what does this symbolize for the -- first of all, for microsoft. >> for microsoft, it was you aren't -- unfortunate timing that microsoft announced this day when they said they don't want bigger companies to get bigger and put themselves into a position where they have monopolist power they point to facebook acquiring instagram. this is exactly the kind of deal that lena khan's ftc wants to block. if she's no longer the chair, this seems to be her only chance to make a mark for her legacy as the chair. >> so is it -- steve, a done deal then? what is the message to other kind of tech rivals of microsoft and those looking at similar kinds of acquisitions that every day we see a large company looking to bolt on, you know, plays that might help them in their future if this one is going to be the one that -- they give the red light, they say it can't go forward, what are the larger implications of that >> it's already, kelly, putting a chill on acquisitions. every time we talk about, is apple going to buy disney, is facebook going to buy this company, we say, look, regulators, president b

microsoft is better at the political game, brad smith in particular, president of micr microsoft, isreat at it. he's been ready with the give peace a chance tweet he's going to negotiate his way out of it as hard as he can. >> the part that seems crazy to me is this meta within thing the ftc is assuming there is a market for the metaverse i don't know that many people who are assuming that outside of mark zuckerberg and facebook and meta so it's like you're going to have a monopoly in this market that we're assuming is going to exist in five to ten years it seems like an easy case to make but that's regulatory overreach. >> i think you can make the case i think that's how meta sees it, it's a tiny market they're the only player. supernatural is great -- i had the ceo on the podcast and we talked about fitness is a killer app for vr if you haven't played this game, go play it, it's fun to workout, it's dance fighting with swords. it's peloton for vr working out. he told me the user base for supernatural has no overlap with the traditional base >> traditional >> think about traditional

the suit lays out a history of microsoft's gaming acquisitions, alleging microsoft has the pattern of buying game publishers to make their games exclusive on microsoft platforms the ftc makes a lot of other claims about microsoft's market pour it claims that nintendo isn't even in the same class as microsoft and sony, because they make more expensive and powerful game consuls it also claims that cloud gaming, which is still in its fap infancy, could become more relevant so far, the ftc hasn't shown much evidence proving these theories nintendo has a bigger market share in consoles than microsoft. as for the exclusive question, microsoft has offered to put "call of duty" on rival platforms for ten years and said it's even willing to make that enforceable by the courts if this deal goes through meanwhile, microsoft president brad smith making it clear that the company is going to fight this in court, saying in a statement, microsoft tried to, quote, give peace a chance, by offering concessions to the ftc earlier this week. but it now sounds like, kelly, no more peace. microsoft is ready

microsoft responds to the ftc. the latest on the tech giants battle with the government cyber security struggles, hitting its lowest levels since 2020 what we can expect from that space next year. >> yeah. let's start with stocks. tech sector nasdaq back near the lows of the year the last few weeks have just been ugly. frank holland joins us with december's move and what it could signal for 2023. >> a lot of red here on the nasdaq a 9% decline this month. a 33% decline this year. apple having the biggest negative impact on december, dragging it down 147 points. tesla more than 109 points investors have a lot of concerns about elon musk running twitter. winbush lowering its estimate for deliveries chips again under pressure micron's disappointing earnings. job cuts weighing on the space overall. we're talking invidia. we are looking for names moving the nasdaq higher, especially today. likely names you don't associate with the nasdaq. trucker, old dominion moving the tech heavy index higher today as investors lookin

the takeover from microsoft.in the letter, he says this sounds alarming so i want to reenforce my confidence that this deal will close the allegation that this deal is anticompetitive doesn't align with the facts and we believe we will win this challenge. we'll talk to an activision analyst for his take on where the stock should be trading the stock should be trading straight aheadna do that. he was proud of the price he was charging. ♪♪ my dad instilled in me, always put the people before the money. be proud of offering a good product at a fair price. bell." i think he'd be extremely proud of me, yeah. ♪♪ get refunds.com powered by innovation refunds can help your business get a payroll tax refund, even if you got ppp and it only takes eight minutes to qualify. i went on their website, uploaded everything, and i was blown away by what they could do. getrefunds.com has helped businesses get over a billion dollars and we can help your business too. qualify your business for a big refund in eight minutes. go to get

we own microsoft if you think about what was going on there, microsoft wanted to become the netflix ofhey said, we'll provide a platform, we think it's important to build -- you add the call of duty and other games. we're going to offer them to everyone but the ftc is saying we're going to shut this down. it's a $70 billion acquisition i think that's a lot it's not as if you're paying nothing for it they already have a big platform and so investors might think that, you know, perhaps this is a better company without activision -- >> you don't want to see them fight the ftc and take them what this could be a year or two years -- >> they're going to fight it >> you think that's a disservice to the company. >> i think shareholders might find that the aggregation of activision is a lot of work and, you know, who knows whether the playoff is going to come before the next five-plus years >> you wouldn't sell it? >> no, no. i think the stock has come down from 30 multiple to low 20s. we think it's still attractive >> okay. it's great to see you. >> nice to see you too. >> good to be here when

why would sony be upset about the idea of microsoft by -- buying activision. >> microsoft is the second-highestt 34% and the nintendo at 4%. i guess they're concerned that microsoft would have competitive edge in cloud. that is an argument you are seeing floated around. >> i am interested. let's talk about the interest of the user here. we actually went out to our followers, to her audience that are on twitter. we wanted to give them a poll to see if they ultimately cared about whether activision is owned by microsoft or not. it seems as though they want to see the deal go through. it is called 82%. they think microsoft should be allowed to buy activision. when they make enough concessions to ensure that at no point me, the gamer suffers from this? >> i think the consumer might be worried that their access to call of duty would be foreclosed on sony playstation but even microsoft has said they are not in a position to want to even stop call of duty access on the playstation. arguments of foreclosure that that microsoft would hold back certain games seem to be weak. i think the game players know

sony claims microsoft will take it away from the rivals.rosoft has already offered to put call of duty on rival platforms for ten years and is willing to have that enforced by the courts activision ceo firing back saying we believe these arguments will win despite a regulatory environment focused on ideology and misconceptions about the tech industry. and then brad smith saying they will fight in court. microsoft tried to quote give peace a chance by offering concessions to the ftc the question now, frank, what additional concessions did microsoft float to the ftc it sounds like there is no more peace and microsoft is going to war. >> they are offering peace with a shooting game? i was trying to turn my wheels on that. i'm a video game player. i think you are as well. does microsoft have incentive to limit people licensing call of duty wouldn't that bring in more revenue? >> that's right, frank when i talked to the microsoft side, they said we would be crazy to remove call of duty from other platforms most of the money it makes or a huge pe

microsoft does that too. they bought another company called bethesda and they're about to launch a highly anticipated game -- i can't remember the name, but it's a space game they're going to put only on xbox everyone is pointing their fingers but no one is adhering to what they want exactly, jon >> right, and it's funny, there's so many mentions of blockbuster, did you notice that i think brad smith mentioned it twice in the op-ed sony is as excited about this deal as blockbuster was about the rise of netflix. anyway, what objections would sony have remaining? is ten years not enough time how would they maybe respond to this >> so the other part of it that they also complained about is just the benefits that this deal does to microsoft's cloud business overall so they're claiming look, we have this unfair -- microsoft has this unfair advantage in cloud already. sony has a kind of similar service, but because microsoft has this chops that sony doesn't, any benefit to microsoft in that space, in that cloud gam

if they care if microsoft is owned -- if activision is owned by microsoft are not. 82%, say yes, fromonsumer point, will they make enough concessions to ensure at no point, me, the gamer suffers from this. guest: i think consumers would be worried that access would be closed on sony's playstation, even microsoft says they are not in a position to stop call of duty access on the playstation. arguments of foreclosure that microsoft would hold back certain games seem to be wake. i think the game players -- know that come if there is demand for call of duty, microsoft and activision want to meet that demand. caroline: we want to dig in. this is not happening in isolation. earlier in the year nvidia arm that deal was kibosh, meta-will be arguing the case of why it will be able to purchase the hot fitness vr app. why do you think we are seeing fiercer pushback on the m&a deals? guest: you have the contacts that the chair is coming at these mergers -- context that the chair is coming at these mergers with -- the ftc dropped claims in october and it brought the lawsuit against the internal st

meanwhile, the latest on microsoft's acquisition of activision.s is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh it's official, america. xfinity mobile is the fastest mobile service. ahhhhhh and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers and counting. get in on the savings and switch today. caroline: welcome back. alongside ed ludlow. we have got to talk a gaming. microsoft executives are meeting with the sct -- ftc chair to discuss details of the activision blizzard merger. microsof

we take a look at a major new project and a group of gamers is suing to stop microsoft snapping up the giant game developer activision in the $70000000000.00 deal. could they succeed? we'll get the extra since that time again dw business. welcome disgraced f t x founder, sand bank and fried has been fried on $250000000.00. bail that after a u. s. judge allowing his release as he awaits trial on criminal fraud charges. franklin fried here in a federal court room in new york up to being extradited to the united states. from the bahamas, prosecutors accuse him of stealing billions of dollars in f. t. x customer funds in order to plug losses at his hedge fund. attorneys for the government also say to of bank them fried as closest associates of pled guilty and a cooperating with their investigation. he stepped down as c e o last month, same day f t x filed for bankruptcy. and let's get more on this now from new york, our correspondent is called to is standing by their force. yes. how bad is it looking for s b f off to this initial hearing today? well, i mean, it is not looking great then al

the microsoft folks came to d.c. and had offered a lot of concessions. not just of these 10 year deals with other console makers. they had reached an agreement with the communication workers of america to offer labor neutrality if any of the gaming studios wanted to unionize, which they thought the ftc would look kindly upon. they also offered some conditions related to employment that they thought the ftc would like but that wasn't good enough to do it. ed: in the end i guess those conditions or offers from microsoft were academic, they weren't enough. what's the timeline at this point given that the ftc voted in this direction doesn't mean the deal is dead. leah: no, they voted for an administrative complaint. meaning that from here it goes to a trial before the ftc in-house administrative law judge. that sort of process is going to take several months. probably we would not have an initial decision until next summer or next fall and from there you know microsoft can still appeal several times. this is by no means the end, they say they intend to litig

meanwhile, the latest on microsoft's acquisition of activision.world is talking about toxic gaming as well. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers

you very much for that microsoft is ready for war said steve kovak. there might be a reason why microsoft is ready for war because the track record from the federal trade commission as of late has not been good. they have not succeeded that purchase and i'll open this up to guy and why the muted reaction. >> the biggest gamer in the desk. >> i follow him on twitch. >> you say that in jest, i'm on the twitch because if the fates of microsoft rely mon this activision, then we're all in a bad -- to me this is a rounding error in my opinion for microsoft. so i don't think that is why you're seeing a stock reaction get the deal, not get the deal don't think it is moving the needle but the stock is down 30% from its all-time high this time last year and people are starting to care about valuation and at 23 times-ish, microsoft is still an expensive stock. >> dan, what do you think? >> is this a deal that -- >> let's talk about this. >> we started this year off and microsoft made this blockbuster $70 billion -- and it is actually a lot more than around. if y

so we'll implement cloud based microsoft modern work solutions like microsoft 365, teams and azure, soour teams can collaborate with zero trust security anywhere. [phone: destination ahead.] microsoft makes modern work possible. cdw makes it powerful. ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow. ♪ >>> welcome back it has been an action-packed week in the bond market. rick santelli has been tracking the action following that hot inflation report rick >> yeah, it moved the markets, john look at intraday ten, far left of the chart, 8:30 eastern rates popped, 10:00 eastern, rates popped and if you look at ten year, starting from june 1st, this is important, folks, look at the mid-june, 614. we had that top. a whisker under 3.5% basically wher

caroline: and yet, microsoft has been trying to get ahead of this. nintendo, accessing call of duty, they sat down with lena con yesterday to explain the reasoning it has not landed. >> the ftc has been very worried about the deals the tech giants have. the microsoft folks came to d.c. and had offered a lot of concessions. not just 10 year deals with other members. they had reached an agreement with the communication members of america to offer labor neutrality if any of the gaming studios wanted to unionize, which they thought the ftc would keep on. that was not quite enough to do it for them. ed: in the outcome of those conditions where just academic. the ftc has voted in this direction. it doesn't mean the deal is dead. >> they voted for an administrative complaint. it goes to a trial before the in-house administrative law judge. that process can take several months. we would not have an initial decision until next summer or fall. from litigate and this is not the only regulatory approval they need. they still need approval in the u.k. and the eu,

activision waits to found out the fate of its deal with microsoft. i'm melissa lee. this is "options action. on the desk tonight, carter worth, mike khouw, and tim seymour. we begin with a monster week in the options market today was an expiration day for more than $2.5 trillion worth of trades and tuesday, wednesday and thursday activity was off the charts according to our traders. tesla, nvidia, warner brothers discovery coinbase and more. let's drill down first on macy's tomorrow is super saturday on what could be a make-or-break for retailers. super saturday is tomorrow after a promising fall it's been a long december, though, mike so what are you seeing there >> as you would expect on a week like this one we did see a lot of bearish activity in several places but there are a couple spots where people were making really large bullish bets in the retail space macy was one of these names. we saw another now the company is going to be reporting after that expiration but of course we've got a lot of retail sales data ahead of that. some people hoping for a little bit

the game as fear that the merger could limit availability of activision games to microsoft x box. while the u. s. regulator fears the deal could dampen competition. and for more on this i spoke with jess cordon, gaming, journalist, and managing editor text window central dot com. i asked him how microsoft justify such a big acquisition, which the regulator in some fans, they will erode competition. this is kind of, it revolves around the hold. a lot of the discussion revolves around call judy, microsoft has said repeatedly that this deal is more about bringing competition, not to play station and not to sony, but it's more about bring competition to apple and google, whose do wobbly on mobile devices has decreased innovation raised prices and all kinds of stuff and marks off hopes that if you get control of mobile games like call it your mobile and county cur saga that it can sort of bring some serious competition to the mobile space. in a world where gaming is increasingly shifting towards mobile devices. and of course, sony is trying to paint it that it's about call of julia for

sony complained microsoft will take it way from rivals. microsoft has offered to put call of duty on rival platforms for ten years and willing to make that enforceable by the courts sony hasn't responded. yesterday, nintendo agreed to the deal and in the meantime, the ceo fired back in a letter to employees. we believe these arguments will win despite a regulatory environment focused on ideologyh industry brad smith making it clear they will fight it in court they tried to give peace a chance and offering concessions to the ftc the question is what additional concessions to they float to the ftc? it sounds like no more peace is on the horizon microsoft is ready for war >> certainly an interesting story to continue p watching. >>> and a mixed picture for the final trading day of the week. green on the board for the dax similar story for italy. it has been an interesting week if you look at the last five trading days european equities are lower and fairly significantly stoxx 600 into today's session down 1.8%. here is the breakdown. ftse mib

late yesterday, microsoft's deal >> i have a wrap on that you'll love >> activision.'m going to go through a few things here, because i do want people to understand what's really going on in the playing field, particularly from an investor perspective, but of course as you probably are aware, the ftc taking action to stop that deal in a complaint filed with the administrative law judge, and we'll get to that in a minute because it is a bit different, although it is not necessarily of great importance. few things to share here a, in speaking to as many people as i could about the complaint itself, most are unimpressed unimpressed with the arguments being made in the complaint by the government at this point it's -- there's no economic data to support their contention. there's nothing -- no economic analysis it's microsoft may do that or they could do this no real supportive proof or evidence at this point doesn't mean the government won't come up with some, but at this point, many, at least, who have read this complaint, are unimpressed, let's call it, and don't believ

act vision waits to found out the fate of its deal with microsoft. i'm melissa lee. this is "options action. on the desk tonight, carter worth, mike khouw, and tim seymour. today was expirations day for more than $2.5 million worth of trades and the activity on tuesday, wednesday, and thursday were off the charts on macy's tomorrow is super saturday in what could be a break for retailers who are swimming in inventory? super saturday is tomorrow after a promising fall mike, what you are seeing there? >> as you would expect on a week line this one, we did see bearish activity but there were a couple spots with launch bullish bets in the retail space. macy's is one of those names saw a buyer of the january 23-25 call spreads we get a lot of retails sales data ahead of that i think what's going on is there is some optimism, some people hoping for a retail bounce this is a way somebody's able the risk less and going out and buying a million share of stock, which is how much this trade represents to make a bullish bet. >> carter, what do to charts say to you >> if there ev

actvision waits to found out the fate of its deal with microsoft. i'm melissa lee. "options action. on the desk tonight, carter worth, mike khouw, and tim seymour. we begin with a monster week in the options market today was expirations day for more than $2.5 million worth of trades and the activity on tuesday, wednesday, and thursday were off the charts. take a look at some of the notable stock names -- tesla, nvidia, macy's and more. investment-grade corporate bonds. let's drill down first on macy's tomorrow is supe saturday in what could be a break for retailers who are swimming in inventory. super saturday is tomorrow after a promising fall it's been a long december, so, mike, what you are seeing there? >> as you would expect on a week line this one, we did see a lot of bearish activity but there were a couple spots with launch bullish bets in the retail space macy's is one of those names we saw a buyer of the january 23-25 call spreads the company is going to be reporting after that expiration. we get a lot of retails sales data ahead of that i think what's goi

from microsoft.y view this as a key asset but then ultimately going to back down but this is significant. stuart: got i think some people don't like big tech because it's huge. >> ethic that's part of the deal. >> i think the president setting what's happening here. stuart: stay right there, your glutton for punishment, you're here for the hour. pete is back with us another big story brittney griner back on american soil after be detained in russia for ten months, the white house made a deal to swap brittney griner with the merger of death, former marine paul whalen has been detained in russia for years, the white house says he was not part of the prisoner deal and peter doocy quickly questioned the swap, rotate. >> in this prisoner swap why did russia get such a better deal. >> our choices was britney or no one at all, bring someone american or no american at all. >> we gave up her prolific arms dealer who was convicted of trying to kill americans who is called the merchant of death. >> the professi

stay on microsoft.ht a stake in the london stock exchange. >> lse, so the 10-year partnership with the london stock exchange worth about $2.8 billion that includes a 4% stake i think it's an interesting deal because microsoft is trying to get more clients on board and that's to compete with amazon web services aws, and we just checked in terms of market share here in the u.s. , azure is still far behind so aws has 40% market share and azure has roughly around 30% so it's interesting that microsoft is trying to get more clients on board and might as well take a stake in a business that's growing like the lse. stuart: yes, indeed. more trouble in the electric vehicle market. i see rivian pausing some of their plans in europe. what's the issue? >> actually they are pausing talks with mercedes benz in their planned joint partnership. now if you extrapolate it doesn't mean that they won't work together in the future but rivian, some would say they have their own problems here at home. they need to get 25,000

microsoft getting a lot of love from the street this week.n stanley calling it a top this week. all three firms highlighting the stock's strong margins of cash flow calling it a longer term pick worth buying at these levels stock priced earnings now trading around 23. that's not cheap after starting the year at 33, definitely not cheap stocks are down 30% year to date as you and i know, be careful when everybody loves you what is potentially wrong? you have to do investors and viewers that serve what is potentially wrong with microsoft? >> a potential slowdown in their cloud business of course is one threat the revenues will be is the growth that investors looking for going to be there? if there is a slow down, longer for deals to close salesforce is saying there is a shift in the business. what does that shift mean for this particular scale. does that mean people are shifting to gcp or over to aws that's a question for microsoft. that's the big risk there that i would see because their cloud business is obviously the growth engine. >> there

microsoft a big piece of this. taking a look as you can see there is the dow still up 107 points at one point we were up up 301, we're not at session lows certainly but still, higher at least in the triple digits, s&p 500 that is luckily trending higher. the s&p right now is up by 23 points, now that nasdaq. the nasdaq at one point was up 160 points is now up 111 so pretty close there. russel 2000 is also trending higher. okay, well if you look at markets for the week, the dow, s&p 500 the nasal down more than 1.7%. the s&p 500 at least is trying to snap a five-session losing streak and the nasdaq is looking reverse four days of declines amid its 264th trading day without a new record high. the markets reacting at least positively to those initial jobless claims we got out this morning at 8:30 a.m. eastern time. 233,000 new jobless claims were filed for the weekending december 3. this was in line with estimates but up from last week. bad economic news, really good news for the market. all about the fed and that lab

microsoft, you cut off in the middle there finish your point. i want to hear what analysts are saying out there about why microsoft is still one of your favorites despite like you mention really being beaten down this year. >> partof it is this i.t. spending microsoft is pitching it as their slogan this year and you can make a drinking game out of it do more with less. the idea it's getting more expensive. foreign exchange is rely tough for these multinational companies and they're trying to pitch themselves bill themselves as this all in one stop shop for i.t. spending. also if the deal with activision goes through as they hope it does, they see more then longer term for gaming. >> steve, thank you so much. you recently bought meta, sold amazon what's your take on what steve was just saying? >> yes, so let's talk about it a little bit let's talk about amazon first. it's important to know most of our amazon position was reduced in may of '21 at about 160 we would have liked to have done more because it was starting to fade on some of the quantit

microsoft reboot did new year's gift to russians. what do we learn in business news? how much does a miracle cost below than supply and demand for santa clauses and snow maidens? and also in the workshop a christmas tree was born russian-made christmas tree begins. so the kuban symbols of the new year capture the domestic market and even go for export. we begin the consequences of shelling by ukrainian nationalists, the capital of the donetsk republic, a resident was wounded by a fragment of a shell. and this is footage from the suburbs of donetsk yasinovataya around the city was released on 10 shells and volley fire installations, a direct hit almost completely destroyed a private house, damaged the building of the railway station under fire again and gorlovka, where almost 1,500 residents were left without power supply in makiivka that night, in just half an hour, they fired 30 nato shells. caliber, chestnut and mineral are also attacked. russian aviation destroyed the command posts of the militants, as well as a column of armored vehicles hitting enemy positions. m

looking at microsoft, a remarkable story since taken over, satya nadella stock is up, and things donejust had him with us and bill gates a few days ago gates gave a ringing end endorsement. i was friends with steve ballmer and gates pointed out deserves credit for fortifying microsoft's pureless position after all kinds of efforts at transformation into the cloud. a year's-long transformation of microsoft, re-ignited a culture of innovation pap great footprint in the software space. $60 billion of commercial plow business with azure and office and linkedin commercial put together, which has been remarkably successful, and these are some 50 companies still that he seamlessly wove in to the tapestry in these acquisition smooth integration, and on the social impact front a leader in fortifying democracy, looking at environment impact without detracting at all from shareholder value. in fact it's soaring with this. >> first time in many years, i mean, maybe even since gerstner you've got an ibm ceo in second place here. >> yeah. i think that's -- sort of a remarkable -- we've seen accompl

it's been a tough year for microsoft. you've seen azure growth misemiss expectations the p.c. market is a 40% decline in windows oem revenue this quarter. as you head into next year, not only do the compares get easier, but they are talking about raising price internationally to offset some of the currency moves. that is a tailwind you are seeing currencies start to reverse a bit, internationally. i think you add that together. the easing coms. we think this is a double-digit grower through the downturn. you know, i think in terms of act activision, that is an unknown but on a relative business, you look at the enterprise business, and that will be driving the earns power over the next three to five years. we think that's a defensive place to be. >> i'm more curious about your calls on mongo dp and snowflake. earnings were down 150 a share and now at 199 but it's richly valued, now? why is now a time when investors can get into this name given what we don't know about '23 >> yeah. your point, there's a lot of uncertainty about 2023 the things that we do know is that during a d

microsoft was at $22 in 2012 i think you could do a zero discounted rate to infinity. if i look at the qs to summarize the big cap tech stocks the qs in february 2020 were at 234, so if you look at just the simple two-day moving average it's not crazy to think we have to retrace back to that february 2020 level pre-covid until we finally start to stabilize so it may not happen, but if you look at a chart that's really the next stop for the qs in general, and that would make sense, by the way, because financials retrace, consumer discretionary retrace. lots of areas have already retraced the full covid levels >> i'm going to give a different perspective on this which it's all about supply and demand. there's lots of supply of these stocks, but a year ago there was demand there is not demand right now, and that's because to your point of the fundamentals and valuations so my partner, for example, has been looking at google he say like i'll look at google at 150, i'll look at google at 180. and it got to 100 and we were looking at and got down to where it is. with the env

powered by innovation refunds. >>> time now for gut check on microsoft.lling the stock a top pick going into 2023 with a price target of 307 a share more than 60 bucks higher than right now. read the full call on 'rba ia mechk.nd "techec wee ckn mont if you run a small business, you need the most from every investment. that's why comcast business gives you more. more innovation... with our new gig-speed wi-fi, plus unlimited data. more speed... from the largest, fastest, reliable network... and more savings- up to 60% a year on comcast business mobile. all from the company that powers more businesses than any other provider. get started with fast speeds and advanced security for $69.99 a month for 12 months. plus ask how to get up to a $750 prepaid card with qualifying internet. >>> another top pick this morning, and take-two, their best idea in gaming in 2023 as they are looking for more details on the highly anticipated release of grand theft auto 6 with us now, cowen >> well, it's going to be very important for them we expect it to launch in counter 20

i google, amazon, microsoft and apple. they all assure us that they're not listening in on phone calls or using our phones, microphone to spy on us while we're cooking and then sending us ads for a frying pan. for example. technically, this would be possible though, but let's assume that the companies really are speaking the truth. how can we still be so perfectly targeted with apps? companies like mehta and google make money through advertisements. personalize ads are especially effective. the more the companies know, the better they can target you. instagram's parents, company meta saves information that users leave when they use the up. that includes everything you share with other users voluntarily, like photos, comments and likes. but the app also stores meta data from photos and videos that you upload, like where it was shot, and what it picks. if you're constantly logged into instagram, facebook on your phone, you're also sharing your location as instagram, facebook, and what's up all register. where if, when the, a

right now you founded microsoft in 1975, while much of the world was still using typewriters. and we are, of course, living in very different times today with a new generation leading in innovation. do you still feel challenged as an innovator to compete with this new generation? well, i'm not competing with new generation. you know, i'm competing with malaria and may be in malnutrition and you know, unfortunately we can build teams of people cooperating. you know, there's different theories about how to solve all of those. fortunately, we come back, you know, all the different approaches there. so it's less of a competitive framework, more of a cooperative framework and what will be, what are you learning from this new generation of innovators? what are they taught use? well, the, in the way, the digital tools let us stay in touch is fantastic. a lot of my learning now it's about the immune system or primary.

is there a gamer who might say i can pit microsoft off against activision is there a writer of a game that could pit them i mean, i understand -- >> i'm listening i'm just reading my texts. that's the best way to stop him from talking, for me to read my texts. >> to show you're not listening anymore. >> he gets very upset. >> i have a buy. i'm in the semi-finals how's that when it comes to anti-trust, every ceo is afraid of looking at another company because of the ftc. are you kidding? emerson did something brave. they're doing good things. i just find that a lot of companies are paralyzed and they don't think the president is pro capital, which is kind of obvious. >> he's meeting with some oil executives. >> that's big. they've been -- >> he's been asking for a meet. >> they were afraid they were going to be -- he didn't want them in the same room. better than trying to brow beat the saudis break bread with our guy. >> and the arizona appearance today where we expect to see -- >> jensen wong lisa su. >> i've seen her on some list, not others. >> are you going to that >> yeah, to ari

i was lucky enough to have through this success to microsoft. i give it back to the world. and so i was thinking about equity and help challenges and so that, that time for a lot of people i saw the opportunity ins harp ambition. i've been able to partner with many different governments to invest more in global health. ah. so that's driven innovation, which has driven our progress. well, the world be ready for the next global healthy megan see. and what lessons can be learned from the covey? 19 pandemic. the co chair of the bill and melinda gates foundation bill gates. talk to i'll just, yeah. i mr. bill gates, co chair of the bill and melinda gates foundation. thank you very much for talking to us here. now many people around the world know you as a co founder of microsoft, of course, as one of the most celebrated innovators of our time. but over the last 2 decades, we've also focused on global health challenges and you've just hosting an event here in. busy doha, on how the world can prepare and prevent the threat of a future pandemic. we're n

even facebook you have microsoft, apple, google incredible balance sheets. but to build a little bit on what josh said is going into this year the qs had an average annualized ten-year return, scott, of almost 20% per year. even with this 30% sell-off, the qs have still averaged 16% a year and if i go back to look at the valuations ten years ago they were a fraction of what they are today. and so i think tech across the board overearned especially the last two years and we're peeling some of that back. and, you know, what i think through is not only where are we in the return cycle, which i just walked through. tech has overearned, but where are we in the economic cycle if you look at this year is that what works well in late stage? consumer staples, utilities, and health care. well, after late stage what happens? recession. what works well there? consumer staples and health care and what doesn't work? tech and financials. and so as i look out next year i want to continue to underweight tech and other asset classes i love selling calls and i think ultimately

they said ok it is microsoft after all. you have to take a look at it. do they have to sue? i don't know. i do not think that has really changed. there is a little bit more rhetoric. ed: we were talking about the big names out there going shopping because they see opportunity. the other side of the table there are those that are the for -- under duress. when we think about the market right now in the market 2023, what role does the for seller play in global activity? >> usually, it is when things bottom. it is the for sellers that start the level of activity. usually it is because of overleveraged. that will not be the case this time. it is just a function of the world we have lived in over the last several years. there was equity available at very aggressive prices. the public markets are absolutely close for that sort of stuff and the private markets are difficult. not like they were. a lot of businesses were financed based on the assumption that equity could be there. it will not be there and they cannot borrow money unt

we saw strong growth, continue to see strong growth with the microsoft cloud. last quarter, we grew azure 42% year over year in constant currency to your point, that's driven by customer usage of our consumption base services. >> break down for me also what you're seeing in small and medium sized customers we just saw that snowflake saw some weakness there for what it sells at the same time, though, we talked to intuit yesterday. they specialize in small and medium business. for the back office tools, those sort of revenue driving and business running cloud tools that they have they continue to see strength. what are those smaller customers really using and finding essential during this period >> i think there's obviously going to be some economic uncertainty in 2023. but every organization needs to find ways to drive productivity amongst their employees and continue to transform their businesses while at the same time cutting costs and part of what we're trying to do with the microsoft cloud through the breadth and depth of what we offer is help them do that w

look at the major move microsoft has had. and if you think that this is a bare market rally, you believe it's going to come down. we're not talking about significant moves. we're talking about a 20% move if it goes down that's a rare performance on the average market return of say 70% that's three years of performance. i'm not looking for the absolute bottom tick but given where i think it's going where you make money is where you get in, and secondly where you get out i think i can get in at a much lower level. i hate losing money and the first thing for me is protect my capital, not try to make money >> okay, okay. >> bridging the jim and steve debate earlier it doesn't matter, and scott, to your point you don't need to put the bottom tick if you sit there waiting for that bottom tick you're likely to miss out. whether you've got cisco or meta or verizon, which is another on my list, to your guys point they're going to make money for the long run, and you don't need to wait for the market bottom to say, hey, this stock has

like microsoft and the division deal. and simon & schuster which is a smaller deal but it's important in some way in terms of what it says. but that deal was blown out by antitrust treasuries. but on the other hand the track record has not been too good. unitedhealth, alumina, the sugar deal, a lot of things. just because they moved to blocked sale does not mean it will be blocked. but a certain factor in this administration is taking an aggressive view of this. in all candor, i'm not sure that it's all that more aggressively done than the trump administration. is just a factor. the microsoft deal, i know people were acting like that was surprising, i would have been surprised if they said ok it is microsoft after all. you have to take a look at it. do they have to sue? i don't know. -- i don't think so. they have changed and there's a lot of rhetoric. ed: we were talking about the big names out there going shopping because they see opportunity. the other side of the table there are those that are the for sellers. when we

yesterday the ftc voted in favor of filing an antitrust lawsuit against microsoft, microsoft are verynce day one to addressing competitive concerns, including -- while we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court. microsoft are on the offensive now, one thing i do want to mention is that activision blizzard shares have reached of price of $73 per share, after this ftc ruling came out. microsoft has agreed to purchase them at $95 per share, so investors are not accounting for the possibility of the deal actually going. through >> we will certainly be following for developments in that. and we joke about how we always seem to be talking about elon musk, but here we go again. according to forbes, mosque briefly lost his title as the world's richest man yesterday. what happened, and who beat him? >> yeah, hang on, let me get my tiny violin out as he lost his top position. burner arnaud, the ceo of -- he overtook him briefly. he boasts a network of 183 billion dollars. the interesting's hearing here i

i want to talk activision blizzard and microsoft. heard, the ftc was putting up roadblocks to the deal. >> well the latest look at activision blizzard. so it looks like microsoft is closing in on the $69 billion acquisition. activision is up because the new york post is reporting there is a rift at the federal trade commission at the ftc, which would, potentially pave the way for microsoft's takeover being approved. the reason is that the ftc, it looks like the majority, well i think it's split right now. it's equal on both sides, to block on accept the deal and so if there's one more vote and it's going towards microsoft and activision that's positive. stuart: it's positive indeed. >> yes. stuart: good stuff, susan thanks very much indeed. coming up, sending a clear warning to democrats ahead of the 2024 election. roll tape. >> the democratic party takes a vote for granted and that's something i think a lot of people are realizing there are black conservatives out there, sorry. you know what i mean? all black people aren't a part of

it will spend a minimum of $2.8 billion over ten years on cloud-related products with microsoft. microsoft executive president scott guthrie will join the stock exchange board as non executive director >>> and amgen buying horizon they'rra therapeutics it treats autoimmune and inflammatory diseases. one you are familiar with is thyroid related eye conditions it doesn't seem like a huge market, but big revenue. it should add -- not just that drug -- the acquisition should add $4 billion in revenue by 2024 to amgen which has interestingly some patent expirations. not on the ones i remember well. they are big in osteo and had other successes. those are now around long enough to go off patent. >> i remember amgen being a small company. it has $150 billion market cap it has grown up in a big, big way. >> may be a bio-tech >> you don't think huge. >> i remember when it was a split adjusted $1 and went to $1,000 i remember watching that promise of bio-technology come through right before your eyes genentech and amgen. >>> twitter is relaunching twitter blue at a higher price for apple u