yieldstreet: private market investing. >>> atlantic equities upgrading netflix this morning julia boorstin has more on that call julia. >> well, jon, netflix shares are up 6.5% this morning though still down 16% year to date. atlantic upgrading the stock ahead of its expected launch of an ad supported service that's expected to come in early november write, quote, we have determined that this could be extremely material and do not believe the benefit is currently reflected in the consensus we estimate advertising revenues could reach $8 billion in 2025 accounting for 15% to 20% of total revenues at that point now, wolf research out with a bullish note today reiterating its outperform rating on the stock saying, quote, we anticipate that advertising video on demand will drive stronger long-term revenue and free cash flow growth but in the near-term fx may be the biggest factor in earnings revisions going on to say that they are cautiously optimistic heading into the third quarter despite significantly worse fx trend, meanwhile, moffett nathanson out with its quarterly cord cutting report wa

julia boorstin joins us. wall street seems to be coming around to the ad strategy.e the persant risks here? >> well, look. it was pointed out there's significant fx risk. the overall sent mountains is it's very, very beneficial they believe in people trade down from the ad-free version to the lower cost ad-supported version people just simply spent so much time streaming on net flex, and they estimate that revenue per uses could be much more than what hulu gets and they're expecting that we could see this ad-supported version as soon as early november isn't is now that they woke up to that these lost their library as the other companies have tried to take streaming contend especially when people are on a budget that's how the conversations i've had >> it's so lard to the bill franchises that people are going to tune in for, or as these stream for i think what is so interesting is many would say that netflix is late they have to spent less on content there's so many streaming services out there it's all right so big, that maybe they'll be turning out the other thing

dan lobe doing an about-face let's get to julia boorstin for more on the story. >> well, melissa, thiseo bob chapek. he seems to be get dan loeb on board. this is a rejection of loeb's call to spin off espn, part of a series of requests he made after he disclosed a $1 billion stake in the company in august he responded, tweet ago link to chapek's comments. he said we have a better understanding of the stand-alone business and another vertical for disney to reach a -- we look forward to see mr. pataro, espn's president, execute on the growth now to the proposal that they accelerate the timetable for the remaining stake in hulu from comcast, chapek say it's possible and they are considering folding hulu more into disney plus of course, it all comes as to launch much more movie-themed attraction and extend pixar beyond just movies mel melissa, cheeker is at d-23, feeling bullish and confident. >> julia boorstin, thank you >>> gwhat do you think of the plan >> i would hold on to disney espn, people say it's still an anchor i think espn could actually be a driver going forward, just in term

get right now to julia boorstin. julia, what's going on >> netflix shares are moving higher and a "wall street journal" report that the company estimates that the ad-supported version of its service, which has not yet launched yet will reach about 40 million viewers globally by the third quarter of 2023 this is according to a document reviewed by "the wall street journal," that they are apparently sharing with ad buyers now, apparently, according to these preliminary projections, netflix told ad executives that it expects to have 4.4million unique viewers worldwide at the end of the year for this new service. of course, that would be a quick launch, since it has not launched yet, brian. but we see netflix shares are up over 3% on this news >> wow watching netflix julia boorstin, thank you very much big move there >>> let's talk lng, both the gas and the stock. shares of cheniere energy are jumping again today. despite pretty much everything else selling off yesterday, lng is in the green. this week it raised its guida

look at the stock up still a long way from $54.20 julia boorstin has more. julia. >> reporter: it did not go his way. there was a little bit of this ruling that did work in his favor and the judge said musk's team will be allowed to take some of the information from the whistle-blower and incorporate that into their case the allegations do change their argument the fact the judge decided not to change the date of the trial, still set for the week of october 17th a five-day trial the fact she didn't budge on that indicates she doesn't think the whistle-blower's allegations are a game changer we see the stock move higher because there's a sense based on what the judge said that she is going to be holding a hard line in terms of making sure musk goes forward with the terms of the agreement and sticking to his original argument when he refused to buy -- go through the sale of the company. very interesting to see the comments and we're seeing analysts weigh in here saying that the fact she's holding a hard line on the date of the trial reflects the magnitude of th

here they are, disney, netflix and meta it doesn't get much bigger than that julia boorstin here to breakdown disney, julia, is considering a membership program in the vein of amazon prime. how so >> i would correct you, tyler, based on my conversations with sources. amazon prime is all about free shipping and e-commerce. disney is trying to do something even more interesting an complex. they're trying to use a membership program and they're trying to develop a membership program that could ultimately help connect the experience that people have in person at say, disney parks with the digital experience people have watching disney plus and this is still very much in the works and they haven't figured out, members of the program that's in the works access to exclusive content and exclusive experiences at the parks and then also potentially exclusive consumer products. so this would be a way to bring togetherall of the different parts of their businesses and get people to pay to be part of a loyalty program. you would also probably get some discounts and special deals as part of that, as we

. >>> we've gotten a news alert on twitter and we will go to julia boorstin for more details. >> yet another twist in the twitter saga the wall street journal reporting that the whistle-blower peter sadko agreed to a roughly $7 million settlement with the company in june what happened here according to this wall street journal report is that after he was negotiated, he and twitter negotiated over a payout, and it's not unusual with these big, corporate job so they agreed with a $seven pi yn or part of his contract. he then later filed his whistle-blower which the n, a regardless and it doesn't really impact things, but it just gives us more insight into the relationship between twitter and the whistle-blower peter sadko >> thank you very much, julia boorstin is a .75% rate hike a done deal? we'll bring you the words from the chief, jay powell. but so is your sound engineer. 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 >>> stocks are seesawing today the dow up as much as

excellent, as always julia boorstin, thank you. back to rick santelli. 30-year bonds are up for auction. let's get the grade from rick. rick >> yes, brian, the demand was very strong, unlike yesterday's super week ten-year, this one gets an "a" for apple. the yield, it was 3.511, that was 18b 30-year bonds. and as you look at that chart, it was such aggressive buying, yields are falling to the tune of 3.49% we settled yet at 3.51 so right now 30-years and 20-years are down in yield and up in price in the session when you consider cpi, that's a big event and it speaks to the topic, what we're discussing, the yield curve. back to you. >> rick, thank you very much >>> well, if today is any indication, investors seem to think that higher inflation and higher rates will put a big dent in the markets it's happening today but is that really the case? or is this one of these one-day kn knee-jerk overreactions. let's bring in the head of the firm's global investment committee. we were in a four-day win streak coming into yesterday. suddenly

julia boorstin on the social stocks not faring much better. >> yeah. in fact social media names, most of them are falling even more than the nasdaq has suffered today. meta shares, they are off the most, down nearly 9% snap shares are down nearly 7% pinterest faring a bit better. those shares down about 4% but there is one outlier in the social space here. it is twitter. that stockes up about 1% this after the whistleblower didn't say anything about bots, which are the crux of elon musk's argument that he shouldn't have to follow through on his deal to buy twitter of the and twitter shareholders just two hours ago voted to approve that deal, very much as expected back over to you. >> julia, thank you. wisdom tree cloud etf on pace for its worst day here in three months frank holland with a closer look at some of the movers in that space. frank. >> it might be the poster child of what we're seeing in cloud stocks shares down 10% on rate worries. strong earnings earlier this month the catalyst the hotter than expected inflation, what it can mean for rate

julia boorstin is on the west coast tracking the impacts of this deal, and kristina partsinevelos hast qualcomm gets out of the agreement, and julia, let's start with you. >> deirdre, this is meta's push to get the resources it needs to build out the ar and vr universe they'll use qualcomm's extended reality snapdragon technology. this is a multiyear deal, but the terms were not disclosed meta and qualcomm have worked together for years they power the latest headcelt along with the ray-ban story glasses. the new chipsets will be optimized specifically for those quest headsets, but they will not be exclusive to meta it shows their dependence on qualcomm it's not been ability to make its own chips. this comes ahead of apple's event next week where we could get a peek of its first headset. after meta raised the prices in july by $100 each, the question is whether qualcomm can help meta bring down the costs of these headsets and therefore drive more widespread adoption of vr. >> julia, thank you. kristina partsinevelos has qualcomm's angle on this >> meta and qualcomm, they're not strange

julia boorstin has that. >> well, text exchanges unveiled in court documents show the drama behind the deal. there are hundreds of text exchanges between musk and other parties that were around the deal but here's some of the texts that we found most interesting before musk offered to buy twitter, former ceo jack dorsey wanted musk on twitter's board, but the board members didn't dorsey texted musk on march 26th saying the board is super risk adverse and saw adding you as more risk. also on that day, dorsey texted twitter started as a protocol, it should have never been a company. that was the original sin. the musk responded, i'd like to help if i'm able to. a little over a week later, musk announced plans to join twitter's board and then he pivoted to buy the company after musk tweeted publicly asking if twitter was dying, it was texted it's my responsibility to tell you that it's not helping me make twitter better in the current context. next time we speak i would like to provide perspective on the level of internal distraction right now. musk said he would not join the board textin

communication services the worst performing sector this day we bring in julia boorstin for more hi, julia tyler, amid the tech sell-off today, meta shares are underperforming. they're down about 3%. this of course comes as today meta and qualcomm announced they're teaming up to develop custom chips for meta's br products but this does show meta's dependence on qualcomm and its inability to develop its own chips. meta shares down over 3% qualcomm was up earlier, now those shares down about %. meta is not the only social stock selling off. we see that snap shares are down nearly 3.5%, giving up some gains over the past two days pinterest down nearly 3% twitter down less than half a percent. looking over the media space, comcast shares underperforming the broader market those shares up nearly 3%. also underperforming, paramount global down 2% warner brothers discovery pretty much flat and disney down about 1% now, switching gears and looking over at the streaming space, we see that endeavor is in the green. the streamers are mixed. roku shares are down about 4%. netflix is down the least of

julia boorstin joining us with the story. what's going on with twitter now?well, there are two big headlines. the first one is that twitter shareholders voted to approve that elon musk deal. that is not surprising what is surprising and it also has to do with elon musk is the fact that the whistleblower in all of his testimony about his allegations that twitter misled the company's board and did not take adequate steps to protect the data on the platform, he did not mention the word bots. he did not talk about bots, which are central to elon musk's argument that he shouldn't have to go forward and buy the company. that is why twitter shares are up today, bucking that downward trend because it doesn't mean he has more ammunition trying to get out of that deal. >> julia, thank you very much. we're going to hand it off here to "closing bell" with the dow down about 1100 points, nasdaq off 4.5% the cpi came in a little hotter than expected. >> very important final hour coming up. "closing bell" starts right now. >>> courtney and tyler, thank you. stocks are plumm

in a moment, julia boorstin has the biggest takeaways including why activists are reversing course on spin off espn first, a news update with kristina partsinevelos >> happening at this hour, lawyers for former president trump say a criminal investigation into classified documents found at mar-a-lago has, quote, spiraled out of control. they say a former president should have an unfetterred right to access presidential records this despite explicit rules governing the return of presidential documents and the handling of top secret files >>> the biden administration is urging railroads and their unions to reach a labor deal to avoid a shutdown of the u.s. rail system. eight of 12 labor unions have struck tentative deals but key quality of life issues including vacation and sick days remain unresolved negotiators face a friday deadline >>> the fraud trial has begun for nikola founder frederick milton their market cap topped $33 billion after it went public in 2020 the company's stock is now worth less $2 billion. quite a job. carl >> kristina, thank you >>> disney making a number of eve

watch disney, reportedly working on its own prime-like subscription service julia boorstin has more detailsn that offering hey, julia. >> well, carl, disney is working on a membership program, but sources tell me it's not like amazon prime, which is all about e-commerce and free shipping this membership would be about customizing and connecting the experience for fans across the parks and disney plus, and disney's others businesses a source close to the situation tells me it is still very much early days and details on pricing for membership and what exactly would be included have not yet been determined. but my source says the company is looking at potentially offering exclusive merchandise, exclusive content or experiences, along with discounts and deals. now, there is no doubt that having more data, connecting people's online and offline behavior, could be massively valuable for disney for marketing, and could drive attendance' parks or even movie theaters, plus could drive more purchases both online and offline. disney is saying technology is giving us new ways to customize the consumer

expects it to grow in the next year netflix hasn't released the full details of its ad tier yet julia boorstinore >> reporter: "the wall street journal" reporting that in addition to the target of 40 million unique viewers targeting 4.4 million unique viewers worldwide by the end of this year indicating that netflix might start rolling out the ad supported plan in november so netflix has refused to confirm any details. they just tell us all of this is speculation saying, quote, we are still in the early days of deciding how to launch a lower priced ad supported tier and no decisions have been made analysts are waiting for the details. 60% have a hold rating 27% a buy. 13% a sell or the equivalent benchmark with the sell rating today writing, quote, they could deliver 20 points plus an upside with execution although early indications netflix is unrealistically aggressive on pricing given vanilla capabilities especially personalization versus peers and inadequate performance measurement. bofa warning that ad-supported streaming is not a layup even in the u.s. where ad prices are relatively high.

julia boorstin joins us. so that's a strong number, julia. those are strong numbers. "the wall street journal" is reporting that these are forecasts then flicks is giving to potential ad buyers they are out there now we know that they are out there now talking to potential advertisers to try to drum up demand before they launch the ad-supported business. right now netflix has 220 million paid memberships, 73 million of them are here in the u.s. so the outlook is that they are going to be hitting 40 million by q3 of next year and that 13 million of them would be here in the u.s. now, of course, the big question is how much is this service going to cost? the number of subscribers they get for an ad-supported tier will depend a lot on how much they are charging for that tier and whether they raise prize for the ad--free tier which, of course, is what disney is doing ahead of the ad supported service. seems like the stock is up whenever we get more details ben flicks's push to embrace the ad supported tier they are not just getting new subscriber

last night, the ceo slashing their guidance, telling cramer we're headed for a global recession julia boorstine on how tech investors might be digesting that forecast. hi, julia. >> carl, investors and analysts are trying to figure out which tech companies are best and worst positioned for decline in advertiser and consumer spending google is down less than the rest of the bunch. it's down less than 1% bernstein writing that google is the most defensive of the ad-supported tech giants that's because of its diversified advertiser and user base bernstein puts meta in second place because of it's ad mix and low bar for expectations for next year. that stock is down over 2% after an article in "information" said instagram's tiktok problem continues to get worst bern teen this morning warning about the narrow ad base of snap and pins and saying that twitter ad mix is the least defensive of the bunch. that stock is down about 1%. netflix and disney shares are both down about 2% that's despite citi issuing a note this morning reiterating its buy ratings on both stocks, on expectations that streaming

we're joined by very own julia boorstin as well as tpg's david trujillo david, it's great to have youe obviously markets have taken a leg lower, especially tech over the last few weeks since jackson hole you guys have nearly $40 billion in dry powder. how are you seeing the market opportunity and have valuations come down enough >> i think we've seen in the public markets this reset in terms of valuations. i think the big pivot, and you're starting to hear it in the conference, is the move from growth at all costs to need to focus on profitability we're definitely seeing that play through in the private markets as well. i'd say one theme we're seeing is a lot of founders and management teams built their businesses over the past decade in this up environment are having to pivot and focus on profitability and looking for help in investors like us. >> we had evan spiegel on. i'm curious if you're looking at growth opportunities which sectors or areas do you think have the most potential upside >> we invest in a lot of consumer oriented tech companies during the pandemic. that's a lot of

broader market, s&p above 4 k again, talk about where you might find opportunity in deck, our julia boorstin joins us this morning with a prominent tech investor whose early bets including faceetsy ad others. >> you invested in so many amazing companies, including meta, now you're running your own firm breyer capital. you have interesting takes on the private market and the public market. let's start public you have big bets in the mega cap tech companies kell us which ones and why. >> it's great to be back here and congratulations to kara on 20 years i'll just run through the theory the theory is buy the best houses in the best neighborhoods where there's key man that has five to ten years left who can really impact the business i start with nvidia. i think nvidia, after this correction, is a deeply compelling three-year bet, more as well. so all of these are in the context of three years they are so far ahead of everyone else in building semiconductor infrastructure for ai and quantum they are so far ahead of anyone in china or in europe and so the two chip stocks i really like and continu

our julia boorstin has been tracking the highlights today. >> reporter: fascinating testimony. the whistle-blower, a well known hacker and security expert known as muj taking the stand accusing twitter leadership of misleading the public, lawmakers, and even its own board of directors the questioning and commentary offer the past hour or so centering on twitter's data zatko saying they don't hwan data they have, where it lives, or where it came from and they can't protect that data. take a listen to his accusations of incompetence and also dangerously misaligned incentives >> twitter leadership ignored its engineers because key parts of leadership lacked competency to understand the scope of the problem. but more importantly, their executive incentives led them to prioritize profits over security >> zatko also saying twitter repeatedly violated the 2011 consent decree and said the ftc is over its head letting the tech companies including twitter grade their own home work. also raising concerns about foreign agents, government spies being hired by twitter, saying the company doe