that was an interesting conversation with lance fritz.stunning, isn't it? >> it's stunning we're in rally mode with s&p 1.4% nasdaq almost a 2% gain. that does it for us with "squawk on the street" "tech check" starts now. ♪ >>> good thursday morning. welcome to "tech check" i'm carl quintanilla with deirdre bosa and jon fortt. our first guest says the cloud is next. reasons that sector might be right for consolization. amd gets the downgrade, we'll

that was an interesting conversation with lance fritz. man, that video of those packages all over los angeles. >> stunning, isn't it? >> it's stunning we're in rally mode with s&p 1.4% nasdaq almost a 2% gain. that does it for us with "squawk on the street" "tech check" starts now. ♪ >>> good thursday morning. welcome to "tech check" i'm carl quintanilla with deirdre bosa and jon fortt. our first guest says the cloud is next. reasons that sector might be right for consolization. amd gets the downgrade, we'll talk about the piper call. and later, netflix tonight, why investors are looking outside the u.s. for calls >> meanwhile, carolina, nasdaq, we're going to put this historic drop in perspective. remember, it finished more than 10% from its record high 8% just this month that said, nasdaq is having its best day of the year, jon. we're constantly monitoring the movements, it's good to put this in perspective >> always like to zoom out and put it in perspective, and that's where we're going to start this morning, putting that word "correc

ceo lance fritz said they were caught off guard as well as the federal vaccine mandate that has since back all of them are temporary. even though the quarter wasn't perfect, it was unbelievable as we teach people in the investing club, that's what really matters they have pricing gains that should outpace inflation and better efficiency. put it altogether and union pacific should be able to throw off a ton of cash. management is spending money buying dividends and paying back stock. the stock jumped they've given back some of those gains. it still is only down 12 bucks from the recent highs. how about csx? when you look at the headline numbers you might think this quarter wasn't much different. csx had excellent 21% revenue growth slightly shrinking volumes, 24%. they had some efficiency issues. there were two major differences. csx took a bigger hit in terms of its efficiency ratio. cost divided by revenue. the most important metric in the railroad business. more important, management was vague. union pacific gave you specific numbers for 2022, they were quite bullish. csx was a lot

. >> reporter: lance fritz said they will add fence with raising wire and concrete barrier.n't look good but be effective. >> we'll see perry russom, thank you. >>> kyle rittenhouse is asking the judge to give back the rifle he used in the wisconsin shooting his lawyer filed paper work where the shooting happened nearly a year and a half ago a spokesperson for his family said, quote, it doesn't belong in a museum. it belongs where kyle wants it and kyle wants it destroyed. rittenhouse said he went to kenosha to protect property from rioters. he killed two people and wounded another. prosecutors charged him with murder and painted him as a wanna be soldier looking are for trouble. but he said it was self-defense and he was being attacked. in november a jury agreed and found him not guilty on all charges. rittenhouse's attorneys also asked for law enforcement to return his clothes from the day of the shooting. a hearing on the request is set for a week from today. >>> and video may have killed the radio star but revenge is a dish best served cold. old music is back and bigger