>> we are not yet, but uber is and instacart has been.e start really understanding how it's going to impact the business, you know, we'll get behind it a little bit more. cheryl: okay. all right, yeah. well, it's great. congratulations, eric, thank you very much for being here. >> yeah, appreciate it. take care. cheryl: all right. well, let's talk horses. let's switch gears. take a break from our markets for about five minutes. the second jewel of the triple crown is set but without the winner of the first jewel. we're going to take you straight to pimlico racetrack for a preview of the 147th running of the preakness stakes. and taking a look at the big board -- i lied, we're going to look at the markets again. there we go. we're only down 361, 363. you never know, see, it's getting better. things can change around. we'll be right back. ♪ ♪ your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500,

instacart filing confidentially did elicit some surprise, thinking who would go public in this marketr, what do you think they're going to show what's a calculus there, and what could that mean for the public gig economy companies if they show good numbers, good or bad for them >> we're not an investor in instacart. they have a tremendous cfo i wasn't surprised they may try to break the ice in the ipo market, at the end of the day, public market investors and even cross investors in the private market have a bevy of choices. with public comps down anywhere from 50% to 70%, the bar is going to be high for companies that want to go public i'm not an investor in instacart, but, you know, well run companies should be the first to get public this year when we do see a return of the ipo market. >> jeff richards, always great to get your insights, thank you. >>> and after the recent selloff, is netflix still overvalued one long-time bear is changing his tune we will break down that call next next do stay with us. ♪ ♪ opportunity is using data to create a c advantage. ♪ ♪ it's raising capital

instacart taking the first step toward going public.with an ipo the company was a pandemic darling seeing its valuation soar to $39 billion in 2021, but in march the company cut its valuation by nearly 40% to 24 billion. it's been a rough road lately for recent ipos especially in the food delivery area doordash jumping today, but down 73% from its 52-week high and just eat takeaway, the parent of grubhub is 90% off its yearly high let's get to kristina partsinevelos for a cnbc news update. >> thank you, tyler. here is our cnbc news update at this hour. north korea declaring a first national emergency as the first-ever case of covid is identified within the country according to state media leader kim jong-un is ordering lockdown pleasures in all cities and directing the distribution of medical supplies. >>> the supreme court's nine justices are gathering in private since the leak of the draft opinion which would overturn the landmark roe v. wade case. protests continue outside the supreme court and across the country. >> nearly 2,400 peo

more troubles for instacart. the company is fighting slowing growth at this point. street journal their jobs have become much less lucrative and are starting to find work with other delivery companies. some said customers are ordering less making for fewer orders and tips. early on in the pandemic, shopping for instacart was one of the hottest jobs available with so many people staying home at the time. the company says it is committed to supporting shoppers and continuing to update its platform. a big week on wall street for major u.s. companies. first-quarter earnings reports are set to be introduced for big brands. all five of the groups saw their stock value drop multiple points by the close of friday. investors have been nervous over high prices for consumers and of course, the supply chain shortages. taking a live look at the new york stock exchange as trading gets underway this morning. we are opening the doubt down about 36 points. kumasi: san jose is back. the first one of the season. it took on the streets yesterday and the event as part of a citywide prog

emily: that is the ceo of instacart last month when i asked her when the company might go public. it appears now is the time. the company has filed confidential paperwork to start the process. the upstart was one of the most highly valued companies, and grew exponentially to the pandemic, but will now navigate a volatile market. it slashed its private market valuation by 40% in march, as orders have slipped in the post-pandemic world. well , it was airbnb's biggest change in a decade, the company rolling out a number of new features, including categories like castles, amazing pools, and homes that make you go, omg, including air cover, consumer protections. i spoke with brian chesky about the changes and concerns about rising prices, inflation, and how that will affect customers. brian: well, first of all, the reason the price per night was up was because people were booking more expensive airbnbs. a lot of people were traveling by themselves booking one-bedroom or two-bedroom homes. now they are booking bigger homes, and there has been a shift from asia to north america and europ

instacart, paypal, microsoft announced this week they are cutting staff or slowing hiring as part ofger trend across tech as companies prepare for a prolonged downturn. i want to talk about this with the ceo of the company that helps companies identify and address and resolve pay disparities. it is great to have you on the show. you have a unique window into how companies are navigating major cultural shifts, the move to work from home, great resignation, now this downturn and perhaps some rethinking of the potential to resign. how are companies navigating this? >> yeah, thanks for having me. it is a great question. we are seeing an interesting trend started to unfold. if you look at what you reported on today around microsoft, you see it clearly. microsoft just 2x-ed their comp to keep their workers. they also announced or slowing down the rate of hiring. there is this interesting environment right now, particularly in tech, where founders, entrepreneurs, ceos are thinking about cash preservation, runway, optimizing efficiency, but we cannot lose sight of the fact we are still in a

emily: how much overlap do you see in drivers versus -- are you also competing with instacart and grubhubrdash and amazon and domino's pizza? they need drivers, too. john: within the category of drivers, the highest earnings historically on average have been found within the rideshare segment. we typically require newer vehicles and background checks and driving record checks are always required. that isn't something in these other industries that is always the case. there are segments of the population that want to earn more and have access to newer vehicles. emily: i want to move to another story. huge story we are watching. the leaked draft opinion from the supreme court that signals that roe v. wade could be overturned. that has -- lyft has come out in support of reproductive rights. you will defend drivers facing legal action where we've seen antiabortion laws make progress. what is your reaction to this draft opinion? what more is lyft prepared to do? john: it is very concerning. we've been clear on our viewpoint on women's rights to choose and have the reproductive health access. w

>> instacart has always done a good job of the consumer marketplace. the market is different. if they have a long-term plan, thinking about our opportunity, i think they can have a successful ipo. but they should have a very long-term plan. we know there will be different market backdrops. that is how we think about our business. we are focused on the long-term play. as long as there is a good long-term strategy, it will work well. y: restaurants and companies like yours are becoming more intertwined with the gig economy and the gig economy future. i'm curious about the labor issues we are seeing, especially in a tight labor market, or when people are struggling to make ends meet? >> we see that as a pain point for restaurants. that is where we can help restaurant owners, by leveraging tools. if they can leverage tools, we can help them serve more diners, even with our platform. we had a restaurant with eight servers serving 90 diners. a year later, they served over 200 diners. gives you an example of the power of our platform to help in this intense l

. >>> instacart is slowing hiring as it preparing to go publicall it is the latest to talk about it meta and twitter all said they are slowing hiring of not talking about pink slips >> bertha coombs, thank you very much see you later on it has been all smiles for the u.s. markets this week as the major averages look to snap multiweek losing streaks dow and s&p up 4% so far the nasdaq is not slouching. up 3.5% this week. all three remain off the 52-week highs. the nasdaq dug deep into the bear market territory. tech heavy index is down 27% from the record highs set in november let's bring in dara d'auria at invest net i wonder as we look at the markets, dana. the bears have a compelling case about why there's more downside ahead and the bulls can say this is a bottoming process this is as deep as things have gotten since the great financial crisis with pull back. we have seen it before with the covid pandemic maybe it was a onewone-off situation. >> thanks for having me. i have to lean toward the former in terms of what i would expect with markets it is hard to think we are past the pain

bloomberg reports a listing could happen as suma -- soon as this year, but instacart execs might decideain private. let's check the big were at the new york stock exchange. we are down about 160 points. kumasi: lottery prize payments have been suspended because of a mega mistakes. >> tonight winning numbers are 15, 16, 71, 20. reggie: it does have the lineup at the bottom,. kumasi: the host on tuesday got the number wrong during the drawing. he said the gold mega ball was a six, but if you look closely, it is a 9 -- there is the line on the bottom. if you think you might be a mega millions winner, official say you should hold onto your ticket until you sort everything out. new at 6:00, a bay area bagel boom. many bagel pop-ups that started during the pandemic are now expanding. according to the chronicle, many have open door are -- opened or are now announcing plans for permanent shops. if you want the best bagels, the chronicle saves -- says you will find them in the bay area. some of the best bagels are in san francisco and napa. they are becoming as prominent as taquerias or pizzeria

belen -- berlin instacart looking to avoid elimination from while another is looking at fourth placeampions league football. correspondent: the superior difference means it would do that, but their carts as they will not be sitting back. >> it will be a really tough match. we need the ball, as always. we want to play for the win. we are going there to produce our best performance, and for that, you need everything. correspondent: their opponents in the finalcorrespondent: are hoping to put one over on them in the league. they know that a win could secure fourth place in a first ever crack at europe's elite competition. they have already qualified for the champions league, but their wish to give the retiring sports director and club legend a fitting sendoff means they will not lack motivation. at the other end of the table, berlin and stuttgart will battle it out for the playoff spot. the berliners need just a draw to secure safety, but stuttgart's unlikely drop last time out against the champions has given them such soap belief that their coats is no motivational speeches are needed

. >>> and instacart filed for an ipo.in the private markets of march of 2021 march of this year, it slashed that valuation to 24billion. citing the tech stock selloff. >>> apple is no longer the world's most valuable company. that title belongs to aramco apple shares down 20% from the january peak in the meantime, shares of aramco up 27% this year. aramco market cap is larger as apple defines the year >>> apple is a member of the dow. let's stay on that index because disney is the member it is the 23rd highest rated stock in the index disney matters shares of disney are down more than 5% following earnings this after the numbers crossed last night 9 cents below forecast the number of streaming video customers for disney plus was better than expected the park 's business rebounded. disney investors hoping for better times ahead that stock down 34%. let's tie it all together with jonathan kees. jonathan, good morning on the surface, the numbers weren't terrible what do you think is happening with disney stock right now? >>

the window is so shut, but we have instacart filing confidentially what's it going to take to get that open? >> it certainly feels like the window is not particularly open when it comes to ipos. you are right, we saw those consumer facing ipos, even if you look at the fintech space, companies like robinhood have already gone public. even in the fintech space they're more focused on the infrastructure, and even companies like flock freight and these other -- these other infrastructure companies to deal with the logistics of infrastructure those are also tend to be more b 2 b oriented we have the likes of go puff using logistics to deliver things more quickly to consumers. their valuations as proivate companies are much higher than comparable companies in the public market. we're likely to hear them say they'll hold off we certainly should ask about this later. >> go puff at 27, that's one that's got to watch out. >> this is a company that's innovated by using so much data that it has about what consumers want to make products themselves and improve their margins. >> they got to be caref

every time i have done instacart i hear formula is not available.head of the game but stressful to not know if i'm able to feed my baby next week. >> dana: a friend said she doesn't know any mother not worried about this. i'm not a mom so i want to have you explain to people when a manufacturer of form what says it's okay to switch to another formula in the meantime, as a mom, what do you think of that? >> i think that's hilarious. anyone who has ever fed their baby formula knows when you find a formula that works for your baby, that your baby is happy eating and can digest, you stick with it. you can't switch it on your baby. maybe some babies can but for the most part if you switch formulas it will upset your baby's digestive track and be up all night with an upset baby and your baby will be in pain and no parent wants that. we need the brands that we know our children can eat. >> dana: the states that have higher than 50% out of stock rate here. north dakota, south dakota, iowa, missouri, tennessee, texas. a lot of babies that need this formula.

. >> i have heard from abbott that instacart is actually the best app. to help you find formula..com, target.com. walmart.com. they are getting resupplied. the problem is it goes as quickly. now they are preventing hoarding. they are limiting the amount of cans that you buy. last night just out of my own interest i went on amazon and it says like formula is available but then you see the ship date is a week or two weeks from now in my office we got two cases of infall mill delivered which we weren't expecting because there is a shortage. i have been calling families to pick it up at our office. i see on social media that mothers who have extra cans of formula posting it please come, free pickup. i think the one thing is that families have to be flexible about the brand. so they get very fixated started on similac or started on enfamil i have to stay with that for the most part the majority of babies can tolerate most general formulas. will: be more flexible. is there anything else? i know you have some advice on this as well people looking at creative ways to help solve this shor

help and we have had, i mean, you know, at least 15 people reach out whether they can find it on instacart it delivered and then shipped to us, we have family in alabama that, you know, secured a good chunk of cans and they are shipping them to us. but it's just scary that we have to go to that point that we can't buy it locally, and you know, we don't want to panic buy either, but he's only five months old, formula seven more months. >> not like you have nothing else to do right now. >> i know, there are definitely other things to be concerned about, and not anything i ever thought i would have to worry about. >> john: stephanie, while we are talking to you. >> go to the grocery store and pick up a can, right now you can't. >> john: while we are talking to you, i want to put up on the screen a map of the united states that shows the depth of the shortage here. and clearly when you have a child, particularly one who has, you know, problems with various kinds of formula as hudson does with the eczema and all that, talk to us about the sense of anxiety that you are in a constant state of now

delivery company instacart slowing hiring as it prepares to go public.ld during the all-staff call and nvidia and meta is decisions and maybe this will help the fed thread the needle. without increasing unemployment. that would be quite a trick if it happens >> is this going to be d deflationary we'll see. the ceo of sotheby's joins us next do i just focus on when things don't work, and not appreciate when they do? i love it when work actually works! i just booked this parking spot... this desk... and this conference room! i am filing status reports on an app that i made! i'm not even a coder! and it works!... i like your bag! when your digital solutions work, the world works. that's why the world works with servicenow. >>> welcome back to "squawk box. with the volatility in the market, many looking for safe places to go sotheby's is havingi its biggest auction season it's great to see through morning. somewhat surprising, i think, but maybe not insofar as you go back in the '70s and lockok at what actually worked and art and other collectblings were som

be a lot of money in bringing stuff to people does gopuff have a different value proposition than instacartopuff is expanding fast. as people are going back to grocery stores more, they f figured out quick delivery times for not just groceries, but things you might stop by a pharmacy for or go to the convenience store. they figured out how to do it efficiently by using all of the data to streamline the logistics. and a company that does the same thing in mexico, it they have bn able to improve delivery times and not manage inventory i think what is really interesting is these companies maintained growth despite the reopening of the economies and that's why there is so much momentum >> i mentioned the first thing on the gopuff web site is alcohol. every high school dream. >> the meme tomato julia, do you know >> the what? >> the meme? >> the meme or mean? >> mean. they now started selling pizza they created their own brand >> a restaurant? what is a mean tomato? >> a ghost kitchen you order from home because you want pizza with alcohol. they will not want -- >> i want the pizza with cannabis

a lot of them of taken jobs with instacart and some of the online delivery services because you can makepick and choose. one of the problems is, as well, from your point of view, mark, is that child labor laws. it is are certain restrictions on who you can hire. if they could change a law to be used so that it's fair for you and fear for the family is, how would that look? >> it's quite simple. a high school student can play sports. they can go to an away game for sports and by the time they get back from their away game, it can be 11:00 at night or later. on a school night. however, federal labor laws state that during the school year a high schooler can only work until 7:00 at night. well, especially in my business in the ice cream industry, 7:00 at night is when you just start to get rolling. >> steve: exactly. >> that would be one of the biggest things. >> steve: that's a great idea. you know, you're coming into season right now. it should be all hands on debt. i've been reading in the street journal article that we were quoting some places are open seven days a week are now having t