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

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

in today's trading, still on pace for what would be the tenth negative week of the last 11 our deirdre bosas in what we brokedly call the technology sector deirdre? >> yes, a extremely low month, adobe 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 s

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

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

. >> 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

clark has spent the last 23 years at the company and a replacement has not been named deirdre bosa joinsre on this. dee, why is this departure potentially such a big loss for amazon >> first, david clark played a critical role. he headed up the consumer business which is amazon's core and it comes at a challenging time for this business, when it's facing slowing growth over capacity perhaps some missteps in hiring. for him to step down is pretty crucial. it's just ahead of prime day in july which is one of the busiest shopping days for amazon as you said, mike, he was there more than two decades. one of amazon's strength has been its bench of executives, its veterans that have been there for nearly as long as jeff bezos. they lost jeff wilke and a few others who were seen as bezos' lieutenants. it raises a few questions about succession we new andy jaffey got the top job. but it is a critical time for him to step down and that's why it matters so much. >> barb, this comes at a time, obviously amazon has had a tough time in the market it's down 35% from its high even after some strength.

. >> 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

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