i'm carl quintanilla with deirdre bosa and jon fortt today, is netflix finally cheap? we'll break it down and discuss whether the stock is a buy at these levels is roku a real acquisition target more on why that may or may not make sense for the streamer. remember when china was called uninvest i believe you might be surprised the look at the performance versus u.s. we'll start with a look at valuations and where to find opportunity in a down market dom chu has that for us. >> this is a time when a lot of traders and investors are seeing if there are value metrics becoming more attractive, at least on a relative basis, given the fact that the s&p 500 has pulled back the way it has but showed the modest bounce we're seeing right here at these levels can't really see that here but with the s&p 500 it is a place where you can find some value. take a look at one of the screens that the team over at cnbc pro put together with regard to trying to fight those types of stocks. if you look at the s&p 500, they look for forward p lshe ratios less than 17.5 also, how many of thos

deirdre bolton joins us now. the fed has been hiking interest rates in order to try to slow inflation and bring down prices but there are concerns as the economy slows people could lose their jobs. >> that is a possibility. the fed is really between a rock and a hard place here. secretary yellen saying earlier today, it is going to take skill and luck to bring down inflation while maintaining a strong u.s. labor market, but she says she does think it is possible. linsey. >> many americans hope she's right. deirdre, thank you. >>> we turn to the capitol riot investigation. public hearings resume this week, and tonight, one of the two republicans on the committee, adam kinzinger, said the actions of former president trump may rise to the level of criminal involvement in the january 6th insurrection. our new abc news/ipsos poll shows a majority of americans believe trump bears significant responsibility for events and should be prosecuted. and the new evidence the committee member says they will present in the next

>> good to be back, deirdre.k as recently as three weeks so it's a very recent round, and speaking about the runway, we have been profitable in spite market conditions, q1 has been profitable. we're really strong. >> when did that close, just to clarify? banking, clearing, 24/7. and know no company, no protoco done this before a lot of value is going to be tokenized. we are seeing signs of that already. despite the market conditions. >> you guys also focus on institutional investors. falconx generates revenue by a trading spread you guys are essentially a market maker in crypto can you explain how that works and how your institutional customers can be confident that they are getting the best price when you guys are doing that >> absolutely, so falconx more broadly is a brokerage you're absolutely right. we focus completely on institutions we also offer credit and clearing so on the creating side, the spread is effectively our revenue, and the way we ag aggregate pricing, retail evenings changes, market makers, an

i'm carl quintanilla with jon fortt and deirdre bosa hours ahead of the big fed decision, avoiding of more interest rate pressure ahead the crypto crash continues as bitcoin falls nearly 30% in a month. we'll discuss. finally more target cuts for apple ahead of a big union effort in maryland a look at why morgan stanley is getting more bearish this hour. >> the nasdaq seeing a pretty good bounce as the investors eye the potential hike from the fed this afternoon where should you put your money to work? dom chew u joins us with defens names. >> defensive is the relative term when it comes to stocks and especially with the technology communications services and consumer discretionary sectors of the market, three of the worst performers over the course of this year-to-date period. interest rates play a huge part of that discussion which is why we're talking about those technology-related stocks with regard to what's happening with interest rates if you look at the ten-year treasury note yield versus invest co-qqq trust, one of the things to focus on is the inverse relationship we've seen

>> deirdre bolton for us there.nk you. >>> well, yellowstone national park will let visitors back in starting wednesday. the park shut down last week after catastrophic flooding destroyed bridges and roads in the area. visitors will be allowed back into the southern loop of the park. the park service is implementing a temporary park system where even numbers have access within on one day, and odd the other. just to manage the crowds. >>> and that flooding out west comes on the heels of a lot of heat. time now for a check of the weather and danielle breezy from our affiliate wkrn in nashville tracking that heat. >> the heat is moving east. as i go back to nashville it's going to feel like the triple digits by tuesday. in fact, take a look at this. chicago, you're in the 80s today as well as nashville. by monday, tuesday, into the mid to upper 90s. dallas, texas, triple digits starting tomorrow. and it's not just the heat that we're talking about. we also are talking about today, severe weather threat. this is going t

that's close enough now, deirdre, that i think people say, you know, this stock was at $412 now it's at $100 let's do some buying >> jon has a question for you. >> great to have you big day yesterday for apple, right, and for the vision that they're laying out such an interesting company in this inflationary environment where consumers are spending more to get less but also the high-end consumer still seems pretty strong, and that's apple's bread and butter. also interesting, though, that they have this opportunity to expand margins we saw them come out with the m2 chip in the macbook air and the macbook pro. you know, next, they want to expand into wireless as well what are your thoughts about how that positions that company to maybe have control over its destiny with this vertical integration in this economy? >> one of the features i love about you and the show is on the one hand or the other, on the one hand, i was excited about m2, all the things you talked about. particularly i also like buy now pay later, but on the other hand, jon, you know people are more concerned about the

hey, deirdre >> this all has to do with tiktok's parent company bite dance being a chinese company witha the commissioner carr joined us today to discuss his concerns. >> most people look at tiktok and they say what's the big deal it's just another viral video sharing app, and that's just the sheep's clothing as you walk through it is a sophisticated tool for harvesting this data one thing we do know right now the ccp is running one of the most widespread data gathering operations out there and tiktok has repeatedly said, don't worry. your data is stored in the u.s we've come to find out through some of this investigative reporting is, in fact, according to tiktok employees, everything is seen in china >> he's essentially calling tiktok a surveillance tool and citing a buzz feed report that indicated bite dance had access to data as reisn'tly as this year alphabet and apple have not yet responded to our request for comment but commissioner carr says he wants a statement from them by july 8th tiktok does say, quote, we will gladly engage with lawmakers to set the record straight accordin

a carnival now. mamma, one debated aladdin colbert deirdre gunn. funds do as a job you got to go with an until god, yes. been remodeled. those would be kind of to warranty than the oh so god, yes, me tomatti. mila mana, this i cannot have a sub, a load that i will get in. and a lady out of the notably island lagrano here in the comedy. and i want to find out about that the less like the body money. and i'm going to give you kind of good at galion the back of the long and sort of will be a survey, not even the new. i mean, it would allow you to kind of in many countries that on the world, the people who drive the investigation of disappeared are the families of disappeared, particularly the mothers in countries like argentina, the bible says change the rules. what we need to do is to be able to work together and to make sure that your voice is good heard. because we have to make sure that you know, and the babies are able to tell your stories to the world. and in that way, we can force the government to give on, says down the road on the road when i'm glad to take a look in the mirror.

i'm deirdre bosa, coming to you from the home the winning warriors we have got an argued for a near term rally, perhaps some opportunity, then adobe shares cloud surge. more on what a report means for the rest of technology speaking of storm clouds, specific warnings for the ad market we will look at media entertainment internet stocks. first, it is the broader market and tech's underperformance. mike santoli is looking at all of it. mike >> yeah, this is pretty dramatic and really pretty protracted at this point payback phase for the multiyear strength you had concentrated in growth stocks coming up to the peak in january, actually, november for the nasdaq. look at the forward valuation, the price earnings multiple for the nasdaq 100 stocks. of course this is heavily, heavily skewed to the top five biggest most profitable firms. you see just complete kind of unwind of that huge surge of excitement embedded in the valuations we got above 30. now just for 20 at the last reading. 19.9 or something like that. it does take you essentially back to this range that prevailed or capped valuation

abc's deirdre bolton joins us in new york with that. >> reporter: a year ago the national average for price of a gallon of milk was $3.49, now around $4.20, a 20% increase. these costs up across the board, part of why all americans are feeling the pinch. inflation nation. americans are paying significantly more for basics such as food, fuel and rents. >> i basically just got struggle food and popsicles. >> reporter: the consumer price index rose to 8.6% and signaled that price pressure may be here for a while. food costs soaring this morning, milk, poultry, fish and eggs seeing an average increase of 14% since last may. for americans families coping with the squeeze there are many strategic decisions. >> our grocery bills are probably, probably a few hundred dollars more. we try to have a game plan about how we're going to go about the groceries, how we can stretch things. >> reporter: this mom putting the strategy into action in the aisle of the grocery stores. >> i usually grab these wraps which are on sale. >> reporter: with americans trying to do more with less, food banks are als

deirdre, thanks for the color on this stocks near session lows heading into the close the dow is down00 still hovering above that 4100 mark down about 1% for the week, barb do you think there's anything that we're going to be learning about the next catalyst, the next driver of this market, i guess ahead of next friday we have the cpi number? >> you know, i don't think so, mike, unless we suddenly -- smfz things not factored in in terms of upside surprise, maybe there's a resolution in ukraine. china is reopening shanghai is ending its lockdown so i don't think there's data coming out of there any time soon i think we're just going to be hanging like we used to in the old days back when you had dr. doom and gloom talking about interest rates. we're hanging on every cpi number, every inflation number out there to see what it's telling us. >> we're also, of course, very related point, crude oil, brent and wti above 120 right now. that has clearly translated into strength for the energy sector but a little bit at least of a perceived headwind it seems as if that might be one that's going

over to deirdre bosa who has a look at the gig economy stocks >> pippa, thank you.g hit hard as well in today's session and took another leg lower. uber, lyft, airbnb, take a look there, all off between 10 and 12%. doordash off around 6% didi is starting its plans to delist it has been a very rough ride for the chinese ride hailing company. for years, gig names could focus on growing revenue while burning through billions and billions of dollars. now that has put them in a very tough spot investors, they want real profit, not adjusted ebitda. they're looking for free cash flow some are getting there quicker than others. airbnb had about a billion dollars. dash has been positive for the last two years uber just had its first free cash flow positive quarter but there is a lot of grounding to make up. lyft hit a new 52-week low and uber is just a few cents off, i believe. both those names are also well below their ipo prices from just a few years ago. lyft went public at $72 a share. it's now around $14. uber went public at $45. it's now around $21 and change back to y

bosa has what's been the overall weakness in what we brokedly call the technology sector deirdre?e the latest data point that investors are digesting. quarterly results were fine, but it was the outlook that disappointed adobe is early to report more companies could indeed following. now we already had soft commentary preannounced. adobe's issues largely nonoperational that is to say, mostly out of its control. those are the factors weighs, and those are the factors likely to continue to hear about from other companies. another group of tech that continues to bleed this year, just want to make a mention, the squall best of breed the stock huge run-ups during the pandemic yesterday on "techcheck," we had microsoft's chief commercial officer, who said best of breed, these names are luxury that most customers won't be able to afford of course, microsoft competes with a suite of its own products, but that does speak to another theme for technology stocks that's shifting spending habits, what some see potential the nest shoes to drop. that's what we're on the lookout for, guys. >> the

process of composting allows us to give back to the soil what we took from an anchor bold barrel at deirdre lockerbie. so we complete the cycle and light continues the lobby, that se they eat their own vegetables. but they also saw them at markets. all plants need nutrients to grow, especially in nitrogen and phosphorus. all in t ali is a fully organic farm, and artificial fertilizes are banned. thomas via new eva says they're expensive and bad for the soil. so he and his team invest a lot of time and effort, collecting excrement from dry toilets, mixing it with natural ingredients like stone powder or straw to transform it into a rich compost over a number of months. the activity of bacteria leads to high temperatures during compositing. that heat kills any pathogens, elk, our guy, philip, the name of said, miss compost here is now ready yet, and it's most pleasant. like fertile soil, be of a verity. they used to grow various types of cabbage, beetroot, broccoli, fruit, and a whole lot more. lead come to the small town of aucker to peck in the state of morales here, architect says are, and

simon russell beale in the lehman trilogy won for best actor in a leading role in a play, while deirdre in the same category. the warriors are back home in the bay area tonight and getting ready to host the boston celtics in game five of their nba final. this is video of the team arriving at sfo shortly after five o'clock yesterday afternoon. the warriors flew back from boston after one of their most exciting playoff victories ever. on friday night, steph curry had 43 points in the dubs 107 and 97 victory over the celtics to tie that series at two games apiece. tip off for game five at shea center is at six o'clock tomorrow night, and there are still some tickets available for tonight. tomorrow night's nba championship game in san francisco with fans should be ready to pay top dollar to watch the warriors battle the celtics at home. the least expensive ticket on stubhub is now going for $745 and get this. some courtside seats are expected to cost fans nearly $50,000 going to be loud. tomorrow night at the chase center. it should be should be right. speaking of sports sports wrap is comi

and last but not least, deirdre o'connell has won the tony for best actress for her role in dana h.nd protocol, what is proposed by the uk government today, what impact it could have a business and, of course, the relationship with the eu. we're also looking at the food strategy proposed tjy at the food strategy proposed by prime minister boris johnson, but also on the agenda today, so a busy one and chancellor rishi sunak is out and about in london and we will tell you what he is up to. so, i will see you soon. hello there. just as we saw over the weekend, the weather for the week ahead will be a tale of two halves. so, in the north, it was quite unsettled, windy with showers. not as windy this week but remaining quite cloudy at times with some outbreaks of rain. getting a little warmer potentially later in the week but not as warm as it will be for england and wales. northampton fairly typical of many parts of england, seeing those temperatures pushing towards 30 degrees by the end of the week. the reason being the azores high is pushing its way northwards. so, we'll say goodbye t

. >> good wednesday morning, i'm carl quintanilla with jon fortt and deirdre bosa today breaking down the salesforce surge why some are calling it the best barometer of cloud spend right now. even hardware feeling love, the latest on how hp beat estimates. inflation in focus for tech investors worldwide. don't miss a check on the economy with fed president mary daily in just a few moments, jon. >> got to start with salesforce. the top and bottom lines boosting the stock today, up 12.5%. salesforce upping its profit forecast with lowering full-year revenue guidance here is co-ceo marc benioff on why they're making the adjustment. >> guidance is impacted by foreign exchange we've had to consume about $600 million of foreign exchange exchanges since we first gave guidance last november if you look at that deacceleration of, for example, the yen since march, i've never seen anything like it. >> index ventures partner, welcome. nina, what does this mean for the overall software as a service space? what kind of demand insights did we get in in a way it seemed reminiscent of what frank salut

abc's deirdre bolton has more on the inflation we're seeing.ood morning. >> reporter: good morning, whit. you mentioned it, these food prices are a huge component in this inflation factor, it's a big one. grocery prices alone raising by 11.9%, the most since 1979. eggs, milk, meat, these are the biggest culprits. gasoline, all-time high. national average per gallon, $4.98. compared to $3.07 a year ago, a 62% increase from a year ago. rent up more than 26% for a one-bedroom apartment, that's according to rent.com. just from a year ago. the issue is that these are basic costs of living. we're not talk about spending on vacation or anything extra. more worrying experts say may's data points show these higher prices are here to stay. a recent government report shows consumer sentiment is at a record low. for what you can do for your family there are rewards programs at grocery stores, sign up for those, especially the ones you use the most often. grocery shopping apps such as basket, drop, ibotta, they offer forms of cash back or free gift cards. o

here's abc's deirdre bolton. >> reporter: this morning, soaring inflation forcing millions of householdslars further by putting charges on their credit cards. americans carry an average of $6,194 in credit card debt. in may of this year, americans had a collect balance of $856 billion. up from $757 billion in may of 2021. >> we're starting to see credit card debt move up. we're also starting to see the savings accumulated during the pandemic start to run down. >> reporter: according to bankrate, more than 1 in 3 americans have less emergency savings now than one year ago. and with american households are spending an additional $341 month to purchase the same goods and services compared to 2021 the rising prices are upending the budgets of millions of americans. >> it's really scary. because it doesn't seem to get better any time soon. >> inflation is hitting moderate income households the hardest. credit card debt is going up at a time that interest rates are going up. >> reporter: also tracking credit card delinquencies are up, they're still near record lows. carrying over that existing

deirdre is off today this morning, stocks coming off their worst drop in weeks, as you know investors eyeing a rate hike tomorrow that could be the fed's biggest in decades if coinbase is anything to go off of, there's more pain to come, at least for crypto. announcing some layoffs. we'll get more on that, that said, not all tech is created equal. we have the street's top tech picks this hour. >> let's start with a big winner this morning, oracle that stock surging, up about 9% after locking in a beat on the top and bottom lines license revenue a big driver for the quarter, two nine-figure deals oracle mentioned evidence that the company's push to move customers to the cloud gaining some traction. ceo catz says she sees the cloud building more than 30% in con constant constant currency in 2023. i was wondering how oracle was going to fare given the strength we saw in mongodb, this cloud database upstart the upside surprise in oracle revenue, $240 million above the constant currency guide. that's almost as big as all of mongodb's revenue for the quarter that they just reported, $285 mi

i'm jon fortt with deirdre bozza. carl has the morning off strong dollar, weak guidance, how macro headwinds are affecting tech ahead of chair powell's testimony tomorrow. >> plus, what's oversold and what's a falling knife we'll consider where investors look for opportunity as the nasdaq bounces 3.3% at this hour, and speaking of stocks that have come way off their highs, the ceo of snap, evan spiegel, joins us in just a few minutes live from cannes what that company is doing to power through the slowdown, and then bitcoin higher this morning, but in the greater fall, one firm looking to create a way to capitalize on crypto winter proshares launching a short bitcoin etf. it's important to figure out what to pay attention to here. we have been warned by many, the likes of dan niles, about bear market rallies, as mike santoli was just saying to close that last hour, it's going to be hard to distinguish what's what, but we're going to try >> absolutely. something that a lot of folks are look at is valuations, of course

abc's deirdre bolton is here with more. deidre, good morning. >> reporter: good morning. workers especially teenagers this could be the best summer job market in more than a decade. there are more jobs than workers. some employers are struggling to find people to wait tables, staff factories, guard swimming pools. by category here is where the most jobs were added in may. leisure and hospitality, professional and business services and transportation and warehousing. the labor market is hot. it's full of opportunities, but inflation is hotter. we all know it. we all feel it. it takes more money to fill up at the pump. it takes more money to go to the grocery store, to pay rent. americans are making more on average, but wage gains are not enough to keep pace with rising prices. 8.3% inflation, a four-decade high, so real wage growth or purchasing power is falling. >> and, deidre, obviously when you're talking about inflation rates, the highest in a generation, some business leaders are sounding gloomy about inflation and the economy. what are you hearing? >> they sure are.

. >> good wednesday morning, i'm carl quintanilla with jon fortt and deirdre bosa today breaking down are calling it the best barometer of cloud spend right now. even hardware feeling love, the latest on how hp beat estimates. inflation in focus for tech investors worldwide. don't miss a check on the economy with fed president mary daily in just a few moments, jon. >> got to start with salesforce. the top and bottom lines boosting the stock today, up 12.5%.

i'm carl quintanilla with jon fortt and deirdre bosa hours ahead of the big fed decision, avoiding ofcrypto crash continues as bitcoin falls nearly 30% in a month. we'll discuss. finally more target cuts for apple ahead of a big union effort in maryland a look at why morgan stanley is getting more bearish this hour.

i'm carl quintanilla with deirdre bosa and jon fortt today, is netflix finally cheap? is a buy at these levels is roku a real acquisition target more on why that may or may not make sense for the streamer. remember when china was called uninvest i believe you might be surprised the look at the performance versus u.s. we'll start with a look at valuations and where to find opportunity in a down market dom

deirdre is off today this morning, stocks coming off their worst drop in weeks, as you know investorscoinbase is anything to go off of, there's more pain to come, at least for crypto. announcing some layoffs. we'll get more on that, that said, not all tech is created equal. we have the street's top tech picks this hour. >> let's start with a big winner this morning, oracle that stock surging, up about 9% after locking in a beat on the top and bottom lines license revenue a big driver for th

i'm jon fortt with deirdre bozza.ff strong dollar, weak guidance, how macro headwinds are affecting tech ahead of chair powell's testimony tomorrow. >> plus, what's oversold and what's a falling knife we'll consider where investors look for opportunity as the nasdaq bounces 3.3% at this hour, and speaking of stocks that have come way off their highs, the ceo of snap, evan spiegel, joins us in just a few minutes live from cannes what

i want to contrast his comments i think with deirdre bosa on tech check in terms of their approach andnies. take a listen. >> i think there's more pain to come i do, because when those companies really start getting down to answering the investor question that you mentioned, the path to profitability, they're not going to love what they see. that requires a lot of cost reductions it requires a lot of pain. and it's difficult to execute in a public setting >> that was what he said this morning. what he said three weeks ago take a listen. you can contrast the comments heed that this morning with what he said a few weeks ago. >> for us in private equity as a buyer and operate tomorrow of software companies, this environment of five times forward revenue is the buying opportunity of a lifetime. there have been cheaper times. the global financial crisis, we're buying companies at two times revenue. after the dotcom bust, it was one to two bup s but it's not like it was in the past >> things have changed dramatically in a couple weeks >> on one hand i'm completely right and on the other comp