we have julia boorstin and alex sherman. julia, are tied into disney like no other did this one shock even you? >> it surprised me, and then it didn't i did go back and check the timestamp on when the press release arrived to make sure it wasn't a couple years old, because bob iger has extended his tenure before. the magnitude of the loss in the streaming division was unlarger than anticipated, and also concerns that the way that chapek was handling cutback, perhaps a hiring fry, that that wasn't going overwell with the staff. i think they went bag to iger. >> apparently there was no bench, because they didn't bring up anybody from the outside. they went back to the former guy, who, by the way said the old guy was the right guy. iger endorsed chapek >> irony is, while bob iger is rightfully celebrated as a great ceo, his one weakness appears to be succession plans. that's k35ik9ly what disney has gone back to igerd to, at least superficially, for somebody to take over this company, after he moves on, which apparently will be

julia boorstin, cnbc business news, los angeles. >> disney investors are cheering on the return of bob iger. >>> beijing will start tightening requirements for covid testing from november 24th this as they reported 634 new covid cases from 3:00 p.m. on tuesday. we have been keeping a close eye in china with the flare up of covid cases and the resumption of lockdowns in certain parts of china. remember, arabile, china doesn't have a policy tolerating living with covid they have a zero covid policy which is why they are reliant on lockdowns and testing. >> they look at how to look at the system creating a three-tier system. now it is a sense of going backwards now. testing hasn't been necessarily that great also. the three peep ople that passed away were between 80 and 90 and had pre-existing conditions which dealt a blow there is a lot thatneeds to be said this will hurt a lot of business and that economy is floundering. a lot still to be done there for china in particular. >>> now on to the tech crypto space. looking at bitcoin which is at a two-year low below $16,000 u.s. dollar for t

traders continuing to assess damage why the way, still continues to fall kate rhine and julia boorstin on potential ad business. kate, working all weekend as well i know a lot more to come what do we know at this hour >> exactly, brian. all of this bankruptcy fallout for ftx sparked questionsabout broader contingent this means ws what does it meano cryptocurrency a large majority of the fund's total majority on ftx, firm's partner. went to withdraw monday morning, got very little out. now stuck alongside everyone else and adds it's hard to imagine the space bouncing back quickly from this ordeal too many gotten burned too hard. a handful of other funds, hedge funds in particular, in this position not just crypto funds, guy likely more traditional crossover funds as well may have dipped their toes into cryptocurrencies sam bankman-fried, former ceo said these were ftx core clients. take lachb. >> most of our volume comes from customers trading at least $100,000 per day of volley these are high volume, highly engaged users and sort of everything from, like, someone in crypto ecosystem to

smart tv growth, julia boorstin joining us julia, i'm old enough to remember when roku was like the hot kid on the block and that was like last year. everyone is like, this is the future of streaming. what's happened? >> roku's stock in many ways is seen as representing the health of the streaming market. this is a company that benefits when there are more streaming services launching, because those streaming services advertise on the roku platform now, of course, it also has its own add-supported channel. there are a couple of key things to look at here for roku the first one is research growth roku is expected to report 2% revenue growth in the third quarter and guide to 2.5% revenue growth in q4 i think guidance will be in focus, representative of what kind of ad trends we're seeing the other is active accounts that's a key number to watch for roku, to see how engaged users are, and where it else about the health of a streaming market as a whole. the other thing we're watching here, just for active accounts, there are 64 million that's the number to watch and path to profitability, w

techcheck" starts now ♪ >>> happy black friday welcome to "techcheck" i'm carl quintanilla with julia boorstinsearching for a pulse on the consumer, we've got it today, along with the latest data, stock moves, winners on this shortened trading day for stocks plus more on where e con goes from here. finally the apple breakdown as covid cases surge in china and questions continue to grow around iphone supplies going into the holidays. big show today, julia, even with the shortened session. >> a happy black friday to you we are kicking off today's feed with a read on the consumer as black friday becomes a make or break holiday this year and investors eye an a slow down amid a rolling tide of layoffs, and guidance cuts. christina joins us now with the latest >> reporter: between stuffing our faces with turkey meals, shoppers were able to get in a lot of shopping yesterday. consumers spent a record $5.3 billion, it's not on here, but 5.3. that is up almost 3% increase year over year to put that in context, on an average day it's 2 to $3 billion in the united states today adobe is predicting the num

cnbc market commentator mike santoli here and steve kovac on apple's exposure to china and julia boorstinghlights of bob iger's town hall we'll kick it off, mike, dow down more than 500 point, nasdaq down 1.7% and the s&p 500 down 1.7% sure, we've got china out there. we've got hawkish fed speak. the market kind of say wear of those issues i guess the china unrest is a bit of a new wrinkle we're also coming off of a strong period where the market has rallied on hopes, mike, that the fed might be ending sooner rather than later. >> yeah, i mean, last week you did get just a little bit of a levitation sometimes that happens during the thanksgiving week. i don't think today's action completely undoes the basis for the lift we've gotten the last several week, at least since the last cpi number, so it's not as if the market is in a fed-induced panic. not seeing yields reacting in a way that would say that's going on but the market has been really unable to build on the gains for more than two weeks right now, and you had semis very overbought coming into today. they are backing off a s&l a big

. >>> shares are down after missing on earnings ps let's bring in julia boorstin who had a good look at the quarter. we talked to cramer this morning about the number of metrics on which they missed and certainly rpu was among them. >> the losses at the exstreamin businesses more than double over a year ago growing that top line streaming s subscriber number, and though that number did exceed expectations, we're in a total moment of shift and disneys and the other companies are reckoning with the fact that you cannot grow at all costs when it comes to streaming subscribers you have to shift the conversation and think about average revenue per user and thinking about how much you're spending on content and making sure that's justified. stock down 12%, you have to wonder what this next phase is going to be like and how much they are going to have to drama drama dramatically pare back spending. >> if we are wondering what they're going to have to do, does this mean fewer deals awith maybe carriers and other outside sources of user growth to try to goose the top line, fewer bundles and m

julia boorstin on disney, mark mahaney on meta.orv session lows, down 2% on the s&p. every sector lower and we've seen that it's really energy getting crushed the hardest down 5% right now consumer discretionary down 3% technology is having a rough day. most of these big cap tech the stock lower except for meta. to shortage of catalysts what are you watching? >> all of it the bond market, i don't know if it's a little bit of the safety bid but aside from the 10-year which had a bad treasury auction a couple hours ago, you have yields that are tame maybe that is because people are grabbing at something relatively safe i do think the fact that you have energy on the downside when you have mega cap growth stocks giving some of that back explains your 2% down day. lows of the week holding in that range of up 8% from the mid october lows seemed like two-way risk going into the cpi tomorrow honestly because if it's a benign number people talk again about how we have the green light for that supposed seasonal strength meant to follow the

julia boorstin, developing relations. see more let's get a cnbc news update with bertha coombs >> here's what's happening at this hour. about 75% of ransomware attacks reported to the treasury department late last year were connected to russian actors. for all of 2021, reported hacks cost nearly $1.2 billion nearly triple the previous year. the treasury dp says that it was also the target of an attack by a russian hacker group last month, but it caused little disruption spacex has launched its most powerful rocket for the first time in three years. foggy conditions couldn't stop the falcon heavy from blasting off from cape canaveral. this was the falcon heavy's fourth flight. it carried a number of satellites, including two classified payloads for the u.s. space force. >> and an extremely rare first edition copy of the u.s. constitution is hitting the auction block next month just 13 are known to have survived only 2 are in private hands, including this one sotheby's estimates that it could fetch up to $30 million. >>> on

america banned after shares of meta and snap higher today both have products to rival tiktok julia boorstinetails >> that's right. shares of meta ended up more than 2%. snap up about 3.5% after repreport reported that brendan carr says they move to ban tiktok, referring to the management of user data and carr said, quote, i don't believe there is a path forward for anything other than a ban. he is of course one of five fcc commissioners. and the fcc itself does not actually have any authority over tiktok currently in talks to determine if can or should be divested to a u.s.-based company tiktok got back to us with a statement saying, quote, commissioner carr has no role in the confidential discussions with the u.s. government, going on to say we are confident that we are on a path to reaching an agreement with the u.s. government that will satisfy all reasonable national security concerns a treasury spokesperson telling cnbc that its sippious division is devoted to taking actions to safeguard national security. melissa, they also note it doesn't comment on transactions, that it may or may n

julia boorstin is covering it. >> netflix launched its new $7 a month ad-supported subscription, $3 less than the basic netflix subscription that doesn't have ads. ned flicks tells us there will be a limited number of titles that aren't available due to licensing restrictions they say they're working on that they also tell us that the titles that are available represent an average of between 85% to 95% of what's most popular on netflix right now, depending on the country we did see that some titles, including some james bond and morbeous are locked. that gives users the option to change their plan and to pay a little more to watch those films. today's launch does come about a month ahead of the launch of disney's $8 a month ad-supported tier, and it really marks a new phase in the streaming wars, a fight to hold on to consumers who are looking to cut back on spending by giving them cheaper options. netflix warns that this would be a slow ramp-up of its ad business, but once netflix with ads is at scale, we'll have to see if its ad inventory can steal share from hulu, peacock, paramount p

. ♪ >>> welcome back to overtime time for a cnbc news update with julia boorstin >> sara, here's your. airlines expecting to receive new jets from airbus next year may have to wait longer than planned. industry sources tell reuters that the jet maker has been racing to meet deadlines for 2022 deliveries in the face of supply chain and labor issues. and that may mean that 2023 delivery dates have to be pushed back >> the average household spent $433 more per month on goods and services in october than it did a year earlier that's according to a moody's analysis of october inflation data moody's says even though inflation has been coming down, the typical household is still feeling the squeeze from higher consumer prices. >> the race between raphael warnock and republican challenger herschel walker is too close to call heading into next month's georgia runoff. but there's one area where warnock has a decided advantage. new federal election commission filings show warnock's campaign with about $29 million in cash on hand. that's almost three times as much as walker the georgia runoff vot

julia boorstin joins us now with that story julia?hn, at a health hearing fbi officer chris wray said he shared their concerns about tiktok being used to compromise personal devices take a listen. >> we do have national security concerns, at lei from the at that possible to control the recommendation algorithm which could be used for information operations if they so chose. >> this comes as the treasury's committee on foreign a tiktok spoerns western being there. tiktok shows the two weighing in on this at a bloomberg conference saying, quote, i'm very confident that through the detailed discussions we're going to have we will come up with a solution that will reasonably address the national security concerns chu saying the company is working with its partner oracle so only u.s. staff would have access to sensitive data it is extremely difficult to build a solution the company is also reportedly looking to double the staff, interesting, as the other companies cut back on the employee base. bernstein is saying, quote, i think it's real

chapek given challenges on the horizon including a new succession plan, will he pull its off in julia boorstinoins us with more. julia? >> he's moving quickly bob iger firing a top executive and announcing the restructuring is in the works. he says the restructuring aims to, quote, honor and respect creativity as the heart and soul of who we are. in a reversal of bob chapek's separation of content creation and distribution into two divisions he's fired kareem daniel, he ran media and entertainment distribution or dmed in a memo iger said he asked general entertainment chairman dana walden, studio chief allen bergman, espn chairman and cfo christine mccarthy to design a new structure that puts decision making back in the hands of creative teams and rationalizes costs and aim to have the new structure in place in the coming months i fundamentally believe that story telling what is fueled this company, and it belongs at the center of how we organize our businesses now the spotlight turns to those executives that iger mentioned and the board is imperative he develop a successor. one thing he faile

our julia boorstin joins us to explain. julia?ocial platforms are counting on you to do some shopping while busy posting thanksgiving pictures. 34% of shoppers say they plan to do shopping on social media this year, up from 28% last year and 26% in 2020, according tocy aur say by deloitt sales are projected to grow to about $1.25 trillion next year all of this offers meta, snap and youtube, all struggling with an ad contraction, an opportunity to lock in e-commerce advertisers and ultimately diversify their revenue streams. meta is offering advertisers more ai-driven tools, including this tool that automatically creates up to 150 different instagram and facebook ads meta telling us advertisers using these ai campaigns so you a 32% higher return. snap is offering new ai-driven augmented reality shopping tools, like the new balance lens it's the first of its kind lens. a bot asks snapchaters questions about the person they're shopping for and voice based machine learning analyzes their answers and shows the user gift ideas which use

julia boorstin joins us with more >> this was a dramatic move by meta, first mass lay-offs in the 18-tory, laying off 13% of its staff, more than 11,000 employees. a source tells us that meta instructed all the employees to not come into the office today and work from home the stock is up nearly 8% this morning on that news as well as the announcement that meta is taking additional steps to become leaner and more efficient by cutting discretionary spending and extending the hiring freeze through the first quarter. meta slightly lowered the expense outlook for 2023 to the 94 to $100 billion, down from 96 to 100 billion mark zuckerberg saying, quote, i want to take accountability for these decisions and for how we got here i know this is tough for everyone, and i'm especially sorry to those who impacted. rbc capital markets writing, quote, while this announcement does nothing to alleviate the concerns about competition, signal loss and the perception of excessive metaverse investment, it's the first time the ceo has shown a willingness to acquiesce to shareholders' desires for investing

julia boorstin joins us with that. >> returning ceo bob iger looking to boost morale at disney as heielded employee questions. sources filling us in on the conversation iger saying that they need to get the restructuring that he announced just last week done quickly but don't yet have a specific tloin when it comes to disney's streaming business, iger saying they need to shift focus to achieving profitability, not simply to adding subscribers at any cost iger endorsed his predecessor bob chapek's plan for a hiring freeze, saying, quote, we have to take a very hard look at our cost structure across our businesses he dismissed speculation about m&a saying he's comfortable with the assets that disney has and there's no urgency or even interest in acquiring anything more and that the reports that disney could sell to apple are, quote, pure speculation. guggenheim responding to iger's commentary with a note outlining three steps towards bolstering disney's bottom line, recommending first that the company right size disney plus, focus on achieving the studio's peak margins and better match

julia boorstin has a look at it and what it might mean going forward.his was interesting >> very interesting. disney is testing a week-long initiative to give disney plus subscribers early access to buying certain merchandise this is to see how it can make disney plus the center of its direct rul relationship with consumers.t watch content. and we could see it connect its streaming subscription to how people buy tickets to its parks. is t this is a limited test subscribers can scan a qr code or visit shop disney special access website for subscribers and then they can buy advanced products like a black panther mask or dark saber legacy set. building on the value of that subscription service and helping to remove some friction between watching content and buying disney branded products. all of this is after disney consumer products did lag other divisions growing just 2% last quarter. and also as disney continues to invest in disney plus which ended last quarter with 93.6 million subs to the koer service excludeing the lower value hot stars subscribers.

. >> thank you julia boorstin on roku's 17% decline here if the holiday season's going to be weak and ad spending is goin to be weak, when does it get better >> you would think the switch away from linear tv would be a tail wind. this is a good example of a cheap stock becoming dramatically cheaper after the report i'm tempering my words here. i'm tempted to say could you buy it here? i don't know >> are you hinting that you could? >> i think you could buy it for a trade but the problem is these things gain so much momentum they eat on itself that tomorrow you're going to see everyone say i told you you should sell this. everybody on the street is going to hate roku tomorrow. >> i don't find anything potentially interesting about this the only year this company made money was barely in 2021 sort of headwinds they have. they have to do with the secular change that's happening. you thought they were, they're becoming head winds because they don't have a mote. throw this thing on the scrap heat of tech crap, tivo. >> i still have a tivo >> people used to tell us how wrong we were about t

julia boorstin has the breakdown. >> right, carl media stakes revealed in 13f filings, disclosed 40%ncrease in ownership of disney shares to 1.4 million. comes after disney struck a deal with loeb including adding carolyn eberson to his board in september. disney shares up 2% on this news berkshire hathaway increased its stake in paramount by 16% to 91 million. shares up over 9% today. though still down over 30% year to date. and then take a look at warner brothers discovery shares. they are up today as well. they're currently up 4% after ceo david zaslav spoke and contessa mentioned, the ad market worse than during lows of the pandemic and warned if ad market doesn't improve next year it will be hard to hit the company's $12 billion earnings forecast for 2023. he did say, though, discovery would stay disciplined when the nba rights renewal discussions accelerate and confident the company's strategy pointing to another media stock on the move. netflix. those shares hitting seven-month high today currently up about 4%. jessica reid cohen assuming coverage giving a buy rating, $370 pri

julia boorstin has the details he's talking about a lot of stuff. >> a lot of stuff, increasing the paceter having the potential of becoming a super app. he just wrapped up a conversation where he said he wants people on the platform to be able to make peer to peer payments he talked about the need to improve the relevance of ads in twitter and said that will get better in coming months. he said the rate and evolution of twitter will be an immense change and he weighed in on advertisers who paused their spend. he said i understand people want to give it a minute and see how things are evolving, the best way to see how things are evolving is to use twitter the content is improving, not getting worse. he also said they will have this content council to weigh in on account bans, but ultimately the responsibility is mine the buck stops with me he understands that advertisers and users will leave the platform if it doesn't feel like a safe space he talked about having this whole new idea of making advertising more relevant and making advertising feel like content. on one hand he's talking abo

market commentator mike santoli here to break drown the crucial moment of the trading day and julia boorstinr's return to disney and phil lebeau on a big tesla israel we'll kick it off, stocks down 48 points on the dow and bigger decline on the nasdaq. started the day worrying about china and covid case and potentially more lockdowns and also it's notable what we're seeing with oil. that turnaround during the day and a very strong dollar what are you focused on? >> a general sense putting that all together, sara, that there's still an overlay of concern about the pace of growth going into next year globally. you know, earlier treasury yields were lower as well which would have fit into that picture but they perked up a little bit. perhaps it was after we heard from mary daley of the san francisco fed talking about policies each more restrictive than we measure it, but in general i feel like the market has just been in this low drama way consolidating but has very low momentum it's so far benign pullback over the last week and a half in the early part of this month but nothing really getting

our julia boorstin has a gut check on that. >> good morning again. disney shares are moving higher this morning, more than 1% higher after bob chapek announced in a memo to division leaders late obfriday that the company plans what he called a targeting hiring freeze. chapek writing in the memo, quote, hiring for the small subset, the most critical business driving positions will continue but all other roles are on hold. chapek also saying they will, quote, look at every avenue of operations and labor to find savings, saying we do anticipate some staff reductions as part of this review. this comes on the heels of reporting disappointing earnings which sent disney shares plummeting last week and the company now says it's establishing a cost structure task force, comprised of chapek, cfo christine mccarthy and their general counsel. this all comes as black panther wakanda forever reported a record november debut of $180 million in north america that is higher than the studio's forecast, but the film may not get a release in china that would be a disapp

reports elon musk teased a possible bankruptcy filing for the company next year let's bring in julia boorstinough the headlines. we've got the executive exits, obviously his memo in the meeting. what's most important today? >> oh, there's so many things to dig through here, but if you look at the key executives who have reportedly left in the last day or so, chief information officer, chief compliance officer, one would expect these three executives would be evejs to twitter's compliance with the ftc. the comments we got from the ftc regarding these departures and some comments from elon's lawyer we're tracking with deep concern, no ceo or company is above the law and companies must follow our consent decrees our revised consent order gives us new tools to ensure consent compliance and we are prepared to use them. carl, i'm so curious to see how this plays out twitter would presumably to be issuing updates and reports to the ftc fairly consistently. the question now is who would be the people at the company who could do that? and in terms of that bankruptcy question it is my understanding tha

our julia boorstin joins us now with the latest. >> well, jon, i'm hearing iger has alreadier started to do virtual meetings and phone calls with executives starting first thing this morning and the creative side of disney in particular is thrilled with this change one source telling me that there is great hope that iger will restore a vision that prioritizes creativity over data another source using the word euphoric i'm also hearing there's been a lot of talk about iger's history of disagreeing with chapek's restructuring back in october 2020, which put creative groups at odds with the group making distribution decisions i'm also hearing that there is an expectation that iger could move quickly to amend the structure closer to what it was before chapek's restructuring. but on day one, iger's challenges are far bigger and different. not just from where they were when iger left in february 2020, and even when he stepped down as chairman at the beginning of this year, with a far weaker economy. first an ad recession will challenge the company's linear networks and also the new ad-suppo

julia boorstin meanwhile, firm shares say the are 90% off of their highs, as buy now pay later playersace rising costs, rates and consumer slowdown. we will talk to a ke competitor, pharma next, do no go away. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. >> welcome back. nasdaq, the upper former thi morning, up about 1%, tesla at last, data dog, more on th market action after the break. but first, last week, we asked members of cnbc's technology executive council about thei outlook for crypto, and bloc chain tech with all the ftx fought. here is what they said techcheck is back in a moment. >> i have been investing i crypto for a number of years i have continued to invest i crypto >> i think if anything, we wil probably see and realize the need for more regulation especially here in the u.s.. >> this could become illegitimate part of goo advice, good portfolio construction, becoming

julia boorstin has more on the gut checks today >> roku shares are down more than 8% on guidance that company forecasting a revenue decline of about 8% in the fourth quarter instead of the 3% revenue growth that analysts were projecting for q4. while the company has projected loss for the last quarter of the year is more than three times what analysts had anticipated. roku warning they expect the macro environment to further pressure consumer discretionary spend and to degrade ad budgets. roku shares are down about 80% year to date and we have seen a number of analysts downgrades this morning guggenheim downgraded to neutral writing, we lack visibility into key business drivers including advertising trends, types of rev nu new, and long term profitability objectives moffettnathanson with an underperform noting all players in the market have posted disappointing third quarter results or weak fourth quarter guidance roku and snap's disappointing results show that smaller platforms without a true up front mechanism to presale ads, those are the ones that are easiest for marketers to cut

. >>> a gut check on meta back to 109 highest levels of the month so far julia boorstin has that for us. >> that's right. meta shares are up over 7% today. now they're up over 20% in the past week on the heels of meta's first mass lay-offs. meta employee laid off yesterday provided this video to nbc news. >> i'm the founder and ceo -- >> i was wrong >> i'm responsible for the health of our company for our direction and for deciding how we execute that including things like this. and this was ultimately my call. it was one of the hardest calls that i've had to make in the 18 years of running the company >> an out perform rating on the stock, saying yesterday's announcement they were slashin 13% of the company's employees, quote, is a clear affirmation that this is a rational company led by a ceo who cares about his share price and what investors think of his leadership skills saying that the slowing down and core cash operating expenses should stabilize the recent collapse of family of apps margins and cash flows other social stocks also surging today. snap up 4.5% sorry. snap up 5.5%

julia boorstin, a wide-ranging conversation there with our colleague andrew ross sorkin he talked about his support for elon musk, the idea that he thins to be m&a activity, and the ad-supported model should have been rolled out sooner rather than later? >> yes it's fascinating to watch his total reversal to ads on netflix. for so many years, he said he didn't think that ads had any place on netflix here today, we continued this reversal he's had over the past six months or so, how he sees such an opportunity to not only serve this unmet need, but to help the advertisers who haven't had access to consumers, but do so in a way that he thinking will be effective. he also had nice thing to say about microsoft, as they decided to partner with which surprised many people. he was complimentary about bob iger he said he was ready to be a fund-raiser for him, saying there was speculation that iger could run for president, but he thinking duties any will be a big success, and he foreceases this where they're duking it out. >> and netflix up. i want to get your thoughts on meta mark zuckerberg al

job as the ceo again and he's announced the major move we'll get over to the west coast with julia boorstinve and announcing a restructuring when he said aims to honor and respect creativity of the heart and soul of who we are. in the content creation and distribution into separate divisions, he fired kareem daniel who ran dmed as it is called iger said that he's asked daechb wald pan and cfo christine mccarthy to design a new structure that they say puts decision-making back in the hands of creative teams and rationalizes costs saying, quote, our goal is to have the new structure in place in the coming months, without questions elements of dmed will remain but story tells is what fuels this company and it belongs at the center of how we organize our businesses so now the businesses that iger mentions and the imperative that iger develop a successor, the one thing he failed to do in his delayed retirement plans and rosenblatt write gs investors will reasonably assume more leadership transition issues will come until proven ot otherwise. iger is showing his swift action and in naming of the