29%. and i'm told that these are not names that were heavily shorted. so there could be some serious losses taken by certain managers who were focused on the cloud, the growth there, enterprise software and everything that comes along with it. that will do it for us have a great weekend, everybody. tech check starts now. good friday morning. welcome to tech check. today a big rally for tech after a tough week as the jobs number comes in a bit hot, what it means for the mega caps coming up jeff lawson will be joining us in a moment. we're also talking to ceos of microchip technology and they are telling a different story. >> yeah, tech stocks in the green after a better than expected jobs number this morning as the strong labor day take continues giving no signs of a slowdown from the fed

are there legs for a rally here? cracks in the armor have started to show as sweeping layoffs hit a lot of names this week lyft, open door, stripe, even bigger a macro companies like credit suisse. p paypal falling after warning of a bleak quarter ahead. and others diversity guying thwith their revenue streams. they are finding other ways to make money, but i just really have to focus on twilio and atlasian i've been mentioning atlasian for a while because it is a different slice of the enterprise software story. both of those names represent the kind of arguably best of breed story.

they arenot a microsoft, noft amazon, et cetera, these huge now legacy software names. smaller ones that say we have focus and we do it better and we'll grow twilio down 35% at the moment, atlassian down 29% this is a big concern. >> yeah. it is brutal and they have run out of time, right? the time to become a platform was when markets were different, when cash was flowing more freely, could have done more on the a&m side zoom video tried to but couldn't get it through the fintech side, you are seeing something similar. they were try doing somethin specific in financial services and the question now, do they deserve their premium to traditional banks. what do the valuations look

like and now they are making money on cash holdings. before that, interchange that sounds like a bank. and so they have this moment now, trying to get everything in order, we've been talking about the layoffs we're seeing do they have time now. a lot of the layoffs are happening in some of the departments that were try doing disruptive things as they now focus on their core. >> yeah, and it is brutal as you say, but not surprising. this is exactly how the cycle goes headwinds get stronger, large players get leverage, smaller players lose it. and in some cases get taken out. it is almost by the book >> and those that are able to go on the offense will typically do better, but did they build up the cash reviews to do so. and let's dig deeper and bring in darren peller who covers the space. can finteches still be disruptive, can they justify

their premium valuations when investors are demanding discipline >> yeah, thanks for having us. look, when we think about the actual innovations that are going on and the ability for these companies to grow at a rate that is notably faster than especially banks, we do think that it is sustainable we recognize that right now there is obviously a lot of uncertainty in consumer spending, especially the payments names, but, you know, you can't forget about the fact that we now have 400 million users at paypal globally which is bigger than most banks have accounts there is loyalty there same with block. and i tend to agree with what you said around some of the smaller ones needing cash, they burn cash, but some of the larger finteches in my view really should maintain a very good premium to banks and other names in the market given their sustainable growth

>> and those user numbers, 400 million at paypal, really what investors have been excited about. but has there been a failure to monetize look at what paypal has and has not been able to do with venmo >> a fair point. checkout experience they really need to improve on and that is something that we have like a neutral rating on the stock and that is really coming from two things one is we do have a little concern over the recession sensitivity to the name in a downturn, it is very much discretionary spending so keep that in mind for paypal. but on the same token, we're still trying to figure out if they are holding their market share on the core paypal or venmo relative to what we saw during the pandemic. with all that said, they are improving their checkout experience they have partnerships with apple now, allowing for checkout to not enter a password, it is much more seamless but they have to prove

themselves >> and let's talk about bill.com which doesn't always get talked about as a fintech but should. acquired fin mark. down almost 7.5% but projecting stability there, growth 94% what do you see happening here >> yeah, i mean, talk about growth perhaps being underappreciated i think the real concern that is happening is when despite the beat, despite the raise, management on the call talked very similarly to what we are hearing with a lot of companies about macro changing and potential for a slowdown in business spending. and they also alluded to maybe the tape rate might slow this is a company that is a software centric name and i think that there are still very high sensitivities to anybody in the market that has a high multiple not being crystal clear perfect in every way

as much as our view is, and we like this stock dwiquite a bit, much as we think that they will have a lot of levers to make the numbers work resp, this sensitie market is pushing it down. >> and what do you think the conversation sounds like at legacy financials who a year and a half ago might have been feeling nervous? is it that we wait until valuations get cheap enough to buy some of these players or maybe thousand takes more clear shot to build something organically? how does it sound? >> that is a great question. i mean, number one, don't forget that banks and any consumer finance company, they have their own challenges from a macro standpoint to worry about as well and specifically credit quality and whether that changes given we're still low on employment even with rising rates with all that being said, i think that they spent, and if you ask any bank ceo are you going to keep spending on tech,

they will put it on the top of their list to innovate for what it is worth, aboabout to 20% are neo banks and if you included square and block and paypal, it would, almost 50% so of all the largest banks, consumers are still downloading finteches to use on their mobile so they have no choice but to either invest more in this fintech area or potentially what you said, i think that wait for some lower valuations and buy. >> that is is certainly what we heard from sofi. darren, thanks for being with us let's turn to to wiwilio, t have a slew of downgrades this morning. and let's get a closer look at

the quarter with their ceo jeff lawson really appreciate you coming on. obviously a tough day. can you talk about the origins of this guidance, where it is rooted and whether you yourself were surprised >> thank you for having me on. we're coming off a strong q3, nearly a billion in revenue, growing year over year, so we thought it was a strong quarter especially signing some big new deals with major fortune 100 insurance company. and launching our newest software offering twilio engaged with discovery education, and so coming off great news from q3. we did give a bit of a difficult guide. and when we look at it twilio has a user based revenue model and so when more use the

applications, we'll tend to make more revenue and if they use them less, we'll make less revenue. that is not a dynamic of did we sign new customers or loose customers, just what is the economic activity going on with all the b to c companies.e customers, just what is the economic activity going on with all the b to c companies what we've seen is moderation in a few categories crypto is one where we've seen less usage of those apps and it kind of makes sense and we've also seen a bit of a weakness in retail and ecommerce, some other categories we've also seen strength in financial services where the market is dynamic, people are using those services more trying to navigate the difficult times. but that did result in us giving a bit of a cautious guide to q4 because we are seeing some changes in user behavior >> do you think 35% is too harsh

a judgment from the stock? >> i don't comment on our stock price. obviously the market does what the market does. but what i can say is we've got a great business we talked to investors yesterday about focusing on really just a few key areas where our company is laser focused first of all, it is profitability. we again recommitted that we will be nongaap profitable in 2023 and we added that we are going to seek 100 to 300 bips of bottom line improvement annually there after. and so we laid out a plan for how we would not just become profitable, and we already took fairly significant cost action to decrease our costs to enable us to achieve that profitability faster, but we also laid out the plan to really focus our go to market resources on growing our software businesses so our contact center business, our marketing automation business, our cdp business, and because those are higher gross margin

products so we're getting much more focused as a company to achieve profitability to grow the software side of our business and we've got a very clear plan in how we'll do that >> jeff, this is jon fortt yes, the stock reaction is harsh. and i wonder how much more is to come in the sense of how much does q4 matter right now there is a big inventory overhang, talks of a lot of discounting during the season and we've heard from the likes of qualcomm about a buildup in chips. you know, materials in the supply chain that might not get cycled through if your model is consumption based, if that overhang continues after q4, that could be rough on the overall economy. so what kinds of cost reductions are you prepared to make to make those targets? painful certainly when we're talking about employees. >> well, look, you know, there

is only so far i think the consumption behavior changes go. it is a big part of our business but it is not our entire business and oftentimes as we've seen like going into covid, we saw certain categories just really fall off like travel but at the same time, the stock was picked up by other categories like ecommerce. and so we've had a very healthy customer base of 280,000 customers representing every sector you can imagine everything from the startups to the fortune 100 incumbents, every vertical that you can imagine. and so that customer base that is a very distributive customer base, i don't think that you see things that happen that are truly universally applicable across every vertical. and we see that playing out right now. as i said, financial services is showing a lot of strength. and so while our product is really applicable, it is a little bit of a bellwether of maybe the economic activity going on with consumer, but

look, we still guided to a great, you know -- still guided to a growing number. not as fast as we would like, but we guided to nearly 20% growth year over year. so still good growth for a company of our size, $4 billion of annualized revenue, but not as much as we'd like to see. so the grand scheme of things, i'd say it is a minor change to the growth factor for the quarter. , this is a business cycle. when we're on the other side, our usage model plays pretty well and i think that we'll recover the growth faster than many other companies out there >> so do you lean into r&d to build different products or expand products for this new reality or do you lean into marketing and sales to be able to grow into a recovery? >> that is a great question. so first of all, our focus on r&d to build more efficiency into our model

this is what we talked about with our investors yesterday building more automation, more growth and more efficiency and we see a lot of opportunity to bring opt naimizations into t process. second thing is that we just got off of our customer conference the last two days, and we are very much hitting the message on the head with our customers that when you bring in twilio andou leading customer data el paso form, what it allows you do is bring down your customer acquisition costs and increase the lifetime value of your customer relationships and when we talk to customers, domino's pizza in mexico, they rolled out segment to understand their customers better and then to be smarter about how they buy ads online and they saw a 700% increase in return on ad spend

700% so that is the message that customers need in this time to understand how technology can help them become more efficient, become more profitable, and i think that those are the stories that are really driving the adoption of many new technologies like twilio's >> so do they need go to a twilio for that. there has been this idea that has grown that certain technologies that thrived in recent years have become plug and play, so what technology does twilio have that no one else has >> for example, cdp leading in the market, recognized leader in the market and the reason is because of a technology edge that we have and that edge, even though there are other players in the cdp market that are recently entered, they don't have the products that are proven at scale. one of our reference customers for segment is fox sports where segment is a part of how they have orchestrated the super bowl in the past. and during the super bowl, we're

ingesting a million events per second and then turning those into actual incites in to about every one of those viewers nobody else can do that. and so, sure, technologies can look the same in their marketing but actually when customers dig in and they realize that actually one product achieves their goal and the others do not, at the end of the day, technology is technology it does the job or it doesn't. and we have a proven track record with leadership in multiple categories that says we know how do the job. >> and you said that you guys are a bellwether of economic activity, but especially on the services side, consumers remain very strong, demand remains very strong i know that you have worked with it, i don't know if you still do, but dara khosrowshahi said that there is no slowdown. we've heard the same from travel companies. >> i mean, we've seen ridesharing, travel, those are industries that have caught up

i don't know that i've seen huge -- we haven't seen huge slowdown, but we also haven't seen huge accelerations. so those probably feel more like business as usual. >> jeff, again, our thanks for speaking to viewers on a day where obviously it would have been easier not to come on at all. good to see you. >> thank you for having me still to come, there is elon musk walking in to the barren investment conference. he is on stage now we'll get headlines and more on his comments about the twitter deal, the cost and a lot more.

we mentioned this earlier, twilio not the only cloud name falling hard atlassian is down 30% after missing on earnings per share. reporting lower than expected revenue guidance for the fiscal second quarter and the ceo blamed the macro environment and plan to slow their own head count growth moving forward it is now the biggest laggard on the nasdaq 100 this week

and jeff lawson of twilio just talked about product-led growth and the upshot of that is having a structure where you use automation, loyalty, word of mouth to drive sales more than having to spend on your own sales and marketing. atlassian is the poster child for product led growth but it though had a bad quarter and i think that investors will have to ask the question during this time of economic disruption does product-led growth continue to work in the same way it did when maybe you are keeping the same customers but their own consumption isn't as big as it used to be you are not necessarily expanding as much, but do you still grow without having sales and marketing to push that to happen >> it is all sort of coming together the things that we've been talking about for several weeks even months. i don't know if you saw challenger layoffs yesterday, but the increased year on year is substantial, but biggest year on year vertical in terms of

layoffs is tech. >> and in the big macro picture, does that leave to a change of said policy down the road. i think the services sector still makes up the majority of the u.s. economy, do we need to see layoffs there, do the tech layoffs really matter for that macro picture. certainly here it doesn't. meantime doordash raising up after reporting beats on the top and bottom line on the third quarter. strong guidance for the fourth quarter. and tony earlier touted the company's profitability. >> we've never been a platform that believed in discounting if you looked at, you know, the percentage of discounts, it stayed relatively small. most of doordash's growth has been organic if you look at our p & l, sales and marketing leverage is really has allowed us to continue to increase our free cash flow as well as achieve ten straight quarters of ebitda >> and that is relative of

course we know food delivery companies do have a lot of promotions and discounts. despite his optimism, still trailing its peers in quarterlied a jadjusted ebitda. and i looked at stock based compensation, $482 million at dash lyft is going to be next week. but of course it is embarking on layoffs. and i think the story here is, you know, the key difference between dash and uber, which i always talk about, dash is investing in assets, it is building up its dash marts it ultimately wants to have this product that it hopes that it can get better margins on but it will require a large capital outlay >> and i think there are a lot of differences here. especially that dash doesn't have a ride hailing business this quarter shouldn't have been

this good, right because people aren't supposed to still be ordering delivery. traditionally door demodash hasa better model than uber and if they are growing share, maybe that is okay and i know, you know, investors want to focus on ebitda now and when before they were just focusing on top line and growth i think probably the wise thing is to focus on both and to figure out whose model is actually working >> and in dash's case, they don't have to choose it is a beat on ebitda and beat on revenue >> yeah, there you have that and in the case of dash as well, it ask get that premium for those better unit economics. part of the reason tony xu and his team haven't had to put money into promotions. >> yeah, suburbs were the place

to be and they argue that they have the data advantage. we'll see if that continues to play out during this downturn. but so far, hey, today a surprise to the up side. >> yeah, meantime no consumer slowdown when it comes to travel it has been quite a week for those earnings a lot more with the ceo of expedia as bookings and revenue surge. stay with us

this is real time insights i'm joined by vice chair of markets. sam, thanks so much for being here in today's hybrid work environment, what do leaders need to focus on when it comes to the employee experience >> first i think everybody needs to recognize that virtual and working from home, it is here to stay and i think culture can no longer be driven by proximity. and i think organizations thousand have to be a lot more explicit >> and so how do companies do a that >> it is not virtual versus in-person. it is the moments that matter. we tried the pizza parties to get everyone back, but it wasn't enough people want to come in for the experiences that are unique that make them feel connected so i think companies have to think about how do we convey our culture, what experiences do we think our people both virtual and in person.

>> and how are you seeing that come to life with your clients >> i think some are taking a real opportunity to make it more intentional. for example one of my clients uses that i in-person days for different things one day they may have the executives to spend time with their staff. second day they may focus on innovation so it is really taking the moments that matter and saying we're going to use those to really demonstrate our culture >> sam, thanks so much for sharing your expertise >> thanks for having me.

welcome back to tech check here is what is happening. the u.s. economy is creating jobs at a strong pace despite high inflation employers added 261,000 new positions in october, well above forecasts. unemployment rate rose to 3.7%, but remains near a five decade low. average hourly earnings are up 4.7% over the past year and that is well below the inflation

rate draftkings shares are on track for the worst one day drop ever, down 23% they raised revenue guidance but also forecast losses next year well above wall street expectations investors are making a big shift into cash. bank of america global research says cash funds saw $62 billion in inflows in the latest week, part of the largest move at the beginning of the quarter since the beginning of the pandemic. at the same time investors pulled money from gold funds for the 19th straight week carl, back to you. and expedia moving up this morning despite a booking miss for the quarter after the ceo told investors that the company has not seen tradedowns or shifts in demand seema mody is joining us with the interview. >> stock up 7% peter, thanks for joining us >> good to be here >> let's start with the

consumer i heard you say consumers are not trading down that is a different message than what we're hearing from some of the retailers. so what are you seeing and especially now with concerns that the economy is going to soften further >> yeah, i think travel has proven quite resilient we all speculated had people had bought plenty of stuff and were going to use their money to travel as covid opened up and we've seen that be consistently true and i think with the limitations on air travel andsome of the things that happened through the summer, we're seeing the demand just continue. and we haven't as yet seen any, you know, tradedowns, any real change in demand even on adrs and pricing. so i think that there is not a lot of evidence in the market yet that consumers will trade down, but of course we'll have to see but nothing yet that we've noticed. >> does this signal to you a psychological shift post-pandemic, americans prioritizing travel versus spending on discretionary goods and how long can it last

skra jake fuller saying that we'll see travel demand fall off in summer of next year. is that what you are anticipating as well >> i think summer will be strong next year. we can all speculate about bumps in the road, but there are plenty parts of the world that still haven't opened up travel. so while some of us have been able to travel for a while and maybe filled that need, there is plenty of people out there who have not so i think that we'll continue to see -- you know, it will move around a little bit geographically and we'll see what happens with the economies of the west over the next year, i guess you have plenty of economists on that have opinions on that but it appears that travel will remain a number one demand for consumers and we think that that will bolster us and the travel sector through a lot of this >> and then let's talk competition. there has been a debate on the street whether booking holdings is gaining market share in the u.s. as it continues to spend a

significant amount on growing its footprint in this market versus 2019 levels, expedia down 19%, bookings up 18% how do you explain the shift >> it is a few things. one, we've talked about before that we've been really focused on buying the right business and that has been about growing our base of my life time value customers which we've been doing our member base has exceeded 2019 levels for the first time our app usage is way up over 2019 so we're trying to build the right base of business and grow it and you see it in the ebitda margins and margins generally. booking has been chasing volume. you can see that in their margins too frankly. and so, you know, we're going about it slightly different ways but we believe that over time as we build our -- make our product better, with the innovation we talked about, and we build up the right consumers and give them the right benefits, that that is the right model for

future of travel doesn't need to be the commoditized performance marketing dependent business that it has been so it is a journey, but we feel like the business we've given up is business that we didn't need, it wasn't very profitable and we're building a better model forward. >> this is deidre. building up that base is costing you guys quite a bit on sales and marketing. you spent more in one quarter than airbnb has on sales and marketing in three quarters. how are you judging the success and can you take a page from airbnb's book and the way that you market >> yeah, thanks, we all have different advantages and i think that airbnb clearly has a brand advantage in its particular space which is home rental or room rental and, you know, what we have is an advantage we believe in our loyalty program, we talked before that next year we're combining all our loyalty programs in to one loyalty

program. we think we have product advantages and we've ath actually gotten leverage in terms of overall spend in buying and retaining customers. so we're doing better than we used to come airbnb has unique brand advantage, but in the world of those who compete in all product lines because we have air, hotel, you know, cruise, everything, not to mention vacation rentals with verbment on, we think we have leverage. and as we build a bigger base of customers and members, that leverage gets better and better. and we're seeing that happen >> and we got the october jobs report out and once again leisure and hospitality very strong, 35,000 jobs added. but the pace of increases has slowed considerably. and i was speaking to a number of hotel owners that are no longer offering cleaning services every day what are you hearing from your customers about how this story changes going into 2023?

>> yeah, i think that it is a great point. we saw it during covid that hotels and a variety of players in hospitality couldn't get the resources they need and were changing the model therefore and saying, hey, we're not going to clean as often or we won't clean at all in some cases and what we've seen is that travelers were willing on accept that and so what you are seeing now is hospitality players saying hey, we don't have to go back to that model and it is really hard to hire those people and so we're going to do less and so far still charge more with rates being really up so we've seen consumers really accept it, but i think it is why it is so important and we're spending a lot of time trying to make sure that we match consumers with expectations and the right product. you don't want a consumer going somewhere and being a surprise that they are not getting the service, but if you give them the information, they can make informed choices and if that is what they choose for the value or whatever, everybody should be happy with

that >> great times to talk about travel may not be reflective of the broader economy, but you cannot overlook what is happening in this space appreciate your time today >> thanks. and q4 meanwhile playing out very differently for chips stocks depending on consumer exposure we'll talk to the ceo behind one name bucking the down trend, microchip reporting record sales, stock up more than 6% at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect.

turning now to another earnings mover, shares of microchip tech up more than 6% after delivering a beat across the board for the quarter. guidance also coming in well above consensus. let's get a closer look in an exclusive with their ceo and welcome. so let's start with end market demand which you don't normally talk a lot about but you did in this quarter, i guess trying to show the robustness of demand in spaces like aerospace, defense, automotive, infrastructure where a lot of your customers are. what does that look like and how much confidence do you have heading into 2023? >> thank you and good morning. yes, we have about 86% of our

market in these end markets which are much more robust, much more resilient and so whether it is aerospace, defense, industrial, automotive, com infrastructure, data center, all of those continue to be strong and all of those remain strong as we look into the first several quarters of next year. the only area of weakness is in consumer and there our exposure is dominated by consumer appliances which are slower, but like all of us when something breaks down at home, we still need to replace it still a pretty good wree placpl replacement market even in consumer appliances. >> and you mentioned also your own inventory build, you went up to 139 days of inventory up 12 days from the quarter before and you say that is okay, but we've seen inventory whiplash happening mainly driven by the consumer in other areas of chips. we saw it from intel, amd, most recently qualcomm. how can you be sure that your customers aren't doing some of

the same things that you are doing building up inventory and then as the economy slows down they will push away from the table and say no more please for a while? >> we have been under shipping demand for quite some time even in september. we left behind more demand that we didn't ship than we did ship. so opportunity for inventory growth is not that high. there could be some of that going on our inventory largely grew in materials and work in progress, not so much in finished goods. and our inventory is in products that have 10, 15, 20 year lifetimes. >> on the call you talked about some of the variability in lead times. and i wonder if you've seen this much variability across vertical silos in your experience in the industry >> we're going through an unusual time there are parts of the market which are getting more in balance, there is a lot of the

market that we're in that is still in balance and so our lead times are all over the place but we still have many products, certain capacity corridors where the lead times are very long and others in which we've started to make improvements as we see better line of sight to capacity >> how are you thinking about your china business. you still have an r&d team there, correct >> we have very small there. most of the restriction so is far have not had a major impact on microchip and i'm including some of the more recent ones aimed at the very high end. now, to the extent those systems don't get built and they have something from us and power management or otherwise, we wouldn't ship as well. but by and large we've been able to cope through the many different restrictions over the last year plus and navigate

including some of the restrictions all the way from huawei where we've redirected all that material and have other customers to fill it >> what are you doing on costs as it relates particularly to the head count right now and what is your strategy in this environment for m&a where at the moment you appear to be better positioned than some of your rivals and peers >> so we're continuing to be cautious with costs but we are hiring we have a number of open positions if anyone goes to our website. we have always been careful with how we do that we don't go overboard. we didn't like layoffs so we're cause shoves. and then we bring them on and we have long employees in terms of tenures. your second question, i'm sorry? >> m&a >> we had large m&a about four years ago. we grew scale, we grew our product lines. and really the benefits of that is what we're seeing the last

few years, we're seeing the power of the portfolio into getting substantial portions of a customer's design, bringing more complete solutions to them. we have done small m&a and we continue do that at very targeted pinpoint of certain r and d, certain markets usually small teams, 15, 20 people kind of teams and we'll keep doing that and there is probably going to be more opportunity in the next year as the environment for funding for the smaller companies get harder, better opportunities for m&a. >> targets getting cheaper for sure ganesh, thanks for being with us >> thank you so much shares of carvana are going in the other direction, they continue to be under pressure and again this morning after earnings down more than 20%. now down 95% for the year. is this a classic covid mountain stock, increased car prices, high interest rates taking a toll on demand

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advertising weighed heavily this quarter's results but also the greatest variable impacting financial performance next year. but as the company being inned its guide of how much they will be able to achieve in synergies from $3 billion to $3.5 billion, the ceo says that they are focusing on profits, saying, i believe that the grand experiment of chasing subscribers at any cost is over. and market reform saying that the companies need to reduce leverage and relaunch its bundle is a lot to juggle, asking, quote, so will warner brothers discovery be able to pull it off? the reality is that we don't fully know yet and the company essentially admitted as much as well and what we like best about their d to c strategy, ie discovery plus, is that it is focused on maximizing revenues

per content hour, higher returns on investments on content should enable hire gher spending on new content. and the company also announced that it is moving up the launch of its combined streaming bundle from mid year 2023 to the spring >> julia, thanks. and more earnings coming monday. lyft, take two, and act vision we're going to tell you what to expect next. stay with us this is doubling production without doubling headcount. this is connecting all your team with a shared point of view. this is the system you built moving from concept to customer. this is how. airtable.

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. got another set of key earnings coming up monday. on monday we'll get results from lyft, palantir, take-two interactive, act vision blizzard on a report this morning tiger global is pulling back on their chinese investments. of course softbank has been a prolific investor in chinese companies over the last few years. we'll listen to hear if he has any change in tune >> or if we can get president xi to expand on his comments this morning china is going to be open we're going to get more fed speak, cpi on index. that's going to be big >> as well as two gaming names from an investor standpoint you're not as concerned, activision blizzard, microsoft's

success has more to do with interests in whatever the company does in the quarter. the gaming industry overall is very consumer weighted, so we'll see if expectations have been set in the right place meanwhile as we closeout the week check out the biggest laggards on the nasdaq 100 tough results there. more mkeacon aerart tift the break. don't go away. this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare now and ask

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one more thing today, getting some headlines out of the investment conference where elon musk was talking twitter and tesla on stage our becky quick was in the room and joins us with some highlights fill us in >> he was pretty impressive speaking one thing i took away from this he should speak publicly more often and tweet less often because he actually does have a plan what he wants to do with twitter. he addressed head on some of the big pressures they're facing right now with twitter he said that even before this company was -- the acquisition came about the company was tagsing similar problems twitter was very reliant on big companies and less so on direct

from consumer to consumer messages and that's an area taking a pretty significant hit. he said if you look beyond that, they've tried pretty hard since they took over in the last week or so to make sure it's clear the content muderation policy has not changed. he said it's not okay to engage in hateful conduct on twitter. he said if it's a place of anti-semitism and racism who's going to stick around anyway so he said this is an issue they are dealing with but he also said this is major concern right now. he said they are seeing a slow down in ads from big companies he says this was because of activist groups pressuring big companies right now not to advertise since his takeover free speech doesn't mean -- protective speech will be paid for and that's going to be the issue they run into, but he does have some serious plans what to do with this he spoke about the $8 a month fee for a verified twitter account, and it actually makes

sense to me. he was able to weigh it out in a way that does make sense he said the point here is to make sure crime does not pay he said to create a bot right now that only costs about a penny. if it costs $8 to get content amplified that rises to the top, it's going to make anything coming from trolls and bots much more expensive right now you can do 8,000 accounts for less than $8. if you're looking at making 100,000 bots it would cost you $800,000 a month, and then it no longer makes sense from the metrics of it, from any of the things they can do with that and he pointed out on google search they pull the things they think are most likely to make sense. if you have verified content coming from real people, not trolls, that will be the stuff that rises to the top. now he says i know how to build a way better paypal because remember he was a co-founder of paypal he says they're going to execute on a plan they basically wrote 22 years ago and make

improvements on that when he listen to him in person he makes a lot of sense, and he was very thoughtful today in his comments here. >> i remember him at code not too long ago and clearly the backdrop has changed and the macro of course. it's a lot different than sending a rocket and returning it safely. have a great weekend, everybody. let's get to scott wapner and the half carl, thanks very much welcome to the half time report. front and center this hour the true state of stocks which despite today's rally is heading for a down week. joining me for the hour today. also with us on set today the global head of equity macro research at jp morgan. he was just named the number one ranked strategist for quantitative research by institutional investor fifth year in a row. welcome to you great to have you here in person we take a look at th