robert, thank you. robert frank as you can see, the markets have deteriorated a bit. we came in this morning with the expectation we would be higher mike wilson the well known strategist at morgan stanley had a thing to say about that, talking about earnings being weak next year that's going to do it for us on "squawk on the street. "techcheck" starts now happy monday, welcome to "techcheck" i'm jon fort today more on the street's top picks where to put your money as the nasdaq continues its fall this morning down a little more than 1% more on the street's top tech picks, yes and plus retail investors buying the dip this year and bumping their heads on the ceiling again and again on the way down while institutions get bearish who's right? we're going to discuss

and productivity is the word of the hour more on what sales force has to say and why it could mean more layoffs. >> a lot of news around salesforce in recent weeks. volatility continues and growth investors seek any signs of a santa claus rally into year end, mike santoli joins us now with much more good morning, mike. >> not much evidence right now of any turn around in the weak trend so far this year in the last couple of weeks of the year a couple of big issues carrying into 2023 when it comes to growth and tech investing, which is the interplay between stocks and bonds. for a couple years i tried to argue rising yields are not the story about why growth stocks have been weaker or stronger but it's a part of the story here you see the long term treasury etf when this goes down, bond yields are going up,

this is the price of the bond against the nasdaq 100 look at this divergence, nasdaq 100 down and an uptrend going on in longer term treasuries. we were at this level in late september, the nasdaq is 5 to 6% lower than it was then clearly the earnings growth declines, estimate declines for big tech have more to do with the weakness than rates at this level at this point. big question, broader context, growth versus val, a big comeback in value over growth, happening even today this is a 10 year chart of the russell 1000 value index relative to the growth index you see this is looking like an encouraging chart formation, a little bottoming action. come back for value. but look how much more it has to catch up to cut into the growth dominance we saw in the prior decade doesn't mean it gets back up to even but if you think growth

investors have had it rough for a year, it hasn't necessarily changed the longer-term complexion of that relationship. >> mike santoli thank you very much. keeping attention on the markets, the next guest argues the fed has done much of its tightening already and leads to chances in the rest of the year. ahawk thanks for being here. >> thanks for having me. >> i want to start with chips. where do you see the opportunity for chips, especially as we look ahead to micron earnings on wednesday. >> micron earnings are wednesday. these chips have been beaten up hard, certainly the most sensitive area of technology, the index is down some 30, 33% year to date so micron reduced wafer starts

not too long ago to right supply we think the deterioration in memory conditions is well understood by the street and more important to investors is when a cyclical bottom is established. our take is the industry is probably closer to a trough than a peak we think micron improved its conditioning to that end the down side here somewhat limited, book value around the mid 40s. we like the stock here we feel like risk/reward it starts to look more compelling at the levels. >> i want to ask you more about the memory part of the chip sector a lot of weakness, we've seen a lot of push or pull forward of pc sales which have hampered the outlook as far as 2023 we're seeing a big ramp up when it comes to electric vehicles but isn't this macro friend of more and more electric vehicles seeing double digit growth in france, germany. here in the u.s. a slower story

but isn't that a bullish sign for memory chips >> yeah. i think that will -- into next year i think that starts to play into the bullish sign. i think currently the macro backdrop is just overpowering what company fundamentals are. i think that the fed, in the inverted yield curve and i think rates where they are now has just taken precedent and i think the tech sector has gotten so beat up this year looking into 2023 we feel like we can get a little bit more bulled up in technology stocks. we think semis is one way, with the semis we like micron. >> but looking more broadly, back up with me a bit here just mentioning salesforce's mark a couple days ago was saying all the new hires we made are not as productive as we like let's get ideas about productivity

to me it echos what we heard from google, alphabet's ceo last year saying productivity -- we need 20% better productivity that sounds to me like they're perhaps looking for excuses to have to cut in the beginning of '23 and i'm not sure the sort of, i don't know, pessimism that implies is priced into the market do you think it is >> look, the job cuts, we've seen that certainly intensify going into year end. we think nextyear that's not going to wain. and i think that for the time being, the job cuts and the softening labor conditions will be viewed as near-term bullishness for tech and the tech complex the entire tech complex hired so aggressively since the onset of the pandemic, we're seeing the opposite effects of that today and for the time being, bad news

seemingly is good news and going into next year, i think we see more of that >> so i want to look at good news that was flatout good news. last week oracle and adobe reported earnings. you're bullish on those stocks what did you see that makes them bullish going forward? was it aar, another demand number or the commentary on the calls? >> commentary, incrementally getting better arr numbers have been improving. taking a look at, you know, other names within hour complex that we cover within big tech, microsoft comes to the forefront. being able to buy a company -- a big tech company like microsoft, price earnings relative to growth we think makes a lot of sense here the azure guide did disappointment most recently this has been taken down we think the cloud and underlying pc market have been

so weak coming out of the pandemic, a lot of this is priced we think the cloud and underlying office 365 and windows ecosystem will compromise a bigger surprise going forward. this should spur growth and margins. and we like it into the next calendar year. and we think that a lot of the valuations have come in such that many of these make sense and risk/reward starts to look much more compelling and given where we've come from the qubeginning of this year we don't want to stay too negative in the tech complex at this point. >> we really appreciate it thank you. >> thank you. meanwhile, tesla shares opened higher this morning before selling off that was on hopes ceo elon musk is going to step down as head of twitter following a weekend policy snafu and a ceo recall poll that he called on himself with more than 17 million of the

platforms users, he lost that poll steve joins us with the latest steve, this is weird. >> this is incredibly weird. and no word yet, john, if musk is going to make good and step down as ceo of twitter but the results were clear, 17.5 million votes with more than 57% saying yes, musk should step down as ceo of twitter. why is he doing this he already said he doesn't plan to run twitter forever last month he testified in a hearing in a shareholders lawsuit saying he plans to find someone else to run the company. much of the questioning on that discussed his time spent at twitter instead of tesla tesla is down over 50% since making his offer to buy the company in the spring. just last week he sold another $3.5 $3.5 billion worth of shares to fund twitter as advertisers

reduce or pull spending and it comes after him saying he wouldn't sell any more shares of tesla. the poll capped a bunch of drama with musk changing twitter's rules to suspend journalists' accounts only to reinstate them. over the weekend he changed the policy to suspend users who share links to rifval platforms only to cancel it. he said this weekend, no successor as of yet but john legere last month offered to take this job. tesla shares are up over 4% this morning when his twitter poll closed. >> snoop dogg also offered to take over. i don't think he said no to snoop. >> i think john legere has a better resume than snoop.

>> you think >> elon multi-tasking, ceo of multiple companies part of the question, tesla hit a 52 week low this morning the more that goes down, the more pressure there is arguably on him to get twitter right, right? >> right. >> because that's his source of funds to fix that. if he has to sell more tesla -- it's still his responsibility even if he's not ceo can he really step away? >> keep in mind so much of his wealth is tied up in tesla, that becomes his piggy bank as he makes the rules, scares off advertisers, he has to go back to the biggipiggy bank and sello as we heard he's going back to look for more investors. >> two things, tesla stock has

been impacted, more competition in the ev space. and also starting the new year the model y and three are eligible for the tax credit in the inflation reduction act. a tailwind for the stock so a lot might be much ado about nothing. >> i'll borrow an idea from phil lebeau not necessarily these challengers are a huge threat to tesla just yet, they have the manufacturing capacity that these guys don't have yet. so tesla does have an advantage there, at least, at least according to our friend phil >> the hits just keep coming. >> yes. >> keeping it interesting. >> and he could just change his mind right now but as of right now if he holds by his word he will not be ceo much longer. >> it's the end of the year. we'll see. thank you. and forget twitter and bet on meta, according to our next guest. we'll have more on the other social media names you should be

watching here. "techcheck" is just getting started. don't go away.

a little more time on the

drama in the social media world and the stock implications our next guest seized the turmoil at twitter as a golden opportunity for mark zuckerberg to deprioritize his metaverse dreamsand become investors' social media darling once again. meta itself may have other ideas with the chief technology officer this morning plans to continue devoting about 20% to the reality labs division in 2023 joining us now brawnjin roy. for the past few trading days people have been hoping, expecting that mark zuckerberg is going to relent and spend less on the mike setaverse thane promised us he's going to spend. why do you think he's going to do that? >> i think 2023 is the year that mark zuckerberg will de-prioritize his metaverse dreams i don't think we'll get a major admission of failure or a major

contraction spending meta's reality labs is on track to lose $13 million, today their cto posted how it will still have spending around 18 to 20% but i think this is a huge tell. up until this point there's never been a cap placed on percentage of spending it was still a blank check. this is the first time you're seeing a limit to how much they'll spend. >> but didn't they say -- before they said we're going to spend about the same amount in '23 as we spent before and here they are just reiterating that i know facebook has the history of sandbagging and then pulling back on expenses when they have to but isn't there the chance that the only thing that gets them to do that is a huge economic deterioration which takes the stock price down further anyway? >> no. i think you need to read into what he said when he said futuristic technologies. because another big part of that

is around ai content driven discovery, the same way tiktok will recommend accounts you don't necessarily follow, this is core to their core business and this is something that does fall under the research side the futuristic technologies and reality labs i think that is an admission that facebook is still ready to focus on the core technologies because again, elon musk has opened the door and i don't think mark zuckerberg is going to not take the opportunity, because no longer is the facebook empire the bad guys on the front page now suddenly every advertiser with any concern around content moderation they see it can be worse and there is still meta that has a professional run ad organization and i think they are making the moves they need to to actually stabilize themselves into 2023 i do agree all mark zuckerberg has to utter are the words re-focus on the core

just utter that a little bit and investors will come rushing back nk you're saying that's all he has to do. but he hasn't done it yet. i want to talk about instagram and reels. a lot of promise there when it comes to potentially competing with tiktok. but you think a tiktok spin off will be a tailwind for meta. in the past we saw tiktok possibly spun off we saw oracle and walmart being interested in partnering or acquiring there. wouldn't that increase competition to have big names like that entering the same space as meta with reels >> okay. so tiktok potentially being spun off. i think this is very important because it cannot simply be spun out without any major significant hampering to the business and the product remember, every bit of reporting that's come out tells us that tiktok is, you know, inextricably linked to the parent company bite dance that's at the algorithm level,

structural level, even if a buyer comes in you're not simply spinning out the company and bite dance itself let's not forget is in a precarious situation. they're the poster child for you know, big hedge fund funded private company, they were a $400 billion valuation and that's -- investors can't get out at $240 billion, so it's not going to be a simple thing and we've seen how strong reels is as a product already. >> so, also, i got to mention tiktok burned through a lot of cash so any big company buying that is going to be buying something that burns up profits and in this market maybe that's not so popular. what about snap? snap is not doing great. it's at about $8.20 a share right here is all of this turmoil good fo snap given its relative safety argument that evan spiegel has been making for years? >> i think snap is incredibly

well positioned because they own the same demographic as tiktok, gen z, snap users 18 to 25 as the majority also a lucrative target audience for advertisers and the ones defining the future of how products are used. i think snap is well positioned, meta is well positioned. 2023, i will predict there will be significant action taken because you cannot have an issue, it's the only bipartisan issue that tiktok having some major change in the way it operates in the united states is going to happen and i agree, snap and meta are the two main benef benefactors. >> thank you sticking with social media and digital advertising. our next guest picking meta as one of his favorite names headed into to 23 alongside amazon. joining us the analyst behind that call, ron josie is this a game of chicken with

mark zuckerberg betting he's going to swerve and spend less on the metaverse is tied up in that or no >> the answer is the stock is tied up in a lot of things while we think advertising comes back because meta is doing a better job working under the idfa pretenses but more than anything it's about the operating income if they can get the operating income to stabilize here, then i think at least we have a baseline and we can talk about some of the good things happening within reels, within modern modernization. it all depends is the answer but frankly, let's make sure we can get the profitability the costs more in line with where things are on a macro level today the online advertising environment is not as healthy as it was historically. >> looking at your top pickets for the internet right now amazon is there for ecommerce.

you're looking at retail spending a big part of the amazon story and the other part is the cloud business. what's the forecast for the cloud business we're hearing more cloud customers saying they want one vendor they want whether it's an oracle, amazon, microsoft, they want more of them to do one thing. is amazon able to sweep up these services people are looking for with the cloud based apps and benefit from the i.t. slow down? >> it's agood question in the pandemic we saw an acceleration from a -- call it a makeshift from offline to on premises software to the cloud what we're hearing today is there's a discerning look at the spend going on in the cloud. spend is slowing down more, at the merging testing type of spend within the cloud but no doubt we're seeing that massive tail wind overall. you asked a question where we

are with projections looking at 20% growth overall in aws. >> is that disappointing is 20% good enough for the investors out there? >> that's the question what are you paying for 20% growth frankly this came out of q3 earnings, the markets talked to us today with the stock being down however our view is you get a mix shift more to cloud. you saw it with the conference a few weeks ago, still seeing massive innovation here, there are studies out there that suggest that most organizations do operate a multicloud platform in our view, aws takes advantage of their five, seven year head start in the space. >> yeah. multicloud often means around 80% aws and 20% something else but at the same time from the likes of mon go db this earning

seasons we've seen the strength in best of breed we've seen strength in oracle when it comes to follow on effects from public cloud which you might not expect talking about hyper scale or megascale talking about three other names that aren't orgaacle is there another side that microsoft, alphabet, google, don't benefit compared to the application powers like your adobes, oracles, even smaller names like mongo db. >> no doubt it's a competitive space you saw with the d.o.d. rewarding the jedi so when it comes to aws specifically we think they have the most products available across the broader spectrum of industries they support. and that five to seven year head start, john, i can't underscore enough how important that is in our view in terms of aws

solidifying their share. that doesn't mean it's not competitive, doesn't mean the budgets within technology might be pulled back a little bit but what it does mean in our view is that aws has many more different products to offer while we're in a multicloud approach, that 80% stays on 80% and grows over time with budgets so this is a time really, sort of fascinating we saw what happened with the pandemic and essentially the v shape format and maybe we don't see a v this time around but i think you see some sort of continue on the trend of just newer technologies and adoption over time. >> right now people are hoping for a w, something like that ron thank you. >> thank you. talking about oracle quick, their on premises revenues beat strongly by about 200 million. so the cloud transition store may not be the direct line that people thought it was. >> but they've gotten the benefit from their integrated strategy being able to work on the

hardware that runs oracle better that's helped with the margins as well. that's part of the cloud play. we talk about aws and their custom chip play oracle has something similar. >> very similar. talking about that cloud transition, spending slow down, recession concerns people salem keep my on premises the way it is now and looking forward i'll check into it. >> yeah. sounding the alarm when it comes to productivity. more on what was said and what tribal culture has to do with it we'll explain it after the break. dooto ywre n ganhe this is not just laundry. this is laundry that's smarter than the dial, with ge profile smarter wash technology. more care for your cashmere. more power for your workout gear. this is smarter sensing and dispensing. fully optimized cleaning, no more guessing. getting the best out of everything that goes in. ♪♪

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so you can enjoy more of...this. this is the planning effect. i'm contessa brewer with your cnbc news update. home builder sentiment is down for the 12th straight month as higher mortgage rates and a weaker economy hit the housing market the mothly index is now at 31.

that's the lowest reading in more than ten years. the u.s. government has made a roughly $4 billion windfall on sales of crude oils in the strategic petroleum reserve since march. the government sold 180 million barrels at an average of $96.25 per barrel compared to the current price in the $75 range shares of mesa air group are up 10% today they're ending their contract with american airlines where it had been operating the american eagle regional service and moving jets to united airlines and avatar the way of water led the weekend movie box office with $134 million in domestic ticket sales below the industry expectations nonetheless, the second highest global opening of this year, trailing only marvel's dr. strange and the multiverse

of madness frank, i saw it but it was at a theatre with it on every half hour a different screen. they were going full force avatar. >> your review, if you saw it, what did you think >> it was beautiful and long maybe not appropriate for the two 9-year-old children i brought with me. >> parental advisory. >> yes. >> contessa brewer thank you for the movie review and news update. back to the world of software, salesforce not mincing any words when it comes to new hires and productivity new internal slack messages to his employees asking quote how do we increase the productivity of our employees at salesforce new employees are especially facing much lower productivity is this a reflection of our office policy? are we not building tribal knowledge with new employees without an office culture? asking for a friend, a little sarcasm there.

they cut hundreds of jobs last month but said it was after the company grew a head count by more than 30% last year. sign of things to come >> the translation we're not getting as much revenue i expected after sp spending on the head count what are we going to do? >> either the people are going to bring in more sales in a down economy, doubtful. or they're going to cut. isn't that how it works? >> generally that's how it works. i spoke to the chief marketing officer at an event in new york city, she said they're looking to do more in-person events. i don't know if head count is the way to do more events. it sounds like they're trying to get their sales team out there and more active but maybe something to say about having people back at the office. >> how quickly do those sales events end in a boost to sales do you have to cut we see the direction that's going in anyway. also along the lines with

enterprise software, i spoke to john thompson, from microsoft on friday speaking to him and rubric's ceo announcing thompson was now at that start up. i asked thompson about the landscape for enterprise software in 2023 and what that means also for the i.p.o. market >> it's likely that the first half of '23 is going to be more tumultuous than we've seen in a while. this feels like circa 2008 if you will when we were going into what is a slump. the question becomes how far down does the market go? is it pre-covid or post-covid. clearly the number one issue for companies at the early stage is cash burn and how are they going to manage cash burn in a period of time when quite frankly valuations my be depressed if not pushed further down. and so, i think having companies

in our portfolio that literally have 24 months or more of cash on their balance sheets such that they can weather the storm becomes critically important. >> he said two years of cash on the balance sheet. so connecting that to salesforce, cash preservation, productivity, important whether you're as big as salesforce or as small as the startups >> one thing i want to know, i cover a lot of cloud stocks, cyber security, more are highlighting their free cash flow numbers saying we have the money to survive a downturn, maybe valuations are down, but we have the cash on hand. >> yep they can hold their breath longer maybe they can even acquire. turning attention now to crypto something we can't hold our breath on we have to pay attention to right now former ftx head sam bankman-fried is throwing in the towel when it comes to extradition. kate rooney joins us with the latest on this twisting and turning story.

>> so a source familiar with the matter tells me the former ftx ceo plans to surrender himself to u.s. extradition. he arrived at a a bahamian cour last hour. sam bankman-fried is there in a suit but they say he looks disshelved he was seen with his head in his hands, his knees shaking this marks a quick pivot, last week his lawyers said they plan to fight extradition to the states he's been in the fox hill correctional facility since his first court appearance last wreak. and the change of heart could be due to the conditions at that jail a report said there was lack of beds, overcrowded, and lack of sanitation issues. there may be a better chance of him getting bail in the u.s., which is what he's fighting for. this change could speed up the pace of a trial.

a source telling nbc news subject to bahamian officials sam bankman-fried plans to go straight to the airport after the hearing today. last week he was indicted in a new york federal court on eight counts elsewhere in crypto, binance u.s. this morning agreeing to buy the assets of crroy voyager, ftx was supposed to bail it out, binance will pay just over $1 billion in that deal. guys. >> heading straight into 2023, the crypto story keeps on giving thank you. is it time to take a second look at take two colin says yes we'll discuss. later this morning that will be with the analyst behind the call, why he's betting big on the name in the new year don't go away.

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despite a rocky year for markets individual investors have been piling in. flooding mutual funds and etfs with more than $100 billion over the past 12 months, the third biggest inflow year since 2000, institutions headed in a different direction with their cash positions at head funds hitting their highest levels since early 2020 should retail investors cash in or cash out?

joining us now wall street journal lead writer and cnbc contributor gunjan it seems right now may be the better time to buy in than other times investors were buying the dips we've heard that before, though, i guess. >> we have it looks like the individual investors have diamond hands holding onto stocks while institutional investors have been bailing it's one of the worst years buying the dip since the 1970s with the s&p 500 falling an average of 0.7% the week after a decline. i think this highlights what an unusual recovery it's been since the recession of 2020 where american households are a lot healthier than a lot of people expected and that's given people

extra fire power to invest in the market given that unemployment is low, wages have been ticking higher that's giving people extra ammunition to step into the markets. >> tell me what you think of this, my conclusion from this and some of your reporting is that the reddit revolution failed look at meme stocks, crypto, look at how retail investors have been trading buying the dips this year to me the mark of whether it was successful was going to be can the individual investor committee come up with the right kind of research that makes them smarter and not just short term minded that doesn't seem to have happened. >> i've been really surprised by what a long term view a lot of these investors are taking and, you know, i think this is very different from the vetted activity where i've been hearing several things from investors. one a lot of them aren't on reddit, on wall street anymore

and a lot of investors are turning to etfs, mutual funds this year. they're looking at broader indexes rather than meme stocks. some investors have shifted their strategies what i was hearing from investors while reporting for this piece is they were saying look at how the stock market rebounded in 2020 after the financial crisis even after the dot com bubble they were saying the stock market always bounced back maybe this time i'm buying low. >> so one question i go on reddit quite a bit i cover meme stocks here on cnbc people are putting more research on those boards, a lot more people doing macro takes on things, dissecting stocks but on the other hand you're mentioning people have diamond hands but there haven't been gains when you don't have gains you're selling into a loss. is that a big factor >> i think that's part of it a lot of investors putting money into the market let's not forget they have automated 401(k)

investments, automatic contributions and they say i'm not changing that. a lot of people don't want to sell at a loss but i do think it's important to note that people are taking more of a long term view. and the question is, how much longer does this selloff last? and what does it mean that investors have had diamond hands so far what does it mean for the market if they do eventually bail because they had been a key source of support for the market during the worst year for the s&p 500 since 2008 >> yeah. thank you. all right. still to come here on "techcheck," more on microsoft as morgan stanley names it a top pick this morning. but first check out the top ga gainers on the nasdaq 100. "techcheck" back in two minutes.

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time now for gut check on microsoft. morgan stanley calling the stock a top pick going into 2023 with a price target of 307 a share more than 60 bucks higher than right now. read the full call on 'rba ia mechk.nd "techec wee ckn mont

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another top pick this morning, and take-two, their best idea in gaming in 2023 as they are looking for more details on the highly anticipated release of grand theft auto 6 with us now, cowen >> well, it's going to be very important for them we expect it to launch in

counter 2024 obviously the game has always sold 50 million units to date, and might be more than that. as more importantly, online it has been a big earning for them since nine years ago, half a billion in revenue we think the 6 launch could take that to a new level. certainly there has been a lot of innovation in online gaming since it came out, and call of duty is north of a billion a year, and we think it could do the same >> in general, as we see big trends in sports i would think there's more interest in sports games, and how does that impact the take two game and gaming story as well?

>> well, they have the franchise and it has done well for a long time, and they have a mobile football manager game, which is not huge for them but it has been a nice performer and we think that could benefit from fifa a bit >> doug, the digital ads market has been rough i wonder what that means for king and zinga that were acquired by take-two, and activation blizzard. are they both headed for tougher times in '23, or does that mobile gaming business, casual gaming business stabilize? >> yeah, i think if you are talking about the advertising side, you know, there's two prongs to what is going on one, there has been a general ad slowdown because of the economy and that's effecting everybody secondly, i think on digital, specifically you see social

networks lose a lot of share because of apple's ifa changes, and that has been good for the mobile gaming networks >> right >> because people have gone away from facebook and they have had to look for other ways to advertise and mobile games have benefited from that. >> is that for the gaming industry or for the app loving and unities of the world >> it's complicated. on one the hand, i think it's good for their advertising business full stop, and they used to use facebook to attract people to their games and that part of the business is undergoing a real lineman under the last 18 months, and i think we are at the back end of it, but it has contributed to some of the sluggishness in the sector and will revert back to

what it was. >> the metaverse, is that a threat to a take-two is that a threat to some of the other names? the fact that we see a company like facebook spending 20% to try and build into the metaverse, and how big of a risk is that to take-two and some of the other video game makers? >> if there's any platform out there that is closest in sort of philosophy and experience to what, you know, the metaverse, if we talk about that with player 1 is, and it's grand theft auto online, and you can go there and be anybody and do anything and there's nobody moderating your content for the most part, and it's a very rich experience which is why it's so popular. anybody that wants to build a metaverse, no matter how well they do on the tech side, if it's not populated with great content nobody will want to show up from that perspective, even if

somebody else does come along with the technology for the med versethat is really great, i believe the take-two content will be in demand there. the gaming companies have always been somewhat platform eagnostic because their content is good wherever they send it. >> good point there. >> thank you >> thank you and follow and subscribe to our podcast. listen anytime anywhere wherever you download your podcasts we'll be back in a moment.

if you wanted to hold my hand... [ gasps ] all you had to do is ask. i am down to my last life. when you only have one life... that's what makes it special. go get 'em tiger. markets. the major indices all lower, and the dow down by a quarter of a percent, and the s&p down a little more than half a percent, and nasdaq doing the worst of all. robinhood, coinbase, affirm, all those investor-leading names those are all down, gosh, more than 5%. >> a lot of pressure on the

market today one more thing before we go. uber drivers are striking for 24 hours today, and the protests is coming on the heels of the judge blocking wage increase for drivers as it was voted to increase fares and wages for drivers. >> does this mean everybody will use lyft >> i think it's a good chance. it's the same drivers, too >> if you get in, most of them have both stickers in there and they are switching back and forth through apps, and where is the limit on paying for an uber. their rely iability has decline, and maybe i will jump back in the cab or drive ourselves >> you and i don't jump into

cabs >> i am not talking hypothetically let's go back to a check on the markets, since people might not understand that one. it's easier to hail it on the app sometimes, and now maybe cab drivers are feeling better with the uber and lyft. >> left me hanging welcome to the "halftime report," and i am in for scott tech is getting hung out to dry and getting wrecked again. technology, they are not paying attention, and it's on pace for its worst year since 2008, and nearly 90% of technology stocks are down on the year the question is how much more down side or upside is there left we will debate that and more with our investment committee today and we have shannon, joe and jim. before we get to our