i think uber i think that august 1st level preearnings which is about 24 and change, 25, should be a sustainable bottom the upside is significantly greater than 4 points and i like the setup here. we'll watch s&p 4,000. we're about 15 points below that i'll see you in o.t. the exchange is now. thank you, scott hi i'm deirdre in for kelly evans here is what is ahead. stocks lower again today with all three averages on pace to finish august in the red but bun corporate manager is heeding warren buffet's advice to be greedy when others are fearful he will tell us where he's seeing those opportunities and violent clashes in iraq, a potential flood of iran oil, germany's natural gas bill, strong u.s. data, all whipsawing the energy complex we will get the geopolitical implications and what is next for prices.

we hit the three bs, so today the three cs, crowdstrike, chewy and crowd point. we begin with today's market action dom chu with the numbers >> looked like it was going to be green at one point. it was gren. it was close now we're pervasively in the red at one point here the dow industrials down nearly 300 points that's roughly 1% off session lows the s&p 500 below the 4,000 mark we're down 46 points, roughly 1.25% declines right now to give you an idea of the context and trading range at the highs of the session we were actually up 14 points. at the lows of the session, down 62 tilting towards the bottom end of that trading range so far the composite index for the nasdaq 11,484. 173 points, down 1.5%. the decliner there as has been the case with the downside volatility that we've seen since last friday in jackson hole and the fed symposium.

if you look at the interest rate picture it's driving the action. better than expected economic data on the jobs front and on the consumer sentiment front is helping to push interest rates higher we have ticked up slightly lower off the highs of the session 3.11%. the gradual rise we've seen in rates over the last couple weeks here, renewing some concerns about things like valuations, also a possible economic slowdown as a result of those higher rates that's playing out for sure in two key parts of the market, the first one here is one that we've come to know well in terms of economic cyclically. oil commodities. wti crude, 91.59 off 5.5%. names like apa corp, halliburton, chevron, among the energy producers and servicers down anywhere from 3 to 5% the energy sector down 3.5%. by far the worst performing sector in the s&p 500 today on some of those growth concerns. and then another part of the

market that's key, one that you talk about quite often during tech check, the technology trade overall, semiconductors, look at nvidia, applied materials and advanced micro device, each among the worst performing stocks in the s&p 500, just over the course of the past week. if you're watching some of those growth concerns, interest rates rising and that sort of thing these semiconductor stocks are taking it on the chin. many traders consider them a leading indicator for the tech trade. >> the nasdaq giving up gains we've seen this quarter, though it is still the leading index for this quarter so far. the recent downturn may have some investors wondering if now is the time to get out as we head into september, but our next guest says now is not the time to run, but find opportunities. joining me robert, senior portfolio manager at dakota wealth management. we quoted you, you like buffet's quote. it's suitable because today is

his 92nd birthday. now is the time to be greedy when others are fearful. >> yeah. i think the market is trying to reposition for what they thought came out of the jackson hole speech, but if you analyze that speech, nothing really new came out of it. i mean we know we're in sort of an economic slowdown we knew the fed was going to continue to raise interest rates. a lot of folks were looking for a pivot. we never base our purchases on a pivot. we've been looking for further rate cuts but some of the rate cuts to sort of minimize as we go forward and then an eventual pause. >> what were the markets going on we talked about this over the last few weeks, markets seemed to get ahead of themselves, but at issue was the fed's credibility, right how has that changed with the latest speech we heard from fed chair powell >> i don't think so. i think the computers, we have a very quiet week, thinly traded yesterday was like one of the slowest volume trading days of the year we had 800 million shares trade

last friday. so you had the traders and you have the algos setting the market off down a thousand points for no new news the fed is working to ke slow the economy and that's the right thing to do here because we have a supply-demand issue. we don't have enough supply to match up with demand and we have inflation as a result of that. people are running scared. some of the tactics the fed has taken has helped commodity prices are down, housing is slow, retail sales, especially as it allows to apparel, has slowed. we need a little help on the jobs front i think that's coming with the recent announcements of layoffs. >> bob, given that backdrop, what are you buying now? we've talked to a number of people who like tech at these levels, even if you think rates are rising that may not be a good thing >> no. there's opportunities but you have to be very selective. i'm not saying buy every stock out there, but i think if you take a look at some of the opportunities that are being

presented, company like auto zone, a diy company, defensive and a blowout quarter. it dominates their space starbucks, which has great management incredible customer loyalty, strong demand. then jack henry, which never gets mentioned on air, under radar tech, a necessary product, highly rated by customers and employees. three great companies all looking pretty good, all with at least 18% upside. >> and bob, what about with starbucks? we talk about the labor issues the company is citing. that doesn't scare you off >> it doesn't. because it's not across the board. i can understand, but starbucks is having trouble attracting employees, but really, sort of who isn't right now? i think that that problem gets resolved as we get a little bit more further rate hikes and people start looking for jobs and applying for jobs that they might have been passing up before. >> we're going to talk about that in the show thank you very much, bob robert pavelick with dakota

wealth management. one of the biggest decliners is energy, oil falling 6% on headlines from major producers across the globe first political violence in iraq, opec's second largest producer supported prices, and then investors turned their focus to iran with analysts predicting the country would return to the global market in a big way if the u.s.-iran nuclear agreement is reached finally, data in the u.s. supported the continued expectations of aggressive fed rate hikes where do we go from here to break it down, let's bring in john, the founding partner and cnbc contributor john, make sense of these headlines. we didn't mention it, but european intervention and their crisis as well. >> yes thanks for having me on. there's a lot going on yesterday, we got a scare into the market with the developments that occurred in the attack on the green zone which got quickly resolved right now the mode we're in, consumers are on a winning

streak we're very lucky from that perspective because we haven't lost the material amount of russian supply yet china demand has been weak year on year. gasoline demand is down about 8% and so we're hanging in there. i will highlight we remain vulnerable to headlines like yesterday with the iraq situation, but overall, with the economy going into a downturn, engineered by the fed, the demand picture is not as robust or troublesome as it was looking just a few months ago when all the concern came into this market in wti traded up towards $130 a barrel. >> you mentioned china, and it reese reopening, does that offset demand weakness in the united states >> i think there's a lack of visibility on how sustainable the openings are they continue to avoid vaccine policy for whatever reason and so to the extent we keep getting

reports and developments that the downturn there -- excuse me the lockdowns are going to continue to be rolled out, there's enough of concern about demand in china to keep a lid on crisis and the worries about demand from them at bay. again, for now but also, too, the chinese economy has been in trouble really for a while the gdp declining, the property market, they had to do a huge intervention in terms of their currency and lending to support things, so the economic picture there, outside of covid, isn't looking great either >> does that mean you're not buying stimulus efforts? beijing is trying to ramp up activity separate of lockdowns >> i'm skeptical i'm skeptical they can pull it off. i think they're in deeper trouble than they've been signaling and i think the data is bearing that out. they have a lot of wood to chop in terms of getting their economy back to a place where it would be a meaningful pinch on

crude oil demand and energy demand here going forward. they have cut back on their refining operations drastically as a result of fears over internal demand. even though they could be massive sellers in the market which they're not taking advantage of for whatever reason, but i think internally the worries are real and persistent >> a lot of the headlines at the beginning of the segment over the last 24, 36 hours, these are still short-term moves, volatile moves, at the elevated level what is your longer outlook? >> i think we head lower here into the fall. we'll certainly get back into the mid to lower 80s the fears are going to emerge about what the outlook is for the winter there is good news for the europeans. some of the weather runs on our desk this morning are showing a warmer than normal winter for europe which would be huge we may catch a break and we have to continue on this lucky streak i think the pressure remains to the downside with occasional

over 100 i think over the winter as soon as we can determine that supplies are sufficient, we'll head back down lower again >> what about russia if we see, you know, more cuts or a full-scale cut out of the country? >> that is one of the vulnerabilities. right now, china and india in particular are more than happy to buy severely discounted russian barrels. as a matter of fact, one developer that came out of the iraq situation that i referenced the iraqis are looking to sell their barrels to europe because they're getting displaced by the cheap russian bargain basement crude oil supplies it's a very much moving chess piece but part of my outlook for prices is that the russian barrels mostly stay on the market which we have been able to achieve thus as far >> thank you john kilduff coming up, meta, apple, microsoft, some of the names in big tech that people are betting on how long will it take to pace off?

what are the risks if it doesn't? crowdstrike, chargepoint and chewy. the exchange is back after this. this is "the exchange" on cnbc only at vanguard, you're more than just an investor—you're an owner. we got this, babe. that means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership.

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. welcome back to "the exchange." there is an arms race in the metaverse with the major players battling it out but will there bets pay off steve with me with the risks and reward you were on the west coast i'm glad i can join you on the east >> let me talk about this. this is what i'm calling a year of metaverse hype now coming to the payoff starting this fall. we're going to get the first wave of virtual and augmented reality headsets let's start with mark zuckerberg saying meta's headset is going to launch in october and early next year, sony says it's going to have its playstation vr 2 headset which needs to plug into a playstation 5 to run next year the long rumored apple headset. more so with meta, it's the only company out of all of these that are betting big on the metaverse and this is a blemish for meta and a does it's going to hurt the company more than its rivals

the market here is small for headsets and not expected to grow significantly the research predicting only 50 million will be shipped in 2026. over a third to the enterprise not the regular consumers like you and me to put that in perspective, 50 million compare that to the more than 200 million smartphones a year that just apple ships, this is going to be a nish market for a long time and headsets are not going to replace your phone. the price is going to be tough to swallow for many. meta is going to charge at least $1,000 and apple charges a premium for everything so it's not going to be cheap to play in the metaverse. even they no one might be there. >> or not many. >> not many. that is a high price point and still nish. >> exactly >> stay with us. we'll bring in someone else. for more on hardware and what it means joanna stearns, columnist at the "wall street journal. thank you for joining us this

time on "the exchange. okay steve, gave us a rundown of the headsets very expensive and niche, even sony's >> you need a $500 console to use. it where are we in terms of the metaverse vision >> i will be in the metaverse f i'm alone, i would like you to join me. >> you already are, right? you've gone to night clubs and comedy shows >> i mean, i may be an avatar right now. we're not sure where does real blur with the fake we don't know. but steve hit on all of the points this is not a mainstream market, especially not with what meta is going to be coming out with in october, the project cambria had set which is aimed at higher end gamers or those looking to develop for the ar and vr platform that meta wants people to build for this metaverse. the big thing that we need to look at here is how is meta at

making hardware? they've had a hit -- maybe hit is a subjective word -- with the quest 2, meta quest 2, whatever their a calling it now, but this is more advanced technology and needs to blend vr and ar and as steve mentioned a step into the ar realm expected to have color pass through so you can actually see color in the real world around you, but that overlays some virtual objects the jury is still out how can meta still deliver and they need to control the hardware and software platform as they go into the future. >> what we're talking about, sort of further off vision of the metaverse. there are instances where you can see it sort of in maybe better effects in roblox and mine craft which aren't looking at headsets. >> they'll be on the headsets. >> that brings up the question we talked about this earlier on tech check is there going to be interoperability everything you ran through, steve, you as well joanna,

doesn't tell us we're heading towards that at all? >> in the purest definition of the metaverse it's like the open web, meaning you can go to any site on any device the purest of the metaverse believe it should be like that that's not what big tech is building, apple or facebook. mark zuckerberg saw years ago apple and google were able to build their own wall of gardens and ice him out. he's building his own garden forget about the message about making it cheap and access ble that's not what they're doing. >> all of these tech giants have seen how valuable an operating system is and they want to create one for the metaverse we talk about the big tech players, who is going to lead the pack it's possible that someone's building the biggest metaverse company in their basement. it may not be any of them. >> it's possible i mean, yes, we saw that similarly with sort of the pc race but when you look at what

happened with smartphones, it was two giants that dominated, right, and in most cases, at least with apple, they controlled the hardware and software platform. google to a lesser degree. microsoft failed this is what we have again happening, the race, google, microsoft, you're going to have meta, apple, so it's a four-way race there you're going to try to have amazon in there. not wanting to leave out the alexa platform and what they've built with their shopping platform in ar there's a chance someone in their basement is making a really sleek, cool headset and all the software to go with it but how does that not cost more than a thousand dollars, right >> you seem skeptical. >> i'm going to say no. >> what do you think oculus was an acquisition >> it was made in a basement, oculus >> it's harder and this is require billions of dollars in meta's case $10 billion a year not necessarily the hardware,

but maybe when you talked about the systems like it being the open web someone is creating the technology for the interoperability >> microsoft talks about that and believes there should be interoperability microsoft, go figure, focus on the enterprise and that figure i put up from idc showing the enterprise customers for this, that's where microsoft is playing right now. they don't necessarily want or need people like you or me playing with these devices there's a huge opportunity there. even google glass is being used in the enterprise. there's this idea, this bifurcation of it. of all the companies microsoft is the only one talking about interoperability in a serious way. >> magic leap was sort of the unicorn, the white whale supposed to do this, supposed to do this five or six years ago, if you remember the funding that company got. they have a headset out. partnerships with at&t still no big sales of magic leap one or two two is coming out. and maybe they get acquired.

>> the only company talking about the metaverse in a huge way is meta. the other companies are talking about it in subtle ways. a lot focussed on gaming and there is the connection between the metaverse and gaming, even when we talk about ea being in play as an acquisition target. do you think that that plays a part in that consolidation we're seeing right now to grab the titles and get ready for a next phase of gaming or internet or metaverse? >> i think if you look back at the history of some computing platforms, gaming has fueled that first step, has pushed the early adopters, right. we saw that with pcs, pc gaming and seen that a little bit with phones as well people buying those, buying them for the games in the huge market on phones. i think that is going to be the inroad to vr or ar, but again, as we kicked off this segment, how does it go mainstream? how does everyone like you, me and steve want to put this on during the day because we've got jobs and we can't play roblox

during the middle of the day. >> no, not yet >> i might be playing right now. >> those could be smart glasses. >> and my avatar shows up for this i have no idea what -- >> you're just an avatar thank you both julia and steve. still ahead, elon musk making another attempt to scrap his deal to buy twitter. what is different this time around take a look at dow heat map. almost every name is in the red. let's see it zoom out, chevron, caterpillar, dow are the worst hexcng iba a "t ehae"s ckfter this 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. plus we have a new plan with 5g ultra wideband. switch today at visible dot com.

welcome back to "the exchange." markets are well off the lows right now. the dow had fallen 410 points. down about 390 at the moment chinese tech stocks, they are falling with the market today. they're the under performers baidu a year over year drop in revenue for the first time since 2020 reuters reporting that alibaba will be the first in a batch of u.s. listed companies to be audited by u.s. regulators next month. big lots, it was, let's see, it is still settling after better than expected results. look at that up more than 7% the retailer says it brought down inventories materially and on track to right size its position by the fourth quarter best buy moving higher after beating estimates. remember it had warned and cut its forecast in july on expectations of weaker demand. shares are on pace for their worst in a decade. let's get over to tyler mathisen for a news update >> thank you very much good afternoon, everyone within the last hour, mississippi's governor has

declared a state of emergency and activated the natural guard to help distribute bottled water. that's in response to the failure of a water treatment plant that has left about 150,000 residents of the city of jackson, state capital, without safe drinking water, and many have no water pressure at all in their homes. today the white house says president biden was briefed on the flooding that caused the problems at that mississippi water plant. federal agencies are prepared to provide access to state and local officials as well. and the secretary general of the united nations is going to pakistan next week to see what a spokesperson calls an unprecedented climate catastrophe. at least 1,000 people have been killed by flash flooding after record-setting monsoon rainfalls all summer long. tonight on the news, one year after the fall of kabul, we will take you to a community of afghan refugees in central california that's at 7:00 eastern time with shep smith here on cnbc.

back to you. >> looking forward to that thank you. up next, the three cs edition, crowdstrike, chargepoint, chewy, all down more than 30% from the recent highs, but should you be snapping up shares ahead of their results? that's up next bubbles bubbles so many bubbles! as an expedia member you earn points on your travels,

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welcome back, everyone it is time for earnings exchange we gave you the action, the story and the trade on the three bs yesterday today we're hitting the three cs, down the alphabet. crowdstrike, chargepoint and chewy. crowdstrike, flathead of earnings, down 6% in 2022. cyber security has been front and center with the ukraine war and china. stocks have been struggles dominic chu has the story on crowdstrike and we've got joel financial founder and the president joins us with the trade. lay it out >> here's a stock as you can see on the chart that's been trending higher at least medium turn and hasn't had the bigger pullback that some other tech stocks have had in cyber security like you point out, very much an in demand business given all the cyber threats from

around the world and our increase reliance on all things digital. on that front analyst estimates call for 22 cents of earnings per share, roughly 515, 5-15 million worth of revenueses. what could be a bigger driver of the post-report is status of the new and recurring business it's a subscription based company, clients pay a regular fee for that cyber protection to that end, you want to keep an eye on the metrics like the annual recurring revenue and how many net new subscribers the company has inked to deals and crowdstrike has been showing better cash flow trends on the operating side and free cash flow overall are those positive trends there for cash flow? for the stock, the options market is already expecting what could be a move of 8.5% up or down in the shares after the report and that's a little bit more volatile to spend over the last four quarters

>> it has held up relatively better and i know what you're going to say, you're going to say this is expensive. i understand that. however, we talked to a lot of folks in enterprise spend and they say cyber security is one spot they're not going to scale back on. why can't you get behind this one? >> i can't get behind it because you said the fundamentals aren't there for us and especially in this environment we have to stay true to the fundamentals and try to, you know, not chase growth this is truly a growth company yes, it's 35% off highs but still trading 100 times forward earnings basically those earnings, if they hit that number, which dom said, and the whisper is 31 cents if that hit that number it's a 31% growth. it's factoring in on a multiple basis a growth driver, 28 times sales. yes, the news might be great, obviously there's a lot of headlines there that may goose this stock on the initial

release, but fundamentally it's not one i can get behind here. >> is it cyber security that you think has run too far or crowdstrike in particular if is there another stock in the space you like or as a sect you think it's run up too far? >> unfortunately there's sectors and stocks we're going to miss staying conservative and boring. the next stock is my speculative long the reality, these are the stocks that let's say we continue to trend lower and the market, you know, just gets hit and these are the stocks that ultimately become cheap at some point, then i would absolutely venture in we've traded these names before when they had reasonable valuations and nobody thought it could continue to grow 28 times sales in this environment is dangerous might go up on the earnings play, but it's not for us. >> you teased our next stock, so nice job there that would be chargepoint. shares down over 2% today, down 23% this year as ev demand surges no doubt the u.s. will

need more charging stations. president biden's infrastructure bill laid out a plan to spend $5 billion over the next five years. cnbc's phil lebeau is here with that story phil >> you know, detra, the thing to focus on with chargepoint it's not the top and bottom line. obviously people will be watching some of that, but it's numbers within the numbers within those numbers margin pressure will get a lot of attention. their margins were higher in the fourth quarter than moving into the first quarter. what do we see as we've seen higher costs for everything from the supply chain for putting these stations together to the actual cost of putting them in it's an expensive endeavor as they put charging stations in around the country there's the revenue outlook. revenue grows at a fast clip what are they expecting as we move into 2023 final one area that is often outlooked when it comes to the stocks the commercial opportunity and growth yes, we like to focus on the charging stations you and i might use if we're out there and

need to charge up our electric vehicle but the charging possibilities when it comes to commercial fleets that's one of those stories that probably doesn't get as much attention as it should. >> i can see clint nodding with that you called crowdstrike, you want to be conservative, you're calling chargepoint a lotto ticket bet on ev. >> yeah. bill took my points. i have very little to add from a fundamental perspective. it's not about the top and bottom this makes sense i think for a piece of the portfolio, if you're out there and looking, you know, to speculate as cramer would say, right, you've got a portion of your portfolio for speculative investments for long term that might or may not pay off, we really like chargepoint here it makes sense that ultimately these are going to be everywhere if anybody wants to drive, you know, a plug-in hybrid or a plug-in fleet, they're going to need to charge whether it's businesses or hotels or restaurants or

commercial fleets these things are going to be all over the place. chargepoint is not the only game in town but one of the most notable. what are we looking for as phil said, we want to see what the company says they're not profitable they're going to have a loss they have decent cash on hand. we want to make sure that, you know, we're not going to see another funding round or more debt added or hints right now, but if this stock were to get hit on these numbers, we would be a buyer of more we are slowly accumulating these shares for the long term >> those shares are some 50% off its 52-week high thank you. >> clint, stick around we want to get to chewy, slightly down ahead of earnings but up 39% over the past three months names like chewy soared down the pandemic pet boom, but seems business could be hitting a slowdown courtney reagan has the story here it is a story that we've heard so many times with these pandemic darlings and chewy was one of those darlings.

>> yeah, absolutely. everyone seemed to buy pets or add new pets to their family during the pandemic when we were all at home and sort of seeking that coziness. but really, chewy as a business is sort of one that offers largely commodity products when talking about pet food or cat liter, things you want on a renewable consumable basis what's key here is customer retention, right you want to make sure that you're holding on to the customer, give them a reason to keep coming back the autoship program is part of it, that's part of what the analyst will focus on when looking at consumer retention and churn rates. those are really really important metrics here the stock has outperformed over the last three months up like 37%, but it is well off its 52-week highs. profitability remains an issue with a company like this that has to spend a lot of money in the operations for shipping all of these heavy items to make it more convenient for the customers. now they're going to be adding

more and they are already adding more services like vet care and pharmacy like pet insurance, and so i think those potentially could be future growth drivers but we'll have to see a little bit more a lot of that still in its infancy. decent amount of short interest here in the stock, although most analysts have this at a buy or hold ratings >> 24% short interest. looking for value, clint, less than 2 priced to sales ratio this is really at a discount like courtney said, a lot of its business has been commoditized >> when i was looking at this i didn't think i would like it i'm not going to like this name. i started digging into the fundamentals and it's fascinating to me. as you mentioned less than two times sales. that's an attractive valuation here on a stock like this. now they aren't profitability, but they don't have debt so it's not, you know, hitting into their balance sheet at this moment in time what we're going to look for things that they say about

supply chain and inflation my guess is, is that they are easily able to pass on the inflationary pressures to their customers, so i mean, we want to see what they say about that it's not one we own, but it's very fascinating to me however with a short interest as you mentioned at 24%, any hint of good news we're not going to buy ahead of the announcement, but any hint of good news and this thing is going to take off like a rocket. >> could be a meme stock with that amount of short interest. thank you very much. with the nasdaq under performing today, we will get a gut check on two tech names that have seen monster gains this month. is there more room or will their competitors close? twitter shares are lower as elon musk tries to terminate his twitter buyout will this be the one that ends the deal that is next "the exchange" is back in two.

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welcome back to "the exchange." we're taking a look at big movers from social media to ride sharing to the cloud as the nasdaq under performs down 2%. let's start with social. elon musk is asking for a delay in the twitter trial after filing another termination notice to try to get out of his $44 billion buyout twitter responded at the top of the hour saying it remains committed to closing the transaction on the price and terms agreed upon with mr. musk. shares down since musk's buyout offer. let's bring in brent, senior technology analyst at jeffreys will this be the final straw or is he grasping at strauws here? is this argument better than the previous one >> he clearly has buyers remorse and doesn't want this now. ultimately, what's wild about the situation, he said in that ted talk i wasn't financially motivated why he wanted this

i think everyone is scratching their heads. ultimately hopefully he gets it done at a lower price and we can move forward the longer he drags this out the more damaging for the twitter base and advertisers and everyone in the -- in that whole chain. it's not good for anyone so hopefully this can get settled. clearly it sounds like he's having remorse and wants to pull back we think for a lower price, we still think he wants to get it done ultimately, give his intentions but again, the market from where he launched has had a reversal and i think this is still an asset he wants, just at a lower price. >> feels like every day there's new information, new moves but brent, next i want to talk about uber on pace for its best month since november of 2020, up 20% than rival lyft up 6% in august if you look at the returns over the past year lyft is down 70% compared to uber's 28%

i would maybe argue, though, that uber has been on this sort of path to positive free cash flow it's been in delivery. lyft is seen as the one trick pony but for a while that was seen as investors as maybe a better thing because it was more focused. >> yeah. i think platforms win in tech and uber is a platform for multiple angles of transportation, whether it's for your food, yourself, you know, your freight, and we think ultimately, you know, platforms win. i think lyft is a point solution, one product, so we prefer uber over lyft. we don't dislike lyft. we think uber wins and ultimately the platform play wins and i think many ceos have been talking about this and i think we see this in our daily life moving from an economy of goods consumption, buying hooded sweatshirts and trinkets for your home to venturing back to work, we're going back on

vacations and doing things that helps uber's business we're big believers the stock is under valued, under three times forward sales. the ceo is buying stock. you're seeing everything you would want to see for a good setup and the sentiment is still poor on the stock. we like it here. >> it has been moving up still well below the ipo price another out performer this month snowflake. shares on pace for their second best month ever. they are outperforming competitors like oracle, microsoft and google brent, what do you make of this? it's interesting because earlier this year when we were getting ready for the economic slowdown and questions about enterprise spend it felt like their consumption based model might be at risk and that hasn't turned out to behe case. it's a benefit where companies are looking to rein in costs >> they had a scare in the first quarter and got people spooked

everyone got negative. i think they have a phenomenal quarter and didn't see any weakness and didn't see what they saw in one and the last quarter. this is the most trusted mc management team. we think they're going to do the same thing at snow these are the best co-pilots in software it's one of the most dynamic story, 50 plus percent growth and improving profitability and they dominate their category the biggest pushback is multiple >> yep certainly the street loves it. thank you so much for being with us talk to you soon. and still ahead, it is the second installment of our state of jobs series with tech in focus, we'll get the challenges facing the industry and how one company has managed to keep turnover to a minimum. that's next. take a look at the dow near session lows off by more than 400 points it bounced a little bit and down as much as 450 almost. we'll be right back.

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welcome back to "the exchange." all this week we are taking a look at the employment picture in different areas of the

economy. today we are focusing on tech according to the bureau of labor statistic, there are currently more than 2 million available jobs in the industry joining me now is lynn moore jr., ceo of tyler technologies lynn, thanks so much for joining us as we've talked about a lot here, it has been a job seeker's market post-pandemic are you seeing any indication that perhaps that is turning or will turn? i was reading that you're seeing workers who left actually return back to the company. >> yeah, you're right, dierdra and thanks for having me it's a tough market. it's always been a tough market in tech, particularly so coming out of the great recession -- or i mean, excuse me, out of covid. we are starting to see a number of people who have left and coming back we call them boomerangs, and what we're seeing is they've learned the grass is not always greener on the other side and that tyler is a pretty good place for our employees. >> so what are you doing in this moment then? are you still in hiring mode >> absolutely. you know, we've been growing

pretty steadily over the last 24 years, and i think that's one of the stories that resonates both with our current employees as well as our future employees, our growth and growth leads to opportunities. we're a very stable employer you know, during the great recession, we didn't lay anybody off, during covid, didn't lay anybody off. something we're very proud of, and something we talk a lot about with our employees. >> i'm usually based in san francisco, and throughout the pandemic and even afterwards, you heard about a lot of wrkorks wanting to move to places like texas where you're headquartered. have you been able to take advantage of those >> while our headquarters are in texas, we're actually all around the country. we're pushing close to 7,500 employees. we've got about 80 offices all over the place i think what's interesting in the tech world and what you're seeing now coming out of covid is with this whole thing around hybrid work, you don't necessarily have to be in the location, and so, actually, one of the more competitive factors we're having are even people from, you know, larger cities

trying to make moves on people more mid--sized towns and things like that where we have a lot of our offices. >> even apple is asking workers to come back three days a week what is your approach? are you requiring people to be in the office? >> we have better together with flexibility. it's pretty flexible across our different spaces it sort of depends on the type of role you're in. we're generally seeing people coming in two, three, times a week, maybe four times a week. we're trying to do things, intentional things like having managers have more in-person meetings to get people around because i think one of the things that's a concern as you've had this higher elevated turnover really is the cultural challenge. that really, you know, prides ourself on culture and mission and that can kind of get lost over time. >> absolutely. a lot of companies working through that, especially in the bay area tyler, excuse me, lynn, thank you very much. lynn moore ceo of tyler technologies. and coming up, take a look at this mystery chart, chairs

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i am courtney thompson and we are morgan stanley. welcome back to "the exchange." solar hit a 52-week high they have reversed court fractionally lower the company announce add new u.s. factory on the heals of the passage of the inflation reduction act. pippa stevens joins me with the details. >> this is a major expansion of first solar's panel manufacturing, and it all comes down to the climate bill the company, which is the largest panel maker in the u.s. said it will spend $1 billion on this new facility in the southeast. now, we don't have the exact location yet, but the company plans to announce it this quarter. the new plan's capacity will be

3.5 gigawatts. first solar will also spend 185 million to expand its current factories in ohio. all told, the company's u.s. output will hit 10.5 gigawatts by 2025, and that's enough to power about 1.6 million homes for a year according to seia ceo mark whitmer told me the inflation reduction act was the key catalyst that made first solar decide on another u.s. plant. the company had been looking at other locations, but the ira's long-term scope and incentives for different steps from the manufacturer to the end customer made the u.s. a, quote, very attractive option. the new facility will also help with surging demand for first solar's utility scale panels during the latest quarter, the company said it's sold out through 2025, dierdra with a bac backlog. >> we talk a lot about the chips act and semis and how that has changed the balance. china has gone far ahead with

the chips act intel and others are manufacturing more in the u.s. can we expect to see other companies make similar announcements, and how does that shift that global balance going forward? >> to your point, this is all really about incentivizing domestic manufacturing, and of course much of that has moved abroad to china specifically, and so the biden administration has really tried to bring that back to the u.s., and they've tried tariffs in the past, and this is a different approach since this is incentivizing tax incentives, production credits, so that is in an effort to come here, and we're already seeing it starting to work. we had first solar today yesterday we had honda and lg energy solutions announce that 4.4 billion battery plan in the u.s., and so there are potentially many more announcements coming, but you know, these supply chains are comp complicated, and you can't just, you know, immediately move -- >> there can even be a national security element to this as well, right? >> absolutely. >> energy security. >> the entire energy transition depends on a host of raw materials that we like to call the metals for future

technologies, so the administration has said we need to build these out to secure our energy future as we shirt to renewables that require many more raw materials than fossil fuels. >> nthat was a great rundown that does it for "the exchange," "power lunch" starts right now ♪ and welcome to "power lunch. i'm contessa brewer in for kelly evans, here's what's ahead crude confusion, oil prices drop as more rate hikes loom. there are also concerns about unrest in iraq we'll make sense of the move as oil approaches 90 bucks a barrel. plus, apple, microsoft, and alphabet all down more than 5% over the past week is tech too ris i do buy on this pull back? our market pro tells us how he's positioned. first to tyler and a check on the markets. >> thank you very much and welcome to you and everyone. stocks pulling bac