outperformer that does it for "squawk on the street." "techcheck" starts now. good tuesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa how much farther can things fall talk about it. plus hardware to sales events. big techs betting big on the consumer, but with meta down almost 5% and amazon not far behind behind, is that a good thing and plus regulation fears. pressing roads on road blocks and cathie wood with a new buy we'll get to that. first steve liesman. >> hey, carl expectations recently followed closely for what it says about inflation expectations good news here the one-year inflation

expectation is falling sharply to 5.4%. that is down three ticks in lowest reading since september 2021 on the other hand, three year and five-year numbers the fed is actually more interested in. the three year, 2.9% and five-year rising to 2.2, up 0.2. happen to be watched to see if it's a change because fed is following that expectations for home prices declining 2% down 0.1 lowest reading since june 2020. inflation expectations grew for gas, education and rent. and spending expectations falling sharply to 6% growth over the next year down 1.8 and steepest decline seen since the survey began and lowest reading itself since january 2022 jon? >> thank you, steve liesman. another rough day for tech as the nasdaq falls to its lowest levels since early july

of 2020, as investors continue to wonder how much lower things can go it's around those levels but samhain cater mike santoli joins us to keep us straight mike, how do things look and what does it tell us >> jon, which u actually helps at a bit of the rise and fall. see how much of that aggressive move both into and beyond start of the pandemic is remaining here here's a four-year look. nasdaq composite actually has lost a little of its technical standing here, i would say the s&p 500 in the last couple days has been bouncing off of this very long-term average. about a 200-week or 1,000-day moving average this one kind of breached here it would look something like that, around the 11,000 mark that comes in. a little falters of the trend, although we remain about 6% above where we were at the pre-pandemic peak. that's similar marge ton where

the s&p is above its pace. highs higher and then decline has been more aggressive when it comes to the nasdaq. now, not all tech is the same. we know this right? look at the same scale 40 years of different components of tech. you see how semiconductors in particular had so much air under them that's the white line right there. so, yes. they've been battered. they look like they're getting kind of neglected and cast aside, and we know all the global issues. look at the huge lead built up in semis over software, and this is the equal weighted s&p 500. kind of the average stock you own to basically proportionate amount of every stock in the index. the arc is well below where it started. clearly the first end to the boom, and the first out nonprofitable tech and internet looks similar. software getting more manageable in terms of valuation and more in line with how the broader market performed mike santoli, thank you.

news out of the labor department this morning. a proposal that could significantly shake up the gig economy. shares of uber, lyft, doordash, watching all morning cratering on the news. making it easier to classify gig workers instead of independent contractors. it could upend the business models requiring them to provide employee benefits including minimum wage, overtime and more. an issue fighting against for years now. we saw it right here in california, but now given the macro cost-cutting environment, certainly not helping those profitability fears that have arisen especially over the last few years. guys, did hear from lyft this morning. just got a statement from uber's stokes persson saying that, in a time of deep economic uncertainty it is crucial that the biden administration continues to hear from the more than 50 million people who found an earning opportunity with companies like ours we continue to look forward to

constructive dialogue with the administration and secretary walsh on this process as it progresses guys, really the fear here trade-off between flexibility and those benefits that we just outlined it's not entirely clear to me, and i've covered this so many years, that the gig worker's give up that flexibility to get those benefits of course, the gig kmip side says that flexibility will be gone the other side that wants these benefits say it is footbpossibl have have of that. uber says more drivers are coming to their platform for this kind of work. >> yeah. can't have it both ways. right, carl? i mean, if you are providing the benefits that mean you're an employee, lock them in determine how they have to work, then, you know, that's the benefit that the employer has, but seems odd to me that these gig workers, particularly in uber's case, seem to be

returning to the workforce, because economic times are tougher in a rate that's different from what we're seeing in just the general employee base if you look at the labor force participation rate in the last jobs report. you know, uber seems to be getting more, more drivers back than that would indicate also, doordash keeps saying, hey, the people who drive for us call them dashers only work a few hours a week it's not as if this is the only thing that they can drive for. necessarily the only thing that they can do, but mostly, we'll see how the labor department comes down on this potentially will have a big impact. >> carl, and -- go ahead go ahead >> no. i was going to say, ask you, actually, whether or not -- i mean, how ambitious were some of the hopes, at least, of trying to work out some compromise between classification and compensation >> so, carl, i mean, looking at some numbers back when we faced

this in california the investor takeaway here concerns are very, very real this could add up to enormous costs for these companies and as i said, upend their entire business model the way it work, not very profitably to begin with these workers are independent contractors not employees. a few years ago looking at the same battle in california both companies actually threatened, uber and lyft, that is, threatened to leave the state altogether spent $100 million collectively to fight this ballot proposal. it you're an investors looking at these companies thinking they're getting to better unit economics, but now they may have this battle to fight not on the state level but the national level that's going to make you nervous. why you're seeing these share prices down so much, because this is going to last a long time meanwhile, guys, get to other companies amid the macro weakness

retailers feeling a squeeze ahead of the holiday season. fewer consumers dollars to clear out the shelves. amazon getting a head start kicking off second prime day of the year joining us, venture group managing partner matt mikell wa wasn't thanks for being with us how do you think this holiday will go? the second prime day will it be successful considering they just had one a few months ago >> i think they're going to have a successful prime day today and tomorrow already on looking at electronics. that's going to be a smart, strategic move as well you're actually seeing a bunch of the physical world retailers get out holiday promotions even earlier and i think amazon's trying to get out in front of that why is that? well, if you're the average family, median household income around $70,000, 10% inflation in the last year is, that's $7,000

less that you have to spend. even if you go the some kind of a wage bump. call it $5,000 less. you're going to have to prioritize more. contrast, all of this uncertainty in supply chain. likely to have glut of inventory and a lot of these it different companies. i think we'll see all kinds of forms of creative discounting going into the holiday season. >> right matt, when we saw i think last week fedex give its warning for the holiday season you saw amazon shares slump in sympathy. when you look at their hiring plans for the holiday season ahead, it's flat with last year 150,000 workers. do you think amazon is better positioned than, say, a fedex or u.p.s. going into this holiday season >> i think that amazon is better positioned i think there's two things going on there one is the concerns around economic demand and consumer spending that's going to hurt both of them at some level this year and, again, why amazon's trying to get out in front of this with prime day.

the other thing is that amazon has built, they have built more than a fedex in the last ten years from scratch and have basically their own supply chain logistic system now, and so fedex is losing market share as well as facing the head wind of the consumer spending. so i think amazon is ramping up to hire and going to have a very impressive combination of talking about gig economy workers. they've got these small businesses that are independent contractors that do last-mile delivery for them. a different model than the pure gig economy but an ecosystem built over the last decade impressive and will hurt fedex, i think. >> matt, talk more about inventory. part of my concern heading into the holiday season you've got these sales that are at beginning of q4, this prime day and walmart and target doing their thing, too suppose a lot of that is liquidated's how hornet is it how many inventory turns we have

throughout q4, what's the profitability? how much resailorstailers have discount, what the profits are and how much they have to hire throughout the season? because if people are working during the season, then they can spend. right? so how important is that whole dynamic? >> well, i think that the jobs are going to be there. again, we're continuing to see impressive numbers on low unemployment the issue is really inflation and back to that median household income of $70,000. inflation's up 10% across the board, last 12 months. effectively $7,000 less to spend and have to prioritize and not able to buy as much. i think what will happen this holiday season is that top lines will be okay, because unit volumes will relatively hold up. but the deep discounting is going to come in, in a lot of creative forms towards back end of the quarter that's going to be what hurts

bottom line. you heard that earlier from goldman they're worried about bottom line, operating results. i think that's right top line's going to be okay. bottom line under a lot of pressure. >> yeah. matt, how does that fit in with the way andy jassy is running the company? a good article out this morning from cnbc talking about his approach to profitability versus predecessor jeff bezos what should investors expect in this quarter and in terms of that financial discipline seen from this still relatively new ceo? >> i think andy takes a very long-term view yet you also see him take steps this past year, in his first full year, closing certain initiatives. whether that's the amazon health initiative or certain store initiatives they've had. so he is going to keep a high bar for long term ori. not close something down because it's not look going in the short

term that's what you'll see out of andy he and his team will keep making investments. there's so much to invest and think about that logistics build out over the last ten years or the warehouse build out. got a little ahead of themselves >> now more disciplined on that. not just amazon all companies wrestling with, what do i need in terms of physical space in the world of hybrid work and reduce costs maintaining creativity and productivity and impact from my workforce in the case of amazon that doesn't just work in those warehouses and logistic situations, but works in the home office in places like aws. >> yeah. interestingly, amazon has taken a somewhat softer approach, maybe, than other big tech peers. that return to office than making it mandatory. thank you very much for being with us today. >> thanks, deidre. special day today. our own julia boorstin is launching her book "when women

lead" about the underestimated advantages of female leaders joining us on set, congratulations, jb. so happy for you. >> so exciting to be here with the book >> yes i know how hard you've worked on this you actually talked to, what, 120 women? >> yes. >> for this book >> yes interviewed about 120 women and knew going into it i would find inspiring stories, but what i found, more and more people i interviewed, common traits that have enabled these women in business, particularly in the tech space, to defy the odds, and i believe these ta characteristics women are more likely to show are actually really essential for all leaders. male and female especially right now. >> go through some of them start with empathy for one thing. >> yes women ranked much higher in ability to have empathy, able to put themselves in other people's shoes. incredibly valuable for relating to customers and to employees. women are more likely to lead with vulnerability a key thing because it invites collaboration. female-led companies are more

likely to have an additional purpose. like a social or environment purpose in addition to profits female leader are more likely to lead in a communal way bringing in perspectives from across the organization rather than just making things top down a couple examples. >> you look at industry verticals, and where we find a lot of leaders ecom, why so concentrated there? >> a couple reasons found so many female leaders. katrina lake founded stitch fix. personal styling to the masses rent the runway. closet up in the cloud then the real reel creating an idea of a circular economy a couple reasons why we might have more women in that sector i think a lot comes down to the fact women solve problems they wanted to fix for themselves wanted to shift the power dynamic away from the fashion industry and put power in the hands of consumers also there's this idea of critical mass. once you start seeing a couple of success stories, in that success feeds on itself and a

key model for investors to say, hey. maybe we want to invest in someone who's the next jen hyman and katrina lake, not just looking for the next mark zuckerberg a pattern of success in that industry. >> julia, you know as well as anyone, of course, but it begins at earliest levels right? funding, seed levels spent so much time talking about that here on the ground in san francisco. numerous conferences, lunches, figure how to get more dollars to flow to women entrepreneurs makes up what, 2% of all venture funding? how do you fix that problem? what did you hear from the women who succeeded and challenges getting that funding at the earliest time? >> 2% of all venture capital dollars, of the $330 billion that was invested in the u.s. last year and bc went to female founders one reason that's the case, vast majority of decision-makers at

the vc funds are male. female investors are twice as likely as male investors to invest in female-led companies key element this year is diversifying the people making the investments and a lot of data has shown vc funds even increase representation of female investors by a tiny bit, see additional profit actact to exits. >> congrats. >> thanks, jon. >> what about when women rebound, responding to setback anything you found out about that particularly in ecommerce, but in so many areas of tech now a lot of young companies, ones public are weighed down. ones private will have a harder time accessing capital do you find that women leaders have responded to hardship differently? >> well, so much data about how women are well equipped to respond in crisis. a whole chapter in this book on managing crisis. a lot of data how female-led

countries, governors, female governors of u.s. states outperformed male counterparts and female head of countries outperformed male-led countries most similar in terms of reducing debt. so many interesting measures of success of female leaders during the pandemic and then if you look at companies, women tend to have a higher, what they call adaptability quotient. the ability to make swift decisions based on data. not to wait, but to read data be constantly collecting data incredible valuable. jon, the fact less capital traditionally had to do more with less. be scrappier and have muscles, which are very valuable right now to navigate these unsirny times and perhaps less access to capital now. >> is the book aimed at female execs or male execs to figure out what to do differently >> this book inspiring for women but essential for anyone who wants to succeed in the business landscape because if you think what it takes to defy the odds

those massive headwinds and capital funding, that exceptional, you have lessons that are valuable for anyone i think key thing now is that these characteristics are not, these are table stakes you have to be able to lead with these qualities to navigate uncertain times manage macroeconomic factors and look around corners what the female leaders are working to do. inspiring and educational. a real r0oad map for a new kind of leadership. >> talk to jen hyman. >> and dente hauda from pager duty. >> and see you on "mad money" later with jim at 6:00 p.m. >> that's right. >> so happy. "when women lead" hearing about it all day long. meantime meta launching new hardware amid consumer fears and recession calls. even a good idea we discuss that when "techcheck" which is just getting started.

at humana we believe your healthcare should evolve with 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 all that coverage plus part d prescription drug benefits. with no copays or deductibles on tier 1 prescriptions. you get all this coverage for as low as a zero-dollar monthly plan premium in many areas. humana has a large network of doctors and hospitals. so call

or go online today and get your free decision guide. discover how an all-in-one humana medicare advantage plan could save you money. humana, a more human way to healthcare.

a gut check, downgrading to neutral cutting price target to

$160 the main reason for the call they say, headwind including digital advertising. bracing for tiktok to keep chipping away at its market share and ad spending's look at shares they are down 3% to start this morning. jon, not even to say anything about the metaverse yet. >> get into it high-end vr head eset meta teasing all year finally set the launch today alongside a fleet of updates on the metaverse. take a closer look with cnbc contributor joanna stern of the "wall street journal." a tough year, seems to me, to launch a maybe $1,000 vr headset just when people are going back outside and the consumer is pinched. what is success for meta looking like here? assuming they don't have the next ps-5 on their hand? >> pretty confident it's not the next ps-5. high stakes, big stakes for today's event, because not only do they have to explain what

they have been putting all of this money into, but they do have to tell us what the market is for this new device as you mentioned, it's supposed to be $1,000-plus. who is buying that what does this do that's better than the current quest-2 for $400 or store shelves? yes, to me stakes are about, one, prove what the investment of $10 billion last year has been going to and really upping hardware right? we need to see substantial improvement in the hardware. and then, two, what is the market who is buying this >> this reminds me of, you know, the pocket pc. all of those smartphones and held-held devices that came out before the iphone. people spent a lot of money on that stuff, but the market wasn't ready yet so $10 billion is so much money. in one year? $10 billion is a lot of money in five years but in one year what could that possibly have

gone into that would be worth it is this trying to create a market before it exists, perhaps? >> right this is a future play. so that's what has to be seen today. what do they think this is right now? what is the market for this right now? but as i've been thinking about this i keep thinking about a turtle facebook or meta here is betting on a slow turtle right? it happens to be wearing vr voggals, even slower but the growth of this market and the pace, right, to keep this hardware moving, right, from the silicon, the bat rishgs the apps it is all moving raet slowly so to build rhys metaverse might take longer than that pocket pc. that took a good decade. >> joanna, i think of you as my metaverse pioneer or turtle to take your analogy. one of the first ones to really spend time in there and write about it i've been enjoying more recent writeups like in the "new york

times" his past weekend. my question is practical ever go back go to a comedy show? do you enjoy it? >> had this in my, my headset. do you see this dust here? it's quite dirty okay i don't often wear it. i really don't often wear it, and that is why it's dusty and sits in the corner half charged not even charged right? that is also something they have to talk about today. why are we going to put this headset on all the time? right? are we all going into the metaverse to dance around every day? no am i going there for comedy shows every day and for, for entertainment? no so what is it? what is going to be that killer app? what does meta think right now at least is that killer app? >> yeah. curious what is better in the me metaverse, dancing around, a comedy show, pretty fun. better than the metaverse, somebody let me know

joanna, thank you. >> what about performing a standup show in the met vemetav? meta investors feeling the pain. stock off more than 60% of its highs and no one lost more than you guessed it mark zuckerberg robert frank joinings us with the breakdown. robert, tiny violin for zuck. >> de, look across the tech sector losses adding up top tech billionaires. top ten losing over half a trillion in wealth this year elon musk down $60 billion bezos down be $55. no one tops mark zuckerberg. down $75 billion one of the largest in history in dollar terms down $90 billion from his peak last september put it in perspective lost total of a gm and ford in market cap

combined used to be number three in the world. now is off the top 20. he was able to take money off the table before that big drop last year he sold shares almost every single business day for a total of $4.5 billion in sales average sale price was about $327 a share that stock trading today below $130 about $4 billion was sold by the zuckerberg initiative. philanthropy in loc and half sold by his personal trust since 2012 zuckerberg sold over $17 billion worth of those shares now, this year he has not sold or purchased a single share, but, de, he's also timed his real estate sales well selling his san francisco townhouse in july for a record $31 million. guys >> remarkable numbers, robert. keep track of them with your help robert frank. meantime, from one area of

gaming to another, the world's biggest casino operators meeting in las vegas today as the global gaming expo kicking off talking about consumer demand, recession odds and a lot more. our contessa brewer is live and on the scene joining us with that good morning >> reporter: hi there, carl. yeah by the way, several of these stocks off like 7% 8%. wynn las vegas draftkings. threat of recession, meanwhile, looms. gaming executives worried about inflation. supply chain and labor this year's commercial revenue tracking 15% ahead of last year and the best august ever according to american gaming association. i'm hearing lots of chatter, though, about that rumor deal between draftkings and espn. which neither company would confirm. i asked fanduel ceo whether she's negotiating with espn. >> only thick i'll say we're the largest sports betting operator in the united states right now any deal of this magnitude, sure, we'll look at.

>> what about an offer like fanduel to partner with a media outlet like espn >> i won't speculate thinking about it worked well for us, a great portfolio partners with nbc, cbs and on the talent side pat mcafee and many others, and what we're looking for is to make sure we can attract and retain the best customers at the right unit economics ends of the day, right, a lot of uncertainty in this environment. we don't know how many states will legalize and also want to make sure we have the right level of flexibility to be able to come in and out of changes and optimize those based on how the environment is unfolding. >> and draftkings jason joining me for a panel discussion next hour along with wynn, valley and circa. see it streaming live on cnbc.com shortly and mgm's bill hornbuckle joins me for an

exclusive on "fast money" and whether rising rates will cool the pace of m & a in the betting world. one more piece of news michael rubin of the fanatics anticipates launching sports betting in every state legal except for new york by football season next year considered a formidable challenger. >> look forward to all your coverage quite the lineup thank you. and nasdaq far off the lows of the morning, but still in the red by half a percentage point more on a new warning from billionaire orlando bravo after the break. don't go away. we're back in two. 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. if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable.

call unitedhealthcare now and ask for your free decision guide. medicare supplement plans also let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. take charge of your health care today. consider adding this. call unitedhealthcare today about an aarp medicare supplement plan. 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. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs)

no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. michael's back. and he's more dangerous. he isn't dead. we finish this now. let's go.

welcome back to "techcheck." i'm bertha coombs. your cnbc update at this hour. american airlines shares given up gains after revenue guidance raced for the quarter up 6% now roughly unchanged on the day. american also said e it is trimming its flight schedule other major airlines are trading down this morning as well. the international monetary fund has lowered its global economic forecast for next year. the group's chief economist says the worst is yet to come the imf now expects economic growth of 2.7% during 2023. and the bank of england has intervened in the bond market once again in the face of heavy selling for the first time ever. it is buying inflation index government bonds yields on british bonds are down from their earlier highs, but long bonds still up on the day back to you, deirdre >> bertha coombs, thanks very much. watching the markets, shares

are off their lows of the session. nasdaq still down about one-third of 1%. growth continues top trade in 2022. we talked how the market shifted rapidly underneath tech companies and investors. here's orlando bravo tweeted late yesterday saying tech companies built in the last decade built an an environment capital was free, structured in a way to always lose money and most not able to change. a lot of orphaned software companies in the near future so does that give him opportunity to buy some of these so-called orphaned public companies? this morning appears so. announcing acquiring identity verification software company in an all cash deal taking the company private just over a year after the company went public surging some 50% on the news, guys, all-cash deal. a lot of what we're seeing as the credit markets remain very tight. speak to that opportunity.

so many companies went public over the last year and heard a similar tone on "techcheck" yesterday. careful while valuations look attractive, so many and could be a narrative marash some aren't going to make it, jon. seems to be what orlando bravo is implying also. >> yes, and also talking the classic private equity playbook here i mean, because there are going to be buying distressed properties in the public market right now and a big part of that is not just, how good are you at renovation but how cheap can you get? part of the challenge, carl, people don't like selling at the lows if the argument is, hey, structured wrong from the beginning. we're experts at this and can come in, fix your backs office, get your sales organization pumping, trim things doan, get you in shape, some might say, well, okay come fix or problem.

>> see if biz models can adjust to a higher cost of capital and whether or not models now built from scratch, jon, are going to be any different than they have been in the past years, as bravo says. still to come this morning, roblox is 75% often its highs. some say it's headed even lower. we're going to discuss on this new initiation we're back in a couple.

this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery.

and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. turn now to roblox

shares lower by 1.25 on news from barclays initiating underrate ratings $20 price target a way you down from there claiming the stock is overvalued increased competition for developers building the messverse. carl a month ago talking about roblox and i made the argument, it can acquire other assets to scale, build benefits of roblox into those things but priced as if it is we'll see. that was a month ago and you know, the stock's having a volatile time, as many are in this environment. >> yep price target at 20, in case you didn't mention it. de, a day full of bearish initiations or downgrades of names in the apple supply universe or anywhere else. >> yeah. i mean, i like this part of the

note they said, we consider it as the only true metaverse today, despite looming threats from meta's horizon wars and -- what does that say about the rest of the metaverse? >> can you have a metmetaverse isn't that just a game what about "minekr p"minecraft"? >> about what the metaverse universe still ahead, launch day when pimm lead. a deep dive on women leadership by our very own julia boorstin and talks with leader of a multibillion dollar company. don't want to miss it. it's next. speaking of cloud, bernstein initiating snowflake and neutral $166 price target as they see a long and difficult road towards additional market gains. we are back in just a moment stay with us.

good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original

medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. with no copays or deductibles on tier 1 prescriptions, and zero dollars for routine vaccines, including shingles, at in-network retail pharmacies. in fact, in 2021, humana medicare advantage prescription drug plan members saved an estimated $9,600 on average on their prescription costs. most humana medicare advantage plans have coverage for vision and hearing. and dental coverage that includes two free cleanings a year, plus dentures, crowns, fillings and more! most humana medicare advantage plans include a silver sneakers fitness program at no extra

cost. you get all of this for as low as a zero-dollar monthly plan premium in many areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. as we mentioned our friend julia boorstin launching her book today "when women lead" underestimated advantages of female leaders, and one woman profiled is actually a frequent guest on "techcheck," general fe jennifer tejada. >> right joined by jen tejada thank you so much for joining us today. >> thanks so much for having me,

julia and congratulations on your book launch. >> thank you jen, one reason i wanted to write about your story and talk about your leadership approach at pagerduty is because you exemplify many of the crucial leadership traits of female leaders, including the fact you invested in diversity and really transformed the ranked of pagerduty. both executive and the whole employee base to make it more diverse. why was this a priority of yours? >> a firm believer effectively building creative products for users and solve important problems for them we need to represent the diverse community we serve we need to reflect thatour own developer community, in our own product management and leadership organizations so when i joined page ed pagerh less engineering and in leadership over the last six years while

we've tenexed from performance perspective we've made sure we're more than 40% women across the business senior leadership team over 45%. board gender balanced more than two-thirds being people of color. that enables us to look at our incredibly diverse customer community, and demonstrate to them the empathy and understanding of problems that they need us to solve. >> yeah. sounds like you're quoting directly from my book, jen so interesting to me here, you've seen this overall progress as the company has become more diverse, but have you seen specific incidents or situations in which you know the diversity of pagerduty both in terms of race and also in terms of gender is really helping you? whether it's connecting with customers or growing your client base >> absolutely. i i mean, i notice even when you know, we're speaking to customers. i'm out on the road all the time now talking to customers

i was on zoom for the better part of the pandemic, but there is a sense of appreciation from our customers when they see a woman in the leadership role more broadly, it's enabled us to break down more traditional silos across the company and we're product-led and incredibly important our product teams, development teams, marketing organizations and go market organization and work leadership work effectively together. having diverse leadership and diverse individuals within those teams i think our ability to be creative, our ability to execute quickly, to adapt as the market changes, has absolutely increased as we have improved representation across the business and created a culture of belonging where people feel like their ideas are not only needed, they're wanted and welcomed >> two specific strategic things i want to talk about that you do first is you mentioned breaking down silos i want to hear how that's important, but also the way you put the challenges first

when you're addressing things. you have a culture of collaboration, but you do it in a way you're always trying to tackle the tough things first. how have you deployed that in your leadership? >> well, i'm an incredibly self-critical person and always trying to reflect inward curiously about what i could be doing differently to improve my own leadership or my own performance as a company leader, and our weekly executive meetings are largely focused on the things that aren't going as well as we'd like them to be areas of improvements. being able to name a failure and talk about learning from it to quickly pivot, adapt and improve. that's been really important in growing the company from being a single product or a tool for the diverse community to being a multiproduct platform that serves digital operations. you know, for more than 70% of the fortune 100. so it's been a big part of our journey, and one of the reasons i think we've been successful in transforming the company over this period of time is that,

one, we set really high aspirations, but, two, we leverage every individual in the company to bring forth their ideas. we're an incredibly transparent and open culture we really focus on belonging, and we treed i not just as something that's the right thing to do but a strategic business imperative we've funned it. we have metrics that we measure, time base milestones and that's helped us to be successful >> yeah, i mean you've been working on these projects for so long since you took over as ceo. look at the stock price the stock at is a 52-week low. what is your message to invests about what's going on with the company right now and what your strategy is to ride out these storms >> well, we continue to go from strength to strength we have an incredibly loyal customer base and a product that is really well-suited for an environment where customers are looking for ways to save money, to improve the productivity of their developer community and to

become more efficient. especially in distributed working environments like we have today with hybrid work. we've been playing the long game we continue to post great ruls results, seven quarters above 30% growth, and we're going to continue to focus on buildin out this operations cloud that serves not only the current challenges of companies but their future challenges. >> planning for the long-term, thank you so much for joining us you can read much more about jen's story and also her strategy in my book which is out now. meantime adobe may be 15% off the 52-week highs but kathy wood's buying some s&p back to 3624 - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress.

i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing.

let's get a gut check on adobe. kathy wood buying the dip again, snapping up more than 20,000 shares on adobe for her next generation internet etf, a purchase worth around $6.8 billion. shares down 23% since that announcement, down 50% for the

year i mean just kind of a value play in a way >> kathy wood and her team they choose industry leaders, so clearly they believe adobe will remain one however, there are questions about that on wall street. there's so much chatter especially here in san francisco about canva as a contender still a private company, but some say, carl, that's the reason the competitive threat of a company like canva is the reason they had to do that recent large acquisition of figma >> it's definitely been making waves for years with pretty positive press by the way, we're also watching some of the purchases and names like rocket labs as well but meanwhile tesla and adobe have been some big ones >> they have and not particularly well performing ones we're back in just a moment.

- oh, the stock market is doing that fun thing again. news from the future: you're going to live through that

about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. one more thing starting tomorrow u.s. chip maker kla will stop offering certain supplies and services to china-based customers according to reuters, that's to follow

biden administration rules, companies aiming to supply chinese chip milwaukeers with equipment must obtain a license from the department of commerce. chinese sales make up about 30% of kla's total revenue the company also going to cease supply in chinese plans owned by intel. >> certainly not the last we're going to hear of this. those eksz port restrictions going to hit some other chip makers take a look at them. now they are back from session lows however, lyft and door dash lifted 1176. remember it went public about $73 a share. of course that overhang as investors try to dijust what that department of labeler proposal mean for their work forces, perhaps deciding maybe the impact isn't going to be as immediate or as large. rbc's take on it has much to do about largely nothing. they think the bigger picture

long-term the probability coming to pass is low and probably focused on other sectors like construction and trucking, carl. >> interesting to see taking a measured approach. meantime, guys, we are at session highs or close to it we bounced right off of 3568 as we had the dollar soften a bit, the two-year 427 after rising above early this morning let's get to the half. carl, thanks very much, and welcome, everybody, to the half time report. we do begin with breaking news fresh comments from the cleveland fed president speaking today. our steve liesman today with those comments steve? >> yeah, scott, and a very hawkish cleveland fed president fed policy to become restrictive. sheports a funds rate she says about 4.4% this year that's the medium fed rate and about the median for n