china's economy starting to ramp back up in terms of from a consumer demand perspective overall. coming back here to our markets, we are starting off this fourth quarter on a strong note, at least if you are long stocks of course as you can see right there with the nasdaq up 1.5%, but lagging the other two averages the s&p move at 2% that's going to do it for us here on "squawk on the street. "tech check" starts right now. >> good monday morning, i'm carl quintanilla with deirdre bosa and jon fortt. what will the upcoming earnings season signal about the state of the economy? we have a few companies warning about the consumer intel's mobile eye filing to go blik what that means for intel's turn around efforts and the ipo market at large. and then tesla falling despite record deliveries. very busy day and week, jon. >> yeah, it is we're going to start with the market setup for q4.

this week we're going to diver into the state of consumer spending, enterprise and cloud command, ad spend and a lot more bob pa is asee is with us rightw fedex, micron nike not looking great with their warnings about the state of the consumer so far, bob. >> normally, jon, we get 70, 80% of companies beating the estimates. the early report so far is a bit of a dud frankly let's sayit's a disappoint start. we've had 15 companies reporting, nine beat, fiver misses, one in line. that's below expectations. fedex, nike, carmax, micron all disappointing. the higher costs are starting to eat into the operating margins operating margins is what really matters. how much of the profit are you keeping? we had a record of the second quarter of last year, 13.5% for the se&p 500

they're probably going to be in the low tens for the third quarter. we don't have an estimate yet. what that's telling us is it's go getting tougher to hold onto the profits here overall earnings estimates are in positive territory. the growth sectors are getting slashed. look at technology as a sector, for example. technology estimates -- i'm looking at the fourth quarter now. these were expected to be up nearly 9% on july 1st. it's down to 1%. that 1% is likely to go negative another big tech oriented sector, communication services july 1st it was up 2%. now down 9.2%. alphabet, meta as well as all of the communication companies that are out there, the disneys of the world. so that's a huge cut so you see there are estimates that are getting cut all over the place. energy's been very, very high, and that's helping prop up the overall s&p 500. overall, where are we? nobody can agree on the two most important things, which is what's the forwards earnings multiple and what's the actual earnings growth.

is it going down, going up where is it going. 13 to 15 is a recessionary multiple right now in 2015, it's a the-- it's all over the place. as for 2023 earnings, right now they're expected to be up 7%, but most people don't agree on that some people think it should be just flat. some people think it should be down 10% as you normally have happen in a recession. earnings normally go negative. you see, jon, unusually wide dispersion on opinions >> bob, thank you. and d, this as we start q4, all these numbers with a grain of salt because we don't know what demand is going to look like and what revenue is going to look like it makes it awfully hard to talk about valuations when you're wondering about the numerator and denomine ator >> i think investors probably

feel where is the bottom of this market what should the s&p earnings multiple be? it's still 15 times 2023 earnings that is down from this year's earlier peak, but that is still also far from its long-term average, or near rather its long-term average. if you think there's more room to go, it's a good question, jon. we focused on operating margins last quarter it's going to be all about demand this quarter, so let's focus on what else we should be expecting. we've g-- what do you think we've just had this conversation about earnings jon brought up the idea perhaps more demand destruction to come. how are you feeling? >> i think demand destruction is going to be the number one story from q4. what you saw was a little bit of a hint of why it's going to be a perfect storm for nike and their inventory glut that reported out on friday. what you're seeing is this issue where you've got the supply chain that was backed up and is finally releasing this year, but you've got a fed dead set on trying to slow down this

economy. and that's going to really result in a perfect storm that i think we're only just starting to see the impacts of with a couple of these companies. what i'm looking for in this holiday season is whether or not things like the adjustable rate mortgages, whether or not we're looking at fum empll employment, which is going to try and soften from the fed, and finally and most importantly whether or not there's consumer demand entering the holiday season and what that's going to do for a lot of these company's earnings. >> i know we've heard from micron and nike and fedex. before them we heard from ubers and airbnbs that said demand was still holding out pretty well. what the latter companies have shown us is that it can crumble very quickly how veer d how severe do you think it's going to be? last quarter we were expecting the worst and it wasn't that bad. that was the beginning of the summer bear market rally. >> that's one of the most challenging things, and i think one of the most challenging things the fed has to deal with is it's really hard to know how hard they're going to have to push to slow down this economy

the most confounding factor for the fed is the fact that we have such full employment there's two open jobs, which meebs the fed has not felt like the work they've been doing to try and deflate this economy has priced in. i think it could turn very quickly and aggressively over the course of the next six to eight weeks. >> there's been a lot of head scratching about some of those ratios of unemployed workers and the jolts data some argue that remote work alone has forced employers to post multiple times for the same job. so you end up with a lot of over counting even some of this revised data on consumer savings has over the weekend now it appears that the cushion of household excess savings is not what we thought it was a year ago. i just wonder whether you think the instruments we're trying to read or the fed's trying to read are even reliable. >> it's extraordinarily difficult for the fed. that's i think something everybody has been asking, are we going to over correct are we doing too much of this

deflationary move on behalf of the faed a little too late the thing that's ineveryitably clear to me, consumer demand going into the holiday season when we need exactly the opposite because of all this inventory that so many of these companies are seeing and also because of how much investors are watching for the earnings season this quarter to be stronger historically in the year before a midterm, this is the fourth quarter, the strongest quarter so we're hoping for some sort of a bounce, but there's too many macro signals particularly in this context of the fed trying to depress the inflation that's happening. >> kanyi, again, good to see you. you said the word there, the i word that i've been thinking a loot about heading into q4 that is inventories. it just seems like that's such a huge issue to manage, you know, folks like tim cook hate excess inventory and managed apple so

well, minimizing that. an advantage of software and enterprise softwares, there's no inventory of dwoogoods to manag. as this has become such a key part of the economy overall, it seems like tech companies are going to get impacted if retailers and others do get caught on the wrong side of an inventory glut, and then in a way there's a worker inventory issue. isn't there? we've seen some of these tech companies overstocked with workers and having to make adjustments. >> yeah, and if you look at what sin dar pichai was talking about over the course of the last couple of weeks, it's those 100,000 employees at google right now, i think a lot of these companies are trying to figure how they can right size their structure to keep up with demand it's a confounding variable. you still have really, really tight employment and in terms of the inventory management for these companies that are doing physical products, the thing that's most challenging in my mind is the fact that supply chains remain

modestly unpredictable we don't know what's going to happen with china when it opens up we don't know what that's going to mine for supply chains. we don't know what that's going to mean for demand forecasting right now is really threading the eye of the needle. >> really, really difficult. some of the companies that are hit hardest by those inventory issues that are starting to announce layoffs, dh a lot of the customers of aws, maybe less so as you're in google cloud do you think there could be a surprise in store this earnings season for some of the mega cap cloud players in terms of being slower than the market's anticipating. >> when you're at that scale, whether it's cloud service, my view has always been they're effectively running an index on the health of the enterprise and consumer economy on the enterprise you've got cost cutting, need for driving more efficiency, driving more profit, which means that the spend is going to be curtailed

and obviously on the consumer side is going to create pressure i peshlly think they're going to be adjusting their forecast down and expecting lower revenues even in the cloud services business. >> let's shift gears, pun forthcoming, to mobile eye, the tech company filing for an ipo intel bought this company for $15 billion about five years ago. intel's going to more or less retain control over the company with class b shares, four seats on the board the filing didn't disclose a targeted share price but mobile eye was valued at around $30 billion. these valuations are shifting quick lichlt what does this signal i mean, we know intel's spending a lot with this foundry heavy strategy that the street is skeptical of mobile eye is a property that's focused on self-driving and the technology behind that very different from, you know, intel's chip centric focus >> to the point about focus, i think what pat gelsinger is doing here that's really important is they're focusing on

their core business. the first thing that i personally look to with respect to this move is the fact that intel is really going all in on this strategy, and you have to remember that the mobile eye acquisition happened before gelsinger came in as ceo so it's part of a diversification approach, which is sort of fundamentally opposed to the way intel is facing their foundry. there's two things that are quite optimistic one there's some appetite in the public markets it looks like they're trying to list something that could go for a valuation of 20 to 30 billion. for mobile eye which was acquired at 15 billion, that shows a pretty nice return: for sw intel it shows an ability to raise cash maybe the ipo window is showing a small green shoot after all. maybe it's not as closed as we thought over the past nine years. >> you've got intel mobile eye, harley live wire, vw porsche all sort of the same structure where the parent's going to have a big piece and will retain a big piece. do you think that theme is

getting tired or can we actually build on this? can the market build on this >> i think the market can eminently build on this. what we're seeing happening with self-driving cars, the extent to which software and thinking about cloud services and hardware as well as the oems and interactions there is going to look somewhat more shaped towards where the computer was shaped 20, 30 years ago where a lot of people are investing in the component manufacturers or are the component manufacturers, investing in services. i do think there's cross pollination that's good for the industry and healthy and a sign of more maturation of the auto industry to manufacturing and services that lean towards software. >> i'm curious as to what this means for the broader intel picture, jon, you know this better than anyone pat gelsinger's ambitious turn around plans for the company, they're going to make a nice tiekyt tidy profit out of mobile eye, but his plans are so much grander. put this in context for us, the

bigger picture of what he wants to accomplish. >> i remember dee asking pat about mobile eye, did he plan to keep it, and he said yes, but hey, look, there's a lot that's changed with the stock market since then these foundry plans and just intel's fab plans doubling down on that. it has been expensive, and gets more expensive in an inflationary environment intel's attempt to turn around under gelsinger is the turn around attempt defining this era, i think, because pat came from software back to intel to double down on this vertically integrated strategy where we're going to keep designing and making our own chips we're not going to outsource that to somebody else. it's focused on the west having its own manufacturing capability for chips and not relying just on taiwan, and the whole geopolitical issues connected to that does intel have the discipline

and the execution capability to pull that off and to convince investors to come along? it's going to be so important, you know, kanyi, i wonder your take you sound a little optimistic on intel, and we don't hear that often these days. >> you know what, what i'm optimistic about is a ceo who's finally been given the resources to truly focus and a little bit of a balance sheet to be able to do it as well. to your point, this is part of a macro theme they're trying to go towards vertical integration and trying to go towards actually really making stuff and redomiciling stuff i think back to the trip to taiwan when he spoke to tmsc and how important it is not just for the company but even because of the united states to figure out how to make stuff and make stuff well so i'm rooting for them at minimum. we'll see how it turns out. >> ambitious plans to pull off as you mentioned, that national security issue also. finally, since we have you, let's turn to kim kardashian as well the influencer agreeing to pay the s.e.c. a $1.26 million

settlement after posting an ad for the ethereum max crypto skon her instagram theory she will cooperate with an ongoing investigation. she agreed not to promote crypto securities for the next three years. we're starting to get regulation was it clear to you, i guess this was my issue with and the s.e.c. chair was on squawk earlier. i read through the social guidelines for social media influencers. is it clear? do you understand why sort of kim kardashian was, i guess, a slap on her wrist since she has so much money, is this on the path of greater regulation, or is it a blip >> i think it is a warning sign, but i don't think the execution of it is entirely clear to your point. the real reason why, the truth of the matter is they want to make an example of kim kardashian it's not an accident that the most famous celebrity in the world is the person who's the front person for this start of real conversation with the retail public on behalf of the

s.e.c., what's happening with crypto but the truth of the matter is whether an influencer is speaking about something they're excited about, whether or not that influencer is did oing it s an individual, whether they're doing it for an individual name or a platform, there's still a lot of questions that have to be answered that weren't quite clarified with specificity here. the one i think is maybe the most important is what's under the -- i don't think that's the right target for the s.e.c. to have their eye on. i think there's a lot more institutional activity that's happening that requires greater scrutiny it seems a little bit like misplaced energy >> that's a great point. >> i'd like to point out that we pivoted from pat gelsinger to kim kardashian that is a true pivot >> let's go to the white house. >> yeah. that's about all they have in common

you think it just felt dirty, right? the celebrity endorsements of crypto, the way the culture went ha hard after this idea that folks were going to get rich quick is there cultural import and really a test of the retail investor's discipline and focus that this is also bringing to bear >> in theory, yes. my personal view is that the retail investor isn't following kim kardashian's investment advice into crypto at scale. my personal view is that a lot of where the retail investor is being driven into crypto, particularly is coming from other sources and so part of why i take some level of issue with this particular focus is it feels like it's sort of drawing tanks t attention to perhaps the wrong thing. while kim kardashian has a huge audience and she's a culturally impactful person generally, when it comes to a new speculative

technology, it's not clear that a retail investor is following that advice more closely, where i think there should be a little more attention paid, is how institutional investors approach the crypto market and which particular stocks they're recommending to their client bases, which particular stocks they're putting in their etfs and how that's impacting retail. that's where there's a lot more scale and a lot more challenge. >> you're talking more systemic reforms. kanye, it is always great to have us here on set. thanks for coming. talk to you soon. peloton partners with hilton plus, an upgrade for box, downgrade for docusign tech check continues after this.

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beginning of a new month and a new quarter, finally some relief for the semis take a look at the nasdaq 100 gainers this morning lam research, micron, kla on the list, john of course a lot of those names still down say 45% or so year-to-date >> yeah, wow >> and now let's get a gut check on peloton

the stock popping today after the company announced a new partnership with hilton which would put bikes in all of its 5,400 locations in the u.s that rollout is to begin in the coming weeks with most locations they say equipped by the end of the year part of the company's latest efforts to expand its consumer base after struggling with demand post-pandemic stocks still down 80% for the year, dee. i really think, hey, they have to park those bikes somewhere, so why not in hotels everywhere. i wonder if hilton is paying much of anything for this or if this is really just an opportunity for peloton to put those bikes somewhere, introduce them to people hey, no more building out retail stores go see them at dick's sporting goods. your local hilton. >> maybe peloton is paying hilton to put them there that's good marketing. people try them out when they're staying at a hotel and get one at home. really from its beginning before the pandemic even, are the

bikes, are the treadmills, is it a fad? is it something ultimately you're hanging your clothes on in your living room. it may be a new way of working out, innovative, but is it truly disruptive same question we ask from other tech companies that have risen like ride share. is a tech company or a better way to travel, adding technology to something that was already there? >> yeah, and of course last week the news they're going to start selling retail in dick's sporting goods they're definitely trying to widen the pool in terms of customer expertise and distribution what a turn in the business model. we want to turn to tesla today, shares are down now negative on a 12-month basis despite these record deliveries in q3. phil lebeau has more on the weakness we're seeing and of course why hey, fphil. >> this was a miss, yes, it was a record quarter in terms of the deliveries but the number fell shy of what people rr expecting, at least the analysts were expecting. total delivery 343,000

there you see the estimate of 364. the bulls will say the production was 365, they couldn't deliver all of them they point out they had logistics issues in terms of pushing the vehicles out to the customers. the analysts, here's their take on this. bern stee saying q322 production and dlifrp ris, a touch light. we expect bears to argue these results point to demand softness we know tesla continues to raise price. finally there's deutsche bank saying we remain impressed with tesla's operational execution in the face of large industry supply chain challenges. let's take a look at what we're expecting for the full year because this will be in focus over the next three months if they're going to hit their estimate of 1.36 million vehicles for all of '22, they're reques going to need to deliver 453,000 vehicles in the fourth quarter

they are ramping semibli at their plants in texas, germany and china. the next time we're going to hear from elon musk and other executives from tesla coming up in just three weeks, october 19th that's when the compand that's when we'll give greater clarity in terms they're facing in terms of these deliveries. >> right, phil, those numbers quarterly and annually so much greater than anything we see in terms of electric vehicles from the american car makers. however, there was also a headline this morning on byd, the chinese hybrid and electric company selling just over 200,000 units for the first time that's both electric and hybrid vehicles what does that tell us about competition here you know, certainly here in north america, tesla sort of has the field, but when you put it against that chinese competition, it doesn't quite seem as far ahead. >> sure. well, they're ahead by a pretty

wide margin in china now, the competition is catching up faster, dee, in china than here in north america. you mentioned byd, they are ramping production faster than what we're seeing in north ame america, whether it's ford, gm, whoever it is here in north america. that part of the production puzzle is still a little bit behind compared to china, which is not a surprise given the investment that the chinese government has made and the message it sent far long time that evs are the future. >> phil lebeau, thanks for breaking it down for us. tesla shares down 8% in today's session. after the break, one portfolio manager tells us when he thinks it's safe to get back into tech. we are back in just a moment if you have this... and you get this...

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welcome back to "tech check," i'm carl quintanilla with jon fortt and deirdre bosa. we have much more on kim kard kardashian's settlement with the s.e.c. over her role in promoting cryptocurrencies dow's up 660 let's get a news update with kate rooney. >> hey, carl, good morning, here's what's happening at this hour general motors says it's increasing production of its chevy bolt electric car after sales surged during the third quarter. gm plans to produce 70,000 volts in 2023, up from 44,000 this year overall, general motors report add 24% jump in third quarter sales compared to a year ago buying those new cars is costing consumers a lot more these days, especially for those who take out auto loans. new data from edmonds shows the average rate on new vehicle loans hit 5.7% during the third quarter, that's the highest in three years, and the average amount financed hit

a new record high as well over $41,000. and while car prices are going up, home prices are going down data firm black night says meeting home prices fell just under 1% in august, follow a agago ing -- following a drop of just over 1%. that's the largest monthly supply this comes as mortgage rates surge. we're about two hours into the trading session, kristina partsinevelos has a look at what's moving on this first day of q4. >> we see stocks kicking off weekly gains after the worst september in two decades with three months left to go, the nasdaq is down about 32% year-to-date tesla, though, today is the worst performer on the nasdaq because of disappointing q3 deliveries chinese e-commerce platform

jd.com and ev maker lucid down about 2% right now lucid actually came back up, so only about 9/10 of a percent, but that drop could be in sympathy with tesla. micron, kla, intel all about 4% higher intel's self-driving unit mobile eye plans to go public on the nasdaq that's helping drive intel a little higher today. chips, nvidia and amd off 60% or more from their 52 week highs and lastly you've got shares of lodge tech lower the analyst noted high consumer exposure could leave the company vulnerable, and let's end with a quick check amazon, apple, google, microsoft all up 2% or more, but apple's still about 5% lower in the past week microsoft just hit a fresh 52-week low earlier this morning

but is clearly rebounding now. deirdre. >> alphabet isn't too far off either thank you very much. after the break, we talked about it earlier, we're going to do it again, kim kardashian ttchgewith the s.e.c that story is next ♪ ♪ ♪ ♪ zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, ♪ ♪ which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.

welcome back, kim kardashian, crypto, instagram, and a million dollars s.e.c. settlement, our julia boorstin has more on that story julia. >> well, jon, kim kardashian agreed to pay $1.267 million to settle s.e.c. charges for failing to disclose a payment she received for promoting a crypto asset ethereum max on instagram in a june 2021 post. investors have sued her over this floyd mayweather and former nba player paul pierce as well over their promotion of this asset accusing them of artificially inflating its value. ckardashian agreed not to promoe crypto securities for years and says she will cooperate with an ongoing investigation. s.e.c. chair gary againgensler speaking on cnbc about how s.e.c. regulations are different from instagram's mandatory hashtag ad disclosures >> these are the securities laws, and there's other laws

might be appropriate to just say #ad. but in the securities laws congress put in place that you have to disclose not only that you're getting paid, but the amount, nature of it, and this was really to protect the investing public when somebody is touting a stock and whether that's a celebrity, an influencer, or the like. >> kardashian's crypto promotion is part of a growing trend of influencer marketing u.s. marketers are expected to spend about $5 billion on influencer marketing this year that's 1 billion more than marketers spent in 2021. and e marketer, which came up with this report, actually increased its estimates in august as the space is defined concerns that macro challenges would hurt spending. and while instagram still has the biggest percentage of spending on influencer marketing, tiktok is making the gains. it's on track to overtake facebook this year and then

overtake youtube in 2024 in terms of influencer marketing. those influencers will likely be a lot more careful when it comes to promoting securities. >> isn't that the issue, right in our culture over the past few years, the line has been blurred between stocks and products and, you know, we talk about stocks as if they're products and now i think people -- it's unclear, these cryptocurrencies, are they more like stocks are they products? people think they can buy them, they go up what does that mean? we have to go through another education phase because for all of the talked about robinhood and others educating people, this part was very unclear. >> yeah, i was going to say robinhood, that's exactly what i was going to say, jon. the robinhood trading phenomenon, the fact that so many people got into the market and then also the rise of cryptocurrencies and bitcoin if you look at the timing of when she sent that -- she posted that ad and didn't fully

disclose how much she was getting paid for it, that was 2021 that's when everyone was jumping into the market, everyone was trying to experiment with these new securities, and i think it's so interesting now that we've seen crypto come down an there's perhaps a rebalancing, maybe the fact that all these celebritiy s were jumping in wa not a good thing for the overall sense of value for these assets. i think lessons learned and everyone is going to be more careful going forward. that is why they decided to really make an example of kim kardashian here e. >> yeah, it's a great point, julia. there were some others that we can name off right now if we wanted to. that's julia boorstin today. let's get back to the market, october started out with a bang after that red september the dow outperforming up more than 600 points now. our next guest is warning investors to avoid the tech sector joining us on the phone eli salzmann great to have you. appreciate the time. not only are you warning people

off techs, but you're saying value is going to outperform growth for the next half decade. >> yes, that is correct. thank you for having me. >> walk me through the reasons why you see these things happening. >> you know, i think we're entering a cycle where inflation is going to be stickier than people can imagine while inflation will probably roll over next year, it's probably with us for the next five to seven years. higher inflation means higher interest rates higher interest rates means value over growth. >> we had a conference last week where druken miller said there's a good chance the dow is no higher than it is at these levels ten years from now. is it that dramatic, this level of tepid equity performance? >> you know, listen, it's hard to say ten years out do i think the markets will be a little more challenged for the next five years, the answer is yes. >> eli, can you be a little bit more specific. are you warning investors off of all of tech, or is it unprofitable e tech versus the mega caps which have huge cash

piles and look appealing for some from a value perspective? >> selectively technology companies are the right product cycles, with the right balance sheets absolutely. i'm not saying every technology company shouldn't be owned, but in general technology has gone too far here from a valuation pe perspective and there are many companies that have been support bid quantitative easing, they're going to show their stripes. >> at the same time, it feels like a lot of tech has pulled back from those extreme valuations i might argue especially some of the unprofitable names that are just beginning to scale. now, if you believe that ai and big data have a significant place into the future and that they're going to cause disruptive advantages in select industries, then aren't some of these companies either good independent bets or acquisition targets? >> you know, listen, you'd have to go company by company and product cycle by-product cycle again, for the right company and

the right product cycle, we're not saying you shouldn't own those companies, but in general, we do not like technology. >> okay. so in general meaning what that the kind of expansionary idea that companies need to buy a bunch of general technology is no longer going to yield but in specific narrative cases, there will continue to be a demand that could cause outsized return for certain stocks >> listen, we're a value manager, so we're judging everything on valuation in combination with the fundamentals and the catalyst they present we still think many of these companies are over valued. it's not that they're not good companies. they're just not good stocks >> eli, you talk about an emphasis on industries with capital and capacity constraints. walk me through what some of those industries are because, i guess you could arguably throw tech into some of them >> you know, less so with technology actually, i would say no

the amount of capital and capacity that's been created within technology in the last seven years is spectacular i would say on the flip side places like energy, places like basic materials specifically mining and metal stocks. they've been deprived of capital. if you look at the last seven or eight years in energy, eight years you have over a thousand rigs you have massive capital and massive capacity out, which is one of the reasons why energy is doing as well as it is and will for many years >> and eli, but many believe energy is being and will further be transformed by technology what about the companies that support that transition not just in energy, but other value sectors. >> listen, there's no question about it, longer run some of those companies will actually make a difference. again, one thing i've learned is you've got to focus on near-term over the next several years, and over the next several years many of those companies got some inflated valuations where it

should never have been and everyone though they've come down a lot, there's still more downside. >> finally, although our emphasis on this hour is tech, you're looking at pnc and threwistth truist and duke, do those names become less safe if we enter some severe recession scenario >> without question. if it gets severe enough, many of these companies -- if you look at the valuation on a truist or pnc, you're dealing with below 9d multiple on a pnc. the amount of liquidity they have, the risk averse cull cher they h -- culture they have when it comes to landing they will weather the storm. we can't help but be bullish on this. >> risk aversion is definitely coming in handy in the current environment. eli, appreciate it very much thank you. >> thanks for having me. coming up after the break,

morgan stanley upgrading boxed today. the stock is trying to stay positive on the year, nice 8% gain this morning. we'll get more on that call in i didn't even g finish m. technology lets you vacation in space, but to get work done on earth... you need more than technology. you need cdw. so with the cisco hybrid work environment, we can deliver the same network experience to all your offices. space spaghetti. no. securely connecting your team from anywhere. houston we... have a solution. we get it greg, you've been to space. cisco makes hybrid work possible. cdw makes it powerful. - yieldstreet presents: alternative investing cwith 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.

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social media; or, you can sell in person, with our point of sale system. it doesn't have to be lonely at the top. join the millions to find success - on their own terms. start your journey with a free trial today. let's get a gut check, morgan stanley downgrading docusign to underweight this morning slashing their price target from 73 bucks to 47,

concerned about last week's layoff announcement and lower post-pandemic demand take a look at the stock shares are down almost 2.5%, 52 and change, more bullish on boxed though a rare outperformer on the year upgrading to overweight. target goes to 34 bucks, lower churn, higher net retention. strong momentum driving that call shares are moving higher, nearly 8% to start the morning, guys. we've looked at this stock in conjunction with drought box a similar value proposition. boxed has been the outperformer here it wasn't that long ago that activist investors were looking to remove the ceo. he's been looking to turn it around. >> i would still point out you're right, but docusign is still, you know, market cap wise more than twice as big as box, and its revenues are as well so the valuation getting more reasonable, still not good enough for a lot of value investors as we were just

talking about. the question from here is growth beyond just lower churn, what do the growth rates look like once these things get right sided, carl. >> yeah, that 47 target on docu down from 73, that's quite a cut as we've seen lately on some -- a burnch of different names later today on "closing bell" we'll have more when aaron levie joins the show at 3:00 p.m. eastern time mew holding on to a 600 point ba i ckn two. you and part of that evolution means choosing the right medicare plan for you. humana can help. with original medicare you are covered for hospital stays and doctor office visits but you'll have to pay a deductible for each. a medicare supplement plan can cover your deductibles and coinsurance but you may pay higher premiums and still not get prescription drug coverage. but with an all-in-one humana medicare advantage plan you could get

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the end of q3 capping off, and more pain on the horizon, but a few names bouncing off their lows kate joins me with a closer look >> it has been a couple tough months for fintech paypal, coin base and robin hood are all in the red if you look today. and then wall street is also pretty worried about the low-end consumer, so these fintech has been focusing on the consumer credit, and block has moved further into the credit space of payday loans, and the duo

downgraded this last week. you have got a firm, and that is the leader in that buy now and pay later category, and we have not seen evidence of more duh lyn delinquencies, and because of their exposure to a higher end customer, sofi's average cus customer fico score tends to be in the 700s. the trading slowdown has weighed on coin base and robinhood there could be a bottom in the stock because of the rumors. >> there's also this area, and let's call it legacy, visa and master card. when markets are this vola

volatile -- >> she said they really have out performed and have steady fundamentals, but the fx headwinds are the things to watch for big earnings and companies like visor >> wall street has been more excited about clover, and they are really positions to succeed in this environment when disruption costs more, but what does that mean for consolidation? there's the regulatory issues? >> yeah, that's another headwind for visa and mastercard, and

there's potential monopoly issues there, and it calls into question, who is the buyer, and robinhood, is it going to be a private company, and if a google or apple come in and buy a smaller fintech. >> thank you so much and sometimes it's nice to just listen to "techcheck. because you've got the next generation in global secure networking from comcast business.

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up >> one more thing, john, and the average cook says they are not sure they can tell you what the metaverse is despite apple reportedly far along in the development of some kind of wearable glass ar device, and there was a visit with the pope. the pope has been a critic of smart phones in the past and morgan stanley raising some concerns about apple coming out of the quarter >> it's all about moderation, right? i don't think the pope is against technology, just ease up a bit. and same thing with tim cook and the metaverse, and not so hype >>yeah, more moderation, and

not so much anti-metaverse we certainly talk about it a lot, and when you look at a company like meta what is playing out in the share price >> yeah. holding 3650, and opec in the middle of the week, we will work our way through the week to jobs on friday. welcome, everybody, to the "halftime report." what if anything it means where stocks might go from here, and stocks in the new trading quarter, and joining me, carry firestone, and joe tear nova, and victoria green nice to see you along with the gang today we have a big rally under way, and we will get to that in just a moment we begin a story ne