barton crockett, real-time reaction to the shake-up and in the way he's realigning the executives toses is a little different. >> it is a little different. i think it does certainly sound consistent with the change in business focus for there to be a change in management structure i think that this is an tune, a slowdown, a strategic pivot where zuckerberg sits back and rethinks who do i want as my team who is in for the tough fight ahead? and i think that's what we're seeing the fruits of that internal kind of analysis and thought process zuckerberg is going through. >> where are investors, barton, that you talked to your clients, where are they on the metaverse and meta there was a lot of hype for it but then the fed started raising rates and a lot of air came out of the stocks especially meta. how much tolerance on this project changing the entire focus of the company away from the traditional model of ad sales on facebook? >> right, right. it's very interesting. i talk to people who are believers. i'm on the more skeptical side of who i talk to but the stock acts like my view is

barton crockett joins us from rosenblatt. >>> not every day the top three laggards are in the same industryot of discussion this week about their leverage even with oil back to 106, we'll get more on today's market action after the break stay with us ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >>> cnbc is out with new results from the deliver alpha quarterly stock report 40% of respondents say the index will finish the year above 4k, but 13% believe we'll go even lower. hey, bob. >> we have 250 points to get to 4k i just cant to point out these declines happened overnight, mostly in europe i want to show you europe, it's down overnight, 3:00 in the morning u.s. time. germany was down france was down. remember, the ecb policymakers have been meeting in portugal. their speeches have been fighting inflation, no matter the cost so if you look at sector

27% for the year here to discuss what to do, raymond james senior analyst aaron kessler, and barton crocketture a lot of your clients as well, when is this going to end? what is an appropriate multiple. what do you tell them on a day in particular like today >> yeah, it is a tough environment right now, with rising inflation concerns, concerns around earnings coming down possible. we think they're sticking with names that are free cash flow. >> so for us, that's kind of google or alphabet meta or facebook around 16 times earnings something like go daddy with 13 times cash flow, so we think of this as names that are read cash flow yeah, we think investors are best to stick with reasonable valuations, and solid balance sheets as well. >> aaron, stock-based comp, you said increasing conversation around it. what are the conversations like? obviously i can imagine, given the value of that stock is a lot less >> yeah, i think that is a concern. in a bull market investors will kind of discounts, focus on revenue growth companies may have to reup some of their employees on cash or offering stock so