billion-dollar market cap. i should mention just over the last five quarters of th company has lost or lost equivalent of its curren market cap think about that for a moment. the real question is, will fou billion be enough at this poin given the continued outflows from the wealth management unit? there is concern, certainl that you will have to rais even more inequity this is a story we wil continue to watch. for now, we will say farewel from squawk on the street, happy thanksgiving everyone. tech check starts now. >> good wednesday morning, welcome to tech check, i a carl with john - today, black friday isn't focu as consumer fears mount. who is most at risk? we will discuss that in just a moment plus, the latest tech layoff as hp cuts thousands, an rumors mount that even googl may be at risk by the way, a lot more on apple, as violent protests rock the massive iphone plant in china, john >> the health of the consumer' top of mind for investors,

looking ahead to black friday, and the rest of the week, with a rolling stride of playoffs -- from china to amazon what is the impact on tech here? >> jon chu joins us with a look >> so john, as we take a loo at sentiment within technology services and of course tha all-important consumer secto around this holiday season, it turns around into these thre sectors being the real drivers a lot of the downside action w have seen. as you can see, some of th outside moves to the outside are the three most important sectors. if you want to take a look a some of the names that might have more of a consumer focu within those three sectors a the holiday shopping season an consumer spending takes center stage. so we ran a screen with s&p 50 companies within those three sectors. tech calm services and consume discretionary. 153 names are on that list we look for the highes

interest on a relative basis for those groups there, but he told me with the medium an short interest in that group being about 2.1% of shares outstanding, that are held short. with that in mind, we take a look at some of the names with that particular screen high short interest and some these consumer oriented places like activision, blizzard, which is currently a 3 shortage without a president o shares outstanding over th last year. still a big gain of around 23% maybe more vulnerable to consumer spending. another one to keep a close ey on is one on the e-commerc front. etsy, shorter with percent o shares are standing, so keep a eye on etsy. and one of the largest ones ou there for sure is in streaming video. paramount, with short interest on the higher side of things there, about two and a hal percent today, but still a downward for all of the highes shortages there, carl, if yo are looking for some those hig short interest names, i coul not put all of them there. the top 45 that passed tha screen are on my twitter feed, i will send things back over t you. >> you are good at that, dom

thank you, don to this morning meanwhile, pc markets say no stranger to a consumer slowdowns, as hp now announces new plans this morning to cut to 6000 jobs over the next three years, and dell yesterda warned of eight demand going into the holidays. going into this to discuss wall street journal personal technology columnist, joanna joanna, good to see you, happy thanksgiving >> happy thanksgiving, carl. >> i would love to get you jus on the pc channel. i know that consumer news this morning talk about hp's guidin for a 10% incline in bc unit for the october and fiscal yea of 23, which they say sounds about in line with angie outlook, would be less bad tha expected with teams looking, i will be worked up? >> yes, there will be, not the predictions from the 10% or th 20% on actual sales, i think the big question going into th holiday season is, actuall

what is on shelves right now do they sell that? looking ahead, we can really look at where the covid impact was, it was in two places. in consumers, working from home, and also with enterprise looking to build up their stat of computers and laptops for those working at home. on the consumer and, peopl don't update their pcs, they just don't they do it every 3 to 4 years. now we are looking at a bi bump there on the enterprise and, many of these companies already sent and with companies looking t cut back, they are not looking to upgrade their pcs >> so there is not as much nee for a refresh at home? obviously, office spaces are contracting, not as many units needed perhaps that work how do you think the labor equation, the head count reduction will play out? not just with pcs, but broader beyond the hardware and tech >> certainly, pcs will be a bi play, right? also looking beyond that, yo mentioned office space, some other tech executives are in that space over the last couple of weeks,

they are saying they have seen a slowdown there as well, as companies invest in the tech and their offices. beyond that of course, the hardware, going into a holiday season, people want to buy hardware they want to buy things. we look beyond the pc market there's probably some optimism there is optimism around gamin equipment, optimism around tablets, again that's sort o the more consumer, lean back experience it will remain to be seen abou tvs, but looks like people i a talking to, people want steals people are still looking t spend, and spend less. they want deals, right many people are still lookin for stuff to i a lot of people i am talking to a looking things like share experiences, trips that makes up for about th like in pcs of or even electronics overall. so how do you do that? i mean, certainly if you are spending your money on travel, maybe you need a little bit of tech to travel, but it will no be a big investment like w have seen during the pandemi

or people stayed home, investe in what they needed at home. home theater things, smart hom things, work around th computers, pcs and tablets so, get some of that extra money, it is going to be traveling, going out t restaurants, all of that kin of stuff people might pull back on tech sales, on tech buying, many of the companies seem optimisti again going into the holiday season, looking at some of those accessories, looking a some of the things that people want to build out, in that lea back experience. again, tablets, gaming those kind of categories >> something else is happening more broadly in the consumer technology ecosystem, which is the narrative is turning against things like amazon alexa. and it reminds me in a way o the environment in which we ha to shake out in 2001, 2008, yo had to see who was really into consumer technology an hardware as a business and he was just sort of doin it as an ecosystem play, think

we could get into this and hav a good time? i don't think amazon is backin off of its hardware business although they might trim it. but what can you expect to happen during this cycle perhaps, to more tenuous hardware players >> i think over the next year, we will see these hardware players focus on what they kno it works, right? for amazon, what they know i works, we know the smart speakers work. we know the smart speakers wit screens work going into some other kind o crazy stuff or alexa i embedded in different types of things, the robots we ar hearing, they will continue on some of the robot development. but i really do not see them trying to push these more wack things they, in the line, our wit what works that's similar with google google has had a hardwar business, has not been hugel successful on the phone, but more successful on the speakers, data corps, and the smart home stuff that they know cells >> that is a good point, those lineups of hardware, they have expanded maybe they get a little bi more focused joanna, stick around

we want your take on a developing story this mornin surrounding apple supplier, as protests erupted around th world's biggest iphone assembl plant over covid restriction there. we are in beijing with the latest >> thanks, data. well, as of tonight, the operations are back to tha facility in central china, it' back to normal this is after video emerge online, where this verified, not verified by nbc of peopl who claim to be foxconn worker clashing, sometimes quit violently with authorities i just has that suits, sayin give us our pay. they say they are being forced to work for much longe sometimes longer in isolated covid conditions, in order t get pay, as well as bonuse that they feel they are owed they also say they are concerned over the virus sprea at the facility. now foxconn said in a statemen that the communicating wit

workers and the government t avoid a recurrent, and i offering workers compensation. now this also comes as china's covid outbreak appears to be going national that very city of zhengzhou, where china's iphone city said tonight, that it is putting it downtown area and lockdown until next tuesday, an conducting mass testing, the mega city of chongqing out wes say they are now in an effective lockdown, and chengdu, which is also just urging from a lockdown in september, is in mass testing shanghai canceled an auto even manufacture caught, shenzhen as well as sanya, a city tha is in china's -- are imposing more restrictions for public places. this comes as the covi restrictions here in beijing and the surrounding areas as well as export hub guangzhou continue to get tighter an tighter. in fact, recent capita

economics say they are getting increasingly concerned tha what we could be headed toward is a situation very similar to the early days of the pandemic when there were hundreds o millions of people put under lockdown, deidre, which of course led to disastrous consequences for the economy >> eunice, thank you for that. that is our eunice you i beijing, let's bring bac joanna, and talk a bit about that joanna, we mentioned last time we got that phone guidance fro apple, talking about how thi plays out with cupertino, as the channel weighed that the companies registering in satisfaction, with a industrial policy in china >> yes, certainly the timing i not good and i think really again, this is illustrating apples dependence on china. obviously, looking past that looking to india, vietnam. certainly this is bad timing i terms of the pro models, can

give back guidance, that wil be for this quarter, les inventory and that it will b either a result directly of th covid lockdown >> and then we did have cook referring to buying tsn chips, these new facilities going up, is there a sense in genera that, whether it's india vietnam, arizona, trying t take baby steps out of china the best they can? >> absolutely, we have the chinese government is worrie about, that looking to hel apple in those into providin labor and how they can continu to ramp up the production, o keep it at a steady level. i think the big question going forward right now is, do those pro models come back to th inventory level, apple expects it to of the give that and get that guidance and believe this is the beginning of october, and they bring it there or get it through the holiday season? what impact does that have o the other model? remember there are two other models, the plus and the regular, is apple able to, our

customers going to go to those or will they be waiting an turn to competitors? >> joanna, i just have to take a step back here, because we might have just seen, and this has to be verified, is peopl being beaten for protesting in a facility that apple and th iphone economy is funding? i don't want to gloss over that in your recollection, have w seen that out of foxconn, in connection with apple? and what do you think of anything the company's respons might be or might need to be >> i'm happy about that, because also i've been waiting to see what apple is going t say in response to this an obviously. the images are hard to watch the question is really about what would be the altercatio of that and around lockdown, people not being paid. so, we have seen in the past about responding only to lik we are taking a look at this but also in the past, spending

production or deals at some of these, at some other factories i believe over a year ago, i paragon. so they are certainly, they ar certainly on the hook here t say something or to at least acknowledge what is happenin here >> joanna, it seems that the best way that apple can respon is with action, diversified ou of china faster. you mentioned they are doing things which will take time to shift some of that manufacturing process to india vietnam. but really, the video we are watching underlines the urgenc of that. is there anything that tim coo could do to make that shif happen faster? >> i mean, certainly it take time especially when you have tha specific skews being made at specific factories and specifi parts being made at specific factories, looking to diversif where the chips are being made looking to diversify where everything is, the different parts and the different -- yes, the different components.

and then putting that into assembly someplace else. sure, but that will take massive amount of time to do >> joanna stern, thank you appreciate it. have a good holiday, we will talk to you soon joanna stern all the wal street journal >> disturbing images, we nee more clarity on that let's get a gut check now on tesla. upgrading the stock to neutral today, raising the price targe to $176 per share. it is evaluation policy, but says it is this year's pullbac so far, balances out the list will grow on th stock. still not at a by, it is a hold meanwhile, we are being joined to have a test of laws and hav a trillion in market cap, in just two months. and that is only a change in sentiment around elon musk's twitter takeover, might stop tesla stock rising he still maintains his overweight of stock. we were talking about this yesterday, how much of tesla's valuation is not necessarily

about how many orders there are, or how strong tesla's market positioning in ev is, it's about the belief that elon mus will be able to figure everything out and now, it's not clear he wil figure everything out. perhaps with twitter, the bran overall is being targeted? >> and as he figures out wha to do with twitter, he tweet less about tesla there's more to grab onto. we had this discussion yesterday, carl. and the fundamentals have no changed all that much for tesl over the last few months what is changed again is elo musk sort of leaning into th story and providing a narrativ for investors. however today, 6%, top gaine on the nasdaq 100. >> yes, interesting to watch jonas frame it not just as consumers may be hiring of the musk brand, not so much th tesla brand, but also the list it brings to governmen partnerships and certainly his relationships to say, capita markets, the >> speaking of china relationships there, in that country. meanwhile, hp not the only nam

making headlines this morning, as grumbles grow of layoffs in google buy more and more employees ar getting worried, that's next tech chet is just gettin started. another busy day? techcheck sponsored by comcast of course - you're a cio in 2022. business powering possibilities with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

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bankruptcy hearing in delaware today, as even the company's own counseled called the cas quote, a different sort of animal our image of us was inside the room, or the menagerie perhaps and joins us now with more >> john, that is right we saw a guy go of lawyers heading into this ft bankruptcy in wilmington delaware yesterday a lot of lawyers representin first of all the new managemen as ftx, lawyers representing the lawyers representing various groups of customers, o ftx all trying to get thei word in in front of th bankruptcy judge in delaware there. a lot of questions going int this hearing, including the bi ones, which are you know, ho much money does ftx actually oh, how many customers does it have? we didn't get all the answer we learned a few thing including the fact that ftx is

now saying the company i suffering cyberattacks on regular basis, we have a cyber security firm they brought i they won't even name, becaus they are worried the fir itself will be attacked from all of the people trying to ge a hold of that cryptocurrency. there is substantial finds her which others stolen, or just missing, no number on that but they say that could be a significant problem goin forward. then, the dispute yesterda between the trustee and the ft attorneys over whether or no the names of the customers a ftx would be made public the company argued those names should stay private as a reaso for that, they say that thei list of customers represents a asset for ftx that it coul sell or modify going forward and to pay back some of it creditors with that value. and it made public, the valu goes away. also, the customers themselves bogged the cryptocurrency with an eye towards privacy, an their privacy rights should no be interrupted here by thi bankruptcy proceeding. generally, the names of th creditors are made public. the judge decided yesterday,

what we will do here is keep things private for now, bu they will revisit that decisio in the future. so if you have money on this exchange, your name is secur for now, no guaranteed tha your name will not be made public at some point in this process. more to come, guys we ar expecting another hearing in december and another hearing i january. some of the lawyers involved i this are saying after the fact i was talking to them in wilmington yesterday, this thing could go on for years, guys >> okay, help me out i need to go very simple her to try to understand this. so, the bankruptcy proceedings are largely about creditor people who are owed money, lining up to see who is firs to get whatever money is found or still there at the same time, we got money that was never properl accounted for in the first place, while ftx was supposedl this strong growing concern. questions about the bank, doin the money. we have money which seems to move out mysteriously, just as

the whole house of cards was coming down. and we have cyberattacks tha supposedly are moving more money out of there, right? so there is the question, no just about who is first in lin as a creditor, but how muc money is even going to be left after the thieves -- or founders, or founder thieves, whatever that turned out to be are done >> [laughter] look, and in eac of those buckets you just laid out, there could be billions o dollars worth of assets, for lack of a better word, dollars and or crypto, in each of thos categories the question is who are th creators who is owed money? how much money are they owed and how much money is still in the company? the company is put out a statement over the weekend suggesting that they wer finding that they were subsidiaries but had solvent businesses and balance sheets. so there were some viabl businesses in their, and i court yesterday, the ftx attorneys were saying we might be able to sell some of thes things and raise some cash

here so it is not at all clear ho much cash they have, and can raise from selling those profitable businesses. it's not clear how much they actually owed to all of thes creditors, how many creditor there are. it is clear that there might b up to 1 million potentia creditors out there, and those people all all over the planet earth, subject to all sorts of different legal regimes, european, american, asian, caribbean and others there's a lot of complicatin factors here, but why it wil take so long >> yes, the web is extremely wide eamon javers, thank you very much for that update meanwhile, google has so far avoided the massive layoff headed out of the big tech names, but other big cats add, our cnbc reporter jennifer elias joins us with the latest reporting. jen, you got a hold of som documents, it is important t note that we have thes customers on the edges, but net, they are still hiring. they still plan to hire this quarter? >> that right, they are stil hiring employees there do not necessarily expect a meta styl

mass layoff, like we saw wit the company. but we are starting to see mor cuts around the edges. they had a recent overhaul i their performance review syste for employees, which has already had trouble rolling out, employees told me. it is hard to drown out th noise of so many cuts taking place across the industry over the last few weeks so this is the biggest point o conversation a lot of employees are questioning this >> but anxieties probabl shared around the bay area where we are, right? you saw so many firms cutting. we thought google might be one of the safest spots, but the fact that anxiety is raising a a place like alphabet, makes what's going on here at larg -- you think employees or pay attention to things like the letters, calling for cuts, tha adds to some of the worry? >> i think it does although employees i spoke with, you know this is an activist investor, usually they don't have a lot of leeway for business or decision-makin because of who the shareholder

are, and how much they have in the company. but it is just, the more about something happening, one after the other, and then this cal for aggressive head coun reductions, it's hard to drown out the noise from them. and they saw how rapidly googl goes, i got a look at some o the top rated questions during the most recent on hands beating and a lot of the employees wanted to know wha is going on with head count ar we going to cut? and even after it more pointed questions of ceo, sundar tragedy was the irresponsibl to grow so quickly and highe so rapidly so, it's definitely becoming a huge topic of discussion for employees who are anxious. >> jen, we appreciate you with the reporting protect check, keep at it, great informatio from inside the company, thank you. jennifer elias >> meantime, the key questions holiday season is will there b enough iphones we will discuss that next, sta

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about the environment and how we can each do our part. - watch our conversation on peacock. >> welcome back to techcheck i'm contestable with an update 7.5% on homes october, surprising economist with decline amid rising mortgage rates. the increase was read by nearl 46% surge in the northeast which helped offset a 34 tumble in the midwest. first time claims for jobles benefits rose last week to the highest level since august

240,000 new claims were filed, up 17,000 from the previou week the current level of claims is still low by histori standards. heavy equipment maker deer reported much better tha expected profit in revenue for its latest quarter deere's strong equipment deman for farm, and projects aroun the united states, and som good news for walt disney. the wall street journal report chinese authorities have approved the release o disney's avatar, the way o water in that country. people for the 2009 it science fiction movie will be released globally disney another studios hav seen a number of movies banned by chinese censors so good news in a big market jon. >> thank you, contessa brewer. we will, a key risk ahead fo apple. not enough iphones according to our next guest, who forecast a sales drop over the holiday season, as china continues to be quote, a albatross for the company' supply chain and during the protests, the

name's biggest iphon manufacturer, foxconn this morning. where does that leave be stocks? still bullish on apple demand? let's bring in webb bush's dan oz dana, good morning we have to start with this video that appears to be out o a fox con facility in china. i don't know we've ever seen something like this but it appears to be worker protesting, getting beaten b foxconn employees, i imagine security in the sort of iphone city this is a facility that appl is in effect funding, have w seen anything like this? what do we expect apple to d in response? what kind of response becaus that in and of itself pose >> look, i find it fascinating the thing is, this is just a albatross, call it a black eye that continues to cascade. first on the shortages, no

anything we can see potentiall 25, 30% ensured going to black friday as well as holidays, in terms of iphones, for tina that's a significant shortage. and then you look at, this is problem for apple. they are lenient with what the can do this is the heart of apple production, and i trust ti cook and the others, cupertino what doing this with a close eye. >> dan, correct me if i am wrong here, but it takes hundreds and thousands o workers, hundreds of thousands of workers, over the course of the year to do the kind of assembly that apple needs. it is really kind of the cit that gets stood up to do thi and there aren't other place in the world, where in a quarter or two, you can stan up an entire city to do th manufacturing for a company. just, the expertise in suppl chain that is necessary, the raw demand that's not like apple coul move this to vietnam or even

india in a couple of quarters? >> no, that is part of the problem. it is iphone city for a reason that's ultimately where they g to the deep end of the pool, i terms of china and the whole foxconn thing, it's caught everyone by surprise, includin apple, you know. in terms of, we are talkin about what could be about 5% lower in units for the quarter and it all comes down to shortages we are seeing, that' not just covid driven. and apple right now is just -- as we expected realistically, the next 12 t 18 months, they can minimall move any production elsewhere. >> it reminds me, dan, of an opinion piece in the times a few weeks ago. basically, they argued tha their production in china wa key to their ascent, in over 3 years you had huge globalization, costs came down fresh source of manpower but now that's a vulnerability and, and you would not ordinarily cluster your whol supply chain into this, this

piece argued is the most poten cyber threat to the u.s. do you think all that is reflected in the stock >> look, it's a double edged sword. it belongs to the bold story, bold story, perhaps not just o production but also it demand. now, cook has been almos teflon like in terms of bein on the challenges from china it's all coming to risk in terms of the geo code issues and the most important quarter it has been a body blow, a gut punch to apple and i think maybe that is why, i think as many consumers go into storage online, into th black friday holiday, you ar seeing this massive scarcity, think 25 to 30% of iphones >> right, so dan, chin describes, this is the secon time apple has been affected b zero covid could you still say as a investor, that apple largely owns and controls the ke technology behind this product >> yes, great question obviously, verticall integrated in terms of wha

they are doing from a chip perspective. but even today, foxconn called to give the bad news, there' nothing apple can do they need to run the edges change and i think that is really wha is starting to become front an center there could be some strategi changes over the long term but right now in terms of th stock, production as well as demand, it all hinges with wha is happening in china. and these are images tha nobody wants to see, including cook >> all right dan ives, thank you. >> thank you >> >> still to come, is it tim to leave twitter more on the alternatives tha are trying to take the spotlight, next. we are back in two

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

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call 1-866-336-3448 and make >> as users and business sure you're not missing out. leaders alike i knew changes from twitter owner elon musk the social medias potentia downfall leading to bi opportunities for others in th space. eric julia borden has more o that hello, julia >> hey, carl over the thanksgiving dinner you might see some twitter alternatives one that has been generating a lot of chatter is driven socia platform, mastered on. it seen a surge of growth sinc march acquisition of twitter was finalized, with 2.9 millio worldwide installed, ove 10,000% from those prior three-week periods, with 3.3 million installed worldwid total. this is according to censo tower.

another social app on the line be real. it is not an alternative t instagram, every day is different time, who are aske to capture and share authentic photos with friends. the up is just two years old and has been installed about 7 million times. about 20 million of thos installed just since october 1st. and then, there is an ap designed to help navigate this wave of layoffs, we see in the tech sector. blind is an anonymou professional social network, which has 7 million verified professionals communicat anonymously, with 50% increase in downloads in just the pas three weeks, driven by chatter around meta and twitter layoff in particular. this app includes a comparison tool, and anonymous compan reviews. it has become quite destination for venting abou layoffs. and of course, we have to keep in mind that these apps ar tiny compared to metals tw billion-plus users

63 million daily active users. it's worth keeping an eye on these nascent platforms and ho they navigate business models. i would not be surprised if we see less of a reliance on ads. and bereal is reportedly considering some paid futures, guys >> interesting, julia. you mentioned ads. is there a sense that ad buyer who maybe have taken a pause o twitter, the way the washingto post wrote about last night ar eyeing any of these apps or are they simply too small >> i think that these apps are more than nascent, what' really interesting is we may see some add buyers who mayb paused advertising on twitter, look at the targeted video advertising, the likes of ad on hulu or p calk, the reassurance that content o those platforms is going to be safe, premium content. and of course i think that there is a lot o experimentation on tiktok. this is a holiday season where we will see a lot of ads, if they have not already been spending on tiktok, to see how all these ads could work for

their brand. >> all right, we'll be watching that julia, thank you so much. julia boorstin meanwhile, firm shares say the are 90% off of their highs, as buy now pay later players face rising costs, rates and consumer slowdown. we will talk to a ke competitor, pharma next, do no go away.

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morning, up about 1%, tesla at last, data dog, more on th market action after the break. but first, last week, we asked members of cnbc's technology executive council about thei outlook for crypto, and bloc chain tech with all the ftx fought. here is what they said techcheck is back in a moment. >> i have been investing i crypto for a number of years i have continued to invest i crypto >> i think if anything, we wil probably see and realize the need for more regulation especially here in the u.s.. >> this could become illegitimate part of goo advice, good portfolio construction, becoming a rea asset plan that could be comfortably, and we'll take better regulatory favor. >> ultimately, i believe the future of money is digital i think it is the most

frictionless way of exchanging value. >> there will be some bundling i believe of crypto services and some investment in the lessons that we learn from it. if your business kept on employees through the pandemic, innovation refunds could qualify it for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to find out. then work with highly qualified professionals to fill out your forms and submit the application. go to innovationrefunds.com to learn more. (woman 1) i just switched to verizon business unlimited.

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well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. >> with black friday around th and i don't know what the heck you're talking about. corner, lots of questions abou the health of consumer

here is insight and what t expect across retail and e-commerce sebastian seamen council of by now pay later company klarna sebastian, good to see what do you think so far i terms of holiday shopping? many people are expected t lean even further on their credit cards, despite rising interest rates, by now a political that cow to reduce portions of sales this year? >> yes, it definitely is obviously, some of you wil know that klarna [inaudible] full amount, we see trends i general, and never see stronger [inaudible] and spending, then i think klarna, the current picture in media is showing a lot o concern, and when you look a specifically, the industry portion of it, it's doin extremely well, dorm o consumers especially in th u.s., are seeing the benefit towards credit cards, with zer interest, paying back in performance, all of th benefits, so by friendly stron

growth >> sebastian, as consumers loo onwards, how does your credi threshold change will be more difficult for people to actually use buy now pay later, get approved fo their purchases and if not, as you said, you have a n interest product does that weigh on your bottom line >> well, obviously, as irresponsible underwriter we took the position to use som of our underwriting back i january, and then again in may so we have taken some action which has been very favorable. again, our underwriting look different than your credit card, because our average balance is $70 compared to thousand dollars on credit cards! and then also, if we chang that model, according to the new model, within two months so our levels higher than th credit card, the balance w talked about it's good we have that ability to shift upwards, you see abou 30% losses you to credit car

industry standards is a healthy product for consumers, and immersive product, and they get th consequences of that >> sebastian, i wonder how you are thinking about consume spending, how it is affected b the pent up demand for travel. and if consumers eventuall work off that demand for or do you think travel is the last thing they spend money on before they truly retrench? >> yeah, i mean to me when i look at it because we also have about 2 million card and we trends in other categories our impression is in august there was definitely this like covid's really off, i'm back, i'm traveling, i'm going to restaurants and i think shopping and retail did something from that but now actually it's coming back again we've got to remember i think almost the market is too top on e-commerce to be honest the year on year comps are still apple and covid.

it doesn't look as bad as media would project right now. >> sebastian, i'm warning about klarna's value ad. you're looking to buy traffic and reduce abandonment what is it that retailers are sort of using you for? does -- does your structure allow them to discount less? are you seeing your ability to direct consumers toward maybe higher margin or stronger brands that they're more likely to buy without a discount >> thank you, yes, that's very true the fastest growing part of our business is matchmaking.

i think we work with 30 in payments but work with over 50 in marketing type of services like that. so we're seeing a tremendous odd for that there is tremendous opportunity if you look at our app to curate and find interesting products that match the preferences of those consumers. we are being able to drive tremendously new number of customers to these that is obviously i think to some degree we are helped by the fact we've had this fight going on between facebook and apple so that advertising channel doesn't work as well as it used to and we've heard a lot of partners. and to make commerce more smooth is going to help grow. >> what are the chances that retailers and with narrow or

practically no profits after this holiday season because consumers are so into discounting, and they might have to continue that discounting beyond black friday, cyber monday, cyber week in order to keep the consumer coming into stores what are the early signals showing you? >> what we are seeing definitely is more of like the common story, right if you have a strong product and brand, if you invested in that and you have products that are truly differentiating -- but obviously anybody has lost a little bit of their path, lost their way, not adding a lot of value and finding great products and matching them nor is able to sell so you need to products. you're squeezed when the economy is hit it depends very much on retailer by retailer and their position and where they are >> like all the fin tech players

you've seen your valuation fall in recent months and you've already done cuts like layoffs which i'm sure was painful, and would you be looking to raise money in this kind of environment to help you sort of accomplish those future plans, that diversification you talk about? >> we already in april, may, obviously we were one of the first companies to announce we would do change tuesday the organization we recognized this was a fundamental shift in investor sentiment. now they really want to see profitability, so we decided to shift strategy our ambition is by after summer next year be comfortable on month by month basis and make some adjustments due to that so it looks very promising my experience has been better to

kind of do what you have to do, make it one big move and prefer to avoid doing small changes continuously so i really hope we have taken macro environment changes for you and the changes we have done are sufficient that's our current view. >> yeah, something that many if not all ceos are looking at right now. sebastian, thanks so much for chatting with us today >> well, if you're looking for something to put on while you're cooking this thanksgiving and it's just a day too early for holiday music you can subscribe to the tech check podcast. tech check is back in a moment thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective.

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welcome back here is the ceo of mass mutual, drawing some sharp parallels between the financial crisis and the crypto melt down in a fort knox 101 with me this week take a listen. >> i would say what's happening in crypto right now does remind

mow of oh, my gosh, is fill in the blank going to be open on monday i do think there's that piece playing out. >> he's not the only one drawing that parallel, guys. massachusetts senator elizabeth warren calling for the creased regulation in an op-ed titled regulate crypto or it'll take down the economy carl, not clear how much systemic risk of crypto there is outside that ecosystem but certainly drawing parallels here >> we do have a headline out of bloomberg that says amazon is planning to invest a billion dollars a year for movies and

cinema while we've been talking about cuts to its alexa unit, this is the case and we've reached out to amazon for a comment it thinks movies is a place it can really get that flywheel going >> yeah, interesting i-max close to a two month high. guys, everybody, have a great thanksgiving let's get to the half. >> welcome to the half time report i'm dominic chu in for scott wapner on this thanksgiving eve. the s&p 500 regaining a key level. we'll debate the state of the recent rally and whether it can keep going into the year end plus what's working and not working in this market right now? our investment committee will weigh in today and joining me here on set jenny harrington in her red in all