i'll call it positive. only had half a point. let's look at the 10-year note it is not really what people are necessarily focused on this morning. 2-year, 447. make sure you join us tomorrow we definitely hope people make money, or at least save money. "squawk on the street" is next ♪ good tuesday morning welcome to sidewalk on the street premarket is a bit soft despite lower yields and good corporate results out of u.p.s., coch, g.m. more on the way with alphabet, visa on deck our road map begins with g.m., 378, g.e. all crossing the tape.

coch and u.p.s. coming up next >> u.p.s. is on track to achieve its 2022 targets after fedex a few weeks back warned about worldwide recession. hmm. and jamie dimon's new warning. he said geopolitical risks are, quote, far more concerning than worries about a recession. >> let's begin with this morning's earnings parade, especially the industrials, jim. i heard you talking about g.e. with becky some of the weakness centered in renewable power >> yeah renewables was not good. larry is not going to deny that. he does feel ultimately inflation reduction act is going to be great for them a lot of infrastructure has been great for them maybe even small factor nuclear reactors down a little but it was not good. and they have to make it better. because, otherwise, people will say they will need more cash they say they don't need more cash

but it's the black mark because i liked health care and aerospace. but i think the government is going e this into a real company. particularly with onshore wind there's so much money going toward esg that company is basically created. just happened to be happenstance david, when you look at that company, that's a company when they need turbines in europe, they will go to -- >> no. i get it you're right >> and a lot of any of these big projects they are doing that are solar oriented, wind oriented, it's going to be g.e i think the stock deserves to be up >> and it is up a bit. again, it has been a sad, sad tale over a long period of time there. mr. culp has put many things on order. they are obviously breaking the company apart. health care will be the first to

go >> you make it sound like before he got there, it needed work >> yes i think we can all agree it needed a great deal of work. >> i think health care will be better than phillips >> we'll take that it's going to be the first week of january >> i know. >> it's coming >> it's coming people should get a little more excited. >> they have a board, registration statement they will have investor day december 8th for health care g.e. health care -- they just gave you a sense of what it compares to. it will be a large, important company. and more to follow on that >> still have supply chain issues holding them up >> it is always an opportunity to talk more broadly about the old shrink to grow, which you and i talked about for years >> right. >> and seemed to work for a while and stopped working. whether it's j&j, g.e., 3m there's others i'm for getting another big one.

oh, kellogg. none of them have created any value yet. none of them have actually occurred in terms of the splitting of the companies >> well, i find that a lot of people don't like what they might get. >> yeah. kellogg is better. kellogg was performing better already. >> to me i said last night on cnbc j&j is a magnificent splittup their consumer business is on fire the others are dumping you're getting really bad stuff. pfizer gave you bad stuff. >> haleon? >> haleon was sacked by not even a good team. >> that was rough halfway through. coch, i know you have been looking forward to this one.

it was pretty much in the 10% range. >> people are going out more that's good for coca-cola. i hope we would get a break in inflation. no no break in inflation. locked in prices earlier in the year people said don't forget international business there they are buying some of the raw costs with weaker currencies yeah, look, zero is doing great. double digits. diet coke doing good they are taking some share but not a huge amount of share a solid good quarter that we have been getting over and over from james quincy. and i think this is the quarter where people will say, you know what, let's take it to the 60s if we do have a slowdown, this is the one i really like it pepsico is great travel helps them. i am now thinking all the time if travel is involved, witness

aerospace from g.e., witness to hayes. >> atheon. >> there's travel. marriott a lot of companies involved in travel doing very well >> jetblue today was a miss. basically in lied with the guide. >> they were disappointing i was surprised with that. i think delta's quarter was amaze hg u-haulen credible. they just see more planes. >> razm is rate for relative seat mile. >> bryce harper is $40 >> he is worth that money. >> he is mr. razm. >> is that going to be every day now? >> until next tuesday when they lost game 4 on tuesday by wednesday, the tickets will be worthless >> okay.

>> can i just say one of the greatest themes of this quarter is really surprising people. people are not buying things macy's, i thought they did well. but they just want to go away. it's my new theory i lived, so i travel >> that's interesting. we're going to talk about u.p.s. in a second. but they reiterate the guidance. brian cornell, not too long ago said people still want to celebrate the holidays >> they do >> we have not gotten major warnings >> look, if you're alive you want to buy. but i just think people just say, you know what, i want to see the world. or i want to go to a wedding how many weddings have you gone to >> not very been >> i have a briss. >> wow, that's wonderful mazel tov. it's not your own though >> congratulations >> a friend of mine's kids

all my friends are becoming grandfathers i can't believe it >> babies who were born the year as sign field are now as old as kah stanza was. >> he's from livingston, new jersey little known fact. >> jason alexander >> yeah. >> not costanza. >> let's talk about g.m. for a second it is the kind of thing -- i listen mary, who i really like it suddenly makes it so the stocks are not up two. as you go through the quarters, you realize, wow, you're buying these companies at a very cheap price. so i am urging people not to

sell because a stock didn't go up enough to start because there's so many companies doing sel. it's incredible. >> well, as you guys know, i have a keen sense for the obvious. every single stock is up except jetblue. >> we haven't gotten to 3m, xerox. >> xerox is down but it is such a small company now. >> coke, u.p.s we will talk about it in a minute >> the ones that have been doing baddley, are still doing baddley. 3m, are we supposed to walk in and say, you know what, they really put it together >> i know. >> that was a horrible quarter they have this list of things that they do nobody mentioned combat arms

>> electronics, health care. organic sales up 2%. >> those are important divisions. >> yes, they are >> guidance goes one to two. they were 3.5. do with we call 3m an economic bellwether >> too problematic i think raytheon is better g.e. is too small. they would have to raise capital. they are not raising capital steve tussa, white whale, hmm. >> do you know who is doing really well? >> tell me >> ibm >> 6 billion they need for this quarter. i told you we'll talk at the end of the quarter we'll see.

>> okay. say it say it >> say what? >> i'm not at home sing it. sing it. sing his answering machine >> costnza >> believe it or not, george >> jim mentions raytheon we have a ceo hat trick. we'll talk to greg hayes, james quincy, carol tome take a look at the premarket try ig to make a move here dow futures still down 100 back in a moment

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shares of u.p.s., we showed it briefly in the last block there. they are up in the premarket quarterly earnings exceeded what most analysts had been anticipating revenue was just shy of consensus. ceo carol tome, said we are on track of receiving our 2022 targets by commuting our strategy and controlling what we can control. different than what was told jim cramer about fedex last month. >> i'm not an exist but -- >> you know more than an economist. they push papers you look at papers

>> i think so. >> you think we are going into a recession? >> i think so. but these numbers don't portend very well >> they didn't portend well for fedex. despite hitting the numbers, it is reducing by half a billion dollars. the same absolute number as fedex, despite u.p.s. being three-quarters to the year and fedex reducing by that same amount and it's only one quarter through its fiscal year. those who are critical focusing on both what he told you, which the market reacted to in a very negative way and what they say is still a lack of execution at fedex. reflected in the fact that u.p.s. is doing quite well >> well, it looks to me that u.p.s. went down with fedex. and it's just doing far better and i know carol tome. she missed a couple of quarters. those are way behind this is a very good quarter. it makes you think, is this one of those, david, where one side

of the street people are using fedex and the other side u.p.s.? no u.p.s. seems like a better operator and they're getting better >> volumes were down >> people tonight want to leave them look, i thought u.p.s. -- i will say it flatly. u.p.s. has a good quarter. wow, this industry is still okay when you read it when you watch fedex, wow, this industry is falling off a cliff >> yeah so i'm not sure what explains that it's not managing properly >> there is a lot of unexplained stuff this quarter you are trying to find out what did happen at -- when you take a look use ibm for a second the fact that he and i can disagree on what happened in a major company, we are seeing a lot of that. i have seen people saying i am nonsense kael negative on

procter & gamble headwinds? go to tailwinds. james quincy is not saying that's going to happen yet the fact is people pay -- >> we're talking about coca-cola. you said james quincy. >> i'm switching around. he raised the price and nobody cared. they're still buying it. >> goldman had this piece out yesterday looking at excess cash in households and small business and corporates small business, the average small business has 29% more cash still than prepandemic >> and that is not what the fed wants. the fed is hoping that the cash is done. brian moynihan would say, what do you want? why can't you have good cash levels, not a lot of debt and not a lot of spending? the answer is when we speak to greg hayes, inflation is horrendous >> u.p.s. pushing through, coke

pushes through price >> if this was 1964 and we were taking a class in what we are hearing, we will hear guns and butter and inflation is going to go out of control unless they rein it in >> johnson's budget in 1964 was -- he kept it under $100 billion. 99 billion >> the department of defense >> the u.s. government's budget. >> halliburton was a democratic company. >> we can't go past a billion. that would look bad >> pulte homes said demand has slowed they have gotten to housing. they have.

>> case-shiller. sometimes i wonder why we go with it. it was three months ago. >> we have to go we have to go. jpmorgan came out positive on china. yeah now's the time xi, you see the guy that got escorted out he was the problem >> it comes back typically >> you can buy all you want now. he was short-selling bido. >> he ran china for 8 years. excuse me, 10 years >> that guy, what is he doing >> we don't know where tao is. i'm sure he's around >> he and us >> i keep telling you, they're coming for you it's like. it's time. >> 1.2 billion versus me put the money on me. give me three. >> cramer's mad dash and countdown to the opening bell. look at the premarket on a busy day enis. 'rba in a moment

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all right. let's get to a mad dash. eight minutes to opening bell here at the new york stock exchange it's funny, yesterday we talked about slumber changing to slj. >> sob guys said it was going to 150. they were revealed as charlatans it broke down right here halliburton went to 28, 27, 26, do i hear 25 the martins are expanding.

business is excellent. it should have never gone down by that. halliburton is up 52%. you had terrific margin expansion. income more than doubled it beat the numbers handly this is what i'm talking about the stock is doing nothing another two or three days people will realize, holy cow, do they have earnings power. and they are sold out eve everywhere it's the private equity firms that are drilling. the large guys are not drilling. they're waiting for president biden to sit down with them. >> well, you keep saying they're not drilling of course they're drilling every day. i have been to exxon in the permeon. they are not increasing. >> here's what's going on. they could all produce a great deal more, but they're not they can't get it to market. the strategic petroleums, other people have drawn it down.

maybe you think that the price of gasoline is strategic in that case, i don't think it was done for that. eog, pioneer, devon. >> slb, its competitor, is moving in aggressively to brand itself as a beneficial ear of the decarbonization. are these guys >> that's what happens >> by the way, look at that. >> that's because -- they had a series of not great quarters they had a really great quarter. i'm just saying this is the industry that is doing the best. yes, so b, they want zero net cash people are very cynical at home. don't they know it's oil -- it's a fossil fuel company. >> look, i have seen what exxon is doing to make their

operations in the permeon zero emissions. >> what are they doing? >> run them all on renewables. >> the president will not sit down with these companies. it is not his thing. he'll probably sit down with the new g.e. business, solar -- by the way, they came out and slammed health care and said the xi business is basically just nothing. >> really? there at that. rick perry is here, former governor of texas. >> how you doing, gov. >> we have paul ryan somewhere opening bell is a few minutes away >> never know who you will see on the floor >> you never know. you never know we have an exclusive interview with raytheon technology ceo greg hayes keep it here

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>> president xi winning his third term and taking steps to consolidate power. jim, you said people will come out and say it's an opportunity to add jpmorgan did >> there is so much business to be done here frankly, i cannot think -- they're not capitalists. their market is basically made up xi does what he wants and our companies have fallen under the spell and believe this is a real market they don't realize it's a manipulated market i don't know what it would take to convince them that this market doesn't realize it is they ought to get to the case and say we are going to pull our people because they're not a fair and honest market i don't know what it takes to make it so they realize it

>> let's get to opening bell a distributor of swimming pool sup supplies i think it was goldman said the market's ability to shake off the that were sign of green shoots in their view >> i thought there was so much to like about yesterday. they get everybody to think it's a bad day. it isn't a bad day >> we talked about the fact that

it has been quite positive this morning. whether it is g.e., up 2.5%. or g.m., shares up 3.5% on what we are -- funny, similar profit of tesla $3.3 billion for the quarter the valuation is a little bit different at g.m. than tesla >> at g.m., people feel they need a fortune mary barr is doing such a great job. i don't know ford, the warranty issues are really dogging them. i don't want to equate when ford reports, which they do tomorrow, it could be problematic. >> ford could be problematic >> a lot of trucks have not been delivered because of different technical problems with name plates and warranty issues. maybe i am trying to set the bar a little lower

>> mary barr was on "squawk" today. aoe bit up 90 year on year here's what barr said on squawk. >> we are seeing strong demand for our products and allowing for strong pricing we are starting to see inventory rise a little bit. but well below prepandemic levels right now we are seeing a strong consumer we are watching carefully as we look forward but very pleased with the reception to our products. >> i think it was webb bush today, ev strategy paying off. e.v. fully charged with more to come >> you say i can't seem to slow cars, slow travel. these areas where the consumer does well, the fed is playing

whack whack-a-mole >> how are they doing? are they going to win? >> they always win >> the fed always wins >> yeah. yeah, the fed always wins. don't fight the fed. >> somebody loses. >> the market broke in 2000. >> mr. yes, it eventually comes back >> i'm just saying the companies themselves are doing so much better it's a large company it's a company that i think it's almost no respect whatsoever, that every day i come in and people say they double ordered, they don't need them, canceling orders nobody wants it. china. and the name of that company, david, is apple. >> i thought you were going there. >> it is up so much now. >> it is again performing better

than the broader market by 500 basis points better. that's pretty good >> retail is just not as bad as people think that's another area the fed must be saying when are we able to knock that bad boy down. >> apple raised prices for some of their core services a lot of notes arguing good news for others like spotify. by the way, jim, the philadelphia semi up seven straight days. >> the president has spoken. >> say raytheon. they had the chips suddenly intel is having chips

that chips log jam is breaking. takes us back before the open. >> meta? >> i want to get to meta, too, sure >> a historic drop yesterday, alibaba. it is up today this stock had a 5 in front of it yesterday you can see what it has done a full year. rebounding ever so slightly again. investors try to recalibrate

>> just ignore the fact they threw a guy out who was the last person >> i don't think it was ignoring yesterday when all the stocks were down 14%. >> no. i'm saying -- >> you thought zero coke was going to lift with the restrictions after the party >> i understand they have been able to recreate the mrna. they will be back. but it hasn't happened yet i don't know >> okay. it's fine to admit you don't know >> weber grills. >> there you sell it at 14, buy it back at 6 and change. that is a trade, right >> we talked about this last week byron trott's firm a combined entity.

they want to buyback what they sold wherever stock was 18 go back a while. let's show people the full trip here now we will buy it back, as you said, $6.25. >> summer is over. >> 24% premium to where it closed the other day, to yesterday. and we're not interested in selling any of our shares. form a special committee we'll give you $6.25 and tell us whether you want it for the shares that we sold when we took it public. >> doing that to you, i was downsized repeatedly it was just capitalism at its worst. people took money -- literally, they took their money. >> they sold a bunch of webers, right? >> yeah. >> and stayed at home. they just completely got the

timing was perfect williams sonoma is about that, they said. no i would decorate myself with west elm any day of the week any day of the week. >> any day all right. >> what, rh? >> you tell me >> rh is pretty fabulous. >> update on ross stores. from 90 to 110 >> tjx is the king i tried to get in line at a ross store in san francisco of course only three people at a time look at tjx. tjx is the winner! >> they take numbers up on tjx >> above targets 80 billion versus 74 billion it's a bigger company.

speaking of companies that added a lot of market value recently, this is a premier database software company >> you mean like -- >> no. he lives in hawaii a lot of the time >> oracle? >> yeah. give me a one-month oracle i mean -- >> look at that month. not bad, right >> oracle is pretty good 14 times earnings. their numbers are great. i can't think at all, frankly. >> i'm hearing bells ringing in my head, too

it's terrible. >> i hear that bell 500 times. can we speak greg hayes or something? >> yeah. let's talk to greg hayes >> i love greg i know it's not about friends. it's about money but this guy is too much i never read a prom tprompter here to discuss -- i'm just kidding. here to discuss raytheon technology ceo greg hayes. i've got to tell you, i'm going to say it point-blank. your business would be so on fire if you had the materials, engineers and semiconductors this would have been a better quarter. you are short on everything. what is happening in america >> well, jim, i think, first of all, thanks for having me on yeah, it was a good quarter. you call it a mixed quarter.

very, very strong bookings quarter. for the year, i think bookings were up $12 billion. it was a strong quarter in terms of demand. we saw demand both on the commercial side, commercial after market, as well as the defense side the problem is, as you pointed out, it is about inflation, supply chain and labor availability they are the same supply chain problems everybody is seeing we can talk about chips, rocket motors, castings we have 13,000 suppliers we have people out at almost every supplier working with them on demand, help in terms of control to access labor,

lesson-tles long-term supply contracts i don't think it goes away in the first half of 2023 i think the challenges will be with us the next 12 months demand is great. our challenge is how do we meet the demand. >> you have a missile, patriot missile. it is extraordinary. i know you have small ones, too. but this is an extraordinary weapon, defensive weapon it can shoot down drones, missiles headed towards hospitals, towards schools, that are headed towards nursing homes. some of president putin's favorite targets but it seems the united states is unwilling to give the ukra ukrainians them. can you explain why the white house seems to be playing for a tie and unwilling to protect those targets since the patriot

missile can do that? >> jim, i think a couple of points there we did just deliver two ney sam systems. it is a surface-to air-missile systems. we delivered two to the government they are being installed in ukraine today. sit a short-range air defense system and it can fire everything from am ram to a 120. it can knock everything down in the sky from drones, ballistic missiles, to fighter jets. the more capable system is out there. sit called patriot, to your point. we have deployed those in 18 countries around the world to provide everything from ballistic missile defense to defense against drones right now the u.s. government has decided we are only allowing asams and not patriots this is a decision that will have to be made at the white house and it's all about making sure we provide the ukrainians

what they need to defend themselves we are prepared to do that as quickly as the government allows us >> one last question from me the pent gone is in favor of that the white house isn't. i'm confused if you have the department of defense in charge, wouldn't they be in favor of using the patriot missile? >> if you are talking about the d.o.d., they would want the most capable system possible, which is the patriot system. there is concern about it falling into the russian's hands. this is an issue that will be decided by national security counsel. it will support the d.o.d. with whatever decision they make. maybe in the long term it will

be the patriot we are prepared to deliver whatever the government directs us to. >> greg, it's david. you talked a little bit about supply chain and inflation let's talk labor you need to add, i think you said on the call, 10,000 more people you have a head count of 180,000. that's 3,000 a month since the beginning of the year. are you having trouble finding here give us a sense of what's going on in the labor market >> the challenge, david, is finding people with the right skills we have been hiring a number of people, engineers. we have about 65,000 engineers in the workforce today but the challenge is not just finding engineers but finding engineers that you can get clearance to work on some of the programs that we have. you have to be a u.s. citizen. you have to be able to be cleared. and that process takes time. we will bring people in today. it might be six to nine months before we can get the paperwork necessary to start working on the programs you're right

we have haired 27,000 people this year. we have 180,000 working together we have 10,000 openings. people will come work for us we pay a competitive wage. people come to raytheon because of the mission we talk about connecting the world. that resonates with people we will continue to get our fair share of the talent out there. the real problem is not at raytheon it is at the 13,000 suppliers i have they are having trouble attracting and retaining talent. with 3.5% unemployment, that is not going to get any easier. >> no. back to supply change. you indicated you're in washington you will be meeting with the department of defense.

this is not new to the secretary. we are talking about rocket motors, castings, things with a long lead time we just need everybody working together across industry and with the d.o.d. support to try to get the suppliers back on track. >> finally, jim has a couple more you're a student as well, as you have to be, of conflict. we have an awful one going on right now. when you hear things like dirty bombs, tactical nuclear weapons. i'm curious, as a citizen of this planet, what your thoughts on given your knowledge base >> all i can say is let's hope

it never comes to that, whether it's a dirty bomb or tactical nuke that type of escalation does not end well for anybody and the u.s. has made it clear to the russians in terms of what our response would be. i won't share that but i will tell you we will not allow that to go without a very forceful response. nobody wants to see that level of escalation, right we want to see a resolution of this conflict. we want the russians to pull back out of ukraine and respect the democratic process that has been going on in ukraine for the last dozen years so let's hope it doesn't happen. again, as you talked to jake sullivan of the national security council, they don't want to see this level of escalation that's why they are being cautious in terms of what we are supplying to the iranians >> it's not cautious. it's insane. the patriot does not attack moscow why don't we just be honest about what's happening we're playing for a tie.

they're playing to win let's just own that. >> you know, jim, we'll have to find something else to argue about. i don't disagree with you, we are not giving everything they could use to defend the country. it is above my pay grade in terms of what the end game is here but i assume that everybody is thinking about this very thoughtfully and hopefully we'll be able to give the ukrainians everything they need to repel the russians. >> i love that you tell the truth. it's kind of refreshing. kind of refreshing i bet you guys feel that way too. greg hayes, raytheon they have too much business. good to see you. >> good stuff, guys. we have gains at the open. dow is up 65 s&p, 3827. two-year is back to 4.4. and sub 30 vick.

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take a look at some gainers on the ndx paypal is in there as we got a headline saying amazon will start to receive venmo as a payment mechanism. tuesday chock-full of earnings don't go away.

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this could be a chance for a company that started in canada i know tilray has some good things >> there's polling out of monmouth about acceptance of legalization >> i'm very excited. >> see you tonight, "mad money" at 6:00 p.m. when we come back the ceos of coke and u.p.s. will join us. almost a five-week high.

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good tuesday morning welcome to another hour of "squawk on the street. live at post 9 of the new york stock exchange got some gains this morning. two big earnings interviews coming up this hour. we'll talk with the ceos of coke and u.p.s. on their respective results. back to 3840 or so some good corporate results being met by lower yields.

we have economic data crossing the tape and we'll go to rick santelli. >> consumer confidence for the month of october, headline number expected to be near 106 102.5. 102.5, the weakest since august when it was -- excuse me, that's the weakest since july when it was 95.3 if we look at the current situation, it's 138.9. definitely a miss. sequentially following 149.6 what lies ahead, 78.1. that was following 80.3, now revised to 79.5. 79.5 and the 78.1 is the lightest level going back to july richmond fed manufacturing index, an october number as well, expected to be down minus 5, carl. double that, it's down minus 10, the weakest since may of 2020. yields have dropped dramatically not just in the u.s. pretty much around the globe morgan . >> rick santelli, thank you.

we are 30 minutes into the trading session. here are three of the big movers we're watching this morning. we'll start with 3m reporting better than expected, and cutting full-year outlook due to rising cost, the impact of the strong u.s. dollars. those shares are down fractionally right now ge also under pressure, reporting a mixed quarter. cutting its annual earnings forecast but it reaffirmed full year revenue and free cash flow outlooks those are down half a percent. u a ubs shares are moving higher those shares are up 7.5% we know it's a big earnings day. after the bell we get tech right now the industrial earnings we've gotten so far are very much in focus want to dig a little deeper in on general electric because chairman and ceo did tell me this morning that while he's seeing moderation in inflation, it's still, quote, acute pressure, forecasting

unfavorable cost dynamics in q4. kulp says he has a bit more optimism than others might have given ge's portfolio and the secular growth in those end markets. on the upcoming split, he tells me health care is continuing to improve and has been off in early january. the ceo of health care on the call this morning. aviation, very strong. renewables, which has been a persistent pain point for the company with a charge this quarter is seeing some demand push out to the 2024-25 time frame as legislation here in the u.s. takes time to be implemented and make its way out to a company like ge guys, a lot of read-through here in terms of -- you had raytheon, a lot of read-through in terms of the strength we're seeing in commercial aero space and avi aviation ge, you're seeing a sequential

rebound in engine delivers holding up the likes of airbus and boeing still some softness in the defense part of the portfolio, which is also playing out in other companies like raytheon and part of the reason why northrup grumman is trading lower today. >> it will be helpful and so is the infrastructure bill. he did say all of that is going to take some time to translate to sales, which is why they're starting to see increased customer demand in that '24, '25 time frame the incentives make more sense a few years out versus currently that being said, on the gas side of the equation, given the energy landscape and everything we talk about on a geopolitical standpoint, they are seeing increased demand and utilization there in terms of some of the energy and electrification business that's playing out within the broader energy

portfolio. >> stock had a brief move higher we were looking at it at the open, turned lower not sure exactly what people were responding, investors were responding to earlier. >> we'll see it seems like every company, it's like a reaffirmation of guidance, cut to guidance, mixed quarter. it depends so much on the expectations going into the quarter and whether it's enough. >> yeah. >> whether earnings is enough. >> i got a list of companies that raised or guided above. gm, u.p.s., polaris, bioagain today. 3m, gloworm and xerox did guide below. nobody saying next year is going to bring major relief on cost. >> no, a lot of caution across the board, different ceos that i've spoken to and i know you guys are speaking to, a lot of caution. whether that means we tip into a recession, whether we're in the

midst of a global recession, whether it's just a return to pre-pandemic norms that is sort of up for debate depending on which ceo you speak to, which company, how consumer-facing it is. it is something we'll talk a little more about with an economic bellwether, u.p.s., in just a short while. >> looking forward to that interview. on that note about recession, greg hayes, they're looking to hire 10,000 more people. hiring 3,000 a month at raytheon it's not just defense, it's passenger airlines, too. >> aerospace and defense, they need -- they have a labor shortage it's been playi ing out. it's something kathy ward warned us about last year and it's been showing up in the earnings all year long. >> take a look at coca-cola, the company releasing its results this morning and their third quarter earnings in sales did beat street forecast stock is still up a little less than 1%. let's go to sara eisen with a special guest. >> good morning, david

coke adding to the list raising guidance as well welcome, james quency, it's good to have you. >> good morning. nice to be back. >> the coke growth story that you show, double digit organic growth, how much of it, james s higher prices you've passed onto the consumer versus just solid consumer demand? how do you think about that? >> three big pieces is driving our top line momentum in the quarter and so far this year one is on the line consumer demand you can see that in the robust volume growth rates ahead of where we traditionally have looked pre-pandemic. yes, there is pricing coming through. the rate pricing, if you like, which is coming through from the cost inflation, which so far has been absorbed by the consumer. and then the third piece, which is important for us is the affect of the reopening, the away from home channels having largely reopened now post-covid, post the restrictions.

those three things together are giving us a really strong top line momentum in this quarter and year-to-date >> so, the question is, what of all of that continues? you did have the confidence to raise guidance on sales and profit why is that? >> we feel confident in our strategy we spent a good number of years refocusing on getting better marketing, better innovation, really revenue growth management, that combination of the right package and price point, and really executed by our partners that has driven momentum of the coke system. we feel we have a lot of it. we feel we're engaged with the consumer yes, we can see some effects of reduction in purchasing power out there in the marketplace but we're confident in our strategy in terms of seeing us through in the year to go. that's why we raised our guidance we feel we'll have the momentum going into next year, which will also be another tough year

>> so, you mentioned pricing obviously is key right now for you and your competitors, everyone in the consumer space you told me this morning that you expect that pricing, higher prices, smaller bottles and cans, however you pass it on, to continue toward the end of this year and into next so, is the inflationary outlook not getting any better >> clearly there's going to be above normal input costs, whether they be commodities or wages or other services going into next year, so we are expecting pricing to be ahead of normal, next year on top of what's happened this year. as you look around the world for our international markets, there's not just the local pricing, there's kind of the effect of the devaluation of their currencies relative to dollar based commodities, which is driving inflation around the world. and so we do see next year with higher than average pricing. that's really why we have to

count on our momentum going in the year and the strength of our strategy to take us through and really earn the right with the consumer through the retailer to be engaged with them and to earn every dollar they want to spend. >> where is the consumer pushback some of these price increases, if you would have thought you were increasing price to this extent several years ago, would you expect volumes to hold up? >> no, i think everyone has seen elasticities, which are on the more favorable end of consumer spending money i think there's clearly an effect going on here of on the one hand inflation is running ahead of wage growth, which should lead to a reduction in purchasing power there has been a lot of stimulus in the marketplace from governments, a number of governments around the world that is? a way between savings and sti stimulus it's supported the consumer spend. that's going to tail off as we go into the future, which is why we're very focused on earning

our right to take the pricing with the consumer, whether it's by driving affordable packaging or providing a smaller amount of packages per multipack, so the outlay from the pocket can be kept low we do see consumers are beginning to respond in a traditional way they would in recession, delaying discretionary and high-ticket discretionary items and, perhaps, going to more private label or discount dollar channels we really have to stay on our game with off-ramping the right brands at the right price. >> in the u.s. specifically you're starting to see that sort of typically recessionary behavior >> we see it in the u.s., a little -- perhaps a little more accentuated in europe where we see the consumers reducing particularly the consumers with less income reducing basket size perhaps more visits to the discount channels or the dollar channels, as it would be in the u.s., and starting to choose private label. only in those categories where the brands aren't as strong or

as delivering the reasons why the consumers should stick with them there is some of that start. in europe, perhaps a little more than the u.s again, it just calls -- it's a call to action for us to stick to our strategy and make our brands worth it. >> what about in the uk, james, i was curious to ask you about it obviously, your native country you spend a lot of time there. you have a big market there for coca-cola. what you make of the political upheaval, crisis and whether it's having an impact there on consumer behavior and psychology >> clearly the uk has had a bit of a roller coaster recently i think everyone is looking forward to, as we would say in the uk, getting back to the knitting a bit of stability, a focus on fixing what needs to be fixed in the economy and setting an environment that drives investments and can drive growth to the uk economy. clearly there's pressure, particularly on inflation. the dollar strengthened a lot versus the pound in the last few

years. so, i think everyone is looking for a more favorable environment to drive growth and create wealth for everyone. >> on foreign exchange, i do think some analysts were surprised you did not take down guidance further, just because the dollar has only gotten stronger against some of these big currencies where you operate like the japanese yen and euro how bad is it? put this in context for us of what's happening on the foreign exchange front and whether you think there's any relief in sight. >> yeah. i mean, foreign exchange for us, from an earnings headwind, given we make almost 80% of our earnings outside the u.s., it's been a high single digit headwind this year it's likely to be big headwind like that next year. i think the context is simply this, if you go back in history, you know, the early part of -- getting into the 10 through 15, every time 4x was a headwind at

that scale our u.s. dollar eps declined given the pressure on our business but by ramping up and investing in our strategy, better marketing, better innovation, better price pack, better execution, the last two times 4x has been that sort of negative, whether it's this year or going back to 2019, we've been able to grow our u.s. dollar eps really, this is about our strategy being able to invest in our business, to win locally, and also to deliver u.s. dollar eps for the shareholders >> are you pivoting at all, james, based on the current environment and the sort of storm clouds you referenced out there, whether it's 4x, consumer behavior are you cutting back advertising dollars or focusing on different parts of the portfolio i would imagine selling fairlife milk for $6 for half a gallon is tough in this environment.

how do you go about the changes, if any >> firstly, we're leaning into growth until the growth isn't there. the growth is still there, notwithstanding some of the storm clouds out there i think it's important, yes, there will be a set of consumers under pressure for them, we are focused on getting affordable packaging, bringing the price point down, whether it's smaller packages or returnable packages, but there will still be a good amount of consumers with disposable income fairlife continues to fly off the shelf. it's a great brand, continues to grow strongly. i don't think we should assume that just because there are some constraints coming into the economy through purchasing power, that will necessarily mean that all the higher price point or more premium brands and segments will necessarily also come under such direct pressure. what we tend to see is a stretching out of the pricing ladder of the packages and in a

way a stretching out of the premiumness relative to affordability for consumers. actually, i think fairlife is going to continue to have a great year >> don't mean to pick on them. what about the ad spending, are you cutting in this environment? >> we are not cutting. we are leaning into growth we continue to invest in our brands and, yeah, there may be places as we go into next year where the circumstances merit pulling back a little or a lot, but our ongoing bias at the moment is to invest in our business, invest for the long term, to adjust only when it's really clear the money isn't going to work, but to otherwise stick to our strategy and keep going. >> james quincey, appreciate the time today, off earnings >> you're welcome. >> stock up almost 2%. back to you. as we take a break, look at the road map for the rest of the hour looking at chinese tech

looking to rebound after yesterday's massive drop. plus, general motors moving higher that is the stock is moving higher, this on the company's beat of earnings we'll dig through those results. and my interview with u.p.s. ceo carol tome that's after this break. we he lomo "ua oava t resqwkn the street" coming up. egret about my life was hiring local talent. if i knew about upwork. i would have hired actually talented people from all over the world. instead of talentless people from all over my house. vo: palantir software. empowers scuderia ferrari to make critical decisions a split second faster. palantir. data driven enterprise accelerator. - [narrator] if your business kept on employees through the pandemic, getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out.

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welcome back to "squawk on the street." u.p.s. reporting mixed earnings.

revenue lighter than expected. that stock is up 3% right now. leading the dow transports higher as well joining us now on a cnbc exclusive, u.p.s. ceo carol tome welcome to the 10:00 hour of "squawk on the street. >> well, it's great to be here, morgan thanks for inviting me >> so, i want to start with that reaffirmed full-year guidance. it's getting a lot of attention on wall street today, especially after your chief rival fedex warned of deteriorating macro conditions what gives you the confidence to reaffirm that outlook? >> well, i'm so proud of our over 500,000 u.p.s.ers around the world who are truly moving our world forward by delivering what matters we had a terrific third quarter. as we head into the fourth quarter, it started off strong so, we were very comfortable in reaffirming guidance today >> okay. from your vantage point, the fact you are moving so many goods around the globe on a

daily basis, is a worldwide recession, as fedex's ceo discussed a few weeks ago, do you see that on the horizon? >> clearly the global economy has softened up from the beginning of the year. the beginning of the year global economies were growingaround 4% that's come in a little bit 2% things are softer. there are parts of the world that are really challenged like rolling covid lockdowns in china. we're not going to be a victim to that. actually, we're going to lean into the segments of the market that really value our end-to-end network, provide excellent service and growth through this environment. >> i definitely want to dig into that a little more in terms of the u.s. specifically, though, when i see revenue per piece in the u.s. domestic unit, which is very e-commerce dependent, it rose almost 10% last quarter even as we saw demand softening. can that pricing resiliency soften >> value is defined by what the customer is willing to pay for what our customers are willing

to pay for is excellent service. we have leading on-time performance against all of our competitors. and as we head into peak, volumes are going to peak up and service really matters for the past four peaks, our service has outperformed everybody else in the industry so, customers are willing to pay for that >> so, how does this speak to your bigger not better strategy? you've had a shift from volume growth to better profitability of the package use you are moving through your network. what does that enable in terms of more control of the costs in that network >> as we are leaning into the segments that value our end-to-end network, we see improvements in our revenue quality. one of those segments is small and medium sized businesses where we've seen significant growth, now making up nearly 30% of our business. we will continue to lean into that customer segment because

that customer segment is actually growing and we're providing not just great service, but we are simplifying the way this customer deals with us we have are 16 customer journeys to ensure that the experience with us is seamless and frictionless and we're making good progress against those journeys. >> how does that continue to build? i ask because amazon is a major source for revenue for u.p.s., 11% according to a recent jpmorgan note. analysts are noting you're moving away from carrying as many of those amazon packages on your network we did see fedex basically rip the band-aid off with their volumes with amazon. it seems they're doing this gradual ownshift, according to analysts there walk me through that process and what that means in terms of that additional capacity going to higher margin customers in the future >> so, we have a great relationship with amazon they are our largest customer. but we contractually agreed on

packages we would deliver for them and the packages they would deliver for themselves that enables us to glide them down a bit they'll still be an important customer for us and free up capacity for other customers that's all part of better not bigger. >> is there read-through or what's your read-through in terms of the insights of the packages you've moved through for amazon given the second prime day this month >> they had a very successful second prime day we certainly saw that in the packages we delivered for them one of the unique relationships we have with amazon, that's a great service for our customers, is the ability to return through the use of u.p.s. stores we have over 5,000 stores in the united states which makes it a very convenient experience for customers who just want to drop off something they purchased from amazon and they'll return it from them. >> we heard commentary from jb hunt, other truckers, what are

you forecasting for the peak holiday season >> so, it's interesting. the base business is going to grow because of our contractual agreement with amazon year-on-year volume levels will decline, but it's still going to be a very peaky peak let me put that into perspective for you. if you look at the volume growth at u.p.s. a year ago, between q3 and q4 volume grew 25% we expect to see that same magnitude, maybe a little less in the fourth quarter, but volume will still peak up q3 to q4 >> is the way to think about the macro economic back drop, at least here domestically in the u.s., is this a softening with warning signs that a recession could be coming in 2023 as so many investors and ceos have been cautioning, or is it a return to pre-pandemic norms in terms of those e-commerce volumes? >> i think it's a bit of both,

candidly so, we do know that stores are open for business and consumers are returning to stores. stores have also created opportunities like buy online, pick in store. buy online, return in store to drive traffic into their stores. that would be returning to pre-pandemic levels. we also know economic growths have been reduced from the beginning of the year. i think it's a bit of both we're not going to be a victim to that. we're going to continue be to lean into the opportunities presented to themselves because we don't have 100% share in anything that we do. and by delivering great service and frictionless experience with u.p.s., we think we can grow >> yeah, certainly making digital investments, that speaks to that service piece of the story. but it also, i think, speaks to recruitment of seasonal workers. 100,000 workers you're trying to bring on for the holiday season. can you find them? how are you finding them >> it's so interesting we're actually ahead of where we

were a year ago from a hiring perspective. you may say, why well, we've made it easier to apply for a job at u.p.s in fact, we have a qr code you can open up on your phone, apply for a job on your phone and in 30 minutes or less get a job offer from us. that's way cool. we've also shortened the time it takes to onboard so, last year if you were a driver for us during peak, it took eight weeks to onboard. today it takes 11 days and for our driver helper, you can apply for a job, get hired and start delivering on the same day. how cool is that we really amplified our social messaging. in fact, in september we had 1.4 million impression social. that's up 60% year-on-year we had a job fest in october it was highly successful we've got brown friday on november 4th where we expect to get a lot of applicants and get hired up for peak. >> labor negotiations for the rails, how closely are you

watching that as that unfolds? not only because u.p.s. is one of the largest if not the largest single shipper on the railroads but because you yourself are starting to engage in labor negotiations ahead of a deadline next year >> as you pointed out, we use the rails. it's part of our end-to-end network. we were delighted in the third quarter we were able to reach agreement with the independent pilot association as well as our aviation mechanics to extend their contracts. to us that was proof point of a couple of things one, we have a great relationship with our people two, we have really great jobs as we think of our upcoming teamster contract up for renewal next year, this is for jobs that are really great in america. if you're a driver for u.p.s., you make $90,000 a year plus $50,000 benefit and you pay nothing for health care. these are great jobs we've had a relationship with the teamsters now for over 100 years. our approach with them is win,

win, win win for the teamsters, with infor the people and win for u.p.s. >> a situation we'll continue to watch over the coming months and into next year finally, the fact that you are cutting your capex for the year, you mentioned the fact not being a victim earlier in this interview. how are you controlling the costs that you can and is that different than what we're seeing in other aspects of this broader sector right now among rivals? >> so, first from a capital spending perspective, at the beginning of the year we thought we would spend $5.5 billion. we now think we'll look like $5 billion. it looks like a cut but it's just a change. there were a few buildings we might purchase we thought for operational flexibility to lease them. it's just -- it's a different line on the balance sheet in the p&l, if you will as we think about controlling operating costs, i'm super proud of our team, who is laser focused on driving productivity. we launched something in the

united states we call the total service plan and that total service plan is running the network the way the network was designed to operate. and we took cost out as a result we reduced our overtime hours by 1 million hours in the quarter that's a lot so, we're really working on optimizing the network that we build. the same is true outside the united states. the environment's very dynamic, but our team is agile, turns on a dime, was able to cancel flights, redirect flights and actually manage the costs very well in a dynamic environment. >> yeah, the street is certainly taking note. stock's up 3% right now. carol tome, ceo of u.p.s., thanks for joining us today. >> thank you as we head to a quick break here, take a look at shares of xerox. they are down sharply after the company cut guidance and also missed earnings estimate it is citing currency headwinds along with slower than expected

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hello, everybody, i'm contessa brewer. brittney griner lost her appeal today of a drug possession conviction in russia. a court in moscow upheld her nine-year prison sentence. the white house calls the appeal hearing a sham and says the u.s. will continue to work to bring griner home. great britain has its third prime minister of the year and its first ever prime minister of color. king charles asked rishi sunak to form a new government this morning. sunak spoke outside 10 downing street and promised to tackle britain's myriad of problems but said a fix won't be easy >> i will place economic stability and confidence at the heart of this government's agenda this will mean difficult decisions to come. > peace talks in ethiopia, the

most significant yet to end years of fighting that have killed tens of thousands of people back to you. >> thanks for that. as you may know, adidas ending its relationship with kanye west saying they do not tolerate anti-semitism or any other kinds of hate speech they say they have been hateful dangerous and violate the company's values shares down 4% as the dow is up 180.

first positive month of july s&p at a five-week high joining us this morning. joining us on set, julian emanuel. great to have you back we were talking about some of

the wood that's gotten chopped, you you could argue, in stocks and bonds, pricing in some not great outcomes >> we show a four quadrant of stocks and bonds return over the last 50 years. nothing looks like 2022 in terms of the combined stock/bond portfolio. when we think about it, the kind of pain we as investors have all felt this year, you go back to spring of 2020, you go back to march of 2009, you go back to the fall of 2002 these are the times you want to key commit to your long-term investment discipline and put money to work. >> is that contingent on yields coming down? >> it's a very important part of the equation from where we sit, part of the fact, and i think people don't want to fully admit this, is, a, if you think about inflation expectations, they're reasonably well contained we're starting to see signs of deceleration obviously the housing data today is more proof that bond yields

likely have further to fall. it's an important part of the equation but we think it's an intact part of the equation. >> how about earnings for next year, do you think they're taking into account a recession in 2023? >> they are. we are showing flat year-on-year growth '22 into '23 but when we talk to our clients, they are expecting a modest recession that would not be a surprise but when you think about it in terms of positioning and negative sentiment, similar to the setup in july. we feel it's in the price and you can't argue of seasonality. >> speaking of seasonality, julian, your most recent note talked about tax law selling, mutual funds and individuals and the mutual fund year very soon and the full year obviously for everybody else what's the impact going to be? >> it's as big a concept in terms of flows as we've seen in years. rightly so this is one of these occasions where, you know, you're throwing out the good stocks with the bad

stocks there is an entire universe of companies that have good earnings in '22, positive. expected growth in '23, and importantly, considering this is a game of expectations, upwardly revised earnings expectations for 2023, down 50 to 60% from their pandemic highs nose are the kinds of names we want to own. >> is it too early to already judge this earnings season obviously, we still have a ways to go but we've been hearing from many significant bellwether companies. any thoughts >> it's not great. it's definitely not great. we're surprised by a little bit, but, again, it is part of the expectational equation that goes into the idea. if we were to get any sort of positive earnings growth next year, there's upside to where stocks can go.

>> we touched on this with u.p.s. earlier in the hour, how much is reversion to the mean, and the fact we had a huge spike over the last two years and a huge wave of liquidity and stimulus and how much of this is really telltale signs of recession setting in >> the issue, morgan, when you look at everything, there's a reversion to the mean. we had 11 fantastic years in the stock market now we've got 2022 we had record increase in the money supply to fight the pandemic in 2020 and now we're likely to have negative with qt. the same thing is happening in terms of corporate earnings. but the interesting secret is even when you get potentially flat years in earnings, it doesn't necessarily mean stocks go down because we are coming close to being priced, again, for that mild recession that may not happen >> finally on the dollar i see dxy is back to 111

permeating every corporate report do we want it to roll over some argue the relief in the dollar would be great for earnings but would change the calculus on cpi. >> we want it to roll over we definitely do part of this narrative, you saw what happened in the uk. the uk system came close to breaking several weeks ago and a lot is the reverberation from a very strong dollar those kinds of easing in financial conditions, particularly when inflation expectations are starting to moderate, we want to see that. we think that's a positive and that's good for s&p earnings >> thanks for coming in. julian emanuel. still to come, we're going to hit general motors. those shares moving higher on q3 earnings and a beat there. shares are up 2.5% tomorrow join us virtually for cnbc's 2022 work summit bringing together top names in business, policy, labor to answer tough questions facing

leaders. i'll be there. i'll be speaking with christine wormuth. scan the code see on the screen right there. we'll be right back.

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airlines today erasing losses from earlier in the session. the global jet etf trading up about a percent here a different story for one of the group's holdings, jetblue, missing on the bottom line as elevated travel demand helps to make up for rising costs. the stock is on pace to break a three-day win streak david, we talked with jim earlier about how some of the metrics weren't quite as good as delta's and united's last week. >> they're still pursuing or going through the anti-trust deal to get their deal to acquire spirit to it the finish line. another name we're keeping a close eye on is general motors those shares are getting a boost

after the company did report a better than expected third quarter profit phil lebeau spoke with the company ceo mary barra earlier today and has some highlights for us. >> when you look at the q3 report from general motors, every metric was better than expected better than analysts were e expecting. they beat on eps average transaction price, close to a record high, over 51 grand. the supply chain is improving. so, what do the analysts think of this report wells fargo says solid q3 beat across all three segments. jpmorgan, far better 3q profits and reaffirmed guide despite more challenging macro that macro also includes the supply chain, which has been weighing on general motors and all the automakers here's mary barra talking about the chip shortage and where things stand right now >> we've seen a steady improvement, and, again, very

proud of the team we were able to clear 75% of what we had, you know, in inventory because of the chip shortage. i wouldn't say we're completely out of it yet. it's more volatile than i would expect at this point, but we're continuing to work through the different challenges, and quarter by quarter we're seeing it improve >> take a look at general motors shares the company is reaffirming full-year guidance of earning between $13 and $15 billion. what might be the next catalyst for this stock, guys investor day coming up in three weeks. there be a big focus on the ramp-up in ev production for final -- for full assembly as well as battery production guys, back to you. >> we know you'll be covering that for us. thank you. tomorrow at 10:00 p.m. eastern, jaylenleno will join president biden. don't miss a special episode

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welcome back to "squawk on the street." i'm bertha coombs. stocks higher this morning with nearly every sector in positive territory. consumer discretionary stocks among top performers so far. within that group particular strength in home builders. pulte group, dr holton and lennar after recent underare perfo performance. home depot andlowes off their lows. and commuting one of the strongest parts of tech. earnings could show a slowdown for names like microsoft which we discuss top of the hour don't go anywhere.

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♪ ♪ no more waiting. no more running. [ screaming ] we finish this tonight. welcome back we've got stocks building on that rally from yesterday. i want to go to bob pisani

bob, have you heard about a massive trade, strangle with february 3300s but resulted in about 1. billion dollars worth of stock having to be bought that may be one reason why we sort of moved a bit higher in the last, call it 15s, 20 minutes. >> disappointing guidance and the overall trend up highs for the day here first the ones obvious beats coke outstanding one of the day trading up ubs, halliburton, all trading up on decent earnings the ones that were disappointing are more interesting to me obviously 3m cut guidance, terrible on legal issues throughout the year. that's down. only fractionally. ge missed, fell short. cut full-year outlook only down 2% and polty light and guidance

trading up this implies here with these misses, only down slightly for most, a lot of bad news already priced into the market look at earnings estimates third quarter just out late morning here up 3.3%. important thing that was lower a week ago 73% beating by almost 6% in line with historic averages no collapse in earnings, despite disappointments we've had. so going to have earnings after the bell we'll see now. get big tech names going here. alphabet obviously about advertising and youtube, see what goes on there snap earnings may be a little problem for youtube but microsoft. we know the pc business is terrible it's really about the cloud business about azure and productivity that's microsoft office. that's going to be on the strength of the consumer, but remember almost 55% of these revenues outside the united states.

hearing a lot about the dollar impact on visa after the close back to you. >> choppy earnings season. feels like the company that reaffirmed guidance, re reacquisition is the new beat. >> yes remember, there have been commentary we're expecting earnings to drop as much as 20% between now and the first quarter of 2023. there are estimates now. s&p between 3,000 and 3,400 based upon that. maybe that will happen so far all apocalyptic warnings have not dropped the market anywhere near anybody thought it would be, because they're not going in negative territory. yes, energy is a big provider of the boost for this quarter, even technology stocks. earnings down, just not as much as people quite anticipated, or as much as bears did. >> bob pipisani, thank you. turning attention to aerospace and defense. started the hour

circle back. aerojet rocket dime shares of rocketmaker raik making rocket engines that go into nasa rockets and hypersonic motors for missiles shooting higher. up 3%. off highs of the morning but a report, david in reuters aerojet is soliciting acquisition ordered. you recall plockheed trying to buy them, but the deal scuttled. a smaller cap name don't talk about a lot a boardroom brawl this year. restructuring. elliott a stakeholder as of this summer as well so certainly getting attention here on the m & a side. >> what would be the group of potential buyers that would not run into trust issues? >> not one of the major defense primes maybe one of the smaller companies that are aspiring to become a prime

private eck equity the likely source a week getting most defense earnings as well on the heels of raytheon saw a miss in its missile unit for sales, despite the strength in commercial aerospace. >> right to your point, stock not doing particularly well. that does it here for us on "squawk on the street. "techcheck" starts right now. good tuesday morning i'm carl quintanilla with deirdre bosa and jon fortt looking at's recent cost cuts across tech plus how the ad slowdown is impacting the sector where does meta's quest end? more on the company's metaverse spending and the next catalyst for that name. talk to one investor adding to his position and finally paypal wants you to use venmo checking out on amazon that story coming up next hour. an