you see the run we've had of

johnson & johnson, unitedhealth, coca-cola, so i think, the concern is the market seems to think that mr. powell will do something he hasn't don't before on friday. everyone seems to believe he will reiterate -- if he says that, he's already said it, so everyone is scratching their heads about how much more hawkish can they be on friday, if he isn't, then perhaps this recent down turn is a bit overdone carl, back to you. >> thank you, bob. let's get to jim and stop trading this morning.

people are like, eh, growth. >> revenue down four, we were looking for down five. basically reiterate the guide. >> what it feld like is not as bad as it used to be i know that's -- i expected the stock to be flat, and the analysts are starting to really question this. this was a big more of an open rebellion by some people in the call i'm always wary when i see that. david, when you see analysts say, what's the deal you know that's a prelude to a board sentencing, what's the deal >> because analysts typically are not that bold. >> no, no. most of the time -- i mean, if you listen to the zoom quarter, the analysts were quite congratulatory, but that's

because people are very nice. >> have you seen the mentions of congratulations on the -- >> it's so embarrassing at that point. >> it always has been, but they're not the antagonists, and they have to stay in the good graces of the company, to a certain extent, to make sure they have communication. >> so the analysts say congratulations on a wheels up call >> jim, we'll see you later. jim cramer, as we cross the top of the hour, we have the flash pmi. back to rick san teleer. >> along what that we have richmond fed for august expected down two, it's down eight. that's the lightest level for new home sales for the month of july, expecting 575,000, a miss here, 511,000 seasonally adjusted annualized units down almost 13% here's something to ponder, the very first read of this year was

831,000. just to show you the direction of new home sales with rising interest rates and a variety of other headwinds. and to go into those, let's head east towards diana olick. >> this is a huge miss, but i'm not going to say it was unexpected, especially with the sentiment down into the negative territory for the first time in several years, also housing starts dropped dramatically. we know what the builders are thinking prices are only up 8% year over year in july that's compared to seeing 20% price jumps just a few months ago. also the supply for new homes sales soar that is up from a 9.3-month supply supplies should yes, ma'amly be four to six months that's considered a balanced mark the builders clearly have way to which on their hands

we also saw cancellation rates starting to jump since may. they have literally doubled, according to john burns real estate consulting. you see the builders are in a pinch, seeing demand drop dramatically it's -- we had been seeing those growing, because there was simply more supply there it dropped dramatically in june, came back a little bit in june, but still lower compared to the previous months. that doesn't bode well for toll brothers they, of course, a higher-end builders, but you're seeing the supply -- this is what i keep harping of -- of completed homes still for sale, still very high and growing pretty dramatically from just a year ago simply too much on the builders' books, and they can't get it off because demand has dropped so dramatically we'll see what toll says tonight. thank you. good tuesday morning,

everybody. i'm carl quintanilla with david faber and leslie picker. >> we're 30 minutes into the trading session. heats a here are three more we're watching another name moving higher is palo alto networks, topping earnings expectations, issuing an upbeat forecast a 3 for 4 stock split hack approved and we'll end with -- after they cut the full-year forecast the russia/ukraine war

and you kip of forget they have such significant international exposure >> btig goes to neutral. so they go to neutral it's always there. >> though they have to figure out a way to spend it that will actually help to increase the possibility of growth for the company. better than expected, 200 net adds to the customer coup. >> hand to believe it was an. >> 79 i think is the low, so not that far off >> of course, it looks like many

of those other pandemic names as well we have retail also in focused this morning courtney reagan has those. >> both -- but with different outlooks macy 'ceo told me while no evidence of trade down, overall transactions are down. but gifting categories, beauty, luggage, those are way up. , quote inventory levels are as high as they are in our discretionary categories macy's inventory is up he admits it's out of wack in some inventories.

i was told that they saw sequential improvement throughout the quarter and the company is pretty toulouse wrathic, adding we're relatively conservative, so to take up our guidance, we have to be pretty confident in our business going forward. he says it doesn't so -- even the quote opening price point consumer is still doing well, he often explains that dick's sporting goods doesn't travel with the highs and lows, explaining if your kid is in sports and it's the next season, you have to get them cleats that fit. kids grow. >> they're not going to take no for an answer just because the economy is not doing well. thank you, courtney. >> thank you.

matt voss, always good to have you. >> thanks for having me on. >> i'm thinking back to before the wave the retail earnings, and you expected a huge portion of your universe to disappoint, which is clearly what happened, but now are we beginning to chop some good wood on inventories, at least >> great question, carl. what we late out two weeks back, we took a much more measured report we cut our numbers for the second quarter, rolled that through the third quarter, to make a more measured approach, particularly given the inventory backdrop, but we want two keep themes we were watching. number one, what was the inference torrie picture from a cleanup perspective. what was the timeline. so far, and macy's cited if they felt the in which tower ground

up through the holiday, this is how they would see it optimize so far, from walmart, you're hearing of sequentially progress on the inventory front i think we will have a clean holiday. secondarily, there are right now green shoots, as we look back to school and august, as i would sigh the trough spending trend we saw in june and july. >> when you say clean holiday, what do you mean less promotional >> you have inventory that built up, sales lag demand in the second quarter that was materially so in june and july that's where we saw spending hit a bottom or the floor. what you saw was inventory's clean, we're back to equi equilibrium, and second tearily, you needed to get clarification

that the june and july potentially it was the shift towards travel and leisure it was also the peak of gasoline prices as well as some of the excess inventory, a lot of this was from the supply chain constraints. if we had clarification that august and september, moving forward, looking backward, june and july was the bottom, that to me at valuations levels we're seeing, it's off of three times ebitda levels. some of the retailers i cover, 200 to 300 basis points valuations below, and if the any of torrie is cleaned up in the holiday, it could actually be clean again, the reasons they cited in the release -- it seems in the continued deterioration of consumer discretionary spending in some of its categories and level of

inventory as well as risks associated with a more pronounced macro downturn. it doesn't sound like an inventory base that's completely worked there. >> it's an excellent point when you break down vc sales today, to me the key was in relevant categories, occasion-based, return to work, return to occasion, those categories were up 8%. the pandemic overhang, sleepwear, soft home, things the consumer over-indexed over the past two year, down 18%, so plus 8 versus negative 18, you're seeing a clear dichotomy of what the consumer is spending on. when it's relevant, they're there, secondarily on the niche torrie front, if i adjust my third quarter for the kniffin tore actions, the markdowns they're taking, the third

quarter earnings would have been exactly spot on with my model today. so it's solely the actions that they're taking in the third quarter to ready themselves for holiday and beyond >> finally, matt, gatt prices we mentioned earlier today, down 70 straight days, but the spr releases will end, and possibly some seasonal effects in the last quarter or two of the year. to what degree does that affect your modding as well i think you want to focus on value, convenience and innovation to me it's the discounters, the dollar stores being more relevant, as well as the most convenient i also think that's in-class brands for us, nike, lululemon, levi's of the world to me the off-price retailers, tjmaxx, burlington, ross stores,

they are benefiting from in avalanche of excess inventory these retailers such as macy's are clear through right now, so the sect drifty is off price >> we'll see what back to school and holiday bring us great to see you thanks for having me >> matt boss a former twitter executive is accusing the company of a number of security flaws and oversights our eamon javers has more on this important whistle-blower complaint. eamon? >> yeah, david, this is a whistle-blower complaint made this morning by cnn and "the washington post," both jointly reporting the news here. the name is peiter zatko, and his allegations say ultimately

he believes twitter is lacks on their security, he did not responsibility to his efforts as chief of security to fix the problems he describes it as chaotic and rudderless company, with infig infighting the complaint is in a written document submitted to a variety of federal agencies, saying twitter misled about security and. it violated the settlement it engaged in earlier it warned colleagues that half 6 twitter's servers were running out-of-date software, and a number of data breaches inside the company, all because the executives were pushing to increase user numbers overall, not focused on security. here is what twitter told us about this

"mr. zatko was fired for ink affective leadership and poor performance. we have seen a false narrative riddle with inconsistencies and inaccuracies and lacks important context. the opportunistic timing appear to be designed to capture attention and inflict harm we reached out to the senate intelligence committee this morning. they say they are in receipt of this complaint as well, and they find this extraordinarily importance, and they have arranged for a meeting that has not happened yet with the whistle-blower from inside as we wait for the oversight bodies to weigh in on this and see where it all ends, i should say the whistle-blower, his attorneys told cnn this morning he has not been in direct contact with elon musk or elon

musk's team, even though we've seen elon musk is engaged in this brutal battle, alleging the same things, about the number of spam accounts on twitter and that sort of thing bark over to you, guys >> as you point out, from the perspective of shareholders, the key is, will it have any impact whatsoever on musk's attempts to get out of the deal, which he will have to prove in court in delaware $54.20 is the price he agreed to buy the company. his contract fully acknowledges what the company has said in many filings about the presence of bots on the platform. the question will be, have they intentionally misled on that number, and can musk prove it?

it's very much unclear if mr. zatko will be a part of that "the washington post" has already reported he was approached by the legal team of elon musk, but a judge defiled their request to subpoena his reports. i'm always curious about the origination of these stories, was it alex spirito ero, but i'm curious to get your thoughts as well >> "the washington post" says they were provided the whistle-blower complaint by a senior democratic aide on capitol hill they don't name that person or what that person's agenda was, but somebody gave it to "the washington post. obviously cnn has had it for a while, because they have done extensive interviews with the whistle-blower and his legal

team there's clearly been a coordinated roll-out of all of this by the legal team here for the whiffle blew you can read into that anything you want, but they say they're not working with musk. musk's legal team did say they have filed a subpoena for this document and for mr. zatko we'll see if they are able to work together in the future. the reporter so far is they have not been working together to date, about but i'm sure people will want to know, did musk know anything about this, try, as he was trying to get out of his deal he's been saying there's too many bots, not enough security, and here come a whistle-blower from inside saying many of the same things. we'll see how musk uses it. >> if in fact they are able to obtain those records, or brave this, perhaps the judge will take another look, then have him

as a witness it's the first, at least, potential evidence that's going musk's way obviously he doesn't have to do that in the court of public opinion. we're still 2 1/2 months away. as we head to a quick break here, a quick road map, a closer look at natural gas. it does touch the highest level in 14 years. we're going to's largest natural gas producer. >> s&p is coming off its worse days in more than two months. >> intel signing a funding partnership with brookfield asset management a lot more "squawk on the street" is still ahead don't go away.

natural gas prices hit a 14-year high this morning as the maintenance of a russia pipeline to europe has created a complete shutdown the stock's benefitted as well, rising more than 200%. eqc's ceo toby rice is with us good to have you here.

obviously there's two different markets. we talk about europe, the u.s. but put it in some perspective of what whew expectations are, as we're only a few months away from winter. >> we are in the grips of an energy crisis. you want to fix it, find ways to add more to the market if something doesn't change, we'll continue to see we have an abundance of natural gas in this country, and not facing anywhere near the crisis that europe is >> that's right.

europe has completely cut off their ability to secure their energy independence. they have given that to russia, and you see what russia is doing with that type of control. it's pretty remarkable they were exporting about -- they have taken that down to exporting between 2 to 3 bcf per se so massive chokes from russia on europe what can united states do? we are the world leader in energy production. the world clearly needs a gas champion we have the ability to was that grouple or exports it would be about 60 bcf is what our capacity could be. so what i've saying is that the united states that is the

ability to be the gas champion, equivalent to saudi arabia the only thing we need to do to make that happen is change the perspective, got the permits, and end this energy crisis obviously we're relying on chenier and shreveport, aren't we talking millions, permits that need to be allowed for for this to become a reality yes, it will not be a short-term fix but for us to increase or

capacity we can built things pretty quick by if we're allowed to do it the reality is with the current regulatory framework, it takes multiple of years longer to do that we can change these things as far as the cost in the investment it takes to do this, this is the greatest part of the plan for america to be the energy because of the fact that we can deliver gas to the doorstep of europe for the cost of $10 so so what i'm saying is

industry has the capability to fund this ourselves an lower the hurdles for us to meet world demand for this energy. >> why do you think there's been such his tans in the past you've heard that performs is a key hurdle, but where do you see the hesitancy? is itoffs awe overall political foo football. >> opposition towards hike roe carbons is very simple to understand simply put, people are scared about climate.

as long as the world is yew high roar carbon, they could be sourcing that this natural gal, is going to be the biggest green initiative on the planet, because it replaces foreign coal so if you want to lower emissions, figure out a way to retire foreign coal, and the solution is unleashing u.s. energy on the world stage. it's an amazing opportunity that the united states has inches i wonder what you think europe will do this winter how feasible

is the switchover, given the prices we have seen are clearly unsu unsustainable european natural gas prices is over $400 a barrel so there's a price incentive to switch from natural gas to a more carbon-intensive heating oil because of the price now, this is not the case -- this is a unique period of time, that the policies we have put in place have created absurd real ity are things that are setting us back from a pocketbook

perspective. and these things can be reversed finally toby, a clear and credible path, as briefly as you can, what is this path you're talking about. >> really simple number bun, we are replacing diesel equipment with electric equipment. >> got to make sure it's off a renewable energy source, though, too, don't you >> we'll start with natural gas. number two, we understand where our methane leaks are coming from we have a piece of equipment that we are pulling out of the service. we're retiring almost 10,000 of these devices. that will have a significant step forward in eliminating our

methane footprint, and last is generating carbon offsets. if we can do it, the rest of the industry can do it that's exactly what's happening. we're going to knock they emissions out of the park, and with our certified gas programs, you can see the transparent performance this industry is stopping up to deliver toby, interesting conversation i would love to have you back at some point to continue it. >> great, thanks a lot, guys. >> very interesting. still to come, we'll hear from coinbase's ceo nasdaq is the outperformer right now. we'll be right back. stay with us

welcome bulk i'm kristina partsinevelos former president donald trump has filed a motion in federal court in florida seeking the appointment of a special master to review materials seized by the justice department from his

mar-a-lago estate. the motion seeks an injunction that would bar the government from any further view view under the appointment of a special master a former louisville detective is expected to plead guilty to helping falsify a search warrant that led to the killing of breonna taylor. the former office is expected to appear before a judge. she was charged with conspiring with another detective to falsify the warrant. two democratic titans are facing off in a new york primary today. jerry nadler has been pitted against carolyn maloney. both candidates are in their 70s. leslie, back over to you >> kristina, thank you very much. a quick check on cre crypto

stabilizing after a sell-off you also ask crypto-exposed names like coinbase getting a decent bounds. this is a very rare interview. >> he says running a crypto company during a downturn can be what he called as painful. trading volume, both of which are down, and says the business is volatile. he's not sure about the timing of a crypto recovery.

>> we never try to predict the future economists say they have successfully predicted nine of the last two recessions. it's not unusual for us we've been through four cycles like this this one happens to coincide with the broader macroenvironment going down. that's how we think about it part of that hash about spending he called it a mistake that they may have been two u.s. centric he says they might not be the fastest to market in every kay

we'll have more you have that inclusive interview next hour. back to you. >> kate, thank you still to come this morning, we'll talk meme stocks wre ckn couple minutes in three seconds, pam will decide... i'm moving closer to the grandkids!

wait. i got to sell the house! don't wait, just sell directly to opendoor. easy as pie. piece of cake. whichever. when life's doors open, we'll handle the house.

let's turn back to the broader market thanks for the time today. thank you. sudden i wonder if you're willing to take a bet to what his tone will be on friday >> i think it will have to be 'gressive. the fight against inflation is likely to be long and difficult. inflation is still high. many of the key drivers and the

fed simply can't let up under it sees more discrete, significant improvement in those readings. now, he's got to commune could i that the rates will not continue to rise at 75 basis points forever, and month tar policy is about rates of change but over time, you're going to see from us, as we rye main tough, some 50 basis points and 25 basis appoint hike as well >> nancy, that's a tough needle to thread i wonder how you think

equities might rear act? >> i think the markets are waiting very cautiously to see how jackson hole turns out to be last jackson hole, the fed was wrong at almost everything they said everybody was tran torrie, so i think the markets are wanting to hear something different. powell has been very hawkish with his tough talking to go to 8 1/2 cpi a is the some reason to celebration i think the thing i'm expecting the fed to do is talking about using the balance sheet more as a monetary policy tool i think just hiking policy rates is just

going to kill the demand side. it's not enough because so much of the inflation we are having today is pandemic related. and it's related to the supply side issue is the fed just hiking policy rates only hurts demand we already have is 13 basis points of additional hikes price in so they need to do more >> nancy, what does more look like there was a piece that kind of quoted former treasury secretary larry summers yesterday, saying he believes the fed needs to deliver the hard truth, suggesting they can basically have it all with low inflation, low unemployment and a healthy economy. is that something you would like to hear from fed officials this

week >> yeah, i think uses more of the balance sheet as a monetary policy tool, actually selling some of the mortgages that they own would be a really positive stef forward you can see that with the massively inverted yield curve. hiking is not the only way to fight inflation, and using the balance sheet i think would be a positive step and that's what the fed has to worry about, how to not stall the extension of credit and create another financial crisis

>> nating, it sounds like your general world view is we avoid an over 46 arching, but a rolling series of localized rece recessions, including in some key emerging markets >> yeah, the global economy is facing a severe outlook, no doubt about it late next year we expect growth in the united states will give way as well, and as the developing markets slow -- that would spill over into downturns in a number of emerging markets the additional linchpin is what happens with china, and some of the recent data have been softer than we were expecting which is

so china is very, very key, and remain to be seen where the economy is >> we appreciate it, good to see both of you. >> great to see you. still to come, intel inking a new partnership to help build out the u.s. factories we have the details. don't go away.

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welcome back take a look at the etf it can irs.m.h. they have struggled to regain

momentum intel a big underperformer on the year, losing a third of its market value the company has spends billions on new factories, making another investment this morning. they announced a $30 billion funding partnership with brookfield asset management. its infrastructure affiliate to help financial chip factory expansion. much more on this deal in the next hour on "techcheck," when intel's cfo joins the show we'll be right back. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it!

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volatility continuing in the mean names, we can say that forever. amc's preferred equity, meantime, amc down about 4%, seeing volume more than double of apple's yesterday bed bath & beyond and game stop trading lower. a recent note reminding investors that the roller coaster rides are being skillfully being operated by corporate insiders steve saznik joins us now. these individuals are significant influence over the directionality of shares in certain meme stocks. can you explain what they mean in terms of their responsibility here as well as the specific influence they have over recent trading in some of these names >> sure, good morning, leslie. what i was writing about here was, you know, one of the things

we've noted, let's say this year, is that in the case of g.o.a.t. gme and bed bath & beyond, we saw the stocks catalyzed by insider buying. in each case when you see insider buying, they try to do it quietly you don't see let's say a warren buffett communicating a position loudly and moving the stock higher, the goal of most insiders is to buy the stock without moving it. what we saw through gamestop filings and more recently in bed bath & beyond filings, was buying the stock legally but loudly and one of the things we see in meme stocks is, if somebody's buying options or stock aggressively, people take note, and that becomes a self-fulfilling prophecy and in this case, in bed bath & beyond, we had a -- you know, an insider buying, a big slug of options, against a 10% stake that he is pretty much long and wrong on, but that created enough of a frenzy that allowed

the stock to get moving and get above his 15 and change purchase price. >> so the recent filing that -- described those options purchases was a reflection of a renewed size of their stake as a result of some buybacks that bed bath & beyond did. ryan cohen hasn't -- any calls related since march, i'm told. you call cohen's situation a, quote, master class in how to manage s.e.c. filings when buying stock or options, notify the market as quickly as possible, when selling, utilize filing methods that -- for a crucial session or two wouldn't anyone in cohen's position do the same thing i mean, you don't want to inform the market about an intention to sell and then drive the stock price down and then actually sell i mean, that's not rational behavior. >> oh, of course not nor should he be expected to do so the difference is if you and i own a stock at about 15 and

change and watch it go down to 5, our options are pretty limited. we pretty much have to, you know, take the loss. figure out if the fundamentals justify -- justify the stock price. in this case the hype was in place. but what we saw was a filing dated on august 16th with the intention to sell the shares understandably he would want to keep that quiet. but, you know, the way that the 144s work, they get disclosed the next day so we didn't really learn of this until almost the close of the 17th it's pretty clear from the filing that we saw, subs subsequently, when he announced all the shares were sold, he began selling on the 16th. so i have to imagine that pretty much once the filing was accepted by the sec, the selling began, and he had one day to get out, but we were in the full frenzy of meme trading his sales ranged from 18 and change to 29 and change. that's what i meant by the masterful use of the filings.

>> yeah, i see what you're saying, steve, unfortunately, we are out of time. but appreciate your context. thank you so much. >> thank you well, important point, i mean, he technically, cohen was not an insider in the way we typically describe it. obviously, a very high profile investor, and three directors, not an insider that's going to do it for us here on "squawk on the street," "techcheck" starts now. good tuesday morning, welcome to "techcheck. i'm carl quintanilla, jon fortt, deirdre bosa head take or -- markets come off their worst day since june, and what's next with satori funds, dan niles, and feeling the stick of crypto winter, a lot more on you brian armstrong is handling the volatility, an exclusive you don't want to miss this hour don't think we forgot about intel. inside look at the company's new $30 billion deal with brkf