the results on rivian, rivian stock -- you got that, guy -- rivian stock down 4%.ller loss but a loss and did beat revenue estimates. phil lebeau had an interview with the ceo in the last hour and is going to join us to wrap it up. you highlighted in the interview that the losses per vehicle they are narrowing. >> they are. and we will talk about that in just a little bit, brian. we are 45 minutes into the conference call. basically why this stock is under pressure, analysts want to know two things, more details about the joint venn ur with volkswagen and they also want to know about whether or not rivian can truly get to growth profit, positive gross profit in the fourth quarter. the loss smaller than expected, a buck 13 compared to the street expecting a loss of a buck 21, revenue slightly better than expected. there are the numbers within the numbers in the second quarter. it's still a company that is losing ate lot of money per vehicle, $32,705, a little bit better than previously quarters, but it's still a lot of money that they're losing. adjusted ebitda loss

being here in san francisco we see a lot of rivians.eminiscent of one tesla started getting traction with the model as. rivian's roadmap is very much following in tesla's footsteps, going from selling $100,000, high-priced cars to a mass-market, and the r2 and are three models, which rivian announced our coming in 2026. ed: i'm going to jump in here. the vw deal was big. i have written that rj has been so to speak, an unreliable boyfriend. mercedes deal did not last long. four never materialized. rivian cannot do it on its own. is that fair? gil: i think it is different. the legacy car industry is really struggling with the transition to modernizing their vehicle production. there is a couple of aspects of that. one is legacy car companies are good at a couple of thanks. they are good at outsourcing and marketing. they are not good at vertical integration and software. so, if you look at even fort's last earnings call, one of the things their ceo called out is that tesla and rivian, those of the two companies he called out, are the two

rivian are one s on a 350 mile road trip to northern california.t's different about this road trip is that this rivian is running the latest software which lets you charge at tesla superchargers. a nearly every major automaker has adopted tesla's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and lets you filter by network. and my first stop a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >> and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another charge or nearby. luckily, there are many along i-drive but to be safe. my next stop is a rivian charg

rivian are one s on a 350 mile road trip to northern california. what's different about this road trip is that this rivian is running the latest software which lets you charge at tesla superchargers. nearly every major automaker has adopted tesoa's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in. >> current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and lets you filter by network. and my first stop. a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >> and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another charge your nearby. luckily, there are many along my drive, but to be safe. my next stop is a r

> rivian powered by tesla. i'm taking a second generation. rivian are one s on a 350 mile road trip to northern california. what's different about this road trip is that this rivian is running the latest software which lets you charge at tesla superchargers. nearly every major automaker has adopted tesla's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and lets you filter by network. and my first stop. a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >> and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another ch

. >> rivian powered by tesla. i'm taking a second generation. rivian are one s on a 350 mile road trip to northern california. what's different about this road trip is that this rivian is running the latest software which lets you charge at tesla superchargers. nearly every major automaker has adopted tesla's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in. >> current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and lets you filter by network. and my first stop a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >> and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another charge your nearby. luckily, th

rivian powered by tesla. i'm taking a second generation. rivian are one s on a 350 mile road trip to northern california. what's different about this road trip is that this rivian is running the latest software which lets you charge at tesla superchargers. >> nearly every major automaker has adopted tesla's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and lets you filter by network. and my first stop. a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >> and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another charger nearby. luckily, there

rivian are one s on a 350 mile road trip to northern california.d trip is that this rivian is running the latest software which lets you charge at tesla superchargers. nearly every major automaker has adopted tesla's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and lets you filter by network. and my first stop. a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >> and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another charger nearby. luckily, there are many along i-drive but to be safe. my next stop is a rivian charging station. this is a sign of

. >> rivian powered by tesla. i'm taking a second generation.lifornia. what's different about this road trip is that this rivian is running the latest software which lets you charge at tesla superchargers. a nearly every major automaker has adopted tesla's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and lets you filter by network. and my first stop. a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >> and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another charger nearby. luckily, there are many along i-drive but to be safe. my next stop is a

>>rivian powered by tesla. i'm taking a second generation.on a 350 mile road trip to northern california. what's different about this road trip is that this rivian is running the latest software which lets you charge at tesla superchargers. nearly every major automaker has adopted tesla's north american charging standard. i've got about 34 minutes before my future evs will have tesla's charging port built in. >>current models require an adapter on my drive. the rivian is rugged and commanding. get comfortable for such big suv. this car has so much power. if there's one quirk, it's how fast the tailgate pops open. best to stand back. rivian's big touch screen automatically chooses charging stops along the way and let you filter by network. and my first stop a surprise. okay. this is kind of crazy. so i just got to the tesla charger station. >>and it's all coned off. perhaps the system didn't realize the station was down for maintenance. and so now i've got to figure out if i can find another. charter nearby. luckily, there are many along i-dri

rivian is one that definitely got beat up because it was not profitable.hey have committed to a path to profitability. i think what we're going to see this earnings -- this quarter is that they are continuing to show that. they're continuing to deliver and grow deliveries, quarter over quarter and year over year. and they are also cutting their costs. and effectively showing that they can make profitability by year end, which quite frankly it's pretty much a requirement at this point by companies. >> yeah. i think that's well said. them in particular. and the ceo. thank you, gina. ceo rj scaringe will be on. and we'll check in with jamie dimon 1:00 p.m. tomorrow. tyler is getting ready for "power lunch." hel ckhis 'lpi tngup on the other side of this break. i'll see you then. both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plans available in your area, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all these plans include a he

>> i like rivian. given the fact he did get back and they're not going to have any cash flow issues. i think the long term potential is pretty good and tesla will be the only one that i could ever possibly imagine touching and always too expensive and for me, no, evs are a no touch. stuart: they're not going anywhere. >> dead money. you're at 39,003 on the dow jones industrial average and quite a few winners on the dow 30 and we'll put the top winners on there, amazon, apple, honeywell and intel broken above $20 a share. they were way down for the last couple of months and s&p 500 winners and xon, vp, and global payment and nasdaq winners are fort net, illumina, margo db, global foundries and z scaler. big names there. check the 10 year treasury going up and looking at getting closer and closer at 4% and 395 on the 10-year and price of gold, it's up this morning $8 but shy of $2,500 on ounce. 2440 right now. bitcoin down, $26,000. oil, $73, $74 -- $p 5 a barrel de--- $75 a barrel despite the mideast is

heading to break, looking at shares of rivian. they have had to pause the line that makes a delivery van for amazon due to a parts shortage. stock decline has been accelerated. it will not affect long-term production targets. they are not changing guidance. all the workers will be paid, etc. but is interesting that this continues to be an issue in the supply chain for rivian. stay tuned. this is "bloomberg technology." ♪ ♪♪ ♪♪ sandals jamaica sale is now on. visit sandals.com or call 1-800-sandals are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one. caroline: epic debut for epic games. they are launching a new mobile storefront after years of wrangling with apple and google over their app store practices. the epic ceo says it may have lost up to $100

amazon is the largest investor in rivian.nds of people heading to the iowa state fair. it is that big. brine brenberg is there. brian, you're talking to voters. how do they feel about their personal finances? reporter: yeah, stu, i'm talking to voters and the iowa state fair is awesome. i've got my dad standing in line behind me to get doughnuts and that's super helpful and boss hogs pork barn and culinary delights all the way around and iowans spending money at the fair. they want to have a good time but they're very concerned about the budgets. we talked to some of them, stu, take a listen. jot rate of growth is going down but the prices aren't going down. this one we'll only gain three pounds and we went down but we're 13 pounds up. >> child care is one, mortgage is another and honestly groceries. >> prices are up on everything. go to the store and it's a surprise every time you look at something like geez, that's ridiculous. >> always an issue having staff and good staff in your business at all times. >> we definitely con

and take a look at rivian, moving in the opposite direction. a spokesperson for the ev maker said the company has temporarily suspended production of its commercial delivery vans used by amazon due to a shortage of parts. we're looking at rivian shares down about 4%. scott, back to you. >> seema, thank you. seema modi. we're just getting started on this friday. up next, iphone optimism. apple shares are up double digits from last week's lows. erik woodring is going to break down his latest call just after the break. we're live at the new york stock exchange, and you're watching "closing bell" on cnbc. tax smart investing today, helps to build a stronger tomorrow. at pgim custom harvest, our unique direct indexing approach seeks to help investors achieve better after-tax outcomes. pgim investments. shaping tomorrow, today the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make

i'm getting the rivian truck.on't get going on this stuff and concentrate -- >> is the rivian a protest against tesla? >> no, i love the colors and i love the shape and the whole thing. i tried the cyber truck. it's too crazy for me still. >> martha stewart. martha stewart, thank you so very much for being here. this is a lot of fun. melissa. >> thank you. >>> coming up, shares of meta on the rise after the positive earnings report. >>> still to come, we will have the ceo of moderna joining us on set. "squawk box" will be right back. [window slamming] woman: [gasps] [dog barking] ♪ woman: [screams] ♪ [explosion] [explosion] ♪ [lock clicks shut] >>> meta shares are higher by 6% after the company beat estimates for revenue and profit. b barton, great to have you with us. there is a lot to like out of the report. when mark zuckerberg talks about the a.i. assistant being the most widely used one by the end of the year, how do you bake that into the model? how do you look at the monitezation of investment? >> they are

. >>> rivian shares, they're moving lower after the automaker beat expectations. they're focusing on net losses during the second quarter. the ceo saying yesterday the losses were partly due to production inefficiencies. >> what we see for the q2 numbers doesn't have any updated numbers in them and has a challenge. for roughly one third of the quarter, our production was down. we had an inefficient quarter. >> shares are surging after the massive pop. it secured $5 million in new deals. lumen expects the trend to continue. forecasting $7 billion in sales and a two-fold amount in sales over the next five years. shares up 43%. almost 44%. for more catch kate johnson at 4:00 p.m. at "closing bell" overtime later on today. >>> disney's earnings are set to come up soon. our julia boorstin has more on what to watch in those results. that frank, with disney shares down 23% since the last earnings report on weaker guidance, analysts are looking for 3% revenue gruct and action sem racing from last quarter's growth and 60% growth in earnings per share. they're watching the

ed: my interview with rj's carriage, rivian ceo. release the software update to most of the cars it has ever sold in china due to an issue that could leave and unlocked unnoticed creating a potential safety hazard stop tesla will deploy an the air software fix. coming, social platform x files a lawsuit about an advertising boycott. we have those details coming next. this is "bloomberg." ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com >> i was shocked by the evidence uncovered by the house judiciary com

rivian long-term? >> that is neither here or there. i think it is good.y actually have what i would describe as being a big backer. so, therefore they are not going to run out of money. short term, rocky. they have a lot of things they need to do to ramp up. so, i am not going to go jump on the short term, i will do, because, henry you got your whole life ahead of you. it might be a good one for you. >>> joe? >> hello mr. cramer thank you for having me on the slow and all of your great advice. >> thank you, you are very, very kind, thank you. how can i help you? >> okay. with company layoffs and a recent earnings beat should i still hold on to ciscoe? >> okay. go ahead. all right, let me tell you how i feel about the system. i thought it was a very, very good quarter. but, then, they did not give you a lot of follow-through to the quarter. so, it felt like to me that you should not chase it here over 50. but, i do like what they are doing. i like it, and chuck, chuck robbins, looks like a good price. things are better, inventory is clean. i will not tell

a senior leader of rivian leaves for stellantis.ccording to a message sent to plyees, the vice president will leave the company to become head of manufacturing at see lan tis effective september 8. his far teur, more than half a dozen high level readers that left the cop. shares surged 82% since the i.p.o. rapid rise. market cap to more than $7 billion. we'll be right lack. this is "bloomberg technology." is it me... or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪) caroline: welcome back to "bloomberg technology," i'm caroline hyde in new york. ed: i'm ed ludlow in san francisco. caroline: quick check on the septemberment of the markets. we are coming off what had been a slightly stronger rally prior to the jobs revision d

. >> what are your thoughts on rivian? >> i think it is fabulous.he last thing i would want to do is write these guys ff now that they have a deep-pocketed partner. does that mean you should own the stock? no, it means you should not sell the stock necessarily, but it means the company is sticking around. nordstrom and kohl's deserved a rally. abercrombie and footlocker did not deserve to drop so much, but bath and body works, steer clear. you can buy some calvin klein, not going to hurt you. what is it that the maker of twinkie is signaling about weight loss drugs? i'm unpacking the latest in the package food stock space. and tonight's edition of the lightning round. so stay with cramer. to duckduckgo on all your devie duckduckgo comes with a built-n engine, like google, but it's r and doesn't spy on your searchs and duckduckgo lets you browsel but it blocks cookies and creepy ads that follow youa and other companies. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back thei

shares of rivian on down as the company says it is maintaining its full year vehicle target.ose a factory in 2025 to prepare for a new vehicle launch. over one day it is down 3.5%. over two days, 80% decline. airbnb tumbling after the company issued a forecast for sales in nights booked to that missed analyst estimates and warned of slowing demand from u.s. travelers. this forecast positions airbnb for its slowest pace of growth since 2020. that brings us to the stock of the hour. disney. it is down following mixed third-quarter results. . the u.s. theme parks business missed wall street estimates for sales and profits which offsets the company's first ever profit in streaming. disney looking for a mid-single digit profit decline in the fourth quarter. here is hugh johnston this morning on bloomberg. >> lower income consumers are a little bit stressed and shaving a little bit off of their time at the park. higher income consumers are tending to trevor overseas a little more. we see this as a few quarters of slight perturbation in the numbers. i think we are going to be back a

super micro, airbnb, rivian, reddit, devon energy all on deck.on, with 86 billion in assetted under management. ed perks is here, ubs senior managing director, senior portfolio manager jason katz. this is fascinating to see what happened today compared to yesterday. does it keep going, what will keep that sort of motion going? >> i think you hit it on the head really. earnings has to deliver. first of all, after the significance of the decline we just had thursday, friday, monday, it is pretty typical for tuesday to see some kind of bounce and recovery but ultimately really what drove this market, those challenges still exist. we ultimately need companies to deliver on earnings and for the market to be comfortable with the overall macro outlook. that may take some time. liz: jason when you have the phone ringing and your wealth management clients aing oh, the dow is dropping 1000 points, do you say wait until tomorrow, what is your response and how have they fared with the choices you made for them? >> volume of calls and emails is probably three

. $325 million what's this about a fire at rivian. >> the only plant as it stands in the state of illinoisrking lot, the cause we don't know the damage some of the ev's and that number has not been specified but the plant makes the r1 suv the pickup truck and will eventually make the cheaper version when it comes out. stuart: not much impact on the stock down 21 cents. crowdstrike another report on wednesday a lot of people cutting their price target. >> this is a cybersecurity company that had the minor software upgrade last month that created major and crippling problems for many companies. the question is they report wednesday "after the bell", how long do the problems last. security needs are paid upfront and they might not see the impact until future quarters. because companies already pay them but to brokerages to answer your question, rosenblatt and deutsche bank are cutting the price target from 350 - 330 and 275 respectively. >> how much will they have to pay out lawsuits, that to. give me a number. the parent company of temu of the discount retailer, that must've been a bad repor

concentrating. >> is the rivian a protest against tesla?d whole thing. i tried the cybertruck. it's too crazy for me still. >> she was singing the praising of tiktok and said it's not going to get shut down. so there's a call there and we will see what ultimately happens. as i mentioned, martha commentating with her pal snoop dogg here on nbc and peacock. what else you need to know about what's on tap here at the olympic games. the women's gym nathics individual all around the women is coming up today. a little bit later. we got women's team foil finals. usa taking italy in the gold medal match this afternoon 2:30 p.m. eastern time. team usa women's basketball taking on belgium and we have golf for those folks who are watching scottie scheffler and saw that rory mcillroy at number three. so whole bunch of things going on. and i know you're there, but carl's coming this way. we have to talk about what to wear here. it's very hot. the weather. >> i'm well aware. >> you need linen. >> well aware of the weather. you look good in that suit. i i

800,000 subscribers, but i think to your point about making money, tom, last night, we talked about rivian, and ev maker, right? and they're selling cars and trucks, some of them are $100,000, but it costs them a lot more to manufacture the car. so, revenue is going up, but profitability is not there. it sounds like that's kind of what you're sort of analyzing with disney and hulu and everybody else. will there ever be a time of streaming profitability? does the model ultimately work? because if it doesn't, tom, i don't know what the industry is going to do. >> well, disney, for the first time, did hit streaming profitability, remember, i've been very cautious about disney, warning over and over again over the last several years that when people compared netflix and disney, netflix was miles ahead, that's clearly the case. but you can't take away the progress disney has made here. warner is a bit obscure, because what is in the warner streaming numbers is cable hbo. so, it's not a pure look at their -- at streaming per se, when they talk about direct to consumer. and that clouds the pictur

rivian can't get out of its own way because they're losing money so, tesla is the single play with evs you know, is questioning, you know, the strategy of full-on ev, right? and elon musk has made it very clear they are not going to go the hybrid route. he said that on their last call. and it's interesting, because almost every other major automaker to steve's point is going in that direction. i'll tell you the other headwinds, it was a 90% tariff coming out of europe on teslas that are coming in from china, and most of the model threes, the low end, are coming from the shanghai giga factory. and then, on the flip side, it seems like former president trump keeps talking about if he is re-elected, how he's going to get rid of those tax credits here in the u.s. so, those seem like two big headwinds at a time when tesla can't get out of their own way. so, it really seems like, you know, hybrid ev is going to be the way to go for awhile. >> yeah. the demand picture is what was misestimated, it seems like, here. >>> coming up, we're watching two names on the move in the afterhours. snowflak

better absorption than regular folk putin, kunal, the brand i trust this morning we're thaksin took a rivian state of mind because it's sandals.com or call 100 sandoz the keepsake frames app makes it ridiculously easy to frame your favorite photos just choose a photo that you love. select a perfect frame, and we'll have your framed print delivered and ready to head download the free keepsake frames app and start framing today let makes ewc so special. he do a really great job at trying all of our associates to be the best of the best. >> one thing that we're never going to do as double-dip, for wax is only adhering to the hair, never the skin. >> comfortable. it comes off clean, were just kind coming in now and under 50 then our products there may think smoother skin less ingrown hair. less irritation what are you waiting for? >> get your first wax free boys and girls is tied. >> proceed work and it is less than 100. >> mecca academy. our master teachers live up to their titles when you're start your free trial and save $100 today invested in gold doesn't have to be complicated. >> i'm calli

the latest rivian this won't uses up a tesla superchargers. i'll show you how it works.l show you how it works. i'm [ding] [upbeat music] ♪ yeah, baby, i like it like that ♪ ♪ i like it like that, i like it like that ♪ ♪ si a ti te quiero mi amor, i like it like that ♪ ♪ eeeeeh, baby, i said i like it like that ♪ ♪ stomp your feet if you think i'm neat ♪ ♪ clap your hands if you want some more ♪ ♪ i said i like it like that ♪ z's baking the house special. ♪ clap your hands arisa's styling a new look. and steve's filling his biggest order ever. with the first ever comcast business five-year price lock guarantee, these business owners get five years of value on gig speed internet and advanced security. all from the company with 99.9% network reliability. so now they can focus on doing what they do best for the next five years. that's a lot of bread. you got this. the comcast business five-year price lock guarantee. switch today for a limited time. >> we're back at 6.54. and a little dog in danville decided to take itself. >> for a walk. oh, my god, one or another. look at

. >> we're taking a road trip to the latest rivian. this one juices up at tesla superchargers.l show you how it works. i'm rich >> member a cat on a hot tin roof. yeah. how about dog on hot honoring with that. and is on top of the garage. yeah. that little roof that goes over the garage. also, firefighters got this call yesterday afternoon from concerned neighbors who said there's a dog on this roof. somebody come out and help them just pure joy. it like a yeah, does. you get a mystery at least dangerous far as we've been told. yeah, we don't know how he got up on that route. but firefighters used a ladder to get him down and return him to the owners. i i had heard something about. they were away at the time the family and maybe he went out through an open and perhaps all right. coming up on the kron, 4 morning news. you've got lots ahead. >> it's the first day of new school in san francisco. we're also concerned about what's going on schools in the east bay because there's been high levels lead trace to the drinking water. so have that. and 4 people were injured when a car cra

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rivian down 7%.nd we'll finish off by rlookin at shares of lumen technologies, up around 30% premarket after climbing 93% in yesterday's session. you can kind of see some of the moves that we're seeing there. and the reason comes as the telecommunications company said it secured $5 billion in new contracts, and is in talks to secure an additional $7 billion. the company raised its annual free cash flow to between 1 and $1.2 billion, from a prior estimate of between 100 to 200 million. that likely contributes to that significant jump in the stock price, but lumen technologies not a name we talk about often, a $6 stock, but up 29%, getting a lot of attention. i'll send things back over to you. >> it was about, i don't know a.i. connections, something about a.i., i read, dom. but i checked out the history of that beauty, yeah, so, it was down in the low single digits. and it had been 40. maybe ten years ago or something. so, $5 billion market cap before today, so at 40, it was a $40 billion market cap.

. >>> let's move on to rivian, why not? down 6% on earnings.usly reported the company delivered 13,790 vehicles. they talk about that new jv they formed with volkswagen. >> who's buying that stock? you're just betting on vw continuing to put money in. >> is that what you're doing? >> yeah. i would rather buy tesla, thinking that demand isn't that distracted. >> all right. >> i don't know. >> finally, we the got shopify, which i guess we should get to. we pointed out the stock is up sharply, and i believe we are going to be joined by the company's president. >> we sure are. shopify shares are indeed surging, and i got to tell you something, david. i think that harley finkelstein may argue that the previous quarter wasn't as bad as the market said. this, though, is just a total reaffirmation of the old shopify, the estimates handily beaten and that's thanks in part to what i would say is a boost from, are you ready? what do you think helped them? a.i. >> oh, yeah, of course, a.i. >> harley finkelstein, shopify's president joins us. i'm going to c

check out shares of rivian. commercial delivery vans used by am sann. t amazon.lions of dollars about to go up for sale. we have all the details and a look who is doing the buying. robert? >> good morning, melissa. good to see you. more than 1,000 cars expected to cross the auction block this week here in monterey and pebble beach. this is the biggest auction of the year in the classic car market and the biggest test for a market that is losing speed, maybe even seeing a bit of a correction. last year sales here fell 15%. this year could, they're hoping for an all-time record with sales up around $460 million. wipe the optimism? well, sellers have come down in price. they're dropping reserves. getting a little more realistic about what their cars will sell for, and dropping their reserves. at the same time, you have new wealth creation, particularly in tech here in california, and especially from a.i. so that's replaced some of the crypto grows and some of the ipo wealth we'd seen prior to that when it comes to buyers. >> the collection's built out of some of the

new jersey, teslas everywhere, a lot of rivians too.ey don't exist. >> yeah, well, listen, brian, you know, we talked about this before a lot. early adoption happens early, obviously. for evs and that got a lot of attention, a lot of enthusiasm, not only from the automakers, but obviously from the government in terms of imposing their fuel economy restrictions, which really they say they don't pick technologies, but they knew very clearly that to meet those requirements you needed evs. and early adoption is -- i won't say it is easy, but it is a lot easier than mass adoption now and you're starting to see that. you're starting to see consumers say, listen, you need to solve a number of things to happen for these ev sales it take off. and first it is -- there has to be more lower priced models in the marketplace for consumers to afford. secondly, as we talked about, the charging infrastructure has to be built out, it is in the process of that. but it not only has to be built out, brian, it has to be in locations that consumers can see, j

thursday results from wrote -- from uber and rivian.ed president tom barkan. mike joins us from more. we are light on data and fed speak but let's talk about the data we do have. ism services at 10:00 eastern. given where the market has been, how important is that data point? michael: it will be important psychologically. if we got a bad number -- the first contraction in month. if we get another contraction people will be opening up the windows and hoping to drive out -- the idea that the labor market is falling apart. and you have to wait for jobless claims. that will be the only other number that will matter this week. they could fall. if they fall, that everyone jumping out their we reaching for a parachute. jonathan: andrew hollenhorst is looking at 50 in september. mike for early of j.p. morgan for 50 in september. i am sure there is another part of this that is bugging you come intermediate calls. you have been around the federal reserve for a long time. when you see those things in markets what is your reaction? michael: the fed

you have rivian and lucid and ford and bmw and kia and nissan and so many manufacturers here. that's great. but we also have electric bikes high speed bikes. we got stuff for kids, electric go karts. so there's really everything here for people to drive and ride. >> is there something here that's your favorite like piece of this your favorite event? >> i'm kind of i love it all. i'm brand agnostic, but, but i mean, we yes, i do have one thing. we did something special here in san francisco. it's called the launch party. so when you go out and you test drive, or when you go out and you drive one of these vehicles, we have a special lane where you can just hammer down that accelerator and feel the thrill factor of these cars, because some of these cars, they go 0 to 60 in 1.9 seconds. that's faster than any lamborghini or ferrari. so the experience that people are going to have here is kind of pretty much mind blowing. so you got to come out and check it all out. >> and are you expecting a lot of people? i mean, it seems like this is a big deal here. this is huge. >> yeah, i mea