deal, morgan, but 60 launches in a year amazing. >> unheard of. nobody comes close to that you look at a company like spacex and it perhaps offers the bullish case for what musk can do when he decides to put his mind towards building something else. >> we'll see what happens with twitter. we'll have more on that during the course of the day, perhaps that will do it for us here on "squawk on the street. "tech check" starts now. ♪ ♪ good thursday morning. welcome to "tech check." i'm carl quintanilla with deirdre bossa. we will check in on a few sectors within tech including big calls today from goldman on pins and take two. plus the state of hardware, a key theme going into q4 and the holidays as the biggest names make big bets on the biggest launches jon is live at the made by

google, vent and some of them reported sales target will get interesting. >> first, you probably know this by now it is a fast-moving story with a lot of details coming out by the minute that elon musk twitter deal and our own julia boorstin has the latest >> julia >> deirdre, elon musk was scheduled for a deposition today. that has not been ng it has been delayed, but the trial, it is still scheduled to start on monday, october 17th and there is time to take this deposition in the next week if the two sides don't close the deal sources telling me that while musk has agreed to a price, there is still uncertainty about the deal closing and if the deal isn't entirely done that the trial will go forward as planned. so i am hearing from the source close to the situation that in recent weeks musk's camp did look at a 10% discount to the

agreed upon $44 billion price tag for twitter and now that musk has agreed to the price, the question is how it financially gets done. while musk does plan to cover much of the $44 billion, he did raise $12.5 by major banks and barclays who committed $2.5 billion the question is whether the banks could consider the drama to be a materiel adverse effect and to use that to walk away the judge can, of course, force musk to sue the banks to demand that they follow through on their commitments, but what seems most likely is they will simply take losses on this, but guys, the clock is ticking on getting the deal done before the trial proceedings kick off >> julia, we've certainly been here before and twitter is

focused on making sure that musk actually follows through and that's why some skepticism has entered and you mentioned that as in the big banks financing and i was seeing reports that twitter might get that written down to ensure that this goes through the supervision of the closing process and paying musk to compensate for delays and what's the likelihood that this could happen >> up until now this is a deal between twitter and elon musk. now for the deal to get done there would have to be an agreement between judge, twitter and elon musk and it is a trial they feel pretty confident in going into and signed, sealed and delivered and someone said to me about something having money wired and they're very serious about this deal being completed before they let go of that trial >> okay. so julia, obviously twitter has

a strong case here and you mentioned that musk's camp was taking a 5% cut. what's the thinking there that twitter didn't want to do that they obviously think they have a strong chance of this going through at a current price and musk offered that. >> absolutely. from the beginning since musk showed hesitancy about not going through this dweel and twitter felt very confident that it had an iron clad deal and there was no reason they should have to accept a lower price point because they knew they had such a strong deal and remember, a lot of this comes back to the fact that musk did not go forward with his option of doing due diligence. the fact that he had foregone the option of due diligence works in twitter's favor on those factors and why take a 10% discount they're ready to go forward with the trial?

they don't go forward with 44 million. >> there's always a slice chance that the board has to consider >> speaking of twitter, upgrading upgrading pinterest and taketwo. joining us is goldman's managing director thank you for your time. >> thanks for having me on, carl >> does it say anything about how your universe is shaping up right now? are you thinking about it differently at least from a valuation perspective? >> the digital advertising space, our broader message this morning was generally as we went out through august and september that things are nowhere as bad as feared out there for investors. this sub sector within our coverage has performed poorly in the last three months. there's almost a set conclusion

among investors that was in an ad recession and i feel like we're coming in and talking about that wooe not yet in an ad recession. if we look across the group that will be a kick the case again and there's strength in travel and media and entertainment and while there are sectors like house sdpg autos that have gotten harder, generally we think the back to school e-commerce, some of these came to the positive and hence we saw something like pinterest to go from neutral to buy rated. >> yeah. a lot of this is based on your third-party work and you're basically looking at better trends than user growth and engagement and it sounds like a bit of share shift in terms of dollars. >> a couple of things to point out on interest, short term, the revenue trajectory we think will be better than what the company guided in q3 and much better

than looking out in the third. point number two, we have a new ceo in bill ready and some of your colleagues joined me at the conference and there is a long term narrative about where he wants to take pinterest. a focus around commerce and a focus around bringing the platform and we think this is the future of pinterest. it is not so much a future, and it's a commerce engine what we are looking at is an invigoration of growth against the numbers that will be better than expected over the short duration >> it's jon fortt, and at a time we're not sure how well that car is running overall in the economy, so i wonder if you have any sense from your checks on how this inventory imbalance

over the last few weeks is affecting and is going to affect digital advertising due to q4 and possibly into q1 >> two points to make, number one, we see pictures coming off a low base and when you're in an advertising business and turning around and starting to monetize traffic that's been unor low monetized to date. the cyclicality of the industry impacts you less we will see cyclicality play out more among the bigger players in the sector and not the emerging players in the sector. that would be point number one the other thing that came through the advertising checks is what we do have inventory, retailers and brands tend to be promotional and as a result of that we're seeing almost more money spent on the marketing side to clear that inventory ahead of the fall and bee made the point more broadly that we saw a healthy back to school environment back in the u.s. and that is in the advertising

market, as well. >> eric, it's deirdre, by the way. you have the broader digital ad market and you said it the things are nowhere as bad as feared and you see it through the checks this year and the fears have been overblown. is it possible that the worst is yet to come? many are predicting that you'll be in a recession at some point. you said strength in travel, is that the next shoe to drop why does that make you feel about the times. >> we saw this in '08 and '09. i lived through both the last two pretty nasty cycles in the and we are off 60%, 70%, and some of that is priced in to some degree. yes, there could be slightest mat reviestimate revisions down.

we are watching travel and that's a great point by you, deirdre. it is a discretionary purchase and as we look at, even through the end of the year we're not seeing a rate of change again and we heard from some of the travel companies as recently as three weeks ago. >> finally, eric, on take-two, you talked about more normalized dynamics and the console cycle finally trying to do a catch-up trade, how durable do you think this upgrade is going to be? >> this is a multi-year and this is not a call on the quarter let's get that out of the way. this is a council for a third year and because of the dynamics around global logistics is a catch-up trade there that the publisher is putting more content out in '23 and '24 secondarily they bought zynga,

and mobile is going through post-pandemic normalization and the apple privacy change is acting a as a headwind to mobile game anything that removes into' 23 and they'll take the synergies and you provide a scenario around the next version of grand theft auto and that can push down earnings to $10 or higher in a couple of years out. >> you have been busy. appreciate the color around pinterest and take-two >> thanks for having me on >> let's turn back to hardware i'm at this google hardware event in brooklyn. it comes at an important moment with consumer particular apple, how many would sell at high prices and amazon refreshed its services and devices line last week and then there's google here today announcing the new pixel phones and watches next week we're expecting an

update from meta on oculus vr devices and right now, joining us, joanna stern from "the wall street journal." let's continue the conversation. what does a win look like if you're not apple which is done very well in both smartphones and in watches and wearables up to this point. what does a win look like when in in this economy get followed out. i was looking at someone of some numbers, but high end suspect sell, the middle, what does it have to to >> from what you're selling is a couple of share points and rid now they're in mixel market share and it's not a lot, but a big jump from where thirp and when i caught up with the lead google hardware chief about the new products, he was pretty

clear and pretty honest to say, look, we're just trying to grow a little bit, little by little as you're mentioning if the growth is at the high end and at the lower end that does make a little bit of a troublesome area for these pixel devices as they're priced in the sweet spot where we would usually say that's a great deal, right these are starting at $5.99, $8.99 and there are good values and every time i review a pixel phone i is a great phone and most people are used to what they're buying like a samsung. >> that used to be the same thing that you would have to say about apple's computers, right oh, these macs it's a great mac, but most people want windows. what's the strategic imperative and talk now about the pixel watch for google tomove forwar with this and this is a time when companies are focusing in on what's most important

why are wearables so important for an ecosystem player. >> right it's all about that ecosystem and i think the acquisition is really showing right here on this pixel watch, right? otherwise this would be just another android watch that has not sold honestly, samsung has been trying to make the android watches happen for years, right? here with the pixel watch, we have a real,real combination with the features on the apple watch and so this is the first pixel or google piece of hardware to have the integration and they're bet bting on that ad they buy this watch and they work the best together just like they bought the stuff. what about getting this watch to work with the iphone he said it doesn't work right now, but maybe one day hopefully one day. >> because you would think that the watch is a way to make customers loyal to the android

ecosystem. put it in the context. i feel like both alphabet, google and amazon have different ambitions and it's really about the ecosystem as you say and is google's hardware just a means to showing off their software and amazon, their hardware of showing off the prime flywheel >> i think in google's case, why are you doing this hardware? you're on billions of devices. you're using the infrastructure you've already built for the cloud and why do hardware and they want to keep making the actual hardware to make the best software and that's that and they don't want people to buy it >> it is a lot about getting people into their services and it's always been the case, right? take a hit on the prices, right? we have the dirt cheap fire tablets and they're great for kids because you can watch

amazon prime and it is tied in to the flywheel of amazon. keep getting people to buy and use those services >> what about defense? i think they like to say defense wins super bowls and i think when it comes to technology ecosystem, was there a time when there was a concern that samsung could come in, take over android, sort of fracture it and it seems with pixel to have this, if you try to get too fancy out there in the ecosystem, we've got the pure updates and we've got the security updates and people can always come back down and there's also a way for google maintaining create of control and keeping all of the ducks in a row within android >> i'll come on for years and i don't get the sports references. you keep trying and one day you'll invite me over to the super bowl and i'll understand what you are talking about, and yes, that is the case. this is all trying to capture

samsung's market share, right? pixel and fwgoogle is not on the ranking market share list. they never had that. how do they do that? they have to eat at samsung and especially in the u.s. they have to eat at samsung and it's about getting the updates with us and you'll get the best google experience and just at the event that you're at right now, i would say 30%, 40% of that time talking about machine learning and a.i. and those are features that google can do and that's what fitbit can do, and he's emphasizing the prowess. samsung can't do that. they have a marketing problem. they have to convince customers we're the best android to buy, not samsung. >> are they trying to battle samsung here or thread the needle that microsoft tried to thread with the service devices where they told the eoems, look,

we're not trying to raise the prices for everybody here. we're trying to bring in that premium diner. how much of that, and i'm throwing all kinds of mat fors, and what google is trying to do that, with smartphones, wearables or home-base devices i'll throw another metaphor in there and keep your enemies close. that's what they're doing here they obviously benefit when samsung sells and it's good when they sell samsung phones, but they want to sell more google hardware that is a bigger profit margin for them and they push into google's ecosystem and i feel like it's a case of, hey, keep your enemies close >> want to turn the conversation to the role of proprietary chips

and big tech hardware and the m1 and m2 for apple and google will be in the new lineup of pixels and what does it mean also from meta that they haven't been successful in developing their own inhouse chips for their own a.i., metaverse ambitions? >> if you are making your hardware and your software and the investment that people are making into these chips seem to be substantial because they believe it is going to put the best combination of all these things forward with meta they do not have that infrastructure and it will take many years to get to that. we will see that next week and time will tell with the new cambria headset and what chip is powered by that. likely to be qualcomm if they're using in the quest pro or the quest 2 that's out now or the oculus quest so we'll see what ends up

happening there. >> all right joanna stern from "the wall street journal" thank you. >> thank you, guys. still to come this morning, evercore, taking on for cyber crime and as they initiate a bunch of names "tech check" is just getting started.

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we prefer day-adjacent. i'll go man-pire. ♪ ♪ three things in life are certain, death, taxes and cyber crime. that's evercore isi initiating on a bunch of security names, z scaler and palo alto the one underperform is okta, quote, given the recent missteps and lack of execution okta has a long road ahead to clean up the narrative and clean up credibility with investors

the price target there 45. it would be another $12 to the down side. >> okta is a good warning on now m and a activity making acquisitions even when you see value in these markets can be difficult for companies. that's really where they struggled and it's been a rough year and on the ground in san francisco that you don't cut back on cybersecurity and even if you're looking to cut costs and cut the software costs speaking of cybersecurity and our next guest with snowflake, data dog and while you're at it, take a look at shares of spunk moving lower on a ubs downgrade and it was on the macro picture and the industry check has several other sources of pressure and you can read more at cnbc.com and the shares are down 5%. stay with us it's dnext on "tech check.

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welcome back to "tech check. i'm carl quintanilla with deirdre bossa. we'll be talking with fitbit co-founder james park later on this hour and index ventures mike volpe will break down on why he's betting on some data names in just a moment after a news update with contessa brewer >> hi, carl. the white house is pushing back at opec after the oil producer group made the decisions to reduce its oil product target by $2 million barrels per day starting in november president biden is disappointed by the short-sighted decision and hinted that congress would soon act to rein in opec's influence. biden is traveling to new york to highlight the way the c.h.i.p.s act is working and he's pointing to ibm to invest $20 billion in the state over

the next decade. the tech giant is working to manufacture semiconductors although although new yorkers will remember when ibm was a power market adding 280,000 jobs for the month. that number better than the 200,000 wall street was expecting and trade, transportation, utilities led the way with the high of the gains and ford is hiking its price of the f-150 lightning pickup for the second time in that many months prices for the 2023 model year will increase $5,000 for a total of $52,000 current retail holders and customers with scheduled orders apparently won't be affected here deirdre, i'll send it back to you. >> contessa, thank you very much let's turn now to our next guest whos db and mongo, and mike

volpe. great to see you in studio it's been a while. you have so many software start-ups and you think it will be the larger cap players and not the mega-cap that will be doing the consolidating. >> i think what you see going on in the market are the large players, google, amazon and the players that we talked about a little bit are trying to go up the stack. so they built the clouds and the clouds have computing and they have storage and they're going up and building data systems any time you have companies like snowflake and data dog which are best of breed providers and interesting they live on top of the cloud players and they sort of rent the space to be in their own business and they're generally winning and eventually there's going to be more conflict between the two and the next-generation modern data companies will want to expand their data portfolio and they'll want to make that more

integrated for their customers and some of that will come from m and a. >> there is a disconnect because you saw the peak share prices at the end of last year and they've all come down and the acquirer wants to pay that low a price and the target and some of these software companies they don't want to sell where they are now and some of them are the 52-week lows and is that why we're not seeing m and a activity and we might as well sell now because it is a hard road >> companiestrading at three times or twice their valuation and i don't think i want to sell at this price. i do think that we'll see some private potentially go first and we saw the acquisition which was interesting, but i think you will see a little bit of that, but eventually these valuations will settle in and people will realize that the company's worth what it's worth. they will bring these companies.

[ no audio ] in some past cycles both in consumer and enterprise and it's been dominant players that have driven consolidation and i'm thinking about et cetera, google with blogger and youtube and doubleclick, but in this situation that i believe you alluded to, the mega-caps are constrained because they have a monopoly watch on them and they're not going to be the ones consolidating. who is big enough to do that, but small enough not to trigger regulator concerns >> yeah. first, i think you're absolutely right. very difficult for microsoft to consolidators from a regulatory perspective. they'll be watched like hawks. the players that are emerging right now. you're starting to see these next-generation modern data companies creep up from the

single-digit billion market caps to 30, 40, 50, 60 billion market caps once you get to those kinds of numbers you have the financial wherewithal to buy something you're giving 10% or 20% of your market cap which is certainly a bet. it's not trivial at all and it's definitely doable relative to being a $10 billion company and you're ham strung in terms of pulling something off. it's about the larger, bigger players that will start to do this and my guess is they'll start small with some privates and some of the stuff they're doing and they'll move up to bigger and bigger players. hey, mike, quick question on demand, and goldman looks at companies that are expecting a recession versus those that don't and not surprisingly, those that do expect have capex plans going forward and the thinking that when it comes to cloud, it will be the last to

sacrifice. >> i think so. if you look at the last five or six years, data and cloud are fundamental to their long term success, understanding customers running efficient businesses and so forth that trend has migrated to the fortune 1,000 and those fortune 1,000 companies need the same technology which is what people like snowflake and data dog provide. they are cloud technologies. they are data technologies i think that that theme is so powerful right now that is overrides any economic cycles and they will continue to be spent. recessions will obviously hurt everybody a little bit if they do happen, but the reality is that type of momentum and that strong wave of secular spend on cloud and data is not going away any time soon. >> and the consumption-based models have held up pretty well in the current environment >> consumption rate is fantastic because you used to have

software and you ended up with the shelf wear problem that completely removes and consumption-based models totally get rid of shelfware i'm only paying for what i buy and i'm happy to pick it up right now. >> and the mongo and the data dogs and there are risks associated with that if you're an investor. you were with cisco for a decade and ran the m and a and you know the perils and we talked about one case study and okta and they had a lot of trouble with integration. the mega-caps are better at this they had more experience, why should investors think that some of these newer companies will be good at integrating? >> first, it's important to recognize that acquisitions ar easier than mergers and the more they're the same size that's super hard to pull off you can't be too opportunistic about m and a and this thing is for sale and i'm going to buy

it you have to have a long term strategy, and here a how the different pieces fit in and go step by step and execute on that vision and if you do too haphazardly and in terms of okta, they're hard anyway and that makes it harder >> great insights and thanks for joining us in the studio let's talk to you soon mike volpi >> more about phone, and wearables and we'll talk about the founder of fitbit when "tech check" comes back.

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♪ ♪ ♪ welcome back i am here outside the google store in brooklyn about a block away from where google just announced the pixel 7 and pixel watch. key elements of the latest mobility and hardware strategy and with me is james park, co-founder, ceo of fitbit, just now part of google james, first of all, here's the watch. i've got it on i kind of put it on backwards so people can see circular shape, it's got a tear

drop or a droplet and sort of effect on it tell me, first of all, what fitbit has become. it's sort of an ingredient of the pixel watch and it's its own device, as well. how is it working with google? >> think the key thing we're announcing today along with a series of pixel products is we have the google pixel watch and the key thing is it combines the best of google and fitbit together in a device that's truly beautiful and really personal on the google side there's a lot of helpfulness you can get google maps, google calendar and the google home app to control your smartphone and the youtube app, as well and importantly, as well you get the full fitbit experience as a wearable on this product, as well and not only great heart rate it's the best heart rate experience that woe've developed and the daily readiness score,

et cetera to give us the best health and fitness insights whether you're at rest or working out. >> why has the android watch experience scaled up and how does this combination solve it i mean, you had samsung trying and others trying earlier on and it never really seemed to get the full sort of focus, direction and traction that i'm hoping it does this time >> google has been waiting for the right moment and one of the killer features of a smart watch is a truly world class health and fitness experience and once fitbit became part of the google family that was part of the missing piece and that enables us to create a product that solves a lot of day to day problems for people with great experiences whether it's general purpose computing and utility or, as i mentioned before, health and fitness what are you finding is driving the consumer appetite for devices and experiences within the ecosystem and google has the

smart homestuff and have the pixel stuff and there are other android phones out there and now there's the watch. and people have smart home devices more likely to pick up a wearable how does that work >> i think the key is making all of these things work together. they're not just pieces of technology so google is investing in this vision of personal intelligence and all of this incredible technology and put it together in experiences that work across devices to help people solve day to day problems whether they're big or small >> in a slowing economy when the concern is that people are going to trade down or that the premium will stay premium with known brands, how do you have to address the price and the price point and what's the most effective way to reach a consumer who is not satisfied with the watch experience yet? >> absolutely. so the key thing here is that google is investing in a portfolio of devices on the

wearable side and the google pixel watch is the premium flagship watch and we have a portfolio of other wearables at different price points and factors so people can really choose for them. >> yes, some people are still buying premium devices, but the middle is getting hollowed out how do you position the wearable which some people might see as a niceto have and not a have to have so it's appropriate for this time. >> the mission is also about improving people's health, as well and obviously, we want to make these devices available and affordable to as many people as possible and we do have the google pixel watch, and they expire at $99. you know, whatever you can afford, there will never be a health and fitness and wearable solution for you >> james, it's deirdre in san francisco. good to see you. obviously, with fitbit, there is

a kids' line, and i wonder if it's a pixel lineup and it is about introducing people into the ecosystem. apple watch has been so successful with the younger generation and parents buy it for their kids is that something that's in the cards if. >> our portfolio has been evolving over time, and we do have a great solutionfor kids and that's done really well. i am very proud of that product because i think getting kids healthy is a really, really important mission. >> and so when you look at the spread in the various products that you've got, how do you efrlt which are necessary and which can sort of afford to be consolidated there seems to be a lot of rationalizing happening in product line right now how do you stay disciplined with that >> products evolve over time and we do user research and market

research to help determine which products make sense and which don't, but again, the portfolio approach that we're taking not only in wearables, but in other parts of the pixel portfolio speak to that. >> what's the retail strategy getting your hands on these devices literally and trying them on, is increasingly important as things get mobile and wearable >> absolutely. for wearables, the in-person experience is critical we do have google stores today where all of our devices are in person and whether it's a google device or fitbit locations and there are tens of thousands of locations where people can come in and see these experiences for themselves >> for branding purposes, i know google still has the fitbit line and now the pixel line do they eventually merge what do you think happens ultimately to fitbit how do you feel about that eventually going away and just having the pixel watch for kids

and adults and the lineup under that sole name >> the fitbit brand will continue not only in our devices, but also more importantly the app experience, as well and again, we're taking a portfolio approach where we're trying to develop products that resonate with people whether they're looking for a premium smartwatch or something smaller or more affordable we're looking to have a solution that works for them. >> james park, co-founder of fitbit thank you for joining us on "tech check". >> one consumer name joining us is up 15% this week and it comes after guggenheim assumed coverage and the buy on the stock and those are up 15% on the week we'll return in just two minutes. (dock worker) right on time. (vo) make it even smarter. we call this enterprise intelligence.

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production credits will help cut costs and boost margins and take a look at the stock lower today and jon, down 24% in two weeks >> yeah. >> that is -- that tends to be an indicator of of the morning but still up double digits after reports of partners looking to take that company private. the real estate brokerage firm denying any talks, but it is a prime target for acquisition, perhaps, falling about 85% since s o yalong with a lot of growth stocks we will be right back. your record label is taking off. but so is your sound engineer. you need to hire.

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choppy session for the broader markets but let's check in on delivery stocks. it is no secret uber and door dash have taken hits this year what does that mean for insta cart online food stocks generally trade between 0.3 times to 2.3

times to forward sales even if you apply a google-like premium and annualize insta cart's q2 growth that is significantly less than where it started the year and less than that cut internally already made remember it has filed confidentially and is reportedly looking at this quarter to potentially tap public markets speaking of delivery as well there's another battle between the former ceo travis kalanick and food delivery apps it all has a goal of helping companies like kalanick's cloud kitchen business that has raised a lot of money it's very interesting to see kalanick on the other side of this if it's true and he still has that fight in him.

he's a good person to argue for more access to data, lower fees, sort of help the restaurants amid this huge shift, this digital shift we've seen can he do it with more tact, john, than he did at uber, fighting regulators and, you know, lobbies? >> yeah, people change but there are other people also who have taken sort of that aggressive bromantm willal off of him i mean, we've seen the rise and fall of adam newman and elon musk has been banging the drum on twitter and then buying the drum it appears. so thomas kalanick he's looking like madeleine albright perhaps. >> it does raise questions of their profitability. uber and doordash still losing quite a bit of money they have trended better but of course fees and for the delivery

side of this as well as that user data, how does that change the equation sph. >> yeah, we'll see how the partnerships hold up interesting shift, doordash, wal-mart sort of breaking up and then getting together with sprouts and others as we were just talking about last month. meanwhile, if you missed any of the tech checks you can follow and subscribe to our podcast listen anytime, anywhere wherever you download podcasts tech check is back in a moment i traded my taxicab for a food truck and a dream. i'm larry villalobos, owner of cachapas y mas, bringing venezuelan flavors to new york. people love our yoyos and cachapas. we've become a foodie destination. larry doesn't just create mouthwatering dishes; he creates opportunities. small businesses like larry's open doors for neighborhoods to thrive. support your community. support small business.

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one more thing before we go. is peloton spinning out? ceo barry mccarthy say it'll cut another 500 jobs, 12% of the remaining workforce. the yurnl says he's giving the company another six months to turn itself around, and if that fails he says it likely isn't viable as a stand alone company. the stock has lost about three quarters of its value year to date truest today though, dee says maybe the journal misinterpreted some of those comments they have ample luquitty to go beyond six months. >> what a thing to say i appreciate the candid comments, but it does leave me

and i'm sure many others to wonder what happens after six months what's going to happen to them in six months. >> yeah, premium hardware is peloton's business this other, you know, services stuff i don't think it's got legs, carl you just see google and fitbit getting together they could jump into that in a second >> good stuff today, guys. let's get to the half. all right, carl, thanks very much welcome to the half time report. front and center this hour after stocks ripped and dipped and came all the way back what happens to the rally especially as earnings season gets ready to kick off let's check the markets. just past 12:00 noon in the east we're red across the board and the dow is now down a little more than 200 points we are pacing for the first positive week in four. as they tick higher,