we've got kate rooney here and julia boorstin on the latest in the twitter saga we're seeing a pretty nasdaq outperforming up 3% mike, if you look at what is leading the s&p, auto parts and equipment, apparel, accessories and luxury goods, hotels, resorts and cruise lienes. three of the hardest-hit parts of the market. one day it feels like we're going into a sharp, deep recession and the next day it feels like, hey, maybe we'll get a soft landing today is one of those days. >> all you have to do is turn the dial down a little bit on the imminent recession fears and you have a lot of market that is spring loaded to react to that it wasn't one single bright flashing headline that had people saying, hey, maybe the economy is okay for a while but i think accumulation of the bank earnings telling you that things seem okay for now. again, natural gas may be flowing back into europe the dollar down three days in a row. credit spreads coming in hard from relative ly wide levels all of it working in the direction of an investor base feeling like they have to top off exposures. i think it's co

julia boorstin joins us.seems like at least investors are taking all these things as red flags for the entire ad sector, particularly the heavyweights >> lots of red flags, but it's unclear, melissa, how many of these issues are worse for the three companies you just mentioned than they will be for the likes of meta and google, alphabet, which both report next week i would just point out that snap and twitter are in the same boat in a couple of ways. one is that they're smaller than google and meta so they might be sort of the first digital ad spend that companies cut so the question is whether they are the first cut, maybe the goolgz and metas of the world are more insulated because they're larger and more diversified. in terms of paramount, one reason they cut paramount is that streaming advertising has not collapsed as much as digital advertising. with digital advertising, it's really easy to start and stop spending tv advertising tends to be baked in and locked in months and months in advance, so we might

julia boorstin filed this report >> missing on the top and bottom lines. revenue of $1.1 billion. that was a bit lighter the company announcing it lost 2 cents per share versus 1 cent which the street forecasted. revenue growth was flat compared to a year ago. that is compared to the 18% the company growth in third quarter. it is down from the 13% growth from the second quarter. all of this comes after the company already lowered it's growth forecast. all of the negative news overshadowing better than expected user growth the company added 15 million daily active users in the quarter and guided to better than expected growth in the third quarter projecting that third quarter daily users will be 360 million snap ceo evan spiegel saying they are not satisfied with the results. he pointed to impact from policy changes and macro economic challenges and competition for what he called ad dollars that are growing slowly he said it would take time before we see significant improvement. now to address the shortfall, sp spiegel says they are looking to address sources. they are looking to d

players in media and technology coming together in idaho for the allen and company conference julia boorstins there and spoke with the european communications giant liberty global >> reporter: i sat down with the ceo of liberty global which operates in five markets for the mobile and broadband services. he expects his company to continue to be resilient to economic pressure. >> i think the european consumer is feeling very much the same as the u.s. consumer. confidence is lower. impacted by inflation which is high single digits across europe, except switzerland where it remains low i think the politicians are worried about the broader picture. you will see inflation in check, but gdp growth is stalling a similar picture to the u.s maybe a bit behind >> reporter: with liberty global shares down year to date, analysts are bullish 89% have a buy or overweight on the stock. >> we're always open minded on the m & a front as buyers and s sellers. in the uk, the largest mobile company and broadband provider there may be opportunities to rationalize whether fiber or content or fixed a lot of things

julia boorstin joins us now. lots of mergers in media, seems like, julia >> there have been lots of mergers in media and now we're trying to figure out what the next round of mergers will be, tyler, and the lower these media stocks fall the more these companies can become targets for m and a. netflix kicks off media earnings that report tomorrow afternoon and its results will be very closely watched. netflix shares are down 67% year to date and earnings tomorrow will be under the microscope particularly guidance for subscriber trends in the second half of the year as analysts raise concern, the key bank says streaming may not be recession proof and price sensitivity increasing and that company lowering its netflix and roku estimates morgan stanley saying this could be the first streaming recession downgrading both paramount and fox. so which companies could look to buy the likes of a netflix or roku if their stocks continue to plummet? well, microsoft could look to its newly inked ad relationship with netflix as a

julia boorstin with that >> that's right, jon i'm here and we are talking today about the end of an era for meta with its first ever revenue decline as the company grapples with so many different issues they are currently a drag on the revenue and is doing this while pulling back spending and trying to pursue the long-term opportunity of the metaverse all of this is happening while management is in upheaval. sheryl sandberg leaving the ceo role with the stock down, 70% of analysts have a buyer overweight rating on the stock. goldman sachs says a re-examination of costs could lead to better earnings and writing the company is making progress on monetization that could help drive share gains a rare sell rating on the stock is cautious in the fact that zuckerberg is talking about metaverse returns saying, quote, when the growth is slowing, investments to chase a goal that may or may not pay off many years is not where we recommend investors allocate capital in fiscal 2022. it's worth remembering as facebook tackles the near-term challenging of making money on reels it has managed this busi

let's get back out to sun valley where our julia boorstin is sitting down with the ceo of live nationjulia? >> thanks so much, kelly that's right i am here with michael rapino. michael, we were talking about what you were seeing in terms of the health of consumer spending. you have a global view of what's going on right now in terms of ticket sales are you seeing recessionary trends >> you know, we're not we've had such pent-up demand both in europe, america, australia. we are headed for a record year right now, as of this weekend. i checked all our latest data. people are showing up. 90% rates. our ticket sales are double digits over 2019 and the one factor we like to see is what are they spending on site and those are up 25% since 2019 which was a record year. >> and that spending on tickets or spending onna an sillries >> having a beer or a hot dog. do you see a pullback with that? record levels when they're coming there to have fun, drinking, enjoying the night. >> we're hearing a lot about ticket prices being on the rise. >> obviously, we talked a lot about inflation and gas pric

consequences so where does this leave the stock which is down 9% today 28% over the past three months julia boorstin some different scenarios about how this all could play out. hi, julia. >> well, tyler, none of the potential scenarios are particularly great for twitter musk's allegations that twitter is withholding information about bots and is undermining its business by firing key employees, questions for investors while twitter taking this to court spells a protracted battle which, of course, could be a costly distraction hurting the company's ability to hire and retain top talent at a time when the overall adbusin business is contracting and more rival ads are coming to the market as to potential outcome as they negotiate a price with twitter's board and failing to do its fiduciary duty if he goes through the deal then he could sell the company again, but there don't seem to be other eager buyers of course, he could be allowed to walk if he pays the $1 billion termination fee or he could be forced to pay damages on top of that fee now that's what baird's analyst predicts its $33 reflects 90% pr

sports is likely to get more common and rights fees are getting bigger by the month, it seems julia boorstin in sun valley, idaho, with one of the heavy hitters in that space. julia, we'll send things over to you. >> thanks, dom i am joined by casey wasserman, ceo of wasserman who owns the largest sports legacy and repres representing billie eilish and coldplay i want to talk sports. all of the sports commissionerses are here and a particular attention right now is being paid to the nfl rights and nfl sunday ticket is up for grabs. what does it mean if those nfl rights go to a buyer like apple? >> i think it's the beginning of a transition to what people think the future media will be like and what's amazing about the nfl is by far the biggest sport in our country the audience is so significant the sunday ticket is the precursor to streaming given that it's on directv or subscription and it gives someone like an apple or amazon might buy it, hundreds of games a year to deliver to their fans in a very meaningful way and ways to experiment around the broadcast and it's a powerful platform in t

julia boorstin joins us with a look at what to expect tonight is this going to be more of snap or more of alphabet? >> well, that's the question meta shares are up nearly 4% this morning in the wake of google's better alphabets, better-than-expected results those shares are still down nearly 10% for the week ahead of earnings this afternoon. these earnings are expected to be when meta reports its first ever decline in revenue after last quarter its facebook app reported its first ever decline in users this all comes as investors br brace for meta to suffer from tall same issues that hurt other platforms, macroeconomics, challenges regarding apple's operating system and growing competition from tiktok. now, alphabet reported yesterday, and while the overall picture was good, youtube's ad revenue decelerated to 5% growth that is sort of estimates. while last week both snap and twitter fell short of both top and bottom line expectations for meta, whose stock is down about 50% year-to-date, analysts are expecting a .4% decline in revenue to just under $30 billion while earnings per share a

je julia boorstin turning to another downgrade, jeffries cutting the rating on lululemon and under armourst biggest beneficial rifz pulled forward demand from the pandemic adding competition is rising and headwinds growing including lower margins and the new steeker category and tough comps. and then with under armour, a different story. they're concerned about management volatility. they don't have a ceo. and lagging fundamentals nike remains a top pick for that jeffries retail team the most controversial one is the lulu we have not seen evidence that that necessarily is the case in recent quarters. >> not yet, no anyone that is skeptical about lulu's ability to keep growing as it was in recent years, it's no the new i think there is an argument to be made the kbhp overearning they talk about the sales per square foot. just off the charts. maybe that is not sustainable. there was an inventory bulge in the early part of the year it does seem as if some of that premium valuation out of lulu continued to compress just a bit. the street still likes it though wlchlt that is a positive or nega

julia boorstin is live from a gorgeous live shot good morning, j.b. >> good morning.croeconomics certainly looming large especially when it comes to the question of how a pullback in consumer spending and advising spending could potentially drive m&a. sarah sandberg is here fresh on the heels of her announcement of her plans to leave meta. meta is expected to suffer from that ad pullback there's one pending deal in focus here twitter's sale to elon musk. elon musk is scheduled to speak at the end of the conference the ceo recently merged with his stock down 38% since that emergencier closed in april. i'm hearing a lot of chatter among executives here about the pressure that company is under with its high debt load and saz sof's imperative to -- >> when you look at the assets we have, what may be the most strategically complete broadest demographic's appeal of our contend, cnn, warner brothers motion picture, warner brothers television i think our assets are great and in the long run the market has been rough on everyone we're excited about the tuptd and i think we'll

sara >> julia boorstin, thank you lindsey, would you buy meta in this report? >> i don't know. it's tough to buy into the report the numbers that we got from alphabet are a good sign that spending at companies like an alphabet with the youtube platform and meta could do well and they're saying they could be from others in the space so that's an encouraging sign the stock is down, the valuation is down significantly and there may be opportunity they have a long slog ahead as they transform from a social media company to one focused on being the center of the metaverse. >> the other big event is we're going to get gdp on the second quarter. if negative that will be two in a row and some will say that is recession so not the white house and not the fed chair. 10% off the lows for the s&p 500. how much pain do you think for this economy is factored in already? we're about 16.5% off the highs. >> yeah, you know, i think the market is pricing in a moderate recession and so i think that investors are comfortable with that if we do get the gdp tomorrow, could get a slightly positive nu

my local listings. >>> a can't miss interview live from the conference in sun valley, idaho, julia boorstinwell, melissa, geopolitical concerns, questions about the health of the consumer, and macroeconomic uncertainty, we're going to be talking about all that and more with anthony noto, the ceo of sofi. that's coming up after the break. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> the biggest names in tech and media descending on sun valley, idaho, julia boorstin is there and joins us now with a guest. julia. >> reporter: i'm joined by anthony noto, the ceo of sofi. thanks so much for being with us here today >> thanks for having me. >> our first live guest of the year anthony, since you were last on cnbc, the fed, of course, boosted rates by 75 basis points what is that latest move do to your business? >> in periods of uncertainty and volatility, the need for financial

let's get to julia boorstin for more julia?two companies painting a grim picture of the digital al land landscape. twitter reporting disappointing results, blaming ad, as well as uncertainty related to the pending acquisition by elon musk, citing the musk deal the reason why the company is not giving any guidance or hosting a conference call. the company reporting an eight-cent loss, while risen in the quarter decreased 1% from the year earlier which makes this the biggest revenue miss that twitter han ever reported. which we believe favors larger scale in direct-response platforms. snap meanwhile, that stock plummeting you eshare you now down 35% after the company also reported disappointing advertising, missing on the top and bottom line, with 13% revenue growth in the second quarter, and the biggest disappointment of all? so far in the third quarter, the company says revenue growth is flat with the year-ago period, a sharp contrast to the 18% growth that analysts were forecasting for q3 ceo evan spiegel blaming the short-day

. >>> busy morning today in sun valley nfl commissioner roger goodell will talk to julia boorstin livem there, talking about streaming rights that is just one of the issues >>> in the meantime, early session lows are down 130. back in a moment this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. >>> welcome back to "squawk on the street." hedge fund numbers trickling out a bit later than usual it appears that many of the larger diversified funds are the ones ekeing out nominal gains. citadel's flagship bringing the year-to-date performance about 17.5%, obviously significant alpha over the broader indexes all five of the four strategies, equities, and credit were positive in june similarly, the world's largest hedge fund returned 32%, a massive rebound a

that's our julia boorstin on twitter. after a steep drop, nasdaq back in the green why that kind of volatility leads to, quote, bs in investing coming up next "techcheck" is just getting sta started. [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing. (vo) everyone knows to get wireless savings, you need to be on a family pla- ...oh... in other words... (jane) with visible, i get unlimited data for as low as $25 a month. no family needed. (vo) i guess i spoke too soon. visible. single-line, unlimited data as low as $25 a month. finding the perfect designer isn't easy. but, at upwork, we found her. she's in austin between a fresh bowl of matcha and a fresh batch of wireframes. and you can find her, and millions of other talented pros, right now on upwork.com >>> let's get a gut check on stitch fix shares are surging after benchmark's bill gurley reupped his stake in the c

bringing together business leaders to talk the future of work our julia boorstin got a chance to catch of mattel to talk about how that company is changing. julia? >> well, he's turned around the business since he's become the ceo. his toy offerings have dramatically improved profitability. now he's looking at expanding mattel's iconic work into more. >> television there alone, there are big verticals that in success can be very transformative the opportunity is not to create content in order to sell more toys this will happen but the opportunity is really to participate in the verticals and build critical businesses in these arias. some businesses are actually bigger than the toy industry. >> the first big film is the "barbie" movie he says it's shaping up to be a cultural event which they'll try to re-create with others they're looking at roadblocks and testing. >> the idea around video games, digital experiences, is to really leverage the relationship we have with consumers this area is fast growing, and we'll know the amount of time children spend in front of screens. as to the und

welcome to "tech check i'm jon ford and julia boorstin. the stock down 35% as the 14 firms downgrade the stock after earnings, ouch snap down 77% this year. and then twitter, big earnings miss revenue drops they're blaming elon musk, what both of these stocks say or don't say about the digital ad spending in social and later, the nasdaq flirting with that 12k level for the first time since early june and the entire tech sector getting upgraded at truist today and too early for the bears to start thinking about hibernation. julia, a cool breeze from snap >> indeed. we'll kick off today's feed with the ad market slowdown snap plunging this morning after missing estimates and reporting its slowest revenue growth ever and the ceo blaming the bliss on platform policy changes and increasing competition for ad dollars warning it will likely take some time before we see significant improvements and when you factor in twitter and a surprise loss driven by, you guessed it, a weakening ad market, many investors wondering this morning what it means fo

snap shares are up this week julia boorstin has the story danielle shay has the trades welcome to both what are the key numbers to watch >> well, kelly, first i have to go to that warning that ceo evan spiegel gave at the end of may he said that due to a deterioration of the market they did not expect to hit the lower end of their guidance range. we see the stock rebounding this week because maybe there's this hope that maybe he was being a little conservative. so i think we have to remember that he gave that warning in may. he's been incredibly transparent about all the ad trends they've seen we're watching that. one is this macroeconomic question, are we seeing an advertising pullback and then there's a second question of that are the factors specific to snap and, two, this question of engagement, another number to watch here, kelly, 12 million, how many daily active users the company is expected to add in the quarter. and of course outlook. the expectations for the second half of the year will be in the spotlight. >> all right danielle what are you watching, and what would you do wi

julia boorstin is here, bertha coombs and the markets are rallying again take a look at the dow, it's74 points right now. we built on these gains throughout the final hour of trade. there's the s&p 500, it's up about three-quarters of 1% the strength today is coming from earnings. consumer discretionary is the best performing sector up 2.1% tesla and las vegas sands are the leaders there. hasbro is up there as well health care is your number two sector the only two sectors lower, communication services and energy the reason communication services is lower, the telecom companies. at&t at the bottom of the list, down 8%. the telecom giant did beat wall street earnings estimates but lord its full year cash flow guidance this morning the ceo discussed some potential weak spots for the consumer listen. >> there's clearly some dynamics going on in the economy where we have customers stretching out their payments a bit we expect that they're going to continue to pay their bills, but they're taking longer to do it. is what the street is worried about here. >> that is exactly what it comes dow

leaving the twitter board entirely, focusing instead on crypto and block, formerly square our julia boorstin is here it's not just the musk drama whether it's ad targeting, content monitorization, so much of the social media business is in question. >> that's right, jon, and i would say each of the social media platforms you ran through, they are in very different situations right now, but they are all in a moment of transition i mean, just to go with the smallest one first which is pinterest. they are in a movement transition of trying to figure out how to make money from commerce, and that's the big opportunity there. then, of course, meta, shifting to focus on the metaverse, managing all of these apple operating system changes that is making it harder for them to target ads which is something they have been grappling with, and all of that while also competing with tiktok, transitioning to reels and with the ongoing metaverse investment and twitter, that's the big wild card here. we have to see whether musk is trying to negotiate for a lower price, or if he just doesn't want to own this as

of the market feeling the slowdown online advertising after snap and twitter's dismal results julia boorstin has more on what to expect. >> it did prompt a number of analysts to trim their estimates for google which is now expected to report its slowest revenue growth in two years, 13%, reports after the bell today steeple warning, quote, we expect volatility in results and estimates in the near-term given the degree of current macro uncertainty and recession risk guggenheim trimming its outlook writing, recent digital advertising revenue growth results from snap, twitter and iac reflected a more dramatic slowdown in the secondquarter than we had anticipated. and indicated continued softness into the third quarter but google may have an advantage in scale and search business which is expected by analysts to hold a better than the social and other platforms but in addition to those macro pressures, there is the question of competition from tiktok jpmorgan's doug anmath says they slow to 8% writing it's going to be impacted by tiktok engagement and tiktok's growing ad efforts. of course, the o

they say the estimate could be wrong, which gives them a lot of wiggle room across the board julia boorstinntioned, when it comes to the contract, you know who knows about contracts and getting out of contracts, donald trump. he says it's a rotten contract he read the contract he said, i read the contract it's a rotten contract. >> i still like when he said elon musk was good at rockets. >> good at rockets. >> that was a quote. good at rockets. it's true. darn good. council of economics advisers jared bernstein gives us a take on the economy and the latest jobs report how the fed will decide on the data when it decides its next fed rate hikes stay tuned you're watching "squawk box" on cnbc live from the market site in times square. ♪♪ you try it. ♪♪ better. ♪♪ oh, you gotta move your feet. charles. alright, alright, i'm going. i'm going. there's a reason comcast business powers more businesses than any other provider. actually, there's a few. comcast business offers the fastest, reliable network... the protection of security edge... and the most reliable 5g network. want me to keep going? i

that's where we find our own julia boorstin what are you hearing out there, julia? did arrive here last night, though he's made no public appearance he made his way into the resort and into the conference through back door to avoid the press he is set to speak here at the conference on saturday in an interview with open ai's sam altmann. ned segall is also here. this all comes as twitter shares plummeted last night on the report that musk's team has stopped funding discussions because it cannot verify twitter's spam account numbers when we asked twitter about this, a spokesperson directed us to a statement the company had released back in june, saying that twitter is cooperating with musk and quote, we intend to close the transaction and enforce the merger agreement at the agreed price and terms twitter also confirming to us last night that it is laying off 30% of its recruiting team, as the company seeks to cut costs as it weighs out the closure of the musk deal. terms are trading below where the stock was when he made the deal and a number of executives here talki

matters in the larger scheme of things given the elon musk transaction that is now going to court julia boorstinr disappointed across the board, with ad and yes, the pending acquisition by elon musk, also citing the musk acquisition as to why they aren't giving guidance or hosting a conference call. twitter reporting an 8 crent pe share loss instead of the gain while revenue fell majorly below expectations 11% below which makes it the biggest miss they have ever reported its cost increased 31% in the quarter. we also heard from snap and it painted a grim outlook in the ad market 13% revenue growth in the second quarter. so far in the third quarter, revenue growth is flat with a year ago that's a massive dispoappointme. now the ceo evan speigel blaming that on platform policy changes. of course he's referring to apple. macro economic challenges and growing competition for a shrinking pool of ad dollars he warned that it will quote, likely take some time before we see significant improvements he also laid out how they're trying to drove productivity with reprioritization of goals and initiatives a

. >> fair enough julia boorstin on the west coast this morning, thanks for waking up so early. >>> theast we'll ask transportation secretary pete buttigieg for hostage. next, though, even if elon musk can gethimself out of this dea for twitter, he may have a different issue. too much cash. oh, to have such problems. after a break, robert frank will tell us about their pis problem we might all like to have. as we go to break, check out shares of baker hughes missing on the top and bottom line for the second quarter, the company cited obmsprle the stock is down by 5.75% stay tuned "squawk box" will be right back. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create this is xfinity rewards. our way of

. >> as the drama turns, julia, thank you. julie boorstin, it's like a soap opera here at this point. you've been trained in soap operas and the stock is ticking higher in the aftermarket. this after a 4% gain in the regular session. pretty much the way you gained it out to be. what's your next move here? >> my next move is i think this will read very, very well. last night there were plenty of a teams but it's going to be very compelling. i think they have the better side of the argument so i think it's going to read very, very well. the stock will trade up. these very short day options they'll probably look to sell those. i think that the next event is either the response by musk's team, which i think will be good. i think this will be better, what we're going to see tonight or tomorrow, and i think also we have earnings. talk about last night, i don't think those will be good or memorable, and twitter should do everything they can to just pretend they didn't really happen, which they'll try to downplay it, i'm sure. but i think the compel