i know some people are going to say the ebitda, there was a lab in ebitda, only up 15% year over yearowth anything i need to worry about there will be a fly in the pointment. someone will say the ebitda didn't grow enough >> no, nothing to worry about. business is very strong, growing. we're still benefiting, jim, from the three tailwinds, and that's more and more companies are outsourcing logistics, more e-commerce so many of our customers are converting to more e-fulfillment and, of course, we're deploying so much new innovative tech into our warehouses, robotics, collaborative robots and on top of that, of course, we've got all of that new business that's been signed this year that's going to channel in to 2022. setting 2022 up for a very strong year of growth. >> i'm writing these down because these are some of the mega themes i'm trying to focus on between here and year end i want to thank malcolm wilson from gxo logistics thank you so much for coming on "mad money." >> thank you, jim. >>> i'm trying to present stories that fit into your wheelhouse how many times do you hear abou

ebitda at $8 billion a loss was expected and the q4 range, the company said it expected adjusted ebitda is a miss and this is key also probably just hitting the stock. $23.1 billion. narrow miss. 23.3 was expected. in terms of supply, driver supply is very key for this company saying that u.s. mobility drivers were up 60% year over year and that compares to what lyft said this week. in the third quarter notably in this release we don't have a commentary. they don't say whether they can pair back investments of supply and probably critical. >> does that commentary normally come on the call or the release? >> lyft pretty explicitly said it didn't come until the call. i'm sure they will be asked. we'll see. it could. >> not a specific omission just something to -- now on the call uber ceo will be on "squak box" tomorrow 7:45 a.m. eastern time. so much to chat about. mike, uber at least was up 3.5 pis3.5% week to date coming into this. disappointing. >> absolutely. maybe prime for people will be leading slightly positive after lyft the story is the grind peloton, this looks like - >> not go

oh, i'm going to hold on i think the story has legs revenues and ebitda in particular ebitda is positive for the last two quarters, but the margins accelerated 19 points sequentially and beat expectations by 450 basis points and this is really just block and tackling, room night stays helped adrs pricing helped and cost-cutting helped and this is the definition of operating leverage and demand comes back and margins and cost controls and this is what happens they also are gaining share in verbo and it's important they're gaining share because they're spending an enormous amount of money and it is encouraging and i think the real reason the stock is up, scott, is the commentary bookings accelerated from september to october and october is only 2% from 2019 levels so travel is essentially back, if you will all regions saw improvement and all products saw improvement and travel type, and the interesting thing is their summer '22 bookings are higher than summer '21 bookings and the reason i want to stay onboard is because this company, as demand comes back and as cost controls continue they

well, maybe this higher price model is going to drive more ebitda and lyft went up 40 million to getmillion this last quarter, so that's pretty compelling. the first time, first, you know, big reasonable cash flow that lyft has had and i hope you see that uber, as well >> it does sound, emil, like you're seeing uber under pressure for lyft's efficiency and more pressure from doordash on the eat side. >> one of the things to measure that i'm going to look for tomorrow is that uber's whole ride business globally does about three times what lyft's ride business does in one country. so, it's inefficient that's sort of the definition of inefficiency if uber doesn't fix that, then the multiple it will trade at is just kind of be below lyft at some level and at doordash the interim numbers you get from the credit card companies that release the data, it looks like uber is looking market share to doordash in the u.s those are not great tends. but we'll see what happens tomorrow maybe they'll pull a rabbit out of a hat >> emil, today as i look at uber stock price 46.05 about a dollar above th

the take rates improved slightly the ajusted ebitda margin is pretty good.ers so all of it looked positive for the company. >> thank you for joining us. >> sure. >> stock now positive having been down 3% or 4% shares of aurora cannabis reported moments ago and trading. we'll have that for you in a moment down 4.3%. we will be joined by the company ceo shortly. plus will disney earnings rr turn around the company? that's later >>> welcome back it is time for a cnbc news update with shepard smith. hi. >> hi. from the news on cnbc here's what's happening ten more former aides and advisers to former president trump hit with subpoenas from the committee investigating the january 6 insurrection there's some people closest to the then president on the lead-up to the capitol attack. among the former senior adviser and the press secretary. no word yet from any of the ten on whether they'll comply orr instead risk contempt charges. >>> pfizer and its german partner biontech filing today for emergency use of the vaccine for booster for everyone 18 and up based on the p

like we have done every single quarter and beat on growth, core ebitda growth and year over year freeh and this machine of reliable market leading growth is really working. >> in terms of the competition you see out there at the moment i guess between the big three and mobile, but also, the kind of threat you see from the tradi traditional fixed players, has the period of being four main players down to three passed and back into fierce competition >> we have always been in a competitive market and we created this environment of competition and the more jump balls out there the more people question if they're with the right carrier the more fuel we have 1.3 million net new postpaid subscribers this quarter and within that 268,000 new account relationships. also market leading. that was the best qur q3 on three accounts in three years and the uncarrier is tackling the biggest pain point and people notice. >> at&t and verizon also had the best growth in years this year and why expectations lowered for you. what's going on here all three seeing the huge wireless gains can't be sustainabl

they only did a 4.5% margin on a core ebitda last year.three or four years as they kind of just simply catch up to where their peers are. just a great multiple-year story. as you expend those margins you typically see good cash flow conversions. i see a great margin story and a cash story evolving over the next years leer is in a stronger position their seating business is 70% of the company. it is their cash cow they have actually been leading all the seating peers in profitability. i think the opportunity there is on the e systems side, their electronics business they have made some smart investments in e power train they also do some wiring which benefits for electrification because their more wiring content in an electric vehicle i think that's the part of the company that doesn't get the full valuation from investors and one of the key drivers why we have an overweight on that stock as well. >> why are you cautious on visteon. >> i look at the growth names versus the value names we are at a point now where the growth premium is at rec

profit margins, the whole company is ebitda profitable.are finally ebitda profitable but the road ahead the supply situation is getting much, much better. so all signals are pointing to great. >> speak to the margins, too, though, you did very well, this quarter on it feels like a per drive kind of situation. part of that seems to be a supply issue when things come back into better balance, is that going to be better for you in the end or n not? >> it's going to be much better. our part of the science part of our busyiness is to blevins supply and demand. what we saw earlier in this quart ter demand for profitability and food, frankly, was growing much faster than supply so the team went to work to make sure we communicate to drivers and couriers out there, this is flexible work, earnings opportunities are incredible we brought over 640,000 drivers or couriers onto the platform since january, drivers are up 65%. couriers are up 80%. when you look at the amount they made this quarter. they made $8.6 billion up 60% in terms of earnings as we

we've seen in the last year is the spin-off of a lot of existing assets and they're selling them at ebitda multiples of five to seven times the fiber assets are selling at multiples of between nine and 17 times if you take all of what they have left and ally those multiples, the stock should be probably in, like, the mid to high 20s and we re-visited that analysis and re-assessed our conviction in it and that's why i was comfortable giving it as a final trade and it was pretty cool to continue to march along and execute on the strategy of unbein unlocking fiber and the best part of the call is that they were committed to the dollar dividend i had thought that that might be trimmed after the investor and they committed to saying no, they can pay the dollar dividend and that's safe and we'll continue buying back shares as much as we can so i came away positive and positively surprised i see that you're also buying -- i see that you're buying more of a couple of names that you already own. one being h & r block. >> it traded down for absolutely no reason. this is one where you can do the work

weekends and they could work remotely from an airbnb say on a friday >> then you look at adjusted ebitda margins going back six years or so anywhere from minus ten to plus five and year to date so far, julia, 28%. so even on a margin standpoint, you can argue at least some of that multiple is getting deserved >> and profitable for sharing economy -- >> yeah, shocking. think about all the people who are introduced to airbnb during the pandemic and then become frequent users >>> now shifting gears over to pinterest. that stock, that social media company seeing a boost this morning after beating investor expectations on earnings and revenue. the outlook was not entirely rosy, though the company did miss estimates from monthly active users. it actually lost 10 million amus over the course of the third quarter. not seeing any gains among its u.s. user base in the first month of the fourth quarter either but pinterest pointed to supply chain constraints and affected spending and so much information about what users are looking for its ads are less impacted by apple's operating system change wh

getting back on the platform whether for food delivery or ride sharing also i mentioned adjusted ebitda, the chinese ride sharing company really helped boost results last quarter but we know the story here that this stock has really just been a dog given all the pressures in china how will it come through in uber's stake this quarter? >> absolutely. i always forget that aspect of its exposure kim, this did rise on lyft's results. what would you do with the stock today? >> well, if i owned it i'd get while the getting is good. because there is not a whole lot of good news that might come out. part of my worry is there's only so many people in america that are willing to be drivers. it feels like lyft has been winning the driver race and giving them better compensation, you know, whatever they need to to get those drivers i'm a little bit worried about that and also looking forward which is really what we are looking for out of earnings reports or loss reports, whatever, you know, whatever they are, what we're really looking for is clues about what is going to happen in the next quarter a

beat by 45% in october actually all record highs in ebitda in las vegas.summer the bookings in 2022 are higher than '21 because demand is so strong and even match group, i know bumble stumbled today but match beat and tindr is up 20% why there's demand for sure in terms of the reopen i have to watch inflation to see if that creates destruction. i don't think so in the near term but it is something to watch for 2022 theme so we'll just have to wait. >> the other thing is a higher move in gold and materials were the best performed sector and on the week and not been the predominant theme all yearlong. >> gold is firmed up and people is saying the chart is looking constructive now but from low levels definitely upstaged by bitcoin which is not able to break higher in the short term so yeah. it makes some sense. i get that you have the inflation cover story for why that would work at this point and interestingly not seeing a lot of the alarmist inflation story filter through to other asset classes. >> and had the perfect environment which is inflation picking

did happen, president, who at that time who i was gonna try and now this will incompetent only ish ebitda christopher. yeah. well hey, i want to go to, i want to talked about florida, the free state of florida here. yeah, i mean, is it from florida to done pretty well and their kids were in school almost all the time. i mean there are comparisons within the united states. go ahead, christopher. yeah, i mean, lorna is, is a what exactly is it more frequent sample of that we did not have those mahoney and i shut down here and they kept talking about old. the numbers are going out. look at where the numbers are relative to florida. look at the economy in florida. look at the fact that all of the people from new york and new jersey center are moving down to florida. the locus of course are complaining about high cost of housing doubt because of back. but in, in the case of florida, listen, it. florida is an example of how the kids were not out of school for that long. my kids were in school the entire time except for probably a week. so i don't hang i, we're almost, we're almost out of time.

we need to sell more tickets and adjusted ebitda is well below pre-pandemic levels.e listening for more insight on the earnings call back to you. >> thank you >>> the ceo of hilton on the outlook for travel now that the u.s. ended the ban on foreign travelers coming in. >>> shares of coinbase are crushing it. coming up, what vinvestors need to watch tomorrow. ♪ ♪ remember when no dream was too big? ♪ ♪ and you could fearlessly face the unknown. (kids playing) you still can. ♪ ♪ (blowing dust) when you have a rock you can depend on for life, you'll be unstoppable. that's why over 5,500 companies rely on prudential's retirement and workplace benefits. who's your rock? >>> time now for a cnbc news update with shep smith. >> here's what's happening the house committee investigating the january 6 insurrection issued a new round of subpoenas all to aids and advisers of former president trump. among them senior adviser jason miller and former national security adviser michael flynn plus the former nypd chief committee chairman bennie thompson saying we expect all witnesses

however, third-quarter ebitda of $8 billion was wiped out by other expenses, including a lockdown ofn china. both pushed uber to a net loss of $2.4 billion over the period. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: thanks so much. that's annabelle droulers in hong kong. coming up, crude prices in focus. investors away a u.s. response of the modest output hikes from opec plus. we will have more on that story next with amrita sen. this is bloomberg. ♪ ♪ dani: welcome back to "bloomberg daybreak: europe." i am dani burger in london. it was a thursday surprise at thread needle street after a market that expected a rate hike from the boe, though economists were evenly split, to be fair. we saw this major reaction from a boe that decided to hold because a global bond market rally from the u.k. to australia to the u.s. the issues that we had entered the week expecting this to be one the inflation bull were in charge on running the show. i think dan moss puts it rea

wynn resorts said ebitda was at record levels.ing and expedia ceo said their bookings in summer 2022 are higher than 2021 reopening is alive and well. 2 trillion in excess savings so there's pent-up demand. that is a theme i want to be playing at this point. >> wow continued reopen trade continues. and this one is really the big trip travel one, not just domestic stephanie, always love having you on the program thanks for starting your friday with us. we appreciate it, steph. >> thank you >> all right that does it for us on "worldwide exchange" live from london all week for you. back in the states on monday see you back there as well probably in a full plane, by the way. more to do on this friday. "sawbo a t gquk x"ndheang will pick you up next we'll see you monday morning have a great weekend our sights will take your breathing away. our food will make your mouth leak. and our roads will make you break wind. translation is complex. transperfect makes it simple. our experts help your business succeed. in any market, any language,

if you are looking at today, you mentioned earlier, you look at valuations and pre-cash field and ebitdabasis, we believe there are cheaper stocks. >> so your cheapest concerns is people will hold lower you think they basically have to think, we will get to higher oil prices what do you think they think we will because of energy transition i hear some saying it means structurally higher oil prices, some say structurally lower. i wonder if it's higher for a little while or something like that >> it very well could be, what's interesting if you look at exxon them or majors, their traditional business, as you said, it could help their traditional business, prices may be going up in the near term we think low carbon business that exxon has a little of a slow start versus some of its shell versus chevron and other major peers out there. so we think that business could even lag a little bit out there. >> let's also compare the performance in exxon some of the other e&p names that they've done better if they're a little more focused, i don't know if that's quite the right word but even there, t

to 52 by the end of tapering so i'm out of that one generac was below $400 unfortunately, you have ebitda margins that are contracting here and revenue miss and it's time to register what is a quality company and i would reload if you see further price deterioration. we'll take a quick break come back and chinese tech stocks have been battered in the last six months and now, the stocks are too important to be ignored. we'll debate that in our call of the day and before we do go to break, check out shares of allbird, soaring on the public debut today. there's the stock up near 70%. we're back on the half in two minutes. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. ♪ ♪ >>> welcome back, everybody. i'm sue herera here's your cnbc news update at this hour. kids aged 5 to 11 are getting their covid shots

to 327 at the midpoint of our range which we think is strong growth and we're doing profitably 41% ebitda the analysts who cover us raised their price targets. >> doctors and medical professionals spend a lot of money and that was an important audience for a lot of people who want to market to and tell me about the roi that you're seeing from their interaction so we work with our partners which are the best brands of medicine and all of the top 20 pharmaceutical companies and the top hospitals. we work with them on the year-long programs where we work on getting them more patient referrals and the nice thing is there's third-party data that can then measure our roi completely independently and we did dozens of the studies last quarter and the immediate roi went to 17-1 for every dollar they spent on marketing, which was good for them. they looked for a two to three times return on their investment and they're pretty happy with us and that led us to have 173% net revenue retention rate or growth within the existing clients over the past 12 months which we think they're pleased with what we

largely behind the company and next quarter the realreal will begin to provide a timeline for positive ebitda growth or at least the path to get there, melissa. >> thank you, courtney regan karen, you're already a shareholder. you fast pitched realreal a while back what did you make of the quarter? >> i liked the quarter i always like to hear the call, i will go back and listen to that clearly they still have a lot of expenses, which we knew. they've been operating some redundant facilities, as courtney pointed out, some of the inefficiencies from labor. but they did a good job on expenses and i thought the revenue was good the mix isn't quite right. but it's not that it's not quite right. it's explainable when you sell a high price start like a watch, they take less of that, the take rate is a bit lower. the average order volume was good that $94 gross profit for orders, getting them very close to that $100 that they have laid out as a goal. so there is a lot to like. i'll listen to it. i'm not sure if there's anything to not like here just one other thing, their direct business was also a d

at the front of the line this stock is probably going to earn 5 bucks next year it's 12, 13 times ebitdand they've scaled their margins continue to expand or their profitability and here is a business mid teen grower, cash flow return on investment exceeding now 40%. you know, 24 times isn't a screaming buy. but in this environment, it's time to start building positions and that's what we've been doing with tsm. >> david, i guess this is what you call a non-absurd value tech stock in your note but you said for the high momentum ones that it's going to get uglier before it gets better what did you mean by that? how ugly does it get is that next year with the expected interest rate hikes >> i think it's going -- could get ugly really quick here hey, listen, i think what the bond market is saying right now and the way these very high valued tech stocks are saying, in terms of the fed, it's last call at the bar. and i think people are selling before the fed takes the punch bowl away. maybe early next year. but that's certainly in the cards. the bond market is screaming that and the stocks ar

the bright side, the company reach readjusted ebitda profitability. we'll see if that is sustainable. >> true. deirdre, thank you chris is our crader today, chief equity strategy at m.i.a. capital management what would you do with lyft and feel free to apply it 0 others who might be attractive? >> sure. good to be with you. look at fundamentals of learnings and expect is as expectations for uber are low now. stock langered since march the problem, deirdre pointed out, labor drivers just aren't coming back. red herring of unemployment benefits going away it hasn't proved to be the solution to the problem. i'm quite nervous about the squeeze on labor costs what is basically a commodity business and on the sidelines here. what i'd would pay attention for in commentary to the earnings call. >> doesn't seem like earnings could get you back into the stock, unless said the past 24 hours, total change rear >> sure. now, on the plus side, consumer have a lot of money. they don't mind so much the price increases but that has a cap to it. squeeze from the costs

at some of the parts and paid high single digit revenue multiple for it and by the way it has 30% ebitdagins in the last quarter as well. >> eric, i know this is probably overstepping, but if inventory, in fact, is safe for holiday and we graduate into 2022 and there's still a lot of inventory, what's the risk of things getting more promotional in the first couple quarters of next year? >> yeah. it's a great question, carl. and it is a real possibility if inventory was built too much and we hit sortof peak fear about the logistics bottlenecks in late october or mid october. there's a possibility of that. there's also some people that studied the logistics chain that also call out elements of chinese new year in q1 lead to another bottleneck i don't think we know the answer to that yet. could it be more promotional, definitely it's certainly a possibility but i think against the comes we see in amazon's model we have some conservatism baked into the first half of next year. >> right meanwhile, there's this universe of ancillary policy risks, i guess, regarding amazon. there's the whole je

i scratched my head why it has logged exxon year-to-date by 10%, trades at nine times ebitda qualitywould be adding to it. it is a very big position for me >> you with us tomorrow? >> i am. looking forward to it. >> you can tell jim to his face he should buy more i look forward to it we will talk about that. final trades steph, why don't you give me one while you are at it. >> united health care, had an analyst day and reiterated guidance for 2022. numbers are de-risked, high quality company. you want to buy this stock >> good stuff. degas. >> enphase energy, leading energy company focused on solar panels and storage solutions >> okay. josh brown >> amazon. i think your risk here is boredom. when it breaks 3600 i think there could be very big upside >> the doc >> sounds like good boring to me, josh i would go with cliffs right here, clf, scott i like the upside. i like the infrastructure play clf, i bought more calls today >> we have 15 seconds left i just saw the dow is down about 633 points comments today from the fed chair and the testimony on capitol hill certainly helping the se

very strong i think this company will still be able to grow 20%, 25% trading at 20 times, ten times ebitda and that's a real value to me. that's growth at a reasonable price. so you know i lean more cyclical and more value, but when i saw facebook down as much as it was, at one point it was down 18% from its highs and i thought that was an opportunity not just into the end of the year, but over the next several years and mega-cap tech there is always a place in a portfolio for that. >> you know, sarat, i was thinking of you and steph with the infrastructure deal and city had this note that it's not a sell on the news event these stocks can keep working. why did i think of you because danaher, honeywell, vulcan materiels, mookamong oth things do you agree with citi that ran up a considerable amount on expectation that there was going to be some sort of deal? >> i do, scott i think the companies you mentioned are well-run companies that have demand in front of them and pricing, and i think that's going to be really important and as we know, the infrastructure bill will tack a couple of years

raising margins and they're 2.8 times leverage and restructure the operations and trading at nine times ebitda when their competitors were trading at 15 to 20 and i think there is an opportunity here for a missed quarter uber, on the other hand, if you look at, they've been doing everything right they are making money in mobility and they're making money in uber eats and they're putting money behind uber plate. the stock hasn't moved anywhere and you heard the ceo buy last week and this takes two steps forward and three steps back, and it's misunderstood and it's a stock that people are not really understanding and when they execute in the last quarter and they do everything they said, but this is an investment and not a trade into the end of the year and this one you'll be rewarded >> josh, you have uber recently, as well. >> i agree with everything sarat just said. if you're looking at a trade, this is one of the messiest, slopiest charts you'll find. there's no signal there. i'm lookinga the it as an investment like sarat is and they're executing and i do believe the quarter we're in, the f

but if you put an ulta, ebitda ulta on this, this stock is probably 80% cheap on a relative basis.ou probably stay higher. >> all right we'll leave it there tim, great stuff appreciates, courtney reagan >>> we have a news alert coming. leslie with the details. >> this one we have been waiting for. they filed confidently in july for chobani, now revealing the goods through the s1 which was filed a little while ago now they say they're going public, listing on the nasdaq under the symbol cho lead underwriters will be goldman sachs and bank of america. this is a company that has seen pretty big top line numbers, over a billion dollars annually. however, growth around 13% and still remaining unprofitable, showing net losses for the first nine months of the year totaling about $24 million. now, i was just going through some of the risk factors, and it is clear that there is one word on the mind of this company, and they know it is going to be on the mind of investors, and that is inflation what pricing does to their future results, the changes in the market price for milk, which is, of

reach 70% occupancy by the end of this year that's when they really break even in terms of adjusted ebitdaadjusted metrics. i'm told look at net losses though, and it is not the company thatadam newman built. there's an entirely new leadership steeped in real estate any commentary from the new leadership, sort of the vision going forward for the new version of wework. >> 70% occupancy is the high water market, if you will, kate. what are they at right now what's the latest reading on the number >> that's what they -- it looks like they're nowhere near 70%. in the end of q2 they said it was the target for when they would sort of break even here. so that is the high-water mark and goal going forward, and that's what they've told investors. they haven't come anywhere near that, and in terms of occupancy, and they said that things are returning to normal. it will be interesting in sort of a macro view on the recovery from the pandemic in general, especially in some of the key markets like new york city, places like san francisco, and so 70% really is the tart number for wework >> right gina, y

i think that's what many are hoping for from poshmark as well it is ebitda, and it is closest of theprofitability because it is asset light. if you think about poshmark compared to the other two, it is much like an ebay with a social component than the other two because if you are selling on boschm poshmark you physically retain ownership until a seller wants to buy them from you, and then you are in charge of packing it up, shipping it out and the buyer is paying for the shipping cost basically poshmark is giving you a marketplace, so they don't have the heavy costs of distribution centers and shipping because that's really born by the buyers and the sellers. i have to admit, kelly, i am skeptical about secondhand being a popular destination for holiday gifts. i have bought and sold on these platforms myself, but, for me or for my kiddo i don't know if iwould feel super comfortable buying a gift for someone else from one of these platforms unless it was one of those new-with-tags items. you also can't return on poshmark so that makes it trickier too for a gift give >> especially for

same with revenues and ebitda, up a couple of turns you look throughout the year, those multiples haven very stable, right, they increase going into 2021 and stable throughout the year. more importantly, throughout the year, starting in about april, you start to see a lot of earnings to the upside right? you had earnings growing faster so therefore when you look at these numbers on a growth adjusted basis, you're looking at pegs around 1.3 or so which is lower than where it was at the end of 2019. so i don't think you're seeing -- i don't think you're seeing valuations get egregious. i do think you're seeing investors being discerning and looking for particular names where they see reoccurring revenues, large tams after disruptive ideas an try to pick the names they want to be a part of. >> bob, it's jon fortt welcome. i think it might be a stretch, though to say that even at the end of 2019 the valuations were seen as sober. so i wonder, how much does -- do these new tams justify the new multiples and is there going to have to be a lot of mna in' 22 consolidation wise to fuel some of

90% of the products sourced in the united states and they have the inventory and trades at 10 times ebitdathe peers at 14 times and attractive not today. wait, let it settle. >> it also had lower margins with the transportation costs. do these companies just get a pass for that right now on the idea that it is going to be transitory >> yeah. well, the gross margins were ahead of expectations and down they were less bad and why investors felt okay about it i reference the 90% sourced in the u.s. is key. critical going forward so they have seen supply chain issues but not to the extend that others have and are in good shape to next year. >> always a pleasure to see you. thank you very much. >> thank you. >>> the second half of "closing bell" motoring on. coming up after this, which stocks a top tech analyst thinks can continue morgan stanley's chief investment manager how to adjust stocks inflation the worst since 1990 on a year over year basis. we are back in two minutes this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the

investors are kind of willing to give this kind of valuation to a rivian, which hasn't done much ebitda time soon, the other guys should see lifting of all boats, especially those that move towards that finish line of being in the market, producing vehicles and having vehicles on the road today, absolutely, morgan. >> how do you go about trying to value rivian at this point i mean, do you have a model at all and how far out do you have to go to look at cash flows you can discount back in some way? >> this is a very tough one. this is really -- this and the group are not auto investments, these are tech investments and they're tech hardware. what you can do, one, sort of to look at 2023 sales, saying 8 billion, if you say 8 billion, it's only trading at 12 times sales, that's quite a bit, but not unheard of in the ev space right now. the best you can do i think, carl. >> 12 times '23 sales. >> exactly >> yeah. >> got it. >> so then -- >> you know you have general motors yesterday, mary barra coming out and saying they believes her company is under valued the fact that, for example, thele

even if they're having a bit of a slowdown in their growth rate in terms of digital subs >> 40 times ebitdaw for disney mike, thank you. >>> up next, what can investors expect to hear from ceo bob chapek on the company's earnings call we'll discuss with a columnist who wrote the book on disney, coming up next your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire retirement income is complicated. as your broker, i've solved it. matching your job description. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. >>> tonight, kyle rittenhouse takes the stand. the dramatic testimony in his own defen

i mean this year, record quarter for us with $713 million of gov, with $700 million of adjusted ebitday ask you the question, how is vivid seats different from telecharge, just explain that? >> look, i love talking about this because i think we've worked hard to make sure we developed a really differentiated product. when you come to vivid seats, first you should know you're shopping with someone named best customer service in ticketing for three years with 100% buyer guarranty we stand by even through the pandemic. beyond that we have vivid seats rewards. one of out inly loyalty programs out there we reward fans with 10% in value with every single ticket that we purchase. we have additional perks for fans, perks with draftkings as surprise and delight program. neil: you don't gouge people. there is always that. sometimes the others push it little too far. you still see a strong 2022 as well, right? >> yeah, i think we're still early. i think we're looking at 2022. i think the economy looks like it is coming back strong. neil: fingers crossed. stan chia, vivid seats ceo. strong economy

expected, the stock's gotten crushed we think selling at over a 45% discount, roughly five times ebitdas of cash, and they're selling off their financial services enterprises, which we think they'll use that cash to pay down debt, so we think the new ceo will be the right person to get it back on track nielsen, we've talked about them over the years they are slowly but sure by getting into the 20th century. their new products are the products that will work in this streaming world, where everyone is watching content in so many different ways, they are moving in the right direction with the tess to be and real commitment to get the value that. that stock we think is selling at over a 50% discount to private value. >> that's been a long battle there's been so many other things that have come along where can you do it directly, other companies that you can track things you don't think it's too late for nielsen to update, even when they're behind on the game if you think about it, you know, people per grading their own homework, it's not going to work companies want an independent currency

just to give you a sense of that we do five-the year forecasts for ebitda we consume massive multiplears out. so, all of our stocks, or most of them will have fang-like multiples, which is a mature growth company with that assumption, we at our peak in mid-february, we were able to say that our portfolios would deliver. if our estimates are correct, a 15% compound annual rate of return over the next five years. so double over the next five years. with this correction and some of the increased estimates we are now using, based on fundamental also, not at all on valuation. we now see, you know, a quad drumle over the next five years in our portfolio that's a 33% compound rate of return i have not seen it higher than this than one other time and i believe it was the beginning of 2019, right after the 2018 meltdown in the fourth quarter i think that number was 42% at a compound annual rate so we're, our optimism and confidence has increased in here, not decreased. >> i hope you are right. we look forward to progress. happy thanksgiving. >> thank you, thanks so much >>> when we come back,

traditional investor or a -- um or a crypto person you have to fall in love with 80%, margins 50% ebitdar, a smaller company instead of 80 million registered users they have 2.3 up and coming look at apps in october recently, they have massive amounts of downloaded 90% plus year-over-year,, great you you downstairs, in fourth quarter great start for coinbase and voyage jump in. >> coinbase from 250 to 350 increased 40%, i supposeba i agreed that, today's numbers after-hours probably going to indicate a surge because we've seen with coincided with bitcoin ethereum what happens though, we have seen periodically talks of regulation some point going to embrace regulation cyberterrorism do you think the cryptos will drop in value what can is your take. >> also part of the rven i think country coin voyageer are companies to invest in, because they have mitigated as much as possible regulatory risk supercompliant i can fault they will not being tycompliant they would grow faster coinbase 15 to 16% global crypto volume in terms of trading activity, they could be a lot higher if they are offshore

so we referred to adjusted ebitda and we have not recorded from an investment >> a lot of investors willhe comparable? what is the restaurant chain we should be thinking about is this something, do you look at a chipotle or a starbucks i know you said you wanted to be a mcdonald's i'm not sure that seems to be a different model? >> it's a great question we actually look up to all of those brands we started sweetgreen in 2007. this idea of health around wellness was getting started now we think they sit at the intersection of many exciting consumer trends. as we think about comps, we think about what other fast food brands are at scale. we really believe that there is a seismic ship and an action to purpose-driven brands and sustainability is top of mind for many of our commerce >> gyneally before i let you go, you had a piece earlier this year it was pretty controversial. you put up on linkedin and the idea was that you had argued for a tax on unhealthy food i am curious what the reaction was. clearly, there was blowback because you took it down but how do you think about it now? >> yeah