to trade a lot lower but we've reversed in the first, let's call it, hour plus of trading here you can see the s&p now up and the nasdaq as well following along a bit. nvidia still down 54% for the year but up 1.5% for the session. that does it for us on "squawk on the street," "techcheck" starts now good monday morning welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today is now the time to double down on growth as tech slumps companies are cutting costs. we'll talk to a ceo who said they should do the opposite. oppenheimer saying now is the time to buy netflix. and the latest company hit by a cyber attack, take-two shares are down this morning. starting with investor

worries, the major indices coming off the worst week since june, but we did just tick positive now joining us now is jim cramer wonderful to have you back e you're on a particular mission this week, has to do with tech and how low it can go. >> yes first of all, thank you for having me. this is really important i'm out here obviously for salesforce's dreamforce. i happen to think that tech is under valued i want to know when the fed is going to be done so then the undervaluation turns into buying own say half positions on the stocks salesforce, this stock has been pummelled. the question is, are it pushbacks? are they not getting the orders done finding the business is no good? in other words, are they adobe

and adobe was hit harsh this week >> salesforce, last week i was watching some of the conferences at goldman sachs, leaving the door open for m&a activity. >> you have figma now selling for 20 billion and selling at 50 times the annual revenue, what happens is people say desperation. there's desperation. now there's two kinds of tech, the qualcomm kind, you have these chips used in phones and autos, maybe phones are good, maybe china is too slow. and then there's this kind of tech where you got big ticket items. and you can't close deals. workday closed deals but the last time salesforce had some pushback then you have the other problem, the dollar. >> yes which they talked about. >> they've done everything right. >> i thought of you this morning

i was listening to you as i do on the way into the studio, i went to get my coffee and the other person who was to help out didn't show up that happens three times a week, the milk is not out, everything, i heard you talk about needing more pain, that's what fed chair powell said, people need to come back to work when you say there's value in tech, what part of tech is that? would you touch the still expensive, relatively unprofitable names >> no. absolutely not i think the fed, when they raise rates, is thinking about those companies. not hub spot has to come down, you look at hub spot -- a lot of companies are closing in or barely profitable but sell at high multiples the fed doesn't want that. i think the fed doesn't want bitcoin up i think the fed is bent on nailing speculation. they don't want people to borrow

money to buy stocks. i don't think they're bent on crushing advance micro under 20 times earnings but a company selling at 40 times earnings i love nvidia, can't wait to hear the keynote, about $400 billion company, so the question is is that going to full under the purview of what the fed doesn't like the fed never goes stock by stock but i'm saying is the fed trying to get over valuation does the fed want your portfolio lower so you spend less and maybe go back to work. >> jon has thoughts. >> it's interesting, i think, the adobe move, the strategic move and stock move last week, because depending on what your time horizon is, investors have a really interesting dilemma here about how much do you bet on smart growth, so figma's double analyzing revenue, cash

retention 150% in a regular market they'd go public it would be a big deal but adobe making this move to get them and expand into productivity now they were able to do the move to the cloud and sass like nobody else could. he was able to do the move so to what degree to investors look at operators like that? look at companies that maybe they're not profitable right now but their metrics are headed in the right direction and say, if i'm in this for the long term there could be value in some of these? >> i think there is, but jon you said it. when they bought this company, figma, that deal would have sent adobe stock up a year ago, instead it sent it down. how smart are they they bought it before it went public, they would have said. but he didn't know his audience. his audience said his business is slowing and it's an act of

desperation. it's notdesperation, you and i know but i don't want to pay 20 times for a company that's issuing stock. when i can buy another tech company that's less expensive that still has less growth i think they tortured shareholders with this acquisition. they didn't mean to. >> why not buy both if you're a long term holder, how should an investor be thinking about the market how much of it is either or or how much is it i think earlier this year the stocks bounced off a bottom, i don't know if it was the bottom, maybe i should look at longer term. >> it is true that the business is slowing and i don't know if the fed is done or if putin's done or if china is done. whether the business will accelerate, there are a lot of companies whose business is not slowing. i'd rather be in those companies

than a company whose business is ticking down. >> let's talk about another stock, netflix, getting a few upgrades and this is a stock that's 66% off its 52-week high however, about 50% off its 52-week low. the point when they're figuring out the advertising model and the price of it, where are you on netflix >> so many people love the idea there's going to be this new revenue stream and yet i remember reed hastings sitting where you were when i interviewed him, talking about the glory of no commercials. now the idea you're going to put in commercials yes, maybe there's people who want to trade down i don't think they're new people that come in i think that netflix is an undervalued company from the point of view of who you're buying which is talented people. i come back and say if netflix is good, i have others that are great. >> what about the idea with ad revenue. oppenheimer predicting revenue

of more than $4.5 billion by 2025 >> if that's the case buy disney disney is going to do the same thing. these are big companies opinion it's not like i'm saying there's this small cap company like netflix and you have this opportunity. i find the conundrum of this market is there are so many people trying to craft stories about buying things, yet i have health care, banks, retail, they don't have this degradation, world-wide degradation i think the stocks are getting cheap. but i also know when i sit down with the people from marvell or advanced micro, that no one seems to care. if your pcs -- i was with amazon web services, high performance. >> yes the head of aws. >> high computing is doing well, but nobody cares i say wait until the fed is done until they care -- i shouldn't

put it this way. i'm implying the fed could have another 75 this week and then they say listen we want to watch and wait, you might get a green light. >> you're looking at yields, too. the two-year approaching 4% and you were saying basically powell doesn't need to tell us anything if it reaches or surpasses 4% here >> the dollar, that you may have, you want to put in for savings is not going to go to stocks it's going to go for the four year -- i mean, two year, 4% 4% i can't own stocks but i do have to put money away. choice of s&p index fund or 4% >> you're talking a dividend yield which a lot of tech companies, the ones we're talking about, don't have. >> i don't want any risk i was getting .2 now i'm getting 4. i want 4 i don't want all that risk

that represents the average person. >> jon >> jim, you know, another beaten down stock, meta so many things to dislike. there's the tiktok narrative, even though we don't get quarterly great numbers, metrics on tiktok to judge apples to apples, there's always the regulatory overhang. how broken is it what are you looking for for an inkling that perhaps zuckerberg is figuring it out >> two things, i want reels to make a major move here so we think about reels versus tiktok in a rivalry and then i want them to charge for what happens app they have to charge for something else than what they do it's just -- i know it sells at 15 times earnings and mark is doing his best with meta we need another revenue stream if they gave us what's app,

they're doing good i check my feed say 5 times a day, no one is posting. >> your instagram or facebook food. >> i check my -- my wife tells me go watch your instagram >> you're not checking facebook, though, are you? >> no. just insta facebook not at all. >> so facebook or meta is the value megacap play. >> wow, yes, it is and mark zuckerberg, he has to say, look, let me tell you what we're doing in reels and it's going to pass. it's not just people posting tiktok on reels and we're going to charge for what's app and we're closer to making money on the meta than you realize. i'm going to see jenson wang i know he does a lot of work with them but you have to give us something to buy. >> let me ask about the rest of the faangs how are you feeling about that >> apple is a buy. plain out buy. >> to own, not trade. >> yes right here i was in love with the 14 -- i

had to buy the 13 because i lost my 13 last week. which -- and i dropped my watch. travesty, 24 hours it happened and i looked at the 14, and i've now spent two days playing with it >> yeah. >> oh my it's not -- >> and you pay up for the higher end model. that seems to be consensus from the viewers. >> and it's so easy to switch now that i can move from verizon to t mobile. >> i read a note this is one of the quiet disruptions but one investors need to pay attention to, things like the e sim which are overlooked. >> bingo. >> while we have you, i want to get your thoughts on the i.p.o. market or lack thereof. >> what i.p.o. market? >> exactly nearly 240 days without a 50 million tech i.p.o you have to go back to the early 2000s.

what is going to open it it has to be a big company. >> yes could it be porsche, i don't know that's a bullish sign for investors. companies are buying back stock. you have no companies issuing stock as an i.p.o. it would be time to buy a salesforce if salesforce says good things this week. i'd rather do that i don't care about how the window open, i care if everybody comes in, wants to buy existing stock you'll be grlad you have these positions. >> jim, it's always great to have you on set. >> i love your show. i stop and watch it, it's so good. >> we love to hear that. we hope you come back this week. we'll watch dream force. still to come, the analyst behind the upgrade of netflix joins the show. is it time to double down on growth we'll ask the ceo of one software companynd s aee why he

says yes "techcheck" is just getting started. - yieldstreet presents: alternative investing with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today.

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let's get a gut check on

crypto bitcoin and ether both falling this morning, but off the lows bitcoin was below 19,000 on what's been described as a successful, ethereum merge last week bitcoin, it is still below 20,000 investors spooked after the statement that ether might need to be treated as a security in the future. the potential regulation driving down exchanges as well coinbase is down more than 5% this morning, carl you can always count on crypto for a wild ride. >> indeed and it was one this weekend, john. we sometimes talk about growth equities more broadly but what about growth equities investors as a group obviously hit hard by the downturn this year our next guest sees opportunity calling this an ideal time for m&a, joining us is ann hecker. great to have you with us.

thank you for the time one of your general points is in a period of turmoil, maybe recession, it's going to be m&a that's going to help some of these growth investors. >> i think that's right. when we looked at past recessions, it's really a turning point for a lot of companies to think through how can they chart their best course forward. so companies that can think about these downturns as opportunities and act quickly often end up on an accelerated path coming out. we think of the great financial crisis, companies that did smart m&a or reinvested came out with growth rates five to ten times faster than their competitors who did not. so we've seen the turbo charge, a lot of growths have seen uni corns come on three times faster in the last five years than we've seen there's a correction we're all looking at, but a lot of fundamentals around technology and business model innovation

that were fuelling a lot of that still exist and are worthy of investment >> if all of that is true, why is it the big deals that have been announced in the last quarter or two, thinking an act vision or arm or might be even figma with adobe, there are doubts about them closing and get approved isn't the resistance to large scale m&a going to be a headwind >> that's something we consider. we think of disruption for the technology center is what technology says we look at technology disruptions, business model disruptions and now it's economic and geopolitical disruptions playing an outsized role in the moves going on in this space obviously one of the trickiest parts of m&a and times of turbulence and doing the right valuations and what is a company worth when valuations are moving

around and move valuation to a china perspective, u.s. perspective, europe. so it gives companies something to think about but companies that do it well can front load a lot of questions by beefing up their m&a play books internally and the diligence around what's best for the customers, what moves are they going to make, because that regulation piece we've seen it block a lot of deals the last 12 months. >> ann, it's jon, good morning i think interesting in this market, unlike a decade ago we have a number of growing tech stocks with market caps under $5 billion, not exactly small cap but kind of. the complaint used to be public investors are missing out on growth, coming public when they're already mature now there's turbulence, people are saying stay away from unmic unprofitable tech. how do you look at the

opportunities for the smaller stocks, some are going to be quite successful, that a number of others are scared of in this market >> technology companies have grown out of technology innovation and revenue growth. revenue growth has been so key and continues to be key for anything in the technology segment. i think the path to profitability is something these small companies are going to have to think about more pro actively and sooner than maybe 24 months ago. so not only is revenue important but look at your unit level economics and the path to profitability. i think that pressure for profitability is getting pulled sooner into technology companies. and it's something we see a lot of companies looking at, and the winners will do it well. they'll look at not only where should they be making their investments, certain areas maybe to take investment out of but refocussing the investment on the most critical projects and

products because at the end of the day, companies that can scale quickly and build on the economic winners will be the winners. >> it turns out it's hard to scale. how much pain can the growth equity investor take i wonder are there too many tech software companies going public the last few years it's hard to scale, they want to be amazon but in reality many muddle along around the middle, right, or worse? >> yeah, it is hard to show. the rise has been very quick in terms of the number of companies that have reached this over billion dollar valuations and if we see with inflation overall, i think the sass company valuation as cumulative down 70%, so a big correction i think there are some companies that will figure it out and figure out a way to grow and have a really unique value proposition to their customers

a few themes we see and a lot we look at in our new technology report that's coming out today ones that can have standout products, product led growth strategy tend to win as well as if they can find a category where they can drive innovation and seeing more vertical categories coming up. there are pockets these companies will succeed in any business there are going to be winners and then companies that need to rethink their business model this is a time i think people are making those tough decisions. >> finally, i wonder what your sense is right now of the mix between deals they're looking to higher basically to absorb new talent or new technology or to simply broaden their scope of vertical space >> sure. those are the type of deals we look at. as the markets have been growing we've seen more scope deals. so new market segments, hires looking for talent in terms of downturn, companies

tend to focus back in part on more scope deals where they can show cost synergies. in addition, to increasing talent and revenue it is more important. so makes that tech a, juggle more difficult because you can't foe cusfocus on revenue and increasing the market space but also the cap needs to come in as well and it's tricky to do both. >> fascinating it's going to be interesting to see how this plays into maybe a new economic environment, anne, appreciate it very much ann hoeker >> we want to get a check on shares of what development platform reveals 9% taste stake, star board has spoken to wix, the company has been dealing with continued losses and slowing growth the stock has lost half its

value this year, and today's session it's up nearly 11% and we're starting to hear more chatter from the activists there's a thinking we were talking about this today, a lot of the companies have grown fat in the past few years and now there's an opportunity to cut costs and get more efficient. >> an interesting development, dee, yes up next, oppenheimer calling the bottom on netflix. the analyst behind that call is with us. don't go away. go. go lights. go big city lights. go spotlights. go stadium lights. emerson software helps clean energy become reliable electricity. go “good night.” go boldly. emerson.

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welcome back to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa we continue to watch the markets this morning, a fair amount of chop, the nasdaq coming off the

worst week since june. we opened lower on the dow by about 300 points but managed to go green briefly let's get a news update with bertha kooms. >> here's what's happening at this hour, the procession for queen elizabeth's coffin has arrived at its final destination. thousands showed up to pay their respects on the route from london to windsor castle the coffin has been escorted into st. george's chapel. the last of the public events is now under way. the service giving a last glimpse of the queen before her burial later today that event will be private in puerto rico, about 90% of the island is still without power, hurricane fiona dumped nearly two petfeet of rain in se areas. the governor calls the damage catastrophic it's now slamming the dominican

republic with 90 mile an hour winds. and interest rates rise ahead of wednesday's federal reserve meeting on monetary policy the 10 year note has broken about 3.5%, hitting the highest level since 2011 a lot of folks looking to buy a home now wondering what they're going to do about mortgages. >> yes bertha, thank you. another upgrade for netflix. oppenheimer picking the stock to outperform, price target of $325, saying the streaming giants new ad tier should drive future growth and current street estimates don't yet reflect the opportunity. joining us the analyst behind that call. jason pellstein. i think there's a question on whether netflix is going to lower the price of the current plan just a little bit add, ads and make people who want no ads pay more is it clear how netflix is going

to price this? >> so. there's a lot of unknowns. there have been press reports from kind of whether internal memos that came out from netflix, i think there was a presentation that was circulating amongst ad agencies starting to layout their timeline so the agency could start to think about, you know, how they would integrate that into their ad plans. but we don't know. we tried to take a conservative view on this we assumed $4.99, $5 in the u.s. but really where the opportunity is, we think it's that netflix can aggregate a very large amount of audience over a few day period when they launch a new show, like a "stranger things" or an 'ozark". when you look at what companies pay to be part of a superbowl, os oscars, you get a premium there. we think netflix has the ability potentially to move around the timing of new releases for the

biggest advertisers around product launches we think that's not something people are talking about yet but will be over time. >> i wonder if there's going to emerge a sort of megabundler of the streaming era. it seems as we move further into this time, people want simplicity i wonder if certain particularly influential streamers and companies like netflix, amazon, apple, may say you can get all these different streaming deals under this one umbrella program, maybe that reduces churn and some companies are willing to pay position in that, maybe i throw roku in that group as well do you think that's going to happen >> the platforms dodo that on roku, once they have your credit card you can subscribe to the different services they're not bundled, usually meaning a discount so that would be something we'd have to see.

you know, for apple, you know, apple tv, they would like you to subscribe, you know, through their apple channels as opposed to going directly to the service. so i think what you're talking about, though, is simplifying, we are seeing the media companies thinking about consolidating. i think there was press reports that paramount is thinking about consolidating, you know, cbs into paramount and having that be paramount plus, having that be one app so i think you will see consolidation on the media company end, depending who's left amazon, you get that because your prime, i don't think there would be a bundle there. you know, netflix is independent. so look, i think there will be a natural evolution as the media companies figure out what the kind of end of paid cable looks like i think right now really our view on this is that there are a lot of factors that hurt

netflix, ie the emergence of numerous competitors at a lower price with a lot of good original content and ultimately netflix priced themselves out of the market we did do some survey work as part of the report we found amongst 15% of subscribers who cancelled -- 15% of people we surveyed had cancelled. they didn't tell us exactly why. 43% said they would resubscribe at a lower price right there that's significant and of the 9% who never subscribed 30% said they would come in at a lower price. we think by offering a lower price service you get people to subscribe. and netflix we think gets paid on the advertising side. >> speaking of getting paid, i wonder what you make of the high cpms that netflix is talking about or reportedly talking about. i understand their scale but does that make sense for a company building their ad

product from scratch >> again, if you were to just take all the audience and overnight open it up, you know, and just let an option model run, sure you would not get the kind of cpms that people are talking about, right this like 50, $60 cpm. but i think the idea, we don't know, i imagine the way they go about this, they'll limit initially and then you focus on your markey shows. so could you go to an apple and say, okay, you're going to launch the new iphone, we will kind of time the release of a show to the week you're launching that and can you get, you know, nba finals, $50 cpm. you know, look, the oscars just got $127 we debate how much that does or doesn't make sense but the point is that if prime

time cable is $22, you know, and hulu is at 40 and netflix, you know, has more marquee releases than hulu, we think that gives them a lot of position to negotiate with. >> i'm glad you put that in perspective, jason, cpms we're hearing from netflix in the ballpark of the super bowl not oscars they can ask for that but if they can't deliver, that's going to be key. you gave an example around an iphone launch but that's netflix's proposition, it has the engagement, the algorithm that knows what customers want >> yeah, so, look, super bowl, $69 i think. i think press reports saying netflix wants 65, which is not what we assumed in our model we went with something much more conservative than that i think the point is, yes, there is risk to when they first turn this on, this is a pretty heavy

lift for microsoft to do this. and so we -- you know, clearly like day one is going to be a test, but like we just -- they should be able to command that kind of a price. again, you know, there may be some dress rehearsals involved, no pun intended. but there's no reason why -- again, if hulu can do 40 and prime time broadcast is 43 that they couldn't do something in like the 50s that's kind of how we're thinking about it. >> okay. jason helfstein, thank you if oppenheimer. >> thank you great conversation coming up next another downgrade of adobe we'll get a check of other cloud and enterprise names that's when "techcheck" comes back in just a moment.

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welcome back yet another downgrade of deirdre bosa t-- of adobe this morning despite spending on cloud remaining strong, frank holland is watching that today hey, frank. >> today cloud names, enterprise names, the wcld dtf down more

than a percent cowen expects them to trade on the ten year. it was a trend that broke down a bit at the start of the month but a higher than expected cpi heightened concerns that a 100 point hike was coming at this week's fed meeting pushing these lower again. a data dog, zscaler, snowflake seeing the most negative impacts. when they were able to rise, there was thought we saw a bottom but the performance today will be watched closely. tomorrow salesforce launches dream force in the bay calling the conference an inflection point it's seen as a read for the current cloud environment and i.t. spending to a certain degree analysts and investors will be listening for the stronger

dollar components. >> already feeling like a dream force of years past. the city buzzing as they got ready over the weekend. after the break, a hack of grand theft auto has take-two shares falling that story when we're back in just a moment. they're investing with merrill. think miss allen is texting for backup? no she's totally in charge. of her portfolio and daniel g. she's building a greener future and he's... running a pretend restaurant. and phil? phil has questions, but none of them are about his portfolio. digital tools so impressive, your money never stops working for you with merrill, a bank of america company. to adapt in the changing world, you could hire a professor of theoretical mathematics. we all know this equation, right? he'd crunched numbers day and night. that's it. to maximize profitability. morning. i have quarterly numbers that are beautiful.

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let's get a gut check on take two today shares in the red after the company was caught in this rare

gaming leak. a hacker leaking footage of grand theft auto 6 ahead of the game's release which isn't expected for a couple of years they said in a statement they've taken steps to contain the incident and work on grand theft auto will continue as planned. shares down 30% this year. and on the heels of uber, hackers are having a week. >> you can see share prices recovering a little bit in today's session writing this is a large leak, the largest in recent memory but don't think it will ultimately hurt game sales. >> footage isn't source code perhaps we'll see how much they've been able to contain this, if it's just early footage, yeah, that ends up being marketing. but if it's indicative of larger security problems that are going to cause an important i.p. to be

exposed that would be bad. up next why one enterprise software company says now is the time to double down on growth investment stocks trading in neli with the nasdaq this year we'll be back. - yieldstreet presents: alternative investing with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today. yieldstreet: private market investing.

software plenty of cost cutting across the space. our next guest, though, says he's not bumping the brakes

using the turbulence to double down on growth strategies. joins us now matt callkins i've been talking to a number of founders, public and private in the low code, no code space about how key that is strategically at a time when i.t. talent is hard to find. so what are you investing in now, and why do yousay that's so important >> yeah, well low codis is going to whether a potential recession better because it allows our customers to pivot, be agile 99 cents of every dollar renews on an annual basis so coming into a potential recession with these strengths on our side, i see it as growth. we're actually hiring faster than we had been prior to the downturn i think it's an opportunity for picking up great talent. >> why are you hiring faster

is it because the supply of talent is better and -- even public companies need to worry about cash, burn rates what's your calculation there? >> the supply is slightly better now is the time you can get a great resource you might not be able to in other may not have been to, and we are opening offices in india and mexico and the ramp up to those offices increases that opportunity >> do you have to be profitable to do so and you are still losing money, and is that opportunity afforded to companies that already got their balance sheet in order >> i think it's possible, and depending on your circumstance you can always do this, and we have capital and we are prau tk prudent. we know what it means to earn the money before we spend it and

we are careful to the expenditures that we make, and that contributes to our good margins and well, and we are seeing as a chance to break forward in the industry and we are going to play accordingly. >> investors have been more patient, and they typically wanted to see growth but we're in a moment where investors, i am sure many of yours as well, want that profitability, and if you are investing back in the business what does that do to your profitability timeline? >> you are entirely right, and we take the wrong view, and with we are looking at many years out and playing it correctly for the long-term view, and profitability is always within our reach, and we never let it get out of sight >> you have given investors a

timeline when you could be profitable >> we could be we will naturally guide toward it >> tell me about your communication with employees at this point about the promise of the company. sometimes there's a tension between the long view and the long-term value that you want to build and the vision you have with employees, and especially during a time like this, the shorter term profits or indication that you can show profits that investors want to see. what is that vision about the advantage that you hope to seize and prove out, say, in the next three years? >> employees can see it happening. they know that in the first half of this year we had the highest revenue growth rate since our ipo, 31% in revenue growth in the first half of this year, so they see that momentum building and they are confident the investments make sense it's easy to make that point when the numbers back it up. >> you mentioned employee growth

in india geographically what is your strategy at this point how are you dealing with the u.s. work force, whether it's in office or remote are you growing that are you growing in other locales? >> i don't know want to make a prediction about where things end up but we need to hire more than we did in the past, and our headquarters in washington, d.c. are going to grow as fast as it can and that's why we are growing india. >> thank you if you missed part of the show, do not forget to follow and subscribe to our podcast anytime anywhere wherever you download your podcasts "techcheck" is back in just a moment lized, there's plenty of savings in the sea.

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i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultimately contributes towards the bottom line. if you're thinking about growing your business, if you're thinking about driving the business forward, inclusion is a strong part of this. i am peter akwaboah and we are morgan stanley. ♪♪ welcome to life in the new open web. where innovation keeps pace with imagination

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shares of home flipper or open door there about fall about 5 1/2% after the company lost money on 42% of its august sales, and the 30 year mortgage shot up to 30% selling or shorting open door due to zillow's flaws. guys, tweeted this back out with an lol and was confident there are important nuances, and the structure, john, i would love for keith to come on and explain that to our audience we will see. >> i think there's a big question of how real estate tech responds to rising interest rates and to an overall economic

slowdown, when you are trying to buy something and improve it and turn it around so quickly when the labor market is tight, and materials are still expensive, and when home valuations are coming down, carl, all that is tricky, especially when the shift is happening and maybe they will be able to find their footing. >> yeah, that's a great point, jon. the rate environment appears to be creeping up on us and apple is getting its own slap in the face, and they are trying to decide whether or not to release the $120 million project starring will smith, and the film has been waiting in the wings since the movie star slapped chris rock onstage last spring, and internal discussions have been to try and release the film by the end of the year, and apple declined to comment.

this stuff matters in ways it didn't years ago >> so tricky on a cultural level, right here you have an oscar winner starring in what should be just kind of like easy money, right but how much sympathy are audiences going to have for will smith in this role the early screening suggests that he's done very well in it, but i don't think it's whether to release it sooner or later? >> i don't know, and maybe there's just a curiosity i have been following the don't worry saga, and i probably would not watch that movie because of all the pr and i am curious, maybe this could work in its favor. and nasdaq down after the terrible week last week. >> today is another example, and futures looked weak and we

opened weak and got a bounce pretty much immediately, and the dow went positive for a few moments, and mike over at morgan stanley said the rally off the lows this summer was textbook, and now trying to fight to defend the 50 day is not a good time >> let's get to the half stocks sitting at a key level, and we will debate what lies ahead, and joining me shannon, kevin o'leary, mr. wonderful is back, and good to see him, and let's check the markets. i know we're all in the red, but the dow was down 260, so we have come back. ten-year note, yield 348 it's been the real decline