power. >> that explains it. the drought, so river's not moving, hydropower not happening. eunice, as always, we appreciate it eunice yoon in beijing for us. that's going to do out for "squawk on the street. time now to send it over to "techcheck." good thursday morning, i'm carl quintanilla with deirdre bosa and jon fortt crm might need to force sales, nvidia has a chip on its shoulder peloton, staging a second half turnaround and finally the ceo of sofi is with us, aanthony nodo joins in just about ten minutes. we're going to start with a pair of earnings movers, take a look at snowflake and sales force. revenue did come in above

estimates. product rose profit margins, expected 75% for the coming quarter, last time we spoke with the ceo he doubled down to commitment to consumption based model, that strategy appearing to pay off right now on the other hand, salesforce trimming full year estimates for eps and revenue, announcing it will raise prices on slack while the board approves a $10 billion buyback, the first in the company's history, the stock is right now the biggest drag on the dow, up about 130 points we also want to take a quick look at autodesk, that stock popping, and we will seek to the ceo later this hour. mixed set of results here. snow and crm saying different things about enterprise spend, this is what investors are trying to figure out what gets the enterprise first, what comes maybe later, the nasdaq, maybe this is the most important thing, it is outperforming, investors focused more on jackson hole and the

fed. >> i'm not sure that the message from these earnings is mixed so much as the difference is expectations and momentum. it seems to me that what we're getting from these earnings overall is the message that a broad based demand slowdown for enterprise software isn't the foregone conclusion if the recession is mild. we were just talking yesterday with -- intuit, small, medium business doing just fine, and continuing to spend on their subscriptions as sort of a core essential part of continuing to run a business despite economic turbulence largely, the same thing happening for snowflake. you know, we had frank sluteman on last quarter, saying there was a blip in consumption. that's not what we were seeing across -- this quarter bore that

out. with salesforce, at the same time, it's at a certain scale where it's not at that same growth trajectory, the younger company that jsnowflake is there's a service now style, deals are taking longer to close, you have to be patient with us. >> that reminds me of what bill mcdermott said a few weeks ago, contracts may be taking longer to sign but it doesn't necessarily mean demand destruction. these are still technologies as a lot of companies move to the cloud, undergo their digital transformations. they are still buying but it will take more time to get to the finish line. what the consumption-based model, there are a fair amount of nay sayers, the snowflake way, you only way for what you use, that's really been untested in a down turn, it's holding up pretty well. companies only want to way for what they use when they're

trying to rein in costs. >> consumption-based models are what retail runs on a way. you only pay for it when you buy it the efficiency arguably is what's helping software and enterprise software at this point, moving from capital costs to operational costs, moving to consumption, if your technology works here, you're still making money. >> yeah. >> that's why net and revenue retention up 171, got so much attention yesterday, jon, as for salesforce, i would mention what bern stein said a few moments ago on the buyback, don't be surprised, jon, if they start it this year, especially if the board wants to get ahead of that 1 hkt in excise tax, and they add --' wls expect investors will assume the buyback means that large scale m&a is off the table in the near term. >> when you're mature, or billionth bit more mature, we won't sell salesforce's age, but you can afford to do things like that, to sweeten on one end when

maybe the deals are taking longer to close on the other let's get more into this, joining us with what to expect from these cloud names, evercore's kirk maturn contract for us if you will snowflake and salesforce we've just been talking about this, and part of it, i guess, is a maturity of the business, but part of it also the kind of momentum these companies have. >> yeah, thanks for having me. i think you all touched upon it a little bit in your prior discussion expectations plays a large role in reactions today, if we talked about these two companies three months ago, you would have opposite reactions, snowflake feels pressure from consumer internet and fintech companies in may they adjusted their outlook for that, salesforce was doing well, they waited three months to sort of adjust their outlook for -- i think what you're seeing is fraying at the edges of demand right now. i think the longer-term trends around, you know, the shift

towards digital, you know, the shift to cloud, these are longer-term trends that are continuing to play out but companies are getting more conservative in terms of their spending in the near term. and when you look at snowflake and salesforce, you're right, they're two different type of companies, snowflake is a high growth company in the early stages of its maturation salesforce is moving as you rightfully said, they like to talk about getting more mature, but they are becoming more of a garp story to a certain degree for them it's not only about growth, it's about margin expansion, it's about the buyback. so they're somewhat apples and oranges but you're seeing snowflake got ahead of the demand issues. salesforce is sort of addressing those, or addressed those last night. >> kirk, q4 is showtime for enterprise software, and, you know, infrastructure, the cloud. and a lot of q4 is driven by consumer demand, which to me is still a question mark. when we've seen fatigue with the lower end consumer, but

questions on whether the middle class and upper middle class is going to show up, and to what extent for this holiday season how much is that going to matter into q1 and q2 of next year, even for these enterprise players based on that? >> it's not fair to say that the enterprise companies are completely immune to the consumer side of the equation. but, you know, there are certain industries, retail obviously, that might be more conservative around their spend on enterprise technology for the most part spending on enterprise is more of a continuum. it's not advertising related you want to invest in ai cloud, you have to continue to invest in that, or risk being left behind when we come through this economic cycle i think you've heard people like bill mcdermott talk about that while there will be potentially more volatility in spend, i think you're seeing that to some degree, the enterprise side of the market is going to be more consistent, it's more secular, less cyclical, but that doesn't mean we're not going to continue to see some companies fare

better than others. >> kirk, you rightly called out a while ago this would be what you called a confessional quarter, where companies that had not already adjusted their outlooks, but have to given the weakening macro backdrop, are where he done with that now? we saw that with the likes of crm, nvidia preannouncing, are there any -- give another leg down or i guess wonder if enterprise demand could get weaker. >> i think the good news is we're a long way through that, the june quarter companies and july quarter companies have now reported most of them have done a good job of embracing the fact that we're in a choppy macro backdrop the reality is that deal cycles aren't going to get elongated in certain areas, deals might get shrunk in terms of the absolute dollars spent. we're a long way through that, that combined with valuations is what sort of sets the table for a potential rally in the fall. are there some that haven't spoken yet since, say, june, you

have oracle and adobe coming up in september, they're probably the next two big enterprise software companies, the good news is that expectations into the second half of the year better reflect the macro reality, and that gives an opportunity that if things can normalize a bit, these stocks can start actually maybe putting up upside numbers into the fourth quarter. >> those retail insights from adobe this fall, heading into the holiday season, is going to be especially potent, kirk materne from evercore, thank you. look at the stock of sofi, receiving more clarity on student loans, president biden announcing he will forgive $10,000 in student debt and extend the payment pause one final time this is good news for sofi since the pause has been a drag on its student loan segment here to discuss, anthony nodo, good morning, anthony, great that you could join us this is good news, you guys have been in limbo. the urn certainty ended.

when do you anticipate that happening, and now you have kind of another backdrop of rising interest rates how does that all factor in? >> good morning, and thank you for having me. first and foremost, i just want to thank the president and the administration for finally making a definitive decision, both on forgiveness, which has been an unanswered question for years, as well as the end of the moratorium the fact that the presidentdid make the decision is really clarifying for borrowers they now know where they stand for those that are eligible for the $10,000 of forgiveness, they can refinance the remaining amount now while rates are still low. we anticipate -- the market anticipates rates could increase 100 to 150 basis points by the end of this year, when the moratorium ends. there's a substantial cost savings today that could go away if people wait so that clarity helps them quite a bit. so the demand for student loan refinancing will pick up meaningfully there's also a cohort of people that have been waiting for years for student loan forgiveness

the president led, got in front and made a decisive decision on the forgiveness. that now frees those people up to understand what they have to pay back, and they can start on that march in terms of our business at sofi, the president's announcement is pretty much in line with what we anticipated in our forward guidance when we beat our estimates for q2, and raised guidance for the back half of 2022 this decision is great for the borrowers. it's also in line with what we were anticipating at sofi. the most important thing is we have a pretty diversified business and we've been able to grow 50% year over year in five consecutive quarters of revenue. we've divertfied into checkings, savings and brokerage. >> certainly helped you guys while there's uncertainty. now, you called the president's action a definitive decision, but i wonder, anthony, how is it going to hold up in the longer term many are applauding it, but some are also saying this doesn't

address or reform the system or the root cause, so it doesn't solve the bigger problem of the rising cost of college. >> i do think that is a fair statement. there is the rising cost of college, rising costs generally given where inflation is, and that is for the industry to decide on how best to address that as well as the government having this decision, i think, is step one. there will be other decisions that have to be made by the department of education, as well as the institutions themselves we're not really in that business we kind of operate based on what they decide, and we have to be nimble to best serve our members. the most important thing is this a decision that's been overhanging 2 1/2 years and quite longer on the forgiveness side it's an important first step, but there are others that will unfold that will make it better for borrowers. >> anthony, a lot of the political discussion has been about the potential impact on inflation. but bofa takes a look at what it means for aggregate disposable income they make the point it should

still decline when payments resume in january because the majority of outstanding loans are not eligible for cancellation is it meaningful for your consumer base and their balance sheet at the household level >> so for sofi members, our average loan size is about $70,000, and the average income for student loan refinancing is actually $160,000, which is above the individual cutoff of 125,000. for those members that meet our requirements that make less than $125,000, they will still have a substantial amount of debt to refinance, and therefore an opportunity for substantial savings if the refinance now versus rates are higher. but given our average is 160,000, the vast majority of the people that we catered to won't be eligible for the forgiveness. but most importantly they know the payments are going to resume in december, and they could act now and save before rates go up even higher. >> is this an opportunity for you to get new customers with the refinance possibilities and

this cut, just below that 125, and are you going to invest in marketing based on that? >> we will definitely have increased demand from new members, you know, we've operated for the last 2 1/2 years with this business being under severe pressure in q2 we announced 50% year over year growth it was offer fifth consecutive record of revenue, which reflects diversification, technology platform base, and then the strength of our 2% apy offering on a checking account, which is really unmatched and, of course, our investing in credit card business our diversification has allowed us to grow our member base significantly, 69% year over year to a very significant growth rate and products as well this will add to that. as i mentioned, it's in our ford forecast, but there will be a cohort of people that never consider refinancing because they're waiting for forgiveness, that will be new and incremental. >> anthony, as you say, you have diversified the business a lot

over the past few years. that also includes a banking license, deposits, wider credit business what are you seeing right now from your customers, how are they making their financial decisions, given the weakening macro backdrop >> yeah, in an environment that's uncertain, the demand for financial products goes up, not down and we've seen really strong demand for our personal loan business as people see rates going higher they want to refinance at a variable rate debt, to fixed term rate debt, to manage that cost. they also want to extend the term that they may be paying so they have more disposable income we've also seen people still investing. we ask our members why are they investing at this point given the volatility in the market it really bifurcates down two avenues. one is they didn't invest in their 20s, and they want to catch up or two, they see it as an opportunity to build positions of course, investors need to think about the longer term and invest in diversified portfolios

and dollar cost average but we're seeing demand on the borrowing side and the investing side, and of course spending, people are looking for the best yield they can get which is why we're offering the 2% on checking. >> well, that interest in investing is in line with what we heard from billionaire investor ron barron this morning on "squawk box," saying this could be a chance for a lifetime anthony noto, thanks for being with us. >> thank you both, thank you still to come this hour, is apple flashing warning signs for the entire market? plus, peloton taking another leg lower, we'll get more on that quarter coming up as "techcheck" is just getting started.

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gut check on nvidia, up 2.25% or more. on august 8th the company warned it would miss estimates. this morning shares reversed early losses, down about 40% for the year. >> jon, big question among investors is whether apple is overbought

stock is up roughly 20%. growing nearly four times the s&p's rally, and while we could see a pullback, our next guest notes the stock has been on an upward trajectory for years. joining us this morning, sven hendrick people are having a field day with the chart for this rally. what's your overall take >> we talked about in mid-june a big bear market rally to come that would create a rebalancing effect we were too far disconnected and this rally has really ticked a lot of boxes, the eight day moving average, the weekly 50 day moving average on the russell. then we got the rejection. now it's interesting to see how this historic week plays out we've seen big bear market rallies before when optimism comes back, and then it all rolls over and that's why what happens

next, next four or six weeks, is absolutely key apple in particular has been incredibly impressive, leading everything along the way it's the largest stock in the stock market, 7.5% of the s&p, 11% of the nasdaq 100. it has a major weighting the rally is very steep, very narrow, and it also hit a key trend line so not the moving average, per se, but a key resistance line rejected from there. principally, if apple can get above the trend line and sustain that move defended, it can go to new all-time highs as if nothing has happened because the stock was almost flat on the year. but if it cannot do that, then the risk along with the macro monetary context that we're facing with tightening financial positions this all rolls over here still here this fall. >> right, that is an interesting question, i mean, given its status as a general, and the safe haven, and the buyback, and the phone cycle, is all of that

an aggregate can it compete with the force of the fed? >> well, here's the thing. i mean, we are in a very interesting place here with regards to the fed the rally in june was accentuated by two things, one is chairman powell, interpreted to be very dovish at the july press conference and then the rollover inflation the market's been rallying on a rollover, if inflation narrative, and with it came easing financial conditions, which is not what the fed really wants to see if it's serious about fighting inflation, and ever since that meeting in july, the market's been ignoring every fed speaker that's talking about restrictive financial conditions here's the inconvenient truth. there's no history, none, where the fed can beat structural inflation with financial conditions not being restrictive and they're not restrictive yet. several fed presidents have come out and said they need to go

restrictive. that's kind of the credibility issue because the market doesn't seem to really believe them at the moment and the other issue, the ere inconvenient truth, the only way to really beat inflation historically is with a recession. and then the structural market bottom, in terms of history, does not come until the fed is already deep in the rate cutting cycle. and that's because obviously then earnings estimates come down dramatically during the recession, we're not at that point yet. we're not even in restrictive territory yet. >> yeah. seems like a lot of folks wouldn't mind a little baby recession at this point, though, it seems like, you know, even if the landing isn't exactly soft, and little baby recession might not be bad back to apple for a moment, what in this market does apple represent? i get the sense that sometimes there are certain types of companies that act as champions for certain points of view, or maybe, you know, telling you something about the way the market might move, why -- what kind of company is apple

what does it represent from the market that has been performing so well, and so what can we read into it based on how it performs in the next quarter or so? >> well, it is the safe haven. it's the largest stock, and obviously attracts a lot of index fund investing and obviously from that perspective it has that massive $90 billion buyback program. that supports obviously the price movement as well but then also very successful, they were -- amid all the supply chain issues, they were able to get their launch date in order for september 7th for iphone 14, and so obviously people are looking forward to an upgrade cycle there. the question is, how -- how tough or how convicted will the consumer be? consumers are struggling, in a real way, negative for the last year and a half. inflation, while it may be rolling over, this is not going back to 2% in a few months this is going to take a couple of years the pressures remain big time. >> finally, sven, you know, both

morgan stanley and jp morgan last 24 hours have had cautionary notes not is much about the pace of rates but the fort of qt, when it hits full force coming months. do you see liabilities for equities as a result of that >> absolutely. look, the monetary base, while qt has not officially gone into full year, which it will do in september, the monetary base has been shrinking, and all year, and last year we saw this, this incredible correlation between the directional flow of the monetary base and the s&p. and this year, every time we had a big drop in the monetary base, the s&p dropped, and when there was a slight uptick in the monetary base, we had these big rallies. you have to ask yourself, even if rate hikes slow, or even pause with qt coming into full effect, what is the directional flow of the monetary base going into next year and based on what the fed is doing, the expectation would be

lower. and that would represent a head wind for equities, for sure. >> that's going to make it a little more complicated in the next several weeks sven, great stuff, on apple, on the fed, on qt, we'll talk soon. sven hendrich. we're going to take a deeper look into peloton's quarter, unable to hold onto any gains it saw yesterday after cnbc broke the news of an amazon partnership. also, do not miss cnbc's coverage of jackson hole, the president will be live at 2:00 p.m. eastern, don't miss that. (vo) hi. we're visible. a different kind of wireless company... ...running on a big impressive wireless network. how are we different? we exist only on your phone. so you get unlimited data for just $30/mo, taxes and fees included.

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. coming up julia speaks to the ceo of moviepass ahead of its relaunch, some not so thrilled it's making a comeback, cnn saying the timing couldn't be worse "washington post" expects it to, quote, kill movies, we're going to discuss in a couple minutes after a news update with seema mody. the labor department says initial claims were down by 2,000 to a total of 243,000. that is below this year's peak of 261 but still above the pre-pandemic average of 218,000. california regulators are set to votelater today to ban gasoline powered vehicles. the proposed rules would not keep existing gas powered cars and trucks off the road, but they would require all new vehicles sold in the state to be powered by electricity or hydrogen by 2035. callaway golf is changing

its name, reflecting a new emphasis on active lifestyle equipment and apparel brought in by its acquisition of topgolf last year. callaway was best known for premium golf clubs dee, back to you. >> i guess golf is active if you walk the course, seema, thank you. peloton, shares deep in the red by 20% cnbc's lauren thomas is with us, she broke the story yesterday. it's all been erased, plus learn with you i want to zoom in on the total member count, this quarter fell to just below 7 million. mccarthy, like foley, still believes they can get to 100 million. how do they get there? it feels like peloton, as what we understand it now, is a more of a mass market fitness company, or is it going to have this loyal base of members, perhaps a smaller number, that they can squeeze more money out of >> yeah, exactly, i know when

you look at where that member count is today, like you said, right under about 7 million, and the company still has this lofty goal of achieving 100 million. i think a lot of us, and analysts included, as well as investors are looking at that kind of scratching their heads how does peloton get there the amazon partnership the company announced yesterday, that is part of it that certainly is one way the company hopes to add more distribution channels to sell more products. but really, at the core, you look at a guy, barry mccarthy, that has experience at spotify, at netflix he used netflix as an example on the earnings conference call this morning of kind of the model that he's taking, and he wants to apply at peloton. he's very interested in the subscription aspect of the business, and he really wants to lean more into the app, the digital app that arguably management has ignored more in the past, focus more on hardware, he thinks that more members in the future will join the company through that app, not necessarily own a peloton bike or a peloton treadmill.

but peloton actually wants to encourage people to use the peloton content on other fitness products again, it's a very far change from where the company started, and how it grew under john foley. we are seeing barry mccarthy come into the company and make sweeping chapgs. >> lauren, it seems to me if peloton does that, it's all but dead i mean, that's kind of like the strategy that blackberry ended up going down when thaw couldn't compete on smart phones. i'm not clear they have a sustainable advantage in just having great content and great trainers but the hardware end of this, to me, it was -- it looks so bad. i wonder how much of this is inventory of actually well constructed bikes that they're going to be able to sell event cruelly, and how much of this is what they talked about last quarter azubuikes that are scrap? they get returned, and they

can't be sold again, and i'm not sure they've everen clear on why these bikes, some of them that get returned, can't be sold again if they've been designed poorly, if they're corroded. >> there were reports of rust that ended up on some of these peloton products i think that's part of it, the company did take a writedown in this latest quarter of inventory that it says it will not sell in the future but barry mccarthy said he thinks this past quarter, its fiscal fourth quarter, was the high water mark, to quote him, of writeoffs and restructuring charges and that hopefully moving forward the company will be able to write its own comeback story you know, to be fair, peloton does have a very loyal membership base today. we've seen those members stay pretty true to the company, those churn rates have stayed very low, and that has been, you know -- you know, that, i think in part, drove up the stock over the past few years but one thing, you know, in this

quarter that i think is -- part of the selloff today, we did see that churn rate finally tick higher it was actually above 1% it went from about 0.7% to 1.4%. so a pretty substantial leap that basically means people aren't sticking around, right, and so that's something you don't want to see and i think is, you know, one reason that investors are just losing patience with the business. >> yeah, they do give you a lot of metrics, the churn is one, lauren, the other one was average workout per sub, which down 21 sequential down 26 year on year, although, it's hard to -- are there challenges from separating that from the seasonality when you would write a bike indoors >> they love to mention seasonality of the business and they called that out this latest quarter. that was a factor for workouts, consumers are out taking vacations, and everyone is trying to get out of the house, and so that's a factor i also wanted to highlight, they didn't give guidance for the

upcoming year, so we don't really know what the company is thinking in terms of churn, and average workouts they did give us a bit of a sense of what the first quarter might look like, and that revenue guidance did come in weak they said they expect membership rates to stay about flat. >> all right, lauren, thanks shares of autodesk, meanwhile, higher, the $50 billion company, calling demand robust the ceo is going to join us on the other side of this break see it up there better than 1.5% don't go away. bubbles bubbles bubbles there are bubbles everywhere! as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubbles. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria.

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auto desk drifr delivering a beat in q2, billings growth despite broader turbulence, joining us in our on air interview. the ceo andrew -- welcome. tell me about what happened with the sort of durability of the subscriber base. i guess the impact of having subscribers versus, perhaps, in cycles past, people pirating the software and not willing to pay for it. >> the fact we're on a subskrupgs business model helps with the resilience and the kointsy of the business we're seeing it has a huge impact on how we acquire new customers and a huge

impact on people continuing to pay for the software the big theme from this quarter was consistency. q2 was remarkably similar to q1. we saw solid growth across all of our geographies, and we delivered solid digital revenue growth year over year. that theme is probably of interest to a lot of your viewers. >> i was surprised by the geographic consistency, to mention the theme, especially when it comes to -- you talked about the impact of the war in ukraine. but what is that impact given the growth that you've seen, and what is your expectation now that it seems that war's going to be with us for a while. what's the continuing impact that investors should brace for? >> yes, so, look, we saw strong growth in the u.s., which -- which offset some of the weakness we saw elsewhere. but look, you know, we saw

healthy growth in europe, essentially without any of our russian business left in so we have no russian business yet. we saw it healthy, healthy business in europe, and if you take out china in apac, we saw robust growth in apac as well. it's really a very broad picture of strength, even with some of the uncertainty that we all expect in the european market. >> andrew, i want to shift a little bit to return to work, and you guys at autodesk share an office space or have office space here at one market in the heart of san francisco's financial district you probably know that it is still very quiet around here how are you looking at remote or hybrid work, in terms of work force productivity and how much you want to see people i guess i assume as you're coming from home at the moment, is that right? >> yeah, i'm coming from home. i work from home a couple of days a week. we are not forcing our employees

to come back on any kind of fixed schedule right now what we're really doing is we're pivoting our space at one market, and in other parts of the country, to be gathering places and we're encouraging employees and managers to use the office facilities as gathering places for strategic plans, for other types of meetings, for group discussions, and things where face to face really matters and really drives some of the innovative thinking and collaboration that's required to come up with new ideas as well as execute our employees are actually super productive at home it's the idea generation, and the ongoing innovation and the new ideas that we're trying to get people to stimulate by coming back in the office when they need to, and gathering together intentionally in the office so we don't intend to force people to come back, and we're retooling off of our spaces to really be gathering places. >> it's fascinating, something that corporate america is still wrestling with, even after a couple of years here andrew, i wanted to ask you

about currency even though the dollar is on pace for its best year in a couple of decades, we have heard from others in the software space, the trend could go on for a while given the challenges europe is under. do you expect it to get worse, some of these head winds >> yeah, look, we actually saw a lot of the currency head winds, and we expect it to have an impact on our business next year it's debatable, as the euro bottomed out yet it could potentially get worse it's really hard to know at this point. we're basically assuming that things basically stay where they are, that nothing improves, and that basically the status of currency stays ongoing what we're seeing right now. >> all right, andrew anagnost, the ceo of autodesk, thank you. as we go to break today, take a look at shares of tesla, three for one split is reflected in the shares, don't be confused by the chart, although stocks in

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billion in revenue the agreement will help it reach its own goal of net zero carbon by 2040. amazon expects it to produce enough hydrogen for 30,000 forklifts or 800 long haul trucks that's with a lot of amazon's moves into clean energy. remember, its stake in ribbing as well to help their operations be that last mile, or logistics. >> do you want to mention rivy in here? plug power needs to hear that. there's upsides and there's downsides. is amazon the new shopify, everybody doing a deal with amazon >> i was going to say, the tentacles are everywhere, jon, plug, peloton, a lot of discussion about their health strategy bern stein arguing maybe investors are confused about it, given what they're doing to amazon care. >> amazon is back, back to earlier this year, when it was in trouble with capacity issues, they're in execution mode, doing

a lot of deals. >> don't call it a comeback, dee, they've been here for years. >> okay, fine, i'll take that. then just a small comeback, it's already been here. >> ll cool j reference for those in the bleachers. >> yes, yes. >> for more coverage of jackson hole, coming up right here on cnbc st. louis fed president james bullard is going to be live at 2:00 p.m. don't miss that

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moviepass making a comeback the subscription based service that failed in 2019 will now relaunch in september and you can sign up to be on the wait list starting today. julia boorstin joins us this morning with the ceo hi, julia. >> good morning to you i'm joined now by the ceo and co-founder of moviepass. thanks so much for joining us. the big question is, moviepass failed because the business model of unlimited movies or even a limited amount of movies for $10 a month simply didn't work how will you make this time different? >> thanks, julia for having me yeah, you know, i was part of the original founding team and i'm part of the, one of the original co-founders we didn't believe that that model would work when we sold it, so we're excited to kind of have the original team back under the original management and bring something back that

does work and the plane does fly to be able to drive traffic. specifically, we are basically having plans that are at certain levels people will be able to sign up for whatever they want and you'll have a range of movies you can go to rather than a $10 unlimited, which we never believed was sustainable >> stacy, since moviepass shuttered in 2019, the major movie chains -- regal, alamo draft house, amc have all launched similar plans these are loyalty programs and also subscription services why do you think that you're going to be able to compete with these programs that are already in place especially in a time when there are fewer movies being distributed? >> yeah, so, we definitely see that there is a pushback on the amount of movies due to covid, so there's a lot of great content coming there's avatar and others that

are coming we've always known that the average person likes to go to three to four different circuits so there is demand for an umbrella, you know, option out there that people will be able to choose the freedom to go wherever they want while still having their loyalty plans if you're in an area that you really only have one theater, then you'll probably stick with something like the amc or the regal plans. >> the overall box office is down about 31% from where it was in 2019 for the same period. with all of the pressures facing consumers, subscription fatigue, inflation. why do you think consumers are going to sign up for your service now? >> yeah, we think that it's the beginning of a comeback, which i saw in the earlier segment, but don't call it a comeback but, you know, the movie industry had a lull given covid. now you're seeing the beginning of it.

it was breaking records this summer the attendance records were very high people want to be able to go back to the movies they don't want to just sit in their house and just stream. we've seen evidence of that. but all of that content that got pushed back has been scheduled and so there is a very powerful slate, which we're starting to see this summer and then the fall and also into the summer of 2023 so that's part of the excitement that we have we just don't see, you know, a continued decline of the movie industry we think there is a resurgence that is going to happen. you're seeing the studio heads all commit to increasing their production slates. >> so, stacy, if the overall box office you're confident is going to increase talk to us about your relationship with consumers. you know, back when movie pass was a thing before, there were a lot of changes to what subscribers were actually getting. the pricing changed. how much access you were getting was changing

there was a loss of consumer trust. this morning you had sign ups but then your website crashed. how are you going to earn back trust and make sure that the offering is clear? >> yeah, that's the part we're actually excited about you know, we can't wait to open up our doors and get back to driving attendance at theaters and helping people discover new things before the private equity group took over moviepass it was a really beloved brand and that's what we want to bring back as far as how we'll do that and be able to make that happen, one of the biggest things that people really loved about moviepass was it got them to go see things that maybe they wouldn't have. it took away the risk of, well, do i really want to pay this much and i don't know what it's going to be like since you've already subscribed, it's just easier to go and we found it a great discovery tool for people. >> well, we'll be watching to

see how everything goes when you officially launch, and, certainly, an attempt to have a rebirth of this brand, stacy, thanks so much for joining us. >> julia, thank you. and, julia, thank you for bringing that to us. for everyone sending me the ll cool jay reference don't call it a comeback i get it. i should have known. if you missed it you missed part of the show don't forget to follow and subscribe to our podcast to listen anytime anywhere wherever you down load podcasts "techcheck" is back in a moment.

one more thing amazon cutting the cord on telehealth a month after acquiring one medical for nearly $4 billion formerly shuttering its amazon care division on december 31 after a three-year run the service was available nationwide for employees of amazon and other companies but, still, continuing their push into the space reportedly as you know in the bidding for home care provider signify health as well, john i've read a couple takes one is that it's good for teledoc on a zero sum basis but if they're getting out maybe not good for the entire space after all >> i think part of it might be that you can't do certain things online only. you need some brick and mortar,

physical presence that seems to be part of the reason why they're doing this and why they want one medical. >> yeah. i don't think anyone thinks this actually sets back amazon's health ambitions maybe just consolidates it also to your point, maybe says it is a commodity now, telehealth >> we'll watch for bullard this afternoon. of course the fed chair tomorrow let's get to the judge in the half thanks so much welcome everybody to "the halftime report. i'm scott walker the critical fed event under way now. we get the latest from jackson hole, debate what is really priced into stocks and what isn't. joining me for the hour today josh brown, steve wieis on set and my guests. we're positive across the board. nasdaq the big winner thus far trying to get to a 1% gain right now. 106.5. 12,537 yields on the ten-year watching those obviously with jackson hole going on got as high as almost 313 dropped down t