the biggest global publicly traded property and casualty insurer said we're firing on all cylinders. tech companies grabs headlines what's chubb going right in the risk of neopolitics others aren't >> thank for watching "power lunch" >> both: "closing bell" starts right now. in the face of earnings two of america's biggest companies off the highs. dow barely positive. this is a make or break hour for your money welcome, everyone, to "closing bell." i'm sara eisen look where we stand overall. nasdaq down almost 2%. communications services worst part of the market because of alphabet, down almost 9% meta, sympathy, down 6% ahead of earnings later today warner brothers, tech names, paramount, all dragged into selling

s&p down 3/4 of 1 percent. pockets of strength, like energy health care a really good day. materials, strong. consumer staples, industrials and financials remain green at this hour. small caps higher by almost 1% divergence tech names under pressure. ten-year yield lower alphabet down 9, microsoft down 7% getting crushed dragging on tech actually not taking down the entire market too much we'll talk more about those moves in a moment. also ahead on today's show a read on the state of business and leisure travel when we are joined by ceo of hilton presh off fresh off earnings and senior markets commentator mike santoli how big a bellwether these companies really are. >> huge index weights, we know i think the story really is the fact the overall market did not get swamped by a couple of big and very clear disappointments coming from alphabet and

microsoft. so without those two names, s&p would be modestly positive majority of stocks to ss to the upside retested june lows in s&p 500. definitely priced in a lot of concern about earnings, about the economy. not having the overall economy look like it's cooperating with the recession, inevitable recession slide. housing looks awful and a lot of leading indicators are there carry about 11% above intraday lows rallying on bad news. awful cpi, and can't take too many so far looks okay. a look at nasdaq 100 relative to the equal weighted s&p 500 on a year-to-date basis a clear separation between the average stock in the market and the nasdaq 100 as well at equal-weighted nasdaq 100. year to date equal weight stronger looking chart there

june lows for equal weighted s&p. thoroughly above that. nasdaq 100 look at differential here. 15 percentage points between essentially the equal weighted portfolio of large cap stocks and nasdaq 100 that's the equal-weighted nasdaq 100. here over the past five years. same three indexes you'll see how much we're basically just pencil swinging in the other direction nasdaq 500 still trouncing the world. overshooting to the upside and giving a lot of it back. long as it lasts ability of market to differentiate is a net positive. >> the other takeaway here yields in the dollar trump earnings those are the pressure points, and we continue to see yields coming down, and the dollar weakening. i argue one of the biggest events of the day, psychologically, with the bank of canada. >> yes. >> central bank over there raising interest rates by 50 basis points most economists expected 75. australia came in a few weeks

ago less than expected. >> bank of mexico made similar indications today. >> is the fed about to do less >> that's the inference. absolutely arguing yields did, in a short-term way over shoot accelerated up side having them reset lower. i agree. i don't know one over the other. all that matters, just matter in a localized way to different parts of the market. >> lately that's where the theme has been higher yields, stronger dollar tech gets crushed. mike, thank you. see you in a bit mike santoli. talk more wra to do with tech the sector dragging down the entire market today microsoft injected uncenter sbi an already anxious market environment still a number of key tech results coming up. meta, apple, amazon, in the next 24 hours bring in wedbush securities equity trading and citi group chief u.s. equity strategist scott, eager to talk to you because you recently upgraded the sector, what i think in september >> right. >> anything in these results

today make you change your mind? >> no. nothing there. i mean, essentially the premise was we've been underweight since last november. been concerned about a hawkish fed rate implication the multiple compression thus far this year has been pretty severe from the sector. and our positioning here is pretty clear we think any relief on the rate side is a net positive again from a valuation perspective we do think as we enter sort of recession territory next year we'll find much of tech is surprisingly earnings resilient. of course, we have to discount increment many news sump as today, but the setup coming into conditions tech shows better earnings resiliency relative to the rest of the arket. >> you still think they're defensive? even though alphabet showed broad advertising weakness across youtube and search? and stock down 9%. >> i don't want to split hairs too much some of those companies over in

communications services where we're underweight medium i'll leave it at that. >> fair. >> the focus primarily in software and hardware side of tech, where we're overweight market weight semis allowing for the fundamentals to play out longer we're slicing and dicing just a little differently, sara >> what about you? how do you feel about the tech sector going into ap many and amazon apple and amazon. >> tech sector actually outperforming this month and this week for that matter. then we walk into today, and we see microsoft and alphabet from last night really making for headwinds for the broadser markets in general we've had a lot of different news coming out, getting through this earnings cycle and tech certainly has been holding up okay, and then we've got a couple big naked cap prints from last night ringing headwinds here today i think the central bank narrative may be ticking a touch

more dovish this morning from the bank of canada, which you alluded to earlier, sara that helped out a little bit we saw actually the s&p tech index get back to, in early session trading. unfortunately faded back to the lows of the session. down 250 basis points and headed back in that direction looking into apple, amazon and metaverse tonight, you know, these stocks are still quite vulnerable and have been really an area of, or a source of, a source of funds for many investors as we've seen some of the small caps outperforming some of these mega caps. having said that we think that going into next year these things start to fundamentally look a little bit better once fundamentals start taking precedence over the macro headwinds and fed headwinds that they've all been really coming up with.

>> poiwhat is positioning like r a meta, an amazon? feels everybody hates these names now and totally beaten up. which is one reason i'm sure scott likes them >> a great point positioning is extremely thin right now, and i think the thin positioning broadly within equities, it is really the cull froit all the intraday vulnerability seen all over the place. no profit tech names unprofitable tech. just a couple days ago saw some ripping within that complex as folks go out and try to cover some positions, and bring down exposure xpoesher been coming down. exposure to equities coming down as the bond market, coming and competing for investment dollars. when you've got the two year and ten year, north of 4%, that's affecting equities, and especially tech and within tech

certainly many of the long duration stocks. >> so i guess the counterpoint, scott, to your view pich know you're nodding, aglee with negative sentiment in the fact a lot of pain is already in the stocks, is the earnings pain in there? feels like so far it's just been a valuation sell-off on the back of higher rates. by the way still going higher. same time seeing fallout economically for a company like microsoft or alphabet that clearly hasn't been priced in fully. >> we just have to consider relative to how we're thinking about the setup going into next year so we're pretty clear on our view we think recession conditions manifest in the first half right? we're looking for many areas of the market, the view here is when we look at the shorter term fundamentals for a lot of tech companies, it's going to come down to, is this a structural change in direction? or is it an interim shorter-term change in response to a lot of

pressures trying to navigate more broadly you know, without kind of getting too much into the company specifics here i think that's the, that's the perspective from which we want to consider this our view, after longer-term growth trajectories, many of these companies will remain mostly intact and look compelling particularly moving into a more traditional recession circumstance next year. >> leave it there. scott, thank you, thank you both of good to see you, too semiconductor quip stocks higher even though saying tech in a broader sell-off dragged down by microsoft, apple, amazon, meta and nvidia. and outperforming the market last year holding up better than the s&p today on back of its earnings report. up next, talk to the company's ceo whether or not economic uncertainty is starting to weigh on travel budgets. you're watching "closing bell" on cnbc. dow down 25 points low of the day down about 100. high as up 335, though, earlier.

we'll be right back.

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as recession fears grow, what is the slowing economy meaning for travel industry? heard from a number of ceos this past week seeing head wirnds saying demand remains strong. >> leisure demand is very strong corporate demand is increasing, and increasing among larger corporates. >> demand coming back strong in all respects. from leisure persecutive,

short-haul seninternational and business demand is out there and doing a good job servicing it. >> we see business coming back of course, not in all parts of the world, but the solution, by far market leader in that space and innovating and actually see a very good future also for this business in our portfolio. >> yes, we definitely see that business travel is coming back also to the level pre-covid. >> joining us now. collusive lib the hilton ceo, chris nassetta raising profit forecast. clearly, chris, you, too, are seeing a very strong travel outlook. on top of the numbers we're getting. tell us about it. >> yeah, we are. thanks for having me, sara i agree with all of those you just showed. we printed a really good third quarter where we had significant recovery across all the segments by end of the quarter leisure remained well elevated above historically high levels of

2019, but the big changes were really in business transient, we just heard about by end of the quarter nearly back in terms of demand and at a higher price to pre-covid levels then meetings and events while not back because of lag time and planning time associated with it, was back in the quarter to about 93% of prior levels, with ford looking demand for the fourth quarter 5% over as we go into the fourth quarter in all of our, all of our segments, i would say are, you know, showing really good momentum, and so the comments, you know, that you giyou just h wind in your face, wind in the sails. obviously a macro environment that will start to slow as a result of what the fed here and other central banks are doing around the world that will slow demand broadly for a lot of things, but then the wind in our sails is very

strong my own belief, is it going to stay strong? which is people are shifting the allocation how they spend money from things to experiences. that's us. the world is opening up. international travel is opening up it and there's an immense amount of pent-up demand for business trips, meetings and events that i think put a lot of wind in our sails not just third quarter but into the fourth, and for at least the next several quarters. even in the face of somewhat slowing macro conditions you know, we were really pleased with the quarter we're really pleased with the setup for the rest of the year. >> so are you saying this time is different it's always dangerous to say that, chris, because -- you know, discretionary spending and travel spending in recessions goes down. businesses pull back they don't have as much meeting and corporate travel i get that you've got a big tailwind on pent-up demand

how much long ker it last? >> always dangerous to say you're different i think the way we're different than a lot of companies, i won't pick on them, showing reductions in revenues and earnings is that we were hammered during covid. i mean, you know, the beginning of covid, our industry was off 90-plus percent. we're still very much in recovery mode, and as i said there were conditions that exist in the world in terms of desire and need to travel internationally. pent-up demand for business trips for meetings and events. you know that just have not been able to happen and so while that pent-up demand can't last forever, it does feel like we have momentum to take us through the next several quarters then i think the big question's going to be, how does the fed here in the u.s. and how does central banks around the world sort of in the effort to tame inflation which they need to do, you know what kind of landing, so to

speak, do we have, and i think if we have sort of a, you know, bumpy landing, but not a really hard landing, you know, my own belief is we have enough wind in our sails to sort of help us get through that, but that's the big question, and you're right you know, it's hard to say we're certainly not immune to the broader macro economic environment. i'm not suggesting we are. >> no. so my question on that is, what about the pricing environment for you? which is very strong right now, and we all unfortunately feel that when we travel are and stay at hotels. >> we do. >> what does that look like from here is that going to continue to rise that has to cool off next year doesn't it >> it is with demand cooling off you argue that at some point the pricing pressure will cool off here are the thing it's just, not to be pathantic about it, we have lowest capacity numbers seen pretty much historically in coming, in

ternlgs of new inventory to our birs, a business, and that's for a considerable period of time and then the demand side i just walked through, and there's an element of it which i think is significant that's pent-up demand things that need to happen almost no matter what. maybe short of a really hard landing. so with no incremental capacity and demand strong and gaining momentum, it gives us pricing power at some point obviously depedepend i ingwhat happens, we'll have impact but we have, i think, pretty darn, good conditions for very good pricing power, at least into the next several quarters. >> what about naturally, chris - -- internationally chris helping americans go overseas certainly hurts the rest of the world in terms of travel china still going through

rolling covid lockdowns. how lumpy is it when you look internationally about where you want to open hotels to invest and where you're seeing strong growth >> ironically it's been, recovery's been really strong in europe, as many issues as they have with energy and a lot of people think they're already in recession. rear further ahead in recovery than europe and anywhere in the world including the united states third quarter 20% over in comparable revenue, rev par in europe, to 2019. so it is recovering, but it is -- you know, in different parts of the world a bit choppy. we're not really seeing a dramatic impact from a dollar point of view. in part because so much of the, so much international travel has been diminished as as raumesultf covid. while the building back it's still domestic travel occurring in all of our markets and china

obviously was the first to recover, and given the zero covid policies has certainly been the most choppy, but china's recovering we were probably running, you know, in the early spring, 20% occupancy and in the 50% to 60% range, and china does feel like, you know, within china, certainly it's starting to open up, if, you know, just everything you see on the ground and everything we're reading about does feel like slowly but surely that's happening, but that is really -- i'd say china is the one lagging the most. the rest of the world, different speeds, but broadly very strong recovery and, again, broadly i'd say 95% of our business it has been interregional, or really domestically driven which is much higher than normal that will change over time i mean that will change over the next couple years for sure >> yeah.

interesting sort of post-covid changes in consumer habits and trends chris, great to get all the color on the results thank you so much for joining me. >> you bet thanks, sara great to see you. >> you, too. chris nassetta, ceo of hilton. where we stand, s&p down and dow barely positive. small caps up almost a percent and nasdaq down almost 2%. you've got heavyweight technology stocks especially earnings losers weighing on the nasdaq microsoft, apple now ahead of results. alphabet, meta, amazon reports tomorrow mehta after the bell pockets of strength. energy, health care, materials, staples all doing well today. when we come back what do advertising results from snap mean for al fall bette and meta? we discuss with roger mcnamee as that company gives up earnings after the bell we'll be right back.

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today's south mover wingstop take look. stock delivering spicy returns after beating wall street's earnings estimates customers flocking to the company's restaurants and driving up same s-store sales raising guidance to a nearly 43% year over year decline in bone-in chicken wing costs ceo on this show many times talking about that serious deflation in those bone-in chicken wings. up next, u.s. trade representative katherine tai whether or not the white house plans to cut ties with china we have information. we'll be right back.

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three of the largest chinese chipmakers since october 10th. the first trading day after the u.s. announced stepped up export controls for the industry. i spoke just now with u.s. trade representative, ambassador canal rin -- katherine tai and talking about whether we're becoming more confrontational and president biden not lifting tariffs on chinese goods that president trump put in. >> put on in a targeted way to address specific national

security concerns. the area where we work in trade policy, in the bread and butter trade, is much more about competitiveness, and there with respect to terrorists i know everybody likes to ask me about terrorists because i am the trade representative i think there, your point about inflation, we have economists who have conceded that the impact of the tariffs on inflation is minimal and that the factors impacting inflation globally are complicated, and so tariffs are a strategic part of our trade tool set and do impact the competitive terms of our relationship with other countries, in particular china, and so we are looking at the entire relationship through a lens to ensure that our approach is strategic, effective, delivering >> still on? >> right now still on. >> sounds like you've ruled that out? >> the decision is the

administration's it is the president's and i know that for those of us who have been covering trade for the last em years, those working in trade, we have gotten used to a certain kind of adrenaline rush when it comes to trade policy, but i think that in terms of this relationship, it is so important, again, for our own people, for our economy, for the world that it is really important for us to be strategic and to be deliberate and to be very serious about the steps that we take. >> the export controls i know you put that into the category of national security, but clearly there are trade inch pinch implications do you expect china to retaliate? >> as with everything in life, trade is also about relationships. they are two way if not more than two way, because of the interconnectedness of our global economy, and, you know, i think

that an important part of the u.s./china trade relationship is vb communications channels to be honest and direct with each other. in a is a question i think is better posed to beijing right now. >> and can't rule out retaliation but went on to say she has had many virtual interactions with counterparts in china made it clear they are talking clearly not visiting because of the covid situation over there sounds like they're not moving towards lifting those tariffs anytime soon at least the biden administration on chinese goods. up next, wall street is buzzing about the changing odds for control of the u.s. senate and the impact in could have on your money that's next. my dad was a hard worker. he used to do side jobs installing windows, charging something like a hundred bucks a window when other guys were charging four to five-hundred bucks. he just didn't wanna do that. he was proud of the price he was charging. ♪♪ my dad instilled in me,

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what is wall street buzzing jab the market, not stocks, but the betting market for midterms. under two weeks away and odds changing quickly last night's pennsylvania debate shifting towards republicans according to the oddsmakers on predictit and showing a shicht to control the senate. democrats favored to win until mid-october now bettors are giving wall street the edge. chris harvey from wells fargo says pennsylvania the keystone upon which senate control hinges and gop senate control noted with superior equity returns bank of america agrees saying a divided government scenario republicans controlling one house of congress and democrats controlling presidency is usually the best scenario for

stocks as far as the economy goes, credit suisse says republican control of congress would raise it's question how the government would respond to a recession, writing, we think republicans would be reluctant to pass stimulus in the event of a mild recession, but generally most of the strategists agree a split government ultimately would be good for the markets relatively dramatic change in voter sentiment lately, could be one reason the market stayed firm in these recent days in the face of mixed earnings up next, early facebook investors roger mcnamee what he expects from meta's results after the bell that story but mobile eye goes public and solar stocks shine when we take you"iide e nsth market zone.

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we are now in the "closing bell" market zone. senior markets commentator mike santoli breaking doing down the closing of the day and here to talk meta. first up broad market. dow's higher to your point earlier seeing real strength. energy, health care, materials, staples. if you would have said after the microsoft and alphabet reactions the market would not fall part nasdaq's down 1 3/4% but hasn't fallen apart might be surprised yields lower, dollar's weaker. just talked about the swinging sentiment in terms of the midterms in favor of the gop and add it all up, a nice rally? >> right the makings of what has gotten

us this little bounce mostly remain in place. mainly nobody had come into this month leaning heavily in the direction of the news is going to be great, and, therefore, i own a ton of risk right now. that's been somewhat of a backstop to the market we've gotten up 10% 11% from lows even alphabet and microsoft. yes, deceasisticly negative reaction it's but only took the stocks back to where they were several days ago in other words, not an uncontained, sell everything, because we thought things would be good and they're bad. see if this carries us, if at all. the s&p 500, hit the 50-day average. technically maybe why we did lose altitude from the morning highs. >> we did have a bright spot fon technology in mobileye soared first day of trading. ipo today. the self-driving tech company up more than 30% well above $21, a share exceeded expectations

there. that gives mobileye roughly $22 billion valuation. they-of-it was they-of-it -- bought back in 2017 welcome for the depressed ipo market down 92% in the u.s. so far according to idealogic prior public before intel's purchase listen. >> what we get from being public again is amplified attention the past five years kind of working on beuilding a great portfolio. now back into the public eye able to communicate the entire rainbow of solutions we have and this intense simplification is very important for our business. >> my question on mobileye positive sign for the ipo market, or showing how investors

feel about self-driving technology i remember when mobileye went public before bought by intel. it was really excites and people super positive leader in this technology. i wonder how much is company and sector specific? >> slight positive that the window is not entirely closed. i think this is much more about a very motivated seller essentially. intel wanting to monetize this asset. again, the fact that it's somewhat familiar to investors you don't have to introduce the street to what the company is and does there is also a history of when the ipo market is in a really rough spot the deals that do manage to get out are often pretty good longer-term for investors because usually they have something gobing for them or th seller needs to get out the deal and maybe underpriced at the outset thinking visa in '08 and go google's in '04. not saying huge winners like in

a but show as selective market the ones that get through probably have something going for them. >> let's talk boeing it is plummeting taken about 78 points or so off the dow. worst performer. a quarter loss, one drag weakness in its defense unit including a $1 billion loss tied to a contract for the new air force one jet. demand for commercial jets was strong, though and neutral rating in $175 price target on the stock. what's the dig disappointment here >> a couple different things you pointed out one. i don't think anybody was thinking we'd see another defense charge, total charge was $2.8 billion that's a big number, and most surprising part was across multiple programs. there was the air force tanker program. the presidential jet m225 g7a commercial crew and others across the board most alarming for investors, they're losing money in defense

this year and said they would lose money in defense again next year and in a backdrop most defense companies are pretty darn profitable generating a lot of cash. lockheed and raytheon reporting the same thing on the commercial side of the business only delivering 375 snimplt 737s this year original was 500 off of that target by 125 airplanes. then probably the third piece that got investors really caught them by surprise was the company was going to generate positive looks like they are. a billion from the tax refund and didn't tell anyone about that until today that came as a surprise. investors don't like that. >> it's a long list of disappointments outlined there one interesting thing in your note, ron, an upside risk for boeing involvement of an activist

share shareholder. i wonder how much of a candidate boeing would be? not its first big disappointment stock down nor than 30% this year even in such a strong time for airlines >> yeah. so it's a great question a question i get all the time from investors it's hard to speculate on that i really can't, but it is a question that i get all the time because of the series of disappointments the company has had. >> would you buy the stock your target even at neutral higher than boeing now >> in a trading range. seen the stock trade from these levels up to the $170 level. traded back and forth. i wouldn't be surprised going into the latter part of the year if the stock rallies commercial aerospace seems -- range bound until something gets sorted out, until clarity with the investment community what they're doing, the stock seems range bound. to be clear, you're seeing probably indication out of boeing and wraith yorn

technologies and the feedback from invest just a cleaner story easier boeing's become very, very complicated because seems like almost every quarter there's a surprise that nobody saw coming, of pretty big magnitude. playing large cap and exposure to commercial aerospace, raytheon technology seems like a cleaner way to do it on boeing, look at the chart over the last year, bounced around between call it 120 to about 170 stuck in that range and probably will be stuck in that range until they get things sorted out. >> much better outperformer, raytheon that is just today and over the last year pretty much flat boeing's down 36%. ron, thank you for joining me. ron epstein. hit solar stocks shining today after stronger than expected quarterly results from enphase energy. and enough to spark a comeback in a sector sort of fallen out of favor after the passage of the inflation reduction act. >> yeah, sara.

a very strong quarter for enphase. the company's revenue jumped 80% year over year record $634 million and gave very optimistic guide, for the current quarter as demand picture remains strong particularly in europe that region's revenue jumped 70% quarter over quarter as natural gas prices surged making the case for solar more attractive north america a driver, particularly after the i.r.a. ceo telling me the company wants to build between four and six factories in the u.s. as a direct result of the climate bill and right now they manufacture nothing here so this report is clearly lifting the entire industry, but looking forward as rising rate fears hit solar sentiment, it's important to differentiate between business models and ephase storage and backup products not quite as sensitive to rising rates as say a company that's a residential installer, since

they have to access capital markets much more frequently, and sara, is asanova after the . >> meta reporting earnings after the bell a biggy. stock under pressure julia boorstin joins us now. what is the key number we should watch for, julia >> it's revenue growth rather, revenue deceleration analysts expect meta's revenue to decelerate, decline by 5.5% compared to last year. what's key is that's a big change from the prior quarter where revenue declined by just 1% the question here, reason i'm so interested in revenue it will so, a., how well meta's nash gating in overall ad contraction. b., looking at in terms navigating the apple operating systems and, c., the issue of reels. making money on reels which is

the tiktok competitor. whether or not meta is making progress trying to generate more revenue from them. also how they're doing in terms of competing with tiktok in general. sara, why i'm so interested in the top line numbers also living for commentary from mark zuckerberg how he wants to handle cost cutting and of course the all-important investment, in that long-term metaverse plan. >> julia boorstin. thank you. bring in roger mcnamee co-founder of elevation partners early investors in facebook. roger, you've been critical on issues like anti-trust and societal contributions or lack thereof or facebook, but always the financial performance never in doubt now that's not the case. the stock down more than 60% so far this year what do you think is going on? >> sara, i want to build on what julia just said. three headwinds that remain in place that start add few quarters ago first is the impact of tiktok.

tic tiktok essentially taken all young users had been prior and they're dangerous for the stock long term. short term also an issue but a bigger problem with passage of time as the instagram audience ages second is apple's application tracking transparency product, wh essentially making it easy for apple users, more than half the u.s. cellular marketplace, to opt out of having data shared with apps like facebook. facebook announced, what was it? six months ago the impact about $10 billion this year. i imagine facebook is doing things, work around this, but remains an issue, and i think it will remain an issue for the foreseeable future third problem is investments in the metaverse.

those are voluntary, but running what $10 billion a year and when you put those together, the total question here is really about investors expectations facebook's clearly been guiding expectations downward. have they guided them down enough so the stock doesn't get spanxeds >> in that context what do you make of brad gersner runnin wrote an open letter to zuckerberg reduce by 20%, cut spending on metaverse to no more than $5 billion per year about half is that something you think zucker berg would do >> i have no idea. not particularly popular around there, you can imagine i do believe that meta's strategy in the metaverse is actually not one that's going to work history shows in tech if you want to be really successful start with a narrow focus and do one thing spectacularly well,

and after you build a large audience for that then you expand meta's trying to create an entire metaverse the whole nine yards, with no special features it's really an operating system for the whole virtual reality environment. an unbelievably difficult thing to do. they will eventually be successful, but i don't think on a time frame interesting to investors and i think they could burn literally, $100 billion in the effort without actually hahave appreciable results. the other problem for facebook, in facebook and instagram product, that they're in danger of negative network effects kicking in which is as the population of people using the product ages, the content gets less interesting. as it gets less interesting people spend less time on the product, which causes the content to become less interesting again, and you get this circular thing going on which unwinds all the positives

it built up for years. i don't fknow for certain that' going on but it appears that way. the way mark is going after it head count freezing, expenses reductions talking about, those are really bad, and i can imagine inside facebook it's gotten a lot harder to recruit and harder to keep employees really focused on their jobs. >> tell us how you really feel, roger. instagram, i think, is still very relevant. mike, on the stock down more than 60% year to date and feels like everybody hates it maybe one thing it has going for it. >> definitely. >> investors acted as if they hated it because selling it down the street unfortunately is stl a little bit kind of clinging to the whole valuation story. still a net 60% buy ratings on it, but in general what the stock has been telling you that the market believes that the company's been over earning, it's a down path from here in

terms of profitability otherwise, it wouldn't be trading at 10, 11 times, and they're very concerned about the zero or little, foreseeable return on this capital being spent stra ttegically. and signs they're withstanding macro pressures on digital ads in the near term. >> leave it there. going to the bell. thank you both for joining us. two minutes to go here in the trading day. mike what do you see in internals? >> positive all day, sara. slipped from best levels earlier. about 80% upside volume in the morning. now down to less than 2-1 advancing to declining similar story looking at net 52-week highs. there are now just about a same number of highs and lows on the nasdaq earlier, again, more highs than lows that would have been a big shift, because it hasn't been the case for quite time pap couple of months since that happened still not making it today but

something to watch trying to watch for a trend change as opposed a bounce volatility index has given back from e! some inflated reading. down not quite a point under 28 looks like a slow motion spike in that chart confirming that push/pull under the surface of index saying overall index of volatility maybe peaked for the moment. >> a positive close for the dow? down one point looks like break a three-day win streak here. biggest drag by far on the dow heading into the close is microsoft. taking 125 points off the dow in those disappointing earnings results. boeing behind taking 81 points off the dow. a lot of strength. visa, amgen, 3m, goldman sachs all contributy higher. why the dow is not down all that much s&p 500 down 3/4 of 1% health care and energy up more than 1%. exxon/mobil trading as a record high right now financials having a good day

also what's not, communication services, thank you al ba bette, meta, everything else dragged down with that some media names technology earning the nasdaq countdown. about 2% higher for the week, though, going into a thursday. 2 percentage points on the s&p 500. climbed today for positive for the dow and that's it for me on "closing bell. it's "overtime" with scott wapner. welcome, everybody to "overtime. heard the bells, just getting started from post nine here at the new york stock exchange and, boy, another big hour coming up. meta reports in a matter of minutes. our obvious talk of the tage today. perhaps no mega cap company is under more pressure to produce given its stock creamed and current direction called into question by a major shareholder. experts are standing by for those results. everything you need to know.